Item 1. Financial Statements

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

						Three Months Ended March 31,
(in millions, except per share data)						2026						2025
Revenues						$	4,151					$	3,829
Cost of revenues, exclusive of depreciation and amortization						2,796						2,531
Selling, general and administrative expenses						502						508
Depreciation and amortization						288						265
Restructuring costs						51						29
Income from operations						514						496
Interest income						(10)						(11)
Interest expense						192						165
Loss on extinguishment of debt						—						4
Other expense, net						4						15
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates						328						323
Income tax expense						59						61
Income before equity in earnings (losses) of unconsolidated affiliates						269						262
Equity in earnings (losses) of unconsolidated affiliates						6						(13)
Net income						275						249
Net income attributable to noncontrolling interests						(1)						—
Net income attributable to IQVIA Holdings Inc.						$	274					$	249
Earnings per share attributable to common stockholders:
Basic						$	1.63					$	1.42
Diluted						$	1.61					$	1.40
Weighted average common shares outstanding:
Basic						168.4						175.7
Diluted						169.8						177.4

The accompanying notes are an integral part of these condensed consolidated financial statements.

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

						Three Months Ended March 31,
(in millions)						2026						2025
Net income						$	275					$	249
Comprehensive income adjustments:
Unrealized (losses) on derivative instruments, net of income tax (benefit) of $—,$(5)						—						(17)
Defined benefit plan adjustments, net of income tax (benefit) of $(1), $—						1						(3)
Foreign currency translation, net of income tax expense (benefit) of $14,$(46)						(33)						79
Reclassification adjustments:
Reclassifications on derivative instruments included in net income, net of income tax benefit of $3,$—						7						1
Comprehensive income						250						309
Comprehensive income attributable to noncontrolling interests						(1)						—
Comprehensive income attributable to IQVIA Holdings Inc.						$	249					$	309

The accompanying notes are an integral part of these condensed consolidated financial statements.

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in millions, except per share data)						March 31, 2026						December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents						$	1,947					$	1,980
Trade accounts receivable and unbilled services, net						3,346						3,400
Prepaid expenses						167						162
Income taxes receivable						29						27
Investments in debt, equity and other securities						156						161
Other current assets and receivables						575						519
Total current assets						6,220						6,249
Property and equipment, net						516						533
Operating lease right-of-use assets						293						290
Investments in debt, equity and other securities						95						108
Investments in unconsolidated affiliates						357						324
Goodwill						16,544						16,616
Other identifiable intangibles, net						4,803						4,962
Deferred income taxes						358						357
Deposits and other assets, net						489						505
Total assets						$	29,675					$	29,944
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses						$	3,639					$	3,751
Unearned income						2,261						2,118
Income taxes payable						172						140
Current portion of long-term debt						1,844						1,840
Other current liabilities						413						489
Total current liabilities						8,329						8,338
Long-term debt, less current portion						13,989						13,884
Deferred income taxes						159						179
Operating lease liabilities						232						225
Other liabilities						617						688
Total liabilities						23,326						23,314
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock and additional paid-in capital, 400.0 shares authorized as of March 31, 2026 and December 31, 2025, $0.01 par value, 259.6 shares issued and 166.9 shares outstanding as of March 31, 2026; 259.1 shares issued and 169.6 shares outstanding as of December 31, 2025						11,404						11,378
Retained earnings						7,699						7,425
Treasury stock, at cost, 92.7 and 89.5 shares as of March 31, 2026 and December 31, 2025, respectively						(11,914)						(11,357)
Accumulated other comprehensive loss						(968)						(943)
Equity attributable to IQVIA Holdings Inc.’s stockholders						6,221						6,503
Noncontrolling interests						128						127
Total stockholders’ equity						6,349						6,630
Total liabilities and stockholders’ equity						$	29,675					$	29,944

The accompanying notes are an integral part of these condensed consolidated financial statements.

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

						Three Months Ended March 31,
(in millions)						2026						2025
Operating activities:
Net income						$	275					$	249
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization						288						265
Amortization of debt issuance costs and discount						6						5
Stock-based compensation						65						72
(Earnings) losses from unconsolidated affiliates						(6)						13
Loss on investments, net						18						1
Benefit from deferred income taxes						(38)						(41)
Changes in operating assets and liabilities:
Change in accounts receivable, unbilled services and unearned income						193						128
Change in other operating assets and liabilities						(183)						(124)
Net cash provided by operating activities						618						568
Investing activities:
Acquisition of property, equipment and software						(127)						(142)
Acquisition of businesses, net of cash acquired						(37)						(134)
Sales of marketable securities, net						1						2
Investments in unconsolidated affiliates, net of payments received						(35)						(13)
Investments in debt and equity securities						—						(19)
Other						2						1
Net cash used in investing activities						(196)						(305)
Financing activities:
Proceeds from issuance of debt						650						1,985
Payment of debt issuance costs						(4)						(6)
Repayment of debt and principal payments on finance leases						(683)						(2,096)
Proceeds from revolving credit facility						550						275
Repayment of revolving credit facility						(350)						—
Payments related to employee stock incentive plans						(40)						(35)
Repurchase of common stock						(552)						(375)
Contingent consideration and deferred purchase price payments						(4)						(6)
Net cash used in financing activities						(433)						(258)
Effect of foreign currency exchange rate changes on cash						(22)						33
(Decrease) increase in cash and cash equivalents						(33)						38
Cash and cash equivalents at beginning of period						1,980						1,702
Cash and cash equivalents at end of period						$	1,947					$	1,740

The accompanying notes are an integral part of these condensed consolidated financial statements.

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)

(in millions)						Common Stock Shares						Treasury Stock Shares						Common Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Accumulated Other Comprehensive (Loss) Income						Noncontrolling Interests						Total
Balance, December 31, 2025						259.1						(89.5)						$	3					$	11,375					$	7,425					$	(11,357)					$	(943)					$	127					$	6,630
Issuance of common stock						0.5						—						—						(40)						—						—						—						—						(40)
Repurchase of common stock, net of tax						—						(3.2)						—						—						—						(557)						—						—						(557)
Stock-based compensation						—						—						—						66						—						—						—						—						66
Net income						—						—						—						—						274						—						—						1						275
Defined benefit plan adjustments, net of tax						—						—						—						—						—						—						1						—						1
Foreign currency translation, net of tax						—						—						—						—						—						—						(33)						—						(33)
Reclassification adjustments, net of tax						—						—						—						—						—						—						7						—						7
Balance, March 31, 2026						259.6						(92.7)						$	3					$	11,401					$	7,699					$	(11,914)					$	(968)					$	128					$	6,349

(in millions)						Common Stock Shares						Treasury Stock Shares						Common Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Accumulated Other Comprehensive (Loss) Income						Noncontrolling Interests						Total
Balance, December 31, 2024						258.2						(82.1)						$	3					$	11,140					$	6,065					$	(10,103)					$	(1,038)					$	—					$	6,067
Issuance of common stock						0.3						—						—						(35)						—						—						—						—						(35)
Repurchase of common stock, net of tax						—						(2.3)						—						—						—						(429)						—						—						(429)
Stock-based compensation						—						—						—						65						—						—						—						—						65
Acquisitions related noncontrolling interests						—						—						—						—						—						—						—						8						8
Net income						—						—						—						—						249						—						—						—						249
Unrealized losses on derivative instruments, net of tax						—						—						—						—						—						—						(17)						—						(17)
Defined benefit plan adjustments, net of tax						—						—						—						—						—						—						(3)						—						(3)
Foreign currency translation, net of tax						—						—						—						—						—						—						79						—						79
Reclassification adjustments, net of tax						—						—						—						—						—						—						1						—						1
Balance, March 31, 2025						258.5						(84.4)						$	3					$	11,170					$	6,314					$	(10,532)					$	(978)					$	8					$	5,985

The accompanying notes are an integral part of these condensed consolidated financial statements.

IQVIA HOLDINGS INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Summary of Significant Accounting Policies

The Company

IQVIA Holdings Inc. (together with its subsidiaries, the “Company” or “IQVIA”) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. With approximately 93,000 employees, the Company conducts business in more than 100 countries.

Unaudited Interim Financial Information

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The balance sheet as of December 31, 2025 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by GAAP.

Recently Issued Accounting Standards

Accounting pronouncements issued but not adopted as of March 31, 2026

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), to improve the disclosures about an entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The new guidance requires additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods, and will be effective for the Company in the annual period beginning January 1, 2027, and interim periods beginning January 1, 2028. The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for internal-use software costs. The new guidance amends the existing standard that refers to various stages of a software development project to align better with current software development methods. Under the new guidance, entities will start capitalizing eligible costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating whether it is probable the project will be completed, an entity is required to consider whether there is significant uncertainty associated with the development activities of the software. The new guidance will be effective for the Company for interim and annual periods beginning January 1, 2028. The Company is assessing the impacts of this ASU on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities, to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. The overall principle of the new standard is that a government grant is recognized in earnings in the same periods that the costs for which the grant was intended to compensate are recognized. However, a government grant cannot be recognized until it is probable that the company will comply with the conditions attached to the grant and the grant will be received. The new guidance requires that a grant related to an asset be recognized on the balance sheet as a business entity incurs the related costs for which the grant is intended to compensate, either as deferred income (the deferred income approach), or an adjustment to the cost basis in determining the carrying amount of the asset (the cost accumulation approach). The new guidance will be effective for the Company for interim and annual periods beginning January 1, 2029. The Company is assessing the impacts of this ASU on its consolidated financial statements.

2. Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations

The following tables represent revenues by geographic region and reportable segment for the three months ended March 31, 2026 and 2025. Results for the three months ended March 31, 2025 reflect the recast of segment information based on the changes described in Note 14.

			Three Months Ended March 31, 2026
(in millions)						Commercial Solutions						Research & Development Solutions						Total
Revenues:
Americas						$	856					$	1,128					$	1,984
Europe and Africa						688						667						1,355
Asia-Pacific						210						602						812
Total revenues						$	1,754					$	2,397					$	4,151

						Three Months Ended March 31, 2025
(in millions)						Commercial Solutions						Research & Development Solutions						Total
Revenues:
Americas						$	790					$	1,017					$	1,807
Europe and Africa						593						631						1,224
Asia-Pacific						189						609						798
Total revenues						$	1,572					$	2,257					$	3,829

No individual customer represented 10% or more of consolidated revenues for the three months ended March 31, 2026 or 2025.

Transaction Price Allocated to the Remaining Performance Obligations

As of March 31, 2026, approximately $37.3 billion of revenues are expected to be recognized in the future from remaining performance obligations. The Company expects to recognize revenues on approximately 30% of these remaining performance obligations over the next twelve months, on approximately 85% over the next five years, with the balance recognized thereafter. Most of the Company's remaining performance obligations where revenues are expected to be recognized beyond the next twelve months are for service contracts for clinical research in the Company's Research & Development Solutions segment. The customer contract transaction price allocated to the remaining performance obligations differs from backlog in that it does not include wholly unperformed contracts under which the customer has a unilateral right to cancel the arrangement.

3. Trade Accounts Receivable, Unbilled Services and Unearned Income

Trade accounts receivables and unbilled services consist of the following:

(in millions)						March 31, 2026						December 31, 2025
Trade accounts receivable						$	1,632					$	1,668
Unbilled services						1,763						1,783
Trade accounts receivable and unbilled services						3,395						3,451
Allowance for doubtful accounts						(49)						(51)
Trade accounts receivable and unbilled services, net						$	3,346					$	3,400

Unbilled services and unearned income were as follows:

(in millions)						March 31, 2026						December 31, 2025						Change
Unbilled services						$	1,763					$	1,783					$	(20)
Unearned income						(2,261)						(2,118)						(143)
Net balance						$	(498)					$	(335)					$	(163)

Unbilled services, which is comprised of approximately 73% and 71% of unbilled receivables and 27% and 29% of contract assets as of March 31, 2026 and December 31, 2025, decreased by $20 million as compared to December 31, 2025. Contract assets are unbilled services for which invoicing is based on the timing of certain milestones related to service contracts for clinical research whereas unbilled receivables are billable upon the passage of time. Unearned income increased by $143 million over the same period resulting in a decrease of $163 million in the net balance of unbilled services and unearned income between March 31, 2026 and December 31, 2025. The change in the net balance is driven by the difference in timing of revenue recognition in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, primarily related to the Company’s Research & Development Solutions contracts (which is based on the percentage of costs incurred) versus the timing of invoicing, which is based on certain milestones.

The majority of the unearned income balance as of the beginning of the year is expected to be recognized in revenues during the year ended December 31, 2026.

Bad debt expense recognized on the Company’s trade accounts receivable was immaterial for the three months ended March 31, 2026 and 2025.

Accounts Receivable Factoring Arrangements

The Company has accounts receivable factoring agreements to sell certain eligible unsecured trade accounts receivable, either based on automatic arrangements or at its option, without recourse, to unrelated third-party financial institutions for cash. During the three months ended March 31, 2026, through its accounts receivable factoring arrangements that the Company utilizes most frequently, the Company factored approximately $182 million of customer invoices on a non-recourse basis and received approximately $180 million in cash proceeds from the sales. During the three months ended March 31, 2025, through these same accounts receivable factoring arrangements, the Company factored approximately $167 million of customer invoices on a non-recourse basis and received approximately $166 million in cash proceeds from the sales. The fees associated with these transactions were immaterial. The Company has other accounts receivable arrangements for which the activity associated with them is immaterial.

4. Goodwill

The following is a summary of goodwill by reportable segment for the three months ended March 31, 2026:

(in millions)						Commercial Solutions						Research & Development Solutions						Consolidated
Balance as of January 1, 2026						$	12,987					$	3,629					$	16,616
Business combinations						26						4						30
Impact of foreign currency fluctuations and other						(91)						(11)						(102)
Balance as of March 31, 2026						$	12,922					$	3,622					$	16,544

In the first quarter of 2026, the Company reorganized its reportable segments as further detailed in Note 14. As a result, the former Contract Sales & Medical Solutions segment, which had a goodwill balance of $167 million at the time of the reorganization, was incorporated into the Technology & Analytics Solutions segment, which was renamed Commercial Solutions. Additionally, Real-World Late Phase and certain other Real-World offerings were moved from the Technology & Analytics Solutions segment to the Research & Development Solutions segment. Goodwill balances as of January 1, 2026 have been recast using the relative fair value approach to conform to this new presentation. In addition, the Company performed a goodwill impairment test, and the results of the analysis indicated that the fair values for all of its reporting units were in excess of their carrying values, indicating no impairment.

5. Derivatives

The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table:

(in millions)						Balance Sheet Classification						March 31, 2026																		December 31, 2025
						Assets						Liabilities						Notional						Assets						Liabilities						Notional
Derivatives designated as hedging instruments:
Interest rate swaps						Other current liabilities						$	—					$	32					$	1,466					$	—					$	45					$	1,470
Cross-currency swaps						Other current liabilities						—						258						2,716						—						322						2,720
Foreign exchange forward contracts						Other current liabilities						—						3						130						—						—						127
Total derivatives												$	—					$	293											$	—					$	367

The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:

						Three Months Ended March 31,
(in millions)						2026						2025
Interest rate swaps						$	13					$	(26)
Foreign exchange forward contracts						(3)						5
Total						$	10					$	(21)

The Company expects approximately $3 million of pre-tax unrealized gains related to its foreign exchange contracts and interest rate derivatives included in accumulated other comprehensive (loss) income (“AOCI”) as of March 31, 2026 to be reclassified into earnings within the next twelve months. For the three months ended March 31, 2026 and 2025, the total amount, net of income taxes, of the cash flow hedge effect on the accompanying condensed consolidated statements of income was $(7) million and $(1) million, respectively.

As of March 31, 2026 and 2025, the Company's cross-currency swaps were designated as a hedge of its net investment in certain foreign subsidiaries. For the three months ended March 31, 2026 and 2025, the Company recorded a $64 million gain and $(133) million loss, respectively, within AOCI as a result of these cross-currency swaps. The Company recognized approximately $10 million and $12 million related to the excluded component as a reduction of interest expense for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the portion of the Company's foreign currency denominated debt balance (net of original issue discount) designated as a hedge of its net investment in certain foreign subsidiaries totaled €2,575 million ($2,962 million). The amount of foreign exchange gains (losses) related to the net investment hedge included in the cumulative translation adjustment component of AOCI for the three months ended March 31, 2026 and 2025 was $60 million and $(144) million, respectively.

6. Fair Value Measurements

The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

• Level 1 — Quoted prices in active markets for identical assets or liabilities.

• Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

• Level 3 — Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values as of March 31, 2026 and December 31, 2025 due to their short-term nature. As of March 31, 2026 and December 31, 2025, the fair value of total debt was $15,908 million and $15,935 million, respectively, as determined under Level 2 measurements for these financial instruments.

Recurring Fair Value Measurements

The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of March 31, 2026:

(in millions)						Level 1						Level 2						Level 3						Total
Assets:
Marketable securities						$	190					$	—					$	—					$	190
Derivatives						—						—						—						—
Total						$	190					$	—					$	—					$	190
Liabilities:
Derivatives						$	—					$	293					$	—					$	293
Contingent consideration						—						—						110						110
Total						$	—					$	293					$	110					$	403

The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of December 31, 2025:

(in millions)						Level 1						Level 2						Level 3						Total
Assets:
Marketable securities						$	203					$	—					$	—					$	203
Derivatives						—						—						—						—
Total						$	203					$	—					$	—					$	203
Liabilities:
Derivatives						$	—					$	367					$	—					$	367
Contingent consideration						—						—						105						105
Total						$	—					$	367					$	105					$	472

Below is a summary of the valuation techniques used in determining fair value:

Marketable securities — The Company values trading and available-for-sale securities using the quoted market value of the securities held.

Derivatives — Derivatives consist of foreign exchange contracts, interest rate swaps, and cross-currency swaps. The fair value of foreign exchange contracts is based on observable market inputs of spot and forward rates or using other observable inputs. The fair value of the interest rate swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread. The fair value of the cross-currency swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account the effective interest rates, foreign exchange rates and the remaining time to maturities.

Contingent consideration — The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. Assumptions used to estimate the fair value of contingent consideration include various financial metrics (revenues performance targets and operating forecasts) and the probability of achieving the specific targets. Based on the assessments of the probability of achieving specific targets, as of March 31, 2026 the Company has accrued approximately 70% of the maximum contingent consideration payments that could potentially become payable.

The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the three months ended March 31, 2026:

(in millions)						Contingent Consideration
Balance as of December 31, 2025						$	105
Business combinations						6
Revaluations included in earnings and foreign currency translation adjustments						(1)
Balance as of March 31, 2026						$	110

The current portion of contingent consideration is included within accrued expenses and the long-term portion is included within other liabilities on the accompanying condensed consolidated balance sheets. Revaluations of contingent consideration are recognized in other expense, net on the accompanying condensed consolidated statements of income. A change in significant unobservable inputs could result in a higher or lower fair value measurement of contingent consideration.

Non-recurring Fair Value Measurements

As of March 31, 2026, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaled $21,765 million and were identified as Level 3. These assets are comprised of debt investments and cost and equity method investments of $418 million, goodwill of $16,544 million and other identifiable intangibles, net of $4,803 million.

7. Credit Arrangements

The following is a summary of the Company’s revolving credit facilities as of March 31, 2026:

Facility						Interest Rates
$2,000 million (revolving credit facility)						U.S. Dollar Term SOFR plus a margin of 1.25% as of March 31, 2026
$110 million (receivables financing facility)						U.S. Dollar Term SOFR plus a margin of 1.00% plus a 10 basis credit spread adjustment as of March 31, 2026

The following table summarizes the Company’s debt at the dates indicated:

(dollars in millions)						March 31, 2026						December 31, 2025
Revolving Credit Facility due 2030:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 4.92%						$	1,000					$	800
Senior Secured Credit Facilities:
Term A Loan due 2030—Euribor at floating rates of 3.14%						281						290
Term A Loan due 2030—U.S. Dollar Term SOFR at floating rates of 4.92%						2,135						2,162
Term B Loan due 2031—U.S. Dollar Term SOFR at floating rates of 5.45%						1,960						1,965
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated						750						750
6.250% Senior Secured Notes due 2029—U.S. Dollar denominated						1,250						1,250
5.0% Senior Notes due 2027—U.S. Dollar denominated						1,100						1,100
5.0% Senior Notes due 2026—U.S. Dollar denominated						1,050						1,050
6.500% Senior Notes due 2030—U.S. Dollar denominated						500						500
6.250% Senior Notes due 2032—U.S. Dollar denominated						2,000						2,000
2.25% Senior Notes due 2028—Euro denominated						828						845
2.875% Senior Notes due 2028—Euro denominated						818						835
1.750% Senior Notes due 2026—Euro denominated						—						646
2.250% Senior Notes due 2029—Euro denominated						1,036						1,057
Term Loan due 2027—U.S. Dollar Term SOFR at floating rates of 4.92%						650						—
Receivables financing facility due 2027—U.S. Dollar Term SOFR at floating rates of 4.78%:
Revolving Loan Commitment						110						110
Term Loan						440						440
Principal amount of debt						15,908						15,800
Less: unamortized discount and debt issuance costs						(75)						(76)
Less: current portion						(1,844)						(1,840)
Long-term debt						$	13,989					$	13,884

Contractual maturities of long-term debt as of March 31, 2026 are as follows:

(in millions)
Remainder of 2026						$	1,158
2027						2,444
2028						2,540
2029						2,429
2030						3,471
Thereafter						3,866
						$	15,908

Senior Secured Credit Facilities

As of March 31, 2026, the Company’s Fifth Amended and Restated Credit Agreement provided financing through several senior secured credit facilities of up to $6,371 million, which consisted of $5,376 million principal amounts of debt outstanding (as detailed in the table above), and $995 million of available borrowing capacity on the $2,000 million revolving credit facility and standby letters of credit. The revolving credit facility is comprised of a $2,000 million senior secured revolving facility available in U.S. dollars.

Term Loan due 2027

On March 11, 2026, the Company entered into a 364-Day Term A Loan Agreement to borrow $650 million in U.S. Dollar denominated Term A loans due 2027 (the “Term Loan due 2027”). The Term Loan due 2027 bears interest based on the Secured Overnight Financing Rate term rates (“Term SOFR”), plus a margin ranging from 1.125% to 2.00%, with a Term SOFR floor of 0.00% per annum. The proceeds from the Term Loan due 2027 were used to repay approximately €550 million of the 1.750% senior notes due 2026 (the “1.750% Notes”) at maturity, including the payment of fees and expenses related to the offering, and for general corporate purposes.

Senior Notes

On March 16, 2026, the proceeds from the Term Loan due 2027 were used to repay all of the Company’s outstanding €550 million 1.750% Notes. The Company’s obligations with respect to the 1.750% Notes were discharged on the same day as the notes were repaid in full.

Restrictive Covenants

The Company’s debt agreements provide for certain covenants and events of default customary for similar instruments, including a covenant not to exceed a specified ratio of consolidated senior secured net indebtedness to Consolidated EBITDA, as defined in the senior secured credit facility agreement and a covenant to maintain a specified minimum interest coverage ratio. If an event of default occurs under any of the Company’s or the Company’s subsidiaries’ financing arrangements, the creditors under such financing arrangements will be entitled to take various actions, including the acceleration of amounts due under such arrangements, and in the case of the lenders under the revolving credit facility and term loans, other actions permitted to be taken by a secured creditor. The Company’s long-term debt arrangements contain other usual and customary restrictive covenants that, among other things, place limitations on the Company’s ability to declare dividends. As of March 31, 2026, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements.

8. Contingencies

The Company and its subsidiaries are involved in legal and tax proceedings, claims and litigation arising in the ordinary course of business. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For those matters where management currently believes it is probable that the Company will incur a loss and that the probable loss or range of loss can be reasonably estimated, the Company has recorded an accrual in the consolidated financial statements based on its best estimates of such loss. In other instances, because of the uncertainties related to either the probable outcome or the amount or range of loss, management is unable to make a reasonable estimate of a liability, if any.

However, even in many instances where the Company has recorded an estimated liability, the Company is unable to predict with certainty the final outcome of the matter or whether resolution of the matter will materially affect the Company’s results of operations, financial position or cash flows. As additional information becomes available, the Company adjusts its assessments and estimates of such liabilities accordingly.

The Company routinely enters into agreements with third parties, including its clients and suppliers, all in the normal course of business. In these agreements, the Company sometimes agrees to indemnify and hold harmless the other party for any damages such other party may suffer as a result of potential intellectual property infringement and other claims. The Company has not accrued a liability with respect to these matters generally, as the exposure is considered remote.

Based on its review of the latest information available, management does not expect the impact of pending legal and tax proceedings, claims and litigation, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or financial position. However, one or more unfavorable outcomes in any claim or litigation against the Company could have a material adverse effect for the period in which it is resolved.

9. Stockholders’ Equity

Preferred Stock

The Company is authorized to issue 1.0 million shares of preferred stock, $0.01 per share par value. No shares of preferred stock were issued or outstanding as of March 31, 2026 or December 31, 2025.

Equity Repurchase Program

As of March 31, 2026, the total stock repurchase authorization under the Company's equity repurchase program (the "Repurchase Program") was $13,725 million. The Repurchase Program does not obligate the Company to repurchase any particular amount of common stock, and it may be modified, extended, suspended or discontinued at any time. During the three months ended March 31, 2026, the Company repurchased 3.2 million shares of its common stock for $552 million under the Repurchase Program. As of March 31, 2026, the Company had remaining authorization to repurchase up to $1,217 million of its common stock under the Repurchase Program. In addition, from time to time, the Company has repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program.

10. Business Combinations

The Company completed individually and in the aggregate immaterial acquisitions during the three months ended March 31, 2026. The Company’s assessment of fair value, including the valuation of certain identified intangibles, and the purchase price allocation related to these acquisitions is preliminary and subject to change upon completion. Further adjustments, largely related to acquired intangible assets and related deferred taxes, may be necessary as additional information related to the fair values of assets acquired and liabilities assumed is assessed during the measurement period (up to one year from the acquisition date). The Company recorded goodwill from these acquisitions, primarily attributable to assembled workforce, expected synergies and new customer relationships. The condensed consolidated financial statements include the results of the acquisitions subsequent to their respective closing dates. Pro forma information is not presented as pro forma results of operations would not be materially different to the actual results of operations of the Company.

The following table provides certain preliminary financial information for these acquisitions:

(in millions)						March 31, 2026
Assets acquired:
Cash and cash equivalents						$	6
Accounts receivable						4
Goodwill						30
Other identifiable intangibles						25
Liabilities assumed:
Other liabilities						(5)
Deferred income taxes, long-term						(7)
Net assets acquired (1)						$	53

(1) Net assets acquired includes contingent consideration and deferred purchase price of $10 million.

None of the goodwill from acquisitions during the three months ended March 31, 2026 is deductible for income tax purposes.

The following table provides a summary of the preliminary estimated fair value of certain intangible assets acquired:

(in millions)						Amortization Period															March 31, 2026
Other identifiable intangibles:
Customer relationships												10			years						$	18
Software and related assets												3			years						6
Non-compete agreements												3			years						1
Total Other identifiable intangibles																					$	25

11. Restructuring

The Company has continued to take restructuring actions in 2026 to align its resources and reduce overcapacity to adapt to changing market conditions and integrate acquisitions. These actions include consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements. These restructuring actions are expected to continue throughout 2026 and into 2027.

The following amounts were recorded for the restructuring plans:

(in millions)						Severance and Related Costs
Balance as of December 31, 2025						$	31
Expense, net of reversals						51
Payments						(38)
Foreign currency translation and other						(1)
Balance as of March 31, 2026						$	43

The reversals were due to changes in estimates primarily resulting from the redeployment of staff and higher than expected voluntary terminations. Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management. The Company expects that the majority of the restructuring accruals as of March 31, 2026 will be paid in 2026 and 2027.

12. Income Taxes

The Company's effective income tax rate was 18.0% and 18.9% in the first quarter of 2026 and 2025, respectively. The effective income tax rate in the first quarter of 2026 and 2025 was favorably impacted due to changes in the geographical mix of earnings amongst the United States and foreign tax jurisdictions.

On December 12, 2022, the European Union member states agreed to implement the Organization for Economic Cooperation and Development’s (“OECD”) Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least €750 million, which went into effect in 2025. In January 2026, the OECD released Administrative Guidance establishing a “side‑by‑side” system that is intended to reduce the compliance burden of calculating the Pillar 2 top-up-tax amounts for jurisdictions with similar regimes with minimum tax requirements for fiscal years beginning on or after January 1, 2026, subject to adoption by relevant jurisdictions. This is achieved by deeming a top-up tax amount of zero as it relates to Income Inclusion Rules and Undertaxed Profits Rules for MNE groups with an ultimate parent entity in such jurisdictions; however, this guidance does not affect the application of local minimum or qualified domestic top‑up taxes in foreign jurisdictions. During the three months ended March 31, 2026, the Company evaluated enacted and substantively enacted Pillar Two legislation and performed calculations under applicable safe harbor frameworks to identify jurisdictions with effective tax rates below 15%, and any resulting top‑up tax was recorded as a period cost in the annual effective tax rate. The Company continues to monitor global developments and is assessing the potential impact of these rules on its income tax provision.

13. Accumulated Other Comprehensive (Loss) Income

Below is a summary of the components of AOCI:

(in millions)						Foreign Currency Translation						Derivative Instruments						Defined Benefit Plans						Income Taxes						Total
Balance as of December 31, 2025						$	(1,126)					$	(43)					$	40					$	186					$	(943)
Other comprehensive income (loss) before reclassifications						(19)						—						—						(13)						(32)
Reclassification adjustments						—						10						—						(3)						7
Balance as of March 31, 2026						$	(1,145)					$	(33)					$	40					$	170					$	(968)

Below is a summary of the adjustments for amounts reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item:

(in millions)						Affected Financial Statement Line Item						Three Months Ended March 31,
						2026						2025
Derivative instruments:
Interest rate swaps						Interest expense						$	(2)					$	1
Foreign exchange forward contracts						Revenues						(8)						(2)
Total before income taxes												(10)						(1)
Income taxes												(3)						—
Total net of income taxes												$	(7)					$	(1)

14. Segments

The following table presents the Company’s operations by reportable segment. The Company was previously managed through three reportable segments, Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions. Effective January 1, 2026, the Company updated its segment reporting to align with industry evolution, its updated operating model, and how internal reporting is provided to the chief operating decision maker ("CODM"). As a result, the Contract Sales & Medical Solutions segment, which had become more closely related operationally to the Technology & Analytics Solutions segment commercial offerings, was incorporated into the Technology & Analytics Solutions segment, which is renamed Commercial Solutions. Additionally, Real-World Late Phase and certain other Real-World offerings that had become more closely related operationally to the clinical research business, were moved from the Technology & Analytics Solutions segment to the Research & Development Solutions segment. The Company is reflecting the recast of segment information for the three months ended March 31, 2025 on this basis in the table below.

The Company is now managed through two reportable segments, Commercial Solutions and Research & Development Solutions. Commercial Solutions provides mission critical information, advanced analytics, technology solutions, health care provider services (including contract sales), and patient engagement services to the Company’s life science clients. Research & Development Solutions, which primarily serves biopharmaceutical customers, provides outsourced clinical research, clinical trial and real-world research related services.

Certain costs are not allocated to the Company's segments and are reported as general corporate and unallocated expenses. These costs primarily consist of stock-based compensation, expenses related to integration activities and acquisitions, as well as certain general corporate and unallocated expenses. The Company also does not allocate restructuring costs, depreciation and amortization or impairment charges, if any, to its segments. Asset information by segment is not presented, as this measure is not used by the chief executive officer, who is the CODM, to assess the Company’s performance.

For both segments, the CODM uses segment revenue and segment profit in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly and quarterly basis for both segment revenue and profit when making decisions about allocating operating and capital resources to the segments. The CODM also uses segment revenue and profit to assess the performance for each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.

The Company’s reportable segment information is presented below:

						Three Months Ended March 31,
(in millions)						2026						2025
Revenues
Commercial Solutions						$	1,754					$	1,572
Research & Development Solutions						2,397						2,257
Total revenues						4,151						3,829
Cost of revenues, exclusive of depreciation and amortization
Commercial Solutions						1,121						980
Research & Development Solutions						1,675						1,551
Total cost of revenues, exclusive of depreciation and amortization						2,796						2,531
Selling, general and administrative expenses
Commercial Solutions						252						237
Research & Development Solutions						250						230
Total selling, general and administrative expenses reportable segments						502						467
Segment profit
Commercial Solutions						381						355
Research & Development Solutions						472						476
Total segment profit						853						831
General corporate and unallocated expenses						—						(41)
Depreciation and amortization						(288)						(265)
Restructuring costs						(51)						(29)
Total income from operations						514						496
Interest income						(10)						(11)
Interest expense						192						165
Loss on extinguishment of debt						—						4
Other expense, net						4						15
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates						$	328					$	323

15. Earnings Per Share

The following table presents the computation of basic and diluted earnings per share:

						Three Months Ended March 31,
(in millions, except per share data)						2026						2025
Numerator:
Net income attributable to IQVIA Holdings Inc.						$	274					$	249
Denominator:
Basic weighted average common shares outstanding						168.4						175.7
Effect of dilutive stock options and share awards						1.4						1.7
Diluted weighted average common shares outstanding						169.8						177.4
Earnings per share attributable to common stockholders:
Basic						$	1.63					$	1.42
Diluted						$	1.61					$	1.40

Stock-based awards will have a dilutive effect under the treasury method when the respective period's average market value of the Company's common stock exceeds the exercise proceeds. Performance awards are included in diluted earnings per share based on if the performance targets have been met at the end of the reporting period.

For the three months ended March 31, 2026 and 2025, the weighted average number of outstanding stock-based awards not included in the computation of diluted earnings per share because they are subject to performance conditions that have not been met at the end of the reporting period or the effect of including such stock-based awards in the computation would be anti-dilutive was 2.2 million and 2.2 million, respectively.