IQVIA Q2 2026 results show that IQVIA Holdings Inc. (NYSE: IQV), a leading global provider of clinical research services, commercial insights, and healthcare intelligence, delivered second-quarter revenue of $4,368 million, up 8.7% on a reported basis and 8.5% at constant currency compared with the second quarter of 2025. The Research Triangle Park, North Carolina-based company reported results for the quarter ended June 30, 2026, and simultaneously raised its full-year 2026 guidance for revenue, Adjusted EBITDA, and Adjusted Diluted Earnings per Share, citing outperformance versus its own internal expectations.
Chairman and CEO Ari Bousbib said that in a strengthening market environment, the IQVIA team executed well and delivered outstanding results, exceeding the high end of the company’s expectations for revenue, Adjusted EBITDA, and Adjusted Diluted EPS. He noted that Research & Development Solutions generated record-level net new bookings of over $3.1 billion and posted 7% organic revenue growth in the quarter, while Commercial Solutions saw double-digit growth in patient solutions and commercial engagement services, high-single-digit organic growth in analytics and consulting, and increased adoption of the company’s AI solutions. Bousbib added that this operational performance, combined with favorable forward-looking indicators across both segments, points to sustained momentum through the balance of 2026 and into 2027.
The results reflect a newly simplified organizational model at the company. Effective January 1, 2026, IQVIA began reporting within two segments, Commercial Solutions and Research & Development Solutions (R&DS), replacing its prior structure. Prior-period segment amounts have been recast to conform to the new reporting framework, allowing for dliirect year-over-year comparison in this release.
On a consolidated basis, second-quarter GAAP Net Income attributable to IQVIA Holdings Inc. was $256 million, with GAAP Diluted Earnings per Share of $1.53, essentially flat against $266 million and $1.54 a year earlier. Adjusted EBITDA reached $994 million, up 9.2% year-over-year from $910 million, while Adjusted Net Income was $527 million and Adjusted Diluted Earnings per Share was $3.15, an increase of 12.1% year-over-year. The gap between GAAP and Adjusted earnings mainly reflects the exclusion of intangible-asset amortization, stock-based compensation, restructuring charges, and acquisition-related expenses from the non-GAAP figures.
IQVIA Q2 2026 Results: Segment-Level Revenue Performance
Commercial Solutions revenue totaled $1,793 million in the quarter, an increase of 8.6% on a reported basis and 8.4% at constant currency. Research & Development Solutions revenue was $2,575 million, growing 8.8% on a reported basis and 8.6% at constant currency; excluding reimbursed expenses, R&DS revenue grew 6.7% on a reported basis.
Bookings momentum was a standout element of the quarter. Second-quarter net new bookings reached $3.15 billion, up 19% year-over-year, producing a book-to-bill ratio of 1.22x. Last-twelve-month net new bookings totaled $11.3 billion, an increase of 13% year-over-year. As of June 30, 2026, R&DS contracted backlog stood at $34.2 billion, and the company expects approximately $9.2 billion of that backlog to convert into revenue over the next twelve months, representing growth of 7.5% year-over-year, a figure that gives investors visibility into forward revenue trends for the R&DS business.
For the first half of 2026, consolidated revenue was $8,519 million, up 8.6% on a reported basis and 7.3% at constant currency versus the first half of 2025. Commercial Solutions revenue for the six-month period was $3,547 million, up 10.1% on a reported basis, while Research & Development Solutions revenue was $4,972 million, up 7.5% on a reported basis. First-half GAAP Net Income was $530 million, GAAP Diluted EPS was $3.14, Adjusted EBITDA was $1,926 million (up 7.4% year-over-year), and Adjusted Diluted EPS was $6.04, up 9.8% year-over-year.
IQVIA Q2 2026 Results: Financial Position and Full-Year Guidance
Regarding financial position, IQVIA held cash and cash equivalents of $1,909 million as of June 30, 2026, against total debt of $15,999 million, resulting in net debt of $14,090 million and a Net Leverage Ratio of 3.59x trailing-twelve-month Adjusted EBITDA. Second-quarter Operating Cash Flow was $558 million, up 26.0% year-over-year, and Free Cash Flow was $360 million, up 23.3% year-over-year. During the quarter, IQVIA repurchased $398 million of its common stock, bringing first-half repurchases to $950 million, with $2,819 million of share repurchase authorization remaining as of quarter-end.
Reflecting stronger organic revenue growth and updated assumptions around M&A and foreign exchange impact, IQVIA raised its full-year 2026 guidance. The company now expects full-year revenue between $17,275 million and $17,475 million, Adjusted EBITDA between $4,000 million and $4,050 million, and Adjusted Diluted Earnings per Share between $12.80 and $13.00.
The new midpoint of the revenue growth guidance is 6.5%, up from prior guidance of 5.8%, reflecting approximately 100 basis points of higher organic revenue growth and roughly 50 basis points of higher contribution from M&A, partly offset by about 80 basis points of unfavorable foreign exchange impact versus the prior outlook. The updated guidance assumes approximately 200 basis points of contribution from acquisitions, versus 150 basis points previously, and approximately 20 basis points of foreign exchange tailwind, versus 100 basis points previously. All guidance assumes foreign currency exchange rates as of July 27, 2026 remain in effect for the forecast period, and the company cautioned that actual results could differ due to factors such as contract terminations, regulatory change, and macroeconomic conditions outlined in its SEC filings.
IQVIA hosted a conference call and webcast at 9:00 a.m. Eastern Time on the day of the release to discuss second-quarter results along with third-quarter and full-year 2026 guidance, accessible through the company’s investor relations site. Investor contact for the release is Kerri Joseph, IQVIA Investor Relations.
IQVIA Q2 2026 Results: Quick-Reference Financial Highlights
| Metric | Q2 2026 | Change |
|---|---|---|
| Revenue | $4,368M | +8.7% reported / +8.5% CC YoY |
| Commercial Solutions Revenue | $1,793M | +8.6% reported / +8.4% CC YoY |
| R&D Solutions Revenue | $2,575M | +8.8% reported / +8.6% CC YoY (+6.7% ex-reimbursed) |
| GAAP Net Income (attributable) | $256M | vs. $266M in Q2 2025 |
| GAAP Diluted EPS | $1.53 | vs. $1.54 in Q2 2025 |
| Adjusted EBITDA | $994M | +9.2% YoY |
| Adjusted Net Income | $527M | — |
| Adjusted Diluted EPS | $3.15 | +12.1% YoY |
| Net New Bookings (R&DS) | $3.15B | +19% YoY, 1.22x book-to-bill |
| LTM Net New Bookings | $11.3B | +13% YoY |
| R&DS Contracted Backlog | $34.2B | as of June 30, 2026 |
| Operating Cash Flow | $558M | +26.0% YoY |
| Free Cash Flow | $360M | +23.3% YoY |
| Q2 Share Repurchases | $398M | H1 2026 total: $950M |
Full-Year 2026 Guidance (Raised)
| Metric | New FY2026 Guidance | vs. Prior Guidance |
|---|---|---|
| Revenue | $17,275M – $17,475M | Midpoint growth 6.5% vs. prior 5.8% |
| Adjusted EBITDA | $4,000M – $4,050M | — |
| Adjusted Diluted EPS | $12.80 – $13.00 | — |
| Organic revenue growth contribution | ~100 bps higher | vs. prior guidance |
| M&A contribution to revenue growth | ~200 bps (vs. 150 bps prior) | +~50 bps |
| FX impact on revenue growth | ~20 bps tailwind (vs. 100 bps prior) | ~80 bps unfavorable shift |
