ICON PLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ICON PLC 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	1,666	1,758	2,596	2,806	2,797	5,481	7,741	8,055	8,189	8,251
Cost of revenue	961	1,027	1,818	1,974	1,980	3,973	5,527	5,720	5,845	6,076
Gross profit	705	731	778	832	817	1,508	2,214	2,335	2,344	2,176
Selling, general and administrative	326	324	326	333	342	585	779	769	728	780
Selling and marketing	7.17	6.74	6.52	8.09	7.02
Operating income	312	338	373	433	392	379	795	905	1,032	443
Interest expense	13	12.6	13.5	13.3	13	182	230	337	237	197
Interest income	1.48	2.35	4.76	6.86	2.72	0.57	2.35	5.01	8.61	7.11
Pre-tax income	300	328	365	427	381	197	568	573	804	252
Income tax	38	46.6	42	51.1	47.9	41.3	59.4	18.4	64.6	23.1
Net income	262	281	323	374	332	153	505	554	739	229
EBITDA	371	400	439	495	458	694	1,365	1,491	1,521	826
EPS, basic	4.30	4.71	5.40	6.20	5.61	2.06	5.61	6.75	8.96	2.92
EPS, diluted	4.21	4.64	5.33	6.15	5.57	2.04	5.55	6.70	8.90	2.90
Shares, basic (weighted)	61	59.8	59.8	59.5	58.4	74.1	90.1	82.1	82.5	78.4
Shares, diluted (weighted)	62.3	60.6	60.5	60	58.9	75.2	91.1	82.7	83	79

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	193	283	396	520	840	752	289	378	539	647
Short-term investments	68	77.6	59.9	49.6	1.73	1.71	1.71	1.95	0	0
Receivables	416	380	415	528	715	1,343	1,731	1,764	1,393	1,475
Inventory	2.4	2.2	2.3	3.2	4.8	5.8
Other current assets	35.2	34.4	36.8	41.5	53.5	114	137	132	140	105
Total current assets	958	1,101	1,330	1,625	2,103	2,941	3,229	3,287	3,275	3,502
Property, plant and equipment	149	163	159	165	174	336	350	361	383	396
Lease right-of-use assets				105	84.6	198	154	140	148	129
Goodwill	616	769	756	883	936	9,038	8,972	9,022	9,051	8,732
Intangible assets	56.6	71.6	54.1	67.9	66.5	4,711	4,279	3,856	3,560	3,247
Long-term investments						20.6	32.6	46.8
Other non-current assets	13.8	15.4	14.5	17.4	20.8	70.6	70.8	78.5	72.8	75.7
Total assets	1,826	2,147	2,354	2,908	3,436	17,387	17,185	16,865	16,635	16,270
Accounts payable	8.7	18.6	13.3	24.1	51.1	90.8	81.2	132	173	192
Accrued liabilities	135	169	172	157	161	413	396	378	219	240
Deferred revenue	273	299	274	367	661	1,324	1,507	1,566	1,468	1,550
Total current liabilities	494	566	611	1,131	1,124	2,479	2,691	2,730	2,635	3,196
Long-term debt					348	5,381	4,599	3,665	3,396	2,873
Lease liabilities				76.6	60.8	159	132	126	140	117
Other non-current liabilities	23.8	17.1	13.4	17.5	26.4	42.6	38.3	45.2	82.7	72.8
Total liabilities	881	956	1,000	1,250	1,585	9,320	8,687	7,653	7,193	7,076
Total debt					348	5,501	4,701	3,806	3,396	2,873
Paid-in capital	438	481	530	578	617	6,734	6,840	6,943	7,020	7,132
Retained earnings	588	743	888	1,110	1,263	1,416	1,821	2,404	2,643	2,122
Other comprehensive income	-86.3	-38.7	-69.3	-75.8	-35.5	-90.9	-172	-144	-230	-68.5
Shareholders' equity	945	1,191	1,354	1,618	1,850	8,067	8,527	9,211	9,441	9,193
Total equity	945	1,191	1,354	1,618	1,850	8,067	8,527	9,211	9,441	9,193
Total liabilities and equity	1,826	2,147	2,354	2,908	3,436	17,387	17,185	16,865	16,635	16,270
Shares outstanding	60.2	59.7	59.6	59.2	58.3	90.1	90.3	82.5	80.8	76.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	262	281	323	376	333	153	505	554	739	229
Depreciation and amortization	59.6	61.3	65.9	61.6	66.1	315	570	586	489	383
Stock-based compensation	40.3	30.6	31.6	26.8	26.3	134	70.5	55.7	45.9	102
Deferred income tax	1.55	10.7	1.65	-1.54	0.93	-60.6	-125	-85.4	-103	-129
Change in receivables	2.53	57.7	-37.6	-102	-175	114	-421	-57.4	333	-108
Change in payables	1.18	7.01	-5.07	3.44	26.5
Cash from operations	259	383	269	413	568	829	563	1,161	1,287	1,036
Capital expenditures	-42.6	-44.7	-48.4	-38.9	-40.9	-93.8	-142	-141	-168	-174
Acquisitions	-54.2	-144	-1.65	-131	-47.9	-5,914	0	-71.8	-84.2	-2.54
Purchases of investments	-22	-41.7	-81	-9.6	0	-0.48	-0.48	-2.86
Sales and maturities of investments	40.9	33.1	99.9	21.7	47.9	0.5	0.48	2.62
Cash from investing	-74.8	-178	-37.3	-162	-46.6	-6,024	-146	-227	-267	-188
Debt repaid							-75	-315	-373
Stock issued	10.2	14	16.8	21.6	13.2	119	35.8	51	36.2	9.72
Share buybacks	-110	-133	-129	-147	-175	0	-100	0	-500	-750
Cash from financing	-93.7	-119	-113	-125	-208	5,115	-864	-844	-837	-771
Exchange rate effect	-2.05	4.33	-5.33	-0.65	6.87	-7.73	-16.7	-1	-22	31.1
Net change in cash	88.6	90.3	113	124	320	-88.1	-463	89.3	161	109
Free cash flow	217	338	220	374	527	735	421	1,020	1,119	862
Interest paid	13.6	13.1	13.1	13.1	13.1	106	211	318	197	193
Income taxes paid	10.2	12.3	18.6	29.8	27.6	55.1	116	164	141	166

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $172.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.4%	Gross profit / revenue.
Operating margin	5.4%	Operating income / revenue.
EBITDA margin	10.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.1%	Pre-tax income / revenue.
Net margin	2.8%	Net income / revenue.
FCF margin	10.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.6%	Cash from operations / revenue.
Effective tax rate	9.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
Return on invested capital (ROIC)	3.4%	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	9.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	4.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.6%	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	21.6%	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	-57.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-17.7%	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	2.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-45.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-15.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-69.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-23.2%	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	-7.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-67.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-19.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-12.2%	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	-19.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	22.5%	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	12.8%	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	-22.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	27.0%	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	10.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.5%	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	37.8%	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	-2.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.8%	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	36.5%	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	-4.9%	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	-4.6%	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	6.1%	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	1.10x	Current assets / current liabilities.
Quick ratio	0.66x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.7%	Total debt / total assets.
Liabilities / assets	43.5%	Total liabilities / total assets.
Net debt	$2.23B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.69x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.24x	Operating income / interest expense.
Working capital	$305.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	73.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.79B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	21.2x	Revenue / average property, plant and equipment.
Receivables turnover	5.75x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	11 days	365 x average accounts payable / cost of revenue.
FCF conversion	375.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.90	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.
EPS, basic	$2.92	Net income per basic share, as reported (split-adjusted).
Revenue per share	$104.49	Revenue / diluted weighted shares.
FCF per share	$10.92	Free cash flow / diluted weighted shares.
Operating cash flow per share	$13.12	Cash from operations / diluted weighted shares.
Book value per share	$120.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$36.38	Tangible book value / shares outstanding.
Cash per share	$8.45	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	87.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$13.19B	Share price x shares outstanding.
Enterprise value	$15.42B	Market cap + total debt - cash - short-term investments.
P/E	57.5x	Market cap / net income. Only when net income is positive.
P/S	1.60x	Market cap / revenue.
P/B	1.44x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	15.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.7x	Market cap / cash from operations, when positive.
EV/Sales	1.87x	Enterprise value / revenue.
EV/EBIT	34.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.5%	Free cash flow / market cap.
Earnings yield	1.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.7%	(Dividends paid + share buybacks) / market cap.

What was ICON PLC's revenue in fiscal 2025?

ICON PLC reported revenue of $8.25B for fiscal 2025, 0.8% higher than the year before.

Was ICON PLC profitable in fiscal 2025?

Yes. Net income was $229.3M, a net margin of 2.8%.

How much free cash flow did ICON PLC generate in fiscal 2025?

Cash from operations of $1.04B minus capital expenditures of $174.2M left free cash flow of $862.0M.

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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