IQVIA (IQV) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $3,829 million, up 2.5% year-over-year (3.5% constant currency), with strong growth in Technology & Analytics Solutions and a robust R&D Solutions backlog, though Contract Sales & Medical Solutions declined.

• Adjusted EBITDA was $883 million (+2.4% YoY); Adjusted diluted EPS rose 6.3% to $2.70; Adjusted Net Income was $479 million.

• Net income declined to $249 million from $288 million YoY; diluted EPS fell to $1.40 from $1.56.

• Free cash flow was $426 million (+13% YoY); $425 million in share repurchases; cash and equivalents totaled $1,740 million.

• Full-year revenue guidance raised by $275 million to $16.0–$16.4 billion due to favorable FX; profit guidance reaffirmed.

Financial highlights

• Q1 2025 revenue: $3,829 million (+2.5% YoY, +3.5% constant currency); Adjusted EBITDA: $883 million (+2.4% YoY); Adjusted Net Income: $479 million.

• Net income: $249 million (–13.5% YoY); diluted EPS: $1.40 (down from $1.56 YoY).

• Free cash flow: $426 million; operating cash flow: $568 million; share repurchases: $425 million in Q1.

• Net leverage ratio: 3.40x trailing 12-month adjusted EBITDA; gross leverage ratio: 3.87x.

• Cash and cash equivalents: $1,740 million; total debt: $14,389 million; net debt: $12,590 million.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $16.0–$16.4 billion (3.9%–6.5% reported growth); adjusted EBITDA guidance: $3,765–$3,885 million; adjusted diluted EPS: $11.70–$12.10.

• Q2 2025 revenue expected at $3,925–$4,000 million; adjusted EBITDA $895–$915 million; adjusted diluted EPS $2.72–$2.83.

• Guidance assumes FX rates as of May 5, 2025 remain in effect.

• Management expects continued restructuring through 2025 and into 2026 to align resources and integrate acquisitions.

• No material impact from the OECD global minimum tax is expected for 2025.