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Dec 31, 2025
ICF Q4 2025 Earnings Report
ICF reported lower fourth quarter 2025 revenue and earnings due to federal headwinds, while maintaining double-digit adjusted EBITDA margins and solid backlog.
Key Takeaways
ICF generated Q4 2025 revenue of 443673000, down year over year, with net income of 17313000 and adjusted EBITDA of 45958000, while total backlog remained strong at 3400000000.
Revenue declined to 443673000 from 496324000 due to federal government slowdown.
Net income was 17313000 with net income margin of 3.9%.
Adjusted EBITDA was 45958000, representing 10.4% of total revenue.
Total backlog stood at 3400000000 with book-to-bill ratio of 0.95.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For full year 2026, ICF expects revenue between 1890000000 and 1960000000, GAAP EPS between 5.95 and 6.25, and non-GAAP EPS between 6.95 and 7.25. First quarter 2026 revenue is expected to be approximately 450000000.
Positive Outlook
- 2026 revenue guidance midpoint implies 3% growth.
- Non-GAAP EPS expected to grow 5% at midpoint.
- Non-federal government clients expected to exceed 60% of 2026 revenue.
- Sequential improvement in federal revenues expected through 2026.
- Strong backlog and pipeline of 8600000000.
Challenges Ahead
- Q4 revenue declined year over year due to federal shutdown impacts.
- Federal government revenue declined 35.1% year over year.
- Operating margin declined to 6.5% from 7.3%.
- Book-to-bill ratio below 1.0 for the quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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