IQVIA (IQV) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $4.151 billion, up 8.4% year-over-year, with strong organic growth in both Commercial and R&D Solutions segments.

• Adjusted EBITDA was $932 million, up 5.5% year-over-year; adjusted diluted EPS rose 7.4% to $2.90, exceeding guidance.

• Net income for Q1 2026 was $274 million, with GAAP diluted EPS at $1.61.

• Free cash flow reached $491 million, a 15% increase year-over-year, representing 100% of adjusted net income.

• $552 million of common stock was repurchased during the quarter; $1.2 billion remains authorized.

Financial highlights

• Operating cash flow was $618 million, up 9% year-over-year.

• Cash and cash equivalents at quarter-end were $1.947 billion; net debt was $13.886 billion.

• Gross margin for Q1 2026 was approximately 32.6%.

• Adjusted net income was $492 million for the quarter.

• Net leverage ratio was 3.62x trailing twelve-month adjusted EBITDA.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $17.15–$17.35 billion, with 150 bps from acquisitions and 100 bps FX tailwind.

• Full-year adjusted EBITDA guidance maintained at $3.975–$4.025 billion.

• Full-year adjusted diluted EPS guidance raised to $12.65–$12.95.

• Q2 2026 revenue expected at $4.28–$4.34 billion; adjusted EBITDA $955–$975 million; adjusted diluted EPS $2.98–$3.08.

• Guidance assumes stable FX rates as of May 4, 2026.