ICF International, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ICF International, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,185	1,229	1,338	1,479	1,507	1,553	1,780	1,963	2,020	1,873
Cost of revenue	745	772	858	953	972	980	1,134	1,265	1,282	1,177
Gross profit	440	457	480	525	534	573	646	698	738	696
Selling, general and administrative	328	346	361	396	412	431	487	505	518	492
Operating expenses	357	375	388	424	445	463	537	566	572	551
Operating income	82.8	82.4	92.3	101	89.1	111	109	132	166	145
Interest expense	9.47	8.55	8.71	10.7	13.9	10.3	23.5	40	29.9	31.3
Other non-operating income	1.18	0.12	-0.74	-0.5	-0.72	-0.86	-1.5	3.91	1.81	-2.64
Pre-tax income	74.5	74	82.8	90.2	74.7	100	84	96.5	138	112
Income tax	27.9	11.1	21.4	21.2	19.7	29	19.7	13.9	27.9	20.4
Net income	46.6	62.9	61.4	68.9	55	71.1	64.2	82.6	110	91.6
EBITDA	112	111	119	130	123	143	159	193	219	204
EPS, basic	2.45	3.35	3.27	3.66	2.92	3.77	3.41	4.39	5.88	4.97
EPS, diluted	2.40	3.27	3.18	3.59	2.87	3.72	3.38	4.35	5.82	4.95
Shares, basic (weighted)	19	18.8	18.8	18.8	18.8	18.9	18.8	18.8	18.7	18.4
Shares, diluted (weighted)	19.4	19.2	19.3	19.2	19.1	19.1	19	19	18.9	18.5
Dividend per share			0.56	0.56	0.56	0.56	0.56	0.56	0.56	0.56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.04	11.8	11.7	6.48	13.8	8.25	11.3	6.36	4.96	5.3
Receivables	281	168	231	261	223	238	232	205	257	238
Other current assets	11.7	11.3	16.3	17.4	25.5	42.4	40.7	28.1	21.1	18.4
Total current assets	299	331	392	435	476	449	467	447	492	514
Property, plant and equipment	40.5	38.1	48.1	58.2	62.4	52.1	85.4	75.9	66.5	58.4
Lease right-of-use assets				134	127	177	149	133	116	106
Goodwill	684	686	716	1,047	910	1,047	1,213	1,219	1,249	1,252
Intangible assets	46.1	35.3	35.5	25.8	59.9	79.6	127	94.9	112	81.6
Other non-current assets	14.3	18.1	21.2	23.4	32.2	44.5	51.6	41.5	30.1	37.3
Total assets	1,086	1,110	1,214	1,396	1,667	1,850	2,092	2,012	2,066	2,050
Accounts payable	70.6	75.1	103	135	91.4	106	136	135	160	124
Accrued liabilities	52.6	17.6	39.1	36.8	101	61.5	78	79.1	86.7	71.3
Deferred revenue	29.4	38.6	33.5	37.4	42.1	39.7	25.8	22	24.6	43.4
Short-term debt					10	10	23.3	26	0	1.38
Total current liabilities	192	224	278	339	427	377	416	418	449	404
Long-term debt	259	206	200	164	303	412	533	404	412	401
Lease liabilities				119	116	192	182	175	156	140
Other non-current liabilities	13	15.1	20.9	21.3	40.1	24.1	23.6	56	55.8	60.7
Total liabilities	520	494	553	681	920	1,046	1,239	1,094	1,084	1,022
Total debt	259	206	200	164	313	422	556	430	412	401
Paid-in capital	292	308	326	347	369	385	402	422	443	466
Retained earnings	372	435	486	545	589	649	703	775	875	956
Treasury stock	-88.7	-122	-140	-165	-197	-220	-244	-267	-320	-380
Other comprehensive income	-9.64	-5.04	-12.6	-12.1	-14.1	-11	-8.13	-11.9	-15.7	-13.4
Shareholders' equity	566	616	660	715	747	803	853	918	982	1,028
Total equity	566	616	660	715	747	803	853	918	982	1,028
Total liabilities and equity	1,086	1,110	1,214	1,396	1,667	1,850	2,092	2,012	2,066	2,050
Shares outstanding	19	18.7	18.8	18.9	18.9	18.9	18.9	18.8	18.7	18.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	46.6	62.9	61.4	68.9	55	71.1	64.2	82.6	110	91.6
Depreciation and amortization	29.1	28.6	27.2	28.2	33.7	32	49.9	60.7	53.5	58.1
Stock-based compensation	9.08	10.3	11.5	15.8	17.6	13.2	13.2	14.9	16.7	17.7
Deferred income tax	9.5	-6.6	5.27	-0.12	-1.87	8.82	6.98	-26.8	-31.9	1.22
Change in receivables	-9.7	0.7	-60.1	-31.3	54.4	-19	19.7	20.9	-49.5	22
Change in payables	8.94	3.63	28.3	31.9	-51.2	13.5	30	-1.49	24.2	-36.8
Cash from operations	80.1	117	74.7	91.4	173	110	162	152	172	142
Capital expenditures	-13.8	-14.5	-21.8	-26.9	-17.7	-19.9	-24.5	-22.3	-21.4	-21.7
Acquisitions	-0.1	-0.09	-34.6	-3.57	-253	-175	-237	-32.7	-55
Cash from investing	-13.9	-14.6	-56.4	-30.5	-271	-194	-259	-3.67	-74.8	-21.5
Debt repaid	-531	-643	-580	-722	-870	-773	-1,446	-1,372	-1,248	-1,360
Stock issued	3.03	4.72	5.84	2.91	0.04	2.85	0.6	0.28
Share buybacks		-32.5	-17.1	-23.4	-29.7	-20	-21.2	-19.1	-47.8	-55.3
Dividends paid			-7.92	-10.5	-10.6	-10.6	-10.5	-10.5	-10.5	-10.4
Cash from financing	-67	-87.3	-28.8	-67.6	170	23.2	90.4	-153	-86.9	-84.3
Exchange rate effect	-0.42	1.09
Net change in cash	-1.22	16.4	-11.3	-6.5	75.5	-61.6	-7.47	-3.52	9.37	37.5
Free cash flow	66.3	103	52.9	64.5	155	90.3	138	130	150	120
Interest paid	8.94	7.92	9.89	10.4	14.3	10.3	22.8	34.1	30	29.3
Income taxes paid	21.1	21.7	14.9	26.6	16	34.1	16.5	23.2	58.8	28.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $83.56 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	37.2%	Gross profit / revenue.
Operating margin	7.8%	Operating income / revenue.
EBITDA margin	10.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.2%	Pre-tax income / revenue.
Net margin	4.9%	Net income / revenue.
FCF margin	10.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.1%	Cash from operations / revenue.
Effective tax rate	21.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.2%	Net income / average total assets.
Return on invested capital (ROIC)	7.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	26.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-7.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-12.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	10.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-7.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-16.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	12.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	10.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-14.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-17.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-3.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-19.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-4.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.39x	Current assets / current liabilities.
Quick ratio	0.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.39x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.4%	Total debt / total assets.
Liabilities / assets	50.0%	Total liabilities / total assets.
Net debt	$401.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.88x	Operating income / interest expense.
Working capital	$161.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	62.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$270.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.87x	Revenue / average total assets.
Fixed asset turnover	34.2x	Revenue / average property, plant and equipment.
Receivables turnover	7.59x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	27 days	365 x average accounts payable / cost of revenue.
FCF conversion	224.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.91	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$100.90	Revenue / diluted weighted shares.
FCF per share	$11.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.16	Cash from operations / diluted weighted shares.
Book value per share	$58.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$15.05	Tangible book value / shares outstanding.
Cash per share	$0.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	11.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	5.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	23.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.50B	Share price x shares outstanding.
Enterprise value	$1.90B	Market cap + total debt - cash - short-term investments.
P/E	16.9x	Market cap / net income. Only when net income is positive.
P/S	0.82x	Market cap / revenue.
P/B	1.43x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	7.55x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.83x	Market cap / cash from operations, when positive.
EV/Sales	1.04x	Enterprise value / revenue.
EV/EBIT	13.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.64x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.57x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.2%	Free cash flow / market cap.
Earnings yield	5.9%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.
PEG	1.25x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ICF International, Inc.'s revenue in fiscal 2025?

ICF International, Inc. reported revenue of $1.87B for fiscal 2025, 7.3% lower than the year before.

Was ICF International, Inc. profitable in fiscal 2025?

Yes. Net income was $91.6M, a net margin of 4.9%.

How much free cash flow did ICF International, Inc. generate in fiscal 2025?

Cash from operations of $141.9M minus capital expenditures of $21.7M left free cash flow of $120.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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