IQVIA (IQV) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $4.151 billion, up 8.4% year-over-year, with strong organic growth in both Commercial and R&D Solutions segments.

• Adjusted EBITDA was $932 million, up 5.5% year-over-year; Adjusted Diluted EPS rose to $2.90, up 7.4%, exceeding the high end of expectations.

• Net income attributable to shareholders was $274 million, up from $249 million in Q1 2025.

• Free Cash Flow was $491 million, up 15% year-over-year, representing 100% of Adjusted Net Income.

• $552 million of common stock was repurchased during the quarter; $1.2 billion repurchase authorization remains.

Financial highlights

• Operating Cash Flow was $618 million, up 9% year-over-year; cash and cash equivalents stood at $1.947 billion.

• Net debt was $13.886 billion; gross debt $15.833 billion as of March 31, 2026.

• Gross Margin for Q1 2026 was approximately 32.6%; Adjusted EBITDA margin was about 22.5%.

• Adjusted Net Income was $492 million for the quarter.

• Capital expenditures for Q1 2026 totaled $127 million.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $17.15–$17.35 billion, with 150 bps from acquisitions and 100 bps FX tailwind.

• Full-year Adjusted EBITDA guidance: $3.975–$4.025 billion; Adjusted Diluted EPS guidance raised to $12.65–$12.95.

• Q2 2026 revenue guidance: $4.28–$4.34 billion; Adjusted EBITDA $955–$975 million; Adjusted Diluted EPS $2.98–$3.08.

• Guidance assumes stable FX rates as of May 4, 2026.

• Management expects available cash, operating cash flows, and credit facilities to fund requirements for at least the next 12 months.