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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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Frequently asked questions
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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