IQVIA Holdings Inc. (IQV) Cash Flow Statement
Where IQV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.65B −2.3% vs 2024
- Capital expenditures
- $603.0M 3.7% of revenue
- Free cash flow
- $2.05B 12.6% margin
- Returned to shareholders
- $1.24B 61% of free cash flow
- Change in cash
- $278.0M cash at year-end $1.98B
Cash from operations
$2.65B
Capital expenditures
−$603.0M
Investments (net)
−$18.0M
Acquisitions & other
−$1.68B
Share buybacks (net)
−$1.24B
Net borrowing (repayment)
+$1.25B
Other financing
−$153.0M
Currency & other
+$79.0M
Change in cash
$278.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
IQV operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
IQV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $860.0M2016 | $2.65B2025 | +13.3%/yr | |
| Capital expenditures | $164.0M2016 | $603.0M2025 | +15.6%/yr | |
| Free cash flow | $696.0M2016 | $2.05B2025 | +12.8%/yr | |
| Free cash flow margin | 10.2%2016 | 12.6%2025 | +2.4 pts | |
| Operating cash flow / net income | 6.622016 | 1.952025 | −4.67 | |
| Stock-based compensation | $80.0M2016 | $247.0M2025 | +13.3%/yr | |
| Dividends paid | $638.0M2016 | $59.0M2021 | −37.9%/yr | |
| Share buybacks (net) | $1.10B2016 | $1.24B2025 | +1.4%/yr | |
| Capex / revenue | 2.4%2016 | 3.7%2025 | +1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IQV cash flow by activity
OperatingInvestingFinancingChange in cash
IQV net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
IQV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.36B | $1.37B | $1.36B | $1.09B | $966.0M | $308.0M | $227.0M | $284.0M | $1.33B | $130.0M |
| Depreciation & amortization | $1.14B | $1.11B | $1.12B | $1.13B | $1.26B | $1.29B | $1.20B | $1.14B | $1.01B | $289.0M |
| Stock-based compensation | $247.0M | $206.0M | $217.0M | $194.0M | $170.0M | $95.0M | $146.0M | $113.0M | $106.0M | $80.0M |
| Change in working capital | $125.0M | $158.0M | −$280.0M | −$84.0M | $680.0M | $459.0M | $19.0M | −$106.0M | −$292.0M | $212.0M |
| Other non-cash items | −$223.0M | −$135.0M | −$271.0M | −$71.0M | −$138.0M | −$190.0M | −$177.0M | −$178.0M | −$1.18B | $149.0M |
| Cash from operating activities | $2.65B | $2.72B | $2.15B | $2.26B | $2.94B | $1.96B | $1.42B | $1.25B | $970.0M | $860.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$603.0M | −$602.0M | −$649.0M | −$674.0M | −$640.0M | −$616.0M | −$582.0M | −$459.0M | −$369.0M | −$164.0M |
| Investments (net) | −$18.0M | −$1.44B | −$1.87B | −$2.01B | −$10.0M | −$2.0M | −$22.0M | −$23.0M | $2.0M | −$16.0M |
| Acquisitions & other investing | −$1.68B | $602.0M | $914.0M | $674.0M | −$1.45B | −$178.0M | −$586.0M | −$328.0M | −$823.0M | $1.91B |
| Cash from investing activities | −$2.31B | −$1.44B | −$1.60B | −$2.01B | −$2.10B | −$796.0M | −$1.19B | −$810.0M | −$1.19B | $1.73B |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −$59.0M | −$44.0M | −$11.0M | −$4.08B | −$7.16B | −$638.0M |
| Share repurchases & issuance (net) | −$1.24B | −$1.35B | −$992.0M | −$1.17B | −$406.0M | −$447.0M | −$949.0M | −$1.41B | −$2.62B | −$1.10B |
| Net borrowing (repayment) | $1.25B | $553.0M | $802.0M | $936.0M | $70.0M | $309.0M | $700.0M | $993.0M | $2.46B | −$1.49B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $15.0M | $0 | $0 |
| Other financing | −$153.0M | −$81.0M | −$192.0M | −$97.0M | −$840.0M | −$35.0M | −$16.0M | $4.02B | $7.25B | $943.0M |
| Cash from financing activities | −$150.0M | −$878.0M | −$382.0M | −$329.0M | −$1.24B | −$217.0M | −$276.0M | −$452.0M | −$72.0M | −$2.28B |
| Summary | ||||||||||
| Net change in cash | $278.0M | $326.0M | $160.0M | −$150.0M | −$448.0M | $977.0M | −$54.0M | −$68.0M | −$239.0M | $221.0M |
| Cash at end of period | $1.98B | $1.70B | $1.38B | $1.22B | $1.37B | $1.81B | $837.0M | $891.0M | $959.0M | $1.20B |
| Free cash flow | $2.05B | $2.11B | $1.50B | $1.59B | $2.30B | $1.34B | $835.0M | $795.0M | $601.0M | $696.0M |
| Free cash flow margin | 12.6% | 13.7% | 10.0% | 11.0% | 16.6% | 11.8% | 7.5% | 7.6% | 6.2% | 10.2% |
| Capex / revenue | 3.7% | 3.9% | 4.3% | 4.7% | 4.6% | 5.4% | 5.2% | 4.4% | 3.8% | 2.4% |
| Operating cash flow / net income | 1.95 | 1.98 | 1.58 | 2.07 | 3.05 | 6.36 | 6.24 | 4.42 | 0.73 | 6.62 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $258.0M | $275.0M | $514.0M | $332.0M | $266.0M | $249.0M | $437.0M | $285.0M | $363.0M | $288.0M | $469.0M | $303.0M |
| Depreciation & amortization | $292.0M | $288.0M | $317.0M | $286.0M | $276.0M | $265.0M | $303.0M | $278.0M | $269.0M | $264.0M | $316.0M | $297.0M |
| Stock-based compensation | $95.0M | $65.0M | $60.0M | $55.0M | $60.0M | $72.0M | $48.0M | $54.0M | $48.0M | $56.0M | $45.0M | $47.0M |
| Change in working capital | −$34.0M | $10.0M | −$54.0M | $452.0M | −$104.0M | $4.0M | $105.0M | $151.0M | −$82.0M | −$16.0M | −$1.0M | −$22.0M |
| Other non-cash items | −$53.0M | −$20.0M | −$102.0M | −$217.0M | −$55.0M | −$22.0M | −$8.0M | −$47.0M | −$10.0M | −$70.0M | −$82.0M | −$42.0M |
| Cash from operating activities | $558.0M | $618.0M | $735.0M | $908.0M | $443.0M | $568.0M | $885.0M | $721.0M | $588.0M | $522.0M | $747.0M | $583.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$198.0M | −$127.0M | −$174.0M | −$293.0M | −$151.0M | −$142.0M | −$164.0M | −$150.0M | −$143.0M | −$145.0M | −$179.0M | −$146.0M |
| Investments (net) | $2.0M | $1.0M | $0 | −$550.0M | −$346.0M | −$305.0M | −$310.0M | −$599.0M | −$221.0M | −$314.0M | −$212.0M | −$573.0M |
| Acquisitions & other investing | −$185.0M | −$70.0M | −$930.0M | $293.0M | $151.0M | $142.0M | $164.0M | $150.0M | $143.0M | $145.0M | $179.0M | $146.0M |
| Cash from investing activities | −$381.0M | −$196.0M | −$1.10B | −$550.0M | −$346.0M | −$305.0M | −$310.0M | −$599.0M | −$221.0M | −$314.0M | −$212.0M | −$573.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$398.0M | −$552.0M | −$212.0M | $1.03B | −$657.0M | −$375.0M | −$1.15B | −$200.0M | $0 | $0 | −$229.0M | −$144.0M |
| Net borrowing (repayment) | $221.0M | $167.0M | $763.0M | −$536.0M | $856.0M | $164.0M | $783.0M | $66.0M | — | — | — | $9.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$37.0M | −$48.0M | −$16.0M | −$1.07B | −$54.0M | −$47.0M | −$8.0M | −$3.0M | −$260.0M | −$106.0M | −$191.0M | −$9.0M |
| Cash from financing activities | −$214.0M | −$433.0M | $535.0M | −$572.0M | $145.0M | −$258.0M | −$375.0M | −$137.0M | −$260.0M | −$106.0M | −$420.0M | −$144.0M |
| Summary | ||||||||||||
| Net change in cash | −$38.0M | −$33.0M | $166.0M | −$225.0M | $299.0M | $38.0M | $130.0M | $27.0M | $101.0M | $68.0M | $152.0M | −$158.0M |
| Cash at end of period | $1.91B | $1.95B | $1.98B | $1.81B | $2.04B | $1.74B | $1.70B | $1.57B | $1.54B | $1.44B | $1.38B | $1.22B |
| Free cash flow | $360.0M | $491.0M | $561.0M | $1.20B | $292.0M | $426.0M | $721.0M | $571.0M | $445.0M | $377.0M | $568.0M | $437.0M |
| Free cash flow margin | 8.2% | 11.8% | 12.9% | 29.3% | 7.3% | 11.1% | 18.2% | 14.7% | 11.7% | 10.1% | 14.7% | 11.7% |
| Capex / revenue | 4.5% | 3.1% | 4.0% | 7.1% | 3.8% | 3.7% | 4.1% | 3.9% | 3.7% | 3.9% | 4.6% | 3.9% |
| Operating cash flow / net income | 2.16 | 2.25 | 1.43 | 2.73 | 1.67 | 2.28 | 2.03 | 2.53 | 1.62 | 1.81 | 1.59 | 1.92 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
IQV cash generation
In fiscal 2025 (ended December 31, 2025), IQVIA generated $2.7 billion of cash from operations (down 2.3%) and spent $603.0 million on capital expenditures, leaving free cash flow of $2.1 billion, 12.6% of revenue. It returned $1.2 billion to shareholders through dividends ($0) and net share buybacks ($1.2 billion). Cash and equivalents rose by $278.0 million over the year.
Related: IQV income statement, IQV balance sheet. See the IQV stock overview for the latest quote and news.
IQV cash flow FAQ
What is IQVIA's free cash flow?
IQVIA's free cash flow was $2.1 billion in fiscal 2025: $2.7 billion of operating cash flow minus $603.0 million of capital expenditures It was $2.1 billion a year earlier..
How much cash does IQVIA generate from operations?
IQVIA generated $2.7 billion of cash from operating activities in fiscal 2025, 1.95 times its net income of $1.4 billion.
How much does IQVIA spend on capital expenditures?
IQVIA spent $603.0 million on capital expenditures in fiscal 2025, 3.7% of revenue, compared with $602.0 million the year before.
How much stock does IQVIA buy back?
IQVIA spent $1.2 billion on net share repurchases in fiscal 2025.