ICF International Sees 10.6% Q4 Revenue Decline, Guides 2026 to $1.89–$1.96B
ICF posted Q4 revenue of $443.7 million, down 10.6% year-over-year, with adjusted EBITDA falling to $46.0 million (10.4% margin) and non-GAAP EPS declining to $1.47 from $1.87 as federal revenue plunged 35.1%. Management guides 2026 revenue of $1.89–$1.96 billion (midpoint ~3% growth) and non-GAAP EPS of $6.95–$7.25.
1. Q4 Financial Performance
ICF reported fourth-quarter revenue of $443.7 million, down 10.6% year-over-year, with adjusted EBITDA of $46.0 million (10.4% margin) versus $56.3 million a year earlier. Net income fell to $17.3 million ($0.94 per share) and non-GAAP EPS declined to $1.47 from $1.87 as federal revenue dropped 35.1% following a six-week government shutdown.
2. Full-Year 2025 Results
Full-year 2025 revenue totaled $1.87 billion, down from $2.02 billion in 2024, while non-federal markets grew 14.2% to comprise 57% of total sales. Commercial energy revenue rose 24% to nearly $550 million, supporting stable adjusted EBITDA margin of 11.1%, with a year-end backlog of $3.4 billion and a pipeline of $8.6 billion.
3. 2026 Outlook and Guidance
Management forecasts 2026 revenue of $1.89–$1.96 billion (midpoint ~3% growth) and non-GAAP EPS of $6.95–$7.25, citing an over 10% year-on-year swing versus 2025. Executives highlighted AI-driven productivity gains, improving federal procurement trends and strong demand in utility energy programs as key drivers for the recovery.