IQVIA Holdings Inc.

Second quarter revenue was $4.368 billion, up 8.7% reported and 8.5% at constant currency, with about 250 basis points of acquisition contribution. Commercial Solutions revenue was $1.793 billion, up 8.6% reported and 8.4% constant currency; R&D Solutions revenue was $2.575 billion, up 8.8% reported and 8.6% constant currency. Adjusted EBITDA was $994 million, up 9.2% year over year; adjusted diluted EPS was $3.15, up 12.1%; GAAP diluted EPS was $1.53. For full-year 2026, IQVIA now expects revenue of $17.275 billion to $17.475 billion, adjusted EBITDA of $4.0 billion to $4.05 billion, and adjusted diluted EPS of $12.80 to $13.00. Third-quarter guidance calls for revenue of $4.15 billion to $4.39 billion, adjusted EBITDA of $1.0 billion to $1.02 billion, and adjusted diluted EPS of $3.19 to $3.29.

Ari Bousbib said the quarter was “outstanding” and emphasized that there was “absolutely nothing salient, unusual, abnormal, odd, untoward” in the results, framing the strength as broad-based execution rather than one-off wins. He highlighted improving demand in both clinical and commercial, stronger win rates, and AI as a real differentiator that is already helping study design, recruitment, and commercial workflows. His tone was notably confident and expansive, with repeated comments that the outsourcing market is still growing and that IQVIA is positioned to benefit as AI expands demand for CRO and commercial services.

Michael Fedock emphasized the hard numbers: $4.368 billion of revenue, $994 million of adjusted EBITDA, $3.15 of adjusted EPS, and $558 million of operating cash flow in the quarter. Free cash flow was $360 million, up 23% year over year, with $198 million of capex, and the company repurchased $398 million of shares in the quarter, leaving about $2.8 billion remaining under authorization. He said the company is raising full-year revenue, EBITDA, and EPS guidance, while maintaining flat EBITDA margins at approximately 23.2%; he also noted that operational productivity contributed about 90 basis points of margin expansion, while FX and pass-throughs were a headwind.

Analysts focused on whether bookings had any unusually large awards, but management said bookings were strong “across the board,” with normal pass-throughs and cancellations and no unusual items to call out. Questions also centered on AI investment, future outsourcing penetration, and whether the demand improvement was market-driven or execution-driven; Ari said both matter, but cited improving RFP flow, stronger win rates, and growing EBP funding as key support. Later questions pushed on margins and backlog quality, and management said the backlog adjustment under review would be around 5% if made, with no impact on historical results or guidance, and that the company continues to use contracted bookings with signatures as its standard.