IQVIA reported strong fourth-quarter and full-year 2025 results, demonstrating near double-digit revenue and EPS growth driven by expanded go-to-market strategies and AI investments. The company achieved robust performance across segments, particularly in R&D Solutions bookings and revenue, positioning it well for continued growth in 2026.
Fourth-quarter revenue of $4,364 million increased 10.3% on a reported basis and 8.1% at constant currency.
positiveFull-year 2025 revenue grew 5.9% on a reported basis and 4.8% at constant currency to $16,310 million.
positiveR&D Solutions revenue grew 9.9% year-over-year in Q4 to $2,333 million, and 4.3% for the full year to $8,896 million.
positiveTechnology & Analytics Solutions (TAS) revenue grew 9.8% year-over-year in Q4 to $1,821 million, and 7.6% for the full year to $6,626 million.
positiveR&D Solutions contracted backlog grew 5.3% year-over-year to $32.7 billion.
positiveFourth-quarter GAAP Diluted Earnings per Share was $2.99, up 23.6% year-over-year.
positiveFull-year 2025 GAAP Diluted Earnings per Share was $7.84, up 4.7% year-over-year.
positiveFull-year 2025 Operating Cash Flow was $2,654 million, and Free Cash Flow was $2,051 million, representing 99% of Adjusted Net Income.
positiveFull-year share repurchases totaled $1,244 million.
positiveFull-year 2025 GAAP Net Income was $1,360 million, down 0.9% year-over-year.
negativeFull-year 2025 Adjusted Net Income increased only 1.3% year-over-year to $2,068 million.
attentionFull-year 2025 Adjusted EBITDA increased 2.8% year-over-year to $3,788 million, a deceleration from prior periods.
attentionNet debt was $13,744 million as of December 31, 2025, with a Net Leverage Ratio of 3.63x trailing twelve-month Adjusted EBITDA.
attentionRestructuring costs of $24 million in Q4 2025 and $105 million for the full year 2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Commercial Solutions | N/A | — | — | — |
Research & Development Solutions | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
IQVIA closed 2025 with strong performance across all segments.
We delivered near double digit revenue and EPS growth, and the strongest quarter of the year in R&DS net bookings.
In a challenging environment, IQVIA’s expanded go-to-market strategy, operational discipline, and investments in AI innovations led to clear differentiation and strong topline growth for both the commercial business and the clinical business in the quarter and for the year.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.