What changed in this filing

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Item 1. Financial Statements

2025-10-28 compared with 2025-07-22 · 133 added, 89 removed, 503 unchanged (31% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(in millions, except per share data) 2025 2024 2025 2024

8 unchanged sentences

Loss on extinguishment of debt — — 4 —

Other expense (income), net 11 ( 67 ) 26 ( 56 )

Income before income taxes and equity in (losses) earnings of unconsolidated affiliates 323 436 646 776

Other (income) expense, net ( 31 ) 44 ( 5 ) ( 12 )

Income before income taxes and equity in earnings (losses) of unconsolidated affiliates 408 349 1,054 1,125

Income tax expense 76 65 193 189

Income before equity in (losses) earnings of unconsolidated affiliates 267 361 529 652

Equity in (losses) earnings of unconsolidated affiliates ( 1 ) 2 ( 14 ) ( 1 )

Income before equity in earnings (losses) of unconsolidated affiliates 332 284 861 936

Equity in earnings (losses) of unconsolidated affiliates — 1 ( 14 ) —

Net income 332 285 847 936

Net income attributable to noncontrolling interests ( 1 ) — ( 1 ) —

Net income attributable to IQVIA Holdings Inc.

$ 331 $ 285 $ 846 $ 936

Earnings per share attributable to common stockholders:

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(in millions) 2025 2024 2025 2024

3 unchanged sentences

( 5 ) ( 41 ) ( 26 ) 8

Defined benefit plan adjustments, net of income tax (benefit) expense of $( 1 ), $ — ,$( 1 ),$ —

Defined benefit plan adjustments, net of income tax (benefit) of $ — , $ — ,$( 1 ),$ —

— ( 1 ) ( 3 ) ( 1 )

Foreign currency translation, net of income tax (benefit) expense of $( 4 ),$( 37 ),$( 143 ),$ 13

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Comprehensive income 286 408 957 $ 977

Comprehensive income attributable to noncontrolling interests ( 1 ) — ( 1 ) —

Comprehensive income attributable to IQVIA Holdings Inc.

$ 285 $ 408 $ 956 $ 977

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share data) June 30, 2025 December 31, 2024

(in millions, except per share data) September 30, 2025 December 31, 2024

Current assets:

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Stockholders’ equity:

Common stock and additional paid-in capital, 400.0 shares authorized as of June 30, 2025 and December 31, 2024, $ 0.01 par value, 258.5 shares issued and 170.0 shares outstanding as of June 30, 2025;

Common stock and additional paid-in capital, 400.0 shares authorized as of September 30, 2025 and December 31, 2024, $ 0.01 par value, 258.8 shares issued and 170.3 shares outstanding as of September 30, 2025;

258.2 shares issued and 176.1 shares outstanding as of December 31, 2024

1 unchanged sentence

Retained earnings 6,911 6,065

Treasury stock, at cost, 88.5 and 82.1 shares as of June 30, 2025 and December 31, 2024, respectively

Treasury stock, at cost, 88.5 and 82.1 shares as of September 30, 2025 and December 31, 2024, respectively

( 11,144 ) ( 10,103 )

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions) 2025 2024

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Proceeds from sale of property, equipment and software 75 25

Other ( 3 ) ( 2 )

Net cash used in investing activities ( 1,201 ) ( 1,134 )

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Balance, June 30, 2025 258.5 ( 88.5 ) 3 11,222 6,580 ( 11,145 ) ( 882 ) 8 5,786

Issuance of common stock 0.3 — — 45 — — — — 45

Tax on repurchase of common stock — — — — — 1 — — 1

Stock-based compensation — — — 51 — — — — 51

Acquisitions related noncontrolling interests — — — — — — — 119 119

Net income — — — — 331 — — 1 332

Unrealized losses on derivative instruments, net of tax — — — — — — ( 5 ) — ( 5 )

Foreign currency translation, net of tax — — — — — — ( 38 ) — ( 38 )

Reclassification adjustments, net of tax — — — — — — ( 3 ) — ( 3 )

Balance, September 30, 2025 258.8 ( 88.5 ) $ 3 $ 11,318 $ 6,911 $ ( 11,144 ) $ ( 928 ) $ 128 $ 6,288

The accompanying notes are an integral part of these condensed consolidated financial statements.

IQVIA HOLDINGS INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in millions) Common Stock Shares Treasury Stock Shares Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive (Loss) Income Noncontrolling

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Balance, June 30, 2024 258.0 ( 75.7 ) 3 11,058 5,343 ( 8,741 ) ( 949 ) — 6,714

Issuance of common stock 0.1 — — ( 1 ) — — — — ( 1 )

Repurchase of common stock, net of tax — ( 0.8 ) — — — ( 200 ) — — ( 200 )

Stock-based compensation — — — 46 — — — — 46

Net income — — — — 285 — — — 285

Unrealized gains on derivative instruments, net of tax — — — — — — ( 41 ) — ( 41 )

Defined benefit plan adjustments, net of tax — — — — — — ( 1 ) — ( 1 )

Foreign currency translation, net of tax — — — — — — 173 — 173

Reclassification adjustments, net of tax — — — — — — ( 8 ) — ( 8 )

Balance, September 30, 2024 258.1 ( 76.5 ) $ 3 $ 11,103 $ 5,628 $ ( 8,941 ) $ ( 826 ) $ — $ 6,967

The accompanying notes are an integral part of these condensed consolidated financial statements.

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The new guidance was effective for the Company in the annual period beginning January 1, 2024, and in 2025 for interim periods.

The adoption of this new accounting guidance for the annual period beginning January 1, 2024, and for the three and six months ended June 30, 2025, did not have a material effect on the Company's disclosures within the consolidated financial statements.

Accounting pronouncements issued but not adopted as of June 30, 2025

The adoption of this new accounting guidance for the annual period beginning January 1, 2024, and for the three and nine months ended September 30, 2025, did not have a material effect on the Company's disclosures within the consolidated financial statements.

Accounting pronouncements issued but not adopted as of September 30, 2025

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

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The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software , to modernize the accounting for internal-use software costs.

The new guidance amends the existing standard that refers to various stages of a software development project to align better with current software development methods.

Under the new guidance, entities will start capitalizing eligible costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended.

In evaluating whether it is probable the project will be completed, an entity is required to consider whether there is significant uncertainty associated with the development activities of the software.

The new guidance is effective for the Company in the annual period beginning January 1, 2028.

The Company is assessing the impacts of this ASU on its consolidated financial statements.

Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations

The following tables represent revenues by geographic region and reportable segment for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, 2025

The following tables represent revenues by geographic region and reportable segment for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, 2025

(in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total

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Total revenues $ 1,631 $ 2,260 $ 209 $ 4,100

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

(in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total

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Total revenues $ 1,554 $ 2,162 $ 180 $ 3,896

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total

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Total revenues $ 4,805 $ 6,563 $ 578 $ 11,946

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total

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Total revenues $ 4,502 $ 6,404 $ 541 $ 11,447

No individual customer represented 10% or more of consolidated revenues for the three and six months ended June 30, 2025 or 2024.

No individual customer represented 10% or more of consolidated revenues for the three and nine months ended September 30, 2025 or 2024.

Transaction Price Allocated to the Remaining Performance Obligations

As of June 30, 2025, approximately $ 34.6 billion of revenues are expected to be recognized in the future from remaining performance obligations.

As of September 30, 2025, approximately $ 34.4 billion of revenues are expected to be recognized in the future from remaining performance obligations.

The Company expects to recognize revenues on approximately 30 % of these remaining performance obligations over the next twelve months , on approximately 85 % over the next five years, with the balance recognized thereafter.

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Trade accounts receivables and unbilled services consist of the following:

(in millions) June 30, 2025 December 31, 2024

(in millions) September 30, 2025 December 31, 2024

Trade accounts receivable $ 1,423 $ 1,390

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Unbilled services and unearned income were as follows:

(in millions) June 30, 2025 December 31, 2024 Change

(in millions) September 30, 2025 December 31, 2024 Change

Unbilled services $ 1,891 $ 1,856 $ 35

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Net balance $ ( 269 ) $ 77 $ ( 346 )

Unbilled services, which is comprised of approximately 68 % and 69 % of unbilled receivables and 32 % and 31 % of contract assets as of June 30, 2025 and December 31, 2024, increased by $ 40 million as compared to December 31, 2024.

Unbilled services, which is comprised of approximately 68 % and 69 % of unbilled receivables and 32 % and 31 % of contract assets as of September 30, 2025 and December 31, 2024, increased by $ 35 million as compared to December 31, 2024.

Contract assets are unbilled services for which invoicing is based on the timing of certain milestones related to service contracts for clinical research whereas unbilled receivables are billable upon the passage of time.

Unearned income increased by $ 344 million over the same period resulting in a decrease of $ 304 million in the net balance of unbilled services and unearned income between June 30, 2025 and December 31, 2024.

Unearned income increased by $ 381 million over the same period resulting in a decrease of $ 346 million in the net balance of unbilled services and unearned income between September 30, 2025 and December 31, 2024.

The change in the net balance is driven by the difference in timing of revenue recognition in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers , primarily related to the Company’s Research & Development Solutions contracts (which is based on the percentage of costs incurred) versus the timing of invoicing, which is based on certain milestones.

The majority of the unearned income balance as of the beginning of the year is expected to be recognized in revenues during the year ended December 31, 2025.

Bad debt expense recognized on the Company’s trade accounts receivable was immaterial for the three and six months ended June 30, 2025 and 2024.

Bad debt expense recognized on the Company’s trade accounts receivable was immaterial for the three and nine months ended September 30, 2025 and 2024.

Accounts Receivable Factoring Arrangements

The Company has accounts receivable factoring agreements to sell certain eligible unsecured trade accounts receivable, either based on automatic arrangements or at its option, without recourse, to unrelated third-party financial institutions for cash.

During the six months ended June 30, 2025, through its accounts receivable factoring arrangements that the Company utilizes most frequently, the Company factored approximately $ 330 million of customer invoices on a non-recourse basis and received approximately $ 327 million in cash proceeds from the sales.

During the six months ended June 30, 2024, through these same accounts receivable factoring arrangements, the Company factored approximately $ 380 million of customer invoices on a non-recourse basis and received approximately $ 370 million in cash proceeds from the sales.

During the nine months ended September 30, 2025, through its accounts receivable factoring arrangements that the Company utilizes most frequently, the Company factored approximately $ 550 million of customer invoices on a non-recourse basis and received approximately $ 546 million in cash proceeds from the sales.

During the nine months ended September 30, 2024, through these same accounts receivable factoring arrangements, the Company factored approximately $ 531 million of customer invoices on a non-recourse basis and received approximately $ 520 million in cash proceeds from the sales.

The fees associated with these transactions were immaterial.

The Company has other accounts receivable arrangements for which the activity associated with them is immaterial.

The following is a summary of goodwill by reportable segment for the six months ended June 30, 2025:

The following is a summary of goodwill by reportable segment for the nine months ended September 30, 2025:

(in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Consolidated

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Impact of foreign currency fluctuations and other 617 22 3 642

Balance as of June 30, 2025 $ 12,746 $ 2,716 $ 149 $ 15,611

Balance as of September 30, 2025 $ 12,748 $ 3,032 $ 168 $ 15,948

The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table:

(in millions) Balance Sheet Classification June 30, 2025 December 31, 2024

(in millions) Balance Sheet Classification September 30, 2025 December 31, 2024

Assets Liabilities Notional Assets Liabilities Notional

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The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(in millions) 2025 2024 2025 2024

2 unchanged sentences

Total $ ( 10 ) $ ( 66 ) $ ( 39 ) $ ( 28 )

The Company expects approximately $ 13 million of pre-tax unrealized gains related to its foreign exchange contracts and interest rate derivatives included in accumulated other comprehensive (loss) income (“AOCI”) as of June 30, 2025 to be reclassified into earnings within the next twelve months.

For the three and six months ended June 30, 2025 and 2024, the total amount, net of income taxes, of the cash flow hedge effect on the accompanying condensed consolidated statements of income was $ 2 million and $ 11 million, and $ 1 million and $ 20 million, respectively.

During the six months ended June 30, 2025, the Company terminated its existing cross-currency swap agreements and entered into new cross-currency swap agreements for the same purpose and with substantially similar terms as the previous swaps.

The Company expects approximately $ 6 million of pre-tax unrealized gains related to its foreign exchange contracts and interest rate derivatives included in accumulated other comprehensive (loss) income (“AOCI”) as of September 30, 2025 to be reclassified into earnings within the next twelve months.

For the three and nine months ended September 30, 2025 and 2024, the total amount, net of income taxes, of the cash flow hedge effect on the accompanying condensed consolidated statements of income was $ 3 million and $ 8 million, and $ 4 million and $ 28 million, respectively.

During the nine months ended September 30, 2025, the Company terminated its existing cross-currency swap agreements and entered into new cross-currency swap agreements for the same purpose and with substantially similar terms as the previous swaps.

The new $ 1,250 million swaps expire in February 2029 at the time of the senior secured notes to which they are related, and the Company will receive semiannual interest payments on February 1 and August 1 from the counterparties based on a fixed interest rate until maturity of these agreements.

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The Company designated these new swap agreements as a hedge of its net investment in certain foreign subsidiaries.

As of June 30, 2025, the Company's cross-currency swaps were designated as a hedge of its net investment in certain foreign subsidiaries.

For the six months ended June 30, 2025 and 2024, the Company recorded a $( 400 ) million loss and $ 107 million gain, respectively, within AOCI as a result of these cross-currency swaps.

For the three and six months ended June 30, 2025 and 2024, the Company recognized approximately $ 11 million and $ 9 million, and $ 23 million and $ 18 million, respectively, related to the excluded component as a reduction of interest expense.

As of June 30, 2025, the portion of the Company's foreign currency denominated debt balance (net of original issue discount) designated as a hedge of its net investment in certain foreign subsidiaries totaled € 2,665 million ($ 3,130 million).

The amount of foreign exchange (losses) gains related to the net investment hedge included in the cumulative translation adjustment component of AOCI for the six months ended June 30, 2025 and 2024 was $( 390 ) million and $ 88 million, respectively.

As of September 30, 2025, the Company's cross-currency swaps were designated as a hedge of its net investment in certain foreign subsidiaries.

For the three and nine months ended September 30, 2025, the Company recorded a $ 21 million gain and $( 379 ) million loss, respectively, within AOCI as a result of these cross-currency swaps.

For the three and nine months ended September 30, 2024, the Company recorded a $( 101 ) million loss and $ 6 million gain, respectively, within AOCI as a result of these cross-currency swaps.

For the three and nine months ended September 30, 2025 and 2024, the Company recognized approximately $ 11 million and $ 8 million, and $ 34 million and $ 26 million, respectively, related to the excluded component as a reduction of interest expense.

As of September 30, 2025, the portion of the Company's foreign currency denominated debt balance (net of original issue discount) designated as a hedge of its net investment in certain foreign subsidiaries totaled € 2,922 million ($ 3,430 million).

The amount of foreign exchange losses related to the net investment hedge included in the cumulative translation adjustment component of AOCI for the three and nine months ended September 30, 2025 and 2024 was $( 3 ) million and $( 114 ) million, and $( 393 ) million and $( 26 ) million, respectively.

Fair Value Measurements

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This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values as of June 30, 2025 and December 31, 2024 due to their short-term nature.

As of June 30, 2025 and December 31, 2024, the fair value of total debt was $ 15,619 million and $ 13,966 million, respectively, as determined under Level 2 measurements for these financial instruments.

The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values as of September 30, 2025 and December 31, 2024 due to their short-term nature.

As of September 30, 2025 and December 31, 2024, the fair value of total debt was $ 15,125 million and $ 13,966 million, respectively, as determined under Level 2 measurements for these financial instruments.

Recurring Fair Value Measurements

The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of June 30, 2025:

The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of September 30, 2025:

(in millions) Level 1 Level 2 Level 3 Total

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Assumptions used to estimate the fair value of contingent consideration include various financial metrics (revenues performance targets and operating forecasts) and the probability of achieving the specific targets.

Based on the assessments of the probability of achieving specific targets, as of June 30, 2025 the Company has accrued approximately 77 % of the maximum contingent consideration payments that could potentially become payable.

The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the six months ended June 30, 2025:

Based on the assessments of the probability of achieving specific targets, as of September 30, 2025 the Company has accrued approximately 69 % of the maximum contingent consideration payments that could potentially become payable.

The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the nine months ended September 30, 2025:

(in millions) Contingent Consideration

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Revaluations included in earnings and foreign currency translation adjustments ( 16 )

Balance as of June 30, 2025 $ 105

Balance as of September 30, 2025 $ 117

The current portion of contingent consideration is included within accrued expenses and the long-term portion is included within other liabilities on the accompanying condensed consolidated balance sheets.

Revaluations of contingent consideration are recognized in other expense, net on the accompanying condensed consolidated statements of income.

Revaluations of contingent consideration are recognized in other (income) expense, net on the accompanying condensed consolidated statements of income.

A change in significant unobservable inputs could result in a higher or lower fair value measurement of contingent consideration.

Non-recurring Fair Value Measurements

As of June 30, 2025, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaled $ 20,580 million and were identified as Level 3.

As of September 30, 2025, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaled $ 21,028 million and were identified as Level 3.

These assets are comprised of debt investments and cost and equity method investments of $ 373 million, goodwill of $ 15,948 million and other identifiable intangibles, net of $ 4,707 million.

Credit Arrangements

The following is a summary of the Company’s revolving credit facilities as of June 30, 2025:

The following is a summary of the Company’s revolving credit facilities as of September 30, 2025:

Interest Rates

$ 2,000 million (revolving credit facility)

Dollar Term SOFR plus a margin of 1.25 % plus a 10 basis credit spread adjustment as of June 30, 2025

Dollar Term SOFR plus a margin of 1.25 % plus a 10 basis credit spread adjustment as of September 30, 2025

$ 110 million (receivables financing facility)

Dollar Term SOFR plus a margin of 1.00 % plus a 10 basis credit spread adjustment as of June 30, 2025

Dollar Term SOFR plus a margin of 1.00 % plus a 10 basis credit spread adjustment as of September 30, 2025

The following table summarizes the Company’s debt at the dates indicated:

(dollars in millions) June 30, 2025 December 31, 2024

(dollars in millions) September 30, 2025 December 31, 2024

Revolving Credit Facility due 2026:

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Long-term debt $ 12,793 $ 12,838

Contractual maturities of long-term debt as of June 30, 2025 are as follows:

Contractual maturities of long-term debt as of September 30, 2025 are as follows:

(in millions)

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In connection with this Amendment, we recognized a $ 4 million loss on extinguishment of debt, which includes fees and related expenses.

As of June 30, 2025, the Company’s Fifth Amended and Restated Credit Agreement provided financing through several senior secured credit facilities of up to $ 6,491 million, which consisted of $ 4,496 million principal amounts of debt outstanding (as detailed in the table above), and $ 1,995 million of available borrowing capacity on the $ 2,000 million revolving credit facility and standby letters of credit.

As of September 30, 2025, the Company’s Fifth Amended and Restated Credit Agreement provided financing through several senior secured credit facilities of up to $ 6,448 million, which consisted of $ 4,453 million principal amounts of debt outstanding (as detailed in the table above), and $ 1,995 million of available borrowing capacity on the $ 2,000 million revolving credit facility and standby letters of credit.

The revolving credit facility is comprised of a $ 1,175 million senior secured revolving facility available in U.S.

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dollars and Yen.

During the three months ended September 30, 2025, the Company's Euro denominated 2.875 % Senior Notes due 2025 matured and were repaid.

On June 4, 2025, IQVIA Inc.

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The Company’s long-term debt arrangements contain other usual and customary restrictive covenants that, among other things, place limitations on the Company’s ability to declare dividends.

As of June 30, 2025, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements .

As of September 30, 2025, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements .

Contingencies

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(“Veeva”) alleging Veeva unlawfully used IQVIA Parties intellectual property to improve Veeva data offerings, to promote and market Veeva data offerings and to improve Veeva technology offerings.

IQVIA Parties seek injunctive relief, appointment of a monitor, the award of compensatory and punitive damages and reimbursement of all litigation expenses, including reasonable attorneys’ fees and costs.

IQVIA Parties sought injunctive relief, appointment of a monitor, the award of compensatory and punitive damages and reimbursement of all litigation expenses, including reasonable attorneys’ fees and costs.

On March 13, 2017, Veeva filed counterclaims alleging anticompetitive business practices in violation of the Sherman Act and state laws.

Veeva claims damages in excess of $ 200 million, and is seeking punitive damages and litigation costs, including attorneys’ fees.

The Company believes the counterclaims are without merit, rejects all counterclaims raised by Veeva and intends to vigorously defend IQVIA Parties’ position and pursue its claims against Veeva.

Since the initial filings, the parties have filed additional litigations against each other, primarily concerning the use of IQVIA data with various other Veeva products.

Trial has been continued from an early 2025 setting to a date to be determined by the Court.

Veeva claimed damages in excess of $ 200 million, and sought punitive damages and litigation costs, including attorneys’ fees.

The Company believed the counterclaims were without merit, rejected all counterclaims raised by Veeva and vigorously defended IQVIA Parties’ position and pursued its claims against Veeva.

Since the initial filings, the parties filed additional litigations against each other, primarily concerning the use of IQVIA data with various other Veeva products.

On May 7, 2021, the Court issued an order and opinion (the “Order”) in which it found significant evidence that Veeva had (1) misappropriated IQVIA data and unlawfully used it to improve Veeva data offerings, (2) engaged in a cover-up by deleting significant evidence of its theft of IQVIA’s trade secrets, and (3) improperly withheld certain evidence under privilege in furtherance of a crime and/or fraud against IQVIA.

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On March 30, 2024, the Court denied Veeva’s appeal with regard to its rejected privilege claims, while reserving ruling on the appropriate sanctions to be imposed for a later time.

In August 2025, the parties reached complete resolution of all pending legal disputes.

Neither party made a payment to the other party in connection with the resolution of these legal disputes.

Stockholders’ Equity

1 unchanged sentence

The Company is authorized to issue 1.0 million shares of preferred stock, $ 0.01 per share par value.

No shares of preferred stock were issued or outstanding as of June 30, 2025 or December 31, 2024.

No shares of preferred stock were issued or outstanding as of September 30, 2025 or December 31, 2024.

Equity Repurchase Program

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The Repurchase Program does not obligate the Company to repurchase any particular amount of common stock, and it may be modified, extended, suspended or discontinued at any time.

During the six months ended June 30, 2025, the Company repurchased 6.4 million shares of its common stock for $ 1,032 million under the Repurchase Program.

As of June 30, 2025, the Company had remaining authorization to repurchase up to $ 1,981 million of its common stock under the Repurchase Program.

During the nine months ended September 30, 2025, the Company repurchased 6.4 million shares of its common stock for $ 1,032 million under the Repurchase Program.

As of September 30, 2025, the Company had remaining authorization to repurchase up to $ 1,981 million of its common stock under the Repurchase Program.

In addition, from time to time, the Company has repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program.

Business Combinations

The Company completed individually and in the aggregate immaterial acquisitions during the six months ended June 30, 2025.

Additionally, the Company gained a controlling interest in, and therefore consolidated, an entity in which it previously held an investment in an unconsolidated affiliate.

The fair value of the net assets acquired through this step acquisition are included in the totals presented below, and the related fair value of noncontrolling interests of $ 8 million is reflected within the accompanying condensed consolidated financial statements.

The Company’s assessment of fair value, including the valuation of certain identified intangibles, and the purchase price allocation related to these acquisitions is preliminary and subject to change upon completion.

The Company completed individually and in the aggregate immaterial acquisitions during the nine months ended September 30, 2025.

The Company’s assessment of fair value, including the valuation of certain identified intangibles and noncontrolling interests ("NCI"), and the purchase price allocation related to these acquisitions is preliminary and subject to change upon completion.

Further adjustments, largely related to acquired intangible assets and related deferred taxes, may be necessary as additional information related to the fair values of assets acquired and liabilities assumed is assessed during the measurement period (up to one year from the acquisition date).

The Company recorded goodwill from these acquisitions, primarily attributable to assembled workforce, expected synergies and new customer relationships.

The fair value of the NCI as of the acquisition date was based on fair value assessments, primarily using an income approach and applying the NCI’s ownership percentage.

The condensed consolidated financial statements include the results of the acquisitions subsequent to their respective closing dates.

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The following table provides certain preliminary financial information for these acquisitions:

(in millions) June 30, 2025

(in millions) September 30, 2025

Assets acquired:

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Net assets acquired (1)

(1) Net assets acquired includes contingent consideration and deferred purchase price of $ 22 million, and $ 24 million related to the step acquisition disclosed above.

Fair value of noncontrolling interests (2)

Fair value of controlling interests acquired $ 946

(1) Net assets acquired includes contingent consideration and deferred purchase price of $ 56 million, and $ 143 million related to NCI and the net assets of the step acquisition disclosed in (2) below.

(2) Includes $ 8 million related to a step acquisition through which the Company gained a controlling interest in, and therefore consolidated, an entity in which it previously held an investment in an unconsolidated affiliate.

The portion of goodwill deductible for income tax purposes was preliminarily assessed as $ 335 million.

The following table provides a summary of the preliminary estimated fair value of certain intangible assets acquired:

(in millions) Amortization Period June 30, 2025

(in millions) Amortization Period September 30, 2025

Other identifiable intangibles:

Customer relationships 9 - 17 years $ 334

Backlog 1 year 14

Trade names 3 - 5 years 3

Backlog 1 - 2 years 29

Databases 2 years 6

Software and related assets 2 - 3 years 4

Trade names 3 - 5 years 3

Non-compete agreements 2 - 5 years 2

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Foreign currency translation and other 2

Balance as of June 30, 2025 $ 34

Balance as of September 30, 2025 $ 33

The reversals were due to changes in estimates primarily resulting from the redeployment of staff and higher than expected voluntary terminations.

Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management.

The Company expects that the majority of the restructuring accruals as of June 30, 2025 will be paid in 2025 and 2026.

The Company's effective income tax rate was 17.3 % and 17.2 % in the second quarter of 2025 and 2024, respectively.

The Company's effective income tax rate was 18.1 % and 16.0 % in the first six months of 2025 and 2024, respectively.

The effective income tax rate in the second quarter and in the first six months of 2025 and 2024 was favorably impacted due to changes in the geographical mix of earnings amongst the United States and foreign tax jurisdictions.

The effective income tax rate in the second quarter and in the first six months of 2024 was also favorably impacted by $ 3 million and $ 12 million, respectively, as a result of excess tax benefits recognized upon settlement of share-based compensation awards.

The effective income tax rate in the second quarter and in the first six months of 2025 was unfavorably impacted by $ 0 million and $ 3 million, respectively, of tax expense recognized upon settlement of share-based compensation awards.

The Company expects that the majority of the restructuring accruals as of September 30, 2025 will be paid in 2025 and 2026.

The Company's effective income tax rate was 18.6 % and 18.6 % in the third quarter of 2025 and 2024, respectively.

The Company's effective income tax rate was 18.3 % and 16.8 % in the first nine months of 2025 and 2024, respectively.

The effective income tax rate in the third quarter and in the first nine months of 2025 and 2024 was favorably impacted due to changes in the geographical mix of earnings amongst the United States and foreign tax jurisdictions.

The effective income tax rate in the third quarter and in the first nine months of 2024 was also favorably impacted by $ 2 million and $ 14 million, respectively, as a result of excess tax benefits recognized upon settlement of share-based compensation awards.

The effective income tax rate in the third quarter and in the first nine months of 2025 was unfavorably impacted by $ 0 million and $ 3 million, respectively, of tax expense recognized upon settlement of share-based compensation awards.

On July 4, 2025, the U.S.

1 unchanged sentence

federal income tax law, including the temporary and permanent extension, of expiring provisions of the Tax Cuts and Jobs Act of 2017.

The Company is assessing these impacts on its consolidated financial statements.

The impacts of the OBBBA are not expected to be material to the 2025 consolidated financial statements, however the Company will continue to evaluate impacts to future periods.

On December 12, 2022, the European Union member states agreed to implement the Organization for Economic Cooperation and Development’s (“OECD”) Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least €750 million, which went into effect in 2024.

The Company has continued to evaluate the effect of this through the second quarter of 2025 and determined that it did not have any material impacts for the current year.

The Company has continued to evaluate the effect of this through the third quarter of 2025 and determined that it did not have any material impacts for the current year.

The Company will continue to assess the impact of this proposal as countries are actively considering changes to their tax laws to adopt certain parts of the OECD's proposal.

5 unchanged sentences

Reclassification adjustments — ( 5 ) — 1 ( 4 )

Balance as of June 30, 2025 $ ( 1,050 ) $ ( 34 ) $ 11 $ 191 $ ( 882 )

Balance as of September 30, 2025 $ ( 1,092 ) $ ( 44 ) $ 11 $ 197 $ ( 928 )

Below is a summary of the adjustments for amounts reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item:

(in millions) Affected Financial Statement Line Item Three Months Ended June 30, Six Months Ended June 30,

(in millions) Affected Financial Statement Line Item Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

11 unchanged sentences

Certain costs are not allocated to the Company's segments and are reported as general corporate and unallocated expenses.

These costs primarily consist of stock-based compensation and expenses related to integration activities and acquisitions, as well as certain general corporate and unallocated expenses.

These costs primarily consist of stock-based compensation, expenses related to integration activities and acquisitions, as well as certain general corporate and unallocated expenses.

The Company also does not allocate restructuring costs, depreciation and amortization or impairment charges, if any, to its segments.

4 unchanged sentences

The Company’s reportable segment information is presented below:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(in millions) 2025 2024 2025 2024

25 unchanged sentences

Loss on extinguishment of debt — — 4 —

Other expense (income), net 11 ( 67 ) 26 ( 56 )

Income before income taxes and equity in (losses) earnings of unconsolidated affiliates $ 323 $ 436 $ 646 $ 776

Other (income) expense, net ( 31 ) 44 ( 5 ) ( 12 )

Income before income taxes and equity in earnings (losses) of unconsolidated affiliates $ 408 $ 349 $ 1,054 $ 1,125

Earnings Per Share

The following table presents the computation of basic and diluted earnings per share:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(in millions, except per share data) 2025 2024 2025 2024

Net income $ 266 $ 363 $ 515 $ 651

Net income attributable to IQVIA Holdings Inc.

$ 331 $ 285 $ 846 $ 936

Basic weighted average common shares outstanding 170.2 182.1 172.6 182.1

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Performance awards are included in diluted earnings per share based on if the performance targets have been met at the end of the reporting period.

For the three and six months ended June 30, 2025 and 2024, the weighted average number of outstanding stock-based awards not included in the computation of diluted earnings per share because they are subject to performance conditions that have not been met at the end of the reporting period or the effect of including such stock-based awards in the computation would be anti-dilutive was 3.6 million and 1.1 million, and 3.0 million and 1.0 million respectively.

For the three and nine months ended September 30, 2025 and 2024, the weighted average number of outstanding stock-based awards not included in the computation of diluted earnings per share because they are subject to performance conditions that have not been met at the end of the reporting period or the effect of including such stock-based awards in the computation would be anti-dilutive was 1.8 million and 1.0 million, and 2.5 million and 1.0 million, respectively.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements