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ICF International
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Latest analysis
Updated Nov 5, 2026
ICF Q3 2026: Return to Revenue Growth Overshadowed by $15M Commercial Energy Miss from Utility Affordability Politics
ICF returned to year-over-year revenue growth in Q3 2026, but a politically-driven pause in utility energy efficiency program add-ons cost approximately $15 million in the quarter and an expected similar amount in Q4, forcing a full-year revenue guide-down to roughly $1.87 billion — flat with FY2025. Margin discipline and strategic tax actions preserved the non-GAAP EPS midpoint of $7.10 despite the revenue shortfall, with adjusted EBITDA margin expanding 10 basis points to 11.5% and non-GAAP EPS growing 19% year-over-year. The book-to-bill of 1.59 for the quarter, $3.5 billion backlog, and $8.2 billion pipeline signal healthy underlying demand that the commercial energy pause is temporarily masking.
Tone: mixedRevenue
$1.9B
ICFI 10-K · FY 2025
Employees
8,400
Revenue FY2024
$2B
EBITDA margin
11.5%
Profile
ICFI 10-K Item 1 · Feb 27, 2026ICF International is a professional services and technology solutions firm that provides management, technology, and policy consulting to government and commercial clients. Founded in 1969, the company serves U.S. federal, state, and local agencies as well as international governments and commercial enterprises across energy, health, disaster recovery, and security markets. It operates as a single reportable segment and generated $1.87 billion in revenue for fiscal year 2025.
Read filing description ↓ Collapse description ↑
We provide professional services and technology-based solutions, including management, technology, and policy consulting and implementation services, to government and commercial clients. Our government clients include U.S. federal agencies, state and local governments, as well as international governments. Our commercial clients include those that are inside and outside of the U.S. We help our clients conceive, develop, implement, and improve solutions that address complex business, natural resource, social, technological, and public safety issues. Our services primarily support clients that operate in these key markets: Energy, Environment, Infrastructure, and Disaster Recovery; Health and Social Programs; and Security and Other Civilian & Commercial. We provide services to our diverse client base that deliver value throughout the entire life cycle of a policy, program, project, or initiative. We empower organizations to thrive in a rapidly changing world through five integrated service areas: Advisory Services, Program Implementation, Analytics Services, Digital Services, and Engagement Services. Our Advisory Services deliver strategic insights that help leaders anticipate trends and make confident decisions. Through Program Implementation, we turn strategy into action with tailored policies, programs, and tools that drive efficiency and impact. Our Analytics Services transform data into intelligence, leveraging advanced analytics and artificial intelligence to uncover opportunities and more informed decisions. With Digital Services, we design and secure innovative technology solutions that optimize performance, modernize information technology systems, and protect against evolving threats. Finally, our Engagement Services connect organizations with their audiences through compelling communications, branding, and digital experiences that inspire trust and action. Together, we provide end-to-end solutions that accelerate growth, strengthen resilience, and deliver measurable results.
Primary products
- Advisory Services
- Program Implementation
- Analytics Services
- Digital Services
- Engagement Services
- ICF Fathom AI platform
Business segments
End markets
Geographies
Named customers
In fiscal years 2025, 2024, and 2023, our largest client was the Department of Health and Human Services ('HHS') with 22%, 25%, and 26% of total revenue, respectively. There was no other client with revenue greater than 5%.
Named competitors
“We consider our principal competitive advantages to be long-standing client relationships, the good reputation and past performance of the firm, client references, the technical knowledge and industry expertise of our employees, the quality of our services and solutions, and the scope and scale of our service offerings.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue declined in 2025 versus 2024, primarily due to contract terminations and stop-work orders related to the Administration's changing priorities and DOGE actions, partially offset by growth in commercial energy and international government revenue.
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