Third quarter 2026
Filed Oct 27, 2026IQVIA Reports Third-Quarter 2026 Results
Third-quarter revenue grew 8.0% year-over-year, Adjusted EBITDA grew 8.7%, Adjusted Diluted EPS grew 11.3%, R&DS net new bookings grew 15%, and the company raised full-year 2026 guidance for revenue, Adjusted EBITDA and Adjusted Diluted Earnings per Share.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | $4.43B | – | 8.0% |
| Revenue, nine months ended September 30, 2026GAAP | $12.95B | – | 8.4% |
| Cost of revenues, exclusive of depreciation and amortization, three months ended September 30, 2026GAAP | $2.93B | – | – |
| Selling, general and administrative expenses, three months ended September 30, 2026GAAP | $569M | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | $321M | – | – |
| Restructuring costs, three months ended September 30, 2026GAAP | $36M | – | – |
| Income from operations, three months ended September 30, 2026GAAP | $572M | – | – |
| Net income, three months ended September 30, 2026GAAP | $352M | – | – |
| Net income attributable to IQVIA Holdings Inc., three months ended September 30, 2026GAAP | $350M | – | – |
| Diluted earnings per share attributable to common stockholders, three months ended September 30, 2026GAAP | $2.10 | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $1.03B | – | 8.7% |
| Adjusted Net Income, three months ended September 30, 2026non-GAAP | $557M | – | – |
| Adjusted Diluted Earnings per Share, three months ended September 30, 2026non-GAAP | $3.34 | – | 11.3% |
| Income from operations, nine months ended September 30, 2026GAAP | $1.59B | – | – |
| Net income attributable to IQVIA Holdings Inc., nine months ended September 30, 2026GAAP | $880M | – | – |
| Diluted earnings per share attributable to common stockholders, nine months ended September 30, 2026GAAP | $5.24 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $2.96B | – | 7.9% |
| Adjusted Net Income, nine months ended September 30, 2026non-GAAP | $1.58B | – | – |
| Adjusted Diluted Earnings per Share, nine months ended September 30, 2026non-GAAP | $9.38 | – | 10.4% |
| Operating Cash Flow, three months ended September 30, 2026GAAP | $825M | – | – |
| Free Cash Flow, three months ended September 30, 2026non-GAAP | $667M | – | – |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $2.00B | – | – |
| Free Cash Flow, nine months ended September 30, 2026non-GAAP | $1.52B | – | – |
| Cash and cash equivalents, as of September 30, 2026GAAP | $2.25B | – | – |
| Debt, as of September 30, 2026other | $16.07B | – | – |
| Net debt, as of September 30, 2026non-GAAP | $13.82B | – | – |
| Net Leverage Ratio, as of September 30, 2026non-GAAP | 3.45x trailing twelve-month Adjusted EBITDA | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Commercial Solutions, three months ended September 30, 2026Management cited favorable demand indicators across clinical and commercial, including commercial pipeline growth and increased penetration of AI-powered solutions. | $1.79B | – | 6.9% on a reported basis; 7.9% at constant currency |
| Research & Development Solutions, three months ended September 30, 2026Third quarter net new bookings were $3.2 billion, up 15% year-over-year, with management citing higher win rates and its strongest clinical quarterly bookings since 2022. | $2.64B | – | 8.7% on a reported basis; 9.1% at constant currency |
| Commercial Solutions, nine months ended September 30, 2026Prior-period segment amounts were recast following the January 1, 2026 implementation of a new organizational model. | $5.34B | – | 9.0% on a reported basis; 8.3% at constant currency |
| Research & Development Solutions, nine months ended September 30, 2026Prior-period segment amounts were recast following the January 1, 2026 implementation of a new organizational model. | $7.61B | – | 8.0% on a reported basis; 7.4% at constant currency |
Full-year 2026 outlook
- Revenuebetween $17,350 million and $17,500 million
- NoteAdjusted EBITDA between $4,025 million and $4,055 million
- NoteAdjusted Diluted Earnings per Share between $12.90 and $13.00
- NoteRevenue guidance anticipates 250 basis points of contribution from acquisitions, including acquisitions the company expects to complete by the end of the year
- NoteRevenue guidance anticipates approximately 20 basis points of tailwind from foreign exchange
- NoteAll financial guidance assumes foreign currency exchange rates as of October 26, 2026 remain in effect for the forecast period
Capital returns
- Repurchase of common stock was $950 million for the nine months ended September 30, 2026.
- Treasury stock, at cost, was 95.0 shares as of September 30, 2026, compared with 89.5 shares as of December 31, 2025.
What drove it
- Total third-quarter revenue increased 8.0% on a reported basis and 8.6% at constant currency.
- Commercial Solutions revenue increased 6.9% on a reported basis and 7.9% at constant currency.
- R&DS revenue grew 8.7% on a reported basis and 9.1% at constant currency. Excluding reimbursed expenses, R&DS revenue grew 6.8% on a reported basis.
- Last-twelve-month net new bookings were $11.7 billion, up 14% year-over-year.
- R&DS contracted backlog was $32.6 billion as of September 30, 2026. The company expects approximately $9.4 billion to convert to revenue in the next twelve months, representing growth of 10% year-over-year.
- The company reported over 400 AI agents deployed to date.
Concerns
- The company adjusted backlog by approximately $2.1 billion following a review of inactive trials. It stated that the adjustment has no impact on historical financial results, 2026 guidance, book-to-bill, or next-twelve-month revenue from backlog estimates.
- Third-quarter Operating Cash Flow was $825 million compared with $908 million in the prior-year period, and third-quarter Free Cash Flow was $667 million compared with $772 million.
- Debt was $16,067 million and Net Debt was $13,818 million as of September 30, 2026.
- Restructuring costs were $36 million in the third quarter of 2026, compared with $20 million in the third quarter of 2025.
What to watch
- Conversion of approximately $9.4 billion of R&DS contracted backlog to revenue in the next twelve months.
- Whether expected acquisitions completed by year-end deliver the 250 basis points of revenue contribution embedded in full-year guidance.
- The pace of R&DS bookings and book-to-bill, which was 1.2x in the third quarter.
- Cash flow following third-quarter Operating Cash Flow of $825 million and Free Cash Flow of $667 million.
- Investor Day on Tuesday, December 1, 2026.
Balance sheet and cash flow
- Cash and cash equivalents were $2,249 million as of September 30, 2026, compared with $1,980 million as of December 31, 2025.
- Gross Debt, net of Unamortized Discount and Debt Issuance Costs, was $16,067 million as of September 30, 2026.
- Net Debt was $13,818 million as of September 30, 2026.
- Adjusted EBITDA for the twelve months ended September 30, 2026 was $4,004 million.
- Gross Leverage Ratio was 4.01x and Net Leverage Ratio was 3.45x.
- Net cash used in investing activities was $1,136 million for the nine months ended September 30, 2026, including acquisition of businesses, net of cash acquired, of $589 million and acquisition of property, equipment and software of $483 million.
- Net cash used in financing activities was $569 million for the nine months ended September 30, 2026.
Analysis
IQVIA reported third-quarter revenue of $4,428 million, up 8.0% on a reported basis and 8.6% at constant currency. Commercial Solutions revenue was $1,789 million, up 6.9% reported, while R&DS revenue was $2,639 million, up 8.7% reported. For the first nine months, revenue was $12,947 million, up 8.4% reported. The company attributed the environment to favorable indicators including EBP funding, RFP flow, clinical trial starts, FDA approvals, outsourcing trends, and pipeline growth.
Profit measures advanced faster than reported revenue where explicit growth rates were disclosed. Third-quarter Adjusted EBITDA was $1,032 million, up 8.7% year-over-year, and Adjusted Diluted Earnings per Share was $3.34, up 11.3%. GAAP net income attributable to IQVIA Holdings Inc. was $350 million and GAAP diluted earnings per share was $2.10. Management described margin expansion, while the income statement also showed higher depreciation and amortization, restructuring costs, and selling, general and administrative expenses.
R&DS demand indicators strengthened. Net new bookings were $3.2 billion, up 15% year-over-year, producing a 1.2x book-to-bill ratio. Last-twelve-month net new bookings were $11.7 billion, up 14% year-over-year. R&DS contracted backlog was $32.6 billion, with approximately $9.4 billion expected to convert to revenue in the next twelve months. The company also disclosed an approximately $2.1 billion backlog adjustment from its inactive-trial review, while stating that it does not affect historical financial results, 2026 guidance, book-to-bill, or next-twelve-month revenue from backlog estimates.
Cash generation remained substantial but was lower in the quarter than the prior-year period. Operating Cash Flow was $825 million and Free Cash Flow was $667 million, representing 120% of Adjusted Net Income. For the first nine months, the company repurchased $950 million of common stock and spent $589 million on acquisitions, net of cash acquired. Cash and cash equivalents were $2,249 million, debt was $16,067 million, and net debt was $13,818 million, with a 3.45x Net Leverage Ratio.
The company raised full-year 2026 guidance to revenue between $17,350 million and $17,500 million, Adjusted EBITDA between $4,025 million and $4,055 million, and Adjusted Diluted Earnings per Share between $12.90 and $13.00. The revenue outlook includes 250 basis points of anticipated acquisition contribution and approximately 20 basis points of foreign-exchange tailwind. The principal reported execution markers for the remainder of the year are bookings, backlog conversion, acquisition completion, cash generation, and the assumptions embedded in the raised outlook.
Management, verbatim
IQVIA delivered another record quarter, with revenue, Adjusted EBITDA and Adjusted Diluted EPS all exceeding the high end of our expectations.
Ari Bousbib, chairman and CEO of IQVIA
Multiple demand indicators continue to validate the strengthening market environment. EBP funding, RFP flow, clinical trial starts, FDA approvals, outsourcing trends, and pipeline growth across clinical and commercial are all favorable.
Ari Bousbib, chairman and CEO of IQVIA
At the same time, the team's ongoing excellent execution delivered margin expansion, strong free cash flow, higher win rates that resulted in our strongest clinical quarterly bookings since 2022, increased penetration of AI-powered solutions with over 400 AI agents deployed to date, and organic growth acceleration year-over-year to double the rate for commercial and nearly triple the rate for clinical.
Ari Bousbib, chairman and CEO of IQVIA
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparisons of actual results with prior guidance are unavailable.
- Gross margin was not reported.
- Operating-margin figures were not reported.
- Full-year 2026 guidance for gross margin, operating expenses, and tax rate was not reported.
- Quarterly dividend information was not reported.
- Third-quarter and nine-month segment operating income or segment margin were not reported.
- Prior-quarter comparative values for reported metrics were not reported.
- A full reconciliation of full-year 2026 non-GAAP guidance to the most directly comparable GAAP measures was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.