IQVIA (IQV) financial statements
IQVIA reported revenue of $16.3B in fiscal 2025, up 10.2% a year over 9 years.
Net income was $1.4B and the operating margin 13.4%, against 8.5% in 2016.
Free cash flow was $2.1B, and the company returned $1.2B in net buybacks.
The diluted share count rose 14% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from IQVIA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.8B | $9.7B | $10.4B | $11.1B | $11.4B | $13.9B | $14.4B | $15.0B | $15.4B | $16.3B |
| Cost of revenue | $3.2B | $6.3B | $6.7B | $7.3B | $7.5B | $9.2B | $9.4B | $9.7B | $10.0B | $10.9B |
| Gross profit | — | $3.4B | $3.7B | $3.8B | $3.9B | $4.6B | $5.0B | $5.2B | $5.4B | $5.4B |
| Selling, general and admin | $1.0B | $1.6B | $1.7B | $1.7B | $1.8B | $2.0B | $2.1B | $2.1B | $2.0B | $2.0B |
| Operating income | $576M | $665M | $741M | $777M | $731M | $1.4B | $1.8B | $2.0B | $2.2B | $2.2B |
| Interest expense | $144M | $346M | $414M | $447M | $416M | $375M | $416M | $672M | $670M | $729M |
| Pre-tax income | $416M | $294M | $328M | $352M | $373M | $1.1B | $1.4B | $1.5B | $1.7B | $1.6B |
| Income tax | $325M | -$992M | $59M | $116M | $72M | $163M | $260M | $101M | $301M | $252M |
| Net income | $72M | $1.3B | $259M | $191M | $279M | $966M | $1.1B | $1.4B | $1.4B | $1.4B |
| EPS (diluted) | $0.47 | $5.74 | $1.24 | $0.96 | $1.43 | $4.95 | $5.72 | $7.29 | $7.49 | $7.84 |
| Diluted shares | 152M | 223M | 208M | 200M | 195M | 195M | 191M | 186M | 183M | 174M |
| Gross margin | — | 35.1% | 35.2% | 34.2% | 34.0% | 33.5% | 34.9% | 35.0% | 34.9% | 33.3% |
| Operating margin | 8.5% | 6.9% | 7.1% | 7.0% | 6.4% | 10.0% | 12.5% | 13.2% | 14.3% | 13.4% |
| Net margin | 1.1% | 13.2% | 2.5% | 1.7% | 2.5% | 7.0% | 7.6% | 9.1% | 8.9% | 8.3% |
Balance sheet
Fiscal years, from IQVIA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $1.0B | $938M | $899M | $1.9B | $1.5B | $1.3B | $1.5B | $1.8B | $2.1B |
| Receivables | $1.7B | $2.1B | $2.4B | $2.6B | $2.4B | $2.6B | $2.9B | $3.4B | $3.2B | $3.4B |
| Total current assets | $3.3B | $3.6B | $3.9B | $4.1B | $5.1B | $4.8B | $5.0B | $5.6B | $5.8B | $6.2B |
| Property, plant and equipment | $406M | $440M | $434M | $458M | $482M | $497M | $532M | $523M | $535M | $533M |
| Goodwill | $10.7B | $11.8B | $11.8B | $12.2B | $12.7B | $13.3B | $13.9B | $14.6B | $14.7B | $16.6B |
| Total assets | $21.2B | $22.9B | $22.5B | $23.3B | $24.6B | $24.7B | $25.3B | $26.7B | $26.9B | $29.9B |
| Total current liabilities | $2.7B | $3.2B | $3.5B | $3.9B | $4.6B | $5.2B | $5.6B | $6.5B | $7.0B | $8.3B |
| Long-term debt | $7.1B | $10.1B | $10.9B | $11.5B | $12.4B | $12.0B | $12.6B | $13.0B | $12.8B | $13.9B |
| Total liabilities | $12.3B | $14.6B | $15.6B | $17.0B | $18.3B | $18.6B | $19.6B | $20.6B | $20.8B | $23.3B |
| Shareholders' equity | $8.6B | $8.0B | $6.7B | $6.0B | $6.0B | $6.0B | $5.8B | $6.1B | $6.1B | $6.5B |
| Net debt | $6.0B | $9.3B | $10.1B | $10.8B | $10.7B | $10.8B | $11.5B | $12.3B | $12.3B | $13.7B |
Cash flow
Fiscal years, from IQVIA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $860M | $970M | $1.3B | $1.4B | $2.0B | $2.9B | $2.3B | $2.1B | $2.7B | $2.7B |
| Capital spending | $164M | $369M | $459M | $582M | $616M | $640M | $674M | $649M | $602M | $603M |
| Free cash flow | $696M | $601M | $795M | $835M | $1.3B | $2.3B | $1.6B | $1.5B | $2.1B | $2.1B |
| Stock-based compensation | $106M | $106M | $113M | $146M | $95M | $170M | $194M | $217M | $206M | $247M |
| Share buybacks (net) | -$1.1B | -$2.6B | -$1.4B | -$949M | -$447M | -$406M | -$1.2B | -$992M | -$1.4B | -$1.2B |
| Net borrowing | -$1.5B | $2.4B | $899M | $1.0B | $727M | -$140M | $616M | $1.1B | -$172M | $1.3B |
| Free cash flow margin | 10.2% | 6.2% | 7.6% | 7.5% | 11.8% | 16.6% | 11.0% | 10.0% | 13.7% | 12.6% |
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Open IQV in InvestinglyQuestions
What was IQVIA's revenue in 2025?
$16.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does IQVIA generate?
$2.1B in fiscal 2025 (operating cash flow minus capital spending).
From IQVIA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.