ICFI earnings analysis
What we found in ICFI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 2026 Revenue Decline
- Revenue decreased by 10.3% year-over-year, from $487.6 million in Q1 2025 to $437.5 million.
- Earnings Per Share Miss
- Diluted EPS reported at $1.50 missed analyst expectations of $1.55.
- Federal Revenue Down
- Revenue from U.S. federal government clients decreased by $56.7 million due to contract terminations.
- Cost Management Improvements
- Operating costs reduced by 10% from $146.7 million in Q1 2025 to $132 million in Q1 2026.
- Liquidity Maintained
- $512.4 million available under credit facility for ongoing operations as of March 31, 2026.
- Reaffirmed Full-Year Guidance
- Management expects full-year revenue for 2026 to be between $1.89 billion and $1.96 billion.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Dependence on Federal Contracts
- Ongoing reduction in federal client revenue creates significant risk, with a $56.7 million decline reported.
- High Effective Tax Rate
- Effective tax rate increased to 25.1% from 10.5% year-over-year, impacting net income.
- Economic Uncertainty
- Potential federal government shutdowns and global trade instability could adversely affect cash flows.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.5
- Segment
- Energy, Environment, Infrastructure, Disaster Recovery
- Segment
- Health and Social Programs
- Segment
- Security and Other Civilian & Commercial
What they said about what is next.
Management reaffirmed full-year revenue guidance of $1.89B-$1.96B.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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