IQVIA Holdings Inc. (IQV) SEC Filings & Earnings Calls

Higher interest expense from 6.375% coupon vs. 5.000% on redeemed notes increases annual interest cost.

“6.375% senior notes due 2034 issued to redeem 5.000% notes due 2026.”

Increased leverage from new debt issuance, though used for refinancing.

“$2B new senior notes at 6.375% interest rate.”

Restructuring execution risk

“Restructuring costs increased to $63M in Q2 2026 from $32M in Q2 2025, with actions expected through 2027.”

High debt levels

“Total indebtedness of $16,081 million as of June 30, 2026.”

Interest expense increase

“Interest expense increased to $197M in Q2 2026 from $182M in Q2 2025 due to higher outstanding debt balances.”

Foreign exchange headwinds partially offset guidance raise; M&A integration risks remain.

“Guidance assumes ~20 bps FX tailwind vs prior 100 bps; M&A contribution assumed 200 bps vs prior 150 bps.”

Refinancing risk managed; interest rate fixed at 4.625%.

“Notes bear interest at 4.625% per year, maturing 2033.”

Interest rate risk locked at 4.625%.

“Notes bear interest at 4.625% per annum.”

Potential refinancing risk if offering fails.

“Subject to market conditions.”

Buyback may reduce financial flexibility.

“The Repurchase Program does not obligate the Company to repurchase any particular amount of common stock, and it may be modified, extended, suspended or discontinued at any time.”

High leverage

“Net debt $13.9B; net leverage ratio 3.62x trailing twelve-month Adjusted EBITDA.”

Foreign exchange exposure

“Guidance assumes ~100 bps FX tailwind; constant currency growth lower than reported.”

Restructuring execution risk

“Restructuring costs incurred during 2026 and 2025 were due to ongoing efforts to streamline our global operations and reduce overcapacity to adapt to changing market conditions and integrate acquisitions.” · word for word

Foreign exchange exposure

“In the first three months of 2026, approximately 30% of our revenues were denominated in currencies other than the United States dollar.” · word for word

High leverage

“As of March 31, 2026, we had $15,908 million of total indebtedness.” · word for word

Potential dilution from new equity plan.

“2026 Plan authorizes a range of performance- and time-based equity-based awards.”

Industry headwinds and policy changes

“Through the first half of 2025, IQVIA’s stock was adversely impacted by policy changes affecting the industry with the stock price going from a high of $209.96 to its low at mid-year of $137.00.” · word for word

High leverage

“Ended 2025 with a Net Leverage Ratio of 3.63x” · word for word

Restructuring risk

“Completed a rigorous assessment of organizational structure and talent deployment to improve operational effectiveness, resulting in the elimination of approximately 3,300 roles” · word for word

Contract termination risk

“Most of our Research & Development Solutions clients can terminate our contracts upon 30 to 90 days' notice.” · word for word

Data dependency risk

“Our Commercial Solutions information services are derived from data we collect from third parties. ... suppliers may increase restrictions on our use of such data, increase the price they charge us for data or refuse altogether to license the data to us.” · word for word

Cybersecurity risk

“Security breaches and unauthorized use of our IT systems and information, or the IT systems or information in the possession of our vendors, could expose us, our clients, our data suppliers or others to risk of loss.” · word for word

High leverage; net debt $13.7B; net leverage 3.63x. Interest expense expected to increase ~$80M in FY26.

“Net debt of $13,744 million; Net Leverage Ratio was 3.63x. Guidance includes step up in interest expense of approximately $80 million.”

Net leverage ratio 3.52x trailing twelve-month Adjusted EBITDA; debt $14,957M.

“Net Leverage Ratio was 3.52x trailing twelve-month Adjusted EBITDA; debt was $14,957 million.” · word for word

COVID-related revenue step-down of ~$100M in FY2025 guidance.

“Revenue guidance includes approximately $100 million of COVID-related revenue step-down, entirely in R&DS.” · word for word

Cost inflation pressure

“Cost of revenues as a percentage of revenues increased from 64.6% to 66.5% in Q3 2025 vs Q3 2024, driven by compensation and related expenses.”

Restructuring execution risk

“Restructuring costs of $81 million for the first nine months of 2025, with actions expected to continue into 2026.”