IQVIA (IQV) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $4.428B, up 8.0% reported and 8.6% at constant currency; adjusted EBITDA rose 8.7% and adjusted diluted EPS rose 11.3%, exceeding guidance highs.

• Organic growth accelerated in both segments; R&D bookings reached a four-year high, with margin expansion and higher win rates supporting momentum.

• FY2026 revenue, adjusted EBITDA and adjusted diluted EPS guidance was raised.

Financial highlights

• Q3 adjusted EBITDA was $1.032B; adjusted net income was $557M and adjusted diluted EPS was $3.34, up 11.3% YoY.

• Q3 GAAP diluted EPS was $2.10; net income attributable to common stockholders was $350M.

• Nine-month revenue was $12.947B, up 8.4% reported and 7.7% at constant currency; adjusted EBITDA was $2.958B and adjusted diluted EPS was $9.38, up 10.4%.

• Nine-month adjusted net income was $1.576B; GAAP net income attributable to common stockholders was $880M.

• Q3 operating cash flow was $825M, capex was $158M and free cash flow was $667M, equal to 120% of adjusted net income.

Outlook and guidance

• FY2026 revenue guidance was raised to $17.350B–$17.500B, or 6.4%–7.3% growth; adjusted EBITDA guidance to $4.025B–$4.055B, or 6.3%–7%.

• FY2026 adjusted diluted EPS guidance was raised to $12.90–$13.00, or 8.2%–9.1% growth.

• Revenue guidance includes ~250 bps of acquisition contribution and ~20 bps of FX tailwind; guidance assumes October 26, 2026 exchange rates persist.

• Adjusted EBITDA margin is expected to be flat YoY at ~23.2%; Q4 assumptions include ~$210M net interest expense, D&A just over $160M and ~169M diluted shares.

• Q4 revenue has an implied ~70 bps FX headwind; 2027 detailed guidance is scheduled for February 2027.