IQV IQVIA Holdings, Inc. Common Stock

NYSE · Life Sciences Tools & Services · View on SEC EDGAR ↗

$167.04

Price · May 20, 2026

Fundamentals as of May 5, 2026

IQV Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$167.04

Market Cap

$38.23B

P/E (TTM)

28.8

EPS (TTM)

$7.84

Revenue (TTM)

$16.31B

Div Yield

—

ROE

21.6%

Debt/Equity

2.4

52W Range

$135 – $247

IQV Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $16.31B

2016-12-31 → 2025-12-31

EPS $7.84

2016-12-31 → 2025-12-31

Free Cash Flow $2.05B

2016-12-31 → 2025-12-31

Margins 8.3%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

IQV

Peer Median

P/E (TTM)

28.8

33.3

P/S (TTM)

2.3

5.2

P/B

5.9

6.2

EV / EBITDA

15.6

—

Price / FCF

18.6

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

IQV

Peer Median

Operating Margin

13.4%

—

Net Profit Margin

8.3%

16.2%

ROA

4.8%

10.8%

ROE

21.6%

21.0%

ROIC

8.3%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

IQV

Peer Median

Debt / Equity

2.4

41.8

Current Ratio

0.7

1.7

Quick Ratio

0.7

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

IQV

Peer Median

Revenue YoY

5.9%

—

Revenue CAGR 3Y

4.2%

—

Revenue CAGR 5Y

7.5%

—

EPS YoY

4.7%

—

Net Income YoY

-0.95%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

IQV

Peer Median

EPS (Diluted)

$7.84

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

IQV

Peer Median

IQV Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 31 analysts

Strong Buy 10 32.3%
Buy 17 54.8%
Hold 4 12.9%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

20 analysts · 2026-05-18

Median $223.00

← Below all targets $167.04

Low $195.00

High $287.00

Median target $223.00 +33.5%

Mean target $228.60 +36.9%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.02%

Period	EPS Actual	EPS Est	Surprise
March 31, 2026	$2.90	$2.85	0.05%
Dec. 31, 2025	$3.42	$3.43	-0.01%
Sept. 30, 2025	$3.00	$3.00	-0.00%
June 30, 2025	$2.81	$2.80	0.01%
March 31, 2025	$2.70	$2.66	0.04%

Peer Comparison Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
IQV	$38.23B	28.8	5.9%	8.3%	21.6%	—
TMO	$257.86B	32.7	3.9%	15.0%	13.0%	—
DHR	$161.82B	45.3	2.9%	14.7%	7.1%	59.1%
WAT	$22.62B	35.3	7.0%	20.3%	27.2%	—
A	$41.43B	32.0	6.7%	18.8%	20.6%	—
MTD	$28.38B	33.2	4.0%	21.6%	-615.5%	59.4%
WST	$19.81B	40.5	6.2%	16.1%	16.2%	35.9%
ILMN	$20.65B	24.8	-0.66%	19.6%	34.1%	66.1%
TEM	—	-41.9	83.4%	-19.3%	-61.2%	—
MEDP	$15.93B	36.8	20.0%	17.8%	142.9%	—
RVTY	$10.86B	46.7	3.7%	8.5%	3.3%	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16

Annual Income Statement data for IQV
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$16.31B	$15.40B	$14.98B	$14.41B	$13.87B	$11.36B	$11.09B	$10.41B	$9.70B	$6.82B	$5.74B	$5.46B
Cost of Revenue	·	·	·	·	·	·	·	·	$4.62B	$3.24B	$2.71B	$2.66B
R&D Expense	·	·	·	·	·	·	·	·	·	·	$3M	$6M
SG&A Expense	$2.00B	$1.99B	$2.05B	$2.07B	$1.96B	$1.79B	$1.73B	$1.72B	$1.62B	$1.02B	$815M	$781M
Operating Income	$2.18B	$2.20B	$1.98B	$1.80B	$1.39B	$731M	$777M	$741M	$665M	$576M	$646M	$590M
Interest Expense	$729M	$670M	$672M	$416M	$375M	$416M	$447M	$414M	$346M	$144M	$101M	$101M
Interest Income	$45M	$47M	$36M	$13M	$6M	$6M	$9M	$8M	$7M	$4M	$4M	$4M
Other Non-op	$99M	$90M	$124M	$-33M	$130M	$65M	$37M	$-5M	$-13M	$11M	$-2M	$8M
Pretax Income	$1.59B	$1.67B	$1.46B	$1.36B	$1.13B	$373M	$352M	$328M	$294M	$416M	$539M	$501M
Income Tax	$252M	$301M	$101M	$260M	$163M	$72M	$116M	$59M	$-992M	$325M	$159M	$149M
Net Income	$1.36B	$1.37B	$1.36B	$1.09B	$966M	$279M	$191M	$259M	$1.28B	$72M	$387M	$357M
EPS (Basic)	$7.91	$7.57	$7.39	$5.82	$5.05	$1.46	$0.98	$1.27	$5.86	$0.48	$3.15	$2.78
EPS (Diluted)	$7.84	$7.49	$7.29	$5.72	$4.95	$1.43	$0.96	$1.24	$5.74	$0.47	$3.08	$2.72
Shares (Basic)	171,900,000	181,300,000	183,800,000	187,600,000	191,400,000	191,300,000	195,100,000	203,700,000	217,800,000	149,100,000	123,000,000	128,000,000
Shares (Diluted)	173,500,000	183,400,000	186,300,000	190,600,000	195,000,000	195,000,000	199,600,000	208,200,000	222,600,000	152,000,000	125,600,000	131,100,000
EBITDA	$3.33B	$3.32B	$3.10B	$2.93B	$2.66B	$2.02B	$1.98B	$1.88B	$1.73B	$931M	$774M	$711M

Balance Sheet 28

Annual Balance Sheet data for IQV
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$1.98B	$1.70B	$1.38B	$1.22B	$1.37B	$1.81B	$837M	$891M	$959M	$1.20B	$977M	$867M
Short-term Investments	$161M	$141M	$120M	$93M	$111M	$88M	$62M	$47M	$46M	$40M	·	·
Receivables	$3.40B	$3.20B	$3.38B	$2.92B	$2.55B	$2.41B	$2.58B	$2.39B	$2.10B	$1.71B	$1.17B	$975M
Prepaid Expense	$162M	$154M	$141M	$151M	$156M	$159M	$138M	$151M	$146M	$123M	$51M	$45M
Other Current Assets	·	·	·	·	·	·	·	$322M	$259M	$235M	$83M	$92M
Current Assets	$6.25B	$5.83B	$5.60B	$4.98B	$4.76B	$5.09B	$4.13B	$3.87B	$3.55B	$3.34B	$2.41B	$2.15B
PP&E (Net)	$533M	$535M	$523M	$532M	$497M	$482M	$458M	$434M	$440M	$406M	$188M	$190M
PP&E (Gross)	$1.44B	$1.35B	$1.33B	$1.37B	$1.26B	$1.16B	$1.05B	$1.00B	$923M	$769M	$510M	$496M
Accum. Depreciation	$905M	$819M	$803M	$840M	$765M	$673M	$597M	$567M	$483M	$363M	$322M	$306M
Goodwill	$16.62B	$14.71B	$14.57B	$13.92B	$13.30B	$12.65B	$12.16B	$11.80B	$11.85B	$10.73B	$720M	$464M
Intangibles	$4.96B	$4.50B	$4.84B	$4.82B	$4.94B	$5.21B	$5.51B	$5.95B	$6.59B	$6.39B	$368M	$280M
Total Assets	$29.94B	$26.90B	$26.68B	$25.34B	$24.69B	$24.56B	$23.25B	$22.55B	$22.86B	$21.21B	$3.93B	$3.30B
Accounts Payable	·	·	·	·	·	·	·	$437M	$322M	$250M	$145M	$109M
Accrued Liabilities	$2.97B	$2.95B	$2.85B	$2.67B	$2.36B	$2.23B	$1.94B	$1.86B	$1.66B	$1.49B	$761M	$734M
Current Liabilities	$8.34B	$6.96B	$6.49B	$5.58B	$5.24B	$4.56B	$3.94B	$3.53B	$3.16B	$2.71B	$1.59B	$1.47B
Capital Leases	$225M	$173M	$223M	$264M	$313M	$371M	$396M	·	·	·	$18.0K	$14.0K
Deferred Tax	$179M	$196M	$202M	$464M	$410M	$338M	$646M	$627M	$786M	$2.04B	·	$62M
Other Non-current Liabilities	$688M	$668M	$698M	$671M	$649M	$633M	$456M	$418M	$440M	$402M	$183M	$184M
Total Liabilities	$23.31B	$20.83B	$20.57B	$19.57B	$18.65B	$18.28B	$16.99B	$15.60B	$14.61B	$12.35B	$4.26B	$4.00B
Long-term Debt	$15.72B	$13.98B	$13.67B	$12.75B	$12.12B	$12.53B	$11.64B	$11.01B	$10.27B	$7.22B	$2.50B	$2.31B
Total Debt	$15.72B	$13.98B	$13.67B	$12.75B	$12.12B	$12.53B	$11.64B	$11.01B	$10.22B	$7.20B	$2.47B	$2.29B
Common Stock	·	·	·	·	·	·	·	·	·	·	·	$144M
Retained Earnings	$7.42B	$6.07B	$4.69B	$3.33B	$2.24B	$1.28B	$998M	$807M	$538M	$-399M	$-462M	$-789M
Treasury Stock	$11.36B	$10.10B	$8.74B	$7.74B	$6.57B	$6.17B	$5.73B	$4.77B	$3.37B	$1.00B	·	·
AOCI	$-943M	$-1.04B	$-867M	$-727M	$-406M	$-205M	$-311M	$-224M	$49M	$-570M	$-111M	$-59M
Stockholders' Equity	$6.50B	$6.07B	$6.11B	$5.76B	$6.04B	$6.28B	$6.26B	$6.71B	$8.00B	$8.63B	$-564M	$-704M
Liabilities + Equity	$29.94B	$26.90B	$26.68B	$25.34B	$24.69B	$24.56B	$23.25B	$22.55B	$22.86B	$21.21B	$3.93B	$3.30B
Shares Outstanding	169,600,000	258,200,000	257,200,000	256,400,000	255,800,000	254,700,000	253,000,000	251,500,000	249,500,000	248,300,000	119,400,000	124,100,000

Cash Flow 16

Annual Cash Flow data for IQV
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$1.14B	$1.11B	$1.12B	$1.13B	$1.26B	$1.29B	$1.20B	$1.14B	$1.01B	$289M	$128M	$121M
Stock-based Comp	$247M	$206M	$217M	$194M	$170M	$95M	$146M	$113M	$106M	$106M	$38M	$30M
Deferred Tax	$-180M	$-129M	$-269M	$-115M	$-138M	$-176M	$-157M	$-177M	$-1.22B	$115M	$18M	$-6M
Amort. of Intangibles	$984M	$965M	$974M	$970M	$1.12B	$1.15B	$1.07B	$1.02B	$886M	$210M	$67M	$58M
Restructuring	$105M	$67M	$84M	$28M	$20M	$52M	$75M	$68M	$63M	$71M	$30M	$9M
Other Non-cash	$83M	$152M	$-282M	$-40M	$680M	$474M	$35M	$-82M	$-240M	$241M	$-95M	$-69M
Operating Cash Flow	$2.65B	$2.72B	$2.15B	$2.26B	$2.94B	$1.96B	$1.42B	$1.25B	$970M	$860M	$476M	$433M
CapEx	$603M	$602M	$649M	$674M	$640M	$616M	$582M	$459M	$369M	$164M	$78M	$83M
Investing Cash Flow	$-2.31B	$-1.44B	$-1.60B	$-2.01B	$-2.10B	$-796M	$-1.19B	$-810M	$-1.19B	$1.73B	·	·
Stock Repurchased	$1.24B	$1.35B	$992M	$1.17B	$406M	$447M	$949M	$1.41B	$2.62B	$1.10B	$515M	$415M
Net Stock Activity	$-1.24B	$-1.35B	$-992M	$-1.17B	$-406M	$-447M	$-949M	$-1.41B	$-2.62B	$-1.10B	$-515M	$-415M
Financing Cash Flow	$-150M	$-878M	$-382M	$-329M	$-1.24B	$-217M	$-276M	$-452M	$-72M	$-2.28B	·	·
Net Change in Cash	$278M	$326M	$160M	$-150M	$-448M	$977M	$-54M	$-68M	$-239M	$221M	$110M	$90M
Taxes Paid	·	$295M	$340M	$255M	$222M	$209M	$215M	$211M	$195M	$106M	$121M	$139M
Free Cash Flow	$2.05B	$2.11B	$1.50B	$1.59B	$2.30B	$1.34B	$835M	$795M	$601M	$696M	$397M	$349M
Levered FCF	$1.44B	$1.56B	$875M	$1.25B	$1.98B	$1.01B	$535M	$455M	$-777M	$656M	$326M	$420M

Profitability 7

Annual Profitability data for IQV
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	13.4%	14.3%	13.2%	12.5%	10.0%	6.4%	7.0%	7.1%	7.4%	9.3%	11.3%	10.8%
Net Margin	8.3%	8.9%	9.1%	7.6%	7.0%	2.5%	1.7%	2.5%	13.4%	1.7%	6.8%	6.5%
Pretax Margin	9.8%	10.8%	9.7%	9.5%	8.1%	3.3%	3.2%	3.1%	3.4%	7.0%	9.4%	9.2%
EBITDA Margin	20.4%	21.5%	20.7%	20.3%	19.1%	17.8%	17.8%	18.1%	17.8%	13.5%	13.5%	13.0%
ROA	4.8%	5.1%	5.2%	4.4%	3.9%	1.2%	0.83%	1.1%	6.0%	0.92%	10.7%	11.2%
ROE	21.6%	22.6%	22.9%	18.5%	15.7%	4.5%	3.0%	3.5%	15.6%	2.9%	-61.1%	-52.0%
ROIC	8.3%	9.0%	9.3%	7.9%	6.6%	3.2%	2.9%	3.4%	15.6%	1.1%	23.9%	26.1%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for IQV
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	0.7	0.8	0.9	0.9	0.9	1.1	1.0	1.1	1.2	1.2	1.5	1.5
Quick Ratio	0.7	0.7	0.8	0.8	0.8	0.9	0.9	0.9	1.0	1.1	1.3	1.3
Debt / Equity	2.4	2.3	2.2	2.2	2.0	2.1	1.9	1.6	1.3	0.8	-4.4	-3.3
LT Debt / Equity	2.1	2.1	2.1	2.2	2.0	2.1	1.9	1.6	1.2	0.8	-4.3	-3.3
Interest Coverage	3.0	3.3	2.9	4.3	3.7	1.8	1.7	1.8	2.1	4.5	6.4	-5.9

Efficiency 2

Annual Efficiency data for IQV
Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover		0.6	0.6	0.6	0.6	0.6	0.5	0.5	0.5	0.4	0.5	1.6	1.7
Receivables Turnover		4.9	4.7	4.8	5.3	5.6	4.6	4.5	4.6	5.3	4.8	5.4	5.7

Per Share 5

Annual Per Share data for IQV
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$38.34	$34.45	$33.67	$31.04	$31.70	$31.39	$31.22	$26.70	$32.50	$34.77	$-4.73	$-5.67
Revenue / Share	$94.01	$84.00	$80.43	$75.60	$71.15	$58.25	$55.55	$50.01	$43.75	$45.25	$45.67	$41.65
Cash Flow / Share	$15.30	$14.81	$11.54	$11.86	$15.09	$10.05	$7.10	$6.02	$4.36	$5.66	$3.79	$3.29
Cash / Share	$11.67	$9.66	$7.58	$6.55	$7.17	$9.49	$4.35	$3.54	$3.84	$4.82	$8.19	$6.99
EPS (TTM)	$7.84	$7.49	$7.29	$5.72	$4.95	$1.43	$0.96	$1.24	$5.74	$0.47	$3.08	$2.72

Growth Rates 9

Annual Growth Rates data for IQV
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	5.9%	2.8%	4.0%	3.9%	22.1%	·	·	·	·	·	·	·
Revenue CAGR 3Y	4.2%	3.5%	9.7%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	7.5%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	4.7%	2.7%	27.5%	15.6%	246.2%	·	·	·	·	·	·	·
EPS CAGR 3Y	11.1%	14.8%	72.1%	·	·	·	·	·	·	·	·	·
EPS CAGR 5Y	40.5%	·	·	·	·	·	·	·	·	·	·	·
Net Income YoY	-0.95%	1.1%	24.5%	12.9%	246.2%	·	·	·	·	·	·	·
Net Income CAGR 3Y	7.6%	12.4%	69.5%	·	·	·	·	·	·	·	·	·
Net Income CAGR 5Y	37.3%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 13

Annual Valuation (TTM) data for IQV
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$16.31B	$15.40B	$14.98B	$14.41B	$13.87B	$11.36B	$11.09B	$10.41B	$9.70B	$6.82B	$5.74B	$5.46B
Net Income TTM	$1.36B	$1.37B	$1.36B	$1.09B	$966M	$279M	$191M	$259M	$1.28B	$72M	$387M	$357M
Market Cap	$38.23B	$34.61B	$42.00B	$38.05B	$53.78B	$34.26B	$29.71B	$29.22B	$24.43B	$18.88B	$8.20B	$7.31B
Enterprise Value	$51.81B	$46.75B	$54.17B	$49.49B	$64.42B	$44.89B	$40.46B	$39.29B	$33.65B	$24.85B	$9.69B	$8.73B
P/E	28.8	26.2	31.7	35.8	57.0	125.3	160.9	93.7	17.1	161.8	22.3	21.6
P/S	2.3	2.2	2.8	2.6	3.9	3.0	2.7	2.8	2.5	2.8	1.4	1.3
P/B	5.9	5.7	6.9	6.6	8.9	5.7	4.9	4.4	3.0	2.2	-14.5	-10.4
P / Cash Flow	14.4	12.7	19.5	16.8	18.3	17.5	21.0	23.3	25.2	22.0	17.2	16.9
P / FCF	18.6	16.4	28.0	24.0	23.4	25.5	35.6	36.8	40.6	27.1	20.6	20.9
EV / EBITDA	15.6	14.1	17.5	16.9	24.2	22.2	20.4	20.9	19.4	26.7	12.5	12.3
EV / FCF	25.3	22.1	36.1	31.2	28.0	33.4	48.5	49.4	56.0	35.7	24.4	25.0
EV / Revenue	3.2	3.0	3.6	3.4	4.6	4.0	3.6	3.8	3.5	3.6	1.7	1.6
Earnings Yield	3.5%	3.8%	3.1%	2.8%	1.8%	0.80%	0.62%	1.1%	5.9%	0.62%	4.5%	4.6%

Income Statement 15

Quarterly Income Statement data for IQV
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue	$4.15B	$4.36B	$4.10B	$4.02B	$3.83B	$3.96B	$3.90B	$3.81B	$3.74B	$3.87B	$3.74B	$3.73B	$3.65B	$3.74B	$3.56B	$3.54B
Gross Profit	·	·	·	·	·	·	$915M	$863M	$827M	·	$862M	$850M	$802M	·	$812M	$795M
SG&A Expense	$502M	$468M	$514M	$509M	$508M	$453M	$522M	$509M	$508M	$556M	$502M	$482M	$513M	$583M	$517M	$483M
Operating Income	$514M	$627M	$553M	$506M	$496M	$626M	$550M	$520M	$506M	$501M	$481M	$524M	$471M	$379M	$472M	$453M
Interest Expense	$192M	$193M	$189M	$182M	$165M	$171M	$170M	$163M	$166M	$181M	$181M	$169M	$141M	$128M	$108M	$94M
Interest Income	$10M	$11M	$13M	$10M	$11M	$11M	$13M	$12M	$11M	$12M	$14M	$4M	$6M	$6M	$4M	$2M
Other Non-op	$-4M	$94M	$31M	$-11M	$-15M	$78M	$-44M	$67M	$-11M	$47M	$35M	$16M	$26M	$18M	$-8M	$-33M
Pretax Income	$328M	$537M	$408M	$323M	$323M	$544M	$349M	$436M	$340M	$373M	$349M	$375M	$362M	$275M	$360M	$328M
Income Tax	$59M	$59M	$76M	$56M	$61M	$112M	$65M	$75M	$49M	$-102M	$51M	$81M	$71M	$48M	$70M	$71M
Net Income	$274M	$514M	$331M	$266M	$249M	$437M	$285M	$363M	$288M	$469M	$303M	$297M	$289M	$227M	$283M	$256M
EPS (Basic)	$1.63	$3.00	$1.94	$1.55	$1.42	$2.43	$1.57	$1.99	$1.58	$2.56	$1.66	$1.61	$1.56	$1.23	$1.52	$1.36
EPS (Diluted)	$1.61	$2.97	$1.93	$1.54	$1.40	$2.41	$1.55	$1.97	$1.56	$2.54	$1.63	$1.59	$1.53	$1.21	$1.49	$1.34
Shares (Basic)	168,400,000	-345,800,000	170,200,000	171,800,000	175,700,000	-364,900,000	182,100,000	182,200,000	181,900,000	-369,300,000	182,900,000	184,400,000	185,800,000	-377,200,000	186,500,000	188,300,000
Shares (Diluted)	169,800,000	-348,800,000	171,700,000	173,200,000	177,400,000	-369,400,000	184,200,000	184,300,000	184,300,000	-374,500,000	185,500,000	186,700,000	188,600,000	-383,300,000	189,400,000	191,100,000
EBITDA	$802M	·	$839M	$782M	$761M	·	$828M	$789M	$770M	·	$778M	$783M	$724M	·	$720M	$723M

Balance Sheet 25

Quarterly Balance Sheet data for IQV
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Cash & Equivalents	$1.95B	$1.98B	$1.81B	$2.04B	$1.74B	$1.70B	$1.57B	$1.54B	$1.44B	·	$1.22B	$1.38B	$1.49B	·	$1.27B	$1.43B
Short-term Investments	$156M	$161M	$158M	$149M	$136M	$141M	$140M	$133M	$131M	·	$108M	$110M	$104M	·	$87M	$90M
Receivables	$3.35B	$3.40B	$3.27B	$3.34B	$3.27B	$3.20B	$3.20B	$3.25B	$3.43B	·	$3.23B	$3.14B	$3.06B	·	$2.64B	$2.68B
Prepaid Expense	$167M	$162M	$177M	$200M	$166M	$154M	$195M	$191M	$173M	·	$177M	$179M	$165M	·	$176M	$188M
Current Assets	$6.22B	$6.25B	$5.98B	$6.34B	$5.91B	$5.83B	$5.63B	$5.62B	$5.65B	·	$5.21B	$5.33B	$5.33B	·	$4.75B	$4.91B
PP&E (Net)	$516M	$533M	$525M	$536M	$533M	$535M	$513M	$503M	$513M	·	$498M	$510M	$520M	·	$507M	$529M
PP&E (Gross)	·	$1.44B	·	·	·	$1.35B	·	·	·	·	·	·	·	·	·	·
Accum. Depreciation	·	$905M	·	·	·	$819M	·	·	·	·	·	·	·	·	·	·
Goodwill	$16.54B	$16.62B	$15.95B	$15.61B	$15.03B	$14.71B	$15.09B	$14.48B	$14.52B	$14.57B	$14.29B	$14.18B	$14.02B	$13.92B	$13.18B	$13.10B
Intangibles	$4.80B	$4.96B	$4.71B	$4.60B	$4.50B	$4.50B	$4.73B	$4.61B	$4.72B	·	$4.91B	$4.94B	$4.76B	·	$4.72B	$4.73B
Total Assets	$29.68B	$29.94B	$28.73B	$28.63B	$27.32B	$26.90B	$27.18B	$26.40B	$26.57B	·	$25.98B	$26.04B	$25.74B	·	$24.22B	$24.41B
Accrued Liabilities	·	$2.97B	·	·	·	$2.95B	·	·	·	·	·	·	·	·	·	·
Current Liabilities	$8.33B	$8.34B	$8.51B	$7.57B	$7.18B	$6.96B	$6.99B	$6.62B	$6.45B	·	$6.59B	$6.54B	$6.66B	·	$5.25B	$5.10B
Capital Leases	$232M	$225M	$233M	$210M	$177M	$173M	$188M	$192M	$204M	·	$217M	$242M	$255M	·	$259M	$285M
Deferred Tax	$159M	$179M	$207M	$216M	$197M	$196M	$128M	$149M	$164M	·	$365M	$367M	$421M	·	$560M	$494M
Other Non-current Liabilities	$617M	$688M	$698M	$671M	$676M	$668M	$612M	$632M	$595M	·	$679M	$703M	$641M	·	$561M	$563M
Total Liabilities	$23.33B	$23.31B	$22.44B	$22.85B	$21.34B	$20.83B	$20.21B	$19.68B	$20.23B	·	$20.17B	$20.29B	$19.81B	·	$18.88B	$19.06B
Long-term Debt	$15.83B	$15.72B	$14.96B	$15.49B	$14.33B	$13.98B	$13.51B	$13.26B	$13.54B	·	$13.63B	$13.78B	$13.18B	·	$12.39B	$12.77B
Total Debt	$15.83B	·	$14.96B	$15.49B	$14.33B	·	$13.51B	$13.26B	$13.54B	·	$13.63B	$13.78B	$13.18B	·	$12.39B	$12.77B
Retained Earnings	$7.70B	$7.42B	$6.91B	$6.58B	$6.31B	$6.07B	$5.63B	$5.34B	$4.98B	·	$4.22B	$3.92B	$3.62B	·	$3.11B	$2.82B
Treasury Stock	$11.91B	$11.36B	$11.14B	$11.14B	$10.53B	$10.10B	$8.94B	$8.74B	$8.74B	·	$8.51B	$8.36B	$7.87B	·	$7.71B	$7.57B
AOCI	$-968M	$-943M	$-928M	$-882M	$-978M	$-1.04B	$-826M	$-949M	$-911M	·	$-903M	$-760M	$-731M	·	$-898M	$-697M
Stockholders' Equity	$6.22B	$6.50B	$6.16B	$5.78B	$5.98B	$6.07B	$6.97B	$6.71B	$6.34B	·	$5.80B	$5.75B	$5.93B	$5.76B	$5.35B	$5.35B
Liabilities + Equity	$29.68B	$29.94B	$28.73B	$28.63B	$27.32B	$26.90B	$27.18B	$26.40B	$26.57B	·	$25.98B	$26.04B	$25.74B	·	$24.22B	$24.41B
Shares Outstanding	166,900,000	169,600,000	170,300,000	170,000,000	174,100,000	176,100,000	181,600,000	182,300,000	182,200,000	257,200,000	182,500,000	183,100,000	185,500,000	256,400,000	185,800,000	186,600,000

Cash Flow 14

Quarterly Cash Flow data for IQV
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
D&A	$288M	$317M	$286M	$276M	$265M	$303M	$278M	$269M	$264M	$316M	$297M	$259M	$253M	$357M	$248M	$270M
Stock-based Comp	$65M	$60M	$55M	$60M	$72M	$48M	$54M	$48M	$56M	$45M	$47M	$50M	$75M	$58M	$61M	$45M
Deferred Tax	$-38M	$-48M	$-46M	$-45M	$-41M	$-15M	$-34M	$-14M	$-66M	$-152M	$-47M	$-43M	$-27M	$-63M	$-24M	$-18M
Restructuring	$51M	$24M	$20M	$32M	$29M	$-4M	$28M	$28M	$15M	$17M	$30M	$20M	$17M	$13M	$4M	$4M
Other Non-cash	$29M	·	·	·	$23M	·	·	·	$-20M	·	·	·	$-173M	·	·	·
Operating Cash Flow	$618M	$735M	$908M	$443M	$568M	$885M	$721M	$588M	$522M	$747M	$583M	$402M	$417M	$560M	$863M	$329M
CapEx	$127M	$174M	$136M	$151M	$142M	$164M	$150M	$143M	$145M	$179M	$146M	$160M	$164M	$171M	$165M	$161M
Investing Cash Flow	$-196M	$-1.10B	$-550M	$-346M	$-305M	$-310M	$-599M	$-221M	$-314M	$-212M	$-573M	$-596M	$-222M	$-477M	$-717M	$-199M
Stock Repurchased	$552M	$212M	$0	$657M	$375M	$1.15B	$200M	$0	$0	$229M	$144M	$490M	$129M	$65M	$210M	$490M
Net Stock Activity	$-552M	·	·	·	$-375M	·	·	·	$0	·	·	·	$-129M	·	·	·
Financing Cash Flow	$-433M	$535M	$-572M	$145M	$-258M	$-375M	$-137M	$-260M	$-106M	$-420M	$-144M	$95M	$87M	$-193M	$-251M	$-29M
Net Change in Cash	$-33M	$166M	$-225M	$299M	$38M	$130M	$27M	$101M	$68M	$152M	$-158M	$-112M	$278M	$-58M	$-154M	$41M
Free Cash Flow	$491M	·	·	·	$426M	·	·	·	$377M	·	·	·	$253M	·	·	·
Levered FCF	$334M	·	·	·	$292M	·	·	·	$235M	·	·	·	$140M	·	·	·

Profitability 8

Quarterly Profitability data for IQV
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Gross Margin	·	·	·	·	·	·	23.5%	22.6%	22.1%	·	23.1%	22.8%	22.0%	·	22.8%	22.4%
Operating Margin	12.4%	·	13.5%	12.6%	13.0%	·	14.1%	13.6%	13.5%	·	12.9%	14.1%	12.9%	·	13.2%	12.8%
Net Margin	6.6%	·	8.1%	6.6%	6.5%	·	7.3%	9.5%	7.7%	·	8.1%	8.0%	7.9%	·	7.9%	7.2%
Pretax Margin	7.9%	·	10.0%	8.0%	8.4%	·	9.0%	11.4%	9.1%	·	9.3%	10.1%	9.9%	·	10.1%	9.3%
EBITDA Margin	19.3%	·	20.5%	19.5%	19.9%	·	21.2%	20.7%	20.6%	·	20.8%	21.0%	19.8%	·	20.2%	20.4%
ROA	0.96%	·	1.2%	0.97%	0.92%	·	1.1%	1.4%	1.1%	·	1.2%	1.2%	1.1%	·	1.2%	1.1%
ROE	4.5%	·	5.0%	4.3%	4.0%	·	4.5%	5.8%	4.7%	·	5.4%	5.3%	4.9%	·	5.1%	4.6%
ROIC	1.9%	·	2.1%	2.0%	2.0%	·	2.2%	2.2%	2.2%	·	2.1%	2.1%	2.0%	·	2.1%	2.0%

Liquidity & Solvency 5

Quarterly Liquidity & Solvency data for IQV
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Current Ratio	0.7	·	0.7	0.8	0.8	·	0.8	0.8	0.9	·	0.8	0.8	0.8	·	0.9	1.0
Quick Ratio	0.7	·	0.6	0.7	0.7	·	0.7	0.7	0.8	·	0.7	0.7	0.7	·	0.8	0.8
Debt / Equity	2.5	·	2.4	2.7	2.4	·	1.9	2.0	2.1	·	2.3	2.4	2.2	·	2.3	2.4
LT Debt / Equity	2.2	·	2.1	2.5	2.2	·	1.8	1.8	2.0	·	2.1	2.2	2.0	·	2.3	2.4
Interest Coverage	2.7	·	2.9	2.8	3.0	·	3.2	3.2	3.0	·	2.7	3.1	3.3	·	4.4	4.8

Efficiency 2

Quarterly Efficiency data for IQV
Metric	Trend	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Asset Turnover		0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1
Receivables Turnover		1.3	·	1.3	1.2	1.1	·	1.2	1.2	1.2	·	1.3	1.3	1.3	·	1.4	1.4

Per Share 5

Quarterly Per Share data for IQV
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Book Value / Share	$37.27	·	$36.17	$33.99	$34.33	·	$38.36	$36.83	$34.82	·	$31.81	$31.39	$31.98	·	$28.78	$28.68
Revenue / Share	$24.45	·	$23.88	$23.19	$21.58	·	$21.15	$20.69	$20.28	·	$20.14	$19.97	$19.36	·	$18.81	$18.53
Cash Flow / Share	$3.64	·	·	·	$3.20	·	·	·	$2.83	·	·	·	$2.21	·	·	·
Cash / Share	$11.67	·	$10.65	$11.99	$9.99	·	$8.66	$8.47	$7.93	·	$6.71	$7.55	$8.05	·	$6.86	$7.65
EPS (TTM)	$6.48	·	$6.42	$6.46	$6.48	·	$6.71	$6.75	$6.31	·	$6.24	$5.95	$6.04	·	$5.85	$5.26

Valuation (TTM) 13

Quarterly Valuation (TTM) data for IQV
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue TTM	$16.10B	·	$15.84B	$15.56B	$15.28B	·	$15.18B	$15.02B	$14.85B	·	$14.68B	$14.48B	$14.32B	·	$14.06B	$13.94B
Net Income TTM	$1.12B	·	$1.13B	$1.16B	$1.19B	·	$1.24B	$1.25B	$1.18B	·	$1.17B	$1.12B	$1.15B	·	$1.12B	$1.02B
Market Cap	$28.46B	·	$32.35B	$26.79B	$30.69B	·	$43.03B	$38.55B	$46.08B	·	$35.91B	$41.16B	$36.89B	·	$33.66B	$40.49B
Enterprise Value	$42.19B	·	$45.33B	$40.09B	$43.15B	·	$54.83B	$50.13B	$58.04B	·	$48.21B	$53.44B	$48.47B	·	$44.69B	$51.74B
P/E	26.3	·	29.6	24.4	27.2	·	35.3	31.3	40.1	·	31.5	37.8	32.9	·	31.0	41.3
P/S	1.8	·	2.0	1.7	2.0	·	2.8	2.6	3.1	·	2.4	2.8	2.6	·	2.4	2.9
P/B	4.6	·	5.3	4.6	5.1	·	6.2	5.7	7.3	·	6.2	7.2	6.2	·	6.3	7.6
P / Cash Flow	46.1	·	·	·	54.0	·	·	·	88.3	·	·	·	88.5	·	·	·
P / FCF	58.0	·	·	·	72.1	·	·	·	122.2	·	·	·	145.8	·	·	·
EV / EBITDA	52.6	·	54.0	51.3	56.7	·	66.2	63.5	75.4	·	62.0	68.3	67.0	·	62.1	71.6
EV / FCF	85.9	·	·	·	101.3	·	·	·	153.9	·	·	·	191.6	·	·	·
EV / Revenue	2.6	·	2.9	2.6	2.8	·	3.6	3.3	3.9	·	3.3	3.7	3.4	·	3.2	3.7
Earnings Yield	3.8%	·	3.4%	4.1%	3.7%	·	2.8%	3.2%	2.5%	·	3.2%	2.6%	3.0%	·	3.2%	2.4%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$16.31B	$15.40B	$14.98B	$14.41B	$13.87B
Operating Margin %	13.4%	14.3%	13.2%	12.5%	10.0%
Net Income	$1.36B	$1.37B	$1.36B	$1.09B	$966M
Diluted EPS	$7.84	$7.49	$7.29	$5.72	$4.95

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	2.4	2.3	2.2	2.2	2.0
Current Ratio	0.7	0.8	0.9	0.9	0.9
Quick Ratio	0.7	0.7	0.8	0.8	0.8

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$2.05B	$2.11B	$1.50B	$1.59B	$2.30B

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