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Sep 30, 2025
ICON Q3 2025 Earnings Report
ICON reported its financial results for the third quarter ended September 30, 2025, with revenue of $2,042.8 million and GAAP net income of $2.4 million.
Key Takeaways
ICON plc delivered solid third-quarter results amidst an uncertain market, achieving $2,042.8 million in revenue and $2.4 million in GAAP net income. The company reported strong gross business wins and a net book-to-bill ratio of 1.02, but faced challenges including delayed decision-making and elevated cancellations. Adjusted EBITDA was $396.7 million, and the company repurchased $250.0 million worth of stock.
Quarter three revenue reached $2,042.8 million, showing a 0.6% increase compared to the same period last year.
GAAP net income was $2.4 million, or $0.03 per diluted share, while adjusted net income was $258.8 million, or $3.31 per diluted share.
Gross business wins were $2,986 million, leading to net business wins of $2,086 million and a net book-to-bill ratio of 1.02.
The company repurchased $250.0 million of stock at an average price of $175 per share and generated $333.9 million in free cash flow.
Forward Guidance
ICON is amending its full-year 2025 financial guidance, increasing revenue guidance to a range of $8,050 - $8,100 million and updating adjusted diluted earnings per share guidance to a range of $13.00 - $13.20.
Positive Outlook
- Full-year 2025 revenue guidance increased to $8,050 - $8,100 million, an increase of $75 million at the midpoint.
- Updated full-year 2025 adjusted diluted earnings per share guidance to a range of $13.00 - $13.20.
- Increased opportunity flow observed in the quarter.
- Solid gross business wins contributing to positive outlook.
- Continued partnership with customers to navigate the market.
Challenges Ahead
- Ongoing challenges in the sector, including delayed decision making.
- Elevated cancellations impacting business.
- Uncertainty in the macro environment persists.
- Guidance adjustments reflect these dynamics and higher pass-through revenues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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