iqv-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________

FORM 10-Q

_________________________________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-35907

_________________________________________________________

IQVIA HOLDINGS INC.

(Exact name of registrant as specified in its charter)

_________________________________________________________


Delaware						27-1341991
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

2400 Ellis Rd., Durham, North Carolina 27703

(Address of principal executive office and Zip Code)

(919) 998-2000

(Registrant’s telephone number, including area code)

_________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on which Registered

Common Stock, par value $0.01 per share

IQV

New York Stock Exchange

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.

Class

Number of Shares Outstanding

Common Stock $0.01 par value

166.9 million shares outstanding as of April 30, 2026

Table of contents

IQVIA HOLDINGS INC.

FORM 10-Q

TABLE OF CONTENTS


		Page
PART I—FINANCIAL INFORMATION		3

Item 1.	Financial Statements (unaudited)	3

	Condensed Consolidated Statements of Income for the three months ended March 31, 2026 and 2025	3

	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 202 6 and 202 5	4

	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	5

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31 , 202 6 and 202 5	6

	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended Marc h 31 , 202 6 and 202 5	7

	Notes to Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31

Item 4.	Controls and Procedures	31


PART II—OTHER INFORMATION		32

Item 1.	Legal Proceedings	32

Item 1A.	Risk Factors	32

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 5.	Other Information	33

Item 6.	Exhibits	34

SIGNATURES		35

Table of contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)


	Three Months Ended March 31,
(in millions, except per share data)	2026		2025
Revenues	$	4,151	$	3,829
Cost of revenues, exclusive of depreciation and amortization	2,796		2,531
Selling, general and administrative expenses	502		508
Depreciation and amortization	288		265
Restructuring costs	51		29
Income from operations	514		496
Interest income	(10)		(11)
Interest expense	192		165
Loss on extinguishment of debt	—		4
Other expense, net	4		15
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates	328		323
Income tax expense	59		61
Income before equity in earnings (losses) of unconsolidated affiliates	269		262
Equity in earnings (losses) of unconsolidated affiliates	6		(13)
Net income	275		249
Net income attributable to noncontrolling interests	(1)		—
Net income attributable to IQVIA Holdings Inc.	$	274	$	249
Earnings per share attributable to common stockholders:
Basic	$	1.63	$	1.42
Diluted	$	1.61	$	1.40
Weighted average common shares outstanding:
Basic	168.4		175.7
Diluted	169.8		177.4

The accompanying notes are an integral part of these condensed consolidated financial statements.

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IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)


	Three Months Ended March 31,
(in millions)	2026		2025
Net income	$	275	$	249
Comprehensive income adjustments:
Unrealized (losses) on derivative instruments, net of income tax (benefit) of $—,$(5)	—		(17)
Defined benefit plan adjustments, net of income tax (benefit) of $(1), $—	1		(3)
Foreign currency translation, net of income tax expense (benefit) of $14,$(46)	(33)		79
Reclassification adjustments:
Reclassifications on derivative instruments included in net income, net of income tax benefit of $3,$—	7		1
Comprehensive income	250		309
Comprehensive income attributable to noncontrolling interests	(1)		—
Comprehensive income attributable to IQVIA Holdings Inc.	$	249	$	309

The accompanying notes are an integral part of these condensed consolidated financial statements.

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IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


(in millions, except per share data)	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,947	$	1,980
Trade accounts receivable and unbilled services, net	3,346		3,400
Prepaid expenses	167		162
Income taxes receivable	29		27
Investments in debt, equity and other securities	156		161
Other current assets and receivables	575		519
Total current assets	6,220		6,249
Property and equipment, net	516		533
Operating lease right-of-use assets	293		290
Investments in debt, equity and other securities	95		108
Investments in unconsolidated affiliates	357		324
Goodwill	16,544		16,616
Other identifiable intangibles, net	4,803		4,962
Deferred income taxes	358		357
Deposits and other assets, net	489		505
Total assets	$	29,675	$	29,944
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	3,639	$	3,751
Unearned income	2,261		2,118
Income taxes payable	172		140
Current portion of long-term debt	1,844		1,840
Other current liabilities	413		489
Total current liabilities	8,329		8,338
Long-term debt, less current portion	13,989		13,884
Deferred income taxes	159		179
Operating lease liabilities	232		225
Other liabilities	617		688
Total liabilities	23,326		23,314
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock and additional paid-in capital, 400.0 shares authorized as of March 31, 2026 and December 31, 2025, $0.01 par value, 259.6 shares issued and 166.9 shares outstanding as of March 31, 2026; 259.1 shares issued and 169.6 shares outstanding as of December 31, 2025	11,404		11,378
Retained earnings	7,699		7,425
Treasury stock, at cost, 92.7 and 89.5 shares as of March 31, 2026 and December 31, 2025, respectively	(11,914)		(11,357)
Accumulated other comprehensive loss	(968)		(943)
Equity attributable to IQVIA Holdings Inc.’s stockholders	6,221		6,503
Noncontrolling interests	128		127
Total stockholders’ equity	6,349		6,630
Total liabilities and stockholders’ equity	$	29,675	$	29,944

The accompanying notes are an integral part of these condensed consolidated financial statements.

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IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
(in millions)	2026		2025
Operating activities:
Net income	$	275	$	249
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	288		265
Amortization of debt issuance costs and discount	6		5
Stock-based compensation	65		72
(Earnings) losses from unconsolidated affiliates	(6)		13
Loss on investments, net	18		1
Benefit from deferred income taxes	(38)		(41)
Changes in operating assets and liabilities:
Change in accounts receivable, unbilled services and unearned income	193		128
Change in other operating assets and liabilities	(183)		(124)
Net cash provided by operating activities	618		568
Investing activities:
Acquisition of property, equipment and software	(127)		(142)
Acquisition of businesses, net of cash acquired	(37)		(134)
Sales of marketable securities, net	1		2
Investments in unconsolidated affiliates, net of payments received	(35)		(13)
Investments in debt and equity securities	—		(19)

Other	2		1
Net cash used in investing activities	(196)		(305)
Financing activities:
Proceeds from issuance of debt	650		1,985
Payment of debt issuance costs	(4)		(6)
Repayment of debt and principal payments on finance leases	(683)		(2,096)
Proceeds from revolving credit facility	550		275
Repayment of revolving credit facility	(350)		—
Payments related to employee stock incentive plans	(40)		(35)
Repurchase of common stock	(552)		(375)

Contingent consideration and deferred purchase price payments	(4)		(6)

Net cash used in financing activities	(433)		(258)
Effect of foreign currency exchange rate changes on cash	(22)		33
(Decrease) increase in cash and cash equivalents	(33)		38
Cash and cash equivalents at beginning of period	1,980		1,702
Cash and cash equivalents at end of period	$	1,947	$	1,740

The accompanying notes are an integral part of these condensed consolidated financial statements.

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IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)


(in millions)	Common Stock Shares	Treasury Stock Shares	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive (Loss) Income		Noncontrolling Interests		Total
Balance, December 31, 2025	259.1	(89.5)	$	3	$	11,375	$	7,425	$	(11,357)	$	(943)	$	127	$	6,630
Issuance of common stock	0.5	—	—		(40)		—		—		—		—		(40)
Repurchase of common stock, net of tax	—	(3.2)	—		—		—		(557)		—		—		(557)
Stock-based compensation	—	—	—		66		—		—		—		—		66

Net income	—	—	—		—		274		—		—		1		275

Defined benefit plan adjustments, net of tax	—	—	—		—		—		—		1		—		1
Foreign currency translation, net of tax	—	—	—		—		—		—		(33)		—		(33)
Reclassification adjustments, net of tax	—	—	—		—		—

SEC Form 10-Q filed by IQVIA Holdings Inc.