Full‑Year Revenue and EPS Growth
Full‑year 2025 revenue of $16.31B, up 5.9% reported (4.8% constant currency); full‑year adjusted diluted EPS $11.92, up 7.1% year‑over‑year.
Strong Q4 Revenue and EPS
Q4 revenue of $4.34B, up 10.3% reported and 8.1% at constant currency (acquisitions ~2 points of growth); Q4 adjusted diluted EPS $3.42, up 9.6% year‑over‑year.
R&D Demand Recovery and Bookings
Q4 net bookings over $2.7B, up 7% YoY and 5% sequentially; net book‑to‑bill ratio 1.18; backlog reached a record $32.7B, up 5.3% YoY with $8.3B expected in next‑12‑months revenue.
Cash Generation and Share Repurchases
Full‑year free cash flow ~$2.51B (≈99% of adjusted net income); Q4 operating cash flow $735M and free cash flow $561M; repurchased $1.244B of shares in 2025 at an average price of $159.
Segment Performance – Q4 and Full Year
Q4: Technology & Analytics Solutions $1.821B (+9.8% reported, +7.1% cc); R&D Solutions $2.33B (+9.1% reported, +8.2% cc); CSMS $210M (+18.6% reported, +15.3% cc). Full‑year recast 2025: Commercial Solutions $6.73B; R&D Solutions $9.57B.
2026 Guidance
FY2026 revenue guidance $17.159B–$17.359B (includes ~150 bps M&A and ~100 bps FX tailwind); adjusted EBITDA $3.975B–$4.25B; adjusted diluted EPS $12.55–$12.85.
Strategic AI & Technology Partnerships and Recognition
Named #1 generative AI leader in life sciences by Everest Group; announced AWS as preferred generative AI cloud provider; multi‑year partnership with NVIDIA; deployed >150 AI agents across 30+ use cases.
Targeted M&A and Capability Expansion
2025 acquisitions to expand Phase I capabilities, early‑stage oncology site networks, patient solutions (Federate Technologies) and payer/provider analytics (Cedar Gate ~ $125–$140M revenue and ~$33M adjusted EBITDA in 2024).
Commercial Resilience
Commercial performance robust in Q4: TAS/Commercial revenue growth of 9.8% reported (7.1% cc) for the quarter and Commercial Solutions 2026 guidance implying ~7%–9% growth.
Recognition & Talent
Named one of the world’s most admired companies by Fortune for the ninth consecutive year and #1 in its category for the fifth consecutive year.