PR Newswire·May 7, 2026, 4:05 PM ET

ICF Reports First Quarter 2026 Results

ICFI

ICF reported Q1 2026 revenue of $438 million, a 10% decrease from the prior year period, with a $12 million shortfall due to timing delays in commercial energy & international government projects.
Management expects to recover the delayed revenue, with half anticipated in Q2 2026 & the remainder in the second half of the year.
Revenues from federal government clients increased 9% sequentially, driven by technology modernization work, while international government revenue grew over 17% year-over-year.
Non-GAAP EPS was $1.50, inclusive of a $0.09 unfavorable tax item related to equity-based compensation, while GAAP EPS was $1.12.
Adjusted EBITDA totaled $48.9 million, representing an 11.2% margin on total revenues, remaining steady compared to 2025 levels.
Contract awards reached $450 million, resulting in a quarterly book-to-bill ratio of 1.03 & a trailing twelve-month ratio of 1.21.
The company reaffirmed its full-year 2026 guidance for 3% companywide revenue growth at the midpoint, with expected total revenue between $1.89 billion & $1.96 billion.
ICF declared a quarterly cash dividend of $0.14 per share, payable on July 10, 2026, to shareholders of record on June 5, 2026.
Commercial energy revenue increased 2% year-over-year, though constrained by timing of fixed-price project work, with recovery expected in H2 2026.
The company repurchased 217,500 shares in the first quarter & maintained a backlog of $3.4 billion, with funded backlog at $1.7 billion.
Operating cash flow is expected to range from $135 million to $150 million for the full year 2026.