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IQVIA (IQV) investor relations material
IQVIA Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $4,017 million, up 5.3% year-over-year, led by strong Technology & Analytics Solutions and R&D Solutions performance.
Net income for Q2 2025 was $266 million, down from $363 million in Q2 2024; adjusted EBITDA was $910 million, up 2.6% year-over-year.
R&D Solutions bookings were $2.5 billion, with a book-to-bill ratio of 1.12x and backlog at $32.1 billion, up 5.1% year-over-year.
AI initiatives advanced, with over 20 AI agents in production and industry recognition for generative AI and digital health innovation.
Over $1 billion in share repurchases year-to-date, with $1,981 million remaining authorized.
Financial highlights
Q2 2025 revenue: $4,017 million, up 5.3% year-over-year; adjusted EBITDA: $910 million; adjusted diluted EPS: $2.81, up 6.4%.
Q2 GAAP net income: $266 million; GAAP diluted EPS: $1.54, down from $1.97 in Q2 2024.
Free cash flow for Q2: $292 million; operating cash flow: $443 million.
Net leverage ratio: 3.61x; gross leverage ratio: 4.16x trailing twelve-month adjusted EBITDA.
$1,032 million used for share repurchases in the first half of 2025.
Outlook and guidance
Full-year 2025 revenue guidance: $16,100–$16,300 million, 4.5%–5.8% growth year-over-year.
Adjusted EBITDA guidance: $3,750–$3,825 million; adjusted diluted EPS: $11.75–$12.05, up 5.6%–8.3% year-over-year.
Q3 2025 revenue guidance: $4,025–$4,100 million; adjusted EBITDA: $935–$955 million; adjusted EPS: $2.92–$3.02.
Guidance reflects $100 million step-down in COVID-related revenue, 150 bps M&A contribution, and FX tailwind.
Management expects continued restructuring through 2025 and into 2026 to align resources and integrate acquisitions.
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