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ICON Public Limited Company
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Latest analysis
Updated Oct 28, 2026
ICON Q3 2026: Record $3.15B Net Wins and 1.56x Book-to-Bill Signal Imminent Revenue Inflection
ICON delivered a fourth consecutive quarter with net book-to-bill above 1.3x, posting a record $3.15 billion in net business wins — up 51% year-over-year — while direct fee revenue returned to sequential growth for the first time in several quarters, confirming the inflection management has guided toward since May. Adjusted EBITDA expanded 70 basis points sequentially to 16.6% margin on improved business mix and disciplined cost control, with free cash flow of $302 million supporting $400 million in share repurchases. Management offered informal 2027 directional commentary of mid-single-digit revenue growth and higher-single-digit EPS expansion, underpinned by a trailing 12-month direct fee book-to-bill of 1.3x against a preceding 12-month period closer to 1.0x.
Tone: bullishRevenue
$8.3B
ICLR 20-F · FY 2025
Employees
40,100
Revenue growth YoY
+0.8%
EBITDA margin
16.6%
Profile
ICLR 20-F Item 4.B · May 27, 2026ICON plc is a global contract research organization (CRO) founded in Dublin, Ireland in 1990 that provides outsourced clinical development and commercialization services to pharmaceutical, biotechnology, medical device, and government and public health organizations. The company offers services spanning all phases of clinical development (Phases I-IV), laboratory testing, data solutions, and site and patient access. ICON operates in 55 countries and believes it is the world's largest pure-play CRO.
Read filing description ↓ Collapse description ↑
ICON is a global provider of outsourced development and commercialization services to pharmaceutical, biotechnology, medical device, and government and public health organizations. We offer a full range of clinical, consulting and commercial services that range from clinical development strategy, planning and trial design, to full study execution, and post-market commercialization. ICON provides its services across a range of clinical outsourcing operating models including strategic partnerships, preferred provider, full-service delivery to functional service provision and stand-alone services. We specialize in the strategic development, management and analysis of programs that support all stages of the clinical development process, from compound selection to Phase I-IV clinical studies. We earn revenue by providing a number of different services to our customers. These services are integral components of the clinical development process and include clinical trial management, consulting, contract staffing, data solutions and laboratory services. Our vision is to be the partner of choice by delivering industry leading solutions and best in class performance in clinical development. We believe that we are one of a select group of CROs with the expertise and capability to conduct clinical trials in the major therapeutic areas on a global basis and have the operational flexibility to provide development services on a stand-alone basis or as part of an integrated full-service solution. In order to achieve this vision, we continue to invest in technology and data analytics capabilities. ICON maintains a sustained focus on research and development. We continue to enhance our portfolio of data solutions and decentralized clinical trial technology through the development of industry-leading technologies and processes to support our clients. ICON is leading the industry transformation through four key levers: transforming clinical trials, site and patient centricity, applied innovation, and seamless, integrated service delivery.
Primary products
- clinical trial management
- consulting
- contract staffing
- data solutions
- laboratory services
- bio-analytical services
End markets
Geographies
Named customers
During the year ended December 31, 2025, revenue was earned from a wide range of customers and 24.8% of our revenues were derived from our top five customers, with no one customer individually contributing more than 10% of our revenues during the period. Our largest customer represented a strategic partnership with a large global pharmaceutical company and contributed 7.0% of revenue for the year.
Named competitors
“We believe that we are one of a select group of CROs with the expertise and capability to conduct clinical trials in the major therapeutic areas on a global basis and have the operational flexibility to provide development services on a stand-alone basis or as part of an integrated full-service solution.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue for the year ended December 31, 2025 increased by $62.4 million, or 0.8%, to $8,251.3 million, compared to $8,189.0 million (as restated) for the year ended December 31, 2024; reported in USD.
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