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ICF International
ICF International (ICFI) investor relations material
ICF International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Fourth quarter and full year 2025 results were within guidance, showing resilience amid federal government challenges, including a six-week shutdown, with commercial, state & local, and international government clients driving 16% Q4 growth and 14% full-year growth.
Non-federal revenues grew 14% year-over-year, now representing 57% of total revenues, with commercial energy leading at 24% growth; commercial energy client revenue surged 23% in Q4 and 24% for the year.
Federal revenues declined 25% year-over-year due to contract cancellations and procurement slowdowns, but the business is stabilizing with a strong backlog and pipeline.
Margins remained steady year-over-year, with gross margin expanding by 60 basis points and adjusted EBITDA margin at 11.1% for 2025.
Diversification and efficiency improvements position the company for a return to revenue growth in 2026, with non-federal clients expected to exceed 60% of total revenues.
Financial highlights
Q4 2025 revenue was $443.7M, down 10.6% year-over-year; full-year revenue was $1.87B, down from $2.02B in 2024.
Q4 Adjusted EBITDA was $46M (10.4% margin), down from $56.3M (11.3%) last year; full-year Adjusted EBITDA was $207.2M (11.1% margin).
Q4 net income was $17.3M ($0.94 per diluted share); full-year GAAP EPS was $4.95, non-GAAP EPS $6.77.
Operating cash flow for 2025 was $141.9M; year-end debt was $401.4M, with an adjusted leverage ratio of 1.98x.
Book-to-bill ratio was 1.19x; backlog stood at $3.4B, with a business development pipeline of $8.6B.
Outlook and guidance
2026 revenue guidance: $1.89B–$1.96B (3% growth at midpoint); GAAP EPS $5.95–$6.25; non-GAAP EPS $6.95–$7.25 (5% growth at midpoint).
Double-digit revenue growth expected from non-federal clients, led by commercial energy, with non-federal clients expected to exceed 60% of total 2026 revenue.
Federal revenues expected to decline at a high single-digit rate in 2026, with sequential improvement and a return to year-over-year growth by Q4.
Q1 2026 guidance: revenue ~$450M, GAAP EPS ~$1.20, non-GAAP EPS ~$1.55.
Full-year operating cash flow expected at $135M–$150M; capital expenditures $24M–$26M.
Federal growth drivers for 2026?
Contract mix impact on 2026 margins?
Commercial energy diversification strategy?
Commercial energy growth drivers beyond EE?
How does AI impact federal IT modernization?
M&A focus areas given current valuations?
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Next ICF International earnings date
2nd Annual CG Virtual Sustainability Summit12 Mar, 2026
ICF International
Next ICF International earnings date
2nd Annual CG Virtual Sustainability Summit12 Mar, 2026
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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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