IQVIA HOLDINGS INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IQVIA HOLDINGS INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,878	9,739	10,412	11,088	11,359	13,874	14,410	14,984	15,405	16,310
Cost of revenue	3,236	4,622	6,746	7,300	7,500	9,233	9,382	9,745	10,030	10,880
Gross profit	3,642	5,117	3,666	3,788	3,859	4,641	5,028	5,239	5,375	5,430
Selling, general and administrative	1,016	1,622	1,716	1,734	1,789	1,964	2,071	2,053	1,992	1,999
Operating income	576	665	741	777	731	1,393	1,799	1,977	2,202	2,182
Interest expense	144	346	414	447	416	375	416	672	670	729
Interest income	4	7	8	9	6	6	13	36	47	45
Other non-operating income	11	-13	-5	37	65	130	-33	124	90	99
Pre-tax income	416	294	328	352	373	1,128	1,363	1,459	1,669	1,591
Income tax	325	-992	59	116	72	163	260	101	301	252
Net income to minority interests	15	19	25	36	29	5	0	0	0	1
Net income	72	1,277	259	191	279	966	1,091	1,358	1,373	1,360
EBITDA	865	1,676	1,882	1,979	2,018	2,657	2,929	3,102	3,316	3,326
EPS, basic	0.48	5.86	1.27	0.98	1.46	5.05	5.82	7.39	7.57	7.91
EPS, diluted	0.47	5.74	1.24	0.96	1.43	4.95	5.72	7.29	7.49	7.84
Shares, basic (weighted)	149	218	204	195	191	191	188	184	181	172
Shares, diluted (weighted)	152	223	208	200	195	195	191	186	183	174

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,198	959	891	837	1,814	1,366	1,216	1,376	1,702	1,980
Short-term investments	40	46	47	62	88	111	93	120	141	161
Receivables	1,707	2,097	2,394	2,582	2,410	2,551	2,917	3,381	3,204	3,400
Other current assets	235	259	322	138	159	156	151	141	154	162
Total current assets	3,337	3,554	3,874	4,126	5,090	4,763	4,981	5,596	5,829	6,249
Property, plant and equipment	406	440	434	458	482	497	532	523	535	533
Lease right-of-use assets				496	471	406	331	296	238	290
Goodwill	10,727	11,850	11,800	12,159	12,654	13,301	13,921	14,567	14,710	16,616
Intangible assets	6,390	6,591	5,951	5,514	5,205	4,943	4,820	4,839	4,499	4,962
Long-term investments	13	8	41
Total assets	21,208	22,857	22,549	23,251	24,564	24,689	25,337	26,681	26,899	29,944
Accounts payable	250	322	437
Accrued liabilities	1,493	1,664	1,858	1,937	2,232	2,360	2,671	2,855	2,948	2,971
Deferred revenue	774	985	1,007	1,014	1,252	1,825	1,797	1,799	1,779	2,118
Short-term debt	92	103	100	100	149	91	152	718	1,145	1,840
Total current liabilities	2,705	3,156	3,534	3,945	4,558	5,241	5,578	6,491	6,957	8,338
Long-term debt	7,108	10,122	10,907	11,545	12,384	12,034	12,595	12,955	12,838	13,884
Lease liabilities				396	371	313	264	223	173	225
Other non-current liabilities	402	440	418	456	633	649	671	698	668	688
Total liabilities	12,348	14,613	15,595	16,988	18,284	18,647	19,572	20,569	20,832	23,314
Total debt	7,219	10,269	11,007	11,645	12,533	12,125	12,747	13,673	13,983	15,724
Paid-in capital	10,602	10,782	10,901	11,049	11,095	10,777	10,898	11,028	11,143	11,378
Retained earnings	-399	538	807	998	1,277	2,243	3,334	4,692	6,065	7,425
Treasury stock	-1,000	-3,374	-4,770	-5,733	-6,166	-6,572	-7,740	-8,741	-10,103	-11,357
Other comprehensive income	-570	49	-224	-311	-205	-406	-727	-867	-1,038	-943
Shareholders' equity	8,633	7,995	6,714	6,003	6,001	6,042	5,765	6,112	6,067	6,503
Minority interests	227	249	240	260	279	0			0	127
Total equity	8,781	8,244	6,954	6,263	6,280	6,042	5,765	6,112	6,067	6,630
Total liabilities and equity	21,208	22,857	22,549	23,251	24,564	24,689	25,337	26,681	26,899	29,944
Shares outstanding	248		198	192	191	191	186	182	176	170

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	87	1,296	284	227	308	971	1,091	1,358	1,373	1,361
Depreciation and amortization	289	1,011	1,141	1,202	1,287	1,264	1,130	1,125	1,114	1,144
Stock-based compensation	106	106	113	146	95	170	194	217	206	247
Deferred income tax	115	-1,221	-177	-157	-176	-138	-115	-269	-129	-180
Change in receivables	-177	-141	-297	-122	255	-138	-421	-388	182	60
Change in payables	160	90	368	240	253	244	427	267	115	-96
Cash from operations	860	970	1,254	1,417	1,959	2,942	2,260	2,149	2,716	2,654
Capital expenditures	-164	-369	-459	-582	-616	-640	-674	-649	-602	-603
Acquisitions	1,887	-854	-309	-588	-177	-1,458	-1,315	-876	-735	-1,714
Purchases of investments	-40
Cash from investing	1,731	-1,190	-810	-1,190	-796	-2,103	-2,006	-1,603	-1,444	-2,305
Debt issued	466	5,242	1,631	1,900	1,591	1,951	1,250	4,000	0	6,465
Debt repaid	-1,949	-2,883	-732	-899	-864	-2,091	-634	-2,873	-172	-5,193
Stock issued		91	15	11
Share buybacks	-1,097	-2,620	-1,405	-949	-447	-406	-1,168	-992	-1,350	-1,244
Cash from financing	-2,284	-72	-452	-276	-217	-1,235	-329	-382	-878	-150
Exchange rate effect	-86	53	-60	-5	31	-52	-75	-4	-68	79
Net change in cash	221	-239	-68	-54	977	-448	-150	160	326	278
Free cash flow	696	601	795	835	1,343	2,302	1,586	1,500	2,114	2,051
Interest paid	124	320	398	421	399	343	379	556	589	647
Income taxes paid	106	195	211	215	209	222	255	340	295

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $270.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.0%	Gross profit / revenue.
Operating margin	13.2%	Operating income / revenue.
EBITDA margin	20.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.6%	Pre-tax income / revenue.
Net margin	8.3%	Net income / revenue.
FCF margin	12.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.3%	Cash from operations / revenue.
Effective tax rate	15.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.7%	Net income / average total assets.
Return on invested capital (ROIC)	9.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	12.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.5%	Capital expenditures / revenue.
D&A / revenue	7.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-0.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	24.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	0.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-0.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	37.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	11.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	40.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-2.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.75x	Current assets / current liabilities.
Quick ratio	0.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.25x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.55x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	53.4%	Total debt / total assets.
Liabilities / assets	78.6%	Total liabilities / total assets.
Net debt	$13.73B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.08x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.91x	Operating income / interest expense.
Working capital	-$2.11B	Current assets - current liabilities.
Goodwill and intangibles / assets	71.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$15.13B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	32.2x	Revenue / average property, plant and equipment.
Receivables turnover	4.97x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
FCF conversion	152.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	21.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.16	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$97.95	Revenue / diluted weighted shares.
FCF per share	$12.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$15.92	Cash from operations / diluted weighted shares.
Book value per share	$37.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$90.63	Tangible book value / shares outstanding.
Cash per share	$12.60	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	67.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$44.50B	Share price x shares outstanding.
Enterprise value	$58.23B	Market cap + total debt - cash - short-term investments.
P/E	32.1x	Market cap / net income. Only when net income is positive.
P/S	2.68x	Market cap / revenue.
P/B	7.15x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	21.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.5x	Market cap / cash from operations, when positive.
EV/Sales	3.50x	Enterprise value / revenue.
EV/EBIT	26.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.8%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.
PEG	2.90x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was IQVIA HOLDINGS INC.'s revenue in fiscal 2025?

IQVIA HOLDINGS INC. reported revenue of $16.31B for fiscal 2025, 5.9% higher than the year before.

Was IQVIA HOLDINGS INC. profitable in fiscal 2025?

Yes. Net income was $1.36B, a net margin of 8.3%.

How much free cash flow did IQVIA HOLDINGS INC. generate in fiscal 2025?

Cash from operations of $2.65B minus capital expenditures of $603.0M left free cash flow of $2.05B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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