A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
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AI Takeaway
IQVIA's revenue grew 8.7% year-over-year to $4,368 million in Q2 2026, driven by growth in both the Commercial Solutions and Research & Development Solutions segments, though segment profit growth was offset by higher restructuring costs and general corporate expenses, keeping consolidated segment profit flat at $506 million.
IQVIA Q2 2026: Revenue up 8.7% YoY to $4,368M with consolidated segment profit flat at $506M amid higher restructuring costs and SG&A.
Last 4 quarters: 2 beats, 2 misses
Reported EPS of $3.15 versus the $3.06 analyst consensus — a +2.9% beat for Jun 2026.
Q2 2026 revenues increased $351 million (8.7%) year-over-year to $4,368 million, comprised of constant currency growth of ~$343 million (8.5%), with Commercial Solutions up $139 million and Research & Development Solutions up $204 million. For the six months ended June 30, 2026, revenues rose 8.6% to $8,519 million.
Source: 10-Q Item 2 MD&A
IQVIA moved from three segments to two: Contract Sales & Medical Solutions was folded into the renamed Commercial Solutions segment, and certain Real-World offerings moved into Research & Development Solutions, reflecting an updated operating model aligned with how the CODM reviews performance.
Source: 10-Q Item 2 MD&A
Research & Development Solutions contracted backlog increased from $34.0 billion (recast) as of December 31, 2025 to $34.2 billion as of June 30, 2026, with approximately $9.2 billion expected to convert to revenue over the next twelve months.
Source: 10-Q Item 2 MD&A
Restructuring costs nearly doubled to $63 million in Q2 2026 from $32 million in Q2 2025, tied to ongoing efforts to streamline operations and integrate acquisitions. Interest expense also rose to $197 million from $182 million due to higher outstanding debt balances, including a new $950 million issuance of 4.625% senior notes due 2033.
Source: 10-Q Item 2 MD&A
The company repurchased 5.5 million shares for $950 million during the first six months of 2026, with $2,819 million remaining under a repurchase authorization increased by $2,000 million (to $15,725 million total) in May 2026. Total indebtedness stood at $16,081 million as of June 30, 2026, following the June 2026 issuance of $950 million in 4.625% senior notes used to repay the Term Loan due 2027 and revolving credit borrowings.
Source: 10-Q Item 2 MD&A
Interest expense increased to $197 million in Q2 2026 from $182 million in Q2 2025, and to $389 million for the six-month period from $347 million, driven by higher outstanding debt balances including new senior notes issuances. Total indebtedness reached $16,081 million as of June 30, 2026, which could pressure future earnings if rates or debt levels continue rising.
Source: 10-Q Item 2 MD&A
Restructuring costs increased to $63 million in Q2 2026 (from $32 million in Q2 2025) and to $114 million for the six months (from $61 million), reflecting ongoing efforts to streamline global operations and integrate acquisitions, with actions expected to continue through 2027. This suggests continued cost pressures and execution risk as the company adapts its operating structure.
Source: 10-Q Item 2 MD&A
The company is subject to the OECD Pillar Two global minimum tax framework, which went into effect in 2025, and continues to evaluate enacted legislation and safe harbor calculations across jurisdictions; the effective tax rate rose to 19.9% in Q2 2026 from 17.3% in Q2 2025. Ongoing regulatory changes in this area could create further tax rate volatility.
Source: 10-Q Item 2 MD&A
Approximately 30% of IQVIA's revenues in the first six months of 2026 were denominated in currencies other than the U.S. dollar, spanning roughly 60 currencies, exposing results to translation risk from exchange rate fluctuations. While the impact on income from operations was immaterial in the current quarter, this remains a structural exposure given the company's global footprint.
Source: 10-Q Item 2 MD&A
The MD&A cautionary statements note that most of IQVIA's contracts may be terminated on short notice, and the company may lose or experience delays with large client contracts, alongside risks related to client or therapeutic concentration in the biopharmaceutical industry it serves. This creates revenue volatility risk tied to the R&D Solutions segment's $34.2 billion backlog conversion.
Source: 10-Q Item 2 MD&A
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Iqvia Holdings (IQV) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the IQV earnings preview — expected date, analyst estimates and what to watch →
The filing does not provide analyst consensus estimates, so a direct beat/miss comparison cannot be confirmed from this 10-Q. However, IQVIA reported revenue growth of 8.7% year-over-year to $4,368 million, with consolidated segment profit flat at $506 million versus the same period in 2025.
IQVIA's total revenue increased 8.7% year-over-year to $4,368 million in Q2 2026, driven by an $139 million increase in Commercial Solutions and a $204 million increase in Research & Development Solutions. Constant currency growth was approximately 8.5%, or $343 million.
IQVIA's Research & Development Solutions contracted backlog was $34.2 billion as of June 30, 2026, up from a recast $34.0 billion as of December 31, 2025. The company expects approximately $9.2 billion of this backlog to convert to revenue over the next twelve months.
IQVIA's MD&A cautionary statements highlighted risks including short-notice contract terminations, client and therapeutic concentration, foreign currency exposure (about 30% of revenue in non-USD currencies), and rising interest expense from increased debt levels totaling $16,081 million as of June 30, 2026. Restructuring costs also rose to $63 million in Q2 2026 from $32 million a year earlier as the company continues streamlining operations.
Yes, effective January 1, 2026, IQVIA moved from three reportable segments to two: Commercial Solutions (which absorbed the former Contract Sales & Medical Solutions segment) and Research & Development Solutions (which gained certain Real-World offerings). This reorganization was designed to align reporting with the company's updated operating model.
As of June 30, 2026, IQVIA had total indebtedness of $16,081 million, excluding $1,195 million of additional available borrowings under its revolving credit facility. The company also issued $950 million of 4.625% senior notes due 2033 in June 2026 to refinance existing debt.
Iqvia Holdings (IQV) is next expected to report earnings on Oct 26, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
IQVIA (IQV) delivered solid Q1 FY2026 results with revenue growing 8.4% YoY to $4.15B and net income rising 10.0% to $274M, though operating margin compressed slightly to 12.4% amid elevated debt levels and aggressive share buybacks.
IQVIA (IQV) delivered 5.9% revenue growth to $16.31B in FY2025, but operating income and net income each declined ~0.9% as rising costs compressed operating margin from 14.3% to 13.4%, while EPS rose 4.5% to $7.91 on share buybacks.
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