# IQVIA Holdings Inc. (IQV) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/IQV/thesis · /stocks/IQV/memo

## Financial Snapshot

---
ticker: IQV
step: 04
generated: 2026-05-12
source: quick-research
---

### IQVIA Holdings (IQV) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $14.41B | $14.98B | $15.41B | +2.8% |
| Gross Margin | ~34.9% | ~34.9% | ~34.9% | flat |
| Operating Margin | ~10.5% | ~11.0% | ~10.5% | -0.5pp |
| Net Income (GAAP) | ~$1.1B | ~$1.1B | ~$1.3B | +18% |
| Adjusted Diluted EPS | ~$8.80 | $10.20 | ~$11.20 | +9.8% |

*Note: GAAP EPS includes amortization of acquired intangibles (~$1.5B annually) from the 2016 IMS/Quintiles merger, making Adjusted EPS the primary management metric. FY2024 adjusted EPS growth was "high single-digit" on 2.8% revenue growth, with margin expansion. Gross margin is remarkably stable at ~34.9% due to the long-term nature of service contracts.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$2.2B |
| Free Cash Flow | ~$1.7B |
| Cash & Equivalents | ~$1.7B |
| Total Debt | ~$13.0B |

*Note: IQVIA carries significant debt (~5x net leverage at peak) from the 2016 merger. The company is deleveraging: repurchased $1.35B in shares in FY2024 while lowering net leverage ratio year-over-year. FCF conversion is strong (>100% of net income).*

#### Key Ratios (approximate)
- P/E: ~14x (FY2024 GAAP) | EV/EBITDA: ~12x | FCF Yield: ~8%
- Revenue Growth (FY2024): +2.8% | Adjusted EBITDA Margin: ~20–21%
- Dividend Yield: none (company prioritizes buybacks and debt paydown)

#### Growth Profile
IQVIA's revenue growth has been moderate (3–6% organically) reflecting the pace of pharma/biotech clinical outsourcing and healthcare data spending. R&DS backlog of $31.1B (FY2024) and $32.7B (later 2025) provides 2-year revenue visibility and is growing 5.5% YoY — a leading indicator of accelerating revenue growth. TAS (data/analytics) has grown 8–10% annually, faster than clinical services. FY2025 revenue reached $16.31B (+5.9%), with FY2026 guidance of $17.15B–$17.35B, implying 5–7% growth driven by backlog burn and recovering biotech funding.

#### Forward Estimates
- FY2025 (actual): Revenue $16.31B; adjusted EPS ~$11.80–12.00
- FY2026E Revenue: $17.15B–$17.35B (company guidance); adjusted EPS ~$13–14 (consensus)
- Long-term: Adj. EBITDA margin expansion toward 23–25% as TAS (higher-margin) grows faster than R&DS

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/IQV/fundamental

## Navigation

- Overview: /stocks/IQV
- Financials (this page): /stocks/IQV/financials
- Thesis: /stocks/IQV/thesis
- Investment Memo: /stocks/IQV/memo
- Coverage universe: /stocks