ICF International Stock ICFI
ICF International is a professional services and technology company that provides management consulting, advisory, analytics, digital services, and program implementation to U.S. ICF International stock (ICFI): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 09/2026, quarterly reporting. Stock analysis by NadirAlpha. ICF International stock (ICFI): listed on Nasdaq. NadirAlpha has evaluated 61 original documents, cross-checked every figure automatically and linked each to its source; sources as of 09/2026. Revenue Q2 2026: USD 474 million (+0% year on year). Latest reported (Q2 2026): Funded Backlog, Total Backlog, Business Development Pipeline. Latest reading: Margin expanding, Guidance confirmed.
Margin expanding Guidance confirmed
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ICF International Current Status
Where ICF International stands after the report for Q2 2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
ICF International reported Q2 2026 revenue of 474.5 million, comparable to the prior year period, reflecting mixed performance across client markets. 44 Net income was 26.9 million, with diluted EPS of 1.49, up 16.4% year-over-year, and non-GAAP EPS of 1.86, up 12.0% year-over-year. 45 Commercial revenue grew 5.9% year-over-year to $166.0 million and international government revenue climbed 35% year-over-year to $39.5 million, partly offsetting a decline in federal government revenue. 45 Contract awards totaled $402 million in the quarter with a trailing twelve-month book-to-bill ratio of 1.09. 45
Management commentary on the 2026-Q2 results (8-K-EX99.1, 2026-08-06):
“Demonstrating our confidence in ICF's long-term prospects, we repurchased 217,542 ICF shares in the second quarter, bringing our share repurchases to 435,055 for the first half of 2026.”
“In the last 18 months, we have demonstrated the resilience of ICF's business model and the agility of our professional staff and management teams, who have effectively pivoted to capture revenue opportunities while maintaining margins. These efforts, together with our investments in growth markets, have positioned ICF for growth in 2026 and a return to mid- to high-single digit growth in 2027.”
Revenue · 2026-Q2474$ million−0.4 % vs. 2025-Q2
Net profit · 2026-Q227$ million+13.5 % vs. 2025-Q2
EPS · 2026-Q21.49$+16.4 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, ICF International guides Revenue 1,890 to 1,960 $ million (confirmed); EPS (GAAP) 5.95 to 6.25 $ (confirmed); EPS (non-GAAP) 6.95 to 7.25 $ (confirmed). 45
ProfitabilityICF International generated operating income of 39.9 million in Q2 2026, with an adjusted EBITDA margin of 11.2%, compared to 11.1% in Q2 2025. 45 Operating cash flow was 99.7 million and free cash flow reached 94 million after capital expenditures of 5.7 million. 145 Direct labor costs decreased 8.9% in the first half of 2026 as the company aligned staffing to support reduced operations. 44
LeverageICF International ended Q2 2026 with net debt of 403 million and cash of 4.6 million. 145 Interest expense decreased $2.3 million in the first half of 2026, reflecting a lower average debt balance of $456.7 million compared to $528.3 million in the prior year period. 44 The company maintained $986.4 million of available borrowing capacity under its $600 million revolving credit facility and $400 million delayed draw term loan. 44
Management viewICF International's business development pipeline expanded to $9.3 billion at the end of Q2 2026, while total backlog stood at $3.3 billion with funded backlog exceeding $1.6 billion, representing approximately 50% of the total. 45 Full-year 2026 guidance was reaffirmed for revenue of $1.89 billion to $1.96 billion, GAAP EPS of $5.95 to $6.25, non-GAAP EPS of $6.95 to $7.25, and operating cash flow of $135 million to $150 million. 45 In the first half of 2026, the company repurchased 435,055 shares and declared a quarterly cash dividend of $0.14 per share payable in October 2026. 45
ChangeICF International's federal government revenue declined 9.5% year-over-year to $184.9 million in Q2 2026, reflecting the impact of contract cancellations that occurred between February and May 2025. 45 Six-month revenue declined $51.8 million year-over-year to $912.0 million, driven by a $76.2 million reduction from U.S. federal government clients due to terminated contracts and procurement cycle disruption. 44 First-half 2026 operating income declined $3.7 million to $74.7 million as the revenue decline outpaced cost reductions. 44
Risks (current)ICF International faces revenue risk from current Administration policy changes and executive orders affecting government spending and contract terminations, as well as from ongoing geopolitical uncertainties including conflicts in Ukraine and the Middle East. 45 44 A prolonged U.S. federal government shutdown could affect cash generation from federal business, and the company's dependence on U.S. federal government contracts leaves results sensitive to federal revenue declines. 44 32 The company is also subject to the risk of estimating and controlling costs under fixed-price contracts, and is involved in various legal matters arising in the ordinary course of business, with no material adverse impact currently expected. 43 44
New this reporting periodICF International was awarded an Army Research Lab cybersecurity technology and R&D services subcontract with a ceiling of $25.0 million and a federal health agency value-based-care analytic infrastructure and cloud tools recompete valued at $19.6 million. 45 The company secured multiple utility energy efficiency program recompetes and new contracts across the Mid-Atlantic, Northeastern, Midwestern, and Western United States, including a new Entergy Louisiana energy efficiency programs contract. 45 Additional Q2 wins included federal sustainable site reuse and hazardous waste cleanup subcontracts with a combined value of $13.5 million, a federal health agency open-source software contract for electronic healthcare quality measures ($9.7 million), and a federal government department digital modernization and technology support services contract ($8.6 million). 45
ICF International Stock: Key Figures ($ million)
The core financial figures of ICF International stock in three views: fiscal years up to FY2026, half-years and quarters up to Q2 2026, in $ million, most recent period first. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue ($ million) · annual basis, as reported
Net income ($ million) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($ million) · annual basis, as reported
Revenue ($ million) · quarterly basis, as reported
Net income ($ million) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($ million) · quarterly basis, as reported
Cash ($ million) · annual basis, as reported
Debt ($ million) · annual basis, as reported
Net Debt ($ million) · annual basis, as reported
Capex ($ million) · annual basis, as reported
FCF ($ million) · annual basis, as reported
D&A ($ million) · annual basis, as reported
Cash ($ million) · quarterly basis, as reported
Debt ($ million) · quarterly basis, as reported
Net Debt ($ million) · quarterly basis, as reported
Capex ($ million) · quarterly basis, as reported
FCF ($ million) · quarterly basis, as reported
D&A ($ million) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2016 is on record.
Fiscal years
Amounts in $ million · EPS in $ per share · as reported
| Period | Revenue | Op. income | Net income | EPS ($) | EPS adj. ($) | EBITDA (adj.) | OCF | Source |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 1,872.9 | 145.5 | 91.6 | 4.95 | 6.77 | 207.19 | 141.9 | 37 |
| FY2024 | 2,019.8 | 165.8 | 110.2 | 5.82 | 7.45 | 226.01 | 171.5 | 27 |
| FY2023 | 1,963.2 | 132.3 | 82.6 | 4.35 | 6.50 | 213.23 | 152.4 | 15 |
Quarters
Amounts in $ million · EPS in $ per share · as reported
| Period | Published | Revenue | Op. income | Net income | EPS ($) | EPS adj. ($) | EBITDA (adj.) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-06 | 474.5 | 39.9 | 26.9 | 1.49 | 1.86 | 53.4 | 94 | 4.6 | 403 | 145 |
| 2026-Q1* | 2026-05-07 | 437.5 | 34.9 | 20.5 | 1.12 | 1.50 | 48.9 | -6 | 3.9 | 435.3~ | 142 |
| 2025-Q4* | 2026-01-15 | 443.7 | 28.6 | 17.3 | 0.94*≈ | 1.47 | 46 | 68.7 | 5.3 | 397.4 | 37 |
| 2025-Q3* | 2025-10-30 | 465.4 | 38.4 | 23.8 | 1.28 | 1.67 | 53.2 | 41.8 | 4 | 445.4~ | 136 |
| 2025-Q2* | 2025-07-31 | 476.2 | 40 | 23.7 | 1.28 | 1.66 | 52.9 | 46.2 | 7 | 455.3~ | 132 |
| 2025-Q1* | 2025-05-01 | 487.6 | 38.4 | 26.9 | 1.44 | 1.94 | 55.2 | -36.5 | 5.7 | 496.3~ | 129 |
| 2024-Q4* | 2025-02-27 | 496.3 | 36.5 | 24.6 | 1.30*≈ | 1.87 | 56.3 | 89.5 | 5 | 406.8~ | 126 |
| 2024-Q3* | 2024-10-31 | 517 | 46 | 32.7 | 1.73 | 2.13 | 58.5 | 20.4 | 6.9 | 412.2 | 123 |
| 2024-Q2* | 2024-08-01 | 512 | 42.4 | 25.6 | 1.36 | 1.69 | 56 | 55.5 | 4.1 | 429.9 | 120 |
| 2024-Q1* | 2024-05-02 | 494.4 | 40.9 | 27.3 | 1.44 | 1.77 | 55.2 | -15.2 | 3.7 | 471.1 | 118 |
| 2023-Q4* | 2024-02-27 | 478.4 | 36.9 | 22.2 | 1.17*≈ | 1.68 | 57 | 102.4 | 6.4 | 424 | 114 |
| 2023-Q3* | 2023-11-02 | 501.5 | 31.9 | 23.7 | 1.25 | 1.81 | 54.3 | 20.9 | 5.1 | 528.9 | 111 |
| 2023-Q2* | 2023-08-03 | 500.1 | 32 | 20.3 | 1.07 | 1.57 | 51 | 30 | 7 | 594.8 | 8 |
| 2023-Q1* | 2023-04-04 | 483.3 | 31.5 | 16.4 | 0.87 | 1.42 | 51 | -23.3 | 5.4 | 592.6 | 4 |
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.) (not reported in any source for these periods).
ICF International Balance Sheet & Cash Flow ($ million)
NadirAlpha places cash, debt, operating cash flow and investments of ICF International side by side per period, balance sheet values as of the period end, flow items for the period. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
Amounts in $ million · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-02-26 | 5.3 | 402.7 | 397.4 | 58.1 | 141.9 | 21.7 | 120.2 | 138 |
| FY2024 | 2025-02-27 | 5 | 411.7~ | 406.8~ | 53.5 | 171.5 | 21.4 | 150.1 | 126 |
| FY2023 | 2024-02-27 | 6.4 | 430.4 | 424 | 60.7 | 152.4 | 22.3 | 130 | 114 |
Quarters
Amounts in $ million · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-06 | 4.6 | 407.6 | 403 | 13.4 | 99.7 | 5.7 | 94 | 145 |
| 2026-Q1 | 2026-05-07 | 3.9 | 439.2~ | 435.3~ | 13.2 | -3.1 | 2.8 | -6 | 142 |
| 2025-Q4 | 2026-02-26 | 5.3 | 402.7 | 397.4 | 14.5 | 75.6 | 6.9 | 68.7 | 138 |
| 2025-Q3 | 2025-10-30 | 4 | 449.4~ | 445.4~ | 14.2 | 47.3 | 5.5 | 41.8 | 136 |
| 2025-Q2 | 2025-07-31 | 7 | 462.3~ | 455.3~ | 14.7 | 52 | 5.8 | 46.2 | 132 |
| 2025-Q1 | 2025-05-01 | 5.7 | 502~ | 496.3~ | 14.8 | -33 | 3.5 | -36.5 | 129 |
| 2024-Q4 | 2025-02-27 | 5 | 411.7~ | 406.8~ | 13.3 | 95.4 | 5.9 | 89.5 | 126 |
| 2024-Q3 | 2024-10-31 | 6.9 | 419.1 | 412.2 | 13.1 | 25.5 | 5.2 | 20.4 | 123 |
| 2024-Q2 | 2024-08-01 | 4.1 | 433.9 | 429.9 | 13.2 | 60.6 | 5.2 | 55.5 | 120 |
| 2024-Q1 | 2024-05-02 | 3.7 | 474.7 | 471.1 | 13.9 | -10 | 5.2 | -15.2 | 118 |
| 2023-Q4 | 2024-02-27 | 6.4 | 430.4 | 424 | 6.2~ | 106.8 | 4.5 | 102.4 | 114 |
| 2023-Q3 | 2023-11-02 | 5.1 | 533.9 | 528.9 | 5.9~ | 25.7 | 4.7 | 20.9 | 111 |
| 2023-Q2 | 2023-08-03 | 7 | 601.8 | 594.8 | 16.1 | 36.7 | 6.7 | 30 | 8 |
| 2023-Q1 | 2023-05-09 | 5.4 | 598 | 592.6 | 15.5 | -16.8 | 6.4 | -23.3 | 5 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
ICF International Guidance Tracking (latest per metric/period · 15/31)
NadirAlpha records 31 guidance statements of ICF International neutrally: annual and quarterly targets, direction of change and outcome as a dot with legend, with no estimate of our own. NadirAlpha methodology
Actuals: revenue in $m · EPS in $ per share · ratios in %
Direction: confirmedcutinitiatedraised Verdict: beatin linemisspending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | 2026-02-26 | Revenue | 1,890–1,960 | – | 45 | ||
| FY2026 | 2026-02-26 | EPS (GAAP) | 5.95–6.25 | – | 45 | ||
| FY2026 | 2026-02-26 | EPS (non-GAAP) | 6.95–7.25 | – | 45 | ||
| FY2026 | 2026-02-26 | Operating cash flow | 135–150 | – | 45 | ||
| 2026-Q1 | 2026-02-26 | EPS (GAAP) | ~1.2 | 1.12 | 38 | ||
| 2026-Q1 | 2026-02-26 | EPS (non-GAAP) | ~1.55 | 1.5 | 38 | ||
| 2026-Q1 | 2026-02-26 | Q1 2026 Revenue | ~450 | – | – | 38 | |
| FY2025 | 2025-10-30 | Revenue growth (YoY) | 10% | -7.3 | 36 | ||
| FY2025 | 2025-10-30 | Operating Cash Flow | 125–150 | – | – | 36 | |
| FY2025 | 2025-07-31 | EBITDA margin | similar to those of 2024 | – | – | 32 | |
| FY2025 | 2025-02-27 | EPS (GAAP) | 10% | 4.95 | 29 | ||
| FY2025 | 2025-02-27 | EPS (non-GAAP) | 10% | 6.77 | 36 | ||
| 2025-Q1 | 2025-02-27 | EPS (GAAP) | 1.35–1.45 | 1.44 | 26 | ||
| 2025-Q1 | 2025-02-27 | EPS (non-GAAP) | 1.7–1.8 | 1.94 | 26 | ||
| 2025-Q1 | 2025-02-27 | First Quarter 2025 Revenue | 480–500 | – | – | 26 | |
| FY2024 | 2024-10-31 | Revenue | 2,000–2,030 | 2,019.8 | 23 | ||
| FY2024 | 2024-10-31 | EPS (GAAP) | 6.05–6.15 | 5.82 | 23 | ||
| FY2024 | 2024-10-31 | EPS (non-GAAP) | 7.4–7.5 | 7.45 | 23 | ||
| FY2024 | 2024-08-01 | EBITDA (adjusted) | 225–235 | 226.01 | 20 | ||
| FY2024 | 2024-05-02 | Revenue (organic) | 2,030–2,100 | – | – | 18 | |
| FY2024 | 2024-02-27 | EBITDA | 220–230 | – | – | 18 | |
| FY2024 | 2024-02-27 | Operating Cash Flow | ~155 | – | – | 23 | |
| FY2024 | 2024-02-27 | Organic revenue from continuing operations | 2,030–2,100 | – | – | 14 | |
| FY2023 | 2023-11-02 | Revenue | $1,950 million to $1,980 million | 1,963.2 | – | 11 | |
| FY2023 | 2023-11-02 | EPS (GAAP) | 5–5.1 | 4.35 | 11 | ||
| FY2023 | 2023-11-02 | EPS (non-GAAP) | 6.4–6.5 | 6.5 | 11 | ||
| FY2023 | 2023-11-02 | EBITDA (adjusted) | 212–218 | 213.23 | 11 | ||
| FY2023 | 2023-05-09 | EBITDA | 210–220 | – | – | 8 | |
| FY2023 | 2023-05-09 | Adjusted EBITDA Margin on Service Revenue | ~15% | – | – | 5 | |
| FY2023 | 2023-02-28 | Operating cash flow | ~150 | – | – | 11 | |
| FY2023 | 2023-02-28 | Service Revenue | 1,405–1,465 | – | – | 5 |
ICF International Stock: Price & Chart
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ICF International Event Timeline
This timeline collects the material events of ICF International from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements, grouped by quarter. NadirAlpha methodology
Overview: one dot per event · click jumps to the period
2026 · 5 events
revenue 2026-08-06
Q2 revenue USD 474.5 million comparable to prior year; international government revenue climbed 35% YoY to $39.5 million and commercial revenue grew 5.9% YoY 45
Q2 revenue USD 474.5 million comparable to prior year; international government revenue climbed 35% YoY to $39.5 million and commercial revenue grew 5.9% YoY 45
Margin expanding 2026-08-06
Adjusted EBITDA margin at 11.2% versus 11.1% in Q2 2025; non-GAAP EPS 1.86, up 12.0% YoY 45
Adjusted EBITDA margin at 11.2% versus 11.1% in Q2 2025; non-GAAP EPS 1.86, up 12.0% YoY 45
Guidance confirmed 2026-08-06
Full-year 2026 guidance reaffirmed: revenue $1.89B-$1.96B, non-GAAP EPS $6.95-$7.25 45
Full-year 2026 guidance reaffirmed: revenue $1.89B-$1.96B, non-GAAP EPS $6.95-$7.25 45
“Gross margin advanced 10 basis points year-on-year, and adjusted EBITDA margin was 11.2%, remaining steady with 2025 levels. Margins benefited from favorable business mix together with cost management initiatives.”
Revenue decelerating 2026-05-07
Revenue decreased 10.3% to USD 437.5 million, driven by $56.7 million reduction from U.S. federal clients due to contract terminations linked to Administration priorities and DOGE recommendations 41
Revenue decreased 10.3% to USD 437.5 million, driven by $56.7 million reduction from U.S. federal clients due to contract terminations linked to Administration priorities and DOGE recommendations 41
Guidance confirmed 2026-05-07
Full-year 2026 guidance reaffirmed: revenue $1.89B-$1.96B, non-GAAP EPS $6.95-$7.25, operating cash flow $135M-$150M 42
Full-year 2026 guidance reaffirmed: revenue $1.89B-$1.96B, non-GAAP EPS $6.95-$7.25, operating cash flow $135M-$150M 42
2025 · 12 events
“We appreciate the tremendous contributions made by our professional staff, whose commitment to excellent client work was critical to our ability to navigate 2025 and whose dedication to ICF supports our confidence in a return to growth in 2026.”
New market 2026-02-27
Introduced proprietary ICF Fathom AI platform for cloud, AI, business process automation, and analytics offerings 39
Introduced proprietary ICF Fathom AI platform for cloud, AI, business process automation, and analytics offerings 39
Margin compressing 2026-02-26
Full-year adjusted EBITDA margin at 11.1% in 2025 versus 11.2% in 2024, benefiting from higher-margin commercial energy mix and cost management initiatives despite the revenue decline 38
Full-year adjusted EBITDA margin at 11.1% in 2025 versus 11.2% in 2024, benefiting from higher-margin commercial energy mix and cost management initiatives despite the revenue decline 38
Guidance initiated 2026-02-26
2026 guidance issued with revenues of $1.89 billion to $1.96 billion, representing approximately 3% growth at the midpoint, with non-federal clients to account for more than 60% of total revenues 38
2026 guidance issued with revenues of $1.89 billion to $1.96 billion, representing approximately 3% growth at the midpoint, with non-federal clients to account for more than 60% of total revenues 38
“Our third quarter performance demonstrates the benefits of ICF's diversified client base, our agility in adapting to challenging market conditions, and the success of our business development activities.”
Operational disruption 2025-10-30
U.S. federal government shutdown beginning October 1, 2025 estimated to reduce monthly revenues by approximately $8 million and gross profit by $2.5 million 36
U.S. federal government shutdown beginning October 1, 2025 estimated to reduce monthly revenues by approximately $8 million and gross profit by $2.5 million 36
Revenue decelerating 2025-10-30
Revenue decreased 10.0% to USD 465.4 million, driven by U.S. federal government revenue decline of 29.8% due to contract terminations and changing Administration priorities 36
Revenue decreased 10.0% to USD 465.4 million, driven by U.S. federal government revenue decline of 29.8% due to contract terminations and changing Administration priorities 36
Margin expanding 2025-10-30
Adjusted EBITDA margin expanded 10 basis points to 11.4% of revenues, driven by higher-margin commercial energy revenues and cost management initiatives 36
Adjusted EBITDA margin expanded 10 basis points to 11.4% of revenues, driven by higher-margin commercial energy revenues and cost management initiatives 36
“ICF's diversified business model and agility have enabled us to navigate an evolving federal government business environment while driving strong growth in other areas of our portfolio.”
Revenue decelerating 2025-08-01
Revenue decreased 7.0% to USD 476.2 million, driven by $68.8 million reduction from U.S. federal government clients due to contract terminations from Administration policy changes and DOGE actions 33
Revenue decreased 7.0% to USD 476.2 million, driven by $68.8 million reduction from U.S. federal government clients due to contract terminations from Administration policy changes and DOGE actions 33
Margin expanding 2025-07-31
Gross margin increased 160 basis points to 37.3%, driven by favorable business mix and higher percentage of fixed-price and time-and-material contracts at 93% of revenue 32
Gross margin increased 160 basis points to 37.3%, driven by favorable business mix and higher percentage of fixed-price and time-and-material contracts at 93% of revenue 32
Guidance raised 2025-07-31
Full-year 2025 revenue guidance raised; management no longer expects revenues to decline by as much as 10% from 2024 levels 32
Full-year 2025 revenue guidance raised; management no longer expects revenues to decline by as much as 10% from 2024 levels 32
“ICF's diversified business model is enabling us to manage through a dynamic federal government business environment, while remaining agile to capture future business opportunities.”
Operational disruption 2025-05-02
Received termination-for-convenience notices representing $375.0 million of backlog, plus an additional $12.0 million post-quarter, from Administration and DOGE actions 30
Received termination-for-convenience notices representing $375.0 million of backlog, plus an additional $12.0 million post-quarter, from Administration and DOGE actions 30
Revenue decelerating 2025-05-02
Revenue declined 1.4% to USD 487.6 million, with U.S. federal government revenue down $34.6 million due to contract terminations and DOGE actions 30
Revenue declined 1.4% to USD 487.6 million, with U.S. federal government revenue down $34.6 million due to contract terminations and DOGE actions 30
Guidance confirmed 2025-05-01
Full-year 2025 guidance maintained at flat to down 10% for revenues and EPS, with expectation of 15%+ growth in commercial energy, state/local and international government combined 29
Full-year 2025 guidance maintained at flat to down 10% for revenues and EPS, with expectation of 15%+ growth in commercial energy, state/local and international government combined 29
2024 · 13 events
Segment divergence 2025-02-28
Energy, environment, infrastructure, and disaster recovery revenue grew +15.3% to USD 929.7 million in FY2024 (46% of group revenue) while group revenue changed -65.1%. 27
Energy, environment, infrastructure, and disaster recovery revenue grew +15.3% to USD 929.7 million in FY2024 (46% of group revenue) while group revenue changed -65.1%. 27
“First quarter 2025 revenues are expected to range from $480 million to $500 million, with GAAP EPS anticipated between $1.35 and $1.45 and Non-GAAP EPS within the range of $1.70 and $1.80, similar to results in the first quarter of 2024.”
Operational disruption 2025-02-28
Subsequent to December 31, 2024, received termination-for-convenience notices of approximately $276 million and stop-work orders of approximately $99 million, primarily associated with USAID contracts, representing approximately 3.3% of 2024 revenue 27
Subsequent to December 31, 2024, received termination-for-convenience notices of approximately $276 million and stop-work orders of approximately $99 million, primarily associated with USAID contracts, representing approximately 3.3% of 2024 revenue 27
Margin expanding 2025-02-27
Full year 2024 adjusted EBITDA margin expanded 30 basis points year-over-year to 11.2% 26
Full year 2024 adjusted EBITDA margin expanded 30 basis points year-over-year to 11.2% 26
Acquisition 2025-02-27
Applied Energy Group acquisition completed December 31, 2024, adding approximately $30 million in annual revenue in energy technology and advisory services 26
Applied Energy Group acquisition completed December 31, 2024, adding approximately $30 million in annual revenue in energy technology and advisory services 26
“Favorable mix and higher utilization were key drivers of third quarter margin expansion. Operating margin increased by 250 basis points year-on-year to 8.9%, and Adjusted EBITDA margin expanded by 50 basis points to 11.3% from 10.8%.”
Margin expanding 2024-10-31
Operating margin expanded 250 basis points to 8.9% in Q3 2024 from 6.4% in Q3 2023 23
Operating margin expanded 250 basis points to 8.9% in Q3 2024 from 6.4% in Q3 2023 23
Guidance raised 2024-10-31
Full year 2024 GAAP EPS guidance raised to $6.05-$6.15 and non-GAAP EPS guidance raised to $7.40-$7.50 23
Full year 2024 GAAP EPS guidance raised to $6.05-$6.15 and non-GAAP EPS guidance raised to $7.40-$7.50 23
Guidance cut 2024-10-31
Full year 2024 revenue guidance reduced to $2.0-$2.03 billion to reflect an estimated $50 million reduction in pass-throughs 23
Full year 2024 revenue guidance reduced to $2.0-$2.03 billion to reflect an estimated $50 million reduction in pass-throughs 23
“We appreciate the tremendous contributions of our staff in driving the success of ICF by supporting our clients with multi-disciplinary advisory work and cross-cutting implementation skills. Their passion for their work and for the impact it has on society is ICF's 'secret sauce.'”
earnings 2024-08-02
Operating income increased 32.3% to USD 42.4 million from $32.0 million in Q2 2023 21
Operating income increased 32.3% to USD 42.4 million from $32.0 million in Q2 2023 21
Margin expanding 2024-08-01
Operating margin expanded to 8.3% from 6.4%, driven by favorable business mix, higher utilization, and lower facility costs 20
Operating margin expanded to 8.3% from 6.4%, driven by favorable business mix, higher utilization, and lower facility costs 20
guidance 2024-08-01
Full year 2024 GAAP EPS guidance raised to $5.60-$5.90 and non-GAAP EPS guidance raised to $6.95-$7.25; adjusted EBITDA guidance raised to $225-$235 million from $220-$230 million 20
Full year 2024 GAAP EPS guidance raised to $5.60-$5.90 and non-GAAP EPS guidance raised to $6.95-$7.25; adjusted EBITDA guidance raised to $225-$235 million from $220-$230 million 20
“We are proud that our work involves helping clients address many of the most challenging issues of the day. Our ability to attract and retain professionals who are committed to excellent execution and making a positive impact on society has been and remains critical to our success.”
Revenue accelerating 2024-05-02
Revenue grew to USD 494.4 million, up 8.7% excluding divestitures, with Energy, Environment, Infrastructure and Disaster Recovery market revenue up 20% year-over-year 18
Revenue grew to USD 494.4 million, up 8.7% excluding divestitures, with Energy, Environment, Infrastructure and Disaster Recovery market revenue up 20% year-over-year 18
Margin expanding 2024-05-02
Operating margin expanded to 8.3% from 6.5% year-over-year; subcontractor and other direct costs declined to 24.4% of revenue from 27.3% following the 2023 commercial marketing divestiture 18
Operating margin expanded to 8.3% from 6.5% year-over-year; subcontractor and other direct costs declined to 24.4% of revenue from 27.3% following the 2023 commercial marketing divestiture 18
2023 · 15 events
“We expect full year 2024 operating cash flow of approximately $155 million.”
Revenue decelerating 2024-02-27
Q4 revenue of 478.4 million was similar to the prior-year quarter; excluding divestitures, growth was 4.9%, with U.S. federal revenue approximately flat due to a $5.3 million reduction in subcontractor costs and anticipated roll-off of certain small business contracts 14
Q4 revenue of 478.4 million was similar to the prior-year quarter; excluding divestitures, growth was 4.9%, with U.S. federal revenue approximately flat due to a $5.3 million reduction in subcontractor costs and anticipated roll-off of certain small business contracts 14
Margin expanding 2024-02-27
Full-year adjusted EBITDA increased 11.2% to $213.2 million from $191.8 million in 2022, with margin expansion of 10 basis points 14
Full-year adjusted EBITDA increased 11.2% to $213.2 million from $191.8 million in 2022, with margin expansion of 10 basis points 14
Guidance initiated 2024-02-27
Initiated 2024 guidance projecting organic revenue growth of 5.2% at midpoint on a reported 2023 basis and adjusted EBITDA of $220 to $230 million 14
Initiated 2024 guidance projecting organic revenue growth of 5.2% at midpoint on a reported 2023 basis and adjusted EBITDA of $220 to $230 million 14
“Looking ahead to 2024, our record sales, substantial backlog, and robust business development pipeline support our expectations for high single-digit organic growth in recurring revenues.”
Divestiture 2023-11-03
Completed divestiture of the U.S. commercial marketing business in Q3 2023, generating a pre-tax gain of $2.4 million 12
Completed divestiture of the U.S. commercial marketing business in Q3 2023, generating a pre-tax gain of $2.4 million 12
revenue 2023-11-02
Q3 revenue growth slowed to 7.2%, reaching 501.5 million, partly reflecting the absence of divested commercial marketing operations 11
Q3 revenue growth slowed to 7.2%, reaching 501.5 million, partly reflecting the absence of divested commercial marketing operations 11
Guidance raised 2023-11-02
Full-year 2023 Non-GAAP EPS guidance raised to $6.40 to $6.50 and diluted EPS to $5.00 to $5.10, citing a lower-than-anticipated tax rate 11
Full-year 2023 Non-GAAP EPS guidance raised to $6.40 to $6.50 and diluted EPS to $5.00 to $5.10, citing a lower-than-anticipated tax rate 11
“This was another strong quarter of contract wins for ICF. The value of awards won increased 28% year-on-year and primarily represented new business. Our business development pipeline reached a record $10.3 billion at the end of the second quarter, indicative of the significant growth opportunities ahead.”
Revenue accelerating ◦ 2023-08-03
Revenue increased 18.2% to 500.1 million, driven by 10% organic growth and the SemanticBits acquisition 8
Revenue increased 18.2% to 500.1 million, driven by 10% organic growth and the SemanticBits acquisition 8
Acquisition 2023-08-03
Acquired CMY, a power engineering firm with approximately 50 electrical engineers, expanding the addressable market in renewable interconnection and grid resilience 8
Acquired CMY, a power engineering firm with approximately 50 electrical engineers, expanding the addressable market in renewable interconnection and grid resilience 8
Divestiture 2023-08-03
Signed definitive agreements in mid-July to sell Commercial Marketing Group, which had projected 2023 revenues of approximately $70 million 8
Signed definitive agreements in mid-July to sell Commercial Marketing Group, which had projected 2023 revenues of approximately $70 million 8
Cash flow inflection 2023-08-03
Operating cash flow reached USD 36.7 million vs USD 13.5 million in 2022-Q2 (×2.7). 8
Operating cash flow reached USD 36.7 million vs USD 13.5 million in 2022-Q2 (×2.7). 8
“Our strong first quarter performance together with our robust backlog and record business development pipeline support our expectations for substantial growth in 2023 and beyond.”
revenue 2023-05-09
Revenue rose 16.9% to 483.3 million, led by federal and state/local government growth and contributions from the SemanticBits and Blanton & Associates acquisitions 5
Revenue rose 16.9% to 483.3 million, led by federal and state/local government growth and contributions from the SemanticBits and Blanton & Associates acquisitions 5
Margin expanding 2023-05-09
Adjusted EBITDA margin on service revenue improved 80 basis points to 14.5% from 13.7% 5
Adjusted EBITDA margin on service revenue improved 80 basis points to 14.5% from 13.7% 5
Divestiture 2023-05-09
Decision made to exit the non-core commercial U.K. events service line, with full wind-down expected by end of Q2 2023 5
Decision made to exit the non-core commercial U.K. events service line, with full wind-down expected by end of Q2 2023 5
ICF International Business Model
How ICF International (ICFI) makes its money, summarised from the filings up to Q2 2026, neutral and without forecast. NadirAlpha methodology
ICF International is a professional services and technology company that provides management consulting, advisory, analytics, digital services, and program implementation to U.S. federal and state and local government agencies, international governments, and commercial clients. ICF International operates across practice areas including energy and environment, health and social programs, consumer and financial services, and security and technology. Revenue is generated primarily through long-term government contracts and task orders, as well as commercial consulting engagements in sectors including energy, aviation, and financial services.
ICF International Stock: Share-Price Drivers
Factors ICF International itself names as material for its business development, reproduced neutrally, without price forecast and without assessment of our own. NadirAlpha methodology
ICF is rotating its revenue base toward commercial and utility energy-efficiency programs while demand from the U.S. federal government declines
ICF reported revenue of 474.5 million in 2026-Q2 and booked a broad slate of new utility energy-efficiency and disaster-recovery contracts, while federal government work contracted, making the mix shift the central swing factor for the top line 42 45
ICF reported revenue of 474.5 million in 2026-Q2 and booked a broad slate of new utility energy-efficiency and disaster-recovery contracts, while federal government work contracted, making the mix shift the central swing factor for the top line 42 45
Commercial and utility energy-efficiency and demand-response contracts
ICF reported a large number of new and recompete utility awards across Midwestern, Mid-Atlantic, Northeastern, Southern and Western U.S. utilities for residential, multifamily and electrification programs, pointing to continued traction in commercial energy work 42 45
ICF reported a large number of new and recompete utility awards across Midwestern, Mid-Atlantic, Northeastern, Southern and Western U.S. utilities for residential, multifamily and electrification programs, pointing to continued traction in commercial energy work 42 45
U.S. federal government revenue
ICF reported U.S. federal government revenue of 182.3 million in 2026-Q1, down 23.7% year on year, as federal demand weakened 42
ICF reported U.S. federal government revenue of 182.3 million in 2026-Q1, down 23.7% year on year, as federal demand weakened 42
Health and social programs segment
ICF reported Health and social programs revenue of 620.7 million in FY2025, down 18.9%, a drag on the overall mix 39
ICF reported Health and social programs revenue of 620.7 million in FY2025, down 18.9%, a drag on the overall mix 39
Energy, environment, infrastructure and disaster recovery segment
ICF reported Energy, environment, infrastructure and disaster recovery revenue of 979.1 million in FY2025, up 4.8%, supported by utility and resiliency programs 39
ICF reported Energy, environment, infrastructure and disaster recovery revenue of 979.1 million in FY2025, up 4.8%, supported by utility and resiliency programs 39
Profitability and free cash flow
ICF reported operating income of 39.9 million, adjusted diluted EPS of 1.86 and free cash flow of 94 million in 2026-Q2, with profitability higher and guidance confirmed 145
ICF reported operating income of 39.9 million, adjusted diluted EPS of 1.86 and free cash flow of 94 million in 2026-Q2, with profitability higher and guidance confirmed 145
Acquisition-led energy capability build-out
ICF folded in Applied Energy Group in December 2024, adding to its utility energy-efficiency and advisory capabilities 39
ICF folded in Applied Energy Group in December 2024, adding to its utility energy-efficiency and advisory capabilities 39
Sector trend: ICF's sector KPIs are diverging: utility and commercial energy-efficiency demand is rising and lifting the energy, environment, infrastructure and disaster recovery segment, while U.S. federal government and health and social programs demand is contracting, leaving overall revenue broadly flat with profitability trending higher 39 42 145.
ICF International Revenue by Type (as of 2026-Q2 · USD million · 10/14)
The segments of ICF International in the company's own definition, each row with its basis (3, 6 or 12 months), rows in grey are no longer reported separately. NadirAlpha methodology
| Segment | Since | Revenue | Growth | Source |
|---|---|---|---|---|
| Period 2026-Q1 (3M) | ||||
| U.S. federal government | 2023-Q2 | 182.3 | -23.7% | 42 |
| Commercial | 2023-Q2 | 146.3 | – | 42 |
| U.S. state and local government | 2023-Q2 | 77 | – | 42 |
| Period FY2025 (12M) | ||||
| Fixed-price contracts | FY2025 | 932.7 | – | 39 |
| Time-and-materials contracts | FY2025 | 802 | – | 39 |
| Cost-based contracts | FY2025 | 138.2 | – | 39 |
| Energy, environment, infrastructure, and disaster recovery | FY2023 | 979.1 | 4.8% | 39 |
| Health and social programs | FY2023 | 620.7 | -18.9% | 39 |
| Security and other civilian & commercial | FY2023 | 273 | -14.8% | 39 |
| Period 2025-Q1 | ||||
| Commercial energy | – | – | – | 29 |
| Period FY2023 (12M) | ||||
| Fixed-price | FY2023 | 885.5 | – | 15 |
| Time-and-materials | FY2023 | 812.4 | – | 15 |
| Cost-based | FY2023 | 265.3 | – | 15 |
| Period 2023-Q2 (3M) | ||||
| Government Revenue | 2023-Q2 | 379.3 | 19.4% | 8 |
ICF International Products & announcements (24/27 active+recent)
27 product announcements of ICF International since 2023, grouped by year; active means still mentioned in the most recent reports, nothing is deleted. NadirAlpha methodology
Status: LaunchedPlanned
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2026 | |||
| Western U.S. utility master services agreement for regulatory compliance and environmental/capital projects | 2026-06 | 45 | |
| Western U.S. county government electric vehicle charger installation project management ($7.0 million) | 2026-06 | 45 | |
| U.S. state housing agency program management support services contract modification ($7.3 million) | 2026-06 | 45 | |
| Technology modernization capabilities deployment | 2026-06 | 45 | |
| Northeastern U.S. utilities residential new construction energy efficiency program recompete | 2026-06 | 45 | |
| Midwestern U.S. utility beneficial electrification programs implementation recompete subcontract | 2026-06 | 45 | |
| Midwestern U.S. energy company residential and low-income energy efficiency program recompete subcontract | 2026-06 | 45 | |
| Mid-Atlantic U.S. utility residential and commercial energy efficiency programs recompete | 2026-06 | 45 | |
| Mid-Atlantic U.S. utility energy efficiency program management and customer marketing support recompete | 2026-06 | 45 | |
| Mid-Atlantic U.S. energy efficiency nonprofit home performance program | 2026-06 | 45 | |
| Federal health agency value-based-care analytic infrastructure and cloud tools recompete ($19.6M) | 2026-06 | 45 | |
| Federal health agency open-source software for electronic healthcare quality measures ($9.7M) | 2026-06 | 45 | |
| Federal government sustainable site reuse and hazardous waste cleanup technical assistance subcontracts ($13.5M combined) | 2026-06 | 45 | |
| Federal government department digital modernization and technology support services ($8.6M) | 2026-06 | 45 | |
| Entergy Louisiana energy efficiency programs contract | 2026-06 | 45 | |
| Disaster recovery and mitigation program support in 22 states and territories | 2026-06 | 45 | |
| Commercial energy efficiency, flexible load management, electrification and battery storage programs | 2026-06 | 45 | |
| Army Research Lab cybersecurity technology and R&D services subcontract ($25.0M ceiling) | 2026-06 | 45 | |
| 2025 | |||
| Federal enterprise grants management solution implementation | 2025-12 | 38 | |
| European Commission recompete multiple-award master framework contract for public communication campaigns | 2025-12 | 38 | |
| Diridon Station Redevelopment Project environmental services contract with Peninsula Corridor Joint Powers Board | 2025-12 | 38 | |
| Energy efficiency programs expansion | 2025-06 | 32 | |
| AI and technology capabilities expansion | 2025-06 | 32 | |
| ICF Fathom AI platform introduction | 2025 | 39 | |
| 2023 | |||
| Regular quarterly dividend | 2023 | 15 | |
| Grid modernization and electrical engineering capability expansion | 2023 | 14 | |
ICF International Transactions & Events (75)
Transactions of ICF International since 2023: acquisitions, disposals, agreements and regulation, deliberately including smaller items; purchase prices only when the company names them. NadirAlpha methodology
Acquisitions · 33Partnerships/contracts · 33Divestitures/exits · 4older: 5 (in the table)
Acquisitions by ICF International
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Subcontract modification with Midwestern U.S. utility for residential retail energy efficiency | 2026-03 | Completed | 42 |
| Recompete subcontract with Midwestern U.S. utility for residential multifamily program | 2026-03 | Completed | 42 |
| Recompete contract worth $15.7 million for rulemaking support with Department of Labor | 2026-03 | Completed | 42 |
| Recompete contract worth $13.9 million with state transportation agency | 2026-03 | Completed | 42 |
| Five contract modifications worth $17.1 million with Centers for Medicare and Medicaid Services | 2026-03 | Completed | 42 |
| Contract worth $23.0 million for health data analytics with federal health agency | 2026-03 | Completed | 42 |
| Contract modifications with two Mid-Atlantic U.S. utilities for energy efficiency programs | 2026-03 | Completed | 42 |
| Contract modification with Southern U.S. utility for electric technology program | 2026-03 | Completed | 42 |
| Contract modification with Northeastern U.S. utility for marketing agency services | 2026-03 | Completed | 42 |
| Contract extension with Eastern U.S. utility for marketing and customer engagement services | 2026-03 | Completed | 42 |
| 2025 | |||
| Utility company energy efficiency and electrification program contract | 2025-09 | Completed | 36 |
| Federal health agency child welfare programs contract | 2025-09 | Completed | 36 |
| Federal government low-code applications and IT services contract | 2025-09 | Completed | 36 |
| European Commission media relations and outreach framework contract | 2025-09 | Completed | 36 |
| Statewide building energy efficiency program subcontract | 2025-06 | Completed | 32 |
| Digital modernization contract wins | 2025-06 | Completed | 32 |
| Two subcontracts for U.S. federal agency critical data systems modernization | 2025-03 | Completed | 29 |
| Subcontract to improve federal agency affordable housing web-based platform | 2025-03 | Completed | 29 |
| Recompete subcontract for federal agency energy cost reduction program | 2025-03 | Completed | 29 |
| Federal health agency data management system contract (2x) | 2025-03 | Completed | 36 |
| Contract modification with Northeastern utility for weatherization and energy efficiency program | 2025-03 | Completed | 29 |
| 2024 | |||
| Applied Energy Group acquisition (2x) | 2024-12 | Completed | 39 |
| Acquisition in fourth quarter 2024 | 2024-12 | Completed | 30 |
| Task order for data center modernization services | 2024-09 | Completed | 23 |
| Subcontract for information resource support services for National Institute of Neurological Disorders and Stroke | 2024-09 | Completed | 23 |
| Contract modification with multinational energy company for environmental impact statements (2x) | 2024-09 | Completed | 23 |
| Contract modification with mid-Atlantic utility for energy efficiency programs | 2024-09 | Completed | 23 |
| Contract modification with mid-Atlantic utility for energy efficiency program implementation | 2024-09 | Completed | 23 |
| Contract modification with U.S. federal agency for stakeholder engagement support services | 2024-09 | Completed | 23 |
| Contract extension with U.S. state land agency for disaster recovery and mitigation grant management | 2024-09 | Completed | 23 |
| Subcontract for Centers for Medicare and Medicaid Services Quality Payment Program modernization | 2024-06 | Completed | 20 |
| Release of escrow related to 2023 divestiture of U.S. commercial marketing business | 2024-06 | Completed | 21 |
| 2023 | |||
| CMY acquisition | 2023 | Completed | 39 |
| 2022 | |||
| Blanton & Associates acquisition | 2022-09 | Completed | 27 |
| SemanticBits acquisition (2x) | 2022 | Completed | 27 |
| 2021 | |||
| Creative Systems acquisition | 2021-12 | Completed | 15 |
| ESAC acquisition | 2021 | Completed | 15 |
| 2020 | |||
| ITG acquisition | 2020-01 | Completed | 15 |
Divestitures and exits by ICF International
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2023 | |||
| U.K. events service line exit | 2023-06 | Divested | 5 |
| Exit of commercial U.K. events business | 2023-06 | Divested | 11 |
| Sale of Commercial Marketing Group (4x) | 2023 | Divested | 8 |
| Canadian mobile text aggregation business divestiture | 2023 | Divested | 27 |
Partnerships and contracts of ICF International
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| DCSA blanket purchase agreement, $8.3M | 2026-03 | Agreement | 42 |
| GSA blanket purchase agreement, data analytics, $14.2M | 2026-03 | Agreement | 42 |
| Southwestern U.S. utility, residential energy efficiency assessments | 2026-03 | Agreement | 42 |
| Northeastern U.S. utility, energy efficiency and demand response | 2026-03 | Agreement | 42 |
| Northeastern U.S. utility, FEMA hazard mitigation | 2026-03 | Agreement | 42 |
| 2025 | |||
| IT modernization/digital transformation, state government, claims management | 2025-09 | Agreement | 36 |
| Recompete, federal agency, child welfare information systems | 2025-03 | Agreement | 29 |
| Recompete, Southern utility, energy efficiency home rebates | 2025-03 | Agreement | 29 |
| Recompete, Southern utility, DSM programs | 2025-03 | Agreement | 29 |
| Recompete, Mid-Atlantic utility, energy efficiency | 2025-03 | Agreement | 29 |
| Recompete, master services agreement, energy efficiency | 2025-03 | Agreement | 29 |
| U.S. state risk management office, disaster recovery | 2025-03 | Agreement | 29 |
| 2024 | |||
| Single-award BPA, EPA Office of Water | 2024-09 | Agreement | 23 |
| U.S. territory government, geospatial data management system | 2024-09 | Agreement | 23 |
| U.S. territory government, disaster management compliance | 2024-09 | Agreement | 23 |
| U.S. Department of Education, capacity-building services | 2024-09 | Agreement | 23 |
| NIH National Library of Medicine, cross-functional initiatives incl. GenAI | 2024-09 | Agreement | 23 |
| Midwestern utility, residential energy efficiency | 2024-09 | Agreement | 23 |
| Midwestern utility, demand-side management | 2024-09 | Agreement | 23 |
| Midwestern electric and gas utility, residential energy efficiency | 2024-09 | Agreement | 23 |
| Contract with CDC for Needle Exchange Utilization Survey surveillance project support | 2024-09 | Agreement | 23 |
| Contract award with U.S. federal agency for strategic and digital communications campaigns to combat human trafficking | 2024-09 | Agreement | 23 |
| Blanket purchase agreement recompete with Federal Highway Administration | 2024-09 | Agreement | 23 |
| Contract with U.S. Federal Emergency Management Agency to build cloud-based data exchange platform | 2024-06 | Agreement | 20 |
| Contract with U.S. Agency for International Development Bureau for Global Health for Demographic and Health Surveys Program | 2024-06 | Agreement | 20 |
| Contract with Government of Puerto Rico for disaster recovery and mitigation efforts | 2024-06 | Agreement | 20 |
| Single-award indefinite delivery, indefinite quantity recompete contract with U.S. Environmental Protection Agency | 2024-03 | Agreement | 18 |
| Multiple energy efficiency program implementation contracts with Mid-Atlantic U.S. utilities | 2024-03 | Agreement | 18 |
| Master framework contract with European Commission directorate general | 2024-03 | Agreement | 18 |
| Contract with Western U.S. utility for wildfire and natural disaster resiliency rebuild program | 2024-03 | Agreement | 18 |
| Contract with U.S. commercial client for inspections solution modernization | 2024-03 | Agreement | 18 |
| 2023 | |||
| Contract award with U.S. territory for renewable energy program | 2023-03 | Agreement | 5 |
| Contract award with Department of Justice for victim support training | 2023-03 | Agreement | 5 |
ICF International Risks (61 since the annual report of 2026-02-27, 142 tracked in total)
Which risks ICF International has named since the annual report, company-specific first, generic standard risks in the expandable part; first mention refers to the document base from 2023. NadirAlpha methodology
Category: LegalFinancialRegulatoryGeopoliticsMacroCustomersStrategyCyberSupply chainTechnologyCompetitionPeople
| Risk | Category | Last reported |
|---|---|---|
| ICF International: first mention in 8-K-EX99.1 earnings release of 2026-08-06 (2026-Q2), source 45 | ||
| Contract cancellations between February-May 2025 impacted federal government revenue comparisons | = | |
| Commercial work dependence on highly cyclical sectors of global economy | = | |
| ICF International: first mention in 10-Q quarterly report of 2026-08-06 (2026-Q2), source 44 | ||
| Company involved in various legal matters arising in ordinary course; currently no material adverse impact expected. | = | |
| Prolonged U.S. federal government shutdown could affect cash generation from federal business. | = | |
| Ongoing wars in Ukraine and Middle East instabilities create economic uncertainty. | = | |
| ICF International: first mention in 8-K-EX99.1 earnings release of 2026-06-24 (2026-Q2), source 43 | ||
| Current Administration policy changes and executive orders affecting government spending and contract terminations | 2026-Q2 2026-08-06 45 | |
| Ability to estimate and control costs under fixed-price contracts | = | |
| ICF International: first mention in 10-Q quarterly report of 2025-10-30 (2025-Q3), source 35 | ||
| Global trade volatility and tariff imposition may impact cash flows and operations. | 2026-Q2 2026-08-06 44 | |
| ICF International: first mention in 8-K-EX99.1 earnings release of 2025-07-31 (2025-Q2), source 32 | ||
| Impact of lengthy federal government shutdown on operations and contract performance | 2026-Q2 2026-08-06 45 | |
| ICF International: first mention in 8-K-EX99.1 earnings release of 2025-05-01 (2025-Q1), source 29 | ||
| Dependence on congressional approval of budgets and appropriations; vulnerability to reductions in government spending | 2026-Q2 2026-08-06 45 | |
| ICF International: first mention in 10-K annual report of 2025-02-28 (FY2024), source 27 | ||
| Risk on ability to estimate and control costs under fixed-price contracts; over 80% of technology modernization work performed under outcome-based, fixed-price contracts | 2026-Q2 2026-08-06 45 | |
| ICF International: first mention in 10-Q quarterly report of 2024-08-02 (2024-Q2), source 21 | ||
| Commercial work dependence on highly cyclical global economy sectors | 2026-Q2 2026-06-24 43 | |
| ICF International: first mention in 10-Q quarterly report of 2023-11-03 (2023-Q3), source 12 | ||
| Congress budget approval delays, reductions in government spending, federal shutdown impact | 2026-Q2 2026-06-24 43 | |
| ICF International: first mention in 10-Q quarterly report of 2023-05-10 (2023-Q1), source 6 | ||
| Risk in realization of backlog of $3.3 billion to support revenue guidance | 2026-Q2 2026-08-06 45 | |
| Majority of revenue derived from U.S. federal, state, local, and international government clients | 2026-Q2 2026-08-06 45 | |
| Risk in ability to acquire and successfully integrate businesses | 2026-Q2 2026-08-06 45 | |
| ICF International: first mention in 10-Q quarterly report of 2026-05-07 (2026-Q1), source 41 | ||
| Significant revenue dependence on U.S. federal government clients, which decreased 10.3% due to contract terminations and policy changes. | = | |
| Disaster recovery contracts involve unusual challenges including community stress, political complexities, government agency challenges, and higher audit and investigation risk. | = | |
| Ongoing wars in Ukraine, Middle East instabilities, and global trade volatility including tariff impositions create uncertainty and may impact cash generation. | = | |
| ICF International: first mention in 10-K annual report of 2026-02-27 (FY2025), source 39 | ||
| $401.4 million indebtedness matures May 6, 2027; failure to refinance could adversely affect operations | = | |
| Prolonged federal government shutdown could adversely affect ability to generate cash from federal government business | = | |
| Federal audits completed through 2022-2023 for NIH rates and 2015 for USAID rates; later audits pending | = | |
| Congress inability to pass appropriations on time delays revenue and creates funding uncertainties | = | |
| Administration and Congressional actions restrict or reduce federal government client expenditures | = | |
| Increasing sophistication of cyberattacks threatens classified and controlled unclassified information | = | |
| Credit risk from larger commercial customers, particularly non-federal and non-U.S. government clients | = | |
| Board discretion over dividends; potential reduction or elimination could negatively affect stock price | = | |
| Fixed-price contracts expose to cost overrun risk if costs exceed estimates | = | |
| Revenue denominated in foreign currencies subject to translation risk; hedges may not successfully reduce exposure | = | |
| Difficulties managing international operations including obtaining work permits, visa issues, qualified local employees | = | |
| Congressional failure to raise debt ceiling could result in federal shutdowns affecting agency spending | = | |
| Pandemics and health outbreaks could materially affect demand for services and staffing availability | = | |
| International trade disputes and U.S. tariffs against UK, EU, Canada creating economic uncertainty and potential supply chain disruptions | = | |
| Compliance with varying laws, anti-corruption, economic sanctions, trade restrictions across multiple countries increases operational risk | = | |
| Risk of improper use of intellectual property developed for government or others | = | |
| Non-U.S. operations subject to U.K. Bribery Act, GDPR, and other foreign laws increasing compliance costs | = | |
| Complex laws and regulations governing government contracts require extensive compliance efforts | = | |
| GSA Schedule and IDIQ contracts require competing for each task order creating revenue volatility | = | |
| System failures, network interruptions, or natural disasters could disrupt operations and client services | = | |
| Major competitors larger with greater resources and brand recognition than ICF | = | |
| ICF International: first mention in 8-K-EX99.1 earnings release of 2026-02-26 (2025-Q4), source 38 | ||
| International government revenue grew 12.8% to $33.8 million in Q4 2025 but remains small portion of total. | = | |
| Fixed-price and time-and-materials contracts account for 93% of 2025 revenues; cost-based contracts declined to 7%. | = | |
| Interest expense of $30.8 million annually represents debt service obligations from acquisition financing. | = | |
| Continued investment in AI service offerings while managing near-term federal budget constraints. | = | |
| ICF International: first mention in 8-K-EX99.1 earnings release of 2025-10-30 (2025-Q3), source 36 | ||
| Prolonged federal government shutdown may affect ability to generate cash from U.S. federal government business. | 2026-Q1 2026-05-07 41 | |
| ICF International: first mention in 8-K-EX99.1 earnings release of 2025-07-31 (2025-Q2), source 32 | ||
| Delays in new federal government procurements impacting revenue | = | |
| ICF International: first mention in 10-Q quarterly report of 2025-05-02 (2025-Q1), source 30 | ||
| Results of routine and non-routine government audits and investigations including unpredictable executive orders | = | |
| ICF International: first mention in 10-K annual report of 2025-02-28 (FY2024), source 27 | ||
| GDPR, CCPA, and state privacy laws impose substantial costs for compliance and Personal Data protection | FY2025 2026-02-27 39 | |
| Competitors protest contract awards delaying startup and funding of work | FY2025 2026-02-27 39 | |
| ICF International: first mention in 10-Q quarterly report of 2024-11-01 (2024-Q3), source 24 | ||
| Commercial work in air transportation and environmental services sectors is cyclical | FY2025 2026-02-27 39 | |
| ICF International: first mention in 8-K-EX99.1 earnings release of 2024-03-28 (2024-Q1), source 16 | ||
| Dependence on U.S. federal government agencies creates exposure to funding curtailments and RFP delays. | 2025-Q4 2026-02-26 38 | |
| ICF International: first mention in 10-K annual report of 2024-02-28 (FY2023), source 15 | ||
| Goodwill represents 61% of total assets; future impairment could negatively impact profitability | FY2025 2026-02-27 39 | |
| Received contract terminations and stop-work orders from government agencies in Q1-Q2 2025 | FY2025 2026-02-27 39 | |
| Variable rate debt exposure; 1% interest rate increase would increase expense by $5.2 million | FY2025 2026-02-27 39 | |
| Inability to attract and retain qualified employees could increase costs and reduce service quality | FY2025 2026-02-27 39 | |
| Actual or perceived conflicts of interest limit work and growth opportunities in certain areas | FY2025 2026-02-27 39 | |
| Poor performance by teammates or subcontractors could damage reputation and result in revenue loss | FY2025 2026-02-27 39 | |
| ICF International: first mention in 8-K-EX99.1 earnings release of 2024-02-27 (2023-Q4), source 14 | ||
| Federal government clients represent significant portion of revenue; contract terminations from Administration priorities create revenue volatility | FY2025 2026-02-27 39 | |
| ICF International: first mention in 10-Q quarterly report of 2023-08-04 (2023-Q2), source 9 | ||
| Complex disaster relief efforts involving multiple government tiers; higher audit and investigation risks | 2025-Q2 2025-08-01 33 | |
| ICF International: first mention in 10-Q quarterly report of 2023-05-10 (2023-Q1), source 6 | ||
| Political instability in jurisdictions where company operates, including Ukraine war impact on EU spending priorities | FY2025 2026-02-27 39 | |
| ICF International: first mention in 8-K-EX99.1 earnings release of 2023-05-09 (2023-Q1), source 5 | ||
| Dependence on U.S. federal government contracts; federal revenue declined 25% YoY | 2025-Q2 2025-07-31 32 | |
= last mention identical with the first mention (same source)
ICF International Reported KPIs (as disclosed) (307)
The story KPIs of ICF International that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| KPI | Value / change | Source |
|---|---|---|
| ICF International, published 2026-08-06, period 2026-Q2 | ||
| Unused Delayed Draw Term Loan | 400.0 million | 44 |
| Unused Borrowing Capacity | 586.4 million | 44 |
| Total Dividend Payments (Six Months) | 5.1 million | 44 |
| Total Backlog | $3.3 billion | 45 |
| Share Repurchases (Second Quarter) | 217,542 shares | 45 |
| Share Repurchases | 435,055 shares | 45 |
| Operating Income | 39,887 | 44 |
| Funded Backlog | more than $1.6 billion | 45 |
| Fixed-Rate Debt Percentage | 43% | 44 |
| EBITDA | 52,969 | 44 |
| Dividend Per Share | 0.14 | 44 |
| Business Development Pipeline | $9.3 billion | 45 |
| Book-to-Bill Ratio (quarterly) | 0.85 | 45 |
| Book-to-Bill Ratio (TTM) | 1.09 | 45 |
| Adjusted EBITDA Margin | 11.2% | 45 |
| ICF International, published 2026-05-07, period 2026-Q1 | ||
| Total notional value of floating-to-fixed interest rate swap agreements | 175.0 million | 41 |
| Total backlog | $3.4 billion | 42 |
| Quarterly cash dividend per share | 0.14 | 41 |
| Percentage of fixed-rate debt to total debt from Credit Facility | 40% | 41 |
| Operating margin | 8.0% | 42 |
| New business percentage of awards | 65% | 42 |
| Net income margin | 4.7% | 42 |
| Market share in residential energy efficiency | 35% | 42 |
| Market share in commercial and industrial energy efficiency | approaching 20% | 42 |
| International government revenue growth (year-on-year) | 17.5% | 42 |
| Interest rate inclusive of swap agreements | 5.1% | 41 |
| Gross margin | 38.1% | 42 |
| Funded backlog | $1.7 billion | 42 |
| Federal government revenue growth (sequential) | 8.6% | 42 |
| Disaster recovery programs supported | over 75 active | 42 |
| Contract awards value | $450 million | 42 |
| Commercial revenue percentage of total | 33.4% | 42 |
| Commercial energy revenue percentage of commercial | 87.7% | 42 |
| Commercial energy revenue growth (year-on-year) | 1.9% | 42 |
| Business development pipeline | $8.5 billion | 42 |
| Book-to-bill ratio (trailing twelve-month) | 1.21 | 42 |
| Book-to-bill ratio (quarterly) | 1.03 | 42 |
| Average interest rate on debt facilities | 5.0% | 41 |
| Available borrowing capacity under Credit Facility | 512.4 million | 41 |
| Adjusted EBITDA margin | 11.2% | 42 |
| ICF International, published 2026-02-27, period FY2025 | ||
| Unused borrowing capacity | 550.0 million | 39 |
| U.S. state and local government revenue | 17 (USD %) | 39 |
| U.S. federal government revenue (prior year) | 1,088,607 | 39 |
| U.S. federal government revenue | 43 (USD %) | 39 |
| Top 10 contracts revenue share | 14 | 39 |
| Time-and-materials contracts | 43 | 39 |
| Talent acquisition unique prospects reached | 1.5 | 39 |
| Revenue | 1,872.9 | 39 |
| Regional offices U.S. | 49 | 39 |
| Prime contract revenue | 86 (USD %) | 39 |
| Post-graduate degree holders | 42 | 39 |
| Outstanding indebtedness | 401.4 | 39 |
| Operating cash flow | 141,870 | 39 |
| Mental health offerings satisfaction | 95 | 39 |
| Management senior leaders (VP or higher) | 279 | 39 |
| Management average tenure | 18 | 39 |
| Largest client revenue share | 22 | 39 |
| International operations revenue percentage | 8% | 39 |
| International offices | 14 | 39 |
| International government revenue | 7 (USD %) | 39 |
| Hires through career site engagement | 20 | 39 |
| Fixed-rate debt percentage | 43% | 39 |
| Fixed-price contracts | 50 | 39 |
| Cost-based contracts | 7 (USD %) | 39 |
| Commercial revenue | 33 (USD %) | 39 |
| Career site blog engagement application rate | 15 | 39 |
| ICF International, published 2026-02-26, period 2025-Q4 | ||
| U.S. Federal Government Revenue Q4 Decline | 35.1% | 38 |
| U.S. Federal Government Revenue Q4 | $167.8 million | 38 |
| Total Backlog | $3.4 billion | 38 |
| Funded Backlog | $1.7 billion | 38 |
| Commercial Revenue Growth Q4 | 23.3% | 38 |
| Commercial Revenue Growth Full Year | 24% | 38 |
| Business Development Pipeline | $8.6 billion | 38 |
| Book-to-Bill Ratio Q4 | 0.95 | 38 |
| Book-to-Bill Ratio Full Year | 1.19 | 38 |
| Adjusted EBITDA Margin % of Revenue | 10.4 | 38 |
| Adjusted EBITDA Margin % of Revenue | 11.3 | 38 |
| Adjusted EBITDA Margin % of Revenue Full Year | 11.1 | 38 |
| Adjusted EBITDA Margin % of Revenue Full Year | 11.2 | 38 |
| ICF International, published 2025-10-30, period 2025-Q3 | ||
| Quarterly Dividend per Share | 0.14 | 35 |
| Operating Cash Flow | 66,244 | 35 |
| Fixed Rate Debt % | 39 | 35 |
| Available Credit Facility | 501.6 million | 35 |
| Year-to-Date Contract Awards | 1.8 billion | 36 |
| Funded Backlog | 1.9 billion | 36 |
| Business Development Pipeline | 8.4 billion | 36 |
| Book-to-Bill Ratio | 1.53 | 36 |
| Backlog | 3.5 billion | 36 |
| Adjusted EBITDA Margin | 11.4% | 36 |
| ICF International, published 2025-08-01, period 2025-Q2 | ||
| Quarterly Cash Dividend per Share | 0.14 | 33 |
| Backlog Reduction | 418.2 million | 33 |
| Available Credit Facility | 488.3 million | 33 |
| ICF International, published 2025-07-31, period 2025-Q2 | ||
| Year-to-Date Contract Wins | almost 1.1 billion | 32 |
| Total backlog | 3.4 billion | 32 |
| Funded backlog | 1.8 billion | 32 |
| Contract Awards | 621 million | 32 |
| Business development pipeline | 9.2 billion | 32 |
| Book-to-Bill Ratio | 1.30 | 32 |
| Adjusted EBITDA margin | 11.1% | 32 |
| ICF International, published 2025-05-02, period 2025-Q1 | ||
| Total Dividend Payments | 2.6 million | 30 |
| Quarterly Dividend Per Share | 0.14 | 30 |
| Floating-to-Fixed Swap Notional Value | 175.0 million | 30 |
| Fixed-Rate Debt Percentage | 35% | 30 |
| Available Credit Facility | 448.4 million | 30 |
| ICF International, published 2025-05-01, period 2025-Q1 | ||
| Funded backlog | $1.9 billion | 29 |
| Business development pipeline | exceeded $10 billion | 29 |
| Book-to-Bill Ratio | 0.96 | 29 |
| Backlog | $3.4 billion | 29 |
| ICF International, published 2025-02-28, period FY2024 | ||
| US Regional Offices | 55 | 27 |
| Unfunded Backlog | $1,929.2 million | 27 |
| Unfunded Backlog | $2,002.7 million | 27 |
| Unfunded Backlog | $2,069.3 million | 27 |
| Total Revenue | $2,019.8 million | 27 |
| Total Revenue | $1,963.2 million | 27 |
| Total Revenue | $1,780.0 million | 27 |
| Total Backlog | $3,786.3 million | 27 |
| Total Backlog | $3,777.8 million | 27 |
| Total Backlog | $3,856.2 million | 27 |
| Termination for Convenience Notices Post-2024 | approximately $276 million | 27 |
| Stop Work Orders Post-2024 | approximately $99 million | 27 |
| State/Local/Intl. Government Revenue % | approximately 21% | 27 |
| State/Local/Intl. Government Revenue % | 21% | 27 |
| State/Local/Intl. Government Revenue % | 21% | 27 |
| Senior Leaders (VP or Above) | 293 | 27 |
| Prime Contract Revenue % | approximately 87% | 27 |
| prime contract revenue pct | 89% | 27 |
| prime contract revenue pct | 91% | 27 |
| post graduate degree staff percentage | approximately 43% | 27 |
| largest ten contracts revenue pct | approximately 12% | 27 |
| largest ten contracts revenue pct | 14% | 27 |
| largest ten contracts revenue pct | 15% | 27 |
| job applications | nearly half a million | 27 |
| international offices | 15 | 27 |
| hhs revenue pct | 25% | 27 |
| hhs revenue pct | 26% | 27 |
| hhs revenue pct | 23% | 27 |
| government client revenue pct | approximately 75% | 27 |
| government client revenue pct | 76% | 27 |
| government client revenue pct | 76% | 27 |
| funded backlog | $1,857.1 million | 27 |
| funded backlog | $1,775.1 million | 27 |
| funded backlog | $1,786.9 million | 27 |
| fixed price contract revenue pct | 46% | 27 |
| fixed price contract revenue pct | 45% | 27 |
| fixed price contract revenue pct | 45% | 27 |
| Federal Government Revenue % | approximately 54% | 27 |
| Federal Government Revenue % | 55% | 27 |
| Federal Government Revenue % | 55% | 27 |
| EPA Revenue % | 3% | 27 |
| DOS Revenue % | 3% | 27 |
| DOS Revenue % | 5% | 27 |
| DOS Revenue % | 6% | 27 |
| DOD Revenue % | 3% | 27 |
| DOD Revenue % | 4% | 27 |
| Commercial Client Revenue % | approximately 25% | 27 |
| Commercial Client Revenue % | 24% | 27 |
| Commercial Client Revenue % | 24% | 27 |
| Average Management Tenure | approximately 17 years | 27 |
| Unused Borrowing Capacity | $541.1 million | 27 |
| State and Local Government Revenue % | 16% | 27 |
| Prime Contract Revenue % | 87% | 27 |
| Outstanding Credit Facility | $411.7 million | 27 |
| Operating Lease Liabilities | $176.7 million | 27 |
| International Operations Revenue % | 7% | 27 |
| International Government Revenue % | 5% | 27 |
| Interest Rate Swap Notional Amount | $275.0 million | 27 |
| Finance Lease Liabilities | $13.9 million | 27 |
| Federal Government Revenue % | 54% | 27 |
| Commercial Revenue % | 25% | 27 |
| ICF International, published 2025-02-27, period 2024-Q4 | ||
| Trailing Twelve-Month Contract Awards | $2.51 billion | 26 |
| Total Backlog | $3.8 billion | 26 |
| TTM Book-to-Bill Ratio | 1.24 | 26 |
| Funded Backlog | $1.9 billion | 26 |
| Book-to-Bill Ratio | 1.02 | 26 |
| Adjusted EBITDA Margin % on Revenue | 11.3% | 26 |
| Adjusted EBITDA Margin % on Revenue | 11.2% | 26 |
| ICF International, published 2024-10-31, period 2024-Q3 | ||
| Year-to-Date Contract Awards | just over 2.0 billion | 23 |
| Total Backlog | 3.9 billion | 23 |
| Operating Margin | 8.9% | 23 |
| Funded Backlog | 1.9 billion | 23 |
| Contract Awards | 696.9 million | 23 |
| Business Development Pipeline | 10.6 billion | 23 |
| Book-to-Bill Ratio (Trailing | 1.31 | 23 |
| Book-to-Bill Ratio (Quarterly) | 1.35 | 23 |
| Adjusted EBITDA Margin | 11.3% | 23 |
| ICF International, published 2024-08-01, period 2024-Q2 | ||
| Total Backlog | 3.8 billion | 20 |
| TTM Contract Awards | 2.8 billion | 20 |
| Funded Backlog | 1.7 billion | 20 |
| Contract Awards (Q2) | 810 million | 20 |
| Business Development Pipeline | 10.5 billion | 20 |
| Book-to-Bill Ratio (TTM) | 1.40 | 20 |
| Book-to-Bill Ratio (Q2) | 1.58 | 20 |
| ICF International, published 2024-05-02, period 2024-Q1 | ||
| Total Dividend Payments | 2.6 million | 17 |
| Total Backlog | $3.6 billion | 18 |
| TTM Contract Awards | $2.4 billion | 18 |
| Quarterly Dividend Per Share | 0.14 | 17 |
| Interest Rate Inclusive of Swap | 5.6% | 17 |
| Interest Rate Inclusive of Swap | 5.5% | 17 |
| Funded Backlog | $1.8 billion | 18 |
| Fixed Rate Debt Percentage | 58% | 17 |
| Effective Income Tax Rate | 20.4% | 17 |
| Effective Income Tax Rate | 23.5% | 17 |
| EBITDA | 56,439 | 17 |
| Contract Awards | $495 million | 18 |
| Business Development Pipeline | $9.7 billion | 18 |
| Book-to-Bill Ratio (TTM) | 1.23 | 18 |
| Average Debt Balance | 508.8 million | 17 |
| Average Debt Balance | 634.3 million | 17 |
| Available Credit Facility | 541.3 million | 17 |
| ICF International, published 2024-02-28, period FY2023 | ||
| Unfunded backlog | 2,002.7 million | 15 |
| Unfunded backlog | 2,069.3 million | 15 |
| Unfunded backlog | 1,605.4 million | 15 |
| State and local government and international government revenue percentage | 21% | 15 |
| State and local government and international government revenue percentage | 21% | 15 |
| State and local government and international government revenue percentage | 24% | 15 |
| Senior leaders with title of vice president or higher | 277 | 15 |
| Regional offices in U.S. | 55 | 15 |
| Prime contracts revenue percentage | 89% | 15 |
| Prime contracts revenue percentage | 91% | 15 |
| Prime contracts revenue percentage | 91% | 15 |
| Post-graduate degree holders | approximately 45% | 15 |
| Overall company turnover excluding on-call staff | 11.4% | 15 |
| Overall company turnover | 14.7% | 15 |
| Operating Income | 132,320 | 15 |
| Offices outside U.S. | 15 | 15 |
| Nurture emails to opt-in prospects | 5.3 million | 15 |
| Net Income | 82,612 | 15 |
| Mentoring pairs in Mentor Connect | nearly 650 | 15 |
| Learning hours consumed | more than 164,000 hours | 15 |
| Leadership development program seats | 410 | 15 |
| Largest three government clients total revenue percentage | 34% | 15 |
| Largest three government clients total revenue percentage | 33% | 15 |
| Largest three government clients total revenue percentage | 30% | 15 |
| Government clients percentage of revenue | 76% | 15 |
| Government clients percentage of revenue | 76% | 15 |
| Government clients percentage of revenue | 71% | 15 |
| Global wellbeing-focused webinars | eleven | 15 |
| Funded backlog | 1,775.1 million | 15 |
| Funded backlog | 1,786.9 million | 15 |
| Funded backlog | 1,593.5 million | 15 |
| Fixed-price contracts revenue percentage | 45% | 15 |
| Fixed-price contracts revenue percentage | 45% | 15 |
| Fixed-price contracts revenue percentage | 41% | 15 |
| Federal government revenue percentage | 55% | 15 |
| Federal government revenue percentage | 55% | 15 |
| Federal government revenue % | 47% | 15 |
| EBITDA | 196,966 | 15 |
| Dept. of State revenue % | 5% | 15 |
| Dept. of State revenue % | 6% | 15 |
| Dept. of State revenue % | 5% | 15 |
| Dept. of Health and Human Services revenue % | 26% | 15 |
| Dept. of Health and Human Services revenue % | 23% | 15 |
| Dept. of Health and Human Services revenue % | 20% | 15 |
| Dept. of Defense revenue % | 3% | 15 |
| Dept. of Defense revenue % | 4% | 15 |
| Dept. of Defense revenue % | 5% | 15 |
| Company-wide challenges conducted | ten | 15 |
| Commercial clients % of revenue | 24% | 15 |
| Commercial clients % of revenue | 24% | 15 |
| Commercial clients % of revenue | 29% | 15 |
| Employer brand content views | 7.7 million | 15 |
| Avg. management team tenure | 16.4 years | 15 |
| Applicants attracted | more than 370,000 | 15 |
| Top 10 contracts revenue % | 14% | 15 |
| Top 10 contracts revenue % | 15% | 15 |
| Top 10 contracts revenue % | 14% | 15 |
| ICF International, published 2024-02-27, period 2023-Q4 | ||
| Total Backlog | $3.8 billion | 14 |
| Growth Markets Revenue Percentage | approximately 80% | 14 |
| Funded Backlog | $1.8 billion | 14 |
| Business Development Pipeline | $9.7 billion | 14 |
| Book-to-Bill Ratio (Trailing | 1.18 | 14 |
| Book-to-Bill Ratio (Q4) | 1.3 | 14 |
| ICF International, published 2023-11-03, period 2023-Q3 | ||
| Days Sales Outstanding (DSO) | 73 days | 12 |
| ICF International, published 2023-11-02, period 2023-Q3 | ||
| Total Backlog | $3.8 billion | 11 |
| TTM Contract Awards | $2.5 billion | 11 |
| Revenue Growth Rate (Q3) | 7.2% | 11 |
| Revenue Growth Rate (Adjusted for Exited Business) | 8.4% | 11 |
| Q3 2023 Contract Awards | $875 million | 11 |
| Funded Backlog | $1.8 billion | 11 |
| EBITDA | 49,198 | 11 |
| Business Development Pipeline | $9.8 billion | 11 |
| Book-to-Bill Ratio (TTM) | 1.3 | 11 |
| Book-to-Bill Ratio (Q3) | 1.7 | 11 |
| ICF International, published 2023-08-04, period 2023-Q2 | ||
| Days Sales Outstanding | 73 | 9 |
| ICF International, published 2023-08-03, period 2023-Q2 | ||
| Trailing-Twelve-Month Contract Awards | $2.5 billion | 8 |
| Funded backlog | $1.6 billion | 8 |
| Contract Awards | $441.4 million | 8 |
| Business development pipeline | $10.3 billion | 8 |
| Book-to-Bill Ratio | 1.3 | 8 |
| Backlog | $3.6 billion | 8 |
| ICF International, published 2023-05-10, period 2023-Q1 | ||
| Service Revenue (Prior Year) | 304,570 | 6 |
| Service Revenue | 351,304 | 6 |
| DSO Excluding Puerto Rico | 68 | 6 |
| DSO (Days Sales Outstanding) | 71 | 6 |
| ICF International, published 2023-05-09, period 2023-Q1 | ||
| Total Backlog | 3.7 billion | 5 |
| TTM Contract Awards | 2.4 billion | 5 |
| State and Local Government Revenue | 74.9 million | 5 |
| Service Revenue Growth | 15% | 5 |
| Service Revenue | 351.3 million | 5 |
| International Government Revenue | 20.7 million | 5 |
| Funded Backlog | 1.7 billion | 5 |
| Federal Government Revenue | 267.7 million | 5 |
| Contract Awards | 410 million | 5 |
| Commercial Revenue | 119.9 million | 5 |
| Business Development Pipeline | 9.9 billion | 5 |
| Book-to-Bill Ratio | 1.30 | 5 |
| Adjusted EBITDA Margin on Service Revenue | 14.5% | 5 |
ICF International Development
How ICF International has developed since 2023: one paragraph per period on revenue, earnings, cash flow and drivers, most recent period first, grouped by year. NadirAlpha methodology
FY2026: ICF International
ICF International's first half of fiscal year 2026 was defined by a significant reduction in U.S. federal government revenues following contract terminations driven by Administration priorities and Department of Government Efficiency recommendations, which reduced federal client revenue by $56.7 million in Q1 alone 41. Q1 revenue declined 10.3% year-over-year to USD 437.5 million, while Q2 revenue of USD 474.5 million was comparable to the prior year as commercial revenue grew 5.9% and international government revenue climbed 35% year-over-year in Q2 41 45. Adjusted EBITDA margin held at 11.2% in both quarters, broadly in line with prior-year levels, and net debt declined from USD 435.3 million at Q1-end to USD 403 million at Q2-end as operating cash flow strengthened materially in the first half 42 44. ICF reaffirmed its full-year 2026 guidance of revenue $1.89B-$1.96B, non-GAAP EPS of $6.95-$7.25, and operating cash flow of $135M-$150M after both quarterly results 45.
FY2025: ICF International
ICF International's full-year 2025 revenue declined to USD 1,872.9 million, down 7.3% from $2,019.8 million in 2024, primarily due to a $279.5 million reduction from U.S. federal government clients following contract terminations and procurement disruptions from Administration policy changes and DOGE actions 39. The federal government share of total revenue fell from 54% in 2024 to 43% in 2025, while commercial revenue grew to 33% of total revenue, an increase of $117.2 million over the prior year 39. Operating income declined to USD 145.5 million and net income to USD 91.6 million, with adjusted EBITDA margin broadly stable at 11.1% in 2025 versus 11.2% in 2024 despite the revenue decline 38. ICF International completed the acquisition of Applied Energy Group on December 31, 2024, enhancing energy advisory and technology capabilities, and introduced the proprietary ICF Fathom AI platform for cloud, AI, business process automation, and analytics offerings during 2025 39. ICF International's full-year operating cash flow was USD 141.9 million, and the company issued 2026 guidance anticipating a return to revenue and earnings growth, with revenues of $1.89 billion to $1.96 billion 38.
FY2024: ICF International
ICF International grew full-year 2024 revenue 3% to USD 2,019.8 million, or 6% excluding the commercial marketing business lines divested in 2023 26. Net income rose 33% to USD 110.2 million, with diluted EPS up 34% to 5.82 and non-GAAP EPS up 15% to 7.45 for the year 26. Adjusted EBITDA margin expanded 30 basis points year-over-year to 11.2%, and operating cash flow reached USD 171.5 million, surpassing the company's guidance of approximately $155 million and representing a 13% increase from 2023 26. ICF completed the acquisition of Applied Energy Group on December 31, 2024, adding approximately $30 million in annual revenue in energy technology and advisory services 27. Subsequent to year-end, the company received termination-for-convenience notices of approximately $276 million and stop-work orders of approximately $99 million, primarily associated with USAID contracts, representing approximately 3.3% of 2024 revenue 27.
FY2023: ICF International
ICF International posted full-year 2023 revenue of 1,963.2 million, up 10.3% from the prior year, driven by growth across federal government, state and local government, and commercial client segments 15. Operating income rose 21.7% to 132.3 million as indirect and selling expenses declined as a share of revenue, though interest expense increased 70.4% owing to higher debt levels and rising rates 15. Net income of 82.6 million benefited from an effective tax rate of 14.4%, down from 23.5% in 2022, reflecting tax planning initiatives undertaken during the year 15. Adjusted non-GAAP EPS increased 12.7% to 6.50, while operating cash flow was 152.4 million 14. ICF divested its commercial marketing business lines and completed the acquisition of CMY Solutions, ending the year with growth markets representing approximately 80% of revenues from continuing operations, up from 75% in 2022 14.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
All original documents NadirAlpha used for this report on ICF International stock: quarterly and annual reports, earnings releases and investor relations documents, sorted by publication, the document type is the link. NadirAlpha methodology
61 documents · 2016 to 2026 · SEC EDGAR (USA)
Older sources (+15)
| # | Document type | Published |
|---|---|---|
| #203 | 10-K annual report | 2016-05-06 |
| #202 | 10-Q quarterly report | 2016-08-03 |
| #205 | 10-K annual report | 2017-02-28 |
| #207 | 10-K annual report | 2017-02-28 |
| #204 | 10-Q quarterly report | 2017-08-03 |
| #209 | 10-K annual report | 2018-02-28 |
| #206 | 10-Q quarterly report | 2018-08-03 |
| #213 | 10-K annual report | 2019-02-27 |
| #208 | 10-Q quarterly report | 2019-08-02 |
| #210 | 10-Q quarterly report | 2020-05-06 |
| #211 | 10-Q quarterly report | 2020-08-05 |
| #212 | 10-Q quarterly report | 2020-11-06 |
| #214 | 10-Q quarterly report | 2021-05-05 |
| #215 | 10-Q quarterly report | 2021-08-04 |
| #201 | 10-Q quarterly report | 2021-11-03 |
ICF International Stock FAQ
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does ICF International report?
As reported for Q2 2026: Funded Backlog, Total Backlog, Business Development Pipeline, EBITDA, Book-to-Bill Ratio (TTM), Unused Borrowing Capacity. The chapter Reported KPIs lists every value with its source. Revenue is broken down by U.S. federal government, Commercial, U.S. state and local government, Fixed-price contracts.
Does ICF International pay a dividend?
The filings report on the dividend; most recent entry: dividends paid 5.1 million (2026-Q2) (as reported, no assessment of our own). Details with source links are in the report chapters.
Where can I find the official investor relations documents of ICF International?
NadirAlpha links all 61 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.