IQV IQVIA HOLDINGS INC.

Overview and Growth

IQVIA HOLDINGS INC. generated $16.31B of revenue in fiscal 2025, with net income of $1.36B and an operating cash inflow of $2.65B. The $16.31B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $15.40B in fiscal 2024, revenue recorded a 5.9% year-over-year increase. Diluted earnings per share were $7.84, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS increased by 4.7% from $7.49 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Revenue equaled 0.54x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $5.43B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 33.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $2.18B, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 13.4%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $1.36B, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 8.3% margin after operating costs and the remaining recognized items. Income tax expense totaled $252.00M, providing the reported tax component that separates pretax and after-tax earnings. Return on period-end equity was 20.5%, relating annual net income to the equity capital on the balance sheet. Net income represented 4.5% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

At period end, the $29.94B asset base was financed through $23.31B of liabilities and $6.63B of equity. Current assets were $6.25B against $8.34B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered only 0.75x of current liabilities, so current liabilities exceeded current assets at period end. The company held $1.98B in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 23.7% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $15.72B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 2.37x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 52.5%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 77.9%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 6.6% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 11.3% higher than fiscal 2024 assets of $26.90B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Cash flow from operations was $2.65B, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.95x, showing the relationship between accrual earnings and operating cash. Capital spending was $603.00M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 22.7% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $2.05B, leaving a positive amount after capital expenditures. The free-cash-flow margin was 12.6%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 6.8%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.