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Icon vs Iqvia: revenue, profit, margins and growth compared

Icon brought in $8.3B of revenue in fiscal 2025, Iqvia $16.3B in fiscal 2025. Revenue changed by +0.8% at Icon and +5.9% at Iqvia on the year before, so Iqvia grew faster. Icon kept 2.8% of its revenue as net profit, Iqvia 8.3%. Free cash flow was $862M at Icon and $2.1B at Iqvia.

Open the ICLR pageOpen the IQV page

Side by side, latest fiscal year

ICLRIQV
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8.3B$16.3B
Revenue growth+0.8%+5.9%
Net income$229.3M$1.4B
Net margin2.8%8.3%
Free cash flow$862M$2.1B
Free cash flow margin10.4%12.6%
Earnings per share (diluted)$2.90$7.84
Cash$647.3M$2B
Debt$2.9B$15.7B
Price to earningsn/a34.5
Market value$13.2B$44.5B
Dividend yieldn/an/a
Rank by revenue in sector#50 of 523 · Health care#32 of 523 · Health care

Over the years

Revenue
ICLR FY2018: $2.6BICLR FY2019: $2.8BICLR FY2020: $2.8BICLR FY2021: $5.5BICLR FY2022: $7.7BICLR FY2023: $8.1BICLR FY2024: $8.2BICLR FY2025: $8.3BIQV FY2018: $10.4BIQV FY2019: $11.1BIQV FY2020: $11.4BIQV FY2021: $13.9BIQV FY2022: $14.4BIQV FY2023: $15BIQV FY2024: $15.4BIQV FY2025: $16.3BFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $8.3BIQV $16.3B
Net income
ICLR FY2018: $322.7MICLR FY2019: $374MICLR FY2020: $332.3MICLR FY2021: $153.2MICLR FY2022: $505.3MICLR FY2023: $554.2MICLR FY2024: $739.1MICLR FY2025: $229.3MIQV FY2018: $259MIQV FY2019: $191MIQV FY2020: $279MIQV FY2021: $966MIQV FY2022: $1.1BIQV FY2023: $1.4BIQV FY2024: $1.4BIQV FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $229.3MIQV $1.4B
Net margin
ICLR FY2018: 12.4%ICLR FY2019: 13.3%ICLR FY2020: 11.9%ICLR FY2021: 2.8%ICLR FY2022: 6.5%ICLR FY2023: 6.9%ICLR FY2024: 9.0%ICLR FY2025: 2.8%IQV FY2018: 2.5%IQV FY2019: 1.7%IQV FY2020: 2.5%IQV FY2021: 7.0%IQV FY2022: 7.6%IQV FY2023: 9.1%IQV FY2024: 8.9%IQV FY2025: 8.3%FY18FY19FY20FY21FY22FY23FY24FY25
ICLR 2.8%IQV 8.3%
Revenue growth
ICLR FY2019: +8.1%ICLR FY2020: -0.3%ICLR FY2021: +95.9%ICLR FY2022: +41.2%ICLR FY2023: +4.1%ICLR FY2024: +1.7%ICLR FY2025: +0.8%IQV FY2019: +6.5%IQV FY2020: +2.4%IQV FY2021: +22.1%IQV FY2022: +3.9%IQV FY2023: +4.0%IQV FY2024: +2.8%IQV FY2025: +5.9%FY19FY20FY21FY22FY23FY24FY25
ICLR +0.8%IQV +5.9%
Free cash flow
ICLR FY2018: $220.2MICLR FY2019: $373.6MICLR FY2020: $527.2MICLR FY2021: $735.4MICLR FY2022: $421.2MICLR FY2023: $1BICLR FY2024: $1.1BICLR FY2025: $862MIQV FY2018: $795MIQV FY2019: $835MIQV FY2020: $1.3BIQV FY2021: $2.3BIQV FY2022: $1.6BIQV FY2023: $1.5BIQV FY2024: $2.1BIQV FY2025: $2.1BFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $862MIQV $2.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Icon and Iqvia

Which is bigger by revenue, Icon or Iqvia?

Iqvia is bigger by revenue: $16.3B in fiscal 2025, against $8.3B for Icon in fiscal 2025.

Which keeps more of its revenue as profit, Icon or Iqvia?

Icon had a net margin of 2.8% in fiscal 2025; Iqvia had 8.3% in fiscal 2025.

Which grew revenue faster, Icon or Iqvia?

In their latest fiscal years revenue changed by +0.8% at Icon and +5.9% at Iqvia.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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