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Jun 30, 2025
ICON Q2 2025 Earnings Report
ICON reported its financial results for the second quarter ended June 30, 2025, showing an increase in net income and adjusted diluted EPS compared to the prior year, despite a decrease in revenue.
Key Takeaways
ICON plc delivered solid performance in Q2 2025, with significant growth in gross business wins and a healthy net book-to-bill ratio. While revenue saw a slight decrease year-over-year, net income and adjusted EBITDA remained strong, reflecting effective cost management and strategic share repurchases. The company also updated its full-year 2025 financial guidance, raising the midpoint for revenue and maintaining adjusted diluted EPS expectations.
Gross business wins for Q2 2025 reached $2,966 million, an 10.6% increase from Q1 2025.
Net income for the quarter was $183.0 million, or $2.30 per diluted share, marking a 30.7% increase year-over-year.
Adjusted EBITDA for Q2 2025 was $396.0 million, representing 19.6% of revenue.
ICON repurchased $250.0 million worth of stock and expanded its share repurchase program by an additional $500 million.
Forward Guidance
ICON updated its full-year 2025 financial guidance, increasing the revenue range and maintaining the adjusted diluted earnings per share range, reflecting confidence in continued strong cost management and increased pass-through revenue expectations.
Positive Outlook
- Full-year 2025 revenue guidance amended to a range of $7,850 - $8,150 million, an increase of $50 million at the midpoint from prior guidance.
- Full-year 2025 adjusted diluted earnings per share guidance updated to a range of $13.00 - $14.00.
- Increased pass-through revenue expectations contributing to updated guidance.
- Continued strong cost management across the business.
- Board authorized expansion of $500 million to current share repurchase program, bringing total authorized repurchases to $1 billion.
Challenges Ahead
- Continuing challenges within the clinical development environment.
- Continuing challenges within the macro-economic environments.
- No specific negative forward guidance points were explicitly stated beyond the general challenges mentioned.
Historical Earnings Impact
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