Name: IQVIA Holdings Inc. (NYSE:IQV) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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IQVIA Holdings Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Revenues	3,736)	3,728)	3,652)	3,739)	3,562)	3,541)	3,568)	3,636)	3,391)	3,438)	3,409)	3,298)	2,786)	2,521)	2,754)	2,895)	2,769)	2,740)	2,684)	2,688)	2,594)	2,567)	2,563)
Cost of revenues, exclusive of depreciation and amortization	(2,426)	(2,443)	(2,398)	(2,407)	(2,321)	(2,331)	(2,323)	(2,364)	(2,253)	(2,323)	(2,293)	(2,172)	(1,800)	(1,704)	(1,824)	(1,901)	(1,852)	(1,799)	(1,748)	(1,742)	(1,678)	(1,674)	(1,652)
Gross profit	1,310)	1,285)	1,254)	1,332)	1,241)	1,210)	1,245)	1,272)	1,138)	1,115)	1,116)	1,126)	986)	817)	930)	994)	917)	941)	936)	946)	916)	893)	911)
Selling, general and administrative expenses	(502)	(482)	(513)	(583)	(517)	(483)	(488)	(542)	(498)	(482)	(442)	(491)	(460)	(431)	(407)	(484)	(395)	(436)	(419)	(443)	(429)	(424)	(420)
Depreciation and amortization	(297)	(259)	(253)	(357)	(248)	(270)	(255)	(262)	(336)	(343)	(323)	(344)	(319)	(308)	(316)	(314)	(299)	(294)	(295)	(294)	(283)	(282)	(282)
Restructuring costs	(30)	(20)	(17)	(13)	(4)	(4)	(7)	(5)	(2)	(4)	(9)	(2)	(20)	(16)	(14)	(30)	(19)	(14)	(12)	(2)	(23)	(17)	(26)
Income from operations	481)	524)	471)	379)	472)	453)	495)	463)	302)	286)	342)	289)	187)	62)	193)	166)	204)	197)	210)	207)	181)	170)	183)
Interest income	14)	4)	6)	6)	4)	2)	1)	2)	2)	1)	1)	2)	1)	1)	2)	2)	3)	2)	2)	3)	2)	1)	2)
Interest expense	(181)	(169)	(141)	(128)	(108)	(94)	(86)	(90)	(92)	(94)	(99)	(102)	(100)	(108)	(106)	(109)	(114)	(114)	(110)	(106)	(105)	(107)	(96)
Loss on extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	(1)	(1)	—)	(24)	(1)	—)	(12)	—)	—)	(24)	—)	—)	—)	—)	(2)	—)
Other income (expense), net	35)	16)	26)	18)	(8)	(33)	(10)	2)	62)	29)	37)	6)	14)	32)	13)	37)	—)	(7)	7)	—)	(27)	26)	(4)
Income (loss) before income taxes and equity in earnings (losses) of unconsolidated affiliates	349)	375)	362)	275)	360)	328)	400)	376)	273)	222)	257)	194)	102)	(25)	102)	96)	69)	78)	109)	104)	51)	88)	85)
Income tax (expense) benefit	(51)	(81)	(71)	(48)	(70)	(71)	(71)	(59)	(12)	(48)	(44)	(63)	3)	5)	(17)	(68)	1)	(8)	(41)	(30)	14)	(24)	(19)
Income (loss) before equity in earnings (losses) of unconsolidated affiliates	298)	294)	291)	227)	290)	257)	329)	317)	261)	174)	213)	131)	105)	(20)	85)	28)	70)	70)	68)	74)	65)	64)	66)
Equity in earnings (losses) of unconsolidated affiliates	5)	3)	(2)	—)	(7)	(1)	(4)	1)	—)	1)	4)	(1)	3)	(1)	6)	(8)	(1)	1)	(1)	2)	2)	4)	7)
Net income (loss)	303)	297)	289)	227)	283)	256)	325)	318)	261)	175)	217)	130)	108)	(21)	91)	20)	69)	71)	67)	76)	67)	68)	73)
Net income attributable to non-controlling interests	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(5)	(11)	(7)	(2)	(9)	(4)	(12)	(11)	(9)	(7)	(7)	(7)	(4)
Net income (loss) attributable to IQVIA Holdings Inc.	303)	297)	289)	227)	283)	256)	325)	318)	261)	175)	212)	119)	101)	(23)	82)	16)	57)	60)	58)	69)	60)	61)	69)

Revenue exhibits a consistent long-term upward trajectory, growing from 2,563 million US dollars in the first quarter of 2018 to 3,736 million US dollars by the third quarter of 2023. A temporary contraction occurred during the second quarter of 2020, where revenues dipped to 2,521 million US dollars, followed by a rapid recovery and accelerated growth beginning in late 2020. This growth pattern suggests a scalable business model with expanding market reach over the five-year period.

Gross Profitability and Margin Stability: Gross profit has increased in tandem with revenue, rising from 911 million US dollars in March 2018 to 1,310 million US dollars in September 2023. The gross margin has remained relatively stable, generally fluctuating around 35%, indicating that the cost of revenues has scaled proportionally with top-line growth.
Operating Income Expansion: Income from operations has shown significant expansion, particularly from 2021 onward. While quarterly operating income hovered between 166 million and 210 million US dollars throughout 2018 and 2019, it climbed to a range of 471 million to 524 million US dollars in 2023. This expansion indicates improved operational leverage, as revenue growth has significantly outpaced the growth of selling, general, and administrative expenses.
Net Income Growth: Net income has experienced substantial growth, increasing from 73 million US dollars in March 2018 to 303 million US dollars in September 2023. A notable volatility point occurred in the second quarter of 2020, resulting in a net loss of 21 million US dollars. However, the subsequent recovery was sharp, with net income reaching a new plateau of stability above 250 million US dollars per quarter starting in 2021.
Interest and Financing Costs: A rising trend in interest expenses is observable, moving from approximately 96 million to 107 million US dollars per quarter in 2018 to 169 million to 181 million US dollars per quarter in 2023. This increase in financing costs suggests a higher debt load or increased borrowing costs over the analyzed period, although these costs have not hindered the overall growth of net income.
Expense Management and Restructuring: Selling, general, and administrative expenses have risen moderately from 420 million US dollars in early 2018 to 502 million US dollars in late 2023. Restructuring costs appear as intermittent charges, with a recurring presence across most quarters, though they have remained a small fraction of total operating expenses, typically ranging between 2 million and 30 million US dollars.

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IQVIA Holdings Inc. (NYSE:IQV)

Income StatementQuarterly Data

Income Statement
Quarterly Data