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ICF International (ICFI) investor relations material
ICF International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue was $465.4 million, down 10% year-over-year, primarily due to terminated and delayed U.S. federal government contracts and procurement disruptions.
Net income for Q3 2025 was $23.8 million ($1.28 per diluted share), a 27% decrease from the prior year; non-GAAP EPS was $1.67.
Commercial, state/local, and international revenues rose 13.8% year-over-year, now comprising 57% of total revenue, up from 46% last year.
Commercial energy revenues grew 24% year-over-year, driven by strong demand for energy efficiency and grid resilience services.
The company is expanding commercial, state, and international client bases to offset federal declines.
Financial highlights
Q3 2025 revenues were $465.4 million, down from $517 million in Q3 2024 and stable sequentially.
Gross margin expanded 50 basis points to 37.6%, driven by higher-margin commercial mix and increased direct labor.
Adjusted EBITDA was $53.2 million (11.4% margin), up 10 basis points year-over-year.
Operating income was $38.4 million (8.2%–8.3% margin), down 16.5% year-over-year.
Operating cash flow for Q3 was $47.3 million, up from $25.5 million last year; nine-month operating cash flow was $66.2 million.
Outlook and guidance
2025 guidance framework maintained: up to 10% decline in revenues and EPS from 2024, even with a prolonged government shutdown.
Q4 revenue and non-GAAP EPS expected to decline year-over-year at rates similar to Q3, assuming shutdown impact persists.
2026 expected to return to growth, led by non-federal clients and improved federal performance.
Cash flow guidance revised to $125–$150 million for 2025 due to potential collection delays.
Management expects long-term demand growth in energy, environment, health, and disaster recovery.
Federal revenue decline: specific recovery actions.
Commercial energy growth: future drivers?
Leadership changes: impact on growth strategy?
Federal segments' 2026 growth outlook?
Impact of AI/data centers on energy demand?
How do new leadership roles drive growth?
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Next ICF International earnings date
Sidoti's Year End Virtual Investor Conference10 Dec, 2025
Next ICF International earnings date
Sidoti's Year End Virtual Investor Conference10 Dec, 2025
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Frequently asked questions
ICF International, Inc. is a U.S.-based global consulting and technology services company. The firm provides expertise in areas such as energy, environment, public health, disaster management, and digital transformation. ICF offers advisory services, program implementation, and analytics to government agencies, commercial clients, and non-profit organizations.
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