IQVIA filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $17.3 billion, an increase of 8.8% on the year before. This growth rate marked a rise of 0.7 percentage points compared to the quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 2.8% | 14.3% | 13.7% |
| FY25 Q1 | 2.8% | 14.1% | 14.0% |
| FY25 Q2 | 3.6% | 13.9% | 12.8% |
| FY25 Q3 | 3.8% | 13.7% | 13.9% |
| FY25 Q4 | 5.9% | 13.4% | 12.6% |
| FY26 Q1 | 7.3% | 13.2% | 12.7% |
| FY26 Q2 | 8.2% | 13.0% | 12.9% |
| FY26 Q3 | 8.8% | 12.8% | 12.0% |
What stands out in the filings
Capital spending rose 10.8%, while operating cash flow fell 2.4%. Consequently, less of the generated cash remained as surplus. Revenue grew 8.8% even as the operating margin declined by 0.9 percentage points, indicating that sales are rising faster than profit.
Profit and margins
Each dollar of revenue is earning less because sales are growing faster than profit. The trailing operating margin stood at 12.8%, a decrease of 0.9 percentage points from a year earlier. The trailing net margin was 8.1%. Net income over the twelve months reached $1.4 billion, representing an increase of 8.7% on the year before.
The cash picture
Spending is outrunning the cash the business brings in, leaving less surplus. Operating cash flow over the twelve months was $2.7 billion, down 2.4% on the year before. Capital spending totaled $657.0 million, or 3.8% of revenue. Free cash flow, calculated as operating cash flow less capital spending, stood at $2.1 billion, a decline of 6.0% on the year before. This represented 12.0% of revenue (the free-cash-flow margin), down 1.9 percentage points from a year earlier.
The share base
The average diluted share count fell by 3.9% over the year.
Against its own history
Set against the company’s own record, today’s free-cash-flow margin of 12.0% is higher than 75% of past quarterly readings, which have ranged from 3.0% to 17.5%. Today’s operating margin of 12.8% exceeds 78% of past readings (5.5% to 14.3%). The twelve-month revenue growth rate of 8.8% is higher than 76% of past readings (0.7% to 56.7%).
Guidance
The company raised its full-year 2026 guidance for revenue to a range of $17,275.0 million to $17,475.0 million. Adjusted EBITDA is guided to a range of $4,000.0 million to $4,050.0 million, and adjusted diluted earnings per share to a range of $12.80 to $13.00. The company also provided its next twelve months guidance for backlog expected to convert to revenue for Research & Development Solutions at $9.2 billion.
What it means for value
For valuation, the figures matter through our model. In this framework, growth 5 percentage points lower would reduce the value by 31.3%, while 5 percentage points higher would increase it by 40.7%. A free-cash-flow margin 1 percentage point lower would decrease the value by 8.1%.
What to watch
The next filing will show whether the trends above continue, slow or reverse.
