IQVIA (IQV) Financials

IQVIA Holdings Inc. (NYSE: IQV) has exhibited a steady financial performance over the past four years through Q2 2025, demonstrating growth trends in revenue, net income, operational efficiency, and prudent use of capital, despite some notable debt activity and sizeable acquisitions.

Revenue and Profitability:

• Operating revenue increased from approximately $3.65 billion in Q1 2023 to $4.02 billion in Q2 2025, indicating consistent top-line growth.
• Net income rose from $288 million in Q1 2023 to $266 million in Q2 2025 quarter-over-quarter with some fluctuations, illustrating sustained profitability.
• Gross profit margins have remained healthy, with total gross profit near $1.32 billion in Q2 2025, up from $1.25 billion in Q1 2023, reflecting effective cost management despite inflationary cost pressures.
• Diluted earnings per share increased from around $1.53 in Q1 2023 to $1.54 in Q2 2025, supporting shareholder value amidst steady basic and diluted share count.

Operating Expenses and Efficiency:

• Selling, General & Administrative expenses have grown moderately, from approximately $508 million in Q1 2023 to about $509 million in Q2 2025, indicating controlled spending relative to revenue growth.
• Depreciation expense has increased over the years from around $253 million in Q1 2023 to $276 million in Q2 2025, attributable to capital investments and acquisitions.
• Restructuring charges showed variability but remain a relatively small component of operating expenses, suggesting ongoing operational improvements and integration costs.

Balance Sheet Strength and Investments:

• Total assets increased from approximately $25.7 billion in Q1 2023 to $28.6 billion in Q2 2025, driven by growth in goodwill, intangible assets, and operating assets, reflecting expansion through acquisitions.
• Cash and equivalents rose significantly, reaching about $2.04 billion in Q2 2025, up from $1.44 billion at Q1 2023, supporting liquidity.
• Total debt has increased, with long-term debt approximately at $14.18 billion in Q2 2025, compared to about $11.83 billion in Q1 2023, reflecting aggressive financing activity.
• Substantial acquisitions expenditures were recorded, with $181 million in Q2 2025 alone and larger amounts in prior periods, increasing long-term liabilities and complicating integration risk.

Cash Flow and Financing Activity:

• Net cash from operating activities remains robust, totaling $443 million in Q2 2025 and $568 million in Q1 2025, showcasing strong operational cash generation.
• Significant repayments of debt occurred at $1.78 billion in Q2 2025, but these were accompanied by new debt issuances of $2.6 billion, indicating a high leverage strategy and refinancing activity.
• There has been consistent use of cash to repurchase common equity, exemplified by $657 million in Q2 2025, which, while supporting share price, reduces liquidity.
• Capital expenditures averaged roughly $140-$180 million quarterly, reflecting ongoing investments in property and equipment, increasing cash outflows.

In summary: IQVIA has demonstrated solid revenue and earnings growth over the last four years, supported by effective cost management and operational cash flow generation. The company has notably expanded its asset base through acquisitions financed by both issuing new debt and repurchasing equity. The increasing leverage and acquisition spending represent an area that investors should monitor closely, as they introduce financial risk alongside growth potential. Overall, IQVIA appears financially healthy with a clear growth trajectory, balanced by deliberate capital allocation strategies.