stockrow
Friday 6 November 2026
Export IQV’s income statement to Excel — free account
IQVIA Holdings Inc.
IQV Healthcare Diagnostics & Research
IQVIA Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.3 billion, up 5.87% from fiscal 2024.
- Revenue
- +8.00%
- EPS
- +10.2%
- Free cash flow
- −21.3%
- Total debt
- +7.42%
Quarter to September 2026, against a year earlier
269.51
4.63
+1.75%
Follow IQV
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 6,815 | 9,702 | 10,412 | 11,088 | 11,359 | 13,874 | 14,410 | 14,984 | 15,405 | 16,310 | 17,311 | +10.2% | 17,478 | 18,595 | 19,840 | +6.7% | |
| Gross margin, % | 30.33 | 35.05 | 35.21 | 34.16 | 33.97 | 33.45 | 34.89 | 34.96 | 34.89 | 33.29 | 33.07 | +3.0 pt | ||||||
| EBT | 416 | 294 | 328 | 352 | 373 | 1,128 | 1,363 | 1,459 | 1,669 | 1,591 | 1,552 | +16.1% | ||||||
| EBT margin, % | 6.10 | 3.03 | 3.15 | 3.17 | 3.28 | 8.13 | 9.46 | 9.74 | 10.83 | 9.75 | 8.97 | +3.7 pt | ||||||
| Net income | 87 | 1,296 | 284 | 227 | 308 | 971 | 1,091 | 1,358 | 1,373 | 1,361 | 1,399 | +35.7% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 45.71 | 44.55 | 51.11 | 56.83 | 59.38 | 72.49 | 76.81 | 81.52 | 84.97 | 94.88 | 105.11 | +8.5% | |||||
| Earnings | 0.48 | 6.01 | 1.27 | 0.98 | 1.46 | 5.05 | 5.82 | 7.39 | 7.57 | 7.91 | 8.33 | +36.5% | ||||||
| Cash flow | 5.77 | 4.45 | 6.16 | 7.26 | 10.24 | 15.37 | 12.05 | 11.69 | 14.98 | 15.44 | 16.61 | +11.6% | ||||||
| Capex | (1.10) | (1.69) | (2.25) | (2.98) | (3.22) | (3.34) | (3.59) | (3.53) | (3.18) | (3.07) | (3.99) | +12.1% | ||||||
| Free cash flow | 4.67 | 2.76 | 3.90 | 4.28 | 7.02 | 12.03 | 8.45 | 8.16 | 11.80 | 12.37 | 12.62 | +11.4% | ||||||
| Book value | 59.42 | 37.85 | 34.14 | 32.10 | 32.83 | 31.57 | 30.73 | 33.25 | 33.46 | 38.57 | 41.23 | (4.7%) | ||||||
| Shares, m | 149 | 218 | 204 | 195 | 191 | 191 | 188 | 184 | 181 | 172 | 168 | +1.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 44.99 | 15.78 | 91.47 | 157.66 | 122.72 | 55.87 | 35.09 | 31.09 | 25.92 | 28.43 | 31.77 | 60.9 | |||||
| P/S | 1.68 | 2.24 | 2.27 | 2.72 | 3.02 | 3.89 | 2.65 | 2.83 | 2.31 | 2.38 | 2.52 | 2.6 | ||||||
| P/B | 1.29 | 2.64 | 3.40 | 4.81 | 5.46 | 8.94 | 6.63 | 6.93 | 5.87 | 5.84 | 6.42 | 5.2 | ||||||
| EV/Sales | 2.56 | 3.19 | 3.24 | 3.69 | 3.95 | 4.66 | 3.45 | 3.64 | 3.10 | 3.21 | 3.31 | 3.5 | ||||||
| EV/FCF | 25.05 | 51.49 | 42.43 | 48.97 | 33.44 | 28.08 | 31.33 | 36.35 | 22.33 | 24.61 | 27.52 | 34.4 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 860 | 970 | 1,254 | 1,417 | 1,959 | 2,942 | 2,260 | 2,149 | 2,716 | 2,654 | 2,736 | +13.3% | |||||
| Capex | (164) | (369) | (459) | (582) | (616) | (640) | (674) | (649) | (577) | (528) | (657) | +13.9% | ||||||
| Free cash flow | 696 | 601 | 795 | 835 | 1,343 | 2,302 | 1,586 | 1,500 | 2,139 | 2,126 | 2,079 | +13.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 632 | 398 | 340 | 181 | 532 | (478) | (597) | (895) | (1,128) | (2,089) | (1,326) | n/m | |||||
| Net debt | 5,962 | 9,220 | 10,069 | 10,746 | 10,631 | 10,648 | 11,438 | 12,177 | 12,140 | 13,583 | 13,645 | +9.6% | ||||||
| Shareholders’ equity | 8,860 | 8,244 | 6,954 | 6,263 | 6,280 | 6,042 | 5,765 | 6,112 | 6,067 | 6,630 | 6,791 | (3.2%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.57 | 5.80 | 1.14 | 0.83 | 1.17 | 3.92 | 4.36 | 5.22 | 5.13 | 4.79 | 4.71 | +4.2 pt | |||||
| ROIC | 2.43 | 2.38 | 2.72 | 2.86 | 2.70 | 5.22 | 6.54 | 6.76 | 7.56 | 6.75 | 6.79 | +4.3 pt | ||||||
| ROE | 1.69 | 14.93 | 3.41 | 2.89 | 4.45 | 15.68 | 18.48 | 22.87 | 22.55 | 21.42 | 21.32 | +19.7 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 50,000 | 55,000 | 58,000 | 67,000 | 70,000 | 79,000 | 86,000 | 87,000 | 88,000 | 93,000 | — | +7.1% | |||||
| Revenue/emp, $m | 0.14 | 0.18 | 0.18 | 0.17 | 0.16 | 0.18 | 0.17 | 0.17 | 0.18 | 0.18 | — | +2.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Research & Development Solutions | 8,896 | 54.54% |
|---|---|---|
| Technology And Analytics Solutions | 6,626 | 40.63% |
| Contract Sales & Medical Solutions | 788 | 4.83% |
| Gross margin | 33.29% | |
| Operating margin | 13.38% | |
| Pre-tax margin | 9.75% |
IQVIA Holdings Inc. vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| IDXX IDEXX Laboratories, Inc. | $52.8B | 44.8× | 37.3× | +9.86% (above 0%: growing) | +17.30% (above 0%: growing) | +17.58% (above 0%: growing) | 62.94% | 33.14% | Compare |
| NTRA Natera, Inc. | $52.4B | — (loss-making) | — (loss-making) | +34.08% (above 0%: growing) | n/m | −85.80% (below 0%: shrinking) | 0.00% | (8.60%) | Compare |
| A Agilent Technologies, Inc. | $48.4B | 33.8× | 34.1× | +8.06% (above 0%: growing) | +8.47% (above 0%: growing) | +69.50% (above 0%: growing) | 55.48% | 23.64% | Compare |
| WAT Waters Corporation | $44.5B | 194× | 81.0× | +120.91% (above 0%: growing) | −67.02% (below 0%: shrinking) | −66.71% (below 0%: shrinking) | 50.25% | 7.24% | Compare |
| IQV IQVIA Holdings Inc. | $43.7B | 31.8× | 34.8× | +8.00% (above 0%: growing) | +10.16% (above 0%: growing) | −21.25% (below 0%: shrinking) | 33.83% | 12.92% | |
| MTD Mettler-Toledo International, Inc. | $33.6B | 37.6× | 36.1× | +4.48% (above 0%: growing) | +18.30% (above 0%: growing) | +33.01% (above 0%: growing) | 63.29% | 30.61% | Compare |
| ILMN Illumina, Inc. | $31.5B | 35.6× | 46.4× | +4.15% (above 0%: growing) | +48.98% (above 0%: growing) | +49.80% (above 0%: growing) | 73.52% | 27.02% | Compare |
| LH Labcorp Holdings Inc. | $29.5B | 29.5× | 26.7× | +6.92% (above 0%: growing) | +3.18% (above 0%: growing) | +44.73% (above 0%: growing) | 29.08% | 10.55% | Compare |
| DGX Quest Diagnostics Incorporated | $28.0B | 25.0× | 24.4× | +9.98% (above 0%: growing) | +29.36% (above 0%: growing) | +6.21% (above 0%: growing) | 33.65% | 15.47% | Compare |
| Median of peers | $39.1B | 35.6× | 36.1× | +8.96% | +17.30% | +25.30% | 52.87% | 19.56% |
From the latest earnings call
- Ari Bousbib said clients’ use of AI in discovery is increasing demand for contract research capacity as additional molecules enter development.
- Mike Fedop said any inactive-trial backlog adjustment would be about 5% and would not affect historical results, guidance or next-12-month backlog revenue.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
95.05%
Held by the ten largest
48.61%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 20.15m | 12.24% | −187.47k |
| BlackRock | 14.55m | 8.84% | −477.75k |
| HARRIS ASSOCIATES L P | 12.01m | 7.30% | +21.86k |
| State Street | 7.51m | 4.56% | +31.28k |
| JPMorgan Chase | 6.14m | 3.73% | +732.09k |
| Artisan Partners Limited Partnership | 4.74m | 2.88% | −315.43k |
| Boston Partners | 4.47m | 2.71% | +227.06k |
| Geode Capital Management | 4.45m | 2.71% | −8.92k |
| Invesco | 3.28m | 1.99% | +13.36k |
| Morgan Stanley | 2.71m | 1.64% | +97.39k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 27 February 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 28.13m | 36.07m | 125.81 |
| 2024 | 26.73m | 11.45m | 109.68 |
| 2023 | 29.15m | 42.29m | 129.14 |
| 2022 | 30.14m | 5.96m | 114.36 |
| 2021 | 28.62m | 88.42m | 157.47 |
Ownership
Directors and executive officers, together
1.70%
The Vanguard Group
12.40%
BlackRock, Inc.
8.90%
Harris Associates L.P.
6.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
IQVIA Holdings Inc. (IQV) Latest News
28 Oct
27 Oct
26 Oct
23 Oct
13 Oct
7 Oct
IQV metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
IQVIA is a global provider of clinical research services, commercial insights and healthcare intelligence for life-sciences and healthcare organizations. It was founded in 2016 and is headquartered in Danbury. Its work spans the path from designing and running clinical trials through helping customers understand treatment outcomes, satisfy regulatory requirements, plan product launches, and engage healthcare providers and patients.
The company combines healthcare data, technology, analytics and specialist services under IQVIA Connected Intelligence. Its information holdings include sales, prescription, claims, electronic medical-record and genomics data. IQVIA standardizes and connects those datasets so customers can analyze diseases, treatments, patient populations, commercial activity and clinical outcomes without using identified patient records.