What changed in this filing

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Item 1. Financial Statements

2026-05-05 compared with 2025-10-28 · 123 added, 229 removed, 407 unchanged (46% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

Three Months Ended March 31,

(in millions, except per share data) 2026 2025

8 unchanged sentences

Loss on extinguishment of debt — 4

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

Other expense, net 4 15

Income before income taxes and equity in earnings (losses) of unconsolidated affiliates 328 323

5 unchanged sentences

Net income attributable to IQVIA Holdings Inc.

$ 331 $ 285 $ 846 $ 936

Earnings per share attributable to common stockholders:

8 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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

Three Months Ended March 31,

(in millions) 2026 2025

1 unchanged sentence

Comprehensive income adjustments:

Unrealized (losses) gains on derivative instruments, net of income tax (benefit) expense of $( 2 ),$( 14 ),$( 8 ),$ 2

( 5 ) ( 41 ) ( 26 ) 8

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

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

Foreign currency translation, net of income tax expense (benefit) of $ 14 ,$( 46 )

Reclassification adjustments:

Reclassifications on derivative instruments included in net income, net of income tax (expense) of $ — ,$( 3 ),$( 1 ),$( 10 )

( 3 ) ( 8 ) ( 4 ) ( 28 )

Reclassifications on derivative instruments included in net income, net of income tax benefit of $ 3 ,$ —

Comprehensive income 250 309

1 unchanged sentence

Comprehensive income attributable to IQVIA Holdings Inc.

$ 285 $ 408 $ 956 $ 977

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

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(in millions, except per share data) March 31, 2026 December 31, 2025

Current assets:

30 unchanged sentences

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;

Common stock and additional paid-in capital, 400.0 shares authorized as of March 31, 2026 and December 31, 2025, $ 0.01 par value, 259.6 shares issued and 166.9 shares outstanding as of March 31, 2026;

259.1 shares issued and 169.6 shares outstanding as of December 31, 2025

1 unchanged sentence

Retained earnings 7,699 7,425

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

Treasury stock, at cost, 92.7 and 89.5 shares as of March 31, 2026 and December 31, 2025, respectively

( 11,914 ) ( 11,357 )

8 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

5 unchanged sentences

Stock-based compensation 65 72

Losses from unconsolidated affiliates 14 —

Gain on investments, net ( 20 ) ( 29 )

(Earnings) losses from unconsolidated affiliates ( 6 ) 13

Loss on investments, net 18 1

Benefit from deferred income taxes ( 38 ) ( 41 )

9 unchanged sentences

Investments in debt and equity securities — ( 19 )

Proceeds from sale of property, equipment and software 75 25

Other ( 3 ) ( 2 )

Net cash used in investing activities ( 196 ) ( 305 )

8 unchanged sentences

Contingent consideration and deferred purchase price payments ( 4 ) ( 6 )

Other ( 11 ) —

Net cash used in financing activities ( 433 ) ( 258 )

Effect of foreign currency exchange rate changes on cash ( 22 ) 33

Increase in cash and cash equivalents 112 196

(Decrease) increase in cash and cash equivalents ( 33 ) 38

Cash and cash equivalents at beginning of period 1,980 1,702

10 unchanged sentences

Stock-based compensation — — — 66 — — — — 66

Acquisitions related noncontrolling interests — — — — — — — 8 8

Net income — — — — 274 — — 1 275

Unrealized losses on derivative instruments, net of tax — — — — — — ( 17 ) — ( 17 )

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

2 unchanged sentences

Balance, March 31, 2026 259.6 ( 92.7 ) $ 3 $ 11,401 $ 7,699 $ ( 11,914 ) $ ( 968 ) $ 128 $ 6,349

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.

IQVIA HOLDINGS INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

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

2 unchanged sentences

Issuance of common stock 0.3 — — ( 35 ) — — — — ( 35 )

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 — ( 2.3 ) — — — ( 429 ) — — ( 429 )

Stock-based compensation — — — 65 — — — — 65

Acquisitions related noncontrolling interests — — — — — — — 8 8

Net income — — — — 249 — — — 249

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

Unrealized losses on derivative instruments, net of tax — — — — — — ( 17 ) — ( 17 )

Defined benefit plan adjustments, net of tax — — — — — — ( 3 ) — ( 3 )

1 unchanged sentence

Reclassification adjustments, net of tax — — — — — — 1 — 1

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

Balance, March 31, 2025 258.5 ( 84.4 ) $ 3 $ 11,170 $ 6,314 $ ( 10,532 ) $ ( 978 ) $ 8 $ 5,985

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

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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.

Accounting pronouncements issued but not adopted as of March 31, 2026

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.

6 unchanged sentences

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 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

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

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

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

The following tables represent revenues by geographic region and reportable segment for the three months ended March 31, 2026 and 2025.

Results for the three months ended March 31, 2025 reflect the recast of segment information based on the changes described in Note 14.

Three Months Ended March 31, 2026

(in millions) Commercial Solutions Research & Development Solutions Total

Americas $ 856 $ 1,128 $ 1,984

2 unchanged sentences

Total revenues $ 1,754 $ 2,397 $ 4,151

Nine Months Ended September 30, 2024

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

Three Months Ended March 31, 2025

(in millions) Commercial Solutions Research & Development Solutions Total

Americas $ 790 $ 1,017 $ 1,807

2 unchanged sentences

Total revenues $ 1,572 $ 2,257 $ 3,829

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

No individual customer represented 10% or more of consolidated revenues for the three months ended March 31, 2026 or 2025.

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.

As of March 31, 2026, approximately $ 37.3 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.

3 unchanged sentences

Trade accounts receivables and unbilled services consist of the following:

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

(in millions) March 31, 2026 December 31, 2025

Trade accounts receivable $ 1,632 $ 1,668

4 unchanged sentences

Unbilled services and unearned income were as follows:

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

(in millions) March 31, 2026 December 31, 2025 Change

Unbilled services $ 1,763 $ 1,783 $ ( 20 )

1 unchanged sentence

Net balance $ ( 498 ) $ ( 335 ) $ ( 163 )

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.

Unbilled services, which is comprised of approximately 73 % and 71 % of unbilled receivables and 27 % and 29 % of contract assets as of March 31, 2026 and December 31, 2025, decreased by $ 20 million as compared to December 31, 2025.

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.

Unearned income increased by $ 143 million over the same period resulting in a decrease of $ 163 million in the net balance of unbilled services and unearned income between March 31, 2026 and December 31, 2025.

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, 2026.

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.

Bad debt expense recognized on the Company’s trade accounts receivable was immaterial for the three months ended March 31, 2026 and 2025.

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.

During the three months ended March 31, 2026, through its accounts receivable factoring arrangements that the Company utilizes most frequently, the Company factored approximately $ 182 million of customer invoices on a non-recourse basis and received approximately $ 180 million in cash proceeds from the sales.

During the three months ended March 31, 2025, through these same accounts receivable factoring arrangements, the Company factored approximately $ 167 million of customer invoices on a non-recourse basis and received approximately $ 166 million in cash proceeds from the sales.

The fees associated with these transactions were immaterial.

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

The following is a summary of goodwill by reportable segment for the 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

The following is a summary of goodwill by reportable segment for the three months ended March 31, 2026:

(in millions) Commercial Solutions Research & Development Solutions Consolidated

Balance as of January 1, 2026 $ 12,987 $ 3,629 $ 16,616

Business combinations 26 4 30

Impact of foreign currency fluctuations and other ( 91 ) ( 11 ) ( 102 )

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

Balance as of March 31, 2026 $ 12,922 $ 3,622 $ 16,544

In the first quarter of 2026, the Company reorganized its reportable segments as further detailed in Note 14.

As a result, the former Contract Sales & Medical Solutions segment, which had a goodwill balance of $ 167 million at the time of the reorganization, was incorporated into the Technology & Analytics Solutions segment, which was renamed Commercial Solutions.

Additionally, Real-World Late Phase and certain other Real-World offerings were moved from the Technology & Analytics Solutions segment to the Research & Development Solutions segment.

Goodwill balances as of January 1, 2026 have been recast using the relative fair value approach to conform to this new presentation.

In addition, the Company performed a goodwill impairment test, and the results of the analysis indicated that the fair values for all of its reporting units were in excess of their carrying values, indicating no impairment.

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

(in millions) Balance Sheet Classification March 31, 2026 December 31, 2025

Assets Liabilities Notional Assets Liabilities Notional

1 unchanged sentence

Interest rate swaps Other current liabilities $ — $ 32 $ 1,466 $ — $ 45 $ 1,470

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

Cross-currency swaps Other current liabilities — 258 2,716 — 322 2,720

Foreign exchange forward contracts Other current liabilities — 3 130 — — 127

Total derivatives $ — $ 293 $ — $ 367

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,

Three Months Ended March 31,

(in millions) 2026 2025

2 unchanged sentences

Total $ 10 $ ( 21 )

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.

The Company expects approximately $ 3 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 March 31, 2026 to be reclassified into earnings within the next twelve months.

For the three months ended March 31, 2026 and 2025, the total amount, net of income taxes, of the cash flow hedge effect on the accompanying condensed consolidated statements of income was $( 7 ) million and $( 1 ) million, respectively.

As of March 31, 2026 and 2025, the Company's cross-currency swaps were designated as a hedge of its net investment in certain foreign subsidiaries.

For the three months ended March 31, 2026 and 2025, the Company recorded a $ 64 million gain and $( 133 ) million loss, respectively, within AOCI as a result of these cross-currency swaps.

The Company recognized approximately $ 10 million and $ 12 million related to the excluded component as a reduction of interest expense for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, 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 € 2,575 million ($ 2,962 million).

The amount of foreign exchange gains (losses) related to the net investment hedge included in the cumulative translation adjustment component of AOCI for the three months ended March 31, 2026 and 2025 was $ 60 million and $( 144 ) million, respectively.

Fair Value Measurements

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

The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values as of 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.

The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values as of March 31, 2026 and December 31, 2025 due to their short-term nature.

As of March 31, 2026 and December 31, 2025, the fair value of total debt was $ 15,908 million and $ 15,935 million, respectively, as determined under Level 2 measurements for these financial instruments.

Recurring Fair Value Measurements

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

The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of March 31, 2026:

(in millions) Level 1 Level 2 Level 3 Total

21 unchanged sentences

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.

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:

Based on the assessments of the probability of achieving specific targets, as of March 31, 2026 the Company has accrued approximately 70 % of the maximum contingent consideration payments that could potentially become payable.

The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the three months ended March 31, 2026:

(in millions) Contingent Consideration

1 unchanged sentence

Business combinations 6

Contingent consideration paid ( 20 )

Revaluations included in earnings and foreign currency translation adjustments ( 1 )

Balance as of September 30, 2025 $ 117

Balance as of March 31, 2026 $ 110

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.

Revaluations of contingent consideration are recognized in other 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.

As of March 31, 2026, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaled $ 21,765 million and were identified as Level 3.

These assets are comprised of debt investments and cost and equity method investments of $ 418 million, goodwill of $ 16,544 million and other identifiable intangibles, net of $ 4,803 million.

Credit Arrangements

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

The following is a summary of the Company’s revolving credit facilities as of March 31, 2026:

Interest Rates

$ 2,000 million (revolving credit facility)

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

Dollar Term SOFR plus a margin of 1.25 % as of March 31, 2026

$ 110 million (receivables financing facility)

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

Dollar Term SOFR plus a margin of 1.00 % plus a 10 basis credit spread adjustment as of March 31, 2026

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

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

(dollars in millions) March 31, 2026 December 31, 2025

Revolving Credit Facility due 2030:

1 unchanged sentence

Dollar Term SOFR at average floating rates of 4.92 %

$ 1,000 $ 800

Senior Secured Credit Facilities:

Term A Loan due 2026—U.S.

Dollar Term SOFR at floating rates of 5.51 %

Term A Loan due 2030—Euribor at floating rates of 3.14 %

1 unchanged sentence

Dollar Term SOFR at floating rates of 4.92 %

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

Term B Loan due 2031—U.S.

Dollar Term SOFR at floating rates of 5.45 %

Term B Loan due 2031—U.S.

Dollar Term SOFR at floating rates of 5.75 %

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

14 unchanged sentences

2.250 % Senior Notes due 2029—Euro denominated

Term Loan due 2027—U.S.

Dollar Term SOFR at floating rates of 4.92 %

Receivables financing facility due 2027—U.S.

6 unchanged sentences

Long-term debt $ 13,989 $ 13,884

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

Contractual maturities of long-term debt as of March 31, 2026 are as follows:

(in millions)

2 unchanged sentences

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.

As of March 31, 2026, the Company’s Fifth Amended and Restated Credit Agreement provided financing through several senior secured credit facilities of up to $ 6,371 million, which consisted of $ 5,376 million principal amounts of debt outstanding (as detailed in the table above), and $ 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 $ 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.

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 %.

Term Loan due 2027

On March 11, 2026, the Company entered into a 364-Day Term A Loan Agreement to borrow $ 650 million in U.S.

Dollar denominated Term A loans due 2027 (the “Term Loan due 2027”).

The Term Loan due 2027 bears interest based on the Secured Overnight Financing Rate term rates (“Term SOFR”), plus a margin ranging from 1.125 % to 2.00 %, with a Term SOFR floor of 0.00% per annum.

The proceeds from the Term Loan due 2027 were used to repay approximately € 550 million of the 1.750 % senior notes due 2026 (the “ 1.750 % Notes”) at maturity, including the payment of fees and expenses related to the offering, and for general corporate purposes.

On March 16, 2026, the proceeds from the Term Loan due 2027 were used to repay all of the Company’s outstanding € 550 million 1.750 % Notes.

The Company’s obligations with respect to the 1.750 % Notes were discharged on the same day as the notes were repaid in full.

Restrictive Covenants

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

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

As of March 31, 2026, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements .

Contingencies

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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.

Stockholders’ Equity

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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.

No shares of preferred stock were issued or outstanding as of March 31, 2026 or December 31, 2025.

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.

As of March 31, 2026, the total stock repurchase authorization under the Company's equity repurchase program (the "Repurchase Program") was $ 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.

During the three months ended March 31, 2026, the Company repurchased 3.2 million shares of its common stock for $ 552 million under the Repurchase Program.

As of March 31, 2026, the Company had remaining authorization to repurchase up to $ 1,217 million of its common stock under the Repurchase Program.

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

Business Combinations

The Company completed individually and in the aggregate immaterial acquisitions during the 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.

The Company completed individually and in the aggregate immaterial acquisitions during the three months ended March 31, 2026.

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

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

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

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

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

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

(in millions) September 30, 2025

(in millions) March 31, 2026

Assets acquired:

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Accounts receivable 4

Other assets 33

Other identifiable intangibles 25

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Net assets acquired (1)

Fair value of noncontrolling interests (2)

Fair value of controlling interests acquired $ 946

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

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

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

(1) Net assets acquired includes contingent consideration and deferred purchase price of $ 10 million.

None of the goodwill from acquisitions during the three months ended March 31, 2026 is deductible for income tax purposes.

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

(in millions) Amortization Period September 30, 2025

(in millions) Amortization Period March 31, 2026

Other identifiable intangibles:

Customer relationships 10 years $ 18

Backlog 1 - 2 years 29

Databases 2 years 6

Software and related assets 3 years 6

Trade names 3 - 5 years 3

Non-compete agreements 3 years 1

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Foreign currency translation and other ( 1 )

Balance as of September 30, 2025 $ 33

Balance as of March 31, 2026 $ 43

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.

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.

The Company expects that the majority of the restructuring accruals as of March 31, 2026 will be paid in 2026 and 2027.

The Company's effective income tax rate was 18.0 % and 18.9 % in the first quarter of 2026 and 2025, respectively.

The effective income tax rate in the first quarter of 2026 and 2025 was favorably impacted due to changes in the geographical mix of earnings amongst the United States and foreign tax jurisdictions.

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 2025.

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.

In January 2026, the OECD released Administrative Guidance establishing a “side‑by‑side” system that is intended to reduce the compliance burden of calculating the Pillar 2 top-up-tax amounts for jurisdictions with similar regimes with minimum tax requirements for fiscal years beginning on or after January 1, 2026, subject to adoption by relevant jurisdictions.

This is achieved by deeming a top-up tax amount of zero as it relates to Income Inclusion Rules and Undertaxed Profits Rules for MNE groups with an ultimate parent entity in such jurisdictions;

however, this guidance does not affect the application of local minimum or qualified domestic top‑up taxes in foreign jurisdictions.

During the three months ended March 31, 2026, the Company evaluated enacted and substantively enacted Pillar Two legislation and performed calculations under applicable safe harbor frameworks to identify jurisdictions with effective tax rates below 15%, and any resulting top‑up tax was recorded as a period cost in the annual effective tax rate.

The Company continues to monitor global developments and is assessing the potential impact of these rules on its income tax provision.

Accumulated Other Comprehensive (Loss) Income

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Reclassification adjustments — 10 — ( 3 ) 7

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

Balance as of March 31, 2026 $ ( 1,145 ) $ ( 33 ) $ 40 $ 170 $ ( 968 )

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

(in millions) Affected Financial Statement Line Item Three Months Ended March 31,

Derivative instruments:

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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.

The Company was previously managed through three reportable segments, Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions.

Effective January 1, 2026, the Company updated its segment reporting to align with industry evolution, its updated operating model, and how internal reporting is provided to the chief operating decision maker ("CODM").

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

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

The Company is reflecting the recast of segment information for the three months ended March 31, 2025 on this basis in the table below.

The Company is now managed through two reportable segments, Commercial Solutions and Research & Development Solutions.

Commercial Solutions provides mission critical information, advanced analytics, technology solutions, health care provider services (including contract sales), and patient engagement services to the Company’s life science clients.

Research & Development Solutions, which primarily serves biopharmaceutical customers, provides outsourced clinical research, clinical trial and real-world research related services.

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

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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.

Asset information by segment is not presented, as this measure is not used by the chief executive officer, who is the CODM, to assess the Company’s performance.

For both 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.

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The Company’s reportable segment information is presented below:

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

Three Months Ended March 31,

(in millions) 2026 2025

Technology & Analytics Solutions $ 1,631 $ 1,554 $ 4,805 $ 4,502

Commercial Solutions $ 1,754 $ 1,572

Research & Development Solutions 2,397 2,257

Contract Sales & Medical Solutions 209 180 578 541

Total revenues 4,151 3,829

Cost of revenues, exclusive of depreciation and amortization

Technology & Analytics Solutions 1,014 922 2,972 2,720

Commercial Solutions 1,121 980

Research & Development Solutions 1,675 1,551

Contract Sales & Medical Solutions 181 154 499 462

Total cost of revenues, exclusive of depreciation and amortization 2,796 2,531

Selling, general and administrative expenses

Technology & Analytics Solutions 247 227 714 681

Commercial Solutions 252 237

Research & Development Solutions 250 230

Contract Sales & Medical Solutions 15 14 43 45

Total selling, general and administrative expenses reportable segments 502 467

Segment profit

Technology & Analytics Solutions 370 405 1,119 1,101

Commercial Solutions 381 355

Research & Development Solutions 472 476

Contract Sales & Medical Solutions 13 12 36 34

Total segment profit 853 831

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Loss on extinguishment of debt — 4

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

Other expense, net 4 15

Income before income taxes and equity in earnings (losses) of unconsolidated affiliates $ 328 $ 323

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

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

Three Months Ended March 31,

(in millions, except per share data) 2026 2025

Net income attributable to IQVIA Holdings Inc.

$ 331 $ 285 $ 846 $ 936

Basic weighted average common shares outstanding 168.4 175.7

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

For the three and 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.

For the three months ended March 31, 2026 and 2025, 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 2.2 million and 2.2 million, respectively.

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

What changed 10-Q

Item 1. Financial Statements