What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2026-02-17 compared with 2025-02-13 · 194 added, 162 removed, 1304 unchanged (21% of the section changed)

78 unchanged sentences

Loss on extinguishment of debt 6 — 6

Other (income) expense, net ( 90 ) ( 124 ) 33

Income before income taxes and equity in earnings (losses) of unconsolidated affiliates 1,669 1,459 1,363

Other income, net ( 99 ) ( 90 ) ( 124 )

Income before income taxes and equity in earnings of unconsolidated affiliates 1,591 1,669 1,459

Income tax expense 252 301 101

Income before equity in earnings (losses) of unconsolidated affiliates 1,368 1,358 1,103

Equity in earnings (losses) of unconsolidated affiliates 5 — ( 12 )

Income before equity in earnings of unconsolidated affiliates 1,339 1,368 1,358

Equity in earnings of unconsolidated affiliates 22 5 —

Net income 1,361 1,373 1,358

Net income attributable to noncontrolling interests ( 1 ) — —

Net income attributable to IQVIA Holdings Inc.

$ 1,360 $ 1,373 $ 1,358

Earnings per share attributable to common stockholders:

12 unchanged sentences

Comprehensive income adjustments:

Unrealized gains (losses) on derivative instruments, net of income tax expense (benefit) of $ 17 , $( 3 ) and $ 13

Defined benefit plan adjustments, net of income tax expense (benefit) of $ 5 , $ 4 and $( 3 )

Foreign currency translation, net of income tax expense (benefit) of $ 77 , $( 55 ) and $ 106

Unrealized (losses) gains on derivative instruments, net of income tax (benefit) expense of $( 7 ), $ 17 and $( 3 )

( 21 ) 53 ( 7 )

Defined benefit plan adjustments, net of income tax expense of $ 7 , $ 5 and $ 4

Foreign currency translation, net of income tax (benefit) expense of $( 140 ), $ 77 and $( 55 )

106 ( 200 ) ( 89 )

Reclassification adjustments:

Reclassifications on derivative instruments included in net income, net of income tax (expense) benefit of $( 10 ), $( 17 ) and $ 2

Reclassifications on derivative instruments included in net income, net of income tax (expense) of $( 2 ), $( 10 ) and $( 17 )

( 8 ) ( 31 ) ( 51 )

Comprehensive income 1,456 $ 1,202 $ 1,218

Comprehensive income attributable to noncontrolling interests ( 1 ) — —

Comprehensive income attributable to IQVIA Holdings Inc.

$ 1,455 $ 1,202 $ 1,218

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

42 unchanged sentences

Accumulated other comprehensive loss ( 943 ) ( 1,038 )

Equity attributable to IQVIA Holdings Inc.’s stockholders 6,503 6,067

Noncontrolling interests 127 —

Total stockholders’ equity 6,630 6,067

12 unchanged sentences

Stock-based compensation 247 206 217

Gain on disposals of property and equipment, net — — ( 10 )

(Earnings) losses from unconsolidated affiliates ( 5 ) — 12

(Gain) loss on investments, net ( 22 ) ( 20 ) 27

Earnings from unconsolidated affiliates ( 22 ) ( 5 ) —

Gain on investments, net ( 44 ) ( 22 ) ( 20 )

Benefit from deferred income taxes ( 180 ) ( 129 ) ( 269 )

9 unchanged sentences

Acquisition of businesses, net of cash acquired ( 1,714 ) ( 735 ) ( 876 )

Purchases of marketable securities, net — ( 6 ) ( 5 )

Sales (purchases) of marketable securities, net 2 — ( 6 )

Investments in unconsolidated affiliates, net of payments received ( 44 ) ( 132 ) ( 39 )

1 unchanged sentence

Proceeds from sale of property, equipment and software 75 25 —

Other ( 1 ) 2 5

Net cash used in investing activities ( 2,305 ) ( 1,444 ) ( 1,603 )

8 unchanged sentences

Contingent consideration and deferred purchase price payments ( 33 ) ( 16 ) ( 81 )

Other ( 11 ) — —

Net cash used in financing activities ( 150 ) ( 878 ) ( 382 )

Effect of foreign currency exchange rate changes on cash 79 ( 68 ) ( 4 )

Increase (decrease) in cash and cash equivalents 326 160 ( 150 )

Increase in cash and cash equivalents 278 326 160

Cash and cash equivalents at beginning of period 1,702 1,376 1,216

4 unchanged sentences

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 Total

(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, 2022 256.4 ( 70.7 ) $ 3 $ 10,895 $ 3,334 $ ( 7,740 ) $ ( 727 ) $ — $ 5,765

20 unchanged sentences

Stock-based compensation — — — 227 — — — — 227

Acquisition of noncontrolling interests — — — — — — — 126 126

Net income — — — — 1,360 — — 1 1,361

12 unchanged sentences

IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI ® , advanced analytics, the latest technologies and extensive domain expertise.

IQVIA is committed to using AI responsibly, ensuring that its AI-powered capabilities are grounded in privacy, regulatory compliance, and patient safety.

IQVIA is committed to using artificial intelligence ("AI") responsibly.

With approximately 93,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.

4 unchanged sentences

The accompanying consolidated financial statements include the accounts and operations of the Company, its subsidiaries and investments in which the Company has control.

Amounts pertaining to the non-controlling ownership interests held by third parties, if any, in the operating results and financial position of the Company’s majority-owned subsidiaries are reported as non-controlling interests.

Amounts pertaining to the noncontrolling ownership interests held by third parties, if any, in the operating results and financial position of the Company’s majority-owned subsidiaries are reported as noncontrolling interests.

Intercompany accounts and transactions have been eliminated in consolidation.

12 unchanged sentences

Accordingly, exchange rate fluctuations during this period may affect the Company’s profitability with respect to such contracts.

For operations outside the United States that are considered to be highly inflationary or where the United States dollar is designated as the functional currency, monetary assets and liabilities are remeasured using end-of-period exchange rates, whereas nonmonetary accounts are remeasured using historical exchange rates, and all remeasurement and transaction adjustments are recognized in other (income) expense, net.

Cash Equivalents

18 unchanged sentences

Business Combinations and Goodwill

The Company uses the acquisition method to account for business combinations, and accordingly, the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree are recorded at their estimated fair values on the date of the acquisition.

The Company uses significant judgments, estimates and assumptions in determining the estimated fair value of assets acquired, liabilities assumed and non-controlling interests including expected future cash flows, and discount rates that reflect the risk associated with the expected future cash flows and estimated useful lives.

The Company uses the acquisition method to account for business combinations, and accordingly, the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree are recorded at their estimated fair values on the date of the acquisition.

The Company uses significant judgments, estimates and assumptions in determining the estimated fair value of assets acquired, liabilities assumed and noncontrolling interests including expected future cash flows, and discount rates that reflect the risk associated with the expected future cash flows and estimated useful lives.

The Company records and allocates to its reporting units the excess of the cost over the fair value of the net assets acquired, known as goodwill.

147 unchanged sentences

These investments are classified as investments in unconsolidated affiliates on the accompanying consolidated balance sheets.

The Company records its pro rata share of the earnings, adjusted for accretion of basis difference, of these investments in equity in earnings (losses) of unconsolidated affiliates on the accompanying consolidated statements of income.

The Company records its pro rata share of the earnings, adjusted for accretion of basis difference, of these investments in equity in earnings of unconsolidated affiliates on the accompanying consolidated statements of income.

The Company reviews its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.

5 unchanged sentences

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 Company adopted this new accounting guidance effective for the annual period beginning January 1, 2024, and will adopt it in 2025 for interim periods.

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

Accounting pronouncements issued but not adopted as of December 31, 2024

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

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 will be 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.

The Company adopted this new accounting guidance on January 1, 2025.

See Note 16 for the Company's income tax disclosures which have been expanded to comply with the new guidance.

Accounting pronouncements issued but not adopted as of December 31, 2025

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.

1 unchanged sentence

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 will be effective for the Company for interim and annual periods beginning January 1, 2028.

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

In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities , to establish guidance on the recognition, measurement, and presentation of government grants received by business entities.

The overall principle of the new standard is that a government grant is recognized in earnings in the same periods that the costs for which the grant was intended to compensate are recognized.

However, a government grant cannot be recognized until it is probable that the company will comply with the conditions attached to the grant and the grant will be received.

The new guidance requires that a grant related to an asset be recognized on the balance sheet as a business entity incurs the related costs for which the grant is intended to compensate, either as deferred income (the deferred income approach), or an adjustment to the cost basis in determining the carrying amount of the asset (the cost accumulation approach).

The new guidance will be effective for the Company for interim and annual periods beginning January 1, 2029.

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

42 unchanged sentences

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 decreased by $ 20 million over the same period resulting in a decrease of $ 66 million in the net balance of unbilled services and unearned income between December 31, 2024 and 2023.

Unearned income increased by $ 339 million over the same period resulting in a decrease of $ 412 million in the net balance of unbilled services and unearned income between December 31, 2025 and 2024.

The change in the net balance is driven by the difference in timing of revenue recognition in accordance with 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 primarily based on certain milestones.

8 unchanged sentences

Debt, Equity and Other Securities

The Company’s short-term investments in debt, equity and other securities consist primarily of trading investments in mutual funds and are measured at fair value with realized and unrealized gains and losses recorded in other (income) expense, net on the accompanying consolidated statements of income.

The Company’s short-term investments in debt, equity and other securities consist primarily of trading investments in mutual funds and are measured at fair value with realized and unrealized gains and losses recorded in other income, net on the accompanying consolidated statements of income.

The Company’s long-term debt and equity investments (except those accounted for under the equity method, those that result in consolidation of the investee and certain other investments) are measured at fair value and any changes in fair value are recognized in net income at the end of each reporting period.

1 unchanged sentence

Unconsolidated Affiliates

The Company accounts for its investments in unconsolidated affiliates under the equity method of accounting and records its pro rata share of its losses or earnings from these investments in equity in earnings (losses) of unconsolidated affiliates.

The following is a summary of the Company’s investments in unconsolidated affiliates:

2 unchanged sentences

(“NQ Fund V”) $ 33 $ 36

NostraData Pty Ltd.

(“NostraData”) 17 18

NovaQuest Private Equity Fund I, L.P.

(“NQ PE Fund I”) 10 11

RxWare (formerly "Helparound") 7 2

NovaQuest Pharma Opportunities Fund IV, L.P.

2 unchanged sentences

("Longwood") 4 6

RxWare (formerly "Helparound") 2 2

NovaQuest Pharma Opportunities Fund III, L.P.

(“NQ Fund III”) — 1

NostraData Pty Ltd.

Other 266 190

Variable Interest Entities

4 unchanged sentences

NQ Fund IV 4 4

NQ Fund III — 5

Other 251 635

6 unchanged sentences

The Company does not enter into interest rate swaps for investment or speculative purposes.

On July 19, 2018, the Company entered into forward starting interest rate swaps with a total notional value of $ 500 million in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (see Note 10 for additional information).

Interest on the swaps began accruing on June 28, 2019 and the swaps expired on June 28, 2024.

The Company paid an average fixed rate of 2.75 % and received a variable rate of interest equal to the three-month Term SOFR on these swaps.

On June 4, 2020, the Company entered into an interest rate swap with a notional value of $ 300 million in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (see Note 10 for additional information).

Interest on the swap began accruing on June 30, 2020 and the swa p expired o n June 28, 2024.

The Company paid a fixed rate of 0.32 % and received a variable rate of interest equal to the three-month Term SOFR on the swap.

On January 3, 2023, the Company entered into interest rate swaps with a combined notional value of $ 1,000 million in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (see Note 10 for additional information).

Interest on the swaps began accruing on December 30, 2022 and the swaps expire on December 31, 2025.

The Company pays a fixed rate of 4.10 % and receives a variable rate of interest equal to one-month Term SOFR on the swaps.

Interest on the swaps began accruing on December 30, 2022 and the swaps expired on December 31, 2025.

The Company paid a fixed rate of 4.10 % and received a variable rate of interest equal to one-month Term SOFR on the swaps.

On November 17, 2023, the Company entered into interest rate swaps with a combined notional value of $ 1,500 million in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (see Note 10 for additional information).

4 unchanged sentences

As such, changes in the fair value of the interest rate swaps are recorded as unrealized gains (losses) on derivatives included in AOCI.

The fair value of these interest rate swaps represents the present value of the anticipated net payments the Company will make to the counterparty, which, when they occur, are reflected as interest expense on the consolidated statements of income.

The fair value of these interest rate swaps represents the present value of the anticipated net payments the Company will make to the counterparties, which, when they occur, are reflected as interest expense on the consolidated statements of income.

These interest rate swaps result in a total debt mix of approximately 73 % fixed rate debt and 27 % variable rate debt.

12 unchanged sentences

Upon expiration of the hedge instruments in 2025, the Company reclassified the unrealized holding gains and losses on the derivative instruments included in AOCI into earnings.

The unrealized gains (losses) are included in other current assets and other current liabilities on the accompanying consolidated balance sheets as of December 31, 2024 and 2023.

The unrealized losses are included in other current liabilities on the accompanying consolidated balance sheet as of December 31, 2024.

Net Investment Risk Management, Euro Denominated Notes

As of December 31, 2025, the portion of the Company's foreign currency denominated debt balance that was designated as a hedge of its net investment in certain foreign subsidiaries totaled approximately € 2,955 million ($ 3,469 million).

The amount of foreign exchange gains (losses) related to this net investment hedge included in the cumulative translation adjustment component of AOCI was $ 186 million, $( 102 ) million, and $ 332 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The amount of foreign exchange (losses) gains related to this net investment hedge included in the cumulative translation adjustment component of AOCI was $( 394 ) million, $ 186 million, and $( 102 ) million for the years ended December 31, 2025, 2024 and 2023, respectively.

Net Investment Risk Management, Cross-Currency Swaps

7 unchanged sentences

The Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of these agreements.

The effective net borrowing rate to the Company is approximately 4.9015 %, inclusive of the yield on the loans, the impact of the cross-currency swaps and of the interest rate swaps entered o n November 17, 2023 as noted above.

On February 3, 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 effective net borrowing rate to the Company is approximately 4.1071 %, inclusive of the yield on the notes and the beneficial impact of the cross-currency swaps.

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 effective net borrowing rate to the Company is approximately 4.0610 %, inclusive of the yield on the notes, the beneficial impact of the cross-currency swaps and of the interest rate swaps entered on November 17, 2023 as noted above.

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

The Company does not enter into cross-currency swaps for investment or speculative purposes.

For the years ended December 31, 2024 and 2023, the Company recorded gains (losses) of $ 147 million and $( 108 ) million, respectively, within AOCI as a result of these cross-currency swaps.

The Company recognized $ 36 million and $ 3 million related to the excluded component as a reduction of interest expense for the years ended December 31, 2024 and 2023 , respectively.

For the years ended December 31, 2025, 2024 and 2023, the Company recorded (losses) gains of $( 361 ) million, $ 147 million, and $( 108 ) million, respectively, within AOCI as a result of these cross-currency swaps.

The Company recognized $ 44 million, $ 36 million, and $ 3 million related to the excluded component as a reduction of interest expense for the years ended December 31, 2025, 2024 and 2023, respectively.

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

2 unchanged sentences

Derivatives designated as hedging instruments:

Interest rate swaps Other current assets, other assets and other current liabilities $ — $ 5 $ 2,485 $ 13 $ 51 $ 3,300

Interest rate swaps Other current liabilities $ — $ 45 $ 1,470 $ — $ 5 $ 2,485

Cross-currency swaps Other assets and other current liabilities — 322 2,720 39 — 2,735

Foreign exchange forward contracts Other current assets and other current liabilities — 2 108 2 — 121

Foreign exchange forward contracts Other current liabilities — — 127 — 2 108

Total derivatives $ — $ 367 $ 39 $ 7

5 unchanged sentences

Total $ ( 38 ) $ 29 $ ( 78 )

The Company expects $ 3 million of pre-tax unrealized gains related to its foreign exchange contracts and interest rate derivatives included in AOCI as of December 31, 2024 to be reclassified into earnings within the next twelve months.

The Company expects $ 7 million of pre-tax unrealized losses related to its foreign exchange contracts and interest rate derivatives included in AOCI as of December 31, 2025 to be reclassified into earnings within the next twelve months.

The total amount, net of income taxes, of the cash flow hedge effect on the accompanying consolidated statements of income was $ 8 million, $ 31 million, and $ 51 million for the years ended December 31, 2025, 2024 and 2023, respectively.

48 unchanged sentences

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

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

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

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

64 unchanged sentences

There were no goodwill impairment losses for the years ended December 31, 2025, 2024 and 2023.

Effective January 1, 2026, the Company's reportable segments consist of Commercial Solutions and Research & Development Solutions.

See Note 20 for further details.

This change in management reporting necessitates the reallocation of goodwill between the two reportable segments and the performance of a goodwill impairment test, which the Company will perform in 2026.

Accrued Expenses

13 unchanged sentences

$ 2,000 million (revolving credit facility)

Dollar Term SOFR plus a margin of 1.25 % plus a 10 basis credit spread adjustment as of December 31, 2024

Dollar Term SOFR plus a margin of 1.25 % as of December 31, 2025

$ 110 million (receivables financing facility)

9 unchanged sentences

Term A Loan due 2026—Euribor at floating rates of — %

Term A Loan due 2030—Euribor at floating rates of 3.33 %

Term A Loan due 2027—U.S.

Dollar Term SOFR at floating rates of — %

Term A Loan due 2030—U.S.

Dollar Term SOFR at floating rates of 4.99 %

Term B Loan due 2025—Euribor at floating rates of — %

Term B Loan due 2031—U.S Dollar Term SOFR at floating rates of — %

Term B Loan due 2031—U.S Dollar Term SOFR at floating rates of 5.42 %

5.700 % Senior Secured Notes due 2028—U.S.

8 unchanged sentences

Dollar denominated

6.250 % Senior Notes due 2032—U.S.

Dollar denominated

2.875 % Senior Notes due 2025—Euro denominated

15 unchanged sentences

Senior Secured Credit Facilities

As of December 31, 2024, the Fifth Amended and Restated Credit Agreement (the “Credit Agreement”) provided financing through several senior secured credit facilities of up to $ 6,585 million, which consisted of $ 5,415 million principal amounts of debt outstanding (as detailed in the table above), and $ 1,170 million of available borrowing capacity on the $ 2,000 million revolving credit facility and standby letters of credit.

On December 9, 2025, the Company entered into an amendment to its Fifth Amended and Restated Credit Agreement (the “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, to (i) refinance (x) its Term A-1 Dollar Loans (as defined in the Credit Agreement) and its Term A-2 Dollar Loans (as defined in the Credit Agreement) into a new class of term A dollar loans, (y) its Term A Euro Loans (as defined in the Credit Agreement) into a new class of term A euro loans and (z) all current U.S.

Revolving Credit Commitments, Japanese Revolving Credit Commitments and Swiss/Multicurrency Revolving Credit Commitments (each as defined in the Credit Agreement) into a new class of revolving credit commitments available in U.S.

dollars, (ii) to reduce the interest rate applicable to term A loans denominated in U.S.

dollars and revolving credit loans denominated in U.S.

dollars by eliminating the term SOFR credit spread adjustment, and (iii) to release the Swiss Subsidiary Borrower and the Japanese Subsidiary Borrower (each as defined in the Credit Agreement) from all obligations as borrowers under and party to the Credit Agreement.

In connection with this amendment, the Company recognized a $ 2 million loss on extinguishment of debt, which includes fees and related expenses.

On March 10, 2025, the Company entered into an amendment to its 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.

This 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 SOFR plus an applicable margin of 1.75 % per annum.

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

As of December 31, 2025, the Credit Agreement provided financing through several senior secured credit facilities of up to $ 6,412 million, which consisted of $ 5,217 million principal amounts of debt outstanding (as detailed in the table above), and $ 1,195 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 $ 2,000 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.

2024 Financing Transactions

On November 28, 2023, the Company entered into an amendment (the “Amendment”) to its 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.

Pursuant to the Amendment, the Company borrowed $ 1,500 million in incremental Term B-4 Dollar Loans (as defined in the Credit Agreement) due January 2, 2031.

The net proceeds from the Term B-4 Dollar Loans were used to repay certain of the outstanding term loans due in 2024 and in 2025 under the Company’s senior secured credit facilities, and to pay fees and expenses related to the Amendment and the offering of 2029 Senior Secured Notes (as defined below).

In connection with this Amendment, the Company recognized a $ 6 million loss on extinguishment of debt, which includes fees and expenses.

On April 17, 2023, the Company increased the capacity of the senior secured revolving credit facility by $ 500 million U.S.

dollars, bringing the total capacity of the revolving credit facility to $ 2,000 million.

At the same time, the Company also amended the benchmark rate of the U.S dollar revolving credit facility and the U.S dollar Term A Loans from U.S dollar LIBOR to U.S.

dollar Secured Overnight Financing Rate term rates ("Term SOFR"), plus a 10 basis point Credit Spread Adjustment.

Senior Secured Notes

2024 Financing Transactions

On November 28, 2023, IQVIA Inc.

(the “Issuer”), completed the issuance and sale of $ 1,250 million in gross proceeds of 6.250 % senior secured notes due 2029 (the “2029 Senior Secured Notes”).

The 2029 Senior Secured Notes were issued pursuant to an Indenture, dated November 28, 2023, among the Issuer, U.S.

Bank Trust Company, National Association, as trustee of the 2029 Senior Secured Notes and as collateral agent, and the Company and certain subsidiaries of the Issuer as guarantors.

The net proceeds from the 2029 Senior Secured Notes offering were used to repay certain of the outstanding term loans under the Company’s senior secured credit facilities due in 2024 and in 2025, and to pay fees and expenses related to the 2029 Senior Secured Notes offering and the Amendment.

The 2029 Senior Secured Notes are secured obligations of the Company, will mature on February 1, 2029, 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 February 1 and August 1 of each year, beginning on February 1, 2024.

The Company may redeem the 2029 Senior Secured Notes prior to January 1, 2029 subject to a customary make-whole premium, and thereafter subject to a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest.

On May 23, 2023, IQVIA Inc.

(the “Issuer”) completed the issuance and sale of $ 750 million in gross proceeds of 5.700 % senior secured notes due 2028 (the “2028 Senior Secured Notes”).

The 2028 Senior Secured Notes were issued pursuant to an Indenture, dated May 23, 2023, among the Issuer, U.S.

Bank Trust Company, National Association, as trustee of the 2028 Senior Secured Notes and as collateral agent, and the Company and certain subsidiaries of the Issuer as guarantors.

The net proceeds from the 2028 Senior Secured Notes offering were used to repay existing borrowings under the Company’s revolving credit facility and to pay fees and expenses related to the 2028 Senior Secured Notes offering and offering of 2030 Senior Notes (as defined below).

The 2028 Senior Secured Notes are secured obligations of the Company, will mature on May 15, 2028, unless earlier repurchased or redeemed in accordance with their terms, and bear interest at the rate of 5.700 % per year, with interest payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2023.

The Company may redeem the 2028 Senior Secured Notes prior to April 15, 2028 subject to a customary make-whole premium, and thereafter subject to a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest.

Each of the Company's current direct and indirect material U.S.

wholly owned restricted subsidiaries (excluding IQVIA Solutions Japan LLC and IQVIA Services Japan LLC) and IQVIA Holdings Inc., have jointly and severally, irrevocably and unconditionally, on a senior secured basis, guaranteed the obligations under the 2028 Senior Secured Notes and the 2029 Senior Secured Notes.

In February 2024, the Issuer completed an exchange offer in which it issued $ 1,250 million aggregate principal amount of 6.250 % Senior Secured Notes due 2029 registered under the Securities Act (the “2029 Registered Notes”) and $ 750 million aggregate principal amount of 5.700 % Senior Secured Notes due 2028 registered under the Securities Act (the “2028 Registered Notes” and, together with the 2029 Registered Notes, the 2029 Senior Secured Notes, and the 2028 Senior Secured Notes, the “Notes”) in exchange for the same principal amount and substantially identical terms of the 2029 Senior Secured Notes and 2028 Senior Secured Notes, respectively.

In February 2024, the Issuer completed an exchange offer in which it issued $ 1,250 million aggregate principal amount of 6.250 % Senior Secured Notes due 2029 registered under the Securities Act (the “2029 Registered Notes”) and $ 750 million aggregate principal amount of 5.700 % Senior Secured Notes due 2028 registered under the Securities Act (the “2028 Registered Notes” and, together with the 2029 Registered Notes, the 2029 Senior Secured Notes, and the 2028 Senior Secured Notes, the “Notes”) in exchange for the same principal amount and substantially identical terms of the 6.250 % senior secured notes due 2029 (the “2029 Senior Secured Notes”) and 5.700 % senior secured notes due 2028 (the “2028 Senior Secured Notes”) which had been issued in November 2023 and May 2023, respectively.

2025 Financing Transactions

On May 23, 2023, IQVIA Inc.

(the “Issuer”) completed the issuance and sale of $ 500 million in gross proceeds of 6.500 % senior notes due 2030 (the “2030 Senior Notes”).

The 2030 Senior Notes were issued pursuant to an Indenture, dated May 23, 2023, among the Issuer, U.S.

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 2030 Senior Notes offering were used to repay existing borrowings under the Company’s revolving credit facility, and to pay fees and expenses related to the 2030 Senior Notes offering and 2028 Senior Secured Notes offering.

The 2030 Senior Notes are unsecured obligations of the Company, will mature on May 15, 2030, unless earlier repurchased or redeemed in accordance with their terms, and bear interest at the rate of 6.500 % per year, with interest payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2023.

The Company may redeem the 2030 Senior Notes prior to their final stated maturity, subject to a customary make-whole premium, at any time prior to May 15, 2026 (subject to a customary “equity claw” redemption right) and thereafter subject to a redemption premium declining from 3.250 % to 0.000 %.

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 %.

During the twelve months ended December 31, 2025, the Company's Euro denominated 2.875 % Senior Notes due 2025 matured and were repaid.

2024 Financing Transactions

Receivables Financing Facility

12 unchanged sentences

The Company has operating leases for corporate offices, data centers, motor vehicles and certain equipment, many of which contain renewal and escalation clauses.

These operating leases expire at various dates through 2037 with options to cancel certain leases at various intervals.

These operating leases primarily expire at various dates through 2037 with options to cancel certain leases at various intervals.

The Company also has finance leases for offices and lab spaces that expire at various dates through 2048.

11 unchanged sentences

$ 178 $ 176 $ 178

(1) Includes variable lease costs, which are immaterial.

(1) Includes short-term and variable lease costs, which are immaterial.

Other information related to leases was as follows:

9 unchanged sentences

$ 133 $ 58 $ 59

Finance leases

Weighted Average Remaining Lease Term:

32 unchanged sentences

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 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.

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.

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.

Stockholders’ Equity

18 unchanged sentences

The Company completed several individually immaterial acquisitions during the years ended December 31, 2025 and 2024.

The Company’s assessment of fair value, including the valuation of certain acquired intangibles and the purchase price allocation related to the acquisitions that occurred during the year ended December 31, 2024 is preliminary and subject to change upon completion.

The Company’s assessment of fair value, including the valuation of certain acquired intangibles and noncontrolling interests ("NCI"), and the purchase price allocation related to the acquisitions that occurred during the year ended December 31, 2025 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 client relationships.

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

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.

12 unchanged sentences

Net assets acquired (1)(2)

(1) Net assets acquired include contingent consideration and deferred purchase price of $ 84 million and $ 73 million, respectively.

$ 2,110 $ 847

Fair value of noncontrolling interests (3)

Fair value of controlling interests acquired $ 1,984 $ 847

(1) Net assets acquired include contingent consideration and deferred purchase price of $ 66 million and $ 84 million for the years ended December 31, 2025 and 2024, respectively, and $ 141 million related to NCI and the net assets of the step acquisition disclosed in (3) below for the year ended December 31, 2025.

(2) During the year ended December 31, 2025, the Company acquired an entity in which it previously held a convertible note instrument of approximately $ 43 million, and the net assets acquired are included here.

As part of the transaction, the Company recorded a gain of approximately $ 56 million, which is recorded within other income, net, on the accompanying consolidated statements of income.

(3) Includes $ 8 million for the year ended December 31, 2025, 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 remaining balance relates to another acquisition with NCI.

The portion of goodwill deductible for income tax purposes was preliminarily assessed as $ 342 million and $ 343 million for the years ended December 31, 2025 and 2024, respectively.

4 unchanged sentences

Client relationships 9 - 17 years $ 596 $ 257

Backlog 1 - 4 years 28 51

Software and related assets 2 - 9 years 121 10

Non-compete agreements 3 - 5 years 7 —

Backlog 1 - 4 years 45 28

Trade names 3 - 5 years 7 6

Databases 2 years 6 5

Non-compete agreements 2 - 5 years 2 7

Total Other identifiable intangibles $ 777 $ 313

9 unchanged sentences

Payments ( 81 )

Foreign currency translation and other ( 1 )

Balance as of December 31, 2024 $ 21

4 unchanged sentences

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.

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, including the Company's chief operating decision maker.

The Company expects the majority of the restructuring accruals as of December 31, 2025 will be paid in 2026.

The components of income before income taxes and equity in earnings (losses) of unconsolidated affiliates are as follows:

The components of income before income taxes and equity in earnings of unconsolidated affiliates are as follows:

Year Ended December 31,

19 unchanged sentences

Federal income tax expense at statutory rate $ 334 21.0 %

Foreign tax effects 23 1.4 %

Effect of cross-border tax laws

Foreign Derived Intangible Income ("FDII") ( 57 ) ( 3.6 ) %

Foreign earnings subject to US tax, net of related foreign tax credits ( 56 ) ( 3.5 ) %

Change in unrecognized tax benefits 11 0.7 %

Other ( 3 ) ( 0.2 ) %

Year Ended December 31,

(in millions) 2024 2023

Federal income tax expense at statutory rate $ 351 $ 306

State and local income taxes, net of federal effect 9 16

8 unchanged sentences

Other — ( 1 )

$ 301 $ 101 $ 260

(*) Includes impact of GILTI, and other U.S.

1 unchanged sentence

The Company's effective income tax rate was 15.8 %, 18.0 %, and 6.9 % for the years ending December 31, 2025, 2024 and 2023, respectively.

The Company's effective income tax rate for December 31, 2023, was favorably impacted due to the completion of an internal legal entity restructuring that resulted in a benefit of $ 125 million.

The Company's effective income tax rate for the year ended December 31, 2025 was favorably impacted due to changes in the geographical mix of earnings amongst the United States and foreign tax jurisdictions, compared to the Company's effective income tax rate for the year ended December 31, 2024.

The Company's effective income tax rate for the year ended December 31, 2023, was favorably impacted due to the completion of an internal legal entity restructuring that resulted in a benefit of $ 125 million.

Historically, the Company recorded deferred tax assets related to certain foreign tax credits, and a full valuation allowance in relation to these foreign tax credits was established as it was not expected the credits would be utilized prior to expiration.

The Company now believes it is reasonably possible that these foreign tax credits will be utilized and therefore recorded a tax benefit of $ 64 million related to the valuation allowance release and establishing related uncertain tax positions.

During 2023, the Company decided it was reasonably possible that these foreign tax credits will be utilized and therefore recorded a tax benefit of $ 64 million related to the valuation allowance release and established related uncertain tax positions.

Additionally, due to the restructuring the Company also reversed a deferred tax liability of $ 61 million due to a basis difference that was recovered in a tax-free manner.

The effective tax rate was also favorably impacted by a reversal of uncertain tax positions relating to tax credit carryforwards in the amount of $ 21 million due to an audit settlement.

On December 12, 2022, the European Union member states agreed to implement the Organization for Economic Co-operation and Development’s (“OECD”) Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least $790 million, which went into effect in 2024.

The Company has continued to evaluate the effect of this through the end of 2024 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 OCED's proposal.

The effective tax rate for the year ended December 31, 2023 was also favorably impacted by a reversal of uncertain tax positions relating to tax credit carryforwards in the amount of $ 21 million due to an audit settlement.

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 did not have a material impact on 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 Co-operation and Development’s (“OECD”) Pillar Two global corporate minimum tax, which establishes a 15% minimum effective tax rate for multinational enterprises with consolidated revenues of at least €750 million.

Certain components of Pillar Two became effective in various jurisdictions beginning in 2024.

The Company has continued to evaluate the effects of Pillar Two through the end of 2025 and concluded that its adoption did not have a material impact on the Company's consolidated financial statements for the periods presented.

On January 5, 2026, the OECD Inclusive Framework released Administrative Guidance introducing a "side-by-side" safe harbor regime, under which U.S.

parented multinational groups may be excluded from Pillar Two's Income Inclusion Rule ("IIR") and Undertaxed Profits Rule ("UTPR"), in recognition of the U.S.

tax system's existing minimum tax framework.

The Company will continue to monitor and evaluate this administrative guidance in the context of jurisdictions that adopt it.

Based on the Company's current analysis, this guidance does not change the Company's conclusion regarding the absence of a material impact for the current year.

Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $ 6,689 million as of December 31, 2025.

7 unchanged sentences

Employee benefits 169 180

Lease liability 34 65

interest expense limitation 65 93

Foreign exchange on debt instruments 106 —

Total deferred income tax assets 1,135 933

3 unchanged sentences

Amortization and depreciation ( 644 ) ( 545 )

Lease right-of-use assets ( 19 ) ( 56 )

Foreign exchange on debt instruments — ( 104 )

2 unchanged sentences

Net deferred income tax assets (liabilities) $ 179 $ ( 2 )

During the year ended December 31, 2024, the net deferred income tax liabilities decreased due to amortization of intangibles related to the merger between Quintiles and IMS Health.

During the year ended December 31, 2025, the net deferred income tax assets increased primarily due to foreign exchange revaluation of debt instruments.

The Company had federal, state and local, and foreign tax loss carryforwards and tax credits, the tax effect of which was $ 501 million as of December 31, 2025.

2 unchanged sentences

In the year ended December 31, 2025, the Company increased its valuation allowance by $ 10 million to $ 206 million as of December 31, 2025 from $ 196 million as of December 31, 2024.

On December 10, 2024, the US Department of Treasury published final regulations related to foreign currency gains and losses that are effective as of January 1, 2025.

These regulations require computation of pre-transition foreign currency gain or loss to be included in the determination of future taxable income or loss.

The valuation allowance increased primarily as a result of these regulations.

We recorded a one-time, non-cash deferred tax benefit related to the pre-transition foreign currency losses in the current year that will be fully offset by a valuation allowance.

The valuation allowance increased primarily due to current year state tax expenses on foreign exchange revaluations on debt instruments offset by use of U.S.

state net operating losses.

A reconciliation of the beginning and ending amount of gross unrecognized income tax benefits is presented below:

13 unchanged sentences

As of December 31, 2025, and 2024, the Company had accrued approximately $ 29 million and $ 26 million, respectively, of interest and penalties.

The Company believes that it is reasonably possible that a decrease of up to $ 8 million in gross unrecognized income tax benefits for federal, state and foreign exposure items may be necessary within the next 12 months due to lapse of statutes of limitations or uncertain tax positions being effectively settled.

The Company believes that it is reasonably possible that a decrease of up to $ 13 million in gross unrecognized income tax benefits for foreign items may be necessary within the next 12 months due to payments.

For the remaining uncertain income tax positions, it is difficult at this time to estimate the timing of the resolution.

The Company conducts business globally and, as a result, files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions.

6 unchanged sentences

Switzerland 2022 - 2024

Singapore 2019 - 2024

In certain of the jurisdictions noted above, the Company operates through more than one legal entity, each of which has different open years subject to examination.

7 unchanged sentences

In such an event, the Company will record additional income tax expense or income tax benefit in the period in which such resolution occurs.

The components of income taxes paid, net of refunds (inclusive of withholding taxes), are presented below:

(in millions) Year Ended December 31, 2025

United Kingdom $ 105

Total income taxes paid, net of refunds (inclusive of withholding taxes) $ 395

Employee Benefit Plans

11 unchanged sentences

Projected benefit obligation at beginning of year $ 443 $ 434 $ 553 $ 525

Service costs 10 10 35 35

Service cost 10 10 39 35

Interest cost 24 22 20 17

Actuarial (gains) losses ( 9 ) 15 ( 2 ) 5

Actuarial losses (gains) 9 ( 9 ) ( 10 ) ( 2 )

Business combinations — — 6 —

Benefits paid ( 14 ) ( 14 ) ( 27 ) ( 26 )

47 unchanged sentences

Expected return on plan assets ( 38 ) ( 34 ) ( 30 ) ( 16 ) ( 15 ) ( 17 )

Amortization of actuarial losses — — 1 — ( 2 ) 1

Settlement gain — — 1 — — ( 1 )

Amortization of actuarial (gains) losses ( 2 ) — — 1 — ( 2 )

Net periodic benefit cost ( 6 ) ( 2 ) 2 44 37 33

4 unchanged sentences

Total recognized in net periodic benefit cost and other comprehensive income $ ( 26 ) $ ( 38 ) $ ( 28 ) $ 39 $ 61 $ 52

All components of net periodic benefit cost other than service cost are recorded in other (income) expense, net on the accompanying consolidated statements of income.

All components of net periodic benefit cost other than service cost are recorded in other income, net on the accompanying consolidated statements of income.

Gains (losses) affecting the benefit obligation for the year ending December 31, 2025 were primarily related to the changes in discount rates, as well as changes in other actuarial assumptions, which are driven by changing market conditions .

40 unchanged sentences

The following table summarizes United States plan assets measured at fair value:

December 31, 2024 December 31, 2023

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

Asset Category Level 1 Level 2 Total Level 1 Level 2 Total

(in millions)

Domestic equities $ — $ — $ — $ 37 $ — $ 37

International equities — — — 11 — 11

Debt issued by national, state or local government — 44 44 — — —

Corporate bonds — — — 64 — 64

Investment funds (1)

81 — 81 — — —

Real estate — — — 21 — 21

3 unchanged sentences

Total $ 81 $ 44 $ 596 $ 133 $ — $ 538

(1) Investments funds includes cash and cash equivalents.

(2) Certain investments that are measured at fair value using the net asset value ("NAV") per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

1 unchanged sentence

The following table summarizes non-United States plan assets measured at fair value:

December 31, 2024 December 31, 2023

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

Asset Category Level 1 Level 2 Total Level 1 Level 2 Total

(in millions)

International equities $ — $ — $ — $ — $ 1 $ 1

2 unchanged sentences

Investments funds (1)

21 — 21 — 10 10

Insurance contracts — 206 206 — 168 168

1 unchanged sentence

Total $ 21 $ 409 $ 430 $ 10 $ 374 $ 384

(1) Investments funds includes cash and cash equivalents.

Investments in mutual funds are valued at quoted market prices.

1 unchanged sentence

The NAV is based on the fair value of the underlying investments held by the fund less its liabilities.

Level 2 inputs utilize observable prices consistent with the definition noted within Note 6.

In certain cases, funds that hold government and corporate debt securities classified as Level 2 within the fair value hierarchy are valued at the NAV of their shares held at year end, which represents fair value.

Insurance contracts are valued at the amount of the benefit liability.

4 unchanged sentences

The portfolio is constructed and maintained to provide adequate liquidity to meet associated liabilities and minimize long-term expense and provide prudent diversification among asset classes in accordance with the principles of modern portfolio theory.

The plan employs a diversified mix of actively managed investments around a core of passively managed index exposures in each asset class.

The plans employ a diversified mix of actively managed investments around a core of passively managed index exposures in each asset class.

Within each asset class, rapid market shifts, changes in economic conditions or an individual fund manager’s outlook may cause the asset allocation to fall outside the prescribed targets.

3 unchanged sentences

The pension plans did not have investments in Company stock as of December 31, 2025 and 2024.

The portfolio for the Company’s United Kingdom pension plans seek to invest in a range of suitable assets of appropriate liquidity that will generate in the most effective manner possible, income and capital growth to ensure that there are sufficient assets to meet benefit payments when they fall due, while controlling the long-term costs of the plans, avoiding short-term volatility of investment returns, and managing risks in accordance with plan investment strategies.

The plans seek to achieve these objectives by investing in a mixture of real (equities) and monetary (fixed interest) assets, which is expected to provide the level of returns required by the plans.

The trustee periodically conducts asset liability modeling exercises to ensure the investments are aligned with the appropriate benchmark to better reflect the plans’ liabilities.

The trustee also undertakes to review this benchmark on a regular basis.

The portfolio for the Company’s United Kingdom pension plans seek to invest in a range of suitable assets of appropriate liquidity that are sufficient to meet benefit payments when they fall due, while controlling the long-term costs of the plans, avoiding short-term volatility of investment returns, and managing risks in accordance with the plans investment strategies.

The plans seek to achieve these objectives by investing largely in monetary (fixed interest) assets, which are expected to provide a suitable balance between a modest level of returns and management of risk.

The trustees periodically conduct asset liability modeling exercises to ensure the investments are aligned with the appropriate benchmark to better reflect the plans’ liabilities.

The trustees also undertake to review this benchmark on a regular basis.

Contributions

26 unchanged sentences

As of December 31, 2025, there was approximately $ 262 million of total unrecognized stock-based compensation expense related to outstanding non-vested stock-based compensation arrangements, which the Company expects to recognize over a weighted average period of 1.3 years.

As of December 31, 2024, there were 7.6 million shares available for future grants under all of the Company’s stock incentive plans.

As of December 31, 2025, there were approximately 6.6 million shares available for future grants under all of the Company’s stock incentive plans.

The Company used the following assumptions when estimating the value of the stock-based compensation for Stock Settled SARs granted as follows:

9 unchanged sentences

Stock Appreciation Rights – Stock Settled

The exercise price of the stock-settled SARs (“SSRs”) is equal to the closing market price of the Company’s common stock as of the grant date and expire on the tenth anniversary of the date of grant.

The stock-settled SARs (“SSRs”) have an exercise price that is equal to the closing market price of the Company’s common stock as of the grant date and expire on the tenth anniversary of the date of grant.

The SSRs are eligible to vest in three equal annual installments on each of the first three anniversaries of the date of grant.

33 unchanged sentences

Granted 467,939 203.19

Additional goal achievement shares

172,658 189.94

Adjustment due to performance ( 85,781 ) 289.37

Vested ( 100,346 ) 249.38

4 unchanged sentences

The Company’s RSUs will settle in shares of the Company’s common stock within 30 days of the applicable vesting date.

In general, RSUs granted to employees vest either (i) one-third per year beginning on the first anniversary of the grant date or (ii) 100 % at the end of the three-year period following the grant date.

In general, RSUs granted to employees vest either (i) one-third per year beginning on the first anniversary of the grant date, (ii) 100 % at the end of the three-year period following the grant date or (iii) 50% on the second anniversary of the grant date and 50% on the third anniversary of the grant date.

Members of the Company’s Board receive RSUs that are fully vested when granted.

27 unchanged sentences

The Company recorded approximately $ 19 million, $ 26 million and $ 22 million of stock-based compensation expense for these awards during the years ended December 31, 2025, 2024 and 2023, respectively.

During the year ended December 31, 2025, 378,510 awards vested.

There are no awards outstanding as of December 31, 2025.

The Company sponsors a supplemental non-qualified deferred compensation plan, covering certain management employees, and maintains other statutory indemnity plans as required by local laws or regulations.

Related Party Transactions

The Company has entered into transactions with related parties that are not deemed to be material, including investments in unconsolidated affiliates that are discussed in Note 4.

The Company has entered into transactions with related parties that are not deemed to be material.

The Company's investments in unconsolidated affiliates are discussed in Note 4.

Property, Equipment and Software by Geography

19 unchanged sentences

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.

Effective January 1, 2026, the Company will be updating its segment reporting to align with industry evolution, its updated operating model, and how internal reporting will be provided to the CODM.

As a result, the Contract Sales & Medical Solutions segment, which has become more closely related operationally to the Technology & Analytics Solutions segment commercial offerings, will be incorporated into the Technology & Analytics Solutions segment, which is renamed Commercial Solutions.

Additionally, Real-World Late Phase and certain other Real-World offerings that have become more closely related operationally to the clinical research business, will be moved from the Technology & Analytics Solutions segment to the Research & Development Solutions segment.

The Company will reflect the recast of segment information on this basis beginning with its Form 10-Q for the three months ended March 31, 2026.

The Company’s reportable segment information is presented below:

27 unchanged sentences

Loss on extinguishment of debt 6 — 6

Other (income) expense, net ( 90 ) ( 124 ) 33

Income before income taxes and equity in earnings (losses) of unconsolidated affiliates $ 1,669 $ 1,459 $ 1,363

Other income, net ( 99 ) ( 90 ) ( 124 )

Income before income taxes and equity in earnings of unconsolidated affiliates $ 1,591 $ 1,669 $ 1,459

Earnings Per Share

2 unchanged sentences

(in millions, except per share data) 2025 2024 2023

Net income $ 1,373 $ 1,358 $ 1,091

Net income attributable to IQVIA Holdings Inc.

$ 1,360 $ 1,373 $ 1,358

Basic weighted average common shares outstanding 171.9 181.3 183.8

6 unchanged sentences

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 years ended December 31, 2024, 2023 and 2022 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 1.0 million, 1.0 million, and 0.5 million, million, respectively.

For the years ended December 31, 2025, 2024 and 2023 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 2.3 million, 1.0 million, and 1.0 million, respectively.

Accumulated Other Comprehensive (Loss) Income

27 unchanged sentences

Interest paid, net $ 647 $ 589 $ 556

Income taxes paid, net of refunds $ 295 $ 340 $ 255

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

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-K

Item 8. Financial Statements and Supplementary Data