Icf International ( (ICFI) ) has released its Q3 earnings. Here is a breakdown of the information Icf International presented to its investors.
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ICF International is a global solutions and technology provider specializing in a diverse range of services, including business analysis, digital strategy, and data science, serving both public and private sector clients. In its third quarter of 2025, ICF reported revenues of $465 million, with a notable increase in revenues from commercial clients and state, local, and international government clients, which now account for 57% of total revenues. The company also highlighted a 24% increase in revenues from commercial energy clients, driven by strong demand for its energy efficiency programs.
Key financial metrics for the quarter included a net income of $24 million and a GAAP EPS of $1.28. The company achieved an adjusted EBITDA of $53.2 million, representing 11.4% of total revenues. ICF’s contract awards for the quarter totaled $714 million, resulting in a book-to-bill ratio of 1.53, indicating strong business development activities despite delays in federal government procurements.
The company continues to focus on maintaining margins similar to those of 2024, with a slight expansion in adjusted EBITDA margin. The revenue mix has shifted towards higher-margin commercial energy revenues, and ICF has successfully managed costs to support this margin expansion. The company’s backlog at the end of the quarter stood at $3.5 billion, with a significant portion of new business coming from federal government contracts, particularly in IT modernization.
Looking ahead, ICF maintains its guidance framework and expects to return to revenue and earnings growth in 2026. The company is confident in its ability to leverage its diversified client base, recent contract wins, and a robust pipeline of opportunities to drive future growth. The leadership changes announced, with James Morgan as the new CFO and Anne Choate as the new president, are expected to support ICF’s strategic growth initiatives.