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ICFI

ICF International, Inc.

ICFI

ICF International, Inc. • NASDAQ
$78.04 ▼ -1.19% (-0.94)
Market Cap $1.44 B
52w High $139.54
52w Low $72.03
Dividend Yield 0.56%
P/E 14.72
Volume 87.52K
Outstanding Shares 18.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $465.405M ▼ $136.429M ▼ $23.766M ▲ 5.107% ▲ $1.29 $52.775M ▼
Q2-2025 $476.155M ▼ $137.719M ▼ $23.661M ▼ 4.969% ▼ $1.29 ▼ $53.074M ▲
Q1-2025 $487.618M ▼ $146.686M ▲ $26.851M ▲ 5.507% ▲ $1.45 ▲ $52.133M ▲
Q4-2024 $496.324M ▼ $142.752M ▼ $24.563M ▼ 4.949% ▼ $1.31 ▼ $50.807M ▼
Q3-2024 $516.998M $145.927M $32.679M 6.321% $1.74 $58.236M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.988M ▼ $2.114B ▲ $1.089B ▲ $1.024B ▲
Q2-2025 $26.888M ▲ $2.074B ▼ $1.074B ▼ $1B ▲
Q1-2025 $5.718M ▲ $2.075B ▲ $1.106B ▲ $968.868M ▼
Q4-2024 $4.96M ▼ $2.066B ▲ $1.084B ▲ $982.459M ▲
Q3-2024 $6.911M $2.028B $1.052B $976.317M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $23.766M ▲ $47.321M ▼ $-5.543M ▼ $-14.682M ▲ $27.038M ▲ $41.778M ▼
Q2-2025 $23.661M ▼ $51.957M ▲ $-5.347M ▼ $-44.568M ▼ $2.796M ▼ $46.207M ▲
Q1-2025 $26.851M ▲ $-33.034M ▼ $-3.452M ▲ $41.024M ▲ $5.275M ▼ $-36.486M ▼
Q4-2024 $24.563M ▼ $95.36M ▲ $-61.231M ▼ $-22.3M ▼ $11.182M ▲ $89.489M ▲
Q3-2024 $32.679M $25.549M $-4.897M $-18.09M $2.867M $20.382M

Revenue by Products

Product Q1-2022Q2-2022Q3-2022Q4-2022
Consumer And Financial
Consumer And Financial
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Energy Environmental And Infrastructure
Energy Environmental And Infrastructure
 $160.00M ▲$160.00M ▲$170.00M ▲$180.00M ▲
Health Education And Social Programs
Health Education And Social Programs
 $210.00M ▲$210.00M ▲$250.00M ▲$240.00M ▼
Safety And Security
Safety And Security
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement ICF has delivered steady, healthy growth over the past five years. Revenue has climbed consistently, and profit levels have improved along with it. Margins have generally widened, suggesting the company is getting better at turning its consulting work into earnings, not just sales. Earnings per share have grown meaningfully over the period, even with a small dip in one year, pointing to a business that is scaling efficiently. Overall, the income statement shows a mature consulting firm that is steadily increasing both size and profitability rather than chasing rapid but volatile growth.

Balance Sheet

Balance Sheet The balance sheet looks balanced and gradually stronger. Total assets have increased over time, and shareholder equity has grown, which signals that value is building inside the company. Debt has risen compared with a few years ago but appears manageable relative to the size of the business and equity base. Cash on hand is modest, which is typical for an asset-light consulting model but does mean the company relies on ongoing cash generation and credit access rather than a large cash buffer. In short, the financial foundation is solid but not overly conservative.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently positive and has generally tracked the growth in earnings, which supports the quality of reported profits. Free cash flow has remained positive every year despite steady, but relatively small, capital spending needs. This pattern fits an asset-light, people-driven consulting business where most investment is in talent and tools rather than heavy equipment. The dependable cash flow profile gives ICF flexibility to fund acquisitions, reduce debt, or return capital, though the company must still be mindful of its low cash balances.

Competitive Edge

Competitive Edge ICF occupies a differentiated niche in the consulting world by combining deep policy and domain expertise with technical and implementation capabilities. Its long-standing relationships with U.S. federal, state, and local agencies create a high barrier to entry and a recurring base of work. Specialized strengths in climate, energy, public health, and social programs help it stand apart from more generalist consultants. At the same time, it competes in a crowded arena that includes global consulting and IT services giants, and it carries concentration risk due to its heavy exposure to government clients and key contracts. The overall competitive position is strong but not immune to budget cycles, procurement changes, and talent competition.

Innovation and R&D

Innovation and R&D Innovation at ICF is less about traditional lab-style R&D and more about building proprietary platforms and advanced capabilities on top of its consulting expertise. The company has leaned into artificial intelligence, data analytics, and cloud technology, with offerings like the ICF Fathom AI suite and the Sightline platform for utilities. These tools transform the firm from a pure adviser into a provider of repeatable, technology-enabled solutions, potentially increasing client stickiness and recurring revenue. ICF is also aligning its innovation efforts with long-term trends—such as climate resilience, ESG, and public-sector digital modernization—which could support durable growth if execution remains strong. The main risk is that technology moves quickly, and the firm must keep investing and partnering wisely to avoid being outpaced by larger tech and consulting players.

Summary

Overall, ICF looks like a steadily growing, cash-generative consulting and technology services firm with a meaningful edge in government work, climate, energy, and public-sector digital transformation. Its financial statements show consistent growth in revenue, earnings, equity, and free cash flow, offset by modestly higher leverage and low cash reserves. Strategically, the company benefits from deep domain expertise, trusted government relationships, and an increasing emphasis on proprietary, AI-enabled platforms. Key watch points include government budget and policy shifts, competitive pressure from larger firms, the need to retain and attract specialized talent, and the challenge of keeping its technology offerings truly differentiated over time.

NEWS

October 30, 2025 · 4:05 PM UTC

ICF Announces CFO Retirement & New Executive Leadership Roles

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October 7, 2025 · 4:05 PM UTC

ICF Updates Sightline®, Its Highly Adopted Utility Program Platform

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September 17, 2025 · 4:05 PM UTC

ICF Announces Timing of Third Quarter 2025 Earnings Release and Conference Call

Read more