10-Q · July 28, 2026
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…
Earnings analysis · 10-Q
IQV earnings analysis
Filed October 27, 2026 · Our reading of the company's report
The latest report
IQVIA delivered Q3 revenue of $4.428 billion and adjusted diluted EPS of $3.34, beating consensus by 1.4% and 4.1%, respectively. Revenue grew 8.0% year over year, led by 8.7% growth in R&D Solutions and a 15% increase…
Read full summary
IQVIA delivered Q3 revenue of $4.428 billion and adjusted diluted EPS of $3.34, beating consensus by 1.4% and 4.1%, respectively. Revenue grew 8.0% year over year, led by 8.7% growth in R&D Solutions and a 15% increase in net new bookings to $3.2 billion. Management raised full-year 2026 revenue guidance to $17.35 billion-$17.50 billion and adjusted EPS guidance to $12.90-$13.00, although the $2.1 billion backlog adjustment and $16.067 billion of debt remain material risks.
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.
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
- $3.34
- Segment
- R&D Solutions revenue grew 8.7% year over year; net new bookings increased 15% to $3.2 billion.
What stood out
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Revenue beat and grew 8% year over year
Q3 revenue was $4.428 billion, up approximately 1.3% from $4.37 billion in Q2 2026 and 8.0% from $4.1 billion in Q3 2025. Revenue exceeded consensus of $4.366 billion.
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Adjusted EPS materially exceeded estimates
Adjusted diluted EPS was $3.34 versus consensus of $3.21, a 4.1% beat. EPS increased from $1.53 in Q2 2026 and $1.93 in Q3 2025.
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R&D Solutions and bookings accelerated
R&D Solutions revenue increased 8.7% year over year, while net new bookings rose 15% to $3.2 billion, indicating improved commercial momentum in the segment.
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Full-year guidance raised
Full-year 2026 revenue guidance was raised to $17.35 billion-$17.50 billion and adjusted diluted EPS guidance to $12.90-$13.00.
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Significant shareholder returns continued
The company repurchased $950 million of stock during the first nine months of 2026, including 5.5 million shares, and had $2.819 billion of remaining authorization at September 30, 2026.
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No reported control deficiencies
Management concluded that disclosure controls were effective as of September 30, 2026, and reported no changes in internal control that materially affected or were reasonably likely to materially affect reporting.
What to watch
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Elevated leverage
Total debt was reported at $16.067 billion, leaving the company exposed to refinancing, interest expense, and balance-sheet flexibility risks despite the earnings beat.
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Backlog estimate reduced
Management reduced its backlog estimate by $2.1 billion, creating risk that backlog conversion and future revenue visibility may be weaker than previously indicated.
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New high-coupon debt issued
The company issued 6.375% senior notes due 2034 in September 2026, adding long-dated fixed-rate debt obligations to an already leveraged balance sheet.
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Capital allocation may slow deleveraging
The company repurchased $950 million of stock in the first nine months of 2026 while retaining $2.819 billion of authorized capacity, which could constrain cash available for deleveraging or investment if buybacks continue.
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No material risk-factor update
The 10-Q states there were no material changes to the risk factors in the 2025 Form 10-K, so the existing risk framework remains applicable rather than being reduced or eliminated.
Management's outlook
Management raised full-year 2026 guidance. Revenue guidance includes 250 basis points of acquisition contribution and approximately 20 basis points of foreign-exchange tailwind; prior guidance ranges were not disclosed.
Earlier filings 4
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…
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.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.