IQVIA Holdings Inc. reported strong financial results for the fourth quarter and full year of 2025, highlighting robust growth across all business segments and issuing full-year 2026 guidance. The company’s chairman and CEO, Ari Bousbib, emphasized the momentum driven by its expanded go-to-market strategy, operational discipline, and strategic investments in AI innovations. For the fourth quarter of 2025, IQVIA reported revenue of $4.36 billion, a 10.3% increase on a reported basis and 8.1% at constant currency compared to the same period in 2024. Technology & Analytics Solutions (TAS) revenue reached $1.82 billion, up 9.8% reported and 7.1% constant currency. Research & Development Solutions (R&DS) revenue totaled $2.33 billion, growing 9.9% reported and 8.2% constant currency. Contract Sales & Medical Solutions (CSMS) revenue rose 18.6% reported and 15.3% constant currency to $210 million. R&DS contracted backlog as of December 31, 2025, was $32.7 billion, up 5.3% year-over-year and 3.7% at constant currency, with approximately $8.3 billion expected to convert to revenue within the next 12 months. The fourth-quarter book-to-bill ratio was 1.18x, and the trailing-twelve-month ratio was 1.12x. GAAP net income for the quarter was $514 million, up 17.6% year-over-year, with GAAP diluted earnings per share reaching $2.99, a 23.6% increase. Adjusted net income was $588 million, up 4.3%, and adjusted diluted EPS was $3.42, up 9.6%. Adjusted EBITDA reached $1.05 billion, a 5.0% increase. For the full year 2025, revenue totaled $16.31 billion, up 5.9% reported and 4.8% constant currency. TAS revenue grew 7.6% reported and 6.2% constant currency, while R&DS revenue increased 4.3% reported and 3.5% constant currency. CSMS revenue rose 9.7% reported and 8.2% constant currency. GAAP net income was $1.36 billion, down 0.9% year-over-year, but GAAP diluted EPS rose to $7.84, up 4.7%. Adjusted net income was $2.07 billion, up 1.3%, and adjusted diluted EPS was $11.92, up 7.1%. Adjusted EBITDA for the year was $3.79 billion, up 2.8%. IQVIA ended 2025 with $1.98 billion in cash and cash equivalents and $15.72 billion in debt, resulting in net debt of $13.74 billion and a net leverage ratio of 3.63x. Operating cash flow for the year was $2.65 billion, and free cash flow was $2.05 billion, representing 99% of adjusted net income. During the fourth quarter, IQVIA repurchased $212 million of its common stock, bringing full-year repurchases to $1.24 billion. The company had $1.77 billion in remaining share repurchase authorization as of December 31, 2025. For 2026, IQVIA expects revenue between $17.15 billion and $17.35 billion, assuming approximately 150 basis points from acquisitions and 100 basis points from foreign exchange. Adjusted EBITDA is projected at $3.975 billion to $4.025 billion, and adjusted diluted EPS is expected to be between $12.55 and $12.85. This guidance includes an estimated $80 million increase in interest expense due to financing activities in 2025 and expected refinancing in 2026. Effective January 1, 2026, IQVIA is reorganizing its segments. CSMS, with 2025 revenue of $788 million, is being integrated into the TAS segment, which is now named Commercial Solutions. Real-World Late Phase and related Real-World offerings, contributing $674 million in 2025, are moving from TAS to R&DS. The new structure reflects operational alignment and industry trends, with no material impact on revenue growth rates. IQVIA will host a conference call on February 5, 2026, at 9:00 a.m. Eastern Time to discuss results, guidance, and the segment changes. Investors can access the webcast and presentation via the company’s Investor Relations website.