IQVIA (IQV) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $4,017 million, up 5.3% year-over-year, with strong growth in Technology & Analytics Solutions and R&D Solutions; Adjusted EBITDA was $910 million and Adjusted Diluted EPS was $2.81, up 6.4% year-over-year.

• Net income for Q2 2025 was $266 million, down from $363 million in Q2 2024; adjusted net income was $486 million.

• Year-to-date revenue totaled $7,846 million, a 3.9% increase over the prior year period.

• Record R&D Solutions backlog of $32.1 billion, up 5.1% year-over-year, with $8.1 billion expected to convert to revenue in the next 12 months.

• AI initiatives and partnerships, including with NVIDIA and SCRI, are driving operational efficiencies and client engagement.

Financial highlights

• Adjusted EBITDA for Q2 2025 was $910 million, up from $887 million in Q2 2024; Adjusted Diluted EPS rose 6.4% to $2.81.

• GAAP Diluted EPS was $1.54 in Q2 2025, down from $1.97 in Q2 2024; net income declined to $266 million.

• Free cash flow for Q2 2025 was $292 million; operating cash flow was $443 million.

• Cash and cash equivalents stood at $2,039 million; net debt was $13,451 million as of June 30, 2025.

• $1,032 million was used for share repurchases in the first half, with $1,981 million remaining authorized.

Outlook and guidance

• Full-year 2025 revenue guidance is $16,100–$16,300 million, with Adjusted EBITDA of $3,750–$3,825 million and Adjusted Diluted EPS of $11.75–$12.05.

• Q3 2025 revenue expected at $4,025–$4,100 million, Adjusted EBITDA at $935–$955 million, and Adjusted Diluted EPS at $2.92–$3.02.

• Guidance reflects $100 million COVID-related revenue step-down in R&D Solutions, 150 bps M&A contribution, and FX tailwind.

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

• The company believes current liquidity and cash flow are sufficient to meet obligations for at least the next 12 months.