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Icon vs Maxcyte: revenue, profit, margins and growth compared

Icon brought in $8.3B of revenue in fiscal 2025, Maxcyte $33M in fiscal 2025. Revenue changed by +0.8% at Icon and -14.5% at Maxcyte on the year before, so Icon grew faster. Icon kept 2.8% of its revenue as net profit, Maxcyte -135.1%. Free cash flow was $862M at Icon and -$36.2M at Maxcyte.

Side by side, latest fiscal year

ICLRMXCT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8.3B$33M
Revenue growth+0.8%-14.5%
Net income$229.3M-$44.6M
Net margin2.8%-135.1%
Free cash flow$862M-$36.2M
Free cash flow margin10.4%-109.5%
Earnings per share (diluted)$2.90-$0.42
Cash$647.3M$20.1M
Debt$2.9Bn/a
Price to earningsn/an/a
Market value$13.2B$120.8M
Dividend yieldn/an/a
Rank by revenue in sector#50 of 523 · Health care#390 of 523 · Health care

Over the years

Revenue
ICLR FY2018: $2.6BICLR FY2019: $2.8BICLR FY2020: $2.8BICLR FY2021: $5.5BICLR FY2022: $7.7BICLR FY2023: $8.1BICLR FY2024: $8.2BICLR FY2025: $8.3BMXCT FY2019: $21.6MMXCT FY2021: $26.2MMXCT FY2021: $33.9MMXCT FY2022: $44.3MMXCT FY2023: $41.3MMXCT FY2024: $38.6MMXCT FY2025: $33MFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $8.3BMXCT $33M
Net income
ICLR FY2018: $322.7MICLR FY2019: $374MICLR FY2020: $332.3MICLR FY2021: $153.2MICLR FY2022: $505.3MICLR FY2023: $554.2MICLR FY2024: $739.1MICLR FY2025: $229.3MMXCT FY2019: -$12.9MMXCT FY2021: -$11.8MMXCT FY2021: -$19.1MMXCT FY2022: -$23.6MMXCT FY2023: -$37.9MMXCT FY2024: -$41.1MMXCT FY2025: -$44.6MFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $229.3MMXCT -$44.6M
Net margin
ICLR FY2018: 12.4%ICLR FY2019: 13.3%ICLR FY2020: 11.9%ICLR FY2021: 2.8%ICLR FY2022: 6.5%ICLR FY2023: 6.9%ICLR FY2024: 9.0%ICLR FY2025: 2.8%MXCT FY2019: -59.6%MXCT FY2021: -45.2%MXCT FY2021: -56.3%MXCT FY2022: -53.3%MXCT FY2023: -91.8%MXCT FY2024: -106.3%MXCT FY2025: -135.1%FY18FY19FY20FY21FY22FY23FY24FY25
ICLR 2.8%MXCT -135.1%
Revenue growth
ICLR FY2019: +8.1%ICLR FY2020: -0.3%ICLR FY2021: +95.9%ICLR FY2022: +41.2%ICLR FY2023: +4.1%ICLR FY2024: +1.7%ICLR FY2025: +0.8%MXCT FY2021: +21.0%MXCT FY2021: +29.5%MXCT FY2022: +30.6%MXCT FY2023: -6.7%MXCT FY2024: -6.4%MXCT FY2025: -14.5%FY19FY20FY21FY22FY23FY24FY25
ICLR +0.8%MXCT -14.5%
Free cash flow
ICLR FY2018: $220.2MICLR FY2019: $373.6MICLR FY2020: $527.2MICLR FY2021: $735.4MICLR FY2022: $421.2MICLR FY2023: $1BICLR FY2024: $1.1BICLR FY2025: $862MMXCT FY2019: -$10.1MMXCT FY2021: -$10.9MMXCT FY2021: -$14.5MMXCT FY2022: -$33.3MMXCT FY2023: -$25.4MMXCT FY2024: -$29.3MMXCT FY2025: -$36.2MFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $862MMXCT -$36.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Icon and Maxcyte

Which is bigger by revenue, Icon or Maxcyte?

Icon is bigger by revenue: $8.3B in fiscal 2025, against $33M for Maxcyte in fiscal 2025.

Which keeps more of its revenue as profit, Icon or Maxcyte?

Icon had a net margin of 2.8% in fiscal 2025; Maxcyte had -135.1% in fiscal 2025.

Which grew revenue faster, Icon or Maxcyte?

In their latest fiscal years revenue changed by +0.8% at Icon and -14.5% at Maxcyte.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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