Detailed financial statements for IQVIA Holdings Inc. (IQV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
IQVIA Holdings Inc. is a premier global provider of sophisticated analytical insights, advanced technology solutions, and comprehensive clinical research services, catering to the life sciences industry across the Americas, Europe, Africa, and Asia-Pacific. The company's operations are structured into three key divisions: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions.
Analysis Summary
IQVIA Holdings Inc. reported revenue of $16.31B in the most recent fiscal year, growing at a 5-year CAGR of 7.5%. Net income reached $1.36B, with a 37.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 26.5%, operating margin 13.4%, net margin 8.1%. Free cash flow grew at 8.8% CAGR over 5 years.
At $267.33 (closing price, October 30, 2026), IQV trades at a P/E of 32.48 and an ROE of 21.82%. Market capitalisation stands at $44.1B, placing it among large-cap names.
Balance sheet quality for IQV: current ratio of 0.7, net debt of $14.03B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $2.05B represents 151% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.82B | $9.70B | $10.41B | $11.09B | $11.36B | $13.87B | $14.41B | $14.98B | $15.40B | $16.31B |
| Cost of Revenue | $4.75B | $6.30B | $6.75B | $7.30B | $7.50B | $9.23B | $9.38B | $9.74B | $10.03B | $12.02B |
| Gross Profit | $2.07B | $3.40B | $3.67B | $3.79B | $3.86B | $4.64B | $5.03B | $5.24B | $5.38B | $4.29B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.01B | $1.60B | $1.72B | $1.73B | $1.79B | $1.96B | $2.07B | $2.05B | $1.99B | $2.00B |
| Operating Expenses | $1.49B | $2.74B | $2.92B | $3.01B | $3.13B | $3.25B | $3.23B | $3.26B | $3.17B | $2.00B |
| Operating Income | $642.0M | $719.0M | $741.0M | $777.0M | $731.0M | $1.39B | $1.80B | $1.98B | $2.20B | $2.29B |
| EBITDA | $849.0M | $1.65B | $1.88B | $2.00B | $2.08B | $2.77B | $2.91B | $3.26B | $3.45B | $3.46B |
| Interest Expense | $144.0M | $346.0M | $414.0M | $447.0M | $416.0M | $375.0M | $416.0M | $672.0M | $670.0M | $729.0M |
| Pre-tax Income | $412.0M | $304.0M | $343.0M | $343.0M | $380.0M | $1.13B | $1.35B | $1.46B | $1.67B | $1.61B |
| Income Tax | $345.0M | -$987.0M | $59.0M | $116.0M | $72.0M | $163.0M | $260.0M | $101.0M | $296.0M | $252.0M |
| Net Income | $115.0M | $1.31B | $259.0M | $191.0M | $279.0M | $966.0M | $1.09B | $1.36B | $1.37B | $1.36B |
| EPS | $0.77 | $6.01 | $1.27 | $0.98 | $1.46 | $5.05 | $5.82 | $7.39 | $7.57 | $7.91 |
| EPS (Diluted) | $0.76 | $5.88 | $1.24 | $0.96 | $1.43 | $4.95 | $5.72 | $7.29 | $7.49 | $7.84 |
| Shares Outstanding (Diluted) | 152.0 M | 222.6 M | 208.2 M | 199.6 M | 195.0 M | 195.0 M | 190.6 M | 186.3 M | 183.4 M | 173.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $4.36B | $4.15B | $4.37B | $4.43B |
| Gross Profit | $292.0M | $1.35B | $1.44B | $1.50B |
| Operating Income | $732.0M | $514.0M | $506.0M | $572.0M |
| EBITDA | $1.05B | $808.0M | $790.0M | $952.0M |
| Net Income | $514.0M | $274.0M | $256.0M | $350.0M |
| EPS | $3.02 | $1.63 | $1.54 | $2.13 |
| EPS (Diluted) | $2.99 | $1.61 | $1.53 | $2.10 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.20B | $959.0M | $891.0M | $837.0M | $1.81B | $1.37B | $1.22B | $1.38B | $1.70B | $1.98B |
| Short-term Investments | $40.0M | $46.0M | $47.0M | $62.0M | $88.0M | $111.0M | $93.0M | $120.0M | $141.0M | $161.0M |
| Receivables | $1.74B | $2.14B | $2.46B | $2.64B | $2.47B | $2.61B | $2.96B | $3.41B | $3.24B | $3.43B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $3.34B | $3.55B | $3.87B | $4.13B | $5.09B | $4.76B | $4.98B | $5.60B | $5.83B | $6.25B |
| Property, Plant & Equipment | $406.0M | $440.0M | $434.0M | $954.0M | $953.0M | $903.0M | $863.0M | $819.0M | $773.0M | $823.0M |
| Goodwill | $10.73B | $11.85B | $11.80B | $12.16B | $12.65B | $13.30B | $13.92B | $14.57B | $14.71B | $16.62B |
| Intangible Assets | $6.39B | $6.59B | $5.95B | $5.51B | $5.21B | $4.94B | $4.82B | $4.84B | $4.50B | $4.96B |
| Total Assets | $21.21B | $22.74B | $22.55B | $23.25B | $24.56B | $24.69B | $25.34B | $26.68B | $26.90B | $29.94B |
| Accounts Payable | $250.0M | $322.0M | $437.0M | $2.51B | $581.0M | $621.0M | $645.0M | $709.0M | $736.0M | $3.75B |
| Short-term Debt | $92.0M | $103.0M | $100.0M | $100.0M | $149.0M | $91.0M | $152.0M | $718.0M | $1.15B | $1.84B |
| Total Current Liabilities | $2.71B | $2.90B | $3.53B | $3.94B | $4.56B | $5.24B | $5.58B | $6.49B | $6.96B | $8.34B |
| Long-term Debt | $7.11B | $10.12B | $10.91B | $11.54B | $12.38B | $12.03B | $12.60B | $12.96B | $12.84B | $14.11B |
| Total Liabilities | $12.35B | $14.38B | $15.60B | $16.99B | $18.28B | $18.65B | $19.57B | $20.57B | $20.83B | $23.31B |
| Retained Earnings | -$399.0M | $655.0M | $807.0M | $998.0M | $1.28B | $2.24B | $3.33B | $4.69B | $6.07B | $7.42B |
| Total Equity | $8.63B | $8.11B | $6.71B | $6.00B | $6.00B | $6.04B | $5.76B | $6.11B | $6.07B | $6.50B |
| Total Debt | $7.20B | $10.22B | $11.01B | $12.04B | $12.90B | $12.44B | $13.01B | $13.90B | $14.16B | $16.17B |
| Net Debt | $5.96B | $9.22B | $10.07B | $11.14B | $11.00B | $10.96B | $11.70B | $12.40B | $12.31B | $14.03B |
| Working Capital | $632.0M | $650.0M | $340.0M | $181.0M | $532.0M | -$478.0M | -$597.0M | -$895.0M | -$1.13B | -$2.09B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.98B | $1.95B | $1.91B | $2.25B |
| Total Assets | $29.94B | $29.68B | $29.88B | $30.47B |
| Total Liabilities | $23.31B | $23.33B | $23.58B | $23.68B |
| Total Equity | $6.50B | $6.22B | $6.17B | $6.66B |
| Total Debt | $16.17B | $16.07B | $16.24B | $16.31B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $130.0M | $1.33B | $284.0M | $227.0M | $308.0M | $966.0M | $1.09B | $1.36B | $1.37B | $1.36B |
| Depreciation & Amortization | $289.0M | $1.01B | $1.14B | $1.20B | $1.29B | $1.26B | $1.13B | $1.12B | $1.11B | $1.14B |
| Stock-based Compensation | $80.0M | $106.0M | $113.0M | $146.0M | $95.0M | $170.0M | $194.0M | $217.0M | $206.0M | $247.0M |
| Change in Working Capital | $212.0M | -$292.0M | -$106.0M | $19.0M | $459.0M | $680.0M | -$84.0M | -$280.0M | $158.0M | $125.0M |
| Operating Cash Flow | $860.0M | $970.0M | $1.25B | $1.42B | $1.96B | $2.94B | $2.26B | $2.15B | $2.72B | $2.65B |
| Capital Expenditure | -$164.0M | -$369.0M | -$459.0M | -$582.0M | -$616.0M | -$640.0M | -$674.0M | -$649.0M | -$602.0M | -$603.0M |
| Acquisitions | $1.87B | -$827.0M | -$326.0M | -$588.0M | -$167.0M | -$1.46B | -$1.33B | -$876.0M | -$710.0M | -$1.76B |
| Stock Repurchased | -$1.10B | -$2.62B | -$1.41B | -$949.0M | -$447.0M | -$406.0M | -$1.17B | -$992.0M | -$1.35B | -$1.24B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $696.0M | $601.0M | $795.0M | $835.0M | $1.34B | $2.30B | $1.59B | $1.50B | $2.11B | $2.05B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $735.0M | $618.0M | $558.0M | $825.0M |
| Capital Expenditure | -$174.0M | -$127.0M | -$198.0M | -$158.0M |
| Free Cash Flow | $561.0M | $491.0M | $360.0M | $667.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $60.0M | $65.0M | $95.0M | $83.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +42.4% | +7.3% | +6.5% | +2.4% | +22.1% | +3.9% | +4.0% | +2.8% | +5.9% | |
| Net Income Growth (YoY) | +1,038.3% | -80.2% | -26.3% | +46.1% | +246.2% | +12.9% | +24.5% | +1.1% | -0.9% | |
| EPS Growth (YoY) | +680.5% | -78.9% | -22.8% | +49.0% | +245.9% | +15.2% | +27.0% | +2.4% | +4.5% | |
| Shares Change (YoY) | +46.4% | -6.5% | -4.1% | -2.3% | +0.0% | -2.3% | -2.3% | -1.6% | -5.4% | |
| FCF Growth (YoY) | -13.6% | +32.3% | +5.0% | +60.8% | +71.4% | -31.1% | -5.4% | +40.9% | -3.0% | |
| Gross Margin | 30.3% | 35.1% | 35.2% | 34.2% | 34.0% | 33.5% | 34.9% | 35.0% | 34.9% | 26.3% |
| Operating Margin | 9.4% | 7.4% | 7.1% | 7.0% | 6.4% | 10.0% | 12.5% | 13.2% | 14.3% | 14.0% |
| EBITDA Margin | 12.5% | 17.0% | 18.1% | 18.0% | 18.3% | 19.9% | 20.2% | 21.7% | 22.4% | 21.2% |
| Net Margin | 1.7% | 13.5% | 2.5% | 1.7% | 2.5% | 7.0% | 7.6% | 9.1% | 8.9% | 8.3% |
| FCF Margin | 10.2% | 6.2% | 7.6% | 7.5% | 11.8% | 16.6% | 11.0% | 10.0% | 13.7% | 12.6% |
| Effective Tax Rate | 83.7% | -324.7% | 17.2% | 33.8% | 18.9% | 14.4% | 19.2% | 6.9% | 17.7% | 15.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.58 | $2.70 | $3.82 | $4.18 | $6.89 | $11.81 | $8.32 | $8.05 | $11.53 | $11.82 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 149.1 M | 217.8 M | 203.7 M | 195.1 M | 191.3 M | 191.4 M | 187.6 M | 183.8 M | 181.3 M | 171.9 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 21.82% |
| Return on Invested Capital | 8.20% |
| Return on Assets | 4.57% |
| Gross Margin | 26.46% |
| Operating Margin | 13.42% |
| Net Margin | 8.05% |
Financial Health
| Debt / Equity | 2.45 |
| Current Ratio | 0.83 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.06 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 98.77 | 16.29 | 91.47 | 157.66 | 122.72 | 55.87 | 35.20 | 31.31 | 25.96 | 28.50 |
| P/B | 1.31 | 2.63 | 3.52 | 5.02 | 5.71 | 8.94 | 6.67 | 6.96 | 5.87 | 5.96 |
| P/S | 1.66 | 2.20 | 2.27 | 2.72 | 3.02 | 3.89 | 2.67 | 2.84 | 2.31 | 2.38 |
| Gross Margin | 30.3% | 35.1% | 35.2% | 34.2% | 34.0% | 33.5% | 34.9% | 35.0% | 34.9% | 26.3% |
| Operating Margin | 9.4% | 7.4% | 7.1% | 7.0% | 6.4% | 10.0% | 12.5% | 13.2% | 14.3% | 14.0% |
| Net Margin | 1.7% | 13.5% | 2.5% | 1.7% | 2.5% | 7.0% | 7.6% | 9.1% | 8.9% | 8.3% |
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Explore sector: Healthcare · Medical - Diagnostics & Research
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