IQVIA (IQV) Q3 2026 Earnings Review

Q3 2026 earnings recap

IQVIA raised its 2026 adjusted profit forecast to $12.9–$13 per share after stronger clinical-research demand helped third-quarter sales and earnings beat expectations.

• Revenue increased 8% to $4.43 billion versus about $4.37 billion expected, while adjusted profit per share reached $3.34 against a $3.26 forecast and reported profit per share was $2.1.
• New clinical-research bookings rose 15% to $3.2 billion, exceeding quarterly research revenue and supporting future work as drug-development activity improves.
• IQVIA removed $2.1 billion of inactive trials from its contracted backlog, but kept its estimate of $9.4 billion converting into revenue over the next year, highlighting why active projects matter more than the headline total.
• Free cash flow, or operating cash left after capital spending, was $667 million versus $772 million a year earlier, leaving cash conversion worth watching despite the earnings growth.
• At the October 26 closing price of $273.6, shares traded at roughly 21 times the midpoint of the new adjusted profit outlook, making delivery of that forecast important to valuation.
• October 27 before-open trading near $283 tested the recent $279–$283 resistance area, while a retreat below $263–$266 would weaken the recovery shown in the completed-session charts.

The December 1 Investor Day is the next major checkpoint for growth plans and backlog conversion, with trial delays, cancellations and the company’s debt burden remaining key risks.