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Sep 30, 2025
IQVIA Q3 2025 Earnings Report
IQVIA reported third-quarter 2025 results with revenue and net income growth, record free cash flow, and strong bookings in R&D Solutions.
Key Takeaways
IQVIA delivered solid Q3 2025 results with $4.1 billion in revenue, $331 million in net income, and strong free cash flow of $772 million. The company highlighted robust R&D Solutions demand and continued growth in TAS and CSMS segments.
Revenue reached $4.1 billion, a 5.2% increase year-over-year.
Net Income was $331 million with Adjusted EPS of $3.00.
Free Cash Flow surged to $772 million, up 35% YoY.
R&DS bookings hit $2.6 billion with a 1.15x book-to-bill ratio.
Revenue by Segment
Forward Guidance
IQVIA reaffirmed the midpoint of its FY25 guidance, tightening the ranges. It expects full-year revenue between $16.15B–$16.25B and Adjusted EPS between $11.85–$11.95.
Positive Outlook
- Record free cash flow driven by operating efficiency.
- Strong R&DS demand across all customer segments.
- TAS momentum supported by drug launches.
- Book-to-bill ratio and RFP growth support future pipeline.
- Guidance range narrowed, indicating confidence.
Challenges Ahead
- COVID-related revenue step-down impacting R&DS.
- Challenging year-over-year comparison in TAS.
- Free cash flow growth not necessarily repeatable.
- Foreign exchange fluctuations pose risk to topline.
- Higher debt levels with $14.96B gross debt reported.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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