IQVIA
IQV · NYSEServices-Commercial Physical & Biological Research · Fiscal year ends Dec 31
IQVIA reported revenue of $16.3B in the fiscal year ended Dec 2025, up 5.9% from the year before. Operating income was $2.2B, an operating margin of 13.4%, and net income was $1.4B. Operating cash flow of $2.7B less capital expenditure of $603M left free cash flow of $2.1B. Net debt was $13.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $13.9B | $14.4B | $15B | $15.4B | $16.3B |
| Selling, general & admin | $2B | $2.1B | $2.1B | $2B | $2B |
| Operating income | $1.4B | $1.8B | $2B | $2.2B | $2.2B |
| Interest expense | $375M | $416M | $672M | $670M | $729M |
| Pre-tax income | $1.1B | $1.4B | $1.5B | $1.7B | $1.6B |
| Income tax | $163M | $260M | $101M | $301M | $252M |
| Net income | $966M | $1.1B | $1.4B | $1.4B | $1.4B |
| Diluted EPS | 4.95 | 5.72 | 7.29 | 7.49 | 7.84 |
| Diluted shares | 195M | 191M | 186M | 183M | 174M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.4B | $1.2B | $1.4B | $1.7B | $2B |
| Receivables | $2.6B | $2.9B | $3.4B | $3.2B | $3.4B |
| Current assets | $4.8B | $5B | $5.6B | $5.8B | $6.2B |
| Net PP&E | $497M | $532M | $523M | $535M | $533M |
| Goodwill | $13.3B | $13.9B | $14.6B | $14.7B | $16.6B |
| Total assets | $24.7B | $25.3B | $26.7B | $26.9B | $29.9B |
| Deferred revenue | $1.8B | $1.8B | $1.8B | $1.8B | $2.1B |
| Current liabilities | $5.2B | $5.6B | $6.5B | $7B | $8.3B |
| Short-term debt | $91M | $152M | $718M | $1.1B | $1.8B |
| Long-term debt | $12B | $12.6B | $13B | $12.8B | $13.9B |
| Total liabilities | $18.6B | $19.6B | $20.6B | $20.8B | $23.3B |
| Shareholders' equity | $6B | $5.8B | $6.1B | $6.1B | $6.5B |
| Backlog (remaining obligations) | $27.2B | $29.2B | $31.7B | $33.5B | $34.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.9B | $2.3B | $2.1B | $2.7B | $2.7B |
| Capital expenditure | $640M | $674M | $649M | $602M | $603M |
| Free cash flow | $2.3B | $1.6B | $1.5B | $2.1B | $2.1B |
| Depreciation & amortisation | $1.3B | $1.1B | $1.1B | $1.1B | $1.1B |
| Stock-based compensation | $170M | $194M | $217M | $206M | $247M |
| Acquisitions | $1.5B | $1.3B | $876M | $735M | $1.7B |
| Share buybacks | $406M | $1.2B | $992M | $1.4B | $1.2B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.9% | 4.0% | 2.8% | 5.9% |
| Operating income growth (YoY) | – | 29.1% | 9.9% | 11.4% | −0.9% |
| EPS growth (YoY) | – | 15.6% | 27.4% | 2.7% | 4.7% |
| Operating margin | 10.0% | 12.5% | 13.2% | 14.3% | 13.4% |
| Net margin | 7.0% | 7.6% | 9.1% | 8.9% | 8.3% |
| Return on equityBlank when equity is negative | 16.0% | 18.9% | 22.2% | 22.6% | 20.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.2% | 9.1% | 9.8% | 11.0% | 10.1% |
| Free cash flow margin | 16.6% | 11.0% | 10.0% | 13.7% | 12.6% |
| Cash conversion (CFO ÷ net income) | 3.05x | 2.07x | 1.58x | 1.98x | 1.95x |
| Receivable days | 67 | 74 | 82 | 76 | 76 |
| Interest cover | 3.71x | 4.32x | 2.94x | 3.29x | 2.99x |
| Debt ÷ equity | 2.01x | 2.21x | 2.24x | 2.30x | 2.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $10.8B | $11.5B | $12.3B | $12.3B | $13.7B |
| Current ratio | 0.91x | 0.89x | 0.86x | 0.84x | 0.75x |
Recent filings
More in Services-Commercial Physical & Biological Research
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.