IQVIA Q3 Revenue Rises 8%, 2026 Guidance Updated

IQVIA Holdings Inc. (NYSE: IQV) reported higher third-quarter revenue and profit across both of its business segments and issued updated full-year 2026 guidance. Revenue rose 8.0% at actual exchange rates and 8.6% in constant currency, while adjusted diluted earnings per share increased 11.3%.

Revenue for the quarter ended September 30 reached $4.43 billion, up from $4.10 billion a year earlier. Adjusted EBITDA increased 8.7% to $1.03 billion from $949 million.

GAAP net income attributable to IQVIA rose to $350 million from $331 million, and diluted earnings per share increased to $2.10 from $1.93. On a non-GAAP basis, adjusted net income was $557 million, compared with $515 million, while adjusted diluted EPS climbed to $3.34 from $3.00.

Growth across both segments

Research & Development Solutions, IQVIA’s larger segment, generated third-quarter revenue of $2.64 billion, an increase of 8.7% at actual exchange rates and 9.1% in constant currency. Commercial Solutions revenue rose 6.9% at actual rates and 7.9% in constant currency to $1.79 billion.

For the first nine months of 2026, total revenue increased 8.4% at actual rates and 7.7% in constant currency to $12.95 billion. Research & Development Solutions revenue grew 8.0% to $7.61 billion, while Commercial Solutions revenue advanced 9.0% to $5.34 billion. Prior-year segment figures were recast to reflect IQVIA’s new reporting structure.

Nine-month adjusted EBITDA rose to $2.96 billion from $2.74 billion. GAAP net income increased to $880 million from $846 million, while adjusted net income reached $1.58 billion. Adjusted diluted EPS was $9.38, up from $8.50.

Research & Development Solutions also reported higher booking measures. Last-12-month net bookings stood at $11.7 billion in the third quarter, compared with $10.3 billion a year earlier, while net new bookings increased to $9.4 billion from $8.5 billion. Management’s forecast of revenue expected to be generated from backlog over the next 12 months rose to $3.2 billion from $2.8 billion.

Cash flow, leverage and guidance

IQVIA generated $825 million of operating cash flow during the quarter, down from $908 million a year earlier. Capital expenditures increased to $158 million from $136 million, resulting in free cash flow of $667 million, compared with $772 million in the prior-year quarter. Nine-month free cash flow was $1.52 billion, up from $1.49 billion.

At September 30, the company held $2.25 billion in cash and cash equivalents. Gross debt was $16.07 billion and net debt totaled $13.82 billion. Based on last-12-month adjusted EBITDA of $4.00 billion, IQVIA reported a gross leverage ratio of 4.01 times and a net leverage ratio of 3.45 times.

For full-year 2026, IQVIA expects revenue of $17.35 billion to $17.50 billion, adjusted EBITDA of $4.03 billion to $4.06 billion, and adjusted diluted EPS of $12.90 to $13.00. The updated guidance assumes foreign-exchange rates as of October 26 remain in effect for the guidance period. The presentation did not provide a comparison with the company’s previous forecast.

IQVIA noted that its outlook remains subject to risks including contract cancellations or delays, the pace at which backlog converts into revenue, restrictions on access to data, privacy and cybersecurity requirements, foreign-exchange fluctuations, regulatory changes, global disruptions and the company’s ability to meet productivity and business-transformation objectives. The company also cautioned that it may not realize the expected benefits of its reorganized segment structure.