IQVIA HOLDINGS INC., 10-Q filed on 5/6/2025
Quarterly Report
v3.25.1
Cover Page - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-35907  
Entity Registrant Name IQVIA HOLDINGS INC.  
Entity Incorporation, State DE  
Entity Tax Identification Number 27-1341991  
Entity Address, Street 2400 Ellis Rd.  
Entity Address, City Durham  
Entity Address, State NC  
Entity Address, Postal Zip Code 27703  
City Area Code 919  
Local Phone Number 998-2000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Title of Each Class Common Stock, par value $0.01 per share  
Trading Symbol IQV  
Name of Each Exchange on which Registered NYSE  
Entity Common Stock, Shares Outstanding   173.0
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001478242  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenues $ 3,829 $ 3,737
Cost of revenues, exclusive of depreciation and amortization 2,531 2,444
Selling, general and administrative expenses 508 508
Depreciation and amortization 265 264
Restructuring costs 29 15
Income from operations 496 506
Interest income (11) (11)
Interest expense 165 166
Loss on extinguishment of debt 4 0
Other expense, net 15 11
Income before income taxes and equity in losses of unconsolidated affiliates 323 340
Income tax expense 61 49
Income before equity in losses of unconsolidated affiliates 262 291
Equity in losses of unconsolidated affiliates (13) (3)
Net income 249 288
Net Income (Loss) Attributable to Parent, Total $ 249 $ 288
Earnings per share attributable to common stockholders:    
Basic (in dollars per share) $ 1.42 $ 1.58
Diluted (in dollars per share) $ 1.40 $ 1.56
Weighted average common shares outstanding:    
Basic (in shares) 175.7 181.9
Diluted (in shares) 177.4 184.3
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 249 $ 288
Comprehensive income adjustments:    
Unrealized (losses) gains on derivative instruments, net of income tax (benefit) expense of $(5),$12 (17) 34
Defined benefit plan adjustments, net of income tax expense of $—, $— (3) 0
Foreign currency translation, net of income tax (benefit) expense of $(46),$37 79 (69)
Reclassification adjustments:    
Reclassifications on derivative instruments included in net income, net of income tax (expense) of $—,$(3) 1 (9)
Comprehensive income $ 309 $ 244
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Unrealized (losses) gains on derivative instruments, income tax (benefit) expense $ (5) $ 12
Defined benefit plan adjustments, income tax (benefit) expense 0 0
Foreign currency translation, income tax expense (benefit) (46) 37
Income taxes $ 0 $ (3)
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,740 $ 1,702
Trade accounts receivable and unbilled services, net 3,268 3,204
Prepaid expenses 166 154
Income taxes receivable 43 36
Investments in debt, equity and other securities 136 141
Other current assets and receivables 558 592
Total current assets 5,911 5,829
Property and equipment, net 533 535
Operating lease right-of-use assets 235 238
Investments in debt, equity and other securities 130 108
Investments in unconsolidated affiliates 253 266
Goodwill 15,027 14,710
Other identifiable intangibles, net 4,503 4,499
Deferred income taxes 245 194
Deposits and other assets, net 485 520
Total assets 27,322 26,899
Current liabilities:    
Accounts payable and accrued expenses 3,559 3,684
Unearned income 1,940 1,779
Income taxes payable 139 156
Current portion of long-term debt 1,222 1,145
Other current liabilities 319 193
Total current liabilities 7,179 6,957
Long-term debt, less current portion 13,108 12,838
Deferred income taxes 197 196
Operating lease liabilities 177 173
Other liabilities 676 668
Total liabilities 21,337 20,832
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Common stock and additional paid-in capital, 400.0 shares authorized as of March 31, 2025 and December 31, 2024, $0.01 par value, 258.5 shares issued and 174.1 shares outstanding as of March 31, 2025; 258.2 shares issued and 176.1 shares outstanding as of December 31, 2024 11,173 11,143
Retained earnings 6,314 6,065
Treasury stock, at cost, 84.4 and 82.1 shares as of March 31, 2025 and December 31, 2024, respectively (10,532) (10,103)
Accumulated other comprehensive loss (978) (1,038)
Equity attributable to IQVIA Holdings Inc.’s stockholders 5,977 6,067
Noncontrolling interests 8 0
Total stockholders’ equity 5,985 6,067
Total liabilities and stockholders’ equity $ 27,322 $ 26,899
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, shares authorized (in shares) 400.0 400.0
Common stock, par value, ( in usd per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 258.5 258.2
Common stock, shares outstanding (in shares) 174.1 176.1
Treasury stock, shares (in shares) 84.4 82.1
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 249 $ 288
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 265 264
Amortization of debt issuance costs and discount 5 5
Stock-based compensation 72 56
Losses from unconsolidated affiliates 13 3
Loss (gain) on investments, net 1 (12)
Benefit from deferred income taxes (41) (66)
Changes in operating assets and liabilities:    
Change in accounts receivable, unbilled services and unearned income 128 65
Change in other operating assets and liabilities (124) (81)
Net cash provided by operating activities 568 522
Investing activities:    
Acquisition of property, equipment and software (142) (145)
Acquisition of businesses, net of cash acquired (134) (142)
Sales (purchases) of marketable securities, net 2 (1)
Investments in unconsolidated affiliates, net of payments received (13) (24)
Investments in debt and equity securities (19) (2)
Other 1 0
Net cash used in investing activities (305) (314)
Financing activities:    
Proceeds from issuance of debt 1,985 0
Payment of debt issuance costs (6) 0
Repayment of debt and principal payments on finance leases (2,096) (43)
Proceeds from revolving credit facility 275 275
Repayment of revolving credit facility 0 (275)
Payments related to employee stock incentive plans (35) (60)
Repurchase of common stock (375) 0
Contingent consideration and deferred purchase price payments (6) (3)
Net cash used in financing activities (258) (106)
Effect of foreign currency exchange rate changes on cash 33 (34)
Increase in cash and cash equivalents 38 68
Cash and cash equivalents at beginning of period 1,702 1,376
Cash and cash equivalents at end of period $ 1,740 $ 1,444
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Treasury Stock, Common
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive (Loss) Income
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023   257.2          
Beginning balance (in shares) at Dec. 31, 2023     75.7        
Beginning balance at Dec. 31, 2023 $ 6,112 $ 3 $ (8,741) $ 11,025 $ 4,692 $ (867) $ 0
Increase (Decrease) in Stockholders' Equity              
Issuance of common stock (in shares)   0.7          
Issuance of common stock (61)     (61)      
Stock-based compensation 49     49      
Net income 288       288   0
Unrealized losses on derivative instruments, net of tax 34         34  
Defined benefit plan adjustments, net of income tax expense of $—, $— 0            
Foreign currency translation, net of tax (69)         (69)  
Reclassification adjustments, net of tax (9)         (9)  
Ending balance (in shares) at Mar. 31, 2024   257.9          
Ending balance (in shares) at Mar. 31, 2024     75.7        
Ending balance at Mar. 31, 2024 $ 6,344 $ 3 $ (8,741) 11,013 4,980 (911) 0
Beginning balance (in shares) at Dec. 31, 2024 176.1 258.2          
Beginning balance (in shares) at Dec. 31, 2024 82.1   82.1        
Beginning balance at Dec. 31, 2024 $ 6,067 $ 3 $ (10,103) 11,140 6,065 (1,038) 0
Increase (Decrease) in Stockholders' Equity              
Issuance of common stock (in shares)   0.3          
Issuance of common stock (35)     (35)      
Repurchase of common stock (in shares)     (2.3)        
Repurchase of common stock, net of tax (429)   $ (429)        
Stock-based compensation 65     65      
Acquisitions related noncontrolling interests 8           8
Net income 249       249    
Unrealized losses on derivative instruments, net of tax (17)         (17)  
Defined benefit plan adjustments, net of income tax expense of $—, $— (3)         (3)  
Foreign currency translation, net of tax 79         79  
Reclassification adjustments, net of tax $ 1         1  
Ending balance (in shares) at Mar. 31, 2025 174.1 258.5          
Ending balance (in shares) at Mar. 31, 2025 84.4   84.4        
Ending balance at Mar. 31, 2025 $ 5,985 $ 3 $ (10,532) $ 11,170 $ 6,314 $ (978) $ 8
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
The Company
IQVIA Holdings Inc. (together with its subsidiaries, the “Company” or “IQVIA”) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. With approximately 89,000 employees, the Company conducts business in more than 100 countries.
Unaudited Interim Financial Information
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The balance sheet as of December 31, 2024 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by GAAP.
Recently Issued Accounting Standards
Accounting pronouncements recently adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements. The new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss. It does not change the definition of a segment or the guidance for determining reportable segments. The new guidance was effective for the Company in the annual period beginning January 1, 2024, and in 2025 for interim periods. The adoption of this new accounting guidance for the annual period beginning January 1, 2024, and for the three months ended March 31, 2025, did not have a material effect on the Company's disclosures within the consolidated financial statements.
Accounting pronouncements issued but not adopted as of March 31, 2025
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU require additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The new guidance is effective for the Company in the annual period beginning January 1, 2025. The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), to improve the disclosures about an entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The new guidance requires additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods, and will be effective for the Company in the annual period beginning January 1, 2027, and interim periods beginning January 1, 2028. The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements.
v3.25.1
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations
The following tables represent revenues by geographic region and reportable segment for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31, 2025
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsTotal
Revenues:
Americas$783 $954 $70 $1,807 
Europe and Africa617 554 53 1,224 
Asia-Pacific146 594 58 798 
Total revenues$1,546 $2,102 $181 $3,829 
Three Months Ended March 31, 2024
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsTotal
Revenues:
Americas$743 $986 $73 $1,802 
Europe and Africa562 535 60 1,157 
Asia-Pacific148 574 56 778 
Total revenues$1,453 $2,095 $189 $3,737 
No individual customer represented 10% or more of consolidated revenues for the three months ended March 31, 2025 or 2024.
Transaction Price Allocated to the Remaining Performance Obligations
As of March 31, 2025, approximately $34.9 billion of revenues are expected to be recognized in the future from remaining performance obligations. The Company expects to recognize revenues on approximately 30% of these remaining performance obligations over the next twelve months, on approximately 85% over the next five years, with the balance recognized thereafter. Most of the Company's remaining performance obligations where revenues are expected to be recognized beyond the next twelve months are for service contracts for clinical research in the Company's Research & Development Solutions segment. The customer contract transaction price allocated to the remaining performance obligations differs from backlog in that it does not include wholly unperformed contracts under which the customer has a unilateral right to cancel the arrangement
v3.25.1
Trade Accounts Receivable, Unbilled Services and Unearned Income
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Trade Accounts Receivable, Unbilled Services and Unearned Income Trade Accounts Receivable, Unbilled Services and Unearned Income
Trade accounts receivables and unbilled services consist of the following:
(in millions)March 31, 2025December 31, 2024
Trade accounts receivable$1,409 $1,390 
Unbilled services1,896 1,856 
Trade accounts receivable and unbilled services3,305 3,246 
Allowance for doubtful accounts(37)(42)
Trade accounts receivable and unbilled services, net$3,268 $3,204 
Unbilled services and unearned income were as follows:
(in millions)March 31, 2025December 31, 2024
Change
Unbilled services$1,896 $1,856 $40 
Unearned income(1,940)(1,779)(161)
Net balance$(44)$77 $(121)
Unbilled services, which is comprised of approximately 69% of unbilled receivables and 31% of contract assets as of March 31, 2025 and December 31, 2024, increased by $40 million as compared to December 31, 2024. Contract assets are unbilled services for which invoicing is based on the timing of certain milestones related to service contracts for clinical research whereas unbilled receivables are billable upon the passage of time. Unearned income increased by $161 million over the same period resulting in a decrease of $121 million in the net balance of unbilled services and unearned income between March 31, 2025 and December 31, 2024. The change in the net balance is driven by the difference in timing of revenue recognition in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, primarily related to the Company’s Research & Development Solutions contracts (which is based on the percentage of costs incurred) versus the timing of invoicing, which is based on certain milestones.
The majority of the unearned income balance as of the beginning of the year is expected to be recognized in revenues during the year ended December 31, 2025.
Bad debt expense recognized on the Company’s trade accounts receivable was immaterial for the three months ended March 31, 2025 and 2024.
Accounts Receivable Factoring Arrangements
The Company has accounts receivable factoring agreements to sell certain eligible unsecured trade accounts receivable, either based on automatic arrangements or at its option, without recourse, to unrelated third-party financial institutions for cash. During the three months ended March 31, 2025, through its accounts receivable factoring arrangements that the Company utilizes most frequently, the Company factored approximately $167 million of customer invoices on a non-recourse basis and received approximately $166 million in cash proceeds from the sales. During the three months ended March 31, 2024, through these same accounts receivable factoring arrangements, the Company factored approximately $211 million of customer invoices on a non-recourse basis and received approximately $206 million in cash proceeds from the sales. The fees associated with these transactions were immaterial. The Company has other accounts receivable arrangements for which the activity associated with them is immaterial.
v3.25.1
Goodwill
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
The following is a summary of goodwill by reportable segment for the three months ended March 31, 2025:
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsConsolidated
Balance as of December 31, 2024$11,957 $2,608 $145 $14,710 
Business combinations98 — — 98 
Impact of foreign currency fluctuations and other210 7 2 219 
Balance as of March 31, 2025$12,265 $2,615 $147 $15,027 
v3.25.1
Derivatives
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table:
(in millions)Balance Sheet ClassificationMarch 31, 2025December 31, 2024
AssetsLiabilitiesNotionalAssetsLiabilitiesNotional
Derivatives designated as hedging instruments:
Interest rate swapsOther current liabilities$— $31 $2,481 $— $5 $2,485 
Cross-currency swaps Other assets and other current liabilities — 94 2,731 39 — 2,735 
Foreign exchange forward contractsOther current assets and other current liabilities3 — 132 — 2 108 
Total derivatives$3 $125 $39 $7 
The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:
Three Months Ended March 31,
(in millions)20252024
Interest rate swaps$(26)$36 
Foreign exchange forward contracts5 (2)
Total$(21)$34 
The Company expects approximately $7 million of pre-tax unrealized gains related to its foreign exchange contracts and interest rate derivatives included in accumulated other comprehensive (loss) income (“AOCI”) as of March 31, 2025 to be reclassified into earnings within the next twelve months. For the three months ended March 31, 2025 and 2024, the total amount, net of income taxes, of the cash flow hedge effect on the accompanying condensed consolidated statements of income was $(1) million and $9 million, respectively.
During the three months ended March 31, 2025, the Company terminated its existing cross-currency swap agreements and entered into new cross-currency swap agreements for the same purpose and with substantially similar terms as the previous swaps. The new $1,250 million swaps expire in February 2029 at the time of the senior secured notes to which they are related, and the Company will receive semiannual interest payments on February 1 and August 1 from the counterparties based on a fixed interest rate until maturity of these agreements. The new $1,485 million swaps expire in January 2031 at the time of the term loans to which they are related, and the Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of these agreements. The notional amount of these swaps will decrease over time in connection with the related term loans. The Company designated these new swap agreements as a hedge of its net investment in certain foreign subsidiaries.
As of March 31, 2025 and 2024, the Company's cross-currency swaps were designated as a hedge of its net investment in certain foreign subsidiaries. For the three months ended March 31, 2025 and 2024, the Company recorded a $(133) million loss and $56 million gain, respectively, within AOCI as a result of these cross-currency swaps. The Company recognized approximately $12 million and $9 million related to the excluded component as a reduction of interest expense for the three months ended March 31, 2025 and 2024, respectively.
As of March 31, 2025, the portion of the Company's foreign currency denominated debt balance (net of original issue discount) designated as a hedge of its net investment in certain foreign subsidiaries totaled €2,554 million ($2,764 million). The amount of foreign exchange (losses) gains related to the net investment hedge included in the cumulative translation adjustment component of AOCI for the three months ended March 31, 2025 and 2024 was $(144) million and $68 million, respectively.
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
•Level 1 — Quoted prices in active markets for identical assets or liabilities.
•Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
•Level 3 — Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values as of March 31, 2025 and December 31, 2024 due to their short-term nature. As of March 31, 2025 and December 31, 2024, the fair value of total debt was $14,276 million and $13,966 million, respectively, as determined under Level 2 measurements for these financial instruments.
Recurring Fair Value Measurements
The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of March 31, 2025:
(in millions)Level 1Level 2Level 3Total
Assets:
Marketable securities$167 $— $— $167 
Derivatives— 3 — 3 
Total$167 $3 $— $170 
Liabilities:
Derivatives$— $125 $— $125 
Contingent consideration— — 106 106 
Total$— $125 $106 $231 
The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of December 31, 2024:
(in millions)Level 1Level 2Level 3Total
Assets:
Marketable securities$170 $— $— $170 
Derivatives— 39 — 39 
Total$170 $39 $— $209 
Liabilities:
Derivatives$— $7 $— $7 
Contingent consideration— — 102 102 
Total$— $7 $102 $109 
Below is a summary of the valuation techniques used in determining fair value:
Marketable securities — The Company values trading and available-for-sale securities using the quoted market value of the securities held.
Derivatives — Derivatives consist of foreign exchange contracts, interest rate swaps, and cross-currency swaps. The fair value of foreign exchange contracts is based on observable market inputs of spot and forward rates or using other observable inputs. The fair value of the interest rate swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread. The fair value of the cross-currency swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account the effective interest rates, foreign exchange rates and the remaining time to maturities.
Contingent consideration — The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. Assumptions used to estimate the fair value of contingent consideration include various financial metrics (revenues performance targets and operating forecasts) and the probability of achieving the specific targets. Based on the assessments of the probability of achieving specific targets, as of March 31, 2025 the Company has accrued approximately 84% of the maximum contingent consideration payments that could potentially become payable.
The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the three months ended March 31, 2025:
(in millions)Contingent Consideration
Balance as of December 31, 2024$102 
Business combinations6 
Contingent consideration paid(3)
Revaluations included in earnings and foreign currency translation adjustments1 
Balance as of March 31, 2025$106 
The current portion of contingent consideration is included within accrued expenses and the long-term portion is included within other liabilities on the accompanying condensed consolidated balance sheets. Revaluations of contingent consideration are recognized in other expense, net on the accompanying condensed consolidated statements of income. A change in significant unobservable inputs could result in a higher or lower fair value measurement of contingent consideration.
Non-recurring Fair Value Measurements
As of March 31, 2025, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaled $19,882 million and were identified as Level 3. These assets are comprised of debt investments and cost and equity method investments of $352 million, goodwill of $15,027 million and other identifiable intangibles, net of $4,503 million.
v3.25.1
Credit Arrangements
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Credit Arrangements Credit Arrangements
The following is a summary of the Company’s revolving credit facilities as of March 31, 2025:
Facility
Interest Rates
$2,000 million (revolving credit facility)
U.S. Dollar Term SOFR plus a margin of 1.25% plus a 10 basis credit spread adjustment as of March 31, 2025
$110 million (receivables financing facility)
U.S. Dollar Term SOFR plus a margin of 1.00% plus a 10 basis credit spread adjustment as of March 31, 2025
The following table summarizes the Company’s debt at the dates indicated:
(dollars in millions)March 31, 2025December 31, 2024
Revolving Credit Facility due 2026:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 5.67%
$1,100 $825 
Senior Secured Credit Facilities:
Term A Loan due 2026—U.S. Dollar Term SOFR at floating rates of 5.67%
1,179 1,197 
Term A Loan due 2026—Euribor at floating rates of 3.61%
279 272 
Term A Loan due 2027—U.S. Dollar Term SOFR at floating rates of 5.66%
1,078 1,094 
Term B Loan due 2025—Euribor at floating rates of —%
— 542 
Term B Loan due 2031—U.S. Dollar Term SOFR at floating rates of —%
— 1,485 
Term B Loan due 2031—U.S. Dollar Term SOFR at floating rates of 6.05%
1,980 — 
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated
750 750 
6.250% Senior Secured Notes due 2029—U.S. Dollar denominated
1,250 1,250 
5.0% Senior Notes due 2027—U.S. Dollar denominated
1,100 1,100 
5.0% Senior Notes due 2026—U.S. Dollar denominated
1,050 1,050 
6.500% Senior Notes due 2030—U.S. Dollar denominated
500 500 
2.875% Senior Notes due 2025—Euro denominated
455 436 
2.25% Senior Notes due 2028—Euro denominated
779 748 
2.875% Senior Notes due 2028—Euro denominated
770 739 
1.750% Senior Notes due 2026—Euro denominated
595 572 
2.250% Senior Notes due 2029—Euro denominated
974 935 
Receivables financing facility due 2027—U.S. Dollar Term SOFR at floating rates of 5.43%:
Revolving Loan Commitment110 110 
Term Loan440 440 
Principal amount of debt14,389 14,045 
Less: unamortized discount and debt issuance costs(59)(62)
Less: current portion(1,222)(1,145)
Long-term debt$13,108 $12,838 
Contractual maturities of long-term debt as of March 31, 2025 are as follows:
(in millions)
Remainder of 2025$584 
20264,218 
20272,639 
20282,318 
20292,244 
Thereafter2,386 
$14,389 
Senior Secured Credit Facilities
On March 10, 2025, the Company entered into an Amendment (the “Amendment”) to its Fifth Amended and Restated Credit Agreement among IQVIA Inc., a wholly owned subsidiary of the Company, the Company, IQVIA RDS Inc., a wholly owned subsidiary of the Company, the other guarantors party thereto, Bank of America, N.A., as administrative agent and as collateral agent, and the Lenders (as defined therein) party thereto. The Amendment, among other changes, established a new incremental Term B-5 dollar loan facility in an aggregate principal amount equal to $1,985 million (the “Incremental Term B-5 Dollar Facility”). Proceeds of the Incremental Term B-5 Dollar Facility were applied to (a) refinance the existing Term B-4 dollar loans and (b) repay in full the existing Term B-2 Euro loans. The interest rates for borrowings under the Incremental Term B-5 Dollar Facility are based on the Secured Overnight Financing Rate plus an applicable margin of 1.75% per annum. In connection with this Amendment, we recognized a $4 million loss on extinguishment of debt, which includes fees and related expenses.
As of March 31, 2025, the Company’s Fifth Amended and Restated Credit Agreement provided financing through several senior secured credit facilities of up to $6,511 million, which consisted of $5,616 million principal amounts of debt outstanding (as detailed in the table above), and $895 million of available borrowing capacity on the $2,000 million revolving credit facility and standby letters of credit. The revolving credit facility is comprised of a $1,175 million senior secured revolving facility available in U.S. dollars, a $600 million senior secured revolving facility available in U.S. dollars, Euros, Swiss Francs and other foreign currencies, and a $225 million senior secured revolving facility available in U.S. dollars and Yen.
Restrictive Covenants
The Company’s debt agreements provide for certain covenants and events of default customary for similar instruments, including a covenant not to exceed a specified ratio of consolidated senior secured net indebtedness to Consolidated EBITDA, as defined in the senior secured credit facility agreement and a covenant to maintain a specified minimum interest coverage ratio. If an event of default occurs under any of the Company’s or the Company’s subsidiaries’ financing arrangements, the creditors under such financing arrangements will be entitled to take various actions, including the acceleration of amounts due under such arrangements, and in the case of the lenders under the revolving credit facility and term loans, other actions permitted to be taken by a secured creditor. The Company’s long-term debt arrangements contain other usual and customary restrictive covenants that, among other things, place limitations on the Company’s ability to declare dividends. As of March 31, 2025, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements
v3.25.1
Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
The Company and its subsidiaries are involved in legal and tax proceedings, claims and litigation arising in the ordinary course of business. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For those matters where management currently believes it is probable that the Company will incur a loss and that the probable loss or range of loss can be reasonably estimated, the Company has recorded an accrual in the consolidated financial statements based on its best estimates of such loss. In other instances, because of the uncertainties related to either the probable outcome or the amount or range of loss, management is unable to make a reasonable estimate of a liability, if any.
However, even in many instances where the Company has recorded an estimated liability, the Company is unable to predict with certainty the final outcome of the matter or whether resolution of the matter will materially affect the Company’s results of operations, financial position or cash flows. As additional information becomes available, the Company adjusts its assessments and estimates of such liabilities accordingly.
The Company routinely enters into agreements with third parties, including its clients and suppliers, all in the normal course of business. In these agreements, the Company sometimes agrees to indemnify and hold harmless the other party for any damages such other party may suffer as a result of potential intellectual property infringement and other claims. The Company has not accrued a liability with respect to these matters generally, as the exposure is considered remote.
Based on its review of the latest information available, management does not expect the impact of pending legal and tax proceedings, claims and litigation, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or financial position. However, one or more unfavorable outcomes in any claim or litigation against the Company could have a material adverse effect for the period in which it is resolved. The following is a summary of certain legal matters involving the Company.
On January 10, 2017, Quintiles IMS Health Incorporated and IMS Software Services Ltd. (collectively “IQVIA Parties”), filed a lawsuit in the U.S. District Court for the District of New Jersey against Veeva Systems, Inc. (“Veeva”) alleging Veeva unlawfully used IQVIA Parties intellectual property to improve Veeva data offerings, to promote and market Veeva data offerings and to improve Veeva technology offerings. IQVIA Parties seek injunctive relief, appointment of a monitor, the award of compensatory and punitive damages and reimbursement of all litigation expenses, including reasonable attorneys’ fees and costs. On March 13, 2017, Veeva filed counterclaims alleging anticompetitive business practices in violation of the Sherman Act and state laws. Veeva claims damages in excess of $200 million, and is seeking punitive damages and litigation costs, including attorneys’ fees. The Company believes the counterclaims are without merit, rejects all counterclaims raised by Veeva and intends to vigorously defend IQVIA Parties’ position and pursue its claims against Veeva. Since the initial filings, the parties have filed additional litigations against each other, primarily concerning the use of IQVIA data with various other Veeva products. Trial has been continued from an early 2025 setting to a date to be determined by the Court.
On May 7, 2021, the Court issued an order and opinion (the “Order”) in which it found significant evidence that Veeva had (1) misappropriated IQVIA data and unlawfully used it to improve Veeva data offerings, (2) engaged in a cover-up by deleting significant evidence of its theft of IQVIA’s trade secrets, and (3) improperly withheld certain evidence under privilege in furtherance of a crime and/or fraud against IQVIA. The Court imposed five sanctions against Veeva, including ordering three separate adverse inference instructions be issued to the jury and that IQVIA be permitted to present evidence to the jury of Veeva’s destruction efforts. Veeva appealed the Order. On March 30, 2024, the Court denied Veeva’s appeal with regard to its rejected privilege claims, while reserving ruling on the appropriate sanctions to be imposed for a later time.
v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Preferred Stock
The Company is authorized to issue 1.0 million shares of preferred stock, $0.01 per share par value. No shares of preferred stock were issued or outstanding as of March 31, 2025 or December 31, 2024.
Equity Repurchase Program
On February 5, 2025, the Company's Board of Directors increased the stock repurchase authorization under the Company's equity repurchase program (the "Repurchase Program") with respect to the repurchase of the Company's common stock by an additional $2,000 million, which increased the total amount that has been authorized under the Repurchase Program to $13,725 million. 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.
During the three months ended March 31, 2025, the Company repurchased 2.3 million shares of its common stock for $425 million under the Repurchase Program. These amounts include 0.3 million of shares valued at $50 million, which were accrued for as of March 31, 2025 based on when the trade and settlement dates occurred. As of March 31, 2025, inclusive of the accrued amounts, the Company had remaining authorization to repurchase up to $2,588 million of its common stock under the Repurchase Program. In addition, from time to time, the Company has repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program.
v3.25.1
Business Combinations
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
The Company completed individually and in the aggregate immaterial acquisitions during the three months ended March 31, 2025. Additionally, during the quarter the Company gained a controlling interest in, and therefore consolidated, an entity in which it previously held an investment in an unconsolidated affiliate. The fair value of the net assets acquired through this step acquisition are included in the totals presented below, and the related fair value of noncontrolling interests of $8 million is reflected within the accompanying condensed consolidated financial statements. The Company’s assessment of fair value, including the valuation of certain identified intangibles, and the purchase price allocation related to these acquisitions is preliminary and subject to change upon completion. Further adjustments, largely related to acquired intangible assets and related deferred taxes, may be necessary as additional information related to the fair values of assets acquired and liabilities assumed is assessed during the measurement period (up to one year from the acquisition date). The Company recorded goodwill from these acquisitions, primarily attributable to assembled workforce, expected synergies and new customer relationships. The condensed consolidated financial statements include the results of the acquisitions subsequent to their respective closing dates. Pro forma information is not presented as pro forma results of operations would not be materially different to the actual results of operations of the Company.
The following table provides certain preliminary financial information for these acquisitions:
(in millions)March 31, 2025
Assets acquired:
Cash and cash equivalents$7 
Accounts receivable 29 
Other assets6 
Goodwill98 
Other identifiable intangibles66 
Liabilities assumed:
Other liabilities(23)
Deferred income taxes, long-term(12)
Net assets acquired (1)
$171 
(1) Net assets acquired includes contingent consideration and deferred purchase price of $6 million, and $24 million related to the step acquisition disclosed above.
The portion of goodwill deductible for income tax purposes was preliminarily assessed as $16 million.
The following table provides a summary of the preliminary estimated fair value of certain intangible assets acquired:
(in millions)Amortization PeriodMarch 31, 2025
Other identifiable intangibles:
Customer relationships9-17years$55 
Backlog1year7 
Trade names3-5years3 
Non-compete agreements5years1 
Total Other identifiable intangibles$66 
v3.25.1
Restructuring
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
The Company has continued to take restructuring actions in 2025 to align its resources and reduce overcapacity to adapt to changing market conditions and integrate acquisitions. These actions include consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements. These restructuring actions are expected to continue throughout 2025 and into 2026.
The following amounts were recorded for the restructuring plans:
(in millions)Severance and Related Costs
Balance as of December 31, 2024$21 
Expense, net of reversals29 
Payments(23)
Foreign currency translation and other1 
Balance as of March 31, 2025$28 
The reversals were due to changes in estimates primarily resulting from the redeployment of staff and higher than expected voluntary terminations. Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management. The Company expects that the majority of the restructuring accruals as of March 31, 2025 will be paid in 2025 and 2026.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's effective income tax rate was 18.9% and 14.4% in the first quarter of 2025 and 2024, respectively. The effective income tax rate in the first quarter of 2025 and 2024 was favorably impacted due to changes in the geographical mix of earnings amongst the United States and foreign tax jurisdictions. The effective income tax rate in the first quarter of 2024 was also favorably impacted by $9 million, as a result of excess tax benefits recognized upon settlement of share-based compensation awards. The effective income tax rate in the first quarter of 2025 was unfavorably impacted by $3 million of tax expense recognized upon settlement of share-based compensation awards.
On December 12, 2022, the European Union member states agreed to implement the Organization for Economic Cooperation and Development’s (“OECD”) Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least €750 million, which went into effect in 2024. The Company has continued to evaluate the effect of this through the first quarter of 2025 and determined that it did not have any material impacts for the current year. The Company will continue to assess the impact of this proposal as countries are actively considering changes to their tax laws to adopt certain parts of the OECD's proposal.
v3.25.1
Accumulated Other Comprehensive (Loss) Income
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive (Loss) Income Accumulated Other Comprehensive (Loss) Income
Below is a summary of the components of AOCI:
(in millions)Foreign Currency TranslationDerivative InstrumentsDefined Benefit PlansIncome TaxesTotal
Balance as of December 31, 2024$(1,092)$(5)$15 $44 $(1,038)
Other comprehensive income (loss) before reclassifications33 (22)(3)51 59 
Reclassification adjustments— 1 — — 1 
Balance as of March 31, 2025$(1,059)$(26)$12 $95 $(978)
Below is a summary of the adjustments for amounts reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item:
(in millions)Affected Financial Statement Line ItemThree Months Ended March 31,
20252024
Derivative instruments:
Interest rate swapsInterest expense$1 $15 
Foreign exchange forward contractsRevenues(2)(3)
Total before income taxes(1)12 
Income taxes— 3 
Total net of income taxes$(1)$9 
v3.25.1
Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segments Segments
The following table presents the Company’s operations by reportable segment. The Company is managed through three reportable segments, Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions. Technology & Analytics Solutions provides mission critical information, technology solutions and real world insights and services to the Company’s life science clients. Research & Development Solutions, which primarily serves biopharmaceutical customers, provides outsourced clinical research and clinical trial related services. Contract Sales & Medical Solutions provides health care provider (including contract sales) and patient engagement services to both biopharmaceutical customers and the broader healthcare market.
Certain costs are not allocated to the Company's segments and are reported as general corporate and unallocated expenses. These costs primarily consist of stock-based compensation and expenses related to integration activities and acquisitions, as well as certain general corporate and unallocated expenses. The Company also does not allocate restructuring costs, depreciation and amortization or impairment charges, if any, to its segments. Asset information by segment is not presented, as this measure is not used by the chief executive officer, who is the chief operating decision maker ("CODM"), to assess the Company’s performance.
For all segments, the CODM uses segment revenue and segment profit in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly and quarterly basis for both segment revenue and profit when making decisions about allocating operating and capital resources to the segments. The CODM also uses segment revenue and profit to assess the performance for each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.
The Company’s reportable segment information is presented below:
Three Months Ended March 31,
(in millions)20252024
Revenues
Technology & Analytics Solutions$1,546 $1,453 
Research & Development Solutions2,102 2,095 
Contract Sales & Medical Solutions181 189 
Total revenues3,829 3,737 
Cost of revenues, exclusive of depreciation and amortization
Technology & Analytics Solutions949 889 
Research & Development Solutions1,426 1,395 
Contract Sales & Medical Solutions156 160 
Total cost of revenues, exclusive of depreciation and amortization2,531 2,444 
Selling, general and administrative expenses
Technology & Analytics Solutions237 229 
Research & Development Solutions216 221 
Contract Sales & Medical Solutions14 16 
Total selling, general and administrative expenses reportable segments467 466 
Segment profit
Technology & Analytics Solutions360 335 
Research & Development Solutions460 479 
Contract Sales & Medical Solutions11 13 
Total segment profit831 827 
General corporate and unallocated expenses(41)(42)
Depreciation and amortization(265)(264)
Restructuring costs(29)(15)
Total income from operations496 506 
Interest income(11)(11)
Interest expense165 166 
Loss on extinguishment of debt4 — 
Other expense, net15 11 
Income before income taxes and equity in losses of unconsolidated affiliates$323 $340 
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table presents the computation of basic and diluted earnings per share:
Three Months Ended March 31,
(in millions, except per share data)20252024
Numerator:
Net income$249 $288 
Denominator:
Basic weighted average common shares outstanding175.7 181.9 
Effect of dilutive stock options and share awards1.7 2.4 
Diluted weighted average common shares outstanding177.4 184.3 
Earnings per share attributable to common stockholders:
Basic$1.42 $1.58 
Diluted$1.40 $1.56 
Stock-based awards will have a dilutive effect under the treasury method when the respective period's average market value of the Company's common stock exceeds the exercise proceeds. Performance awards are included in diluted earnings per share based on if the performance targets have been met at the end of the reporting period.
For the three months ended March 31, 2025 and 2024, the weighted average number of outstanding stock-based awards not included in the computation of diluted earnings per share because they are subject to performance conditions that have not been met at the end of the reporting period or the effect of including such stock-based awards in the computation would be anti-dilutive was 2.2 million and 0.8 million, respectively.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income attributable to IQVIA Holdings Inc. $ 249 $ 288
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Unaudited Interim Financial Information
Unaudited Interim Financial Information
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The balance sheet as of December 31, 2024 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by GAAP.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
v3.25.1
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Revenues by Geographic Region and Reportable Segment
The following tables represent revenues by geographic region and reportable segment for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31, 2025
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsTotal
Revenues:
Americas$783 $954 $70 $1,807 
Europe and Africa617 554 53 1,224 
Asia-Pacific146 594 58 798 
Total revenues$1,546 $2,102 $181 $3,829 
Three Months Ended March 31, 2024
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsTotal
Revenues:
Americas$743 $986 $73 $1,802 
Europe and Africa562 535 60 1,157 
Asia-Pacific148 574 56 778 
Total revenues$1,453 $2,095 $189 $3,737 
v3.25.1
Trade Accounts Receivable, Unbilled Services and Unearned Income (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Trade Accounts Receivable and Unbilled Services
Trade accounts receivables and unbilled services consist of the following:
(in millions)March 31, 2025December 31, 2024
Trade accounts receivable$1,409 $1,390 
Unbilled services1,896 1,856 
Trade accounts receivable and unbilled services3,305 3,246 
Allowance for doubtful accounts(37)(42)
Trade accounts receivable and unbilled services, net$3,268 $3,204 
Schedule of Net Contract Assets (Liabilities)
Unbilled services and unearned income were as follows:
(in millions)March 31, 2025December 31, 2024
Change
Unbilled services$1,896 $1,856 $40 
Unearned income(1,940)(1,779)(161)
Net balance$(44)$77 $(121)
v3.25.1
Goodwill (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill by Reportable Segment
The following is a summary of goodwill by reportable segment for the three months ended March 31, 2025:
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsConsolidated
Balance as of December 31, 2024$11,957 $2,608 $145 $14,710 
Business combinations98 — — 98 
Impact of foreign currency fluctuations and other210 7 2 219 
Balance as of March 31, 2025$12,265 $2,615 $147 $15,027 
v3.25.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Values of Derivative Instruments Designated as Hedges
The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table:
(in millions)Balance Sheet ClassificationMarch 31, 2025December 31, 2024
AssetsLiabilitiesNotionalAssetsLiabilitiesNotional
Derivatives designated as hedging instruments:
Interest rate swapsOther current liabilities$— $31 $2,481 $— $5 $2,485 
Cross-currency swaps Other assets and other current liabilities — 94 2,731 39 — 2,735 
Foreign exchange forward contractsOther current assets and other current liabilities3 — 132 — 2 108 
Total derivatives$3 $125 $39 $7 
Schedule of Effect of Cash Flow Hedging Instruments on Other Comprehensive (Loss) Income
The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:
Three Months Ended March 31,
(in millions)20252024
Interest rate swaps$(26)$36 
Foreign exchange forward contracts5 (2)
Total$(21)$34 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis
The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of March 31, 2025:
(in millions)Level 1Level 2Level 3Total
Assets:
Marketable securities$167 $— $— $167 
Derivatives— 3 — 3 
Total$167 $3 $— $170 
Liabilities:
Derivatives$— $125 $— $125 
Contingent consideration— — 106 106 
Total$— $125 $106 $231 
The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of December 31, 2024:
(in millions)Level 1Level 2Level 3Total
Assets:
Marketable securities$170 $— $— $170 
Derivatives— 39 — 39 
Total$170 $39 $— $209 
Liabilities:
Derivatives$— $7 $— $7 
Contingent consideration— — 102 102 
Total$— $7 $102 $109 
Schedule of Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis
The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the three months ended March 31, 2025:
(in millions)Contingent Consideration
Balance as of December 31, 2024$102 
Business combinations6 
Contingent consideration paid(3)
Revaluations included in earnings and foreign currency translation adjustments1 
Balance as of March 31, 2025$106 
v3.25.1
Credit Arrangements (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Summary of Credit Facilities
The following is a summary of the Company’s revolving credit facilities as of March 31, 2025:
Facility
Interest Rates
$2,000 million (revolving credit facility)
U.S. Dollar Term SOFR plus a margin of 1.25% plus a 10 basis credit spread adjustment as of March 31, 2025
$110 million (receivables financing facility)
U.S. Dollar Term SOFR plus a margin of 1.00% plus a 10 basis credit spread adjustment as of March 31, 2025
Summary of Debt
The following table summarizes the Company’s debt at the dates indicated:
(dollars in millions)March 31, 2025December 31, 2024
Revolving Credit Facility due 2026:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 5.67%
$1,100 $825 
Senior Secured Credit Facilities:
Term A Loan due 2026—U.S. Dollar Term SOFR at floating rates of 5.67%
1,179 1,197 
Term A Loan due 2026—Euribor at floating rates of 3.61%
279 272 
Term A Loan due 2027—U.S. Dollar Term SOFR at floating rates of 5.66%
1,078 1,094 
Term B Loan due 2025—Euribor at floating rates of —%
— 542 
Term B Loan due 2031—U.S. Dollar Term SOFR at floating rates of —%
— 1,485 
Term B Loan due 2031—U.S. Dollar Term SOFR at floating rates of 6.05%
1,980 — 
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated
750 750 
6.250% Senior Secured Notes due 2029—U.S. Dollar denominated
1,250 1,250 
5.0% Senior Notes due 2027—U.S. Dollar denominated
1,100 1,100 
5.0% Senior Notes due 2026—U.S. Dollar denominated
1,050 1,050 
6.500% Senior Notes due 2030—U.S. Dollar denominated
500 500 
2.875% Senior Notes due 2025—Euro denominated
455 436 
2.25% Senior Notes due 2028—Euro denominated
779 748 
2.875% Senior Notes due 2028—Euro denominated
770 739 
1.750% Senior Notes due 2026—Euro denominated
595 572 
2.250% Senior Notes due 2029—Euro denominated
974 935 
Receivables financing facility due 2027—U.S. Dollar Term SOFR at floating rates of 5.43%:
Revolving Loan Commitment110 110 
Term Loan440 440 
Principal amount of debt14,389 14,045 
Less: unamortized discount and debt issuance costs(59)(62)
Less: current portion(1,222)(1,145)
Long-term debt$13,108 $12,838 
Schedule of Contractual Maturities of Long-term Debt
Contractual maturities of long-term debt as of March 31, 2025 are as follows:
(in millions)
Remainder of 2025$584 
20264,218 
20272,639 
20282,318 
20292,244 
Thereafter2,386 
$14,389 
v3.25.1
Business Combinations (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table provides certain preliminary financial information for these acquisitions:
(in millions)March 31, 2025
Assets acquired:
Cash and cash equivalents$7 
Accounts receivable 29 
Other assets6 
Goodwill98 
Other identifiable intangibles66 
Liabilities assumed:
Other liabilities(23)
Deferred income taxes, long-term(12)
Net assets acquired (1)
$171 
(1) Net assets acquired includes contingent consideration and deferred purchase price of $6 million, and $24 million related to the step acquisition disclosed above.
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The following table provides a summary of the preliminary estimated fair value of certain intangible assets acquired:
(in millions)Amortization PeriodMarch 31, 2025
Other identifiable intangibles:
Customer relationships9-17years$55 
Backlog1year7 
Trade names3-5years3 
Non-compete agreements5years1 
Total Other identifiable intangibles$66 
v3.25.1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Summary of Amounts Recorded for Restructuring Plans
The following amounts were recorded for the restructuring plans:
(in millions)Severance and Related Costs
Balance as of December 31, 2024$21 
Expense, net of reversals29 
Payments(23)
Foreign currency translation and other1 
Balance as of March 31, 2025$28 
v3.25.1
Accumulated Other Comprehensive (Loss) Income (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Summary of Components of AOCI
Below is a summary of the components of AOCI:
(in millions)Foreign Currency TranslationDerivative InstrumentsDefined Benefit PlansIncome TaxesTotal
Balance as of December 31, 2024$(1,092)$(5)$15 $44 $(1,038)
Other comprehensive income (loss) before reclassifications33 (22)(3)51 59 
Reclassification adjustments— 1 — — 1 
Balance as of March 31, 2025$(1,059)$(26)$12 $95 $(978)
Summary of Adjustments for (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item
Below is a summary of the adjustments for amounts reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item:
(in millions)Affected Financial Statement Line ItemThree Months Ended March 31,
20252024
Derivative instruments:
Interest rate swapsInterest expense$1 $15 
Foreign exchange forward contractsRevenues(2)(3)
Total before income taxes(1)12 
Income taxes— 3 
Total net of income taxes$(1)$9 
v3.25.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Reconciliation of Revenues and Income from Segments to Consolidated
The Company’s reportable segment information is presented below:
Three Months Ended March 31,
(in millions)20252024
Revenues
Technology & Analytics Solutions$1,546 $1,453 
Research & Development Solutions2,102 2,095 
Contract Sales & Medical Solutions181 189 
Total revenues3,829 3,737 
Cost of revenues, exclusive of depreciation and amortization
Technology & Analytics Solutions949 889 
Research & Development Solutions1,426 1,395 
Contract Sales & Medical Solutions156 160 
Total cost of revenues, exclusive of depreciation and amortization2,531 2,444 
Selling, general and administrative expenses
Technology & Analytics Solutions237 229 
Research & Development Solutions216 221 
Contract Sales & Medical Solutions14 16 
Total selling, general and administrative expenses reportable segments467 466 
Segment profit
Technology & Analytics Solutions360 335 
Research & Development Solutions460 479 
Contract Sales & Medical Solutions11 13 
Total segment profit831 827 
General corporate and unallocated expenses(41)(42)
Depreciation and amortization(265)(264)
Restructuring costs(29)(15)
Total income from operations496 506 
Interest income(11)(11)
Interest expense165 166 
Loss on extinguishment of debt4 — 
Other expense, net15 11 
Income before income taxes and equity in losses of unconsolidated affiliates$323 $340 
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the computation of basic and diluted earnings per share:
Three Months Ended March 31,
(in millions, except per share data)20252024
Numerator:
Net income$249 $288 
Denominator:
Basic weighted average common shares outstanding175.7 181.9 
Effect of dilutive stock options and share awards1.7 2.4 
Diluted weighted average common shares outstanding177.4 184.3 
Earnings per share attributable to common stockholders:
Basic$1.42 $1.58 
Diluted$1.40 $1.56 
v3.25.1
Summary of Significant Accounting Policies - Additional Information (Detail)
Employee in Thousands
Mar. 31, 2025
Employee
Country
Summary Of Significant Accounting Policies [Line Items]  
Number of employees | Employee 89
Minimum  
Summary Of Significant Accounting Policies [Line Items]  
Number of countries (more than) | Country 100
v3.25.1
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Summary of Revenues by Geographic Region and Reportable Segment (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue    
Total revenues $ 3,829 $ 3,737
Americas    
Disaggregation of Revenue    
Total revenues 1,807 1,802
Europe and Africa    
Disaggregation of Revenue    
Total revenues 1,224 1,157
Asia-Pacific    
Disaggregation of Revenue    
Total revenues 798 778
Technology & Analytics Solutions    
Disaggregation of Revenue    
Total revenues 1,546 1,453
Technology & Analytics Solutions | Americas    
Disaggregation of Revenue    
Total revenues 783 743
Technology & Analytics Solutions | Europe and Africa    
Disaggregation of Revenue    
Total revenues 617 562
Technology & Analytics Solutions | Asia-Pacific    
Disaggregation of Revenue    
Total revenues 146 148
Research & Development Solutions    
Disaggregation of Revenue    
Total revenues 2,102 2,095
Research & Development Solutions | Americas    
Disaggregation of Revenue    
Total revenues 954 986
Research & Development Solutions | Europe and Africa    
Disaggregation of Revenue    
Total revenues 554 535
Research & Development Solutions | Asia-Pacific    
Disaggregation of Revenue    
Total revenues 594 574
Contract Sales & Medical Solutions    
Disaggregation of Revenue    
Total revenues 181 189
Contract Sales & Medical Solutions | Americas    
Disaggregation of Revenue    
Total revenues 70 73
Contract Sales & Medical Solutions | Europe and Africa    
Disaggregation of Revenue    
Total revenues 53 60
Contract Sales & Medical Solutions | Asia-Pacific    
Disaggregation of Revenue    
Total revenues $ 58 $ 56
v3.25.1
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Additional Information (Detail) - Customer
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Number of customer accounting for ten percent or more of revenue 0 0
v3.25.1
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Future Obligation Terms (Detail)
$ in Billions
Mar. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue expected to be recognized in future from remaining performance obligations $ 34.9
Percentage of remaining performance obligations on which revenue is expected to be recognized in next twelve months (in percent) 30.00%
Unearned income recognition period 12 months
Percentage of remaining performance obligations on which revenue is expected to be recognized in next five years (in percent) 85.00%
v3.25.1
Trade Accounts Receivable, Unbilled Services and Unearned Income - Trade Accounts Receivable and Unbilled Services (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Receivables, Net, Current [Abstract]    
Trade accounts receivable $ 1,409 $ 1,390
Unbilled services 1,896 1,856
Trade accounts receivable and unbilled services 3,305 3,246
Allowance for doubtful accounts (37) (42)
Trade accounts receivable and unbilled services, net $ 3,268 $ 3,204
v3.25.1
Trade Accounts Receivable, Unbilled Services and Unearned Income - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Unbilled Contracts Receivables    
Unbilled services, beginning balance $ 1,856  
Change 40  
Unbilled services, ending balance 1,896  
Unearned Income    
Unearned income, beginning balance (1,779)  
Change (161)  
Unearned income, ending balance (1,940)  
Net change in balance (121)  
Net balance, beginning balance $ (44) $ 77
v3.25.1
Trade Accounts Receivable, Unbilled Services and Unearned Income - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Receivables [Abstract]      
Unbilled receivables (percentage) 69.00%   69.00%
Contract assets (percentage) 31.00%   31.00%
Increase in unbilled services $ 40    
Decrease in unearned income 161    
Net change in balance (121)    
Trade accounts receivable 167 $ 211  
Cash proceeds from trade accounts $ 166 $ 206  
v3.25.1
Goodwill - Summary of Goodwill by Reportable Segment (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Goodwill  
Beginning balance $ 14,710
Business combinations 98
Impact of foreign currency fluctuations and other 219
Ending balance 15,027
Technology & Analytics Solutions  
Goodwill  
Beginning balance 11,957
Business combinations 98
Impact of foreign currency fluctuations and other 210
Ending balance 12,265
Research & Development Solutions  
Goodwill  
Beginning balance 2,608
Business combinations 0
Impact of foreign currency fluctuations and other 7
Ending balance 2,615
Contract Sales & Medical Solutions  
Goodwill  
Beginning balance 145
Business combinations 0
Impact of foreign currency fluctuations and other 2
Ending balance $ 147
v3.25.1
Derivatives - Summary of Fair Values of Derivative Instruments Designated as Hedges (Detail) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value    
Assets $ 3,000,000 $ 39,000,000
Liabilities 125,000,000 7,000,000
Derivatives designated as hedging instruments: | Other current assets and other current liabilities | Foreign exchange forward contracts    
Derivatives, Fair Value    
Assets 3,000,000 0
Liabilities 0 2,000,000
Notional 132,000,000 108,000,000
Derivatives designated as hedging instruments: | Other current liabilities | Interest rate swaps    
Derivatives, Fair Value    
Assets 0 0
Liabilities 31,000,000 5,000,000
Notional 2,481,000,000 2,485,000,000
Derivatives designated as hedging instruments: | Other current liabilities | Cross-currency swaps    
Derivatives, Fair Value    
Assets 0 39,000,000
Liabilities 94,000,000 0
Notional $ 2,731,000,000 $ 2,735,000,000
v3.25.1
Derivatives - Effect of Cash Flow Hedging Instruments on Other Comprehensive (Loss) Income (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosures    
Effect of cash flow hedging instruments on other comprehensive (loss) income $ (21) $ 34
Interest rate swaps    
Derivative Instruments and Hedging Activities Disclosures    
Effect of cash flow hedging instruments on other comprehensive (loss) income (26) 36
Foreign exchange forward contracts    
Derivative Instruments and Hedging Activities Disclosures    
Effect of cash flow hedging instruments on other comprehensive (loss) income $ 5 $ (2)
v3.25.1
Derivatives - Additional Information (Detail)
€ in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2025
EUR (€)
Feb. 03, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosures          
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months $ 7        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax (1) $ 9      
Cross-currency swaps | Cross-Currency Swap Expiring February 2029          
Derivative Instruments and Hedging Activities Disclosures          
Notional         $ 1,250
Cross-currency swaps | Cross-Currency Swap Expiring January 2031          
Derivative Instruments and Hedging Activities Disclosures          
Notional         $ 1,485
Cross-currency swaps | Derivatives designated as hedging instruments:          
Derivative Instruments and Hedging Activities Disclosures          
Net investment hedge, gain (loss), before Tax (133) 56      
Foreign currency transaction loss, before tax, interest rate reduction 12 $ 9      
Net Investment Hedging | Derivatives designated as hedging instruments:          
Derivative Instruments and Hedging Activities Disclosures          
Net investment hedge, gain (loss), before Tax (144)   $ 68    
Long-term debt $ 2,764     € 2,554  
v3.25.1
Fair Value Measurements - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Percentage accrued of maximum consideration payments to become payable 84.00%  
Other identifiable intangibles, net $ 4,503 $ 4,499
Level 1 and Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value of total debt 14,276 $ 13,966
Level 3 | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, Fair Value Disclosure 19,882  
Cost and equity method investments 352  
Goodwill 15,027  
Other identifiable intangibles, net $ 4,503  
v3.25.1
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Marketable securities $ 136 $ 141
Derivatives 3 39
Recurring Fair Value Measurements    
Assets:    
Marketable securities 167 170
Derivatives 3 39
Total 170 209
Liabilities:    
Derivatives 125 7
Contingent consideration 106 102
Total 231 109
Recurring Fair Value Measurements | Level 1    
Assets:    
Marketable securities 167 170
Derivatives 0 0
Total 167 170
Liabilities:    
Derivatives 0 0
Contingent consideration 0 0
Total 0 0
Recurring Fair Value Measurements | Level 2    
Assets:    
Marketable securities 0 0
Derivatives 3 39
Total 3 39
Liabilities:    
Derivatives 125 7
Contingent consideration 0 0
Total 125 7
Recurring Fair Value Measurements | Level 3    
Assets:    
Marketable securities 0 0
Derivatives 0 0
Total 0 0
Liabilities:    
Derivatives 0 0
Contingent consideration 106 102
Total $ 106 $ 102
v3.25.1
Fair Value Measurements - Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis (Detail) - Contingent consideration
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation  
Beginning balance $ 102
Business combinations 6
Contingent consideration paid (3)
Revaluations included in earnings and foreign currency translation adjustments 1
Ending balance $ 106
v3.25.1
Credit Arrangements - Summary of Credit Facilities (Detail)
 3 Months Ended
Mar. 31, 2025
USD ($)
Revolving Credit Facility | USD Revolving Credit Facility  
Line of Credit Facility  
Facility $ 2,000,000,000
Interest rate description U.S. Dollar Term SOFR plus a margin of 1.25% plus a 10 basis credit spread adjustment as of March 31, 2025
Rate 1.25%
Interest rate spread on base rate 0.10%
Facility | Receivables Financing Facility  
Line of Credit Facility  
Facility $ 110,000,000
Interest rate description U.S. Dollar Term SOFR plus a margin of 1.00% plus a 10 basis credit spread adjustment as of March 31, 2025
Rate 1.00%
Interest rate spread on base rate 0.10%
v3.25.1
Credit Arrangements - Summary of Debt (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 10, 2025
Dec. 31, 2024
Senior Secured Credit Facilities:      
Principal amount of debt $ 14,389   $ 14,045
Less: unamortized discount and debt issuance costs (59)   (62)
Less: current portion (1,222)   (1,145)
Long-term debt 13,108   12,838
U.S Dollars | Senior Secured Term A Loan, 6.69%      
Senior Secured Credit Facilities:      
Principal amount of debt $ 1,078   1,094
U.S Dollars | Senior Secured Term A Loan, 6.69% | SOFR      
Senior Secured Credit Facilities:      
Average floating rate 5.66%    
U.S Dollars | Senior Notes Due 2030, 6.500% | Senior Notes      
Senior Secured Credit Facilities:      
Principal amount of debt $ 500   500
Rate 6.50%    
U.S Dollars | Term Loan | SOFR      
Senior Secured Credit Facilities:      
Principal amount of debt $ 440   440
U.S Dollars | Due in 2024 | Receivable Financing Facilities | SOFR      
Senior Secured Credit Facilities:      
Average floating rate 5.43%    
U.S Dollars | Due in 2026 | Senior Secured Facilities Term A Loan At 6.68% | SOFR      
Senior Secured Credit Facilities:      
Principal amount of debt $ 1,179   1,197
Average floating rate 5.67%    
U.S Dollars | Due in 2026 | 5.0% Senior Notes | Senior Notes      
Senior Secured Credit Facilities:      
Principal amount of debt $ 1,050   1,050
Rate 5.00%    
U.S Dollars | Due in 2027 | 5.0% Senior Notes | Senior Notes      
Senior Secured Credit Facilities:      
Principal amount of debt $ 1,100   1,100
Rate 5.00%    
U.S Dollars | Due in 2028 | Senior Secured Notes Due 2028, 5.700% | Senior Notes      
Senior Secured Credit Facilities:      
Principal amount of debt $ 750   750
Rate 5.70%    
U.S Dollars | Due in 2029 | Senior Secured Notes Due 2029, 5.625% | Senior Notes      
Senior Secured Credit Facilities:      
Principal amount of debt $ 1,250   1,250
Rate 6.25%    
U.S Dollars | Due in 2031 | Senior Secured Term B Loan, 7.31% | SOFR      
Senior Secured Credit Facilities:      
Principal amount of debt $ 0   1,485
Average floating rate 0.00%    
U.S Dollars | Due in 2031 | Senior Secured Term B Loan, 6.02%      
Senior Secured Credit Facilities:      
Principal amount of debt $ 1,980 $ 1,985 0
Average floating rate 6.05%    
EUR Dollars | Due in 2025 | Senior Secured Term B Loan, 5.90% | Euribor Rate      
Senior Secured Credit Facilities:      
Principal amount of debt $ 0   542
Average floating rate 0.00%    
EUR Dollars | Due in 2025 | 2.875% Senior Notes | Senior Notes      
Senior Secured Credit Facilities:      
Principal amount of debt $ 455   436
Rate 2.875%    
EUR Dollars | Due in 2026 | Senior Secured Term A Loan, 5.15% | Euribor Rate      
Senior Secured Credit Facilities:      
Principal amount of debt $ 279   272
Average floating rate 3.61%    
EUR Dollars | Due in 2026 | 1.75% Senior Notes | Senior Notes      
Senior Secured Credit Facilities:      
Principal amount of debt $ 595   572
Rate 1.75%    
EUR Dollars | Due in 2028 | 2.875% Senior Notes | Senior Notes      
Senior Secured Credit Facilities:      
Principal amount of debt $ 770   739
Rate 2.875%    
EUR Dollars | Due in 2028 | 2.25% Senior Notes | Senior Notes      
Senior Secured Credit Facilities:      
Principal amount of debt $ 779   748
Rate 2.25%    
EUR Dollars | Due in 2029 | 2.25% Senior Notes | Senior Notes      
Senior Secured Credit Facilities:      
Principal amount of debt $ 974   935
Rate 2.25%    
Revolving Credit Facility | U.S Dollars      
Senior Secured Credit Facilities:      
Principal amount of debt $ 1,100   825
Revolving Credit Facility | U.S Dollars | SOFR      
Senior Secured Credit Facilities:      
Average floating rate 5.67%    
Revolving Credit Facility | U.S Dollars | Revolving Loan Commitment | SOFR      
Senior Secured Credit Facilities:      
Principal amount of debt $ 110   $ 110
v3.25.1
Credit Arrangements - Contractual Maturities of Long-term Debt (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Remainder of 2022 $ 584  
2026 4,218  
2027 2,639  
2028 2,318  
2029 2,244  
Thereafter 2,386  
Principal amount of debt $ 14,389 $ 14,045
v3.25.1
Credit Arrangements - Senior Secured Credit Facilities (Detail) - USD ($)
$ in Millions
Mar. 10, 2025
Mar. 31, 2025
Dec. 31, 2024
Line of Credit Facility      
Principal amount of debt   $ 14,389 $ 14,045
Revolving Credit Facility | U.S Dollars      
Line of Credit Facility      
Principal amount of debt   1,100 825
Senior Secured Term A Loan, 6.69% | U.S Dollars      
Line of Credit Facility      
Principal amount of debt   1,078 1,094
Senior Secured Credit Facilities, Fifth Amended and Restated Credit Agreement      
Line of Credit Facility      
Aggregate maximum principal amount   6,511  
Principal amount   5,616  
Senior Secured Credit Facilities, Revolving Credit Facility And Standby Letters Of Credit      
Line of Credit Facility      
Aggregate maximum principal amount   2,000  
Available borrowing capacity   895  
Senior Secured Credit Facilities, Revolving Credit Facility And Standby Letters Of Credit | U.S Dollars      
Line of Credit Facility      
Principal amount   1,175  
Senior Secured Credit Facilities, Revolving Credit Facility And Standby Letters Of Credit | U.S. dollars, Euros, Swiss Francs And Other Foreign Currencies      
Line of Credit Facility      
Principal amount   600  
Senior Secured Credit Facilities, Revolving Credit Facility And Standby Letters Of Credit | US Dollars And Yen      
Line of Credit Facility      
Principal amount   225  
Senior Notes Due 2030, 6.500% | U.S Dollars | Senior Notes      
Line of Credit Facility      
Principal amount of debt   $ 500 500
Rate   6.50%  
Senior Secured Term B Loan, 6.02% | Due in 2031 | U.S Dollars      
Line of Credit Facility      
Principal amount of debt $ 1,985 $ 1,980 $ 0
Interest rate spread on base rate 1.75%    
v3.25.1
Contingencies - Additional Information (Detail)
$ in Millions
May 13, 2017
USD ($)
Veeva | Minimum  
Loss Contingencies  
Amount of damages claimed $ 200
v3.25.1
Stockholders' Equity (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Feb. 05, 2025
Dec. 31, 2024
Jul. 31, 2023
Class of Stock        
Preferred stock, authorized (shares) 1,000,000.0      
Preferred stock, par value (usd per share) $ 0.01      
Preferred stock, shares issued (shares) 0   0  
Preferred stock, shares outstanding (shares) 0   0  
Repurchase of stock, value $ 429      
Equity Repurchase Under Repurchase Program        
Class of Stock        
Increase in authorized amount   $ 2,000    
Equity repurchase program authorized amount       $ 13,725
Repurchase of stock (in shares) 2,300,000      
Repurchase of stock, value $ 425      
Equity available for repurchase under the repurchase program $ 2,588      
Equity Repurchase Under Repurchase Program, Accrued Shares        
Class of Stock        
Repurchase of stock (in shares) 300,000      
Repurchase of stock, value $ 50      
v3.25.1
Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Assets acquired:    
Goodwill $ 15,027 $ 14,710
Several Individually Immaterial Acquisitions    
Assets acquired:    
Cash and cash equivalents 7  
Accounts receivable 29  
Other assets 6  
Goodwill 98  
Other identifiable intangibles 66  
Liabilities assumed:    
Other liabilities (23)  
Deferred income taxes, long-term (12)  
Net assets acquired 171  
Contingent consideration and deferred payments $ 6  
v3.25.1
Business Combinations - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Business Acquisition [Line Items]  
Acquisitions related noncontrolling interests $ 8
Deferred purchase price 24
Noncontrolling Interests  
Business Acquisition [Line Items]  
Acquisitions related noncontrolling interests 8
Several Individually Immaterial Acquisitions  
Business Acquisition [Line Items]  
Portion of goodwill deductible for income tax purposes $ 16
v3.25.1
Business Combinations - Indefinite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - Several Individually Immaterial Acquisitions
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Business Acquisition [Line Items]  
Total Other identifiable intangibles $ 66
Customer relationships  
Business Acquisition [Line Items]  
Total Other identifiable intangibles $ 55
Backlog  
Business Acquisition [Line Items]  
Amortization Period 1 year
Total Other identifiable intangibles $ 7
Trade names  
Business Acquisition [Line Items]  
Total Other identifiable intangibles 3
Non-compete agreements  
Business Acquisition [Line Items]  
Total Other identifiable intangibles $ 1
Minimum | Customer relationships  
Business Acquisition [Line Items]  
Amortization Period 9 years
Minimum | Trade names  
Business Acquisition [Line Items]  
Amortization Period 3 years
Maximum | Customer relationships  
Business Acquisition [Line Items]  
Amortization Period 17 years
Maximum | Trade names  
Business Acquisition [Line Items]  
Amortization Period 5 years
Maximum | Non-compete agreements  
Business Acquisition [Line Items]  
Amortization Period 5 years
v3.25.1
Restructuring - Summary of Amounts Recorded for Restructuring Plans (Detail) - Severance and Related Costs
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Restructuring Reserve  
Restructuring reserves, beginning balance $ 21
Expense, net of reversals 29
Payments (23)
Foreign currency translation and other 1
Restructuring reserves, ending balance $ 28
v3.25.1
Income Taxes - Narratives (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Effective income tax rate (percent) 18.90% 14.40%
Tax impact of share-based compensation awards $ (3) $ 9
v3.25.1
Accumulated Other Comprehensive (Loss) Income - Summary of Components of AOCI (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Statement of Other Comprehensive Income  
Beginning balance $ 6,067
Ending balance 5,977
Income Taxes  
Beginning balance 44
Other comprehensive income (loss) before reclassifications 51
Reclassification adjustments 0
Ending balance 95
Other comprehensive income (loss) before reclassifications 59
Reclassification adjustments 1
Foreign Currency Translation  
Statement of Other Comprehensive Income  
Beginning balance (1,092)
Other comprehensive income (loss) before reclassifications 33
Reclassification adjustments 0
Ending balance (1,059)
Derivative Instruments  
Statement of Other Comprehensive Income  
Beginning balance (5)
Other comprehensive income (loss) before reclassifications (22)
Reclassification adjustments 1
Ending balance (26)
Defined Benefit Plans  
Statement of Other Comprehensive Income  
Beginning balance 15
Other comprehensive income (loss) before reclassifications (3)
Reclassification adjustments 0
Ending balance 12
Total  
Statement of Other Comprehensive Income  
Beginning balance (1,038)
Ending balance $ (978)
v3.25.1
Accumulated Other Comprehensive (Loss) Income - Summary of Adjustments for (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income    
Total before income taxes $ (1) $ 12
Income taxes 0 3
Total net of income taxes (1) 9
Interest rate swaps | Interest expense    
Reclassification Adjustment out of Accumulated Other Comprehensive Income    
Total before income taxes 1 15
Foreign exchange forward contracts | Revenues    
Reclassification Adjustment out of Accumulated Other Comprehensive Income    
Total before income taxes $ (2) $ (3)
v3.25.1
Segments - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.1
Segments - Operations by Reportable Segments (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information    
Revenues $ 3,829 $ 3,737
Cost of revenues, exclusive of depreciation and amortization 2,531 2,444
Selling, general and administrative expenses 508 508
Depreciation and amortization (265) (264)
Restructuring costs (29) (15)
Income from operations 496 506
Investment Income, Interest (11) (11)
Interest expense 165 166
Loss on extinguishment of debt 4 0
Other Nonoperating Income (Expense) 15 11
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 323 340
Technology & Analytics Solutions    
Segment Reporting Information    
Revenues 1,546 1,453
Research & Development Solutions    
Segment Reporting Information    
Revenues 2,102 2,095
Contract Sales & Medical Solutions    
Segment Reporting Information    
Revenues 181 189
Operating Segments    
Segment Reporting Information    
Selling, general and administrative expenses 467 466
Segment profit 831 827
Operating Segments | Technology & Analytics Solutions    
Segment Reporting Information    
Revenues 1,546 1,453
Cost of revenues, exclusive of depreciation and amortization 949 889
Selling, general and administrative expenses 237 229
Segment profit 360 335
Operating Segments | Research & Development Solutions    
Segment Reporting Information    
Revenues 2,102 2,095
Cost of revenues, exclusive of depreciation and amortization 1,426 1,395
Selling, general and administrative expenses 216 221
Segment profit 460 479
Operating Segments | Contract Sales & Medical Solutions    
Segment Reporting Information    
Revenues 181 189
Cost of revenues, exclusive of depreciation and amortization 156 160
Selling, general and administrative expenses 14 16
Segment profit 11 13
Corporate Non-segment    
Segment Reporting Information    
Segment profit $ (41) $ (42)
v3.25.1
Earnings Per Share - Reconciles the Basic to Diluted Weighted Average Shares Outstanding (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net income attributable to IQVIA Holdings Inc. $ 249 $ 288
Denominator:    
Basic weighted average common shares outstanding (in shares) 175.7 181.9
Effect of dilutive stock options and share awards (in shares) 1.7 2.4
Diluted weighted average common shares outstanding (in shares) 177.4 184.3
Earnings per share attributable to common stockholders:    
Basic (in dollars per share) $ 1.42 $ 1.58
Diluted (in dollars per share) $ 1.40 $ 1.56
v3.25.1
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 2.2 0.8