IQVIA HOLDINGS INC. 10-Q

Item 1. Financial Statements IQVIA HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share data) 2025 2024 2025 2024 Revenues $ 4,100 $ 3,896 $ 11,946 $ 11,447 Cost of revenues, exclusive of depreciation and amortization 2,727 2,518 7,952 7,450 Selling, general and administrative expenses 514 522 1,531 1,539 Depreciation and amortization 286 278 827 811 Restructuring costs 20 28 81 71 Income from operations 553 550 1,555 1,576 Interest income ( 13 ) ( 13 ) ( 34 ) ( 36 ) Interest expense 189 170 536 499 Loss on extinguishment of debt — — 4 — 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 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: Basic $ 1.94 $ 1.57 $ 4.90 $ 5.14 Diluted $ 1.93 $ 1.55 $ 4.86 $ 5.08 Weighted average common shares outstanding: Basic 170.2 182.1 172.6 182.1 Diluted 171.7 184.2 174.1 184.3 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of contents IQVIA HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2024 2025 2024 Net income $ 332 $ 285 $ 847 $ 936 Comprehensive income adjustments: Unrealized (losses) gains on derivative instruments, net of income tax (benefit) expense of $( 2 ),$( 14 ),$( 8 ),$ 2 ( 5 ) ( 41 ) ( 26 ) 8 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 ( 38 ) 173 143 62 Reclassification adjustments: Reclassifications on derivative instruments included in net income, net of income tax (expense) of $ — ,$( 3 ),$( 1 ),$( 10 ) ( 3 ) ( 8 ) ( 4 ) ( 28 ) 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. 4 Table of contents IQVIA HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions, except per share data) September 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,814 $ 1,702 Trade accounts receivable and unbilled services, net 3,269 3,204 Prepaid expenses 177 154 Income taxes receivable 45 36 Investments in debt, equity and other securities 158 141 Other current assets and receivables 516 592 Total current assets 5,979 5,829 Property and equipment, net 525 535 Operating lease right-of-use assets 299 238 Investments in debt, equity and other securities 130 108 Investments in unconsolidated affiliates 275 266 Goodwill 15,948 14,710 Other identifiable intangibles, net 4,707 4,499 Deferred income taxes 390 194 Deposits and other assets, net 474 520 Total assets $ 28,727 $ 26,899 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $ 3,550 $ 3,684 Unearned income 2,160 1,779 Income taxes payable 119 156 Current portion of long-term debt 2,164 1,145 Other current liabilities 515 193 Total current liabilities 8,508 6,957 Long-term debt, less current portion 12,793 12,838 Deferred income taxes 207 196 Operating lease liabilities 233 173 Other liabilities 698 668 Total liabilities 22,439 20,832 Commitments and contingencies (Note 8) Stockholders’ equity: 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 11,321 11,143 Retained earnings 6,911 6,065 Treasury stock, at cost, 88.5 and 82.1 shares as of September 30, 2025 and December 31, 2024, respectively ( 11,144 ) ( 10,103 ) Accumulated other comprehensive loss ( 928 ) ( 1,038 ) Equity attributable to IQVIA Holdings Inc.’s stockholders 6,160 6,067 Noncontrolling interests 128 — Total stockholders’ equity 6,288 6,067 Total liabilities and stockholders’ equity $ 28,727 $ 26,899 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of contents IQVIA HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, (in millions) 2025 2024 Operating activities: Net income $ 847 $ 936 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 827 811 Amortization of debt issuance costs and discount 17 16 Stock-based compensation 187 158 Losses from unconsolidated affiliates 14 — Gain on investments, net ( 20 ) ( 29 ) Benefit from deferred income taxes ( 132 ) ( 114 ) Changes in operating assets and liabilities: Change in accounts receivable, unbilled services and unearned income 442 259 Change in other operating assets and liabilities ( 263 ) ( 206 ) Net cash provided by operating activities 1,919 1,831 Investing activities: Acquisition of property, equipment and software ( 429 ) ( 438 ) Acquisition of businesses, net of cash acquired ( 798 ) ( 649 ) Sales of marketable securities, net 2 — Investments in unconsolidated affiliates, net of payments received ( 28 ) ( 68 ) Investments in debt and equity securities ( 20 ) ( 2 ) Proceeds from sale of property, equipment and software 75 25 Other ( 3 ) ( 2 ) Net cash used in investing activities ( 1,201 ) ( 1,134 ) Financing activities: Proceeds from issuance of debt 3,985 — Payment of debt issuance costs ( 34 ) — Repayment of debt and principal payments on finance leases ( 2,676 ) ( 130 ) Proceeds from revolving credit facility 1,375 685 Repayment of revolving credit facility ( 2,200 ) ( 785 ) Payments related to employee stock incentive plans ( 66 ) ( 61 ) Repurchase of common stock ( 1,032 ) ( 200 ) Contingent consideration and deferred purchase price payments ( 26 ) ( 12 ) Other ( 11 ) — Net cash used in financing activities ( 685 ) ( 503 ) Effect of foreign currency exchange rate changes on cash 79 2 Increase in cash and cash equivalents 112 196 Cash and cash equivalents at beginning of period 1,702 1,376 Cash and cash equivalents at end of period $ 1,814 $ 1,572 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Table of contents IQVIA HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited) (in millions) Common Stock Shares Treasury Stock Shares Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive (Loss) Income Noncontrolling Interests Total Balance, December 31, 2024 258.2 ( 82.1 ) $ 3 $ 11,140 $ 6,065 $ ( 10,103 ) $ ( 1,038 ) $ — $ 6,067 Issuance of common stock 0.3 — — ( 35 ) — — — — ( 35 ) Repurchase of common stock, net of tax — ( 2.3 ) — — — ( 429 ) — — ( 429 ) Stock-based compensation — — — 65 — — — — 65 Acquisitions related noncontrolling interests — — — — — — — 8 8 Net income — — — — 249 — — — 249 Unrealized losses on derivative instruments, net of tax — — — — — — ( 17 ) — ( 17 ) Defined benefit plan adjustments, net of tax — — — — — — ( 3 ) — ( 3 ) Foreign currency translation, net of tax — — — — — — 79 — 79 Reclassification adjustments, net of tax — — — — — — 1 — 1 Balance, March 31, 2025 258.5 ( 84.4 ) 3 11,170 6,314 ( 10,532 ) ( 978 ) 8 5,985 Issuance of common stock — — — — — — — — — Repurchase of common stock, net of tax — ( 4.1 ) — — — ( 613 ) — — ( 613 ) Stock-based compensation — — — 52 — — — — 52 Net income — — — — 266 — — — 266 Unrealized gains on derivative instruments, net of tax — — — — — — ( 4 ) — ( 4 ) Foreign currency translation, net of tax — — — — — — 102 — 102 Reclassification adjustments, net of tax — — — — — — ( 2 ) — ( 2 ) 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. 7 Table of contents IQVIA HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited) (in millions) Common Stock Shares Treasury Stock Shares Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive (Loss) Income Noncontrolling Interests Total Balance, December 31, 2023 257.2 ( 75.7 ) $ 3 $ 11,025 $ 4,692 $ ( 8,741 ) $ ( 867 ) $ — $ 6,112 Issuance of common stock 0.7 — — ( 61 ) — — — — ( 61 ) Stock-based compensation — — — 49 — — — — 49 Net income — — — — 288 — — — 288 Unrealized gains on derivative instruments, net of tax — — — — — — 34 — 34 Foreign currency translation, net of tax — — — — — — ( 69 ) — ( 69 ) Reclassification adjustments, net of tax — — — — — — ( 9 ) — ( 9 ) Balance, March 31, 2024 257.9 ( 75.7 ) 3 11,013 4,980 ( 8,741 ) ( 911 ) — 6,344 Issuance of common stock 0.1 — — 1 — — — — 1 Stock-based compensation — — — 44 — — — — 44 Net income — — — — 363 — — — 363 Unrealized gains on derivative instruments, net of tax — — — — — — 15 — 15 Foreign currency translation, net of tax — — — — — — ( 42 ) — ( 42 ) Reclassification adjustments, net of tax — — — — — — ( 11 ) — ( 11 ) 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. 8 Table of contents IQVIA HOLDINGS INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited) 1. Summary of Significant Accounting Policies The Company IQVIA Holdings Inc. (together with its subsidiaries, the “Company” or “IQVIA”) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. With approximately 91,000 employees, the Company conducts business in more than 100 countries. Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The balance sheet as of December 31, 2024 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by GAAP. Recently Issued Accounting Standards Accounting pronouncements recently adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve reportable segment disclosure requirements. The new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss. It does not change the definition of a segment or the guidance for determining reportable segments. 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 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): Improvements to Income Tax Disclosures , to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU require additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The new guidance is effective for the Company in the annual period beginning January 1, 2025. The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) , to improve the disclosures about an entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The new guidance requires additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods, and will be effective for the Company in the annual period beginning January 1, 2027, and interim periods beginning January 1, 2028. The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements. 9 Table of contents 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. 2. 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 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 Revenues: Americas $ 824 $ 1,039 $ 70 $ 1,933 Europe and Africa 652 570 75 1,297 Asia-Pacific 155 651 64 870 Total revenues $ 1,631 $ 2,260 $ 209 $ 4,100 Three Months Ended September 30, 2024 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 797 $ 969 $ 72 $ 1,838 Europe and Africa 626 607 54 1,287 Asia-Pacific 131 586 54 771 Total revenues $ 1,554 $ 2,162 $ 180 $ 3,896 Nine Months Ended September 30, 2025 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 2,437 $ 3,030 $ 208 $ 5,675 Europe and Africa 1,915 1,659 188 3,762 Asia-Pacific 453 1,874 182 2,509 Total revenues $ 4,805 $ 6,563 $ 578 $ 11,946 Nine Months Ended September 30, 2024 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 2,323 $ 2,969 $ 211 $ 5,503 Europe and Africa 1,757 1,699 166 3,622 Asia-Pacific 422 1,736 164 2,322 Total revenues $ 4,502 $ 6,404 $ 541 $ 11,447 10 Table of contents 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 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. Most of the Company's remaining performance obligations where revenues are expected to be recognized beyond the next twelve months are for service contracts for clinical research in the Company's Research & Development Solutions segment. The customer contract transaction price allocated to the remaining performance obligations differs from backlog in that it does not include wholly unperformed contracts under which the customer has a unilateral right to cancel the arrangement . 3. Trade Accounts Receivable, Unbilled Services and Unearned Income Trade accounts receivables and unbilled services consist of the following: (in millions) September 30, 2025 December 31, 2024 Trade accounts receivable $ 1,423 $ 1,390 Unbilled services 1,891 1,856 Trade accounts receivable and unbilled services 3,314 3,246 Allowance for doubtful accounts ( 45 ) ( 42 ) Trade accounts receivable and unbilled services, net $ 3,269 $ 3,204 Unbilled services and unearned income were as follows: (in millions) September 30, 2025 December 31, 2024 Change Unbilled services $ 1,891 $ 1,856 $ 35 Unearned income ( 2,160 ) ( 1,779 ) ( 381 ) 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 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 $ 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 nine months ended September 30, 2025 and 2024. 11 Table of contents 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 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. 4. Goodwill 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 Balance as of December 31, 2024 $ 11,957 $ 2,608 $ 145 $ 14,710 Business combinations 174 402 20 596 Impact of foreign currency fluctuations and other 617 22 3 642 Balance as of September 30, 2025 $ 12,748 $ 3,032 $ 168 $ 15,948 5. Derivatives 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 September 30, 2025 December 31, 2024 Assets Liabilities Notional Assets Liabilities Notional Derivatives designated as hedging instruments: Interest rate swaps Other current liabilities $ — $ 50 $ 2,474 $ — $ 5 $ 2,485 Cross-currency swaps Other current liabilities and other assets — 340 2,724 39 — 2,735 Foreign exchange forward contracts Other current assets and other current liabilities 5 1 130 — 2 108 Total derivatives $ 5 $ 391 $ 39 $ 7 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 September 30, Nine Months Ended September 30, (in millions) 2025 2024 2025 2024 Interest rate swaps $ ( 5 ) $ ( 70 ) $ ( 45 ) $ ( 32 ) Foreign exchange forward contracts ( 5 ) 4 6 4 Total $ ( 10 ) $ ( 66 ) $ ( 39 ) $ ( 28 ) 12 Table of contents 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. The new $ 1,485 million swaps expire in January 2031 at the time of the term loans to which they are related, and the Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of these agreements. The notional amount of the $ 1,485 million swaps will decrease over time in connection with the related term loans. The Company designated these new swap agreements as a hedge of its net investment in certain foreign subsidiaries. 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. 6. Fair Value Measurements The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity. 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 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. 13 Table of contents 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 September 30, 2025: (in millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 190 $ — $ — $ 190 Derivatives — 5 — 5 Total $ 190 $ 5 $ — $ 195 Liabilities: Derivatives $ — $ 391 $ — $ 391 Contingent consideration — — 117 117 Total $ — $ 391 $ 117 $ 508 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 December 31, 2024: (in millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 170 $ — $ — $ 170 Derivatives — 39 — 39 Total $ 170 $ 39 $ — $ 209 Liabilities: Derivatives $ — $ 7 $ — $ 7 Contingent consideration — — 102 102 Total $ — $ 7 $ 102 $ 109 Below is a summary of the valuation techniques used in determining fair value: Marketable securities — The Company values trading and available-for-sale securities using the quoted market value of the securities held. Derivatives — Derivatives consist of foreign exchange contracts, interest rate swaps, and cross-currency swaps. The fair value of foreign exchange contracts is based on observable market inputs of spot and forward rates or using other observable inputs. The fair value of the interest rate swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread. The fair value of the cross-currency swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account the effective interest rates, foreign exchange rates and the remaining time to maturities. Contingent consideration — The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. 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 September 30, 2025 the Company has accrued approximately 69 % of the maximum contingent consideration payments that could potentially become payable. 14 Table of contents 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 Balance as of December 31, 2024 $ 102 Business combinations 51 Contingent consideration paid ( 20 ) Revaluations included in earnings and foreign currency translation adjustments ( 16 ) 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 (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 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. 7. Credit Arrangements The following is a summary of the Company’s revolving credit facilities as of September 30, 2025: Facility Interest Rates $ 2,000 million (revolving credit facility) U.S. 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) U.S. Dollar Term SOFR plus a margin of 1.00 % plus a 10 basis credit spread adjustment as of September 30, 2025 15 Table of contents The following table summarizes the Company’s debt at the dates indicated: (dollars in millions) September 30, 2025 December 31, 2024 Revolving Credit Facility due 2026: U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of — % $ — $ 825 Senior Secured Credit Facilities: Term A Loan due 2026—U.S. Dollar Term SOFR at floating rates of 5.51 % 1,143 1,197 Term A Loan due 2026—Euribor at floating rates of 3.25 % 293 272 Term A Loan due 2027—U.S. Dollar Term SOFR at floating rates of 5.55 % 1,047 1,094 Term B Loan due 2025—Euribor at floating rates of — % — 542 Term B Loan due 2031—U.S. Dollar Term SOFR at floating rates of — % — 1,485 Term B Loan due 2031—U.S. Dollar Term SOFR at floating rates of 5.75 % 1,970 — 5.700 % Senior Secured Notes due 2028—U.S. Dollar denominated 750 750 6.250 % Senior Secured Notes due 2029—U.S. Dollar denominated 1,250 1,250 5.0 % Senior Notes due 2027—U.S. Dollar denominated 1,100 1,100 5.0 % Senior Notes due 2026—U.S. Dollar denominated 1,050 1,050 6.500 % Senior Notes due 2030—U.S. Dollar denominated 500 500 6.250 % Senior Notes due 2032—U.S. Dollar denominated 2,000 — 2.875 % Senior Notes due 2025—Euro denominated — 436 2.25 % Senior Notes due 2028—Euro denominated 845 748 2.875 % Senior Notes due 2028—Euro denominated 834 739 1.750 % Senior Notes due 2026—Euro denominated 646 572 2.250 % Senior Notes due 2029—Euro denominated 1,056 935 Receivables financing facility due 2027—U.S. Dollar Term SOFR at floating rates of 5.30 %: Revolving Loan Commitment 110 110 Term Loan 440 440 Principal amount of debt 15,034 14,045 Less: unamortized discount and debt issuance costs ( 77 ) ( 62 ) Less: current portion ( 2,164 ) ( 1,145 ) Long-term debt $ 12,793 $ 12,838 Contractual maturities of long-term debt as of September 30, 2025 are as follows: (in millions) Remainder of 2025 $ 43 2026 3,191 2027 2,639 2028 2,449 2029 2,326 Thereafter 4,386 $ 15,034 16 Table of contents Senior Secured Credit Facilities On March 10, 2025, the Company entered into an Amendment (the “Amendment”) to its Fifth Amended and Restated Credit Agreement among IQVIA Inc., a wholly owned subsidiary of the Company, the Company, IQVIA RDS Inc., a wholly owned subsidiary of the Company, the other guarantors party thereto, Bank of America, N.A., as administrative agent and as collateral agent, and the Lenders (as defined therein) party thereto. The Amendment, among other changes, established a new incremental Term B-5 dollar loan facility in an aggregate principal amount equal to $ 1,985 million (the “Incremental Term B-5 Dollar Facility”). Proceeds of the Incremental Term B-5 Dollar Facility were applied to (a) refinance the existing Term B-4 dollar loans and (b) repay in full the existing Term B-2 Euro loans. The interest rates for borrowings under the Incremental Term B-5 Dollar Facility are based on the Secured Overnight Financing Rate plus an applicable margin of 1.75 % per annum. In connection with this Amendment, we recognized a $ 4 million loss on extinguishment of debt, which includes fees and related expenses. 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. dollars, a $ 600 million senior secured revolving facility available in U.S. dollars, Euros, Swiss Francs and other foreign currencies, and a $ 225 million senior secured revolving facility available in U.S. dollars and Yen. Senior Notes 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. (the “Issuer”), a wholly owned subsidiary of the Company, completed the issuance and sale of $ 2,000 million in gross proceeds of 6.250 % senior notes due 2032 (the “Senior Notes”). The Senior Notes were issued pursuant to an Indenture, dated June 4, 2025, among the Issuer, U.S. Bank Trust Company, National Association, as trustee of the Senior Notes, and certain subsidiaries of the Issuer as guarantors. The net proceeds from the notes offering were used to repay existing borrowings under the Company’s revolving credit facility and to pay fees and expenses related to the Senior Notes offering, with any excess proceeds used for general corporate purposes. The Senior Notes are unsecured obligations of the Company, will mature on June 1, 2032, unless earlier repurchased or redeemed in accordance with their terms, and bear interest at the rate of 6.250 % per year, with interest payable semi-annually on June 1 and December 1 of each year, beginning on December 1, 2025. The Company may redeem the Senior Notes prior to their final stated maturity, subject to a customary make-whole premium, at any time prior to June 1, 2028 (subject to a customary “equity claw” redemption right) and thereafter subject to a redemption premium declining from 3.125 % to 0.000 %. Restrictive Covenants The Company’s debt agreements provide for certain covenants and events of default customary for similar instruments, including a covenant not to exceed a specified ratio of consolidated senior secured net indebtedness to Consolidated EBITDA, as defined in the senior secured credit facility agreement and a covenant to maintain a specified minimum interest coverage ratio. If an event of default occurs under any of the Company’s or the Company’s subsidiaries’ financing arrangements, the creditors under such financing arrangements will be entitled to take various actions, including the acceleration of amounts due under such arrangements, and in the case of the lenders under the revolving credit facility and term loans, other actions permitted to be taken by a secured creditor. 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 September 30, 2025, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements . 17 Table of contents 8. Contingencies The Company and its subsidiaries are involved in legal and tax proceedings, claims and litigation arising in the ordinary course of business. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For those matters where management currently believes it is probable that the Company will incur a loss and that the probable loss or range of loss can be reasonably estimated, the Company has recorded an accrual in the consolidated financial statements based on its best estimates of such loss. In other instances, because of the uncertainties related to either the probable outcome or the amount or range of loss, management is unable to make a reasonable estimate of a liability, if any. However, even in many instances where the Company has recorded an estimated liability, the Company is unable to predict with certainty the final outcome of the matter or whether resolution of the matter will materially affect the Company’s results of operations, financial position or cash flows. As additional information becomes available, the Company adjusts its assessments and estimates of such liabilities accordingly. The Company routinely enters into agreements with third parties, including its clients and suppliers, all in the normal course of business. In these agreements, the Company sometimes agrees to indemnify and hold harmless the other party for any damages such other party may suffer as a result of potential intellectual property infringement and other claims. The Company has not accrued a liability with respect to these matters generally, as the exposure is considered remote. Based on its review of the latest information available, management does not expect the impact of pending legal and tax proceedings, claims and litigation, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or financial position. However, one or more unfavorable outcomes in any claim or litigation against the Company could have a material adverse effect for the period in which it is resolved. The following is a summary of certain legal matters involving the Company. On January 10, 2017, Quintiles IMS Health Incorporated and IMS Software Services Ltd. (collectively “IQVIA Parties”), filed a lawsuit in the U.S. District Court for the District of New Jersey against Veeva Systems, Inc. (“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 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 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. The Court imposed five sanctions against Veeva, including ordering three separate adverse inference instructions be issued to the jury and that IQVIA be permitted to present evidence to the jury of Veeva’s destruction efforts. Veeva appealed the Order. 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. 9. Stockholders’ Equity Preferred Stock 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 September 30, 2025 or December 31, 2024. 18 Table of contents Equity Repurchase Program On February 5, 2025, the Company's Board of Directors increased the stock repurchase authorization under the Company's equity repurchase program (the "Repurchase Program") with respect to the repurchase of the Company's common stock by an additional $ 2,000 million, which increased the total amount that has been authorized under the Repurchase Program to $ 13,725 million. 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 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. 10. Business Combinations 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. Pro forma information is not presented as pro forma results of operations would not be materially different to the actual results of operations of the Company. The following table provides certain preliminary financial information for these acquisitions: (in millions) September 30, 2025 Assets acquired: Cash and cash equivalents $ 76 Accounts receivable 98 Other assets 33 Goodwill 596 Other identifiable intangibles 378 Liabilities assumed: Other liabilities ( 74 ) Deferred income taxes, long-term ( 34 ) Net assets acquired (1) $ 1,073 Fair value of noncontrolling interests (2) 127 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. 19 Table of contents The following table provides a summary of the preliminary estimated fair value of certain intangible assets acquired: (in millions) Amortization Period September 30, 2025 Other identifiable intangibles: Customer relationships 9 - 17 years $ 334 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 Total Other identifiable intangibles $ 378 11. Restructuring The Company has continued to take restructuring actions in 2025 to align its resources and reduce overcapacity to adapt to changing market conditions and integrate acquisitions. These actions include consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements. These restructuring actions are expected to continue throughout 2025 and into 2026. The following amounts were recorded for the restructuring plans: (in millions) Severance and Related Costs Balance as of December 31, 2024 $ 21 Expense, net of reversals 81 Payments ( 71 ) Foreign currency translation and other 2 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 September 30, 2025 will be paid in 2025 and 2026. 12. Income Taxes 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. government enacted the One Big Beautiful Bill Act ("OBBBA"), which includes several changes to U.S. federal income tax law, including the temporary and permanent extension, of expiring provisions of the Tax Cuts and Jobs Act of 2017. 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. 20 Table of contents 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 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. 13. Accumulated Other Comprehensive (Loss) Income Below is a summary of the components of AOCI: (in millions) Foreign Currency Translation Derivative Instruments Defined Benefit Plans Income Taxes Total Balance as of December 31, 2024 $ ( 1,092 ) $ ( 5 ) $ 15 $ 44 $ ( 1,038 ) Other comprehensive income (loss) before reclassifications — ( 34 ) ( 4 ) 152 114 Reclassification adjustments — ( 5 ) — 1 ( 4 ) 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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Derivative instruments: Interest rate swaps Interest expense $ 2 $ 8 $ 4 $ 38 Foreign exchange forward contracts Revenues 1 3 1 — Total before income taxes 3 11 5 38 Income taxes — 3 1 10 Total net of income taxes $ 3 $ 8 $ 4 $ 28 14. Segments The following table presents the Company’s operations by reportable segment. The Company is managed through three reportable segments, Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions. Technology & Analytics Solutions provides mission critical information, technology solutions and real world insights and services to the Company’s life science clients. Research & Development Solutions, which primarily serves biopharmaceutical customers, provides outsourced clinical research and clinical trial related services. Contract Sales & Medical Solutions provides health care provider (including contract sales) and patient engagement services to both biopharmaceutical customers and the broader healthcare market. 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, 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. Asset information by segment is not presented, as this measure is not used by the chief executive officer, who is the chief operating decision maker ("CODM"), to assess the Company’s performance. For all segments, the CODM uses segment revenue and segment profit in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly and quarterly basis for both segment revenue and profit when making decisions about allocating operating and capital resources to the segments. The CODM also uses segment revenue and profit to assess the performance for each segment by comparing the results of each segment with one another and in determining the compensation of certain employees. 21 Table of contents The Company’s reportable segment information is presented below: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2024 2025 2024 Revenues Technology & Analytics Solutions $ 1,631 $ 1,554 $ 4,805 $ 4,502 Research & Development Solutions 2,260 2,162 6,563 6,404 Contract Sales & Medical Solutions 209 180 578 541 Total revenues 4,100 3,896 11,946 11,447 Cost of revenues, exclusive of depreciation and amortization Technology & Analytics Solutions 1,014 922 2,972 2,720 Research & Development Solutions 1,532 1,442 4,481 4,268 Contract Sales & Medical Solutions 181 154 499 462 Total cost of revenues, exclusive of depreciation and amortization 2,727 2,518 7,952 7,450 Selling, general and administrative expenses Technology & Analytics Solutions 247 227 714 681 Research & Development Solutions 232 222 675 666 Contract Sales & Medical Solutions 15 14 43 45 Total selling, general and administrative expenses reportable segments 494 463 1,432 1,392 Segment profit Technology & Analytics Solutions 370 405 1,119 1,101 Research & Development Solutions 496 498 1,407 1,470 Contract Sales & Medical Solutions 13 12 36 34 Total segment profit 879 915 2,562 2,605 General corporate and unallocated expenses ( 20 ) ( 59 ) ( 99 ) ( 147 ) Depreciation and amortization ( 286 ) ( 278 ) ( 827 ) ( 811 ) Restructuring costs ( 20 ) ( 28 ) ( 81 ) ( 71 ) Total income from operations 553 550 1,555 1,576 Interest income ( 13 ) ( 13 ) ( 34 ) ( 36 ) Interest expense 189 170 536 499 Loss on extinguishment of debt — — 4 — 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 22 Table of contents 15. Earnings Per Share The following table presents the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share data) 2025 2024 2025 2024 Numerator: Net income attributable to IQVIA Holdings Inc. $ 331 $ 285 $ 846 $ 936 Denominator: Basic weighted average common shares outstanding 170.2 182.1 172.6 182.1 Effect of dilutive stock options and share awards 1.5 2.1 1.5 2.2 Diluted weighted average common shares outstanding 171.7 184.2 174.1 184.3 Earnings per share attributable to common stockholders: Basic $ 1.94 $ 1.57 $ 4.90 $ 5.14 Diluted $ 1.93 $ 1.55 $ 4.86 $ 5.08 Stock-based awards will have a dilutive effect under the treasury method when the respective period's average market value of the Company's common stock exceeds the exercise proceeds. 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 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. 23 Table of contents