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(NASDAQ:ICLR)
Icon (ICLR) vs. SPDR S&P 500 ETF (SPY)
Icon Business Overview & Revenue Model
Icon Earnings Call Summary
Icon Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.10B | 8.28B | 8.12B | 7.74B | 5.48B | 2.80B |
| Gross Profit | 2.18B | 2.44B | 2.40B | 2.21B | 1.51B | 808.03M |
| EBITDA | 1.18B | 1.56B | 1.52B | 1.41B | 739.43M | 488.83M |
| Net Income | 599.48M | 791.47M | 612.34M | 505.30M | 153.19M | 327.81M |
Balance Sheet | ||||||
| Total Assets | 16.51B | 16.88B | 16.99B | 17.19B | 17.39B | 3.44B |
| Cash, Cash Equivalents and Short-Term Investments | 468.89M | 538.78M | 380.06M | 290.48M | 753.92M | 842.03M |
| Total Debt | 3.57B | 3.60B | 3.94B | 4.83B | 5.65B | 433.61M |
| Total Liabilities | 7.17B | 7.35B | 7.75B | 8.69B | 9.32B | 1.59B |
| Stockholders Equity | 9.33B | 9.52B | 9.24B | 8.50B | 8.07B | 1.85B |
Cash Flow | ||||||
| Free Cash Flow | 995.80M | 1.12B | 1.02B | 421.15M | 735.39M | 543.67M |
| Operating Cash Flow | 1.18B | 1.29B | 1.16B | 563.32M | 829.14M | 594.72M |
| Investing Cash Flow | -206.53M | -266.79M | -226.65M | -145.87M | -6.02B | -46.58M |
| Financing Cash Flow | -1.20B | -837.18M | -844.04M | -864.17M | 5.11B | -235.02M |
Icon Technical Analysis
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Icon Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $16.60B | 41.20 | 73.70% | ― | 13.88% | 23.92% | |
77 Outperform | $35.84B | 28.89 | 19.55% | ― | 3.85% | -4.74% | |
70 Outperform | $19.97B | 21.06 | 13.69% | 1.71% | 13.74% | 14.87% | |
66 Neutral | $10.29B | 45.40 | 3.04% | 0.29% | 3.37% | -18.80% | |
64 Neutral | $12.38B | 21.51 | 6.27% | ― | -2.46% | -17.89% | |
56 Neutral | $8.27B | ― | -2.32% | ― | -0.92% | -118.96% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
Icon Corporate Events
ICON plc announced a leadership transition with Dr. Steve Cutler retiring as CEO on October 1, 2025, succeeded by COO Barry Balfe, who also joined the Board of Directors. The company also reported on its share repurchase program, with $750 million remaining for future buybacks as of October 23, 2025. Additionally, a large-scale COVID vaccine study faced delays and a stop work order, impacting operations but not altering financial guidance for 2025. These developments reflect ICON’s strategic adjustments in leadership and financial operations, with potential implications for stakeholders and market positioning.
On October 22, 2025, ICON plc reported its financial results for the third quarter of 2025, highlighting a revenue of $2,042.8 million, a 1.3% increase from the previous quarter. Despite a non-cash goodwill impairment charge of $165.3 million, the company achieved net business wins of $2,086 million, reflecting a net book to bill ratio of 1.02. The adjusted EBITDA for the quarter was $396.7 million, and the company repurchased $250 million worth of stock. ICON adjusted its full-year 2025 financial guidance, reflecting ongoing market challenges and increased pass-through revenues, with a revised revenue range of $8,050 – $8,100 million.
On September 24, 2025, ICON plc announced it will release its third-quarter 2025 financial results on October 22, 2025, and will host a conference call and webcast on October 23, 2025, to discuss its financial performance. This announcement is significant as it provides stakeholders with insights into the company’s financial health and operational performance, potentially impacting its market positioning and investor relations.
On September 4, 2025, ICON plc confirmed that there would be no changes to its financial guidance for the full year 2025, following the announcement of a CEO transition. This confirmation reassures stakeholders about the company’s stability and continuity in its financial outlook despite the leadership change.
On September 4, 2025, ICON plc announced a leadership transition with Dr. Steve Cutler retiring as CEO, effective October 1, 2025. Barry Balfe, the current Chief Operating Officer, will succeed him and join the Board. This transition follows a comprehensive succession planning process, with Balfe’s extensive experience in the CRO industry positioning him to lead ICON into future growth. Dr. Cutler will remain on the Board as a non-executive director to ensure a smooth transition, and he expressed confidence in Balfe’s ability to drive ICON’s strategic focus on innovation and efficiency in clinical development.
On September 2, 2025, ICON plc announced its participation in upcoming investor conferences, with COO Barry Balfe presenting at the Baird 2025 Global Healthcare Conference and CEO Dr. Steve Cutler participating at the Deutsche Bank 2025 Healthcare Summit. These engagements are part of ICON’s efforts to maintain its strong industry positioning and communicate its strategic direction to stakeholders, reflecting its commitment to transparency and engagement with the investment community.
On August 26, 2025, ICON plc released its unaudited interim financial statements for the period from January 1, 2025, to August 7, 2025. The release of these financial statements provides stakeholders with insights into the company’s financial performance and operational efficiency during this period, which is crucial for assessing its market positioning and strategic direction.
On August 12, 2025, ICON plc announced that a large-scale next-generation COVID vaccine study, which had been actively enrolling participants, received a stop work notice from BARDA, leading to a halt in new subject screening and dosing. Despite this setback, which will affect revenue in the second half of 2025, ICON maintains its full-year financial guidance, reflecting ongoing discussions with BARDA and continued follow-up with already enrolled participants.