10-K · February 27, 2026
ICF reported full-year 2025 revenue of $1,872.9 million (down from $2,019.8 million in 2024) and a total backlog of $3,405.0 million at December 31, 2025 (down from $3,786.3 million a year earlier). The 10-K emphasizes…
Earnings analysis · 10-Q
ICFI earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
ICF International reported Q1 2026 revenues of $437.5 million, reflecting a decline of 10.3% compared to Q1 2025. Earnings per share (EPS) came in at $1.50, slightly below the consensus estimate of $1.55, indicating…
Read full summary
ICF International reported Q1 2026 revenues of $437.5 million, reflecting a decline of 10.3% compared to Q1 2025. Earnings per share (EPS) came in at $1.50, slightly below the consensus estimate of $1.55, indicating broader challenges from federal revenue reductions. Management reaffirmed full-year revenue guidance of between $1.89 billion and $1.96 billion, expecting to achieve growth through diversified client engagements.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.5
- Segment
- Energy, Environment, Infrastructure, Disaster Recovery
- Segment
- Health and Social Programs
- Segment
- Security and Other Civilian & Commercial
What stood out
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Q1 2026 Revenue Decline
Revenue decreased by 10.3% year-over-year, from $487.6 million in Q1 2025 to $437.5 million.
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Earnings Per Share Miss
Diluted EPS reported at $1.50 missed analyst expectations of $1.55.
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Federal Revenue Down
Revenue from U.S. federal government clients decreased by $56.7 million due to contract terminations.
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Cost Management Improvements
Operating costs reduced by 10% from $146.7 million in Q1 2025 to $132 million in Q1 2026.
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Liquidity Maintained
$512.4 million available under credit facility for ongoing operations as of March 31, 2026.
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Reaffirmed Full-Year Guidance
Management expects full-year revenue for 2026 to be between $1.89 billion and $1.96 billion.
What to watch
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Dependence on Federal Contracts
Ongoing reduction in federal client revenue creates significant risk, with a $56.7 million decline reported.
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High Effective Tax Rate
Effective tax rate increased to 25.1% from 10.5% year-over-year, impacting net income.
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Economic Uncertainty
Potential federal government shutdowns and global trade instability could adversely affect cash flows.
Management's outlook
Management reaffirmed full-year revenue guidance of $1.89B-$1.96B.
Earlier filings 4
10-Q · October 30, 2025
ICF reported Q3 revenue of $465.405 million and diluted EPS of $1.28, both down versus the year-ago quarter. Gross margin remained broadly stable (~37.6%) and operating income was $38.431 million, but backlog…
10-K · February 28, 2025
ICF reports full-year 2024 revenue of $2,019.8 million, up from $1,963.2 million in 2023, with backlog essentially flat at $3,786.3 million as of December 31, 2024. The company completed the acquisition of Applied…
10-Q · November 1, 2024
ICF reported revenue of $516,998,000 for the three months ended September 30, 2024, up from $501,519,000 a year ago, with operating income rising to $46,024,000 (8.9% margin) from $31,901,000 (≈6.4% margin) a year ago.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.