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IQVIA
IQVIA (IQV) investor relations material
IQVIA Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved Q4 2025 revenue of $4.364 billion, up 10.3% year-over-year, and full-year revenue of $16.31 billion, up 5.9% year-over-year.
Adjusted EBITDA for Q4 2025 was $1.046 billion, up 5%, and full-year Adjusted EBITDA was $3.788 billion, up 2.8%.
Adjusted diluted EPS for Q4 2025 was $3.42, up 9.6% year-over-year; full-year Adjusted diluted EPS was $11.92, up 7.1%.
Net income for Q4 2025 was $514 million; full-year net income was $1.36 billion.
Strong R&D Solutions bookings and backlog, with a Q4 book-to-bill ratio of 1.18x and backlog of $32.7 billion, up 5.3% year-over-year.
Financial highlights
Q4 free cash flow was $561 million; full-year free cash flow was $2.051 billion, representing 99% of adjusted net income.
Q4 GAAP diluted EPS was $2.99, up 23.6% year-over-year; full-year GAAP diluted EPS was $7.84, up 4.7% year-over-year.
Cash and cash equivalents at year-end were $1.98 billion; net debt was $13.744 billion.
Share repurchases totaled $1.244 billion for the year, with $1.769 billion remaining authorized.
Q4 net bookings were $2.7 billion, up 7% year-over-year, with a book-to-bill ratio of 1.18.
Outlook and guidance
2026 revenue guidance: $17.15–$17.35 billion, including 150 bps from M&A and 100 bps FX tailwind.
2026 adjusted EBITDA: $3.975–$4.025 billion; adjusted diluted EPS: $12.55–$12.85.
Q1 2026 revenue expected at $4.05–$4.15 billion; adjusted EBITDA $920–$940 million; adjusted diluted EPS $2.77–$2.87.
Commercial Solutions 2026 revenue expected at $7.2–$7.3 billion; R&D Solutions at $9.9–$10 billion.
2026 guidance includes ~$80 million higher interest expense from 2025 financing and expected 2026 refinancing.
Purpose of 2026 segment reporting changes?
R&DS backlog conversion rate for next 12 months?
What drives 2026 Adjusted Diluted EPS guidance?
AI-driven revenue streams
New segment structure: client engagement impact
Productivity gains sharing with clients?
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Next IQVIA earnings date
Q1 20265 May, 2026
IQVIA
Next IQVIA earnings date
Q1 20265 May, 2026
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IQVIA Holdings Inc., together with its subsidiaries, provides advanced analytics, technology solutions, and contract research services to the life sciences industry in the Americas, Europe, Africa, and the Asia-Pacific. The company accelerates healthcare breakthroughs through their advanced analytics and technology, industry knowledge, and clinical research services.
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