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ICF Reports Second Quarter 2026 Results

ICFI
  • ICF reported second quarter 2026 revenue of $474.5 million, slightly below the $476.2 million in the same period last year but up 8.5% sequentially from Q1 2026.
  • Net income for the quarter totaled $26.9 million, resulting in diluted GAAP EPS of $1.49 and Non-GAAP EPS of $1.86.
  • Adjusted EBITDA reached $53.4 million, representing an 11.2% margin on total revenues, while the business development pipeline grew 9% sequentially to $9.3 billion.
  • Contract awards for the quarter were $402 million, yielding a quarterly book-to-bill ratio of 0.85 and a trailing twelve-month ratio of 1.09.
  • Revenue from commercial clients increased 5.9% year-on-year to $166.0 million, driven by a 6.7% rise in commercial energy utility programs.
  • Federal government revenue declined 9.5% year-on-year to $184.9 million due to prior-year contract cancellations, though it rose 1.4% sequentially from Q1 2026.
  • International government revenue surged 35.1% year-on-year to $39.5 million, while state and local government revenue decreased 1.9% to $84.0 million.
  • The company reaffirmed its 2026 guidance ranges for revenue ($1.89 billion to $1.96 billion), GAAP EPS ($5.95 to $6.25), Non-GAAP EPS ($6.95 to $7.25), and operating cash flow ($135 million to $150 million).
  • ICF declared a quarterly cash dividend of $0.14 per share, payable on October 9, 2026, to shareholders of record on September 4, 2026.
  • Share repurchases totaled 217,542 shares in the second quarter, bringing the first half 2026 total to 435,055 shares.
  • Total backlog stood at $3.3 billion at quarter-end, with funded backlog exceeding $1.6 billion.