10-Q · May 5, 2026
IQVIA Holdings Inc. reported strong Q1 2026 results, with revenues of $4.15 billion, a year-over-year increase of 8.4%, and EPS of $2.90, exceeding analysts' estimates. The company showcased a positive outlook with…
Earnings analysis · 10-Q
IQV earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
IQVIA delivered solid Q2 top-line growth, with revenue up 8.7% to $4.368 billion and both newly recast segments growing approximately 9%. Segment profitability improved, but consolidated GAAP operating income remained…
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IQVIA delivered solid Q2 top-line growth, with revenue up 8.7% to $4.368 billion and both newly recast segments growing approximately 9%. Segment profitability improved, but consolidated GAAP operating income remained $506 million as restructuring costs rose to $63 million and operating margin fell to 11.6% from 12.6%. Operating cash flow strengthened to $1.176 billion for the first half, although the capital structure remains leveraged with $16.081 billion of indebtedness.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.53
What stood out
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Revenue growth accelerated to 8.7%
Q2 revenue rose $351 million, or 8.7%, year over year to $4.368 billion. Constant-currency growth was approximately $343 million, or 8.5%, with both operating segments contributing.
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Commercial Solutions profit outgrew sales
Commercial Solutions grew revenue 8.6% to $1.793 billion and segment profit 10.6% to $419 million. Management attributed constant-currency growth primarily to patient solutions and, to a lesser extent, commercial engagement services.
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R&D Solutions delivered broad growth
R&D Solutions revenue increased 8.8% to $2.575 billion and segment profit rose 11.2% to $526 million, driven primarily by volume-related growth in clinical services and lab testing.
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Backlog supports near-term revenue visibility
R&D contracted backlog increased $0.2 billion from $34.0 billion at December 31, 2025 to $34.2 billion at June 30, 2026; management expects approximately $9.2 billion to convert to revenue in the next 12 months.
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Operating cash flow improved
Six-month operating cash flow rose $165 million year over year to $1.176 billion, aided by $106 million more cash from other operating assets and liabilities, $89 million higher cash-related net income, and $40 million from receivables and unbilled services.
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Buyback authorization remains substantial
The Board added $2.0 billion to the repurchase authorization in May, and the company repurchased 5.5 million shares for $950 million in the first six months of 2026. Remaining authorization was $2.819 billion at June 30.
What to watch
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Margin pressure and elevated restructuring
GAAP operating income was flat at $506 million despite $351 million of revenue growth, reducing operating margin to 11.6% from 12.6% a year earlier. Restructuring expense nearly doubled to $63 million from $32 million, and management expects restructuring actions to continue through 2026 and into 2027.
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High debt burden and rising interest cost
Total indebtedness was $16.081 billion at June 30, 2026, while quarterly interest expense increased $15 million year over year to $197 million. Cash declined $71 million from $1.980 billion at year-end to $1.909 billion.
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Overhead grew faster than revenue
Cost of revenue held at 67.1% of sales, but SG&A increased 12.8% to $574 million and rose to 13.1% of revenue from 12.7%. Management cited compensation-related costs, including stock-based compensation, as a driver.
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No new risk-factor updates; facility capacity matters
Item 1A states there were no material changes to risk factors from the 2025 Form 10-K. Nonetheless, liquidity depends materially on operating cash flow and financing capacity: only $1.195 billion remained available under the revolving credit facility and no additional revolving loans were available under the receivables financing facility at June 30, 2026.
Management's outlook
The 10-Q MD&A does not provide quantitative revenue or EPS guidance. Management states that available cash, operating cash flow, and facility access are expected to fund operating needs, capex, contractual obligations, and debt obligations for at least the next 12 months; R&D Solutions expects approximately $9.2 billion of its $34.2 billion backlog to convert to revenue over the next 12 months.
Earlier filings 4
10-K · February 17, 2026
IQVIA delivered 2025 revenue of $16,310 million, up 5.9% vs. 2024, driven by Technology & Analytics Solutions (+7.6% to $6,626M) and Research & Development Solutions (+4.3% to $8,896M). Operating income was $2,182M…
10-Q · May 6, 2025
IQVIA reported Q1 revenue of $3,829 million, up $92 million (+2.5%) year-over-year but down versus the prior quarter. Gross margin contracted to 33.9% and operating margin to ~13.0%, while diluted EPS fell to $1.40.…
10-Q · October 31, 2024
IQVIA reported third-quarter revenue of $3,896 million, up $160 million (+4.3%) versus the prior year, with income from operations rising to $550 million and operating margin expanding to 14.1%. Diluted EPS declined to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.