Revenue growth accelerated to 8.7% YoY in 2026Q2, but gross margin contracted to 32.9% from 34.8% in 2024Q4, and SG&A outpaced revenue growth, limiting operating margin to 11.6%.
IQVIA Holdings Inc. (IQV) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 16.98B | 16.31B | 15.4B | 14.98B | 14.41B | 13.87B | 11.36B | 11.09B | 10.41B | 9.7B | 6.82B | 5.74B | 5.46B | 5.1B | 4.87B | 4.33B |
| Revenue Growth % | 8.17% | 5.87% | 2.81% | 3.98% | 3.86% | 22.14% | 2.44% | 6.49% | 7.32% | 42.36% | 18.79% | 5.07% | 7.07% | 4.81% | 12.43% | - |
| Cost of Goods Sold | 12.53B | 12.02B | 10.03B | 9.74B | 9.38B | 9.23B | 7.5B | 7.3B | 6.75B | 6.3B | 4.75B | 4.12B | 3.96B | 3.76B | 3.63B | 3.19B |
| COGS % of Revenue | - | 73.72% | 65.11% | 65.04% | 65.11% | 66.55% | 66.03% | 65.84% | 64.79% | 64.95% | 69.67% | 71.74% | 72.51% | 73.78% | 74.66% | 73.61% |
| Gross Profit | 4.46B | 4.29B | 5.38B | 5.24B | 5.03B | 4.64B | 3.86B | 3.79B | 3.67B | 3.4B | 2.07B | 1.62B | 1.5B | 1.34B | 1.23B | 1.14B |
| Gross Margin % | 26.23% | 26.28% | 34.89% | 34.96% | 34.89% | 33.45% | 33.97% | 34.16% | 35.21% | 35.05% | 30.33% | 28.26% | 27.49% | 26.22% | 25.34% | 26.39% |
| Gross Profit Growth % | - | -20.26% | 2.6% | 4.2% | 8.34% | 20.26% | 1.87% | 3.33% | 7.79% | 64.54% | 27.51% | 7.99% | 12.27% | 8.43% | 7.97% | - |
| Operating Expenses | 2.15B | 2B | 3.17B | 3.26B | 3.23B | 3.25B | 3.13B | 3.01B | 2.92B | 2.74B | 1.49B | 975M | 911M | 874.58M | 836.5M | 796.71M |
| OpEx % of Revenue | - | 12.26% | 20.6% | 21.77% | 22.41% | 23.41% | 27.54% | 27.16% | 28.09% | 28.2% | 21.88% | 16.99% | 16.68% | 17.15% | 17.19% | 18.41% |
| Selling, General & Admin | 2.06B | 2B | 1.99B | 2.05B | 2.07B | 1.96B | 1.79B | 1.73B | 1.72B | 1.6B | 1.01B | 920.99M | 882.34M | 830.21M | 817.75M | 762.3M |
| SG&A % of Revenue | - | 12.26% | 12.93% | 13.7% | 14.37% | 14.16% | 15.75% | 15.64% | 16.48% | 16.54% | 14.83% | 16.05% | 16.16% | 16.28% | 16.81% | 17.61% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.34M | 0 | 4.96M | 10.43M | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 0.06% | - | 0.1% | 0.21% | - |
| Other Operating Expenses | 2M | 0 | 1.18B | 1.21B | 1.16B | 1.28B | 1.34B | 1.28B | 1.21B | 1.11B | 475M | 160M | 130M | 14.07M | 18.74M | 34.41M |
| Operating Income | 2.31B | 2.29B | 2.2B | 1.98B | 1.8B | 1.39B | 731M | 777M | 741M | 719M | 642M | 646.61M | 590.39M | 462.33M | 396.44M | 345.25M |
| Operating Margin % | 13.57% | 14.02% | 14.29% | 13.19% | 12.48% | 10.04% | 6.44% | 7.01% | 7.12% | 7.41% | 9.42% | 11.27% | 10.81% | 9.07% | 8.15% | 7.98% |
| Operating Income Growth % | - | 3.86% | 11.38% | 9.89% | 29.15% | 90.56% | -5.92% | 4.86% | 3.06% | 11.99% | -0.71% | 9.52% | 27.7% | 16.62% | 14.83% | - |
| EBITDA | 3.49B | 3.43B | 3.32B | 3.1B | 2.93B | 2.66B | 2.02B | 1.98B | 1.88B | 1.73B | 931M | 774.35M | 711.4M | 569.84M | 494.72M | 437.25M |
| EBITDA Margin % | 20.54% | 21.04% | 21.53% | 20.7% | 20.33% | 19.15% | 17.77% | 17.85% | 18.08% | 17.83% | 13.66% | 13.5% | 13.03% | 11.17% | 10.17% | 10.1% |
| EBITDA Growth % | 5.7% | 3.47% | 6.9% | 5.91% | 10.24% | 31.66% | 1.97% | 5.15% | 8.79% | 85.82% | 20.23% | 8.85% | 24.84% | 15.18% | 13.14% | - |
| D&A (Non-Cash Add-back) | 1.18B | 1.14B | 1.11B | 1.13B | 1.13B | 1.26B | 1.29B | 1.2B | 1.14B | 1.01B | 289M | 127.74M | 121.01M | 107.5M | 98.29M | 92M |
| EBIT | 2.35B | 2.32B | 2.34B | 2.13B | 1.78B | 1.5B | 789M | 799M | 742M | 640M | 560M | 640M | 602M | 446.62M | 401.8M | 293.74M |
| Net Interest Income | -734M | -684M | -623M | -636M | -403M | -369M | -410M | -438M | -406M | -339M | -140M | -97M | -97M | -119.57M | -131.3M | -105.13M |
| Interest Income | 37M | 45M | 47M | 36M | 13M | 6M | 6M | 9M | 8M | 7M | 4M | 4.32M | 3.41M | 3.94M | 3.07M | 3.94M |
| Interest Expense | 771M | 729M | 670M | 672M | 416M | 375M | 416M | 447M | 414M | 346M | 144M | 101.79M | 100.59M | 123.51M | 134.37M | 109.06M |
| Other Income/Expense | -696M | -674M | -533M | -518M | -448M | -259M | -351M | -434M | -398M | -361M | -164M | -99M | -89M | -139.22M | -145.18M | -126.13M |
| Pretax Income | 1.61B | 1.61B | 1.67B | 1.46B | 1.35B | 1.13B | 380M | 343M | 343M | 304M | 412M | 547M | 506M | 323.12M | 270M | 255.43M |
| Pretax Margin % | 9.47% | 9.89% | 10.83% | 9.74% | 9.38% | 8.17% | 3.35% | 3.09% | 3.29% | 3.13% | 6.05% | 9.53% | 9.27% | 6.34% | 5.55% | 5.9% |
| Income Tax | 253M | 252M | 296M | 101M | 260M | 163M | 72M | 116M | 59M | -987M | 345M | 158.99M | 150.06M | 95.97M | 93.36M | 15.11M |
| Effective Tax Rate % | 15.72% | 15.62% | 17.74% | 6.92% | 19.25% | 14.37% | 18.95% | 33.82% | 17.2% | -324.67% | 83.74% | 29.07% | 29.66% | 29.7% | 34.58% | 5.91% |
| Net Income | 1.38B | 1.36B | 1.37B | 1.36B | 1.09B | 966M | 279M | 191M | 259M | 1.31B | 115M | 387.2M | 356.38M | 226.59M | 177.55M | 241.77M |
| Net Margin % | 8.1% | 8.34% | 8.91% | 9.06% | 7.57% | 6.96% | 2.46% | 1.72% | 2.49% | 13.49% | 1.69% | 6.75% | 6.53% | 4.44% | 3.65% | 5.59% |
| Net Income Growth % | 11.16% | -0.95% | 1.1% | 24.47% | 12.94% | 246.24% | 46.07% | -26.25% | -80.21% | 1038.26% | -70.3% | 8.65% | 57.28% | 27.62% | -26.56% | - |
| Net Income (Continuing) | 1.36B | 1.36B | 1.37B | 1.36B | 1.09B | 971M | 308M | 227M | 284M | 1.3B | 87M | 388M | 357M | 226.03M | 176.63M | 240.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 130M | 127M | 0 | 0 | 0 | 0 | 279M | 260M | 240M | 249M | 227M | 228.54M | 49K | -72K | 479K | 788K |
| EPS (Diluted) | 8.16 | 7.84 | 7.49 | 7.29 | 5.72 | 4.95 | 1.43 | 0.96 | 1.24 | 5.88 | 0.76 | 3.08 | 2.72 | 1.77 | 1.39 | 1.90 |
| EPS Growth % | 16.64% | 4.67% | 2.74% | 27.45% | 15.56% | 246.15% | 48.96% | -22.58% | -78.91% | 673.68% | -75.32% | 13.24% | 53.67% | 27.34% | -26.84% | - |
| EPS (Basic) | - | 7.91 | 7.57 | 7.39 | 5.82 | 5.05 | 1.46 | 0.98 | 1.27 | 6.01 | 0.77 | 3.15 | 2.78 | 1.83 | 1.42 | 1.93 |
| Diluted Shares Outstanding | 168.6M | 173.5M | 183.4M | 186.3M | 190.6M | 195M | 195M | 199.6M | 208.2M | 222.6M | 152M | 125.63M | 131.08M | 127.86M | 127.55M | 127.55M |
| Basic Shares Outstanding | 167.2M | 171.9M | 181.3M | 183.8M | 187.6M | 191.4M | 191.3M | 195.1M | 203.7M | 217.8M | 149.1M | 123.04M | 127.99M | 124.15M | 125.47M | 125.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 319.83% | 119.25% |
Quick answers to the most common questions about buying IQV stock.
For fiscal year 2025, IQVIA Holdings Inc. (IQV) reported total revenue of $16.31B. This represents a 276.9% increase compared to $4.33B in 2011.
IQVIA Holdings Inc. (IQV) is profitable, generating $1.36B in net income for the fiscal year ending 2025 with a net profit margin of 8.3%.
IQVIA Holdings Inc. (IQV) reported an operating income of $2.29B, resulting in an operating profit margin of 14.0%. This margin reflects the operational efficiency of the business before interest and taxes.
IQVIA Holdings Inc. (IQV) generated $4.29B in gross profit for the year, representing a gross profit margin of 26.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated leverage and EPS volatility
Metrics are mathematically derived from official filings.
Revenue Momentum Reaccelerating
IQV's revenue growth accelerated to 8.7% YoY in 2026Q2, up from 5.3% in 2025Q2, according to recent financial statements, suggesting a strengthening demand environment across its clinical and data segments.
The sequential acceleration from 5.3% to 8.7% YoY indicates a rebound in biopharma outsourcing demand, likely driven by increased R&D spending and a recovery in emerging biopharma funding. This growth appears broad-based, with the company raising full-year guidance, which may signal durability. However, the sustainability depends on continued strength in the RDS backlog and TAS subscription renewals.
Gross Margin Resilience Amid Mix Shift
Gross margin held near 33% in 2026Q2, down from 34.8% in 2024Q4, as reported in SEC filings, reflecting a mix shift toward lower-margin clinical services and ongoing labor cost pressures.
The modest contraction in gross margin from 34.8% to 32.9% over six quarters suggests that while the company maintains pricing power in its data business, the faster-growing RDS segment carries inherently lower margins. The 2025Q4 anomaly (6.7% gross margin) appears to be a one-time charge, as margins reverted to ~33% in subsequent quarters. Investors should monitor whether the mix shift toward services continues to pressure gross margin.
Operating Leverage Limited by Overhead
Operating margin improved to 11.6% in 2026Q2 from 12.6% a year earlier, but the narrow gap between gross and operating margins (21.3 points) indicates high SG&A intensity, as per the latest income statement.
Despite revenue growth of 8.7%, operating income grew only 0% YoY (from $506M to $506M), implying that SG&A expenses absorbed the incremental gross profit. The SG&A-to-revenue ratio remained elevated at ~13%, suggesting limited operating leverage. This may reflect continued investment in technology and sales infrastructure, but it also means that top-line growth is not translating efficiently to operating profit.
EPS Volatility Masks Operational Strength
GAAP EPS fell 0.6% YoY in 2026Q2 to $1.53, despite an 8.7% revenue increase, as reported in the quarterly release, highlighting the impact of non-operating items and elevated amortization.
The divergence between revenue growth and EPS decline suggests that below-the-line items, such as amortization of intangibles from prior acquisitions, are weighing on reported earnings. Stock-based compensation of $95M in 2026Q2, up from $60M a year earlier, further dilutes EPS. While adjusted metrics may present a stronger picture, the quality of reported EPS is compromised by these recurring non-cash charges.
SG&A Discipline Questioned
SG&A expenses rose to $574M in 2026Q2, up 12.8% YoY, outpacing revenue growth of 8.7%, based on the latest quarterly data, suggesting a lack of cost discipline.
The disproportionate increase in SG&A relative to revenue indicates that the company is investing heavily in sales and marketing to drive growth, or that overhead costs are inflating. This trend, if sustained, will continue to pressure operating margins. Management's guidance raise implies confidence in revenue, but the cost trajectory warrants monitoring for potential margin erosion.
2025Q4 Anomaly Distorts Trend
In 2025Q4, gross margin collapsed to 6.7% and net income surged to $514M, a stark deviation from the ~33% gross margin and ~$300M net income in adjacent quarters, as per the income statement.
The 2025Q4 figures appear to reflect a one-time event, likely a large impairment or restructuring charge that reduced gross profit, while a tax benefit or gain inflated net income. This quarter is not indicative of underlying performance, and investors should exclude it when assessing trends. The subsequent quarters' normalization to ~33% gross margin and ~$250M net income suggests the anomaly was non-recurring.
Growth Quality and Leverage Risks
Despite accelerating revenue, IQV's net income margin of 5.9% in 2026Q2 lags peers like Medpace (17.8%), and net debt-to-EBITDA of ~4.9x, as disclosed in filings, raises concerns about financial flexibility.
Short-sellers might argue that IQV's growth is less profitable than peers, with a net margin roughly half of Medpace's, and that the company's high leverage (total debt ~$15.2B) makes it vulnerable to rising rates or a downturn in biopharma funding. The reliance on M&A for growth and the recurring amortization charges further cloud earnings quality. If revenue growth decelerates, the operating leverage could reverse, pressuring margins and cash flow.