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Side-by-side financial comparison of IQVIA (IQV) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
IQVIA is the larger business by last-quarter revenue ($4.2B vs $3.7B, roughly 1.1× SHOPIFY INC.). SHOPIFY INC. runs the higher net margin — 20.2% vs 6.6%, a 13.6% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 8.4%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $491.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 4.3%).
IQVIA Holdings, Inc., headquartered in Durham, North Carolina, is an American company focused on health information technology and clinical research.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
IQV vs SHOP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.2B | $3.7B |
| Net Profit | $275.0M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 12.4% | 17.2% |
| Net Margin | 6.6% | 20.2% |
| Revenue YoY | 8.4% | 30.6% |
| Net Profit YoY | 10.0% | -42.5% |
| EPS (diluted) | $1.61 | $0.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $4.2B | — | ||
| Q4 25 | $4.4B | $3.7B | ||
| Q3 25 | $4.1B | $2.8B | ||
| Q2 25 | $4.0B | $2.7B | ||
| Q1 25 | $3.8B | $2.4B | ||
| Q4 24 | $4.0B | $2.8B | ||
| Q3 24 | $3.9B | $2.2B | ||
| Q2 24 | $3.8B | $2.0B |
| Q1 26 | $275.0M | — | ||
| Q4 25 | $514.0M | $743.0M | ||
| Q3 25 | $331.0M | $264.0M | ||
| Q2 25 | $266.0M | $906.0M | ||
| Q1 25 | $249.0M | $-682.0M | ||
| Q4 24 | $437.0M | $1.3B | ||
| Q3 24 | $285.0M | $828.0M | ||
| Q2 24 | $363.0M | $171.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | 23.5% | 51.7% | ||
| Q2 24 | 22.6% | 51.1% |
| Q1 26 | 12.4% | — | ||
| Q4 25 | 14.4% | 17.2% | ||
| Q3 25 | 13.5% | 12.1% | ||
| Q2 25 | 12.6% | 10.9% | ||
| Q1 25 | 13.0% | 8.6% | ||
| Q4 24 | 15.8% | 16.5% | ||
| Q3 24 | 14.1% | 13.1% | ||
| Q2 24 | 13.6% | 11.8% |
| Q1 26 | 6.6% | — | ||
| Q4 25 | 11.8% | 20.2% | ||
| Q3 25 | 8.1% | 9.3% | ||
| Q2 25 | 6.6% | 33.8% | ||
| Q1 25 | 6.5% | -28.9% | ||
| Q4 24 | 11.0% | 46.0% | ||
| Q3 24 | 7.3% | 38.3% | ||
| Q2 24 | 9.5% | 8.4% |
| Q1 26 | $1.61 | — | ||
| Q4 25 | $2.97 | $0.58 | ||
| Q3 25 | $1.93 | $0.20 | ||
| Q2 25 | $1.54 | $0.69 | ||
| Q1 25 | $1.40 | $-0.53 | ||
| Q4 24 | $2.41 | $0.99 | ||
| Q3 24 | $1.55 | $0.64 | ||
| Q2 24 | $1.97 | $0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9B | $5.8B |
| Total DebtLower is stronger | $15.8B | — |
| Stockholders' EquityBook value | $6.3B | $13.5B |
| Total Assets | $29.7B | $15.2B |
| Debt / EquityLower = less leverage | 2.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.9B | — | ||
| Q4 25 | $2.1B | $5.8B | ||
| Q3 25 | $2.0B | $6.3B | ||
| Q2 25 | $2.2B | $5.8B | ||
| Q1 25 | $1.9B | $5.5B | ||
| Q4 24 | $1.8B | $5.5B | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — |
| Q1 26 | $15.8B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.5B | $13.5B | ||
| Q3 25 | $6.2B | $12.5B | ||
| Q2 25 | $5.8B | $12.1B | ||
| Q1 25 | $6.0B | $11.1B | ||
| Q4 24 | $6.1B | $11.6B | ||
| Q3 24 | $7.0B | $10.1B | ||
| Q2 24 | $6.7B | $9.2B |
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.9B | $15.2B | ||
| Q3 25 | $28.7B | $15.0B | ||
| Q2 25 | $28.6B | $14.6B | ||
| Q1 25 | $27.3B | $13.4B | ||
| Q4 24 | $26.9B | $13.9B | ||
| Q3 24 | $27.2B | — | ||
| Q2 24 | $26.4B | — |
| Q1 26 | 2.49× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $618.0M | $725.0M |
| Free Cash FlowOCF − Capex | $491.0M | $715.0M |
| FCF MarginFCF / Revenue | 11.8% | 19.5% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | 2.25× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $2.1B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $618.0M | — | ||
| Q4 25 | $735.0M | $725.0M | ||
| Q3 25 | $908.0M | $513.0M | ||
| Q2 25 | $443.0M | $428.0M | ||
| Q1 25 | $568.0M | $367.0M | ||
| Q4 24 | $885.0M | $615.0M | ||
| Q3 24 | $721.0M | $423.0M | ||
| Q2 24 | $588.0M | $340.0M |
| Q1 26 | $491.0M | — | ||
| Q4 25 | $561.0M | $715.0M | ||
| Q3 25 | $772.0M | $507.0M | ||
| Q2 25 | $292.0M | $422.0M | ||
| Q1 25 | $426.0M | $363.0M | ||
| Q4 24 | $721.0M | $611.0M | ||
| Q3 24 | $571.0M | $421.0M | ||
| Q2 24 | $445.0M | $333.0M |
| Q1 26 | 11.8% | — | ||
| Q4 25 | 12.9% | 19.5% | ||
| Q3 25 | 18.8% | 17.8% | ||
| Q2 25 | 7.3% | 15.7% | ||
| Q1 25 | 11.1% | 15.4% | ||
| Q4 24 | 18.2% | 21.7% | ||
| Q3 24 | 14.7% | 19.5% | ||
| Q2 24 | 11.7% | 16.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 0.3% | ||
| Q3 25 | 3.3% | 0.2% | ||
| Q2 25 | 3.8% | 0.2% | ||
| Q1 25 | 3.7% | 0.2% | ||
| Q4 24 | 4.1% | 0.1% | ||
| Q3 24 | 3.9% | 0.1% | ||
| Q2 24 | 3.7% | 0.3% |
| Q1 26 | 2.25× | — | ||
| Q4 25 | 1.43× | 0.98× | ||
| Q3 25 | 2.74× | 1.94× | ||
| Q2 25 | 1.67× | 0.47× | ||
| Q1 25 | 2.28× | — | ||
| Q4 24 | 2.03× | 0.48× | ||
| Q3 24 | 2.53× | 0.51× | ||
| Q2 24 | 1.62× | 1.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IQV
Segment breakdown not available.
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
