IQVIA 10-Q Details Q3 Beat, $2.1B Backlog Cut and $150M Restructuring
IQV sits 76% above its 52-week low of $154.5.
Summary
IQVIA's Q3 10-Q backs up this morning's beat — $4.43 billion revenue and $2.10 diluted EPS — while disclosing a $2.1 billion backlog reduction from tighter inactive-trial criteria and $150 million of nine-month restructuring costs.
Key Events · Earnings and Guidance · IQV
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Q3 Revenue Up 8% to $4.43B
Third-quarter revenue rose $328 million, or 8.0%, to $4,428 million, with constant-currency growth of 8.6%; diluted EPS was $2.10 versus $1.93 a year earlier.
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Backlog Cut $2.1B on Tighter Criteria
R&D Solutions contracted backlog fell to $32.6 billion from $34.0 billion at December 31, 2025; refining assessment criteria for inactive trials accounted for a $2.1 billion reduction.
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Cash Flow and Debt Position
Nine-month operating cash flow was $2,001 million versus $1,919 million; total debt principal stood at $16,172 million at September 30, 2026 after the $2.0 billion 6.375% notes due 2034 issued September 23.
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Restructuring Spend Nearly Doubles
Restructuring costs were $150 million for the nine months versus $81 million a year earlier, with actions expected to continue through 2026 and into 2027.
Analysis · IQV · Industrial Applications And Services
The headline numbers were already out this morning: revenue of $4.43 billion and diluted EPS of $2.10, with adjusted EPS of $3.34. What the full 10-Q adds is the quality-of-earnings detail. R&D Solutions backlog fell to $32.6 billion from $34.0 billion at year-end, and $2.1 billion of that drop came from tightening how the company counts inactive trials — a cleaner number, but one that resets the forward revenue base investors were anchoring on. Cash generation improved, with nine-month operating cash flow of $2,001 million versus $1,919 million, and the balance sheet carries $16,172 million of debt principal after the September refinancing. Restructuring spend is running hot at $150 million for nine months against $81 million a year ago, so cost actions are still underway into 2027.
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At the time of this filing, IQV was trading at $271.55 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $44.7B. The 52-week trading range was $154.50 to $284.50. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.