Short answer
IQVIA (IQV) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $16.3B (+5.9% year over year) and net income of $1.4B.
- Top risk flagged: Regulatory risk: Compliance with HIPAA and EU GDPR, with potential fines and penalties under US Dept. of Health and Human Services and EU authorities
FY2025 key financial metrics · XBRL
- Revenue
- $16.3B
- +5.9% YoY
- Net income
- $1.4B
- −0.9% YoY
- Operating margin
- 13.4%
- −0.9 pp YoY
- EPS (diluted)
- $7.84
- +4.7% YoY
- ROE
- 20.9%
- −1.7 pp YoY
- Operating cash flow
- $2.7B
- −2.3% YoY
Source: XBRL data from the IQVIA (IQV) FY2025 10-K on SEC EDGAR. USD.
IQVIA FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global clinical development and commercial solutions services for biopharmaceutical industry
- Emphasis on risks from client consolidation reducing service volumes and revenue loss post-mergers in clients’ industries
- Increased focus on managing complex international regulatory, economic, and political risks impacting multi-country clinical trials
- Workforce strategy: Leveraging global hiring in lower-cost countries to improve efficiency amid competition and wage inflation pressures
- Noteworthy sustainability risk disclosure: Evolving global regulatory and stakeholder demands on sustainability could raise costs and reputational risks
Management Discussion & Analysis
- Revenue $16,310M in 2025, up 5.9% (+$905M) YoY; Technology & Analytics Solutions +7.6% ($466M), Research & Development Solutions +4.3% ($369M), Contract Sales & Medical Solutions +9.7% ($70M)
- Operating profit $2,182M in 2025, down 0.9% from $2,202M in 2024; segment profit: Technology & Analytics $1,595M (+4.8%), R&D $1,873M (-3.9%), Contract Sales $48M (+2.1%)
- Best performing segment: Technology & Analytics Solutions revenue growth 7.6%, profit +4.8%; Worst performing segment: Research & Development Solutions profit decline by 3.9% despite revenue growth
- Operating cash flow $2,654M; $1,714M net cash invested in acquisitions; cash and equivalents $1,980M (+$278M); $1,769M remaining stock repurchase authorization; total debt $15,800M, compliant with covenants
- Management guidance: ongoing restructuring to streamline operations; expected continued integration of segments beginning 2026; risks from macroeconomic uncertainty, client cautiousness, and foreign currency fluctuations
Risk Factors
- Regulatory risk: Compliance with HIPAA and EU GDPR, with potential fines and penalties under US Dept. of Health and Human Services and EU authorities
- Geopolitical risk: Increased cyberattack threat from state-sponsored actors causing data compromise and operational disruption in global IT systems
- Supply chain risk: Dependence on third-party suppliers for clinical trial materials and data; supplier restrictions or failures may materially harm operations
- Competitive risk: Risk of lost or delayed large contracts due to clients shifting business to competitors or internal resources in biopharma services
- Financial risk: Senior Secured Credit Facilities and note indentures restrict financing and operational flexibility, potentially limiting growth initiatives
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