For the third quarter that concluded on September 30, 2025, IQVIA Holdings Inc. (NYSE: IQV) posted solid financial results. The company’s profit and revenue were at the high end of its projection, and its free cash flow was a record.
The multinational provider of healthcare intelligence and clinical research services reported $4,100 million in sales for the third quarter, a reported 5.2% increase over the same time in 2024.
Robust new business wins and strong growth throughout the company’s primary business sectors drove its results.
- The quarter’s GAAP Net Income came to $331 million, or $1.93 per diluted share.
- At $3.00, Adjusted Diluted Earnings per Share increased.
- EBITDA adjusted was $949 million.
Read More: IQVIA Announces First-Quarter 2025 Financial Results
Segment Performance and Bookings
The main division of the business, Research & Development Solutions (R&DS), demonstrated sustained strength.
- Technology & Analytics Solutions (TAS): Revenue increased by 5.0% to $1,631 million.
- Solutions for Research & Development (R&DS): Revenue increased 4.5% to $2,260 million. At $32.4 billion, the R&DS backlog increased 4.1% over the previous year.
- The company with the biggest growth, Contract Sales & Medical Solutions (CSMS), had its revenue rise 16.1% to $209 million.
With net new bookings of $2.6 billion for the quarter, the R&DS division had a solid book-to-bill ratio of 1.15x.
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Cash Flow and Full-Year Guidance
Throughout the quarter, the business demonstrated outstanding cash generation.
- There was $908 million in operating cash flow.
- Free cash flow increased by 35% year over year to $772 million.
IQVIA tightened the ranges and reiterated the midpoint of its full-year 2025 guidance in light of the impressive year-to-date performance:
- Revenue: A range of $16,150 million to $16,250 million is anticipated.
- It is anticipated that adjusted EBITDA will range from $3,775 million to $3,800 million.
- Modified Diluted EPS is anticipated to range from $11.85 to $11.95.
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