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ICON Public Company (ICLR) investor relations material

ICON Public Company Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • Q3 2025 revenue reached $2,043 million, up 1.3% sequentially and 0.6% year-over-year, with gross business awards of $2,986 million, up mid-single digits year-over-year.

  • Adjusted EPS was $3.31, up 1.5% sequentially but down 1.2% year-over-year; adjusted EBITDA margin was 19.4%, down 20 bps sequentially.

  • Free cash flow was $333.9 million for Q3 and $687 million year-to-date.

  • Share repurchases totaled $250 million in Q3 and $750 million year-to-date.

  • Net debt at quarter-end was $2.9 billion, with a leverage ratio of 1.8x.

Financial highlights

  • Q3 revenue was $2,043 million, up 0.6% year-over-year and 1.3% sequentially.

  • Adjusted EBITDA was $396.7 million, with a margin of 19.4%, down from 20.6% in Q3 2024.

  • Adjusted net income was $258.8 million; adjusted EPS was $3.31, down from $3.35 in Q3 2024.

  • Free cash flow for Q3 was $333.9 million; year-to-date was $687.2 million.

  • Cash from operations was $387.6 million; year-to-date was $802 million.

Outlook and guidance

  • Full-year 2025 revenue guidance updated to $8,050–$8,100 million; adjusted EPS guidance $13.00–$13.20.

  • Guidance excludes future share repurchases and M&A activity; capital expenditure expected to be around $200 million.

  • Market conditions expected to remain similar for the rest of 2025, with normalization of cancellations anticipated in 2026.

  • No 2026 guidance provided yet; margin outlook for next year will be detailed with future guidance.

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Frequently asked questions

ICON Public Limited Company is a global provider of clinical research and development services to the pharmaceutical, biotechnology, and medical device industries. The company offers a broad range of outsourced services, including clinical trial management, data analytics, regulatory support, and laboratory services. ICON works with clients to facilitate the development and approval of new medical treatments and therapies, supporting clinical trials from early-phase research through to post-market studies. The company's expertise spans multiple therapeutic areas and geographies. The company is headquartered in Dublin, Ireland, and its shares are listed on the NASDAQ.

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