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ICLR

ICON Public Limited Company

ICLR

ICON Public Limited Company • NASDAQ
$185.00 ▲ 0.74% (+1.35)
Market Cap $14.13 B
52w High $228.29
52w Low $125.10
Dividend Yield 0%
P/E 24.93
Volume 457.65K
Outstanding Shares 76.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.043B ▲ $197.049M ▼ $2.355M ▼ 0.115% ▼ $0.03 ▼ $186.84M ▼
Q2-2025 $2.017B ▲ $352.391M ▲ $182.972M ▲ 9.07% ▲ $2.31 ▲ $308.98M ▼
Q1-2025 $2.001B ▼ $339.092M ▲ $154.151M ▼ 7.702% ▼ $1.91 ▼ $317.321M ▼
Q4-2024 $2.041B ▲ $302.341M ▼ $259.998M ▲ 12.738% ▲ $3.18 ▲ $365.648M ▼
Q3-2024 $2.03B $305.98M $197.128M 9.711% $2.38 $380.897M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $468.888M ▲ $16.507B ▼ $7.173B ▲ $9.335B ▼
Q2-2025 $390.396M ▼ $16.602B ▼ $7.047B ▼ $9.555B ▲
Q1-2025 $526.698M ▼ $16.723B ▼ $7.222B ▼ $9.501B ▼
Q4-2024 $538.785M ▼ $16.878B ▼ $7.355B ▼ $9.523B ▼
Q3-2024 $695.507M $17.211B $7.437B $9.774B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.355M ▼ $408.512M ▲ $-59.245M ▼ $-272.364M ▲ $78.492M ▲ $351.887M ▲
Q2-2025 $182.972M ▲ $162.192M ▼ $-41.122M ▼ $-275.488M ▼ $-136.302M ▼ $127.553M ▼
Q1-2025 $154.151M ▼ $268.24M ▼ $-37.282M ▲ $-252.832M ▲ $-12.087M ▲ $239.333M ▼
Q4-2024 $259.998M ▲ $338.314M ▼ $-68.883M ▲ $-403.956M ▼ $-156.722M ▼ $277.026M ▼
Q3-2024 $197.128M $402.673M $-124.342M $-97.777M $188.954M $359.341M

Revenue by Products

Product Q4-2011Q3-2012Q4-2012
Central Laboratory
Central Laboratory
 $20.00M ▲$20.00M ▲$60.00M ▲
Clinical Research
Clinical Research
 $220.00M ▲$260.00M ▲$770.00M ▲

Five-Year Company Overview

Income Statement

Income Statement ICON’s income statement shows a business that has scaled up dramatically over the last five years and then kept growing at a steadier pace. Revenue has risen several times over, with a big step-up around the time of the PRA Health acquisition and continued growth since then. Profitability has improved as the company absorbed that deal: operating profit and cash-based earnings have trended higher, suggesting better efficiency and integration. Net income dipped during the heavy integration and pandemic period, then recovered and moved upward, indicating that one‑off costs have largely worked through. Overall, the income statement points to a mature but still growing CRO platform with healthier margins than in the early acquisition years, though not without some past volatility around large strategic moves.

Balance Sheet

Balance Sheet The balance sheet reflects a shift from a smaller, lightly leveraged company to a much larger, more leveraged but gradually de‑risking group. Total assets and shareholder equity jumped sharply with the PRA acquisition and have been broadly stable since, with equity edging higher each year as earnings are retained. Debt rose substantially to finance the deal and still sits at a meaningful level, but it has been coming down over time, which reduces financial risk. Cash balances are modest relative to total assets and debt, so ICON relies more on its ability to generate cash than on a large cash cushion. In short, this is a sizeable balance sheet with clear use of leverage, but also a visible pattern of gradual deleveraging and equity build‑up.

Cash Flow

Cash Flow Cash generation is a relative strength. Operating cash flow has increased notably over the period, especially once the acquired business was integrated and synergies began to show. Free cash flow has been consistently positive and growing, even after funding regular investment in systems, facilities, and technology. Capital spending needs appear manageable relative to the cash the business produces, leaving room to service debt and support ongoing investment in digital platforms and tools. The overall cash flow picture suggests a business that converts its earnings into cash reasonably well, which is important given the debt load and the need to keep investing in technology and capabilities.

Competitive Edge

Competitive Edge ICON sits among the top global contract research organizations, benefiting from scale, a broad service offering, and deep therapeutic expertise. Its global reach, ability to run complex multinational trials, and long relationships with large pharma and biotech clients create meaningful switching costs. The PRA Health acquisition significantly expanded its capabilities and data assets, reinforcing its standing in the upper tier of the CRO market. Industry recognition for quality and reliability, along with leadership in functional service provision models, further strengthens its position. That said, ICON still operates in a competitive field with several large rivals and pricing pressure, and it remains exposed to cycles in biotech funding and pharma R&D budgets, which can affect trial volumes and mix.

Innovation and R&D

Innovation and R&D ICON’s “R&D” is largely about investing in technology, data, and new trial models rather than developing its own drugs. The company has built a sophisticated digital ecosystem that includes an integrated trial platform, patient apps, electronic consent and outcome tools, and strong site‑engagement software such as the FIRECREST suite. Its AI Centre of Excellence underpins a range of tools that automate site selection, document handling, resource planning, and post‑marketing analysis, aiming to make trials faster, cheaper, and more predictable. ICON is also an active proponent of decentralized and hybrid trials, combining in‑home visits, remote monitoring, and digital health tools to make participation easier for patients. Its tokenization and real‑world data capabilities are designed to extend insights beyond traditional trials. These investments give ICON a technology‑driven edge but also require ongoing spending and careful navigation of regulation, data privacy, and rapid technological change.

Summary

ICON today looks like a scaled, diversified clinical research platform built through a major acquisition and subsequent integration. The income statement shows strong growth and improving profitability after a period of deal‑related disruption. The balance sheet is larger and more leveraged than in the past, but debt is being reduced and equity is building, supported by solid and rising free cash flow. Competitively, ICON benefits from global scale, a wide service offering, and strong customer relationships, all reinforced by continued investment in digital and AI‑enabled trial solutions and decentralized models. Key opportunities lie in expanding technology‑driven services, decentralized trials, and data analytics, while key risks include its still‑meaningful leverage, dependence on pharma and biotech R&D budgets, competitive intensity, and the need to keep up with rapid innovation and evolving regulation. Overall, the company appears to combine a strong operational franchise with a technology‑heavy strategy and a moderate, but actively managed, financial risk profile.

NEWS

November 12, 2025 · 11:00 AM UTC

AN ICON HEADS TO THE LONE STAR STATE: ROYAL CARIBBEAN ANNOUNCES BOLD 2027-28 VACATIONS FROM TEXAS, CALIFORNIA AND THE NORTHEAST

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November 12, 2025 · 6:45 AM UTC

ICON plc to Present at the Jefferies London Healthcare Conference

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October 24, 2025 · 11:25 AM UTC

ACCESS Newswire Announces Diamond Sponsorship of PRSA ICON 2025 and Title Sponsorship of the PRSA Educators Academy Summit

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October 23, 2025 · 9:00 AM UTC

MERRELL AND GRAMICCI UNITE TO REIMAGINE AN OUTDOOR ICON

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October 22, 2025 · 4:25 PM UTC

ICON Reports Third Quarter 2025 Results

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