What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-05 compared with 2025-10-28 · 101 added, 180 removed, 179 unchanged (61% of the section changed)

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We assume no obligation to update any such forward-looking information to reflect actual results or changes in our outlook or the factors affecting such forward-looking information.

We caution you that any such forward-looking statements are further qualified by important factors that could cause our actual operating results to differ materially from those in the forward-looking statements, including without limitation, business disruptions caused by natural disasters, pandemics such as the COVID-19 (coronavirus) outbreak, including any variants, and the public health policy responses to the outbreak, and international conflicts or other disruptions outside of our control;

We caution you that any such forward-looking statements are further qualified by important factors that could cause our actual operating results to differ materially from those in the forward-looking statements, including without limitation, that business disruptions caused by natural disasters, pandemics, and the public health policy responses to the outbreak, international conflict or other disruptions outside of our control;

most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts;

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the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws;

r isks related to the enactment of legislation or the imposition of regulations or other restrictions or actions by governments that create business uncertainty and have the potential to limit trade;

risks related to changes in accounting standards;

risks related to the enactment of legislation or the imposition of regulations or other restrictions or actions by governments that create business uncertainty and have the potential to limit trade;

changes in accounting standards;

general economic conditions in the markets in which we operate, including financial market conditions, inflation and risks related to sales to government entities;

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and our ability to successfully integrate, and achieve expected benefits from, our acquired businesses.

In addition, we may not achieve the expected benefits of our reorganized business segment structure.

For a further discussion of the risks relating to our business, see Part I—Item 1A—“Risk Factors” in our 2025 Form 10-K, as updated in our subsequently filed Quarterly Reports on Form 10-Q.

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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.

We are committed to using artificial intelligence ("AI") responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry.

We are committed to using artificial intelligence responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry.

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

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Our insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures.

We are 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 our 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 clients and the broader healthcare market.

We were previously managed through three reportable segments, Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions.

Effective January 1, 2026, we updated our segment reporting to align with industry evolution, our 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 was 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.

We are 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.

Sources of Revenue

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Foreign Currency Translation

In the first nine months of 2025, approximately 30% of our revenues were denominated in currencies other than the United States dollar, which represents approximately 60 currencies.

In the first three months of 2026, approximately 30% of our revenues were denominated in currencies other than the United States dollar, which represents approximately 60 currencies.

Because a large portion of our revenues and expenses are denominated in foreign currencies and our financial statements are reported in United States dollars, changes in foreign currency exchange rates can significantly affect our results of operations.

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Consolidated Results of Operations

For information regarding our results of operations for Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions, refer to “Segment Results of Operations” later in this section.

Three Months Ended September 30, Change

(in millions)

Revenues $ 4,100 $ 3,896 $ 204 5.2 %

For the third quarter of 2025, our revenues increased $204 million, or 5.2%, as compared to the same period in 2024.

This increase was comprised of constant currency revenue growth of approximately $150 million, or 3.9%, reflecting a $52 million increase in Technology & Analytics Solutions, a $73 million increase in Research & Development Solutions, and a $25 million increase in Contract Sales & Medical Solutions.

Nine Months Ended September 30, Change

For information regarding our results of operations for Commercial Solutions and Research & Development Solutions, refer to “Segment Results of Operations” later in this section.

Three Months Ended March 31, Change

(in millions)

Revenues $ 4,151 $ 3,829 $ 322 8.4 %

For the first nine months of 2025, our revenues increased $499 million, or 4.4%, as compared to the same period in 2024.

This increase was comprised of constant currency revenue growth of approximately $418 million, or 3.7%, reflecting a $263 million increase in Technology & Analytics Solutions, a $123 million increase in Research & Development Solutions, and a $32 million increase in Contract Sales & Medical Solutions.

For the first quarter of 2026, our revenues increased $322 million, or 8.4%, as compared to the same period in 2025.

This increase was comprised of constant currency revenue growth of approximately $228 million, or 6.0%, reflecting a $134 million increase in Commercial Solutions and a $94 million increase in Research & Development Solutions.

Cost of Revenues, exclusive of Depreciation and Amortization

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

Three Months Ended March 31,

(in millions) 2026 2025

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% of revenues 67.4 % 66.1 %

The $209 million increase in cost of revenues, exclusive of depreciation and amortization, for the three months ended September 30, 2025 as compared to the same period in 2024 included a constant currency increase of approximately $183 million, or 7.3%, reflecting a $77 million increase in Technology & Analytics Solutions, an $82 million increase in Research & Development Solutions, and a $24 million increase in Contract Sales & Medical Solutions.

The $502 million increase in cost of revenues, exclusive of depreciation and amortization, for the nine months ended September 30, 2025 as compared to the same period in 2024 included a constant currency increase of approximately $491 million, or 6.6%, reflecting a $236 million increase in Technology & Analytics Solutions, a $223 million increase in Research & Development Solutions, and a $32 million increase in Contract Sales & Medical Solutions.

The $265 million increase in cost of revenues, exclusive of depreciation and amortization, for the three months ended March 31, 2026 as compared to the same period in 2025 included a constant currency increase of approximately $185 million, or 7.3%, reflecting a $108 million increase in Commercial Solutions and a $77 million increase in Research & Development Solutions.

Selling, General and Administrative Expenses

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

Three Months Ended March 31,

(in millions)

2025 2024 2025 2024

Selling, general and administrative expenses $ 502 $ 508

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12.1 % 13.3 %

The $8 million decrease in selling, general and administrative expenses for the three months ended September 30, 2025 as compared to the same period in 2024 included a constant currency decrease of approximately $14 million, or 2.7%, reflecting a $14 million increase in Technology & Analytics Solutions, a $9 million increase in Research & Development Solutions, a $1 million increase in Contract Sales & Medical Solutions, and a $38 million decrease in general corporate and unallocated expenses.

The $8 million decrease in selling, general and administrative expenses for the nine months ended September 30, 2025 as compared to the same period in 2024 included a constant currency decrease of approximately $13 million, or 0.8%, reflecting a $27 million increase in Technology & Analytics Solutions, a $10 million increase in Research & Development Solutions, a $1 million decrease in Contract Sales & Medical Solutions, and a $49 million decrease in general corporate and unallocated expenses.

The $6 million decrease in selling, general and administrative expenses for the three months ended March 31, 2026 as compared to the same period in 2025 included a constant currency decrease of approximately $21 million, or 4.1%, reflecting a $6 million increase in Commercial Solutions, a $18 million increase in Research & Development Solutions, and a $45 million decrease in general corporate and unallocated expenses.

Depreciation and Amortization

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

Three Months Ended March 31,

(in millions) 2026 2025

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% of revenues

7.0 % 7.1 % 6.9 % 7.1 %

The $8 million and $16 million increases in depreciation and amortization for the three and nine months ended September 30, 2025 compared to the same periods in 2024 are mainly related to an increase in amortization of capitalized software costs.

The $23 million increase in depreciation and amortization for the three months ended March 31, 2026 compared to the same period in 2025 is mainly related to an increase in amortization of capitalized software costs and intangible assets from acquisitions occurring in 2025 and 2026.

Restructuring Costs

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

Three Months Ended March 31,

(in millions) 2026 2025

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Interest Income and Interest Expense

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

Three Months Ended March 31,

(in millions) 2026 2025

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Interest income includes interest received primarily from bank balances and investments.

Interest income during the three months ended September 30, 2025 remained consistent as compared to the same period in 2024, and for the nine months ended September 30, 2025 decreased compared to the same period in 2024 primarily as a result of lower interest rates.

Interest expense during the three and nine months ended September 30, 2025 increased compared to the same periods in 2024 as a result of higher outstanding debt balances.

Other (Income) Expense, Net

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

Interest income during the three months ended March 31, 2026 decreased as compared to the same period in 2025, primarily as a result of lower deposit rates.

Interest expense during the three months ended March 31, 2026 increased compared to the same period in 2025 as a result of higher outstanding debt balances.

Other Expense, Net

Three Months Ended March 31,

(in millions) 2026 2025

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

Other (income) expense, net for the three months ended September 30, 2025 increased compared to the same period in 2024 primarily due to foreign currency gain on transactions.

Other (income) expense, net for the nine months ended September 30, 2025 decreased compared to the same period in 2024 primarily due to less revaluations of contingent consideration arrangements and adjustments in investment balances, offset by less foreign currency loss on transactions.

Other expense, net $ 4 $ 15

Other expense, net for the three months ended March 31, 2026 decreased compared to the same period in 2025 primarily due to more foreign currency gain on transactions, offset by adjustments in investment balances.

Income Tax Expense

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

Three Months Ended March 31,

(in millions) 2026 2025

Income tax expense $ 59 $ 61

Our effective income tax rate was 18.6% and 18.6% in the third quarter of 2025 and 2024, respectively.

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

Our 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.

Our 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.

Our 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 we will continue to evaluate impacts to future periods.

Our effective income tax rate was 18.0% and 18.9% in the first quarter of 2026 and 2025, respectively.

Our 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.

We have 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.

We 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, we 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.

We continue to monitor global developments and are assessing the potential impact of these rules on our income tax provision.

Equity in Earnings (Losses) of Unconsolidated Affiliates

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

Three Months Ended March 31,

(in millions) 2026 2025

Equity in earnings (losses) of unconsolidated affiliates $ 6 $ (13)

Equity in earnings (losses) of unconsolidated affiliates for the three and nine months ended September 30, 2025, decreased compared to the same periods in 2024, due to the results in the operations of our unconsolidated affiliates.

Equity in earnings (losses) of unconsolidated affiliates for the three months ended March 31, 2026, increased compared to the same period in 2025 due to the results in the operations of our unconsolidated affiliates.

Segment Results of Operations

In the tables below, the Company is reflecting the recast of segment information for the three months ended March 31, 2025 based on the changes described in Note 14 included elsewhere in this Quarterly Report on Form 10-Q.

Revenues and profit by segment are as follows:

Three Months Ended September 30, 2025 and 2024

Segment Revenues Segment Profit

(in millions) 2025 2024 2025 2024

Technology & Analytics Solutions $ 1,631 $ 1,554 $ 370 $ 405

Research & Development Solutions 2,260 2,162 496 498

Contract Sales & Medical Solutions 209 180 13 12

Total 4,100 3,896 879 915

General corporate and unallocated expenses (20) (59)

Depreciation and amortization (286) (278)

Restructuring costs (20) (28)

Consolidated $ 4,100 $ 3,896 $ 553 $ 550

Nine Months Ended September 30, 2025 and 2024

Three Months Ended March 31, 2026 and 2025

Segment Revenues Segment Profit

(in millions) 2026 2025 2026 2025

Technology & Analytics Solutions $ 4,805 $ 4,502 $ 1,119 $ 1,101

Commercial Solutions $ 1,754 $ 1,572 $ 381 $ 355

Research & Development Solutions 2,397 2,257 472 476

Contract Sales & Medical Solutions 578 541 36 34

Total 4,151 3,829 853 831

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We also do not allocate restructuring costs, depreciation and amortization, or impairment charges, if any, to our segments.

Technology & Analytics Solutions

Three Months Ended September 30, Change

(in millions) 2025 2024 $ %

Revenues $ 1,631 $ 1,554 $ 77 5.0 %

Cost of revenues, exclusive of depreciation and amortization 1,014 922 92 10.0

Selling, general and administrative expenses 247 227 20 8.8

Segment profit $ 370 $ 405 $ (35) (8.6) %

Nine Months Ended September 30, Change

Commercial Solutions

Three Months Ended March 31, Change

(in millions) 2026 2025 $ %

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Segment profit $ 381 $ 355 $ 26 7.3 %

Technology & Analytics Solutions’ revenues were $1,631 million for the third quarter of 2025, an increase of $77 million, or 5.0%, over the same period in 2024.

This increase was comprised of constant currency revenue growth of approximately $52 million, or 3.3%, reflecting revenue growth primarily in the Americas region and to a lesser extent in the Asia-Pacific region.

Technology & Analytics Solutions’ revenues were $4,805 million for the first nine months of 2025, an increase of $303 million, or 6.7%, over the same period in 2024.

Commercial Solutions’ revenues were $1,754 million for the first quarter of 2026, an increase of $182 million, or 11.6%, over the same period in 2025.

This increase was comprised of constant currency revenue growth of approximately $134 million, or 8.5%, reflecting revenue growth primarily in the Americas region and to a lesser extent in the Europe and Africa region.

The constant currency revenue growth for the three and nine months ended September 30, 2025 was primarily driven by an increase in information and technology services and to a lesser extent by real world services.

The constant currency revenue growth for the three months ended March 31, 2026 was primarily driven by an increase in patient solutions (formerly included in real-world solutions), and to a lesser extent by information services and commercial engagement services (formerly included in contract sales and medical solutions).

Cost of Revenues, exclusive of Depreciation and Amortization

Technology & Analytics Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $92 million, or 10.0%, in the third quarter of 2025 over the same period in 2024.

This increase included a constant currency increase of approximately $77 million, or 8.4%.

Technology & Analytics Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $252 million, or 9.3%, in the first nine months of 2025 over the same period in 2024.

Commercial Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $141 million, or 14.4%, in the first quarter of 2026 over the same period in 2025.

This increase included a constant currency increase of approximately $108 million, or 11.0%.

The constant currency increase for the three and nine months ended September 30, 2025 was primarily related to an increase in compensation and related expenses and to a lesser extent in reimbursed expenses to support revenue growth.

The constant currency increase for the three months ended March 31, 2026 was primarily related to an increase in compensation and related expenses and to a lesser extent in reimbursed expenses and costs of acquiring and processing data to support revenue growth.

Selling, General and Administrative Expenses

Technology & Analytics Solutions’ selling, general and administrative expenses increased $20 million, or 8.8%, in the third quarter of 2025 as compared to the same period in 2024, which included a constant currency increase of approximately $14 million, or 6.2%.

Technology & Analytics Solutions’ selling, general and administrative expenses increased $33 million, or 4.8%, in the first nine months of 2025 as compared to the same period in 2024, which included a constant currency increase of approximately $27 million, or 4.0%.

The constant currency increase for the nine months ended September 30, 2025 was primarily related to an increase in IT-related expenses.

Commercial Solutions’ selling, general and administrative expenses increased $15 million, or 6.3%, in the first quarter of 2026 as compared to the same period in 2025, which included a constant currency increase of approximately $6 million, or 2.5%.

The constant currency increase for the three months ended March 31, 2026 was primarily related to an increase in compensation and related expenses.

Research & Development Solutions

Three Months Ended September 30, Change

(in millions)

Revenues $ 2,260 $ 2,162 $ 98 4.5 %

Cost of revenues, exclusive of depreciation and amortization 1,532 1,442 90 6.2

Selling, general and administrative expenses 232 222 10 4.5

Segment profit $ 496 $ 498 $ (2) (0.4) %

Nine Months Ended September 30, Change

(in millions)

Revenues $ 6,563 $ 6,404 $ 159 2.5 %

Cost of revenues, exclusive of depreciation and amortization 4,481 4,268 213 5.0

Selling, general and administrative expenses 675 666 9 1.4

Segment profit $ 1,407 $ 1,470 $ (63) (4.3) %

Research & Development Solutions’ contracted backlog increased from $31.1 billion as of December 31, 2024 to $32.4 billion as of September 30, 2025, and we expect approximately $8.1 billion of this backlog to convert to revenues in the next twelve months.

Research & Development Solutions’ revenues were $2,260 million for the third quarter of 2025, an increase of $98 million, or 4.5%, over the same period in 2024.

This increase was comprised of constant currency revenue growth of approximately $73 million, or 3.4%, reflecting revenue growth primarily in the Americas region and to a lesser extent in the Asia-Pacific region.

Research & Development Solutions’ revenues were $6,563 million for the first nine months of 2025, an increase of $159 million, or 2.5%, over the same period in 2024.

This increase was comprised of constant currency revenue growth of approximately $123 million, or 1.9%, reflecting revenue growth primarily in the Asia-Pacific region and to a lesser extent in the Americas region.

The constant currency revenue growth for the three and nine months ended September 30, 2025 was primarily the result of volume-related increases in clinical services.

The constant currency revenue growth was impacted by a decrease in COVID-19 related work.

Cost of Revenues, exclusive of Depreciation and Amortization

Research & Development Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $90 million, or 6.2%, in the third quarter of 2025 over the same period in 2024.

This increase included a constant currency increase of approximately $82 million, or 5.7%.

Research & Development Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $213 million, or 5.0% in the first nine months of 2025 over the same period in 2024.

This increase included a constant currency increase of approximately $223 million, or 5.2%.

Selling, General and Administrative Expenses

Research & Development Solutions’ selling, general and administrative expenses increased $10 million, or 4.5%, in the third quarter of 2025 as compared to the same period in 2024, which included a constant currency increase of approximately $9 million, or 4.1%.

Research & Development Solutions’ selling, general and administrative expenses increased $9 million, or 1.4% in the first nine months of 2025 as compared to the same period in 2024, which included a constant currency increase of approximately $10 million, or 1.5%.

The constant currency increase for the three and nine months ended September 30, 2025 was primarily related to an increase in compensation and related expenses.

Contract Sales & Medical Solutions

Three Months Ended September 30, Change

(in millions)

Revenues $ 209 $ 180 $ 29 16.1 %

Cost of revenues, exclusive of depreciation and amortization 181 154 27 17.5

Selling, general and administrative expenses 15 14 1 7.1

Segment profit $ 13 $ 12 $ 1 8.3 %

Nine Months Ended September 30, Change

Three Months Ended March 31, Change

(in millions)

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Segment profit $ 472 $ 476 $ (4) (0.8) %

Contract Sales & Medical Solutions’ revenues were $209 million for the third quarter of 2025, an increase of $29 million, or 16.1%, over the same period in 2024.

This increase was comprised of constant currency revenue growth of approximately $25 million, or 13.9%, reflecting revenue growth primarily in the Europe and Africa region and to a lesser extent in the Asia-Pacific region.

Contract Sales & Medical Solutions’ revenues were $578 million in the first nine months of 2025, an increase of $37 million, or 6.8%, over the same period in 2024.

This increase was comprised of constant currency revenue growth of approximately $32 million, or 5.9%, reflecting revenue growth primarily in the Europe and Africa region and to a lesser extent in the Asia-Pacific region.

The constant currency revenue growth for the three and nine months ended September 30, 2025 was primarily due to volume-related increases in services performed.

Research & Development Solutions’ contracted backlog increased from $34.0 billion (recast amount to reflect segment changes noted above) as of December 31, 2025 to $34.2 billion as of March 31, 2026, and we expect approximately $8.9 billion of this backlog to convert to revenues in the next twelve months.

Research & Development Solutions’ revenues were $2,397 million for the first quarter of 2026, an increase of $140 million, or 6.2%, over the same period in 2025.

This increase was comprised of constant currency revenue growth of approximately $94 million, or 4.2%, reflecting revenue growth primarily in the Americas region.

The constant currency revenue growth for the three months ended March 31, 2026 was primarily the result of volume-related increases in clinical services and lab testing.

Cost of Revenues, exclusive of Depreciation and Amortization

Contract Sales & Medical Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $27 million, or 17.5%, in the third quarter of 2025 as compared to the same period in 2024.

This increase included a constant currency increase of approximately $24 million, or 15.6%.

Contract Sales & Medical Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $37 million, or 8.0%, in the first nine months of 2025 as compared to the same period in 2024.

Research & Development Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $124 million, or 8.0%, in the first quarter of 2026 over the same period in 2025.

This increase included a constant currency increase of approximately $77 million, or 5.0%.

The constant currency increase for the three and nine months ended September 30, 2025 was primarily related to an increase in compensation and related expenses.

The constant currency increase for the three months ended March 31, 2026 was primarily related to an increase in compensation and related expenses and to a lesser extent in reimbursed expenses as a result of volume-related increases in clinical services.

Selling, General and Administrative Expenses

Contract Sales & Medical Solutions’ selling, general and administrative expenses increased $1 million, or 7.1%, in the third quarter of 2025 as compared to the same period in 2024.

This increase included a constant currency increase of $1 million or 7.1%.

Contract Sales & Medical Solutions’ selling, general and administrative expenses decreased $2 million, or 4.4%, in the first nine months of 2025 as compared to the same period in 2024.

This decrease included a constant currency decrease of approximately $1 million, or 2.2%.

The constant currency increase for the three months ended September 30, 2025 and the decrease for the nine months ended September 30, 2025 was primarily related to changes in compensation and related expenses.

Research & Development Solutions’ selling, general and administrative expenses increased $20 million, or 8.7%, in the first quarter of 2026 as compared to the same period in 2025, which included a constant currency increase of approximately $18 million, or 7.8%.

The constant currency increase for the three months ended March 31, 2026 was primarily related to an increase in compensation and related expenses.

Liquidity and Capital Resources

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We have and expect to transfer cash from those subsidiaries to the United States and to other international subsidiaries when it is cost effective to do so.

We had a cash balance of $1,814 million as of September 30, 2025 ($656 million of which was in the United States), an increase from $1,702 million as of December 31, 2024.

We had a cash balance of $1,947 million as of March 31, 2026 ($635 million of which was in the United States), a decrease from $1,980 million as of December 31, 2025.

Based on our current operating plan, we believe that our available cash and cash equivalents, future cash flows from operations and our ability to access funds under our revolving credit and receivables financing facilities will enable us to fund our operating requirements, capital expenditures, contractual obligations, and meet debt obligations for at least the next 12 months.

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Equity Repurchase Program

On February 5, 2025, our Board of Directors increased the stock repurchase authorization under our equity repurchase program (the "Repurchase Program") with respect to the repurchase of our 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 our equity repurchase (the "Repurchase Program") was $13,725 million.

The Repurchase Program does not obligate us 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, we repurchased 6.4 million shares of our common stock for $1,032 million under the Repurchase Program.

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

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

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

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

As of September 30, 2025, we had $15,034 million of total indebtedness, excluding $1,995 million of additional available borrowings under our revolving credit facility.

Our long-term debt arrangements contain customary restrictive covenants and, as of September 30, 2025, we believe we were in compliance with our restrictive covenants in all material respects.

As of March 31, 2026, we had $15,908 million of total indebtedness, excluding $995 million of additional available borrowings under our revolving credit facility.

Our long-term debt arrangements contain customary restrictive covenants and, as of March 31, 2026, we believe we were in compliance with our restrictive covenants in all material respects.

Senior Secured Credit Facilities

On March 10, 2025, we entered into an amendment (the “Amendment”) to our Fifth Amended and Restated Credit Agreement.

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 refinance our existing Term B-4 dollar loans and repay in full our existing Term B-2 Euro loans.

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, our Fifth Amended and Restated Credit Agreement provided financing through the senior secured credit facilities of up to $6,448 million, which consisted of $4,453 million principal amounts of debt outstanding, and $1,995 million of available borrowing capacity on the revolving credit facility and standby letters of credit.

See Note 7 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details regarding our credit arrangements.

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, we completed the issuance and sale of $2,000 million in gross proceeds of 6.250% senior notes due 2032 (the "Senior Notes").

The net proceeds from the notes offering were used to repay existing borrowings under our revolving credit facility and to pay fees and expenses related to the Senior Notes offering, with any excess proceeds used for general corporate purposes.

As of March 31, 2026, our Fifth Amended and Restated Credit Agreement provided financing through the senior secured credit facilities of up to $6,371 million, which consisted of $5,376 million principal amounts of debt outstanding, and $995 million of available borrowing capacity on the revolving credit facility and standby letters of credit.

See Note 7 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details regarding our credit arrangements.

Term Loan due 2027

On March 11, 2026, we 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 our outstanding €550 million 1.750% Notes.

Our obligations with respect to the 1.750% Notes were discharged on the same day as the notes were repaid in full.

Receivables Financing Facility

As of September 30, 2025, no additional amounts of revolving loans were available under the receivables financing facility.

Nine months ended September 30, 2025 and 2024

As of March 31, 2026, no additional amounts of revolving loans were available under the receivables financing facility.

Three months ended March 31, 2026 and 2025

Cash Flow from Operating Activities

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

Net cash provided by operating activities $ 618 $ 568

Cash provided by operating activities increased $88 million during the first nine months of 2025 as compared to the same period in 2024.

The increase was primarily driven by an increase in cash from unearned income ($294 million), offset by a decrease in cash from accounts receivable and unbilled services ($111 million), cash from other operating assets and liabilities ($57 million), which includes $42 million in cash received related to the termination of our previous cross-currency swaps during the first nine months of 2025, and cash-related net income ($38 million).

Cash provided by operating activities increased $50 million during the first three months of 2026 as compared to the same period in 2025.

The increase was primarily driven by increases in cash-related net income ($44 million), cash from unearned income ($41 million), and cash from accounts receivable and unbilled services ($24 million), offset by a decrease in cash from other operating assets and liabilities ($59 million).

Cash Flow from Investing Activities

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

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

Cash used in investing activities increased $67 million during the first nine months of 2025 as compared to the same period in 2024, primarily driven by more cash used for acquisitions of businesses ($149 million), cash used for investments in debt and equity securities ($18 million), and cash used in other ($1 million), offset by more proceeds from sale of property, equipment, and software ($50 million), less cash used for investments in unconsolidated affiliates, net ($40 million), less cash used for acquisitions of property, equipment and software ($9 million), and more cash from sales of marketable securities, net ($2 million).

Cash used in investing activities decreased $109 million during the first three months of 2026 as compared to the same period in 2025, primarily driven by less cash used for acquisitions of businesses ($97 million), cash used for investments in debt and equity securities ($19 million), cash used for acquisitions of property, equipment and software ($15 million), and cash from other ($1 million), offset by more cash used for investments in unconsolidated affiliates, net ($22 million) and cash from sales of marketable securities, net ($1 million).

Cash Flow from Financing Activities

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

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

Cash used in financing activities increased $182 million during the first nine months of 2025 as compared to the same period in 2024, primarily due to more cash payments for debt and principal payments on finance leases ($2,546 million), repurchase of common stock ($832 million), revolving credit facilities, net of repayments ($725 million), contingent consideration and deferred purchase price accruals ($14 million), other ($11 million), and cash used for payments related to employee stock incentive plans ($5 million), offset by more proceeds from issuance of debt, net ($3,951 million).

Cash used in financing activities increased $175 million during the first three months of 2026 as compared to the same period in 2025, primarily due to less proceeds from issuance of debt, net ($1,333 million), more cash used for repurchase of common stock ($177 million), less proceeds from revolving credit facilities, net of repayments ($75 million), and more cash used for payments related to employee stock incentive plans ($5 million), offset by less cash payments for debt and principal payments on finance leases ($1,413 million) and contingent consideration and deferred purchase price accruals ($2 million).

Information about our Guarantors and the Issuer of our Guaranteed Securities

(the “Issuer”), a wholly owned subsidiary of IQVIA Holdings Inc., completed the issuance and sale of $1,250 million in gross proceeds of the Issuer’s 6.250% senior secured notes due 2029 (the “2029 Senior Secured Notes”) on November 28, 2023, and completed the issuance and sale of $750 million in gross proceeds of the Issuer’s 5.700% senior secured notes due 2028 (the “2028 Senior Secured Notes”) on May 23, 2023.

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.

The accompanying summarized financial information has been prepared and presented pursuant to Rule 3-10 of Regulation S-X, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered,” and Rule 13-01 of Regulation S-X, “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralized a Registrant’s Securities.” Each of our current direct and indirect material U.S.

wholly owned restricted subsidiaries (excluding IQVIA Solutions Japan LLC and IQVIA Services Japan LLC) (the "Guarantor subsidiaries" and, together with IQVIA Holdings Inc., the “Guarantors”), have jointly and severally, irrevocably and unconditionally, on a senior secured basis, guaranteed the obligations under the Notes.

The accompanying summarized financial information has been prepared and presented pursuant to Rule 3-10 of Regulation S-X and Rule 13-01 of Regulation S-X.

Each of our current direct and indirect material U.S.

(the “Issuer”).

The following presents the summarized financial information on a combined basis for IQVIA Holdings Inc.

(parent company), IQVIA Inc.

(issuer of the guaranteed obligations) and the Guarantor subsidiaries, which are collectively referred to as the “obligated group.”

Each Guarantor subsidiary is consolidated by IQVIA Holdings Inc.

as of September 30, 2025 and December 31, 2024.

Refer to Exhibit 22.1 to this Quarterly Report on Form 10-Q for the detailed list of entities included within the obligated group as of September 30, 2025.

(parent company), the Issuer and the Guarantor subsidiaries, which are collectively referred to as the “obligated group.” Each Guarantor subsidiary is consolidated by IQVIA Holdings Inc.

as of March 31, 2026 and December 31, 2025.

Refer to Exhibit 22.1 to this Quarterly Report on Form 10-Q for the detailed list of entities included within the obligated group as of March 31, 2026.

The guarantee of a Guarantor subsidiary with respect to the Notes will be automatically and unconditionally released and discharged and shall terminate and be of no further force and effect, and no further action by such Guarantor subsidiary, the Issuer, or U.S.

Bank Trust Company, National Association, as trustee, be required upon the occurrence of any of the following:

any sale, exchange, issuance, disposition or transfer (by merger, amalgamation, consolidation or otherwise) of (i) the capital stock of such Guarantor, after which the applicable Guarantor is no longer a Restricted Subsidiary, or (ii) all or substantially all of the assets of such Guarantor, in each case if such sale, exchange, issuance, disposition or transfer is made in compliance with the applicable provisions of this Indenture;

the release or discharge of the guarantee by such Guarantor of indebtedness under the senior secured term loan facilities and the senior secured revolving credit facilities under that certain Fifth Amended and Restated Credit Agreement, or the release or discharge of such other guarantee that resulted in the creation of such Guarantee, except, in each case, a discharge or release by or as a result of payment of such Indebtedness or under such guarantee (it being understood that a release subject to a contingent reinstatement is still a release, and that if any such guarantee is so reinstated, such Guarantee shall also be reinstated to the extent that such Guarantor would then be required to provide a Guarantee pursuant to Section 4.11 of the Indenture);

the designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in compliance with the applicable provisions of the Indenture;

the exercise by the Issuer of its Legal Defeasance option or Covenant Defeasance option in accordance with Article VIII of the Indenture or the discharge of the Issuer’s obligations under the Indenture in accordance with the terms of this Indenture;

the merger, amalgamation or consolidation of any Guarantor with and into the Issuer or a Guarantor that is the surviving Person in such merger, amalgamation or consolidation, or upon the liquidation of a Guarantor following the transfer of all or substantially all of its assets, in each case in a transaction that complies with the applicable provisions of this Indenture;

as described in Article IX of the Indenture.

Bank Trust Company, National Association, as trustee, be required upon the occurrence of any of the events described in Article IX of the indenture governing such Notes, including, subject to certain conditions and limitations contained in such indenture, (a) the sale, disposition or transfer of the capital stock of such Guarantor or all or substantially all of the assets of such Guarantor;

(b) the release or discharge of the guarantee by such Guarantor under the senior secured term loan facilities and the senior secured revolving credit facilities;

(c) the designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary (in each case, as such terms are defined in the indenture governing such Notes) in compliance with the applicable provisions of the indenture governing such Notes;

(d) in accordance with Article VIII of the indenture governing such Notes or the discharge of the Issuer’s obligations under such indenture in accordance with the terms of such indenture;

or (e) the merger, amalgamation or consolidation of any Guarantor with and into the Issuer or a Guarantor.

Summarized Combined Financial Information of the Issuer and Guarantors :

6 unchanged sentences

The following table contains summarized combined financial information from the Statements of Unaudited Condensed Consolidated Financial Position of the obligated group as of:

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

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

Total current assets (excluding amounts due from subsidiaries that are non-Guarantors) $ 826 $ 1,012

5 unchanged sentences

The following table contains summarized combined financial information from the Statements of Unaudited Condensed Consolidated Operations of the obligated group:

Nine months ended Twelve months ended

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

Three months ended Twelve months ended

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

Net revenues $ 1,710 $ 7,137

1 unchanged sentence

Income from operations $ 284 $ 1,276

Net income $ 117 $ 554

Net (loss) income $ (32) $ 286

Off-Balance Sheet Arrangements

8 unchanged sentences

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 2. Management’s Discussion and Analysis