$IQV · IQVIA HOLDINGS INC.
IQVIA reported Q3 2026 results with revenue of $4.428B (+8.0% YoY), Adjusted EBITDA of $1.032B (+8.7% YoY), and Adjusted Diluted EPS of $3.34 (+11.3% YoY). All three metrics exceeded the high end of management's expectations. R&D Solutions net new bookings surged 15% YoY to $3.2B, the strongest clinical bookings quarter since 2022. The company raised full-year 2026 guidance across revenue, Adjusted EBITDA, and Adjusted Diluted EPS. An Investor Day is scheduled for December 1, 2026.
- Revenue of $4.428B grew 8.0% YoY (8.6% constant currency), beating the high end of expectations.
- Adjusted Diluted EPS of $3.34 rose 11.3% YoY; GAAP Diluted EPS was $2.10.
- R&D Solutions net new bookings hit $3.2B, up 15% YoY — the strongest clinical quarterly bookings since 2022.
- Full-year 2026 guidance raised: revenue $17.35B–$17.50B, Adj. EBITDA $4.025B–$4.055B, Adj. EPS $12.90–$13.00.
- Free Cash Flow was $667M, representing 120% of Adjusted Net Income; backlog adjustment of ~$2.1B had no P&L impact.
Markets closed — no regular-session reaction yet. Extended-hours last trade at $276.01 (+1.00% vs regular close of $273.29), suggesting initial positive reception to the beat-and-raise quarter.
Triple beat with guidance raise, strongest clinical bookings since 2022, and an upcoming Investor Day make this a high-signal quarter for the $45B CRO leader.
IQVIA's 15% bookings growth and raised guidance reinforce the CRO sector's strengthening demand narrative, with EBP funding, RFP flow, and clinical trial starts all cited as favorable tailwinds. Peers like ICLR and MEDP have reported similar momentum.
Backlog was adjusted downward by ~$2.1B after a review of inactive trials; while it doesn't impact guidance or historical results, it signals potential overstatement risk in prior backlog estimates. Restructuring costs rose to $36M in Q3 (vs. $20M YoY) and $150M YTD.