IQVIA Tops Q3 Estimates and Lifts 2026 Guidance; Bookings Climb 15%
IQV sits 82% above its 52-week low of $154.5.
Summary
IQVIA beat its own Q3 targets with revenue of $4.43 billion and adjusted EPS of $3.34, raised full-year 2026 guidance, and delivered its strongest clinical bookings quarter since 2022.
Key Events · Earnings and Guidance · IQV
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Q3 Beat and Guidance Raise
Revenue of $4,428 million rose 8.0% year-over-year, and adjusted diluted EPS of $3.34 rose 11.3%. Full-year 2026 guidance was raised to revenue of $17,350-$17,500 million, Adjusted EBITDA of $4,025-$4,055 million and adjusted diluted EPS of $12.90-$13.00.
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Bookings Strongest Since 2022
R&D Solutions net new bookings were $3.2 billion, up 15% year-over-year, for a 1.2x book-to-bill ratio. Last-twelve-month net new bookings reached $11.7 billion, up 14%.
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Backlog Cut by $2.1 Billion
A review of inactive trials reduced backlog by approximately $2.1 billion, leaving R&DS contracted backlog of $32.6 billion, of which $9.4 billion is expected to convert to revenue in the next twelve months, up 10% year-over-year.
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Cash Flow and Leverage
Operating cash flow was $825 million and free cash flow $667 million, equal to 120% of adjusted net income. Net debt was $13,818 million, a 3.45x net leverage ratio.
Analysis · IQV · Industrial Applications And Services
IQVIA beat the high end of its own expectations on revenue, Adjusted EBITDA and Adjusted EPS, and raised full-year 2026 guidance across all three metrics. Bookings carry the most weight for the thesis: $3.2 billion of net new R&D bookings, up 15% year-over-year and the strongest clinical quarter since 2022, underpinning the $32.6 billion backlog. Against that, the company cut roughly $2.1 billion of inactive-trial backlog — a cleanup that leaves historical results and guidance untouched but resets the backlog base investors track. Free cash flow of $667 million covered 120% of adjusted net income, and net leverage sits at 3.45x. The next scheduled update is an Investor Day on December 1, 2026.
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At the time of this filing, IQV was trading at $280.51 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $45B. The 52-week trading range was $154.50 to $282.98. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.