IQVIA Holdings Inc. reported financial results for the third quarter ended September 30, 2026, announcing a revenue increase of 8.0% year-over-year to $4,428 million. On a constant currency basis, revenue grew 8.6%. The company reported GAAP Net Income of $350 million and GAAP Diluted Earnings per Share (EPS) of $2.10. Adjusted EBITDA was $1,032 million, while Adjusted Diluted EPS was $3.34, representing an 11.3% increase from the prior year.
Operating cash flow for the quarter was $825 million, and Free Cash Flow was $667 million, which the company noted represented 120% of Adjusted Net Income. The company reported net new bookings of $3.2 billion, up 15% year-over-year, with a book-to-bill ratio of 1.2x. Research & Development Solutions (R&D Solutions) revenue increased 8.7% to $2,639 million, while Commercial Solutions revenue increased 6.9% to $1,789 million.
As of September 30, 2026, cash and cash equivalents totaled $2,249 million, and total debt was $16,067 million, resulting in net debt of $13,818 million. The company’s Net Leverage Ratio was 3.45x trailing twelve-month Adjusted EBITDA. IQVIA adjusted its backlog by approximately $2.1 billion following a review of inactive trials, with R&D Solutions contracted backlog standing at $32.6 billion.
The company is raising its full-year 2026 guidance. Revenue is now expected to be between $17,350 million and $17,500 million, Adjusted EBITDA is expected to be between $4,025 million and $4,055 million, and Adjusted Diluted EPS is expected to be between $12.90 and $13.00. These figures assume a 250 basis point contribution from acquisitions and approximately 20 basis points of tailwind from foreign exchange. IQVIA will host an Investor Day on December 1, 2026.
