15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 7.5% per year over the past 5 years.
Net income has grown faster than revenue (37.3% vs 7.5% per year).
Operating margin has expanded, at 13.4% in the latest year.
Free cash flow has grown 8.8% per year over the past 5 years.
Financial health
Total debt ($15.7B) exceeds cash ($2.0B); net debt is $13.7B.
Total debt has grown in line with revenue (4.6% vs 7.5% per year).
Operating income covered interest expense 3.0× in the latest year, up from 1.8× 5 years ago.
Total debt is 4.7× EBITDA.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$16.3B
$1.4B
0.0%
13.4%
$2.1B
$15.7B
$2.0B
2024
$15.4B
$1.4B
0.0%
14.3%
$2.1B
$14.0B
$1.7B
2023
$15.0B
$1.4B
0.0%
13.2%
$1.5B
$13.7B
$1.4B
2022
$14.4B
$1.1B
0.0%
12.5%
$1.6B
$12.7B
$1.2B
2021
$13.9B
$966M
0.0%
10.0%
$2.3B
$12.1B
$1.4B
2020
$11.4B
$279M
0.0%
6.4%
$1.3B
$12.5B
$1.8B
2019
$11.1B
$191M
0.0%
7.0%
$835M
$11.6B
$837M
2018
$10.4B
$259M
0.0%
7.1%
$795M
$11.0B
$891M
2017
$9.7B
$1.3B
0.0%
6.9%
$601M
$10.3B
$959M
2016
$6.8B
$72M
0.0%
8.5%
$696M
$7.2B
$1.2B
2015
—
$387M
—
—
—
$2.5B
$977M
2014
—
$357M
—
—
—
$2.3B
$867M
2013
—
$227M
—
—
—
$2.1B
$777M
2012
—
$178M
—
—
—
$2.4B
$568M
2011
—
$242M
—
—
—
—
$516M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$4.2B
$274M
0.0%
12.4%
$491M
$15.8B
$1.9B
Dec '25
$4.4B
$514M
0.0%
14.4%
$561M
$15.7B
$2.0B
Sep '25
$4.1B
$331M
0.0%
13.5%
$772M
$15.0B
$1.8B
Jun '25
$4.0B
$266M
0.0%
12.6%
$292M
$15.5B
$2.0B
Mar '25
$3.8B
$249M
0.0%
13.0%
$426M
$14.3B
$1.7B
Dec '24
$4.0B
$437M
0.0%
15.8%
$721M
$14.0B
$1.7B
Sep '24
$3.9B
$285M
23.5%
14.1%
$571M
$13.5B
$1.6B
Jun '24
$3.8B
$363M
22.6%
13.6%
$445M
$13.3B
$1.5B
Mar '24
$3.7B
$288M
22.1%
13.5%
$377M
$13.5B
$1.4B
Dec '23
$3.9B
$469M
0.0%
13.0%
$568M
$13.7B
$1.4B
Sep '23
$3.7B
$303M
23.1%
12.9%
$437M
$13.6B
$1.2B
Jun '23
$3.7B
$297M
22.8%
14.1%
$242M
$13.8B
$1.4B
Mar '23
$3.7B
$289M
22.0%
12.9%
$253M
$13.2B
$1.5B
Dec '22
$3.7B
$227M
0.0%
10.1%
$389M
$12.7B
$1.2B
Sep '22
$3.6B
$283M
22.8%
13.3%
$698M
$12.4B
$1.3B
Jun '22
$3.5B
$256M
22.5%
12.8%
$168M
$12.8B
$1.4B
Mar '22
$3.6B
$325M
22.4%
13.9%
$331M
$12.6B
$1.4B
Dec '21
$3.6B
$318M
0.0%
12.7%
$508M
$12.1B
$1.4B
Sep '21
$3.4B
$261M
21.4%
8.9%
$682M
$12.2B
$1.5B
Jun '21
$3.4B
$175M
20.8%
8.3%
$394M
$12.3B
$1.8B
Valuation over time
How the market has priced IQV against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 30.4× (Mar '23) to 22.9× (Jun '26).
The price-to-sales ratio has fallen from 2.3× (Mar '23) to 1.9× (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Frequently asked questions
Is IQV growing its revenue and profit?
Over the past 5 years, IQVIA's revenue has grown 7.5% per year, and net income grown 37.3% per year. These are computed facts, not advice.
How much debt does IQV have?
As of FY2025, IQVIA reported $15.7B of total debt against $2.0B of cash; operating income covered interest expense 3.0×.
What is IQV's profit margin?
In FY2025, gross margin was —, operating margin 13.4%, and net margin 8.3%.
What is IQV's P/E ratio?
As of Jun '26, IQVIA traded at a price-to-earnings ratio of about 22.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.