Results
3Revenue $4,368 million, up 8.7% year-over-year
4GAAP Net Income $256 million, Adjusted EBITDA $994 million, up 9.2% year-over-year
8GAAP Diluted Earnings per Share $1.53, Adjusted Diluted Earnings per Share $3.15, up 12.1% year-over-year
5Commercial Solutions Revenue $1,793 million, up 8.6% year-over-year
7R&D Solutions Revenue $2,575 million, up 8.8% year-over-year
R&D Solutions Net New Bookings $3.15 billion, up 19% year-over-year, 1.22x book-to-bill ratio
Operating Cash Flow $558 million, up 26.0% year-over-year, and Free Cash Flow $360 million, up 23.3% year-over-year
Outlook
Raising full-year 2026 guidance for Revenue, Adjusted EBITDA and Adjusted Diluted Earnings per ShareGuidance raised
Results
Year-Over-Year Comparisons
Corporate events
As previously disclosed, effective January 1, 2026, the company implemented a new, simplified organizational model to strengthen collaboration, enhance efficiency, and support continued growth.
As a result, the company reports its results within two segments: Commercial Solutions and Research & Development Solutions (R&DS).
In conjunction with this change, prior period segment amounts have been recast to conform to this reporting structure.
Results
Second-Quarter 2026 Operating Results
Management commentary
"In a strengthening market environment, the IQVIA team executed well and delivered outstanding results, exceeding the high-end of our expectations for revenue, Adjusted EBITDA and Adjusted Diluted EPS," said Ari Bousbib, chairman and CEO of IQVIA.
6"R&D Solutions generated record-level net new bookings of over $3.1 billion and reported 7% organic revenue growth.
In Commercial Solutions, double digit growth in patient solutions and commercial engagement services, high-single-digit organic growth in analytics and consulting, and increased adoption of our AI solutions all contributed to strong acceleration of organic revenue growth year-over-year.
This excellent operational performance combined with favorable forward-looking indicators across both segments point to sustained momentum for the balance of the year and into 2027."
Results
Revenue for the second quarter of $4,368 million increased 8.7% on a reported basis and 8.5% at constant currency, compared to the second quarter of 2025.
Commercial Solutions revenue of $1,793 million increased 8.6% on a reported basis and 8.4% at constant currency.
Research & Development Solutions revenue of $2,575 million grew 8.8% on a reported basis and 8.6% at constant currency.
Excluding reimbursed expenses, R&DS revenue grew 6.7% on a reported basis.
Second quarter net new bookings were $3.15 billion, an increase of 19% year-over-year, resulting in a book-to-bill ratio of 1.22x.
The last-twelve months net new bookings were $11.3 billion, up 13% year-over-year.
As of June 30, 2026, R&DS contracted backlog was $34.2 billion.
The company expects approximately $9.2 billion of this backlog to convert to revenue in the next twelve months, representing growth of 7.5% year-over-year.
Second-quarter GAAP Net Income was $256 million and GAAP Diluted Earnings per Share was $1.53.
Adjusted EBITDA was $994 million, up 9.2% year-over-year.
Adjusted Net Income was $527 million and Adjusted Diluted Earnings per Share was $3.15, up 12.1% year-over-year.
First-Half 2026 Operating Results
Revenue for the first six months of 2026 was $8,519 million, up 8.6% on a reported basis and 7.3% at constant currency, compared to the first six months of 2025.
Commercial Solutions revenue of $3,547 million increased 10.1% on a reported basis and 8.5% at constant currency.
Research & Development Solutions revenue of $4,972 million increased 7.5% on a reported basis and 6.4% at constant currency.
GAAP Net Income was $530 million and GAAP Diluted Earnings per Share was $3.14.
Adjusted EBITDA was $1,926 million, up 7.4% year-over-year.
Adjusted Net Income was $1,019 million and Adjusted Diluted Earnings per Share was $6.04, up 9.8% year-over-year.
Financial Position
As of June 30, 2026, cash and cash equivalents were $1,909 million and debt was $15,999 million, resulting in net debt of $14,090 million.
IQVIA’s Net Leverage Ratio was 3.59x trailing twelve-month Adjusted EBITDA.
For the second quarter, Operating Cash Flow was $558 million, up 26.0% year-over-year, and Free Cash Flow was $360 million, up 23.3% year-over-year.
Capital return
Share Repurchase
During the second quarter of 2026, the company repurchased $398 million of its common stock, resulting in first-half share repurchases of $950 million.
IQVIA had $2,819 million of share repurchase authorization remaining as of June 30, 2026.
Outlook
Full-Year 2026 Guidance
1To reflect stronger organic revenue growth, and changes in the M&A and foreign exchange impacts, the company is raising its full-year 2026 guidance for revenue to be between $17,275 million and $17,475 million, for Adjusted EBITDA to be between $4,000 million and $4,050 million and for Adjusted Diluted Earnings per Share to be between $12.80 and $13.00.Guidance raised
2The new mid-point of the revenue growth guidance is 6.5% versus the prior guidance of 5.8%, reflecting approximately 100 basis points higher organic revenue growth, and approximately 50 basis points higher contribution from M&A offset by approximately 80 basis points unfavorable change in foreign exchange impact, all versus prior guidance.Guidance raised
This revenue guidance now assumes approximately 200 basis points of contribution from acquisitions versus 150 basis points in the prior guidance and approximately 20 basis points of tailwind from foreign exchange versus 100 basis points tailwind in the prior guidance.Guidance lowered
All financial guidance assumes foreign currency exchange rates as of July 27, 2026 remain in effect for the forecast period.
Results
Table 1
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