IQVIA (IQV) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $4,368 million, up 8.7% year-over-year, with strong performance in both Commercial and R&D Solutions.

• Adjusted EBITDA for Q2 was $994 million, up 9.2% year-over-year; Adjusted Diluted EPS was $3.15, up 12.1%.

• Net income for Q2 2026 was $256 million ($1.53 per share); first half net income was $530 million ($3.14 per share).

• Both Commercial and R&D Solutions segments delivered robust results, with strong bookings and expanding pipelines.

• AI-enabled solutions are driving differentiation and higher win rates across all customer segments.

Financial highlights

• First-half 2026 revenue was $8,519 million, up 8.6% year-over-year; Adjusted EBITDA was $1,926 million, up 7.4%.

• Free cash flow for Q2 was $360 million, up 23% year-over-year; operating cash flow for Q2 was $558 million.

• Share repurchases totaled $398 million in Q2, with $950 million repurchased in the first half; $2,819 million remains authorized.

• Cash and cash equivalents at quarter-end were $1,909 million; net debt was $14,090 million.

• Capital expenditures in Q2 were $198 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $17,275–$17,475 million (5.9%–7.1% growth), with a midpoint of 6.5%.

• Adjusted EBITDA guidance raised to $4,000–$4,050 million (5.6%–6.9% growth); Adjusted Diluted EPS guidance raised to $12.80–$13.00 (7.4%–9.1% growth).

• Q3 2026 revenue expected at $4,315–$4,390 million (5.2%–7.1% growth); adjusted EBITDA $1,000–$1,020 million; adjusted EPS $3.19–$3.29.

• Guidance reflects higher organic growth, increased M&A contribution, and updated FX assumptions.

• Approximately $36.4 billion in remaining performance obligations, with 30% expected to be recognized as revenue in the next 12 months.