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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.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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