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IQVIA Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$667M in Q3 2026 · $2.1B over twelve months

Operating cash flow$825M
Capital spending−$158M
Free cash flow+$667M
Cash / net income2.3×

Analysis

In Q3 2026, IQVIA Holdings generated $825M of operating cash flow and spent $158M on capital projects, leaving free cash flow of $667M. That is $105M less than in Q3 2025 ($772M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.7B; the largest uses were other financing ($5.1B), acquisitions ($1.5B), buybacks ($1.2B); besides operations, cash came from net borrowing (+) / repaid (−) ($6.2B); the cash balance rose by $435M.

Operating cash flow was $825M against net income of $352M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$321M, stock-based pay +$83.0M, deferred revenue +$32.0M.

Free cash flow

IQVIA Holdings: free cash flow by quarterIQVIA Holdings: free cash flow by quarter$721MQ4 2024$426MQ1 2025$292MQ2 2025$772MQ3 2025$561MQ4 2025$491MQ1 2026$360MQ2 2026$667MQ3 2026
Operating cash flow less capital spending.
IQVIA Holdings: operating cash flow against capital spendingIQVIA Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$885M$164MQ4 2024$568M$142MQ1 2025$443M$151MQ2 2025$908M$136MQ3 2025$735M$174MQ4 2025$618M$127MQ1 2026$558M$198MQ2 2026$825M$158MQ3 2026
Latest (Q3 2026): Operating cash flow $825M, Capital spending $158M.

Capital allocation, year by year

IQVIA Holdings: where the cash came from (up) and went (down), by fiscal yearIQVIA Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $2.9BFY2021: Net borrowing $70.0MFY2021: Capital spending −$640MFY2021: Acquisitions −$1.5BFY2021: Buybacks −$406M$3.0BFY2021FY2022: Operating cash flow $2.3BFY2022: Net borrowing $937MFY2022: Capital spending −$674MFY2022: Acquisitions −$1.3BFY2022: Buybacks −$1.2B$3.2BFY2022FY2023: Operating cash flow $2.1BFY2023: Net borrowing $799MFY2023: Capital spending −$649MFY2023: Acquisitions −$876MFY2023: Buybacks −$992M$2.9BFY2023FY2024: Operating cash flow $2.7BFY2024: Net borrowing $548MFY2024: Asset sales $25.0MFY2024: Capital spending −$602MFY2024: Acquisitions −$735MFY2024: Buybacks −$1.4B$3.3BFY2024FY2025: Operating cash flow $2.7BFY2025: Net borrowing $1.2BFY2025: Asset sales $75.0MFY2025: Capital spending −$603MFY2025: Acquisitions −$1.7BFY2025: Buybacks −$1.2B$4.0BFY2025
Over these 5 years operating cash flow totalled $12.7B; the largest uses were acquisitions ($6.1B) and buybacks ($5.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.4B
Debt$16.1B
Net debt$13.6B
Due within a year$1.8B

IQVIA Holdings funds itself: free cash flow was $2.1B over the last twelve months, and $2.4B of cash and investments stands against $16.1B of debt ($1.8B due within a year, 1.3× covered by cash).

IQVIA Holdings: debt maturities by year (FY2025)IQVIA Holdings: debt maturities by year (FY2025)$1.8BYear 1$1.8BYear 2$2.6BYear 3$2.5BYear 4$3.3BYear 5$3.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.4B of cash and investments now.

Where the cash came from and went

IQVIA Holdings: sources (+) and uses (−) of cash, Q3 2026IQVIA Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$825MAcquisitions−$389MCash drawn (+) / kept (−)−$340MCapital spending−$158MNet borrowing (+) / repaid (−)$112MOther financing−$34.0MOther investing−$12.0MExchange rates−$4.0M
IQVIA Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026IQVIA Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$6.2BOther financing−$5.1BOperating cash flow$2.7BAcquisitions−$1.5BBuybacks−$1.2BCapital spending−$657MCash drawn (+) / kept (−)−$435MOther investing−$78.0MExchange rates−$27.0M

From profit to cash

IQVIA Holdings: net income to operating cash flow, Q3 2026IQVIA Holdings: net income to operating cash flow, Q3 2026Net income$352MDepreciation & amortization$321MStock-based pay$83.0MDeferred taxes−$23.0MGains on investments−$5.0MDeferred revenue$32.0MOther operating capital$32.0MOperating cash flow$825M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$825M−$158M−$389M—$112M−$340M$667M
Q2 2026$558M−$198M−$163M−$398M$221M$38.0M$360M
Q1 2026$618M−$127M−$37.0M−$552M$167M$33.0M$491M
Q4 2025$735M−$174M−$916M−$212M$3.3B−$166M$561M
Q3 2025$908M−$136M−$483M—−$536M$225M$772M
Q2 2025$443M−$151M−$181M−$657M$856M−$299M$292M
Q1 2025$568M−$142M−$134M−$375M$164M−$38.0M$426M
Q4 2024$885M−$164M−$86.0M−$1.1B$825M−$130M$721M

IQVIA Holdings: income statement and cash flow

IQVIA Holdings, Q3 2026: revenue $4.4B (+8% year over year), operating margin 12.9%. The chart follows the revenue to costs, profit and cash.

IQVIA Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.