[IQV] IQVIA: Q3 2026 Earnings Hinge on Backlog Conversion

IQVIA (IQV) is one of the world's largest clinical research outsourcing providers, and it also sells pharmaceutical market data, analytics and consulting, and post-launch commercial execution services to drug companies [1]. Ahead of IQVIA Q3 2026 earnings, the company has scheduled its earnings call for 2026-10-27 to report results for the third quarter of 2026, ending September 30, 2026 [2]. In the latest disclosed period, the second quarter, revenue rose 8.7% to $4.368 billion, adjusted EBITDA rose 9.2% to $994 million and adjusted diluted EPS rose 12.1% to $3.15, while Research & Development Solutions (R&DS) booked $3.15 billion of net new business for a 1.22x book-to-bill ratio [3]. On July 28, management guided third-quarter revenue to $4.315 billion to $4.39 billion (5.2% to 7.1% growth), adjusted EBITDA to $1 billion to $1.02 billion and adjusted diluted EPS to $3.19 to $3.29, assuming July 27 exchange rates hold for the rest of the year [4]. A MarketBeat page viewed on October 19 showed analyst expectations of $3.25 in EPS on $4.37 billion of revenue, in the upper half of the company's range, although the page does not state the survey date or the number of analysts [5].

Three things matter most in the third-quarter report. The first is whether R&DS turns record bookings into service-fee revenue: second-quarter reported growth was 8.8%, but growth excluding reimbursed expenses was only 6.7%, while next-12-month revenue from backlog stood at $9.23 billion, up 7.5% [6], so third-quarter growth on that basis and the backlog conversion figure will separate real service-fee conversion from zero-margin pass-through costs. The second is whether Commercial Solutions can hold roughly 5% organic growth and its 23.4% segment margin: second-quarter growth came mainly from patient solutions and commercial engagement, while information subscriptions grew only in the low single digits [7] [8], and if launch-driven demand fades, the highest-margin segment will slow. The third is margin and cash: guidance implies a third-quarter adjusted EBITDA margin of about 23.2%, roughly 40 basis points above the second quarter's approximately 22.8% [4], and second-quarter free cash flow of $360 million [3] has to fund both buybacks and interest, so delivery will show whether the productivity gains are durable.

Company Background and Business Structure

IQVIA was formed in 2016 when clinical outsourcing company Quintiles merged with pharmaceutical data company IMS Health, took the IQVIA name in 2017 and is headquartered in Research Triangle Park, North Carolina. It has about 93,000 employees in more than 100 countries, and its 10-K says it holds more than 1.2 billion non-identified longitudinal patient records and about 68 petabytes of proprietary data sourced from about 150,000 suppliers, covering about 90% of global pharmaceutical sales [1]. Its clients include nearly all of the world's top 100 pharmaceutical and biotechnology companies, yet no single client accounted for 10% or more of revenue, and the largest client contributed about 5% in 2025 [9].

Starting January 1, 2026, the company cut its reportable segments from three to two, and Research & Development Solutions is the larger of them [10]. R&DS generated $2.575 billion of second-quarter revenue, about 59% of the total, by designing and running clinical trials for drug companies, including project management, clinical monitoring, site and patient recruitment, central laboratories and bioanalytics, and this year it also absorbed the real-world late-phase research previously housed in the analytics business [7] [11]. Clients can buy full-service outsourcing (FSO), in which IQVIA is responsible for delivering the entire trial, or functional service provision (FSP), in which it supplies staff by role or function, and FSP makes up a low-to-mid double-digit percentage of bookings; by client type, large pharma accounts for about 50% of R&DS revenue, mid-size pharma 15% and emerging biopharma 35% [12] [7]. Signed contracts first enter backlog and are then recognized as revenue in proportion to costs incurred against total expected costs, and reimbursed expenses such as investigator payments and monitor travel are booked in both revenue and cost with almost no profit [13] [14].

Commercial Solutions generated $1.793 billion of second-quarter revenue, about 41% of the company total, and combines the former Technology & Analytics Solutions segment with the former Contract Sales & Medical Solutions segment [7] [11]. The segment has three parts: information solutions, which sell prescription and sales data subscriptions, are about 30% of segment revenue, analytics and consulting about 20%, and patient solutions, technology and commercial engagement, including contract sales representatives, about 50% combined [7]. Its main costs are staff compensation and the cost of acquiring and processing data [15]. On collections, subscriptions are mostly prepaid or billed periodically, clinical projects are billed by milestone or progress, and the company factors some receivables without recourse, selling about $367 million of invoices in the first half of 2026 [16].

Financial History and Current Position

Over the past three years IQVIA's revenue grew steadily, but profit did not keep pace, held back mainly by interest and reimbursed expenses. Revenue rose from $14.984 billion in 2023 to $15.405 billion in 2024 and $16.310 billion in 2025 [17], with 2025 growth of 5.9%, or 4.8% at constant currency [18]; R&DS revenue was $8.896 billion [19], up 4.3% for the year, held back by client caution until growth improved in the second half [20]. Operating income in 2025 was $2.182 billion, slightly below $2.202 billion in 2024, as interest expense rose from $670 million to $729 million, leaving net income attributable to IQVIA of $1.360 billion and diluted EPS of $7.84 [17].

In 2025 the company's cash generation and order build were stronger than its profit. Operating cash flow for the year was $2.654 billion, and the company spent a further $1.714 billion on acquisitions [20]; R&DS contracted backlog grew from $29.7 billion at the end of 2023 to $31.1 billion at the end of 2024 and $32.7 billion at the end of 2025 [21], and on the recast 2026 segment basis the year-end 2025 backlog was $34.0 billion [22].

Revenue growth accelerated clearly in the first half of 2026, but GAAP profit still lagged. First-half revenue was $8.519 billion, up 8.6% (7.3% at constant currency) [23]; first-quarter revenue was $4.151 billion, up 8.4% [24], and second-quarter revenue was $4.368 billion, up 8.7%, with about 2.5 percentage points from acquisitions [7]. Second-quarter adjusted EBITDA rose 9.2% to $994 million and adjusted EPS rose 12.1% to $3.15 [3], but GAAP net income attributable to IQVIA was $256 million, below $266 million a year earlier, because of restructuring costs ($63 million versus $32 million), unallocated corporate expenses ($84 million versus $38 million) and interest expense ($197 million versus $182 million) [25] [8].

Buybacks and acquisitions have kept leverage around 3.6 times, while full-year guidance was raised in July. First-half operating cash flow was $1.176 billion, capital expenditure was $325 million and share repurchases totaled $950 million [26]; at the end of June, cash was $1.909 billion, debt was $15.999 billion, net debt was $14.090 billion and the net leverage ratio was 3.59 times [23], compared with 3.62 times at the end of March [27]. The company raised full-year revenue guidance from $17.15 billion to $17.35 billion to a new range of $17.275 billion to $17.475 billion, with adjusted EBITDA guidance of $4.0 billion to $4.05 billion and adjusted EPS guidance of $12.80 to $13.00 [23]; the new revenue guidance assumes about 200 basis points of contribution from acquisitions, while the currency tailwind fell from 100 basis points to about 20 basis points [28].

Operating Model

IQVIA's revenue is the sum of two segments with different drivers. R&DS revenue equals backlog converted at the pace of execution plus reimbursed expenses: revenue is recognized as trials run in proportion to costs incurred, and pass-through items such as investigator payments and travel are booked gross in revenue [13] [14]. At the end of June, R&DS backlog was $34.2 billion, of which about $9.23 billion is expected to convert to revenue within 12 months [7]; orders begin generating revenue only after a trial starts and are recognized over the project's life, and larger global projects can convert more slowly [29]. Commercial Solutions revenue equals data subscriptions plus analytics and consulting plus patient solutions and commercial engagement, and second-quarter growth came mainly from patient solutions and commercial engagement tied to new drug launches [15].

On the profit side, the key fact is that reimbursed expenses carry almost no profit. Segment profit equals segment revenue minus cost of revenue, which covers delivery staff, data purchases and pass-through costs, minus segment selling and administrative expense; second-quarter segment profit totaled $945 million, with R&DS at $526 million and a 20.4% margin and Commercial Solutions at $419 million and a 23.4% margin [8]. Because pass-throughs have zero profit drop-through [30], the faster they grow, the lower the reported margin in that quarter; management said productivity added about 90 basis points in the second quarter while pass-throughs subtracted about 80 basis points, for a net adjusted EBITDA margin gain of about 10 basis points [12]. GAAP results also deduct $292 million of depreciation and amortization, $63 million of restructuring costs [8] and $197 million of interest expense [25], which explains why adjusted measures grew while GAAP net income fell.

On the cash side, free cash flow equals operating cash flow minus capital expenditure, and it is also affected by working capital and receivables factoring. Operating cash flow was $2.654 billion in 2025 [20]; in the first half of 2026 operating cash flow was $1.176 billion and capital expenditure was $325 million [26], and second-quarter free cash flow was $360 million [3]. The main uses of cash were buybacks ($950 million in the first half) and acquisitions ($200 million in the first half) [26], plus interest ($389 million of first-half interest expense) [25]; in September the company issued $2 billion of 6.375% senior notes due 2034 to redeem its 5.000% notes due 2026 and repay part of its revolving credit facility [31] [32].

Industry and Competitive Position

IQVIA's competitive position rests on combining clinical outsourcing with pharmaceutical data, but its services industry is highly fragmented and barriers to entry are low. The 10-K says the company competes with other large service providers, many smaller specialized firms and clients' own internal research and commercial departments, and that price competition and acceptance of less favorable contract terms can hurt operating results; the spread of AI models may also let clients perform clinical development tasks they used to outsource, or reduce the perceived differentiation of its information and analytics offerings [33]. Smaller biotech clients rely on venture capital and other outside funding, so when funding falls they cut outsourced R&D and commercialization spending, and fewer new drug launches can also hurt the commercial services business [34].

Management painted a favorable picture of competition on the second-quarter call, but these are the company's own claims and no independent share data verifies them. Management said that large pharma strategic partnership renewals over the past two years have expanded the number and scope of IQVIA's preferred partnerships, materially improving win rates and wallet share, including displacing incumbent large CROs; emerging biopharma companies now account for about 70% of global clinical trial starts, and their funding reached $35 billion in the second quarter, more than double the year-earlier level [35]. The company also said it has deployed 294 AI agents across 90 use cases and that 19 of the top 20 pharma companies use its AI solutions [35].

Core Debates

Can record bookings and a $34.2 billion backlog turn into R&DS service-fee revenue growing as fast as the backlog in the third quarter, rather than headline growth propped up by pass-through costs?

This question decides whether the R&DS bookings peak turns into profit, because R&DS was about 59% of second-quarter revenue. Second-quarter net new bookings were $3.15 billion, up 19%, for a 1.22x book-to-bill ratio, and management described the bookings as record-level [6]; at the end of June, backlog was $34.2 billion, of which about $9.23 billion is expected to convert to revenue within 12 months, up 7.5% [7]. If these orders convert as planned, R&DS revenue growth should settle around 7% and support the raised full-year guidance; if conversion slows, or growth comes mainly from pass-through costs that carry almost no profit, strong bookings will not show up in profit.

The evidence so far shows conversion improving, but service-fee growth still trails reported growth. Second-quarter R&DS revenue was $2.575 billion, up 8.8%, or 6.7% excluding reimbursed expenses, with 7% organic growth [6]; in the first quarter, growth excluding reimbursed expenses was 6.6% and book-to-bill was only 1.04x [24]. Trailing-12-month bookings were $11.25 billion, up 12.9%, with growth accelerating for four consecutive quarters [7]; management said cancellations and pass-through mix were within historical norms and that FSO bookings had returned to pre-downturn levels [12].

An alternative reading is that the strong second-quarter bookings do not fully reflect an improved trend. The combined first- and second-quarter book-to-bill was about 1.13x, not much above 2025, and management itself said on the first-quarter call that a single quarter's book-to-bill is a poor predictor of future growth [30]; the gap between reported growth and growth excluding reimbursed expenses swung from negative in the first quarter to 2.1 percentage points in the second, indicating that pass-through costs were accelerating again [24] [6]. The transmission runs as follows: large pharma outsourcing more and emerging biotech funding recovering lift RFPs and net new bookings, backlog rises, revenue is recognized on cost inputs once trials start, and pass-through costs enter revenue at the same time without adding profit, which ultimately shows up in R&DS segment revenue and segment profit.

What remains unresolved is the quality of the backlog and the speed of conversion. The company is reviewing inactive trials in backlog and estimates any adjustment at about 5% of total backlog, and management said it would not affect historical results, current guidance or next-12-month revenue from backlog [36]. In the third quarter, watch whether R&DS revenue growth is at least 7.5% (along with the recast third-quarter 2025 base in the 10-Q), whether growth excluding reimbursed expenses stays at or above 6.6% to 6.7%, whether book-to-bill is at least 1.15x, and whether next-12-month revenue from backlog at the end of September exceeds $9.23 billion. If growth excluding reimbursed expenses falls below 6% while reported growth stays high, growth is coming from pass-throughs; if the backlog adjustment clearly exceeds 5% or affects backlog conversion revenue, the $34.2 billion backlog covers less future revenue than it appears.

Can patient and commercial-execution work from the wave of new drug launches keep offsetting slow growth in information subscriptions, holding Commercial Solutions organic growth near 5% without diluting its margin?

Commercial Solutions is IQVIA's highest-margin segment, so whether it keeps growing shapes the company's overall profit mix. In the second quarter the segment was about 41% of revenue and 44% of segment profit, earning $419 million out of a $945 million segment total [8]. Its legacy business, prescription and sales data subscriptions, is about 30% of segment revenue, grows only in the low single digits and is where concern about replacement by AI tools is concentrated; growth comes mainly from patient solutions, technology and commercial engagement, which make up about half [7]. Whether launch services keep growing determines whether the segment grows steadily or falls back to last year's lower organic rate.

Second-quarter data show growth accelerating along with a higher margin. Commercial Solutions revenue was $1.793 billion, up 8.6% (8.4% at constant currency) [6], with 5% organic growth, more than 100 basis points above the prior year [7]; segment profit was $419 million for a 23.4% margin, up from 23.0% a year earlier [8]. The 10-Q attributes the growth mainly to patient solutions and, to a lesser extent, commercial engagement [15]; management said new drug launches rose 45% in the first half and the commercial pipeline grew double digits [35], and that organic growth in analytics and consulting was the highest since 2022 [7].

An alternative reading is that the profit quality of this growth is not yet secure. About 3 percentage points of reported growth came from acquisitions, and the first-quarter segment margin was 21.7%, below 22.6% a year earlier [37], which suggests the expanding execution businesses earn thinner margins; launch counts are management's figures, and if the launch wave slows in the second half while information keeps growing slowly, organic growth will fall back. The transmission runs as follows: more new drug approvals and large pharma outsourcing full commercialization in some regions lead drug companies to buy contract sales, patient support and launch analytics, double-digit growth in patient solutions and commercial engagement offsets low-single-digit growth in information subscriptions, and staff and data acquisition costs then set the segment margin [35].

What remains unresolved is how long the launch-driven lift can last and whether information solutions turn from slow growth to decline. In the third quarter, watch whether reported segment revenue grows at least 8% and organic growth is at least 5%, whether the segment margin is at least the second quarter's 23.4%, and what management says about growth in information solutions, in patient solutions and commercial engagement, and about launch counts. If organic growth drops below 4% while the segment margin also falls, the lift from launch services has weakened; if information solutions move from low-single-digit growth to decline, the AI replacement concern becomes a revenue gap rather than a narrative.

Can productivity gains from AI and restructuring keep outrunning pass-through dilution, lifting third-quarter adjusted EBITDA margin to the roughly 23.2% implied by guidance and converting it into free cash flow?

Whether the margin is delivered decides whether growth in adjusted measures becomes cash that shareholders can actually receive. IQVIA grew revenue in 2025, but neither operating income nor net income grew, because interest expense rose and restructuring costs increased from $67 million to $105 million [17], while pass-through costs and acquisitions also diluted margins. 2026 guidance assumes a full-year adjusted EBITDA margin flat at about 23.2%, and third-quarter guidance implies a margin about 40 basis points above the second quarter [4]; hitting it depends on productivity continuing to outrun pass-throughs and on profit turning into cash to support buybacks of several hundred million dollars per quarter [23] and roughly $200 million of quarterly interest [25].

In the second quarter profit grew faster than revenue, and cash flow improved markedly. Adjusted EBITDA was $994 million, up 9.2%, faster than the 8.7% revenue growth, for a margin of about 22.8% [3]; management said productivity contributed about 90 basis points and pass-throughs subtracted about 80 basis points [12]. The R&DS segment margin rose from 20.0% a year earlier to 20.4% [8], but in the first quarter it had fallen from 21.1% to 19.7% [37]. Second-quarter free cash flow was $360 million, up 23.3% [3].

An alternative reading is that part of the margin gain came from fixed costs being spread over stronger-than-expected revenue, which management acknowledged as a contributor [12], and that part would disappear if revenue growth slows. First-half restructuring costs were $114 million, about double the $61 million a year earlier, and GAAP operating income of $1.020 billion was roughly flat with $1.002 billion a year earlier, while adjusted measures exclude these costs [25]. The transmission runs as follows: restructuring, automation and AI agents cut delivery staff and overhead costs, revenue growth spreads fixed costs, the margin on service fees rises and offsets dilution from zero-margin pass-throughs and acquisitions, and after working capital, capital expenditure and interest the result becomes free cash flow used for buybacks and deleveraging.

What remains unresolved is whether these efficiency gains can last if revenue growth slows. In the third quarter, watch whether adjusted EBITDA reaches the $1.01 billion guidance midpoint and the margin is at least 23.2%, whether the R&DS segment margin is at least 20.4% and restructuring costs decline, and whether free cash flow exceeds $360 million and the net leverage ratio stays at or below 3.59 times. If revenue meets guidance but the adjusted EBITDA margin is below 22.8%, pass-throughs or staff costs have absorbed the productivity gains; if free cash flow falls below the second quarter and leverage rises, buybacks and deleveraging cannot proceed together.

Risks and Falsifiers

Leverage and refinancing costs run across all three debates and weigh directly on GAAP profit and free cash flow. At the end of June, debt was $15.999 billion, net debt was $14.090 billion and the net leverage ratio was 3.59 times [23]; second-quarter interest expense was $197 million, up from $182 million [25], and 2025 interest expense was $729 million [17]. The $2 billion of notes issued in September carry a 6.375% coupon, 1.375 percentage points above the 5.000% notes being redeemed [32], so higher rates will keep pressing on profit and cash. If third-quarter interest expense is no more than about $200 million, the net leverage ratio is no higher than 3.59 times and free cash flow covers the quarter's buybacks, this concern weakens.

AI and clients building their own capabilities could structurally displace work in both segments at once. The 10-K says AI models may let clients perform clinical development tasks they used to outsource, reduce the differentiation of data and analytics products and intensify price competition [33]; the exposed financial base includes 2025 revenue of $16.310 billion (with the largest client at about 5%) [9], the information business at about 30% of Commercial Solutions, FSP at a low-to-mid double-digit share of R&DS bookings and second-quarter segment profit of $945 million [8]. If organic growth does not slow in either segment in the third quarter and management says win rates and outsourcing penetration keep rising while information solutions keep growing, this risk has not materialized.

Slower bookings conversion, or a larger-than-expected inactive-trial adjustment, would stop the bookings peak from becoming revenue. Delayed starts on large trials, client cancellations or a downward backlog revision would all push R&DS revenue growth below backlog growth [29]; second-quarter R&DS revenue was $2.575 billion and segment profit was $526 million [8], 5% of the $34.2 billion backlog is about $1.7 billion [36], and each percentage point of lower R&DS growth costs about $24 million of quarterly revenue. If third-quarter R&DS revenue grows at least 7.5%, growth excluding reimbursed expenses is at least 6.7% and next-12-month revenue from backlog is at least $9.23 billion, this concern is falsified.

A slowdown in launch services combined with replacement of information subscriptions would cut both Commercial Solutions growth and margin. Second-quarter segment revenue was $1.793 billion and segment profit was $419 million [8]; information solutions are about 30% of the segment, or roughly $540 million per quarter [7], and each percentage point of segment margin is worth about $18 million of quarterly segment profit. If third-quarter organic growth is at least 5%, the segment margin is at least 23.4% and management says information solutions are still growing in the low single digits, this risk has not materialized.

Faster pass-through growth and rising staff costs could absorb the productivity gains and keep the margin below the roughly 23.2% implied by guidance. Third-quarter adjusted EBITDA guidance is $1 billion to $1.02 billion [4]; on revenue of about $4.35 billion, every 10 basis points of margin shortfall costs about $4.3 million of adjusted EBITDA, and second-quarter restructuring costs were $63 million [8]. If third-quarter adjusted EBITDA is at least $1.01 billion, the margin is at least 23.2% and the R&DS segment margin is at least 20.4%, the current reading of productivity is supported.

What to Watch Next

• R&DS backlog conversion: second-quarter R&DS revenue was $2.575 billion, up 8.8% reported and 6.7% excluding reimbursed expenses. Reported growth of at least 7.5% with growth excluding reimbursed expenses of at least 6.6% would confirm conversion; growth excluding reimbursed expenses below 6% while reported growth stays high would falsify it. Check the recast prior-year base in the 10-Q.
• R&DS bookings and backlog: book-to-bill was 1.22x and next-12-month revenue from backlog was $9.23 billion, up 7.5%. Book-to-bill of at least 1.15x and backlog conversion revenue above $9.23 billion would confirm; an inactive-trial adjustment clearly above 5% would falsify.
• Commercial Solutions growth: second-quarter revenue was $1.793 billion, up 8.6% reported and 5% organic. Reported growth of at least 8% and organic growth of at least 5% would confirm; organic growth below 4% with a falling margin would falsify. Listen for management's comments on information solutions, patient solutions, commercial engagement and launch counts.
• Commercial Solutions margin: 23.4%, versus 23.0% a year earlier and 21.7% in the first quarter. A margin of at least 23.4% would confirm; information solutions turning to decline would falsify.
• Productivity and margin: second-quarter adjusted EBITDA was $994 million at about a 22.8% margin, and third-quarter guidance is $1 billion to $1.02 billion. A margin of at least 23.2% with an R&DS margin of at least 20.4% would confirm; revenue on guidance with a margin below 22.8% would falsify.
• Productivity and cash: second-quarter free cash flow was $360 million and net leverage was 3.59 times. Free cash flow above $360 million with leverage at or below 3.59 times would confirm; lower cash than the second quarter with rising leverage would falsify.

Conclusion

IQVIA's business runs on two engines: R&DS converts drug companies' outsourced research orders into revenue recognized on cost progress, while Commercial Solutions relies on data subscriptions and post-launch execution services. First-half 2026 revenue grew 8.6% [23] and second-quarter adjusted EPS grew 12.1% [3], yet second-quarter GAAP net income was still below the prior year [25] and net leverage remained at 3.59 times [23]. The central unresolved relationship is whether the $34.2 billion backlog and the 1.22x book-to-bill can become profitable service-fee revenue rather than headline growth propped up by zero-margin pass-through costs.

Since the second-quarter results on July 28, the outside material available has consisted mainly of brokers adjusting their views on the stock, restatements of company announcements, or previews and fund letters published before the results, and none offered new independent analysis of backlog conversion, the commercial business or margins, so there is currently no qualifying outside interpretation to synthesize. That means all three debates lack independent third-party testing, and management figures such as the roughly 90 basis points of productivity contribution [12] and the 45% first-half rise in new drug launches [35] can only be verified by later reports.

The combination that would materially strengthen the current understanding is third-quarter R&DS growth excluding reimbursed expenses holding above 6.7%, next-12-month revenue from backlog above $9.23 billion, Commercial Solutions organic growth of at least 5% with a margin of at least 23.4%, and an adjusted EBITDA margin of about 23.2% with free cash flow above $360 million. Conversely, if service-fee growth drops below 6% while reported growth stays high, the backlog adjustment clearly exceeds 5%, Commercial Solutions organic growth falls below 4%, or rising interest leaves free cash flow unable to cover buybacks, the bookings peak stays in backlog without showing up in profit and cash.

Sources

[1] IQV 10-K filed 2026-02-17 · company overview and data assets · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[2] IQV earnings calendar · 2026-10-27 third quarter 2026 earnings call (calendar last updated 2026-10-19) · 2026-10-19 · Drillr earnings calendar

[3] IQV 8-K filed 2026-07-28 · 2Q26 press release highlights · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/0001478242/000162828026049923/iqv-q2x2026earningspressre.htm

[4] IQV earnings call 2026-07-28 · guidance · 2026-07-28 · earnings-call · https://ir.iqvia.com/events-and-presentations/default.aspx

[5] MarketBeat · IQV Q3 2026 earnings estimate (accessed 2026-10-19) · 2026-10-19 · MarketBeat · https://www.marketbeat.com/earnings/reports/2026-10-27-iqvia-holdings-inc-stock/

[6] IQV 8-K filed 2026-07-28 · 2Q26 operating results · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/0001478242/000162828026049923/iqv-q2x2026earningspressre.htm

[7] IQV earnings call 2026-07-28 · segment performance · 2026-07-28 · earnings-call · https://ir.iqvia.com/events-and-presentations/default.aspx

[8] IQV 10-Q filed 2026-07-28 · 2Q26 segment results · 2026-07-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/1478242/000162828026050211/

[9] IQV 10-K filed 2026-02-17 · clients · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[10] IQV 10-K filed 2026-02-17 · 2026 segment reorganization · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[11] IQV 10-Q filed 2026-07-28 · segment reorganization note · 2026-07-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/1478242/000162828026050211/

[12] IQV earnings call 2026-07-28 · analyst questions and answers · 2026-07-28 · earnings-call · https://ir.iqvia.com/events-and-presentations/default.aspx

[13] IQV 10-K filed 2026-02-17 · R&DS revenue recognition · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[14] IQV 10-K filed 2026-02-17 · reimbursed expenses · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[15] IQV 10-Q filed 2026-07-28 · Commercial Solutions 2Q26 discussion · 2026-07-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/1478242/000162828026050211/

[16] IQV 10-Q filed 2026-07-28 · receivables factoring and cash · 2026-07-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/1478242/000162828026050211/

[17] IQV 10-K filed 2026-02-17 · FY2025 consolidated statements of income · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[18] IQV 10-K filed 2026-02-17 · FY2025 revenue change · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[19] IQV 10-K filed 2026-02-17 · critical audit matter R&DS revenue · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[20] IQV 10-K filed 2026-02-17 · FY2025 MD&A overview · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[21] IQV 10-K filed 2026-02-17 · R&DS backlog · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[22] IQV 10-Q filed 2026-05-05 · 1Q26 R&DS discussion · 2026-05-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/1478242/000162828026030675/

[23] IQV 8-K filed 2026-07-28 · first-half results, financial position and full-year guidance · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/0001478242/000162828026049923/iqv-q2x2026earningspressre.htm

[24] IQV 8-K filed 2026-05-05 · 1Q26 press release · 2026-05-05 · 8-K · https://www.sec.gov/Archives/edgar/data/0001478242/000162828026030118/iqv-q1x2026earningspressre.htm

[25] IQV 10-Q filed 2026-07-28 · 2Q26 income statement · 2026-07-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/1478242/000162828026050211/

[26] IQV 10-Q filed 2026-07-28 · 1H26 cash flow statement · 2026-07-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/1478242/000162828026050211/

[27] IQV 8-K filed 2026-05-05 · 1Q26 financial position and guidance · 2026-05-05 · 8-K · https://www.sec.gov/Archives/edgar/data/0001478242/000162828026030118/iqv-q1x2026earningspressre.htm

[28] IQV 8-K filed 2026-07-28 · full-year guidance bridge · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/0001478242/000162828026049923/iqv-q2x2026earningspressre.htm

[29] IQV 10-K filed 2026-02-17 · backlog conversion risk · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[30] IQV earnings call 2026-05-05 · risks · 2026-05-05 · earnings-call · https://ir.iqvia.com/events-and-presentations/default.aspx

[31] IQV 8-K filed 2026-09-09 · senior notes due 2034 pricing · 2026-09-09 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001478242&type=8-K&dateb=&owner=include&count=40

[32] IQV 8-K filed 2026-09-23 · senior notes due 2034 issuance · 2026-09-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001478242&type=8-K&dateb=&owner=include&count=40

[33] IQV 10-K filed 2026-02-17 · competition and AI risk · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[34] IQV 10-K filed 2026-02-17 · outsourcing and biotech funding risk · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/

[35] IQV earnings call 2026-07-28 · management highlights · 2026-07-28 · earnings-call · https://ir.iqvia.com/events-and-presentations/default.aspx

[36] IQV earnings call 2026-07-28 · risks and inactive-backlog review · 2026-07-28 · earnings-call · https://ir.iqvia.com/events-and-presentations/default.aspx

[37] IQV 10-Q filed 2026-05-05 · 1Q26 segment table · 2026-05-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/1478242/000162828026030675/