For the year ending 2025-12-31, IQV had $278M increase in cash & cash equivalents over the period. $2,051M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,361 | 1,373 | 1,358 | 1,091 |
| Depreciation and amortization | 1,144 | 1,114 | 1,125 | 1,130 |
| Amortization of debt issuance costs and discount | 23 | 21 | 18 | 15 |
| Stock-based compensation | 247 | 206 | 217 | 194 |
| Gain on disposals of property and equipment, net | - | 0 | 0 | 10 |
| Earnings from unconsolidated affiliates | 22 | 5 | 0 | -12 |
| Gain on investments, net | 44 | 22 | 20 | -27 |
| Benefit from deferred income taxes | -180 | -129 | -269 | -115 |
| Accounts receivable and unbilled services | -60 | -182 | 388 | 421 |
| Prepaid expenses and other assets | -218 | -7 | -34 | -7 |
| Accounts payable and accrued expenses | -96 | 115 | 267 | 427 |
| Unearned income | 242 | 9 | -29 | 31 |
| Income taxes payable and other liabilities | -299 | -155 | -164 | -128 |
| Net cash provided by operating activities | 2,654 | 2,716 | 2,149 | 2,260 |
| Acquisition of property, equipment and software | 603 | 602 | 649 | 674 |
| Acquisition of businesses, net of cash acquired | 1,714 | 735 | 876 | 1,315 |
| Sales (purchases) of marketable securities, net | -2 | 0 | 6 | 5 |
| Investments in unconsolidated affiliates, net of payments received | 44 | 132 | 39 | 20 |
| Investments in debt and equity securities | 20 | 2 | 38 | 0 |
| Proceeds from sale of property, plant, and equipment | 75 | 25 | - | - |
| Other | 1 | -2 | -5 | -8 |
| Net cash used in investing activities | -2,305 | -1,444 | -1,603 | -2,006 |
| Proceeds from issuance of debt | 6,465 | 0 | 4,000 | 1,250 |
| Payment of debt issuance costs | 42 | 1 | 50 | 5 |
| Repayment of debt and principal payments on finance leases | 5,193 | 172 | 2,873 | 634 |
| Proceeds from revolving credit facility | 3,375 | 1,685 | 2,384 | 2,350 |
| Repayment of revolving credit facility | 3,400 | 960 | 2,709 | 2,025 |
| Payments related to employee stock incentive plans, net | 67 | 64 | 61 | 71 |
| Repurchase of common stock | 1,244 | 1,350 | 992 | 1,168 |
| Distributions to non-controlling interest, net | - | - | - | 0 |
| Payments to noncontrolling interests | - | - | 0 | 0 |
| Contingent consideration and deferred purchase price payments | 33 | 16 | 81 | 26 |
| Other | -11 | - | - | - |
| Net cash used in financing activities | -150 | -878 | -382 | -329 |
| Effect of foreign currency exchange rate changes on cash | 79 | -68 | -4 | -75 |
| Increase in cash and cash equivalents | 278 | 326 | 160 | -150 |
| Cash and cash equivalents at beginning of period | 1,702 | 1,376 | 1,216 | 1,366 |
| Cash and cash equivalents at end of period | 1,980 | 1,702 | 1,376 | 1,216 |
IQVIA HOLDINGS INC. (IQV)
IQVIA HOLDINGS INC. (IQV)