Iqvia Holdings, Inc. · NYSE:IQV
Iqvia — Q4 2025 Earnings Presentation
17 slides from Iqvia's earnings presentation, Feb 5, 2026
Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call February 5, 2026 © 2026. All rights reserved. IQVIA® is a registered trademark of IQVIA Inc. in the United States, the European Union, and various other countries.
Slide 2: Legal: Safe Harbor Statement
Legal This presentation should be viewed in conjunction with IQVIA’s Q4 2025 earnings call Safe Harbor Statement for Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 19
Slide 3: Legal: Non-GAAP Information
Legal Non-GAAP Information This presentation includes information based on financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"), such as Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted Earnings per Share, Gross Leverage Ratio,
Slide 4: 4th Quarter Results
4th Quarter Results $M, except per share data Revenue Adjusted EBITDA(1) Adjusted Diluted EPS(1) 10.3% AFx 8.1% CFx 5.0% AFx 9.6% AFx $4,364 $3,958 $1,046 $3.42 $996 $3.12 Dollars are at actual foreign exchange rates. AFx is actual currency. CFx is constant currency. (1) See reconciliation of non-GA
Slide 5: 2025 Full-Year Revenue Recast
2025 Full-Year Revenue Recast $M 2025 Full-Year Recasts Full-Year 2026 Segment 2025 2025 Segment Names Actual YoY % CSMS RWLP / Other Recast YoY% Names Clinical Offerings Technology & $6,626 7.6% $788 ($674) $6,740 8.1% Commercial Analytics Solutions Solutions Research & Research & Development $8,89
Slide 6: 4th Quarter and Full-Year Revenue
4th Quarter and Full-Year Revenue $M Q4 Full Year 2025 2024 VPY% VPY% 2025 2024 VPY% VPY% AFx CFx AFx CFx Technology & Analytics $1,821 $1,658 9.8% 7.1% $6,626 $6,160 7.6% 6.2% Solutions Research & $2,333 $2,123 9.9% 8.2% $8,896 $8,527 4.3% 3.5% Development Solutions Contract Sales & $210 $177 18.6%
Slide 7: 4th Quarter and Full-Year Profit
4th Quarter and Full-Year Profit $M, except per share data Q4 Full Year 2025 2024 2025 2024 Adjusted EBITDA (1) $1,046 $996 $3,788 $3,684 Net Income $514 $437 $1,360 $1,373 Diluted Earnings per Share $2.99 $2.42 $7.84 $7.49 Adjusted Net Income (1) $588 $564 $2,068 $2,042 Adjusted Diluted Earnings pe
Slide 8: R&D Solutions Backlog and Net New Bookings
R&D Solutions Backlog and Net New Bookings $B Backlog Net New Bookings +5.3% $32.7 $31.1 +7.3% $2.6 $2.7 Dollars are at actual foreign exchange rates. 8
Slide 9: 4th Quarter Balance Sheet and Cash Flow Items and Metrics
4th Quarter Balance Sheet and Cash Flow Items and Metrics $M Cash & Cash Equivalents $1,980 Gross Debt $15,724 Net Debt $13,744 Gross Leverage Ratio (1) 4.15x Net Leverage Ratio (1) 3.63x Net Cash Provided by Operating Activities $735 Capital Expenditures $174 Free Cash Flow (2) $561 Dollars are at
Slide 10: Full-Year 2026 Guidance
Full-Year 2026 Guidance $M, except per share data Revenue $17,150 – $17,350 Adj. EBITDA $3,975 – $4,025 Adj. Diluted EPS $12.55 – $12.85 All financial guidance assumes February 4, 2026 foreign exchange rates remain in effect for the guidance period. 10
Slide 11: 2026 Full-Year Revenue Guidance by Segment
2026 Full-Year Revenue Guidance by Segment $M, except for Full Year 2026 Guidance by Segment in $B 2025 Full-Year Recasts Full-Year 2026 Full Year Segment 2025 2025 Segment RWLP / Other Names Actual CSMS Clinical Recast Names 2026 Guidance Offerings TAS $6,626 $788 ($674) $6,740 Commercial Solutions
Slide 12: Q1 2026 Guidance
Q1 2026 Guidance $M, except per share data Revenue $4,050 – $4,150 Adj. EBITDA $920 – $940 Adj. Diluted EPS $2.77 – $2.87 All financial guidance assumes February 4, 2026 foreign exchange rates remain in effect for the guidance period. 12
Slide 13: <x 0&3 C
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Slide 14: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation Three Months Ended December 31, Twelve Months Ended December 31, (in millions) 2025 2024 2025 2024 Net Income Attributable to IQVIA Holdings Inc. $ 514 $ 437 $ 1,360 $ 1,373 Provision for income taxes 59 112 252 301 Depreciation and amortization 317 303 1
Slide 15: Net Income to Adj. Net Income and Per Share Data Reconciliation
Net Income to Adj. Net Income and Per Share Data Reconciliation Three Months Ended December 31, Twelve Months Ended December 31, (in millions, except per share data) 2025 2024 2025 2024 Net Income Attributable to IQVIA Holdings Inc. $ 514 $ 437 $ 1,360 $ 1,373 Provision for income taxes 59 112 252 3
Slide 16: Operating Cash Flow to Free Cash Flow Reconciliation
Operating Cash Flow to Free Cash Flow Reconciliation Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2025 2024 2025 2024 Net Cash provided by Operating Activities $ 735 $ 885 $ 2,654 $ 2,716 Acquisition of property, equipment and software (174) (164) (603) (602) Free C
Slide 17: Leverage Ratios
Leverage Ratios (in millions) Gross Debt, net of Unamortized Discount and Debt Issuance Costs, as of December 31, 2025 $ 15,724 Net Debt as of December 31, 2025 $ 13,744 Adjusted EBITDA for the twelve months ended December 31, 2025 $ 3,788 Gross Leverage Ratio (Gross Debt/LTM Adjusted EBITDA) 4.15x