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Mar 31, 2025
ICF Q1 2025 Earnings Report
ICF reported first quarter 2025 results with revenue in line with expectations and improved margins.
Key Takeaways
ICF reported first quarter 2025 results with total revenue of $487.6 million, a slight decrease compared to the prior year. Net income was $26.9 million and Non-GAAP EPS increased by 9.6% to $1.94, benefiting from favorable business mix and cost management. Contract awards were $467 million, resulting in a book-to-bill ratio of 0.96.
First quarter revenue was $488 million, aligning with expectations.
Non-GAAP EPS increased 9.6% to $1.94, driven by favorable margins.
Commercial energy revenue grew 21%, offsetting a decline in federal government revenue.
Adjusted EBITDA margin improved to 11.3% of total revenues.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ICF is maintaining its full-year 2025 guidance framework for total revenues, GAAP EPS, and Non-GAAP EPS to range from flat to down 10% compared to 2024.
Positive Outlook
- Projected aggregate growth of at least 15% in commercial energy, state and local, and international government revenues.
- Successful implementation of expense management efforts to maintain adjusted EBITDA margins.
- Operating cash flow projection of approximately $150 million for the full year.
- Repurchased 313,000 shares in Q1 2025, demonstrating confidence in long-term growth.
- Diversified business model helps manage a dynamic federal government environment.
Challenges Ahead
- Potential decline in federal government revenue due to changes in spending priorities and slower RFP pace.
- Guidance assumes no extensive government shutdown.
- Guidance assumes no prolonged period of pauses in funding modifications or new procurements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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