IQVIA(US:IQV)2026-02-05 12:04Financial Performance - Fourth-quarter revenue was $4,364 million, an increase of 10.3% year-over-year, and full-year revenue reached $16,310 million, growing 5.9%[4][8] - GAAP Net Income for the fourth quarter was $514 million, up 17.6% year-over-year, and for the full year, it was $1,360 million, down 0.9%[6][9] - Adjusted EBITDA for the fourth quarter was $1,046 million, increasing 5.0% year-over-year, and for the full year, it was $3,788 million, up 2.8%[6][9] - Adjusted Diluted Earnings per Share for the fourth quarter was $3.42, up 9.6% year-over-year, and for the full year, it was $11.92, up 7.1%[6][9] - Total revenues for the year ended December 31, 2025, reached $16,310 million, an increase of 5.9% from $15,405 million in 2024[36] Cash Flow and Debt - Operating Cash Flow for the fourth quarter was $735 million, bringing full-year Operating Cash Flow to $2,654 million[10] - Free Cash Flow for the fourth quarter was $561 million, resulting in full-year Free Cash Flow of $2,051 million, representing 99% of Adjusted Net Income[10] - Net cash provided by operating activities for 2025 was $2,654 million, slightly down from $2,716 million in 2024[27] - Net cash provided by operating activities for Q4 2025 was $735 million, down from $885 million in Q4 2024, resulting in a decrease of 16.9%[32] - Free cash flow for the twelve months ended December 31, 2025, was $2,051 million, a decline of 3.0% compared to $2,114 million in 2024[32] - The company’s long-term debt increased to $13,884 million in 2025 from $12,838 million in 2024, reflecting an 8.1% increase[25] - Gross debt as of December 31, 2025, was $15,724 million, with a gross leverage ratio of 4.15x based on adjusted EBITDA of $3,788 million[34] - Net debt as of December 31, 2025, was $13,744 million, resulting in a net leverage ratio of 3.63x[34] Operational Metrics - R&D Solutions contracted backlog as of December 31, 2025, was $32.7 billion, growing 5.3% year-over-year, with an expected revenue conversion of approximately $8.3 billion in the next twelve months[5][7] - The fourth-quarter book-to-bill ratio was 1.18x, resulting in a trailing-twelve-month book-to-bill ratio of 1.12x[5][7] - Revenues from Commercial Solutions for Q4 2025 were $1,844 million, up 10.9% from $1,662 million in Q4 2024[36] - Research & Development Solutions generated $2,520 million in revenue for Q4 2025, compared to $2,296 million in Q4 2024, reflecting a growth of 9.8%[36] Guidance and Future Outlook - Full-year 2026 revenue guidance is projected to be between $17,150 million and $17,350 million, with Adjusted EBITDA expected between $3,975 million and $4,025 million[12][13] - The company continues to invest in property, equipment, and software, with acquisitions totaling $603 million for the year ended December 31, 2025[32] - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[36] Other Financial Information - The company repurchased $212 million of its common stock in the fourth quarter, totaling $1,244 million for the full year[11] - The company incurred restructuring costs of $105 million for the year 2025, compared to $67 million in 2024[23] - Total assets increased to $29,944 million in 2025, up from $26,899 million in 2024, marking an 11.4% growth[25] - Cash and cash equivalents at the end of 2025 were $1,980 million, an increase from $1,702 million at the end of 2024[27] - The company reported a total current liabilities of $8,338 million in 2025, compared to $6,957 million in 2024, indicating a 19.8% rise[25] - Basic earnings per share for 2025 were $7.91, up from $7.57 in 2024, representing a 4.5% increase[23]