v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Summary of Changes in Benefit Obligation, Plan Assets and Funded Status of Pension Benefit Plans
The following table summarizes changes in the benefit obligation, the plan assets and the funded status of the pension benefit plans:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2025202420252024
Obligation and funded status:
Change in benefit obligation:
Projected benefit obligation at beginning of year$443 $434 $553 $525 
Service cost10 10 39 35 
Interest cost24 22 20 17 
Actuarial losses (gains)9 (9)(10)(2)
Business combinations— — 6 — 
Benefits paid(14)(14)(27)(26)
Contributions— — 4 3 
Settlements— — (5)(3)
Foreign currency fluctuations and other— — 37 4 
Projected benefit obligation at end of year472 443 617 553 
Change in plan assets:
Fair value of plan assets at beginning of year538 486 384 379 
Actual return on plan assets69 62 12 (9)
Contributions3 4 32 29 
Benefits paid(14)(14)(26)(26)
Settlements— — (4)(3)
Foreign currency fluctuations and other— — 32 14 
Fair value of plan assets at end of year596 538 430 384 
Funded status$124 $95 $(187)$(169)
Summary of Amounts Recognized in Consolidated Balance Sheets
The following table summarizes the amounts recognized in the consolidated balance sheets related to the pension benefit plans:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2025202420252024
Deposits and other assets, net$150$121$45 $43 
Accounts payable and accrued expenses$3$3$16 $14 
Other liabilities$23$23$216$198 
Accumulated other comprehensive loss$84$64$(44)$(49)
Summary of Accumulated Benefit Obligation for Pension Benefit Plans
The following table summarizes the accumulated benefit obligation for all pension benefit plans:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2025202420252024
Accumulated benefit obligation$470 $441 $569$500 
Summary of Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets and Projected Benefit Obligations in Excess of Plan Assets
The following table provides the information for pension plans with an accumulated benefit obligation in excess of plan assets and projected benefit obligations in excess of plan assets:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2025202420252024
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation
$34$34$342$287 
Fair value of plan assets$9$8$157$129 
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation
$35 $34 $390 $340
Fair value of plan assets
$9 $8 $157 $129
Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)
The components of net periodic benefit cost changes in plan assets and benefit obligations recognized in comprehensive income were as follows:
Pension Benefits
United States PlansNon-United States Plans
Year Ended December 31,
(in millions)202520242023202520242023
Service cost$10 $10 $10 $39 $35 $35
Interest cost24 22 22 201717 
Expected return on plan assets(38)(34)(30)(16)(15)(17)
Amortization of actuarial (gains) losses(2)— — 1 —(2)
Net periodic benefit cost(6)(2)2 44 37 33 
Other changes in plan assets and benefit obligations recognized in other comprehensive loss:
Actuarial (gain) loss – current year(20)(36)(30)(5)24 19 
Total recognized in other comprehensive income
(20)(36)(30)(5)24 19 
Total recognized in net periodic benefit cost and other comprehensive income$(26)$(38)$(28)$39 $61 $52 
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligations
The weighted average assumptions used to determine net periodic benefit cost were as follows for the years ended December 31:
Pension Benefits
United States PlansNon-United States Plans
202520242023202520242023
Discount rate
5.83%5.35%5.65%3.67%3.52%3.59%
Rate of compensation increases
3.00%3.00%3.00%3.50%2.78%2.93%
Expected return on plan assets
7.19%7.20%7.20%3.95%3.70%4.53%

The weighted average assumptions used to determine benefit obligations were as follows as of December 31:
Pension Benefits
United States PlansNon-United States Plans
2025202420252024
Discount rate
5.65%5.83%3.74%3.67%
Rate of compensation increases
3.00%3.00%3.27%3.50%
Schedule of Allocation of Pension Plan Assets
The Company’s pension plan target asset allocations and weighted average asset allocations, by asset category, were as follows:
Plan Assets as of December 31,
TargetUnited States PlansNon-United States PlansTotal
Asset CategoryAllocation202520242025202420252024
Equity securities
0-44%
44%76%—%—%26%45%
Debt securities
28-36%
28 20 45 49 35 32 
Real estate
0-15%
15 4 — — 9 2 
Other
13-64%
13 — 55 51 30 21 
Total100%100%100%100%100%100%
Summary of Plan Assets Measured at Fair Value
The following table summarizes United States plan assets measured at fair value:
(in millions)December 31, 2025December 31, 2024
Asset CategoryLevel 1Level 2TotalLevel 1Level 2Total
Domestic equities$— $— $— $37 $— $37 
International equities— — — 11 — 11 
Debt issued by national, state or local government— 44 44 — — — 
Corporate bonds— — — 64 — 64 
Investment funds(1)
81 — 81 — — — 
Real estate— — — 21 — 21 
Total assets in the fair value hierarchy81 44 125 133 — 133 
Assets measured at net asset value (“NAV”)(2)
— — 471 — — 405 
Total$81 $44 $596 $133 $— $538 
(1) Investments funds includes cash and cash equivalents.
(2) Certain investments that are measured at fair value using the net asset value ("NAV") per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the above plan asset tables are intended to permit reconciliation of the fair value of plan assets in the fair value hierarchy to the plan asset amounts presented in the above funded status table as of December 31, 2025 and 2024.

The following table summarizes non-United States plan assets measured at fair value:

(in millions)December 31, 2025December 31, 2024
Asset CategoryLevel 1Level 2TotalLevel 1Level 2Total
International equities$— $— $— $— $1 $1 
Debt issued by national, state or local government— 120 120 2 170 172 
Corporate bonds— 71 71 — 18 18 
Investments funds(1)
21 — 21 — 10 10 
Insurance contracts— 206 206 — 168 168 
Other— 12 12 8 7 15 
Total$21 $409 $430 $10 $374 $384 
(1) Investments funds includes cash and cash equivalents.
Schedule of Expected Benefit Payments, Net of Expected Participants Contributions for Pension Benefits
The following benefit payments (net of expected participant contributions) for pension benefits are expected to be paid as follows:
(in millions)
2026$62 
202763 
202866 
202970 
203073 
Years 2031 through 2035395 
$729 
Estimated Fair Value of Stock Options and SARs
The Company used the following assumptions when estimating the value of the stock-based compensation for Stock Settled SARs granted as follows:
Year Ended December 31,
202520242023
Expected volatility
29 – 35%
28 – 35%
29 – 35%
Weighted average expected volatility32%32%32%
Expected dividends0.0%0.0%0.0%
Expected term (in years)
2.8 – 5.8
2.6 – 5.6
2.4 – 5.4
Risk-free interest rate
3.69 – 4.37%
4.07 –4.56%
3.38 – 4.75%
Schedule of Stock Appreciation Rights Activity
The Company’s SSR activity in the year ended December 31, 2025 is as follows:
(in millions, except number of SSRs and exercise price)
Number of SSRs
Weighted Average Exercise PriceAggregate Intrinsic Value
Outstanding as of December 31, 20243,493,312$157.58 $175 
Granted530,548 203.11 
Exercised(650,096)102.11 
Canceled(58,777)221.36 
Outstanding as of December 31, 20253,314,987$174.62 $179 
Summary of Stock Option Activity
The Company’s stock option activity in the year ended December 31, 2025 is as follows:
(in millions, except number of options and exercise price)
Number of Options
Weighted Average Exercise PriceAggregate Intrinsic Value
Outstanding as of December 31, 202486,965 $64.63 $11 
Exercised(59,194)64.64 
Outstanding as of December 31, 202527,771 $64.62 $4 
Summary of Performance Award Activity
The Company’s performance award activity in the year ended December 31, 2025 is as follows:
Number of Performance AwardsWeighted Average Grant-Date Fair Value
Outstanding as of December 31, 2024992,478$231.04 
Granted467,939203.19 
Adjustment due to performance(85,781)289.37 
Vested(100,346)249.38 
Canceled(51,555)222.94 
Outstanding as of December 31, 20251,222,735$215.16 
Schedule of Restricted Stock Units Activity
The Company’s RSU activity in the year ended December 31, 2025 is as follows:


Number of RSUs		Weighted Average Grant-Date
Fair Value
Outstanding as of December 31, 20241,000,328 $223.91 
Granted (1)
984,581 202.94 
Vested(406,195)229.24 
Canceled(102,621)213.08 
Outstanding as of December 31, 20251,476,093 $209.20 
(1) Pursuant to the IQVIA Holdings Inc. Non-Employee Director Deferral Plan (the “Director Deferral Plan”), non-employee directors may elect to defer receipt of their cash and/or equity retainers. If a director elects to defer his or her retainer, he or she will instead be credited with that value in deferred shares under the Director Deferral Plan. Deferred shares become payable in Company common stock following a termination of the director’s Board service or the director’s death, or upon a change in control of the Company. The Company granted 9,295 deferred RSUs in 2025.