Earnings Releases·Nov 5, 2026, 4:07 PM ET

ICF — Third Quarter 2026 Earnings Summary

**Financial Performance:** Q3 2026 revenue rose 1.1% YoY to $470.5 million; GAAP net income increased to $31.7M ($1.76/share) from $23.8M ($1.28/share), while Non-GAAP EPS grew 18.6% to $1.98. Operating margin expanded 100 bps to 9.3%, and operating cash flow excluding restricted cash reached $45.5M, up from $17.3M.
**Guidance and Outlook:** Full-year 2026 revenue is expected to match 2025 levels, with Non-GAAP EPS guidance maintained at a $7.10 midpoint (4.9% YoY growth). Management views midterm election results as a tailwind for 2027, though commercial energy revenues are projected to grow at a low- to mid-single-digit rate.
**Pipeline and Backlog:** Total contract awards reached $746M (1.59 book-to-bill ratio), with a $8.2B development pipeline and $3.5B total backlog. Federal government revenue declined 3.5% YoY, while state/local and international government revenues grew 7.6% and 12.0%, respectively.
**Capital Allocation and Strategy:** The company declared a $0.14 quarterly cash dividend payable in January 2027 and executed $33.1M in stock repurchases over the first nine months of 2026. Total debt decreased to $372.1M, and the effective tax rate improved to 15.0% from 22.7% in the prior year period.