IQVIA HOLDINGS INC.

Previous wording

IQVIA is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI®, advanced analytics, the latest technologies and extensive domain expertise. We are committed to using artificial intelligence responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry. With approximately 94,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, we are dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.

Current wording

IQVIA is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI®, advanced analytics, the latest technologies and extensive domain expertise. We are committed to using artificial intelligence responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry. With approximately 95,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, we are dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.

Previous wording

In the first six months of 2026, approximately 30% of our revenues were denominated in currencies other than the United States dollar, which represents approximately 60 currencies. Because a large portion of our revenues and expenses are denominated in foreign currencies and our financial statements are reported in United States dollars, changes in foreign currency exchange rates can significantly affect our results of operations. The revenues and expenses of our foreign operations are generally denominated in local currencies and translated into United States dollars for financial reporting purposes. Accordingly, exchange rate fluctuations will affect the translation of foreign results into United States dollars for purposes of reporting our condensed consolidated results. As a result, we believe that reporting results of operations that exclude the effects of foreign currency rate fluctuations on certain financial results can facilitate analysis of period to period comparisons. This constant currency information assumes the same foreign currency exchange rates that were in effect for the comparable prior-year period were used in translation of the current period results. As such, the differences noted below between reported results of operations and constant currency information are wholly attributable to the effects of foreign currency rate fluctuations. For the three and six months ended June 30, 2026, foreign currency exchange rate fluctuations had an immaterial impact on our income from operations.

Current wording

In the first nine months of 2026, approximately 30% of our revenues were denominated in currencies other than the United States dollar, which represents approximately 60 currencies. Because a large portion of our revenues and expenses are denominated in foreign currencies and our financial statements are reported in United States dollars, changes in foreign currency exchange rates can significantly affect our results of operations. The revenues and expenses of our foreign operations are generally denominated in local currencies and translated into United States dollars for financial reporting purposes. Accordingly, exchange rate fluctuations will affect the translation of foreign results into United States dollars for purposes of reporting our condensed consolidated results. As a result, we believe that reporting results of operations that exclude the effects of foreign currency rate fluctuations on certain financial results can facilitate analysis of period to period comparisons. This constant currency information assumes the same foreign currency exchange rates that were in effect for the comparable prior-year period were used in translation of the current period results. As such, the differences noted below between reported results of operations and constant currency information are wholly attributable to the effects of foreign currency rate fluctuations. For the three and nine months ended September 30, 2026, foreign currency exchange rate fluctuations had an immaterial impact on our income from operations.

Previous wording

For the second quarter of 2026, our revenues increased $351 million, or 8.7%, as compared to the same period in 2025. This increase was comprised of constant currency revenue growth of approximately $343 million, or 8.5%, reflecting a $139 million increase in Commercial Solutions and a $204 million increase in Research & Development Solutions.

Current wording

For the third quarter of 2026, our revenues increased $328 million, or 8.0%, as compared to the same period in 2025. This increase was comprised of constant currency revenue growth of approximately $353 million, or 8.6%, reflecting a $132 million increase in Commercial Solutions and a $221 million increase in Research & Development Solutions.

Previous wording

For the first six months of 2026, our revenues increased $673 million, or 8.6%, as compared to the same period in 2025. This increase was comprised of constant currency revenue growth of approximately $571 million, or 7.3%, reflecting a $273 million increase in Commercial Solutions and a $298 million increase in Research & Development Solutions.

Current wording

For the first nine months of 2026, our revenues increased $1,001 million, or 8.4%, as compared to the same period in 2025. This increase was comprised of constant currency revenue growth of approximately $924 million, or 7.7%, reflecting a $405 million increase in Commercial Solutions and a $519 million increase in Research & Development Solutions.

Previous wording

For the second quarter of 2026, our cost of revenues, exclusive of depreciation and amortization increased $239 million, or 8.9%, as compared to the same period in 2025. For the first six months of 2026, our cost of revenues, exclusive of depreciation and amortization increased $504 million, or 9.6%, as compared to the same period in 2025. The increase for both periods is primarily due to increases in compensation and related expenses, and reimbursed expenses to support revenue growth.

Current wording

For the third quarter of 2026, our cost of revenues, exclusive of depreciation and amortization increased $203 million, or 7.4%, as compared to the same period in 2025. For the first nine months of 2026, our cost of revenues, exclusive of depreciation and amortization increased $707 million, or 8.9%, as compared to the same period in 2025. The increase for both periods is primarily due to increases in compensation and related expenses, reimbursed expenses, and other direct costs, all to support revenue growth.

Previous wording

For the second quarter of 2026 our selling, general and administrative expenses increased $65 million, or 12.8%, as compared to the same period in 2025. For the first six months of 2026 our selling, general and administrative expenses increased $59 million, or 5.8%, as compared to the same period in 2025. The increase for both periods is primarily due to increases in compensation and related expenses, including stock-based compensation.

Current wording

For the third quarter of 2026 our selling, general and administrative expenses increased $55 million, or 10.7%, as compared to the same period in 2025. For the first nine months of 2026 our selling, general and administrative expenses increased $114 million, or 7.4%, as compared to the same period in 2025. The increase for both periods is primarily due to increases in compensation and related expenses, including stock-based compensation.

Previous wording

The $16 million and $39 million increase in depreciation and amortization for the three and six months ended June 30, 2026 compared to the same periods in 2025 is mainly related to an increase in amortization of capitalized software costs and intangible assets from acquisitions occurring in 2025 and 2026.

Current wording

The $35 million and $74 million increase in depreciation and amortization for the three and nine months ended September 30, 2026 compared to the same periods in 2025 is mainly related to an increase in amortization of capitalized software costs and intangible assets from acquisitions occurring in 2026 and previous years.

Previous wording

Interest income includes interest received primarily from bank balances and investments. Interest income during the three and six months ended June 30, 2026 decreased as compared to the same periods in 2025, primarily as a result of lower deposit rates and balances.

Current wording

Interest income includes interest received primarily from bank balances and investments. Interest income during the three and nine months ended September 30, 2026 decreased as compared to the same periods in 2025, primarily as a result of lower deposit rates and balances.

Previous wording

Interest expense during the three and six months ended June 30, 2026 increased compared to the same periods in 2025 as a result of higher outstanding debt balances.

Current wording

Interest expense during the three and nine months ended September 30, 2026 increased compared to the same periods in 2025 as a result of higher outstanding debt balances.

Previous wording

Other expense, net for the three months ended June 30, 2026 increased compared to the same period in 2025 primarily due to fair value investments adjustments, offset by less foreign currency loss on transactions.

Current wording

Other (income) expense, net for the three months ended September 30, 2026 decreased compared to the same period in 2025 primarily due to foreign currency loss on transactions.

Previous wording

Other expense, net for the six months ended June 30, 2026 decreased compared to the same period in 2025 primarily due to less foreign currency loss on transactions, offset by fair value investments adjustments.

Current wording

Other (income) expense, net for the nine months ended September 30, 2026 decreased compared to the same period in 2025 primarily due to fair value investments adjustments, offset by less foreign currency loss on transactions.

Previous wording

Our effective income tax rate was 19.9% and 17.3% in the second quarter of 2026 and 2025, respectively. Our effective income tax rate was 18.9% and 18.1% in the first six months of 2026 and 2025. Our effective income tax rate in the second quarter and in the first six months of 2026 and 2025 was impacted due to changes in the geographical mix of earnings amongst the United States and foreign tax jurisdictions.

Current wording

Our effective income tax rate was 19.7% and 18.6% in the third quarter of 2026 and 2025, respectively. Our effective income tax rate was 19.2% and 18.3% in the first nine months of 2026 and 2025. Our effective income tax rate in the third quarter and in the first nine months of 2026 and 2025 was impacted due to changes in the geographical mix of earnings amongst the United States and foreign tax jurisdictions.

Previous wording

On December 12, 2022, the European Union member states agreed to implement the Organization for Economic Cooperation and Development’s (“OECD”) Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least €750 million, which went into effect in 2025. In January 2026, the OECD released Administrative Guidance establishing a “side‑by‑side” system that is intended to reduce the compliance burden of calculating the Pillar two top-up-tax amounts for jurisdictions with similar regimes with minimum tax requirements for fiscal years beginning on or after January 1, 2026, subject to adoption by relevant jurisdictions. This is achieved by deeming a top-up tax amount of zero as it relates to Income Inclusion Rules and Undertaxed Profits Rules for Multinational Enterprise groups with an ultimate parent entity in such jurisdictions; however, this guidance does not affect the application of local minimum or qualified domestic top‑up taxes in foreign jurisdictions. During the six months ended June 30, 2026, we evaluated enacted and substantively enacted Pillar Two legislation and performed calculations under applicable safe harbor frameworks to identify jurisdictions with effective tax rates below 15%, and any resulting top‑up tax was recorded as a period cost in the annual effective tax rate. We continue to monitor global developments and are assessing the potential impact of these rules on our income tax provision.

Current wording

On December 12, 2022, the European Union member states agreed to implement the Organization for Economic Cooperation and Development’s (“OECD”) Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least €750 million, which went into effect in 2025. In January 2026, the OECD released Administrative Guidance establishing a “side‑by‑side” system that is intended to reduce the compliance burden of calculating the Pillar Two top-up-tax amounts for jurisdictions with similar regimes with minimum tax requirements for fiscal years beginning on or after January 1, 2026, subject to adoption by relevant jurisdictions. This is achieved by deeming a top-up tax amount of zero as it relates to Income Inclusion Rules and Undertaxed Profits Rules for Multinational Enterprise groups with an ultimate parent entity in such jurisdictions; however, this guidance does not affect the application of local minimum or qualified domestic top‑up taxes in foreign jurisdictions. During the nine months ended September 30, 2026, we evaluated enacted Pillar Two legislation and performed calculations under applicable safe harbor frameworks to identify jurisdictions with effective tax rates below 15%, and any resulting top‑up tax was recorded as a period cost in the annual effective tax rate. We continue to monitor global developments and are assessing the potential impact of these rules on our income tax provision.

Previous wording

Equity in earnings (losses) of unconsolidated affiliates for the three and six months ended June 30, 2026, increased compared to the same periods in 2025 due to the results in the operations of our unconsolidated affiliates.

Current wording

Equity in earnings (losses) of unconsolidated affiliates for the three and nine months ended September 30, 2026, increased compared to the same periods in 2025 due to the results in the operations of our unconsolidated affiliates.

Previous wording

In the tables below, the Company is reflecting the recast of segment information for the three and six months ended June 30, 2025 based on the changes described in Note 14 included elsewhere in this Quarterly Report on Form 10-Q. Revenues and profit by segment are as follows:

Current wording

In the tables below, the Company is reflecting the recast of segment information for the three and nine months ended September 30, 2025 based on the changes described in Note 14 included elsewhere in this Quarterly Report on Form 10-Q. Revenues and profit by segment are as follows:

Previous wording

Research & Development Solutions’ revenues were $4,972 million for the first six months of 2026, an increase of $349 million, or 7.5%, over the same period in 2025. This increase was comprised of constant currency revenue growth of approximately $298 million, or 6.4%, reflecting revenue growth primarily in the Americas region, and to a lesser extent in the Europe and Africa and Asia-Pacific regions.

Current wording

Commercial Solutions’ revenues were $5,336 million for the first nine months of 2026, an increase of $440 million, or 9.0%, over the same period in 2025. This increase was comprised of constant currency revenue growth of approximately $405 million, or 8.3%, reflecting revenue growth primarily in the Americas region and to a lesser extent in the Europe and Africa and Asia-Pacific regions.

Previous wording

The constant currency revenue growth for the three and six months ended June 30, 2026 was primarily driven by an increase in patient solutions (formerly included in real-world solutions), and to a lesser extent by commercial engagement services (formerly included in contract sales and medical solutions).

Current wording

The constant currency revenue growth for the three and nine months ended September 30, 2026 was primarily driven by an increase in patient solutions (formerly included in real-world solutions), and to a lesser extent by commercial engagement services (formerly included in contract sales and medical solutions).

Previous wording

Commercial Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $90 million, or 8.6%, in the second quarter of 2026, over the same period in 2025, and increased $231 million, or 11.4%, in the first six months of 2026, over the same period in 2025. The increase for the three and six months ended June 30, 2026 was primarily related to increases in reimbursed expenses, compensation and related expenses, and costs of acquiring and processing data to support revenue growth.

Current wording

Commercial Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $54 million, or 5.1%, in the third quarter of 2026, over the same period in 2025, and increased $285 million, or 9.2%, in the first nine months of 2026, over the same period in 2025. The increase for the three and nine months ended September 30, 2026 was primarily related to increases in reimbursed expenses, compensation and related expenses, and costs of acquiring and processing data to support revenue growth.

Previous wording

Commercial Solutions’ selling, general and administrative expenses increased $12 million, or 5.2%, in the second quarter of 2026, as compared to the same period in 2025, and increased $27 million, or 5.8%, in the first six months of 2026, as compared to the same period in 2025. The increase for the three and six months ended June 30, 2026 was primarily related to an increase in compensation and related expenses.

Current wording

Commercial Solutions’ selling, general and administrative expenses increased $9 million, or 3.6%, in the third quarter of 2026, as compared to the same period in 2025, and increased $36 million, or 5.0%, in the first nine months of 2026, as compared to the same period in 2025. The increase for the three and nine months ended September 30, 2026 was primarily related to increases in IT-related expenses and compensation and related expenses.

Previous wording

Research & Development Solutions’ contracted backlog increased from $34.0 billion (recast amount to reflect segment changes noted above) as of December 31, 2025 to $34.2 billion as of June 30, 2026, and we expect approximately $9.2 billion of this backlog to convert to revenues in the next twelve months.

Current wording

Research & Development Solutions’ contracted backlog changed from $34.0 billion (recast amount to reflect segment changes noted above) as of December 31, 2025 to $32.6 billion as of September 30, 2026, and we expect approximately $9.4 billion of this backlog to convert to revenues in the next twelve months. We refined our backlog assessment criteria to reflect currently available information regarding expected future activity on inactive trials, resulting in a $2.1 billion reduction.

Previous wording

The constant currency revenue growth for the three and six months ended June 30, 2026 was primarily the result of volume-related increases in clinical services and lab testing.

Current wording

The constant currency revenue growth for the three and nine months ended September 30, 2026 was primarily the result of volume-related increases in clinical services and lab testing.

Previous wording

Research & Development Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $149 million, or 9.0%, in the second quarter of 2026, over the same period in 2025, and increased $273 million, or 8.5%, in the first six months of 2026, over the same period in 2025. The increase for the three and six months ended June 30, 2026 was primarily related to an increase in compensation and related expenses and reimbursed expenses as a result of volume-related increases in clinical services.

Current wording

Research & Development Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $149 million, or 9.0%, in the third quarter of 2026, over the same period in 2025, and increased $422 million, or 8.7%, in the first nine months of 2026, over the same period in 2025. The increase for the three and nine months ended September 30, 2026 was primarily related to an increase in reimbursed expenses, compensation and related expenses, and other direct costs as a result of volume-related increases in clinical services and lab testing.

Previous wording

Research & Development Solutions’ selling, general and administrative expenses increased $7 million, or 2.9%, in the second quarter of 2026, as compared to the same period in 2025, and increased $27 million, or 5.7%, in the first six months of 2026, as compared to the same period in 2025. The increase for the three and six months ended June 30, 2026 was primarily related to an increase in compensation and related expenses.

Current wording

Research & Development Solutions’ selling, general and administrative expenses increased $14 million, or 5.8%, in the third quarter of 2026, as compared to the same period in 2025, and increased $41 million, or 5.7%, in the first nine months of 2026, as compared to the same period in 2025. The increase for the three and nine months ended September 30, 2026 was primarily related to increases in compensation and related expenses and IT-related expenses.

Previous wording

We had a cash balance of $1,909 million as of June 30, 2026 ($627 million of which was in the United States), a decrease from $1,980 million as of December 31, 2025.

Current wording

We had a cash balance of $2,249 million as of September 30, 2026 ($811 million of which was in the United States), an increase from $1,980 million as of December 31, 2025.

Previous wording

During the six months ended June 30, 2026, we repurchased 5.5 million shares of our common stock for $950 million under the Repurchase Program. As of June 30, 2026, we had remaining authorization to repurchase up to $2,819 million of our common stock under the Repurchase Program. In addition, from time to time, we have repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program.

Current wording

During the nine months ended September 30, 2026, we repurchased 5.5 million shares of our common stock for $950 million under the Repurchase Program. As of September 30, 2026, we had remaining authorization to repurchase up to $2,819 million of our common stock under the Repurchase Program. In addition, from time to time, we have repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program.

Previous wording

As of June 30, 2026, we had $16,081 million of total indebtedness, excluding $1,195 million of additional available borrowings under our revolving credit facility. Our long-term debt arrangements contain customary restrictive covenants and, as of June 30, 2026, we believe we were in compliance with our restrictive covenants in all material respects.

Current wording

As of September 30, 2026, we had $16,172 million of total indebtedness, excluding $1,995 million of additional available borrowings under our revolving credit facility. Our long-term debt arrangements contain customary restrictive covenants and, as of September 30, 2026, we believe we were in compliance with our restrictive covenants in all material respects.

Previous wording

As of June 30, 2026, our Fifth Amended and Restated Credit Agreement provided financing through the senior secured credit facilities of up to $6,333 million, which consisted of $5,138 million principal amounts of debt outstanding, and $1,195 million of available borrowing capacity on the revolving credit facility and standby letters of credit. See Note 7 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details regarding our credit arrangements.

Current wording

As of September 30, 2026, our Fifth Amended and Restated Credit Agreement provided financing through the senior secured credit facilities of up to $6,295 million, which consisted of $4,300 million principal amounts of debt outstanding, and $1,995 million of available borrowing capacity on the revolving credit facility and standby letters of credit. See Note 7 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details regarding our credit arrangements.

Previous wording

On June 11, 2026, we completed the issuance and sale of €950 million in gross proceeds of 4.625% senior notes due 2033 (the “4.625% Notes”). The 4.625% Notes were issued pursuant to an Indenture, dated June 11, 2026, among us, U.S. Bank National Association, as trustee of the Notes, and certain of our subsidiaries as guarantors. The net proceeds from the 4.625% Notes offering were used to repay in full our outstanding Term Loan due 2027, to repay a portion of the existing borrowings under our revolving credit facility and to pay fees and expenses related to the offering. The 4.625% Notes are unsecured obligations of the Company, will mature on June 15, 2033, and bear interest at the rate of 4.625% per year, with interest payable semiannually on June 15 and December 15 of each year, beginning on December 15, 2026. We may redeem the 4.625% Notes prior to their final stated maturity, subject to a customary make-whole premium, at any time prior to June 15, 2029 (subject to a customary “equity claw” redemption right) and thereafter subject to a redemption premium declining from 1.02313% to 0.000%.

Current wording

On June 11, 2026, we completed the issuance and sale of €950 million in gross proceeds of 4.625% senior notes due 2033 (the “4.625% Notes”). The 4.625% Notes were issued pursuant to an Indenture, dated June 11, 2026, among us, U.S. Bank Trust Company, National Association, as trustee of the 4.625% Notes, and certain of our subsidiaries as guarantors. The net proceeds from the 4.625% Notes offering were used to repay in full our outstanding Term Loan due 2027, to repay a portion of the existing borrowings under our revolving credit facility and to pay fees and expenses related to the offering. The 4.625% Notes are unsecured obligations of the Company, will mature on June 15, 2033, and bear interest at the rate of 4.625% per year, with interest payable semiannually on June 15 and December 15 of each year, beginning on December 15, 2026. We may redeem the 4.625% Notes prior to their final stated maturity, subject to a customary make-whole premium, at any time prior to June 15, 2029 (subject to a customary “equity claw” redemption right) and thereafter subject to a redemption premium declining from 2.313% to 0.000%.

Previous wording

Six months ended June 30, 2026 and 2025

Current wording

Nine months ended September 30, 2026 and 2025

Previous wording

Cash provided by operating activities increased $165 million during the first six months of 2026 as compared to the same period in 2025. The increase was primarily driven by increases in cash from other operating assets and liabilities ($106 million), cash-related net income ($89 million), and cash from accounts receivable and unbilled services ($40 million), offset by a decrease in cash from unearned income ($70 million).

Current wording

Cash provided by operating activities increased $82 million during the first nine months of 2026 as compared to the same period in 2025. The increase was primarily driven by increases in cash-related net income ($151 million) and cash from other operating assets and liabilities ($32 million), offset by decreases in cash from unearned income ($99 million) and cash from accounts receivable and unbilled services ($2 million).

Previous wording

Cash used in investing activities decreased $74 million during the first six months of 2026 as compared to the same period in 2025, primarily driven by less cash used for acquisitions of businesses, net of cash acquired ($115 million), less cash used for investments in debt and equity securities ($19 million), more cash from other ($2 million), and more cash from sales of marketable securities, net ($1 million), offset by more cash used for acquisitions of property, equipment and software ($32 million) and cash used for investments in unconsolidated affiliates, net ($31 million).

Current wording

Cash used in investing activities decreased $65 million during the first nine months of 2026 as compared to the same period in 2025, primarily driven by less cash used for acquisitions of businesses, net of cash acquired ($209 million), less cash used for investments in debt and equity securities ($20 million), less cash used for other ($3 million), and more cash from sales of marketable securities, net ($1 million), offset by less proceeds from sale of property, equipment, and software ($75 million), more cash used for acquisitions of property, equipment and software ($54 million), and more cash used for investments in unconsolidated affiliates, net ($39 million).

Previous wording

Cash used in financing activities increased $534 million during the first six months of 2026 as compared to the same period in 2025, primarily due to less proceeds from issuance of debt, net ($2,212 million) and more cash used for payments related to employee stock incentive plans ($6 million), offset by less repayments on the revolving credit facilities, net of proceeds ($825 million), less cash payments for debt and principal payments on finance leases ($770 million), less cash used for repurchase of common stock ($82 million), less cash payments for contingent consideration and deferred purchase price accruals ($5 million), and less cash used for other ($2 million).

Current wording

Cash used in financing activities decreased $116 million during the first nine months of 2026 as compared to the same period in 2025, primarily due to less cash payments for debt and principal payments on finance leases ($218 million), less cash used for repurchase of common stock ($82 million), less repayments on the revolving credit facilities, net of proceeds ($25 million), less cash used for payments related to employee stock incentive plans ($23 million), less cash payments for contingent consideration and deferred purchase price accruals ($9 million), and less cash used for other ($2 million), offset by less proceeds from issuance of debt, net ($242 million) and more distributions to noncontrolling interests ($1 million).