Cash flow generation remains highly volatile, evidenced by a negative $6.0 million free cash flow in 2026Q1 and a cash position that has dwindled to $3.9 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 171.76M | 141.87M | 171.54M | 152.38M | 162.21M | 110.2M | 173.15M | 91.44M | 74.67M | 117.19M | 79.56M | 76.32M | 79.16M | 81.03M | 87.24M | 59.52M | 68.18M | 48.55M | 28.05M | 45.46M | 17.53M | 2.24M | 3.27M |
| Operating CF Margin % | - | 7.58% | 8.49% | 7.76% | 9.11% | 7.1% | 11.49% | 6.18% | 5.58% | 9.53% | 6.71% | 6.74% | 7.54% | 8.54% | 9.31% | 7.08% | 8.92% | 7.2% | 4.02% | 6.25% | 5.29% | 1.26% | 2.34% |
| Operating CF Growth % | 140.7% | -17.3% | 12.57% | -6.06% | 47.19% | -36.35% | 89.35% | 22.46% | -36.28% | 47.29% | 4.25% | -3.59% | -2.31% | -7.12% | 46.57% | -12.7% | 40.42% | 73.1% | -38.3% | 159.36% | 683.94% | -31.6% | - |
| Net Income | 85.26M | 91.59M | 110.17M | 82.61M | 64.24M | 71.13M | 54.96M | 68.94M | 61.4M | 62.88M | 46.58M | 39.37M | 40.03M | 39.33M | 38.08M | 34.87M | 27.17M | 22.36M | 28.72M | 40.56M | 11.87M | 2.02M | 2.64M |
| Depreciation & Amortization | 56.53M | 58.15M | 53.48M | 60.74M | 49.92M | 31.97M | 33.75M | 28.18M | 27.21M | 28.58M | 29.12M | 33.41M | 23.81M | 20.71M | 24.44M | 20.31M | 23.1M | 20.55M | 14.09M | 6.32M | 3.54M | 5.54M | 3.15M |
| Stock-Based Compensation | 18.2M | 17.69M | 16.72M | 14.86M | 13.17M | 13.23M | 17.55M | 15.82M | 11.51M | 10.29M | 9.08M | 10.85M | 11.01M | 8.89M | 8.77M | 6.66M | 7.53M | 7.19M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 34.27M | 0 | -24.34M | -17.63M | 7.43M | 8.82M | -1.86M | -123K | 5.1M | -7.39M | 6.54M | 2.11M | 4.07M | 2.43M | 13.64M | -4.62M | -5.22M | 2.2M | -3.38M | -1.81M | -1.56M | -1.92M | -280K |
| Other Non-Cash Items | -16.5M | 6.97M | 4.31M | 1.87M | 10.93M | 20.23M | 8.54M | 2.77M | 4.21M | 3.73M | 4.01M | 3.06M | -58K | 3.18M | 4.05M | 2.16M | 1.81M | 227K | 6.89M | 3.65M | 5.07M | 2.14M | -31K |
| Working Capital Changes | -6M | -32.52M | 11.2M | 9.94M | 16.52M | -35.17M | 60.21M | -24.14M | -34.75M | 19.11M | -15.77M | -12.47M | 303K | 6.48M | -1.73M | 156K | 13.79M | -3.98M | -18.41M | -3.31M | -1.41M | -5.54M | -2M |
| Change in Receivables | -2.15M | 22.03M | -49.54M | 30.22M | 19.73M | -19.02M | 54.38M | -31.3M | -60.1M | -7.23M | -29.02M | -2.71M | -2.46M | 829K | 12.46M | -18.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.25M | 20.06M | 7.96M | -18.22M | 1.51M | 731K | -2.9M | 2.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -29.27M | -36.83M | 24.15M | -1.49M | 30M | 13.48M | -51.18M | 31.95M | 28.31M | 3.63M | 8.94M | -2.37M | 9.42M | 730K | 2.6M | 8M | 2.4M | -3.76M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -20.89M | -21.51M | -74.81M | -3.67M | -258.84M | -194.48M | -270.95M | -30.47M | -56.39M | -14.6M | -13.89M | -14.5M | -360.85M | -18.92M | -23.54M | -118.24M | -7.68M | -197.18M | -61.69M | -100.2M | -1.77M | -38.84M | -185K |
| Capital Expenditures | -21.04M | -21.66M | -21.43M | -22.34M | -24.48M | -19.93M | -17.68M | -26.9M | -21.81M | -14.51M | -13.79M | -12.68M | -12.97M | -14.16M | -13.56M | -10.23M | -7.68M | -8.51M | -10.27M | -3.81M | -1.88M | -1.37M | -1.16M |
| CapEx % of Revenue | 1.15% | 1.16% | 1.06% | 1.14% | 1.38% | 1.28% | 1.17% | 1.82% | 1.63% | 1.18% | 1.16% | 1.12% | 1.24% | 1.49% | 1.45% | 1.22% | 1% | 1.26% | 1.47% | 0.52% | 0.57% | 0.77% | 0.83% |
| Acquisitions | 0 | 0 | -53.02M | 18.66M | -234.37M | -174.55M | -253.26M | -3.57M | -34.58M | -91K | -100K | -1.82M | -347.87M | -4.76M | -9.97M | -108.01M | 0 | -188.67M | -51.42M | -96.39M | 102K | -38.6M | 659K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 148K | 148K | -353K | 0 | 0 | 0 | 0 | 0 | -21.81M | -14.51M | -13.89M | -14.5M | -360.85M | -18.92M | -9.97M | 0 | 0 | 0 | 0 | 0 | 0 | 1.13M | 311K |
| Cash from Financing | -110.19M | -84.31M | -86.9M | -152.59M | 90.37M | 23.23M | 169.96M | -67.64M | -28.77M | -87.3M | -66.97M | -64.45M | 285.86M | -68.13M | -52.64M | 59.8M | -59.37M | 149.5M | 33.08M | 54.34M | -13.28M | 36.29M | -3.82M |
| Debt Issued (Net) | -62.98M | -16.05M | -24.19M | -122.83M | 137.81M | 107.77M | 150.34M | -34.98M | 0 | -53.14M | -52.14M | -38.52M | 0 | 0 | -40M | 60M | -60M | 64.36M | 31.61M | 0 | -29.63M | 40M | -3.44M |
| Equity Issued (Net) | -34.29M | -55.29M | -47.77M | -19.08M | -21.22M | -20.04M | -29.73M | -23.41M | -11.28M | -32.46M | -13.82M | -24.86M | -28.32M | -7.45M | -11.57M | -898K | -1.23M | 79.2M | -1.84M | 3.92M | 46.6M | 312K | -60K |
| Dividends Paid | -10.29M | -10.36M | -10.51M | -10.54M | -10.55M | -10.56M | -10.55M | -10.54M | -7.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -34.29M | -55.29M | -47.77M | -19.08M | -21.22M | -20.04M | -29.73M | -23.41M | -17.13M | -32.46M | -13.82M | -24.86M | -28.32M | -7.45M | -11.57M | -975K | -1.29M | -4.18M | -2.33M | 0 | 0 | 0 | -324K |
| Other Financing | -2.63M | -2.61M | -4.43M | -133K | -15.68M | -53.94M | 59.9M | 1.29M | -9.57M | -1.7M | -1.01M | -1.07M | 314.18M | -60.68M | -1.07M | 697K | 1.86M | 5.95M | 3.31M | 50.41M | -30.24M | -4.03M | -324K |
| Net Change in Cash | 41.16M | 37.51M | 9.37M | -3.52M | -7.46M | -61.55M | 75.5M | -6.5M | -11.28M | 16.38M | -1.71M | -4.38M | 3.17M | -5.77M | 10.63M | 796K | 948K | 817K | -1.2M | -264K | 2.5M | -298K | -846K |
| Free Cash Flow | 150.72M | 120.21M | 150.11M | 130.05M | 137.73M | 90.27M | 155.46M | 64.54M | 52.86M | 102.68M | 65.77M | 63.64M | 66.19M | 66.87M | 73.68M | 49.29M | 60.5M | 40.05M | 17.78M | 41.66M | 15.65M | 866K | 2.11M |
| FCF Margin % | 8.27% | 6.42% | 7.43% | 6.62% | 7.74% | 5.81% | 10.32% | 4.37% | 3.95% | 8.35% | 5.55% | 5.62% | 6.3% | 7.04% | 7.86% | 5.86% | 7.91% | 5.94% | 2.55% | 5.73% | 4.73% | 0.49% | 1.52% |
| FCF Growth % | 16.97% | -19.92% | 15.43% | -5.58% | 52.57% | -41.93% | 140.88% | 22.1% | -48.52% | 56.11% | 3.36% | -3.85% | -1.02% | -9.24% | 49.49% | -18.54% | 51.07% | 125.26% | -57.32% | 166.11% | 1707.62% | -59.04% | - |
| FCF per Share | 8.22 | 6.53 | 7.93 | 6.85 | 7.24 | 4.72 | 8.12 | 3.36 | 2.73 | 5.34 | 3.39 | 3.24 | 3.31 | 3.31 | 3.69 | 2.47 | 3.08 | 2.52 | 1.16 | 2.80 | 1.45 | 0.09 | 0.22 |
| FCF Conversion (FCF/Net Income) | 1.77x | 1.55x | 1.56x | 1.84x | 2.52x | 1.55x | 3.15x | 1.33x | 1.22x | 1.86x | 1.71x | 1.94x | 1.98x | 2.06x | 2.29x | 1.71x | 2.51x | 2.17x | 0.98x | 1.12x | 1.48x | 1.11x | 1.08x |
| Interest Paid | 15.5M | 0 | 30.05M | 34.09M | 22.78M | 10.33M | 14.34M | 10.42M | 9.89M | 7.92M | 8.94M | 9.85M | 2.73M | 2.46M | 3.24M | 2.33M | 3.87M | 4.66M | 4.5M | 0 | 0 | 0 | 0 |
| Taxes Paid | 26.34M | 0 | 60.22M | 26.19M | 16.48M | 34.13M | 15.95M | 26.59M | 14.87M | 21.66M | 21.09M | 16.32M | 24.34M | 13.67M | 20.38M | 26.41M | 18.98M | 7.64M | 24.45M | 0 | 0 | 0 | 0 |
Federal budget priority shifts
As reported in quarterly financial statements, ICFI's operating cash flow to net income ratio has fluctuated wildly, ranging from a negative 0.15 in 2026Q1 to a high of 4.82 in 2023Q4, indicating significant inconsistency in the company's ability to convert accounting profits into actual cash.
The extreme variance in the OCF/NI ratio suggests that reported earnings are heavily influenced by non-cash items and timing differences rather than steady operational cash generation. Investors should monitor whether this volatility stems from aggressive revenue recognition practices or simply the lumpy nature of government contract billing cycles.
Based on the provided cash flow data, ICFI's free cash flow trajectory appears highly unstable, with margins swinging from a peak of 21.4% in 2023Q4 to a negative 7.5% in 2025Q1, reflecting a lack of predictable cash generation capacity across recent reporting periods.
The inability to maintain positive free cash flow consistently suggests that the business model may be struggling to absorb working capital requirements during periods of revenue contraction. This inconsistency complicates valuation efforts, as the company's cash-generating power appears tethered to project-specific milestones rather than a stable, recurring operational base.
According to the company's cash flow statements, working capital changes have been a primary driver of cash flow variance, with a massive $51.1 million outflow in 2026Q1 contrasting sharply with a $76.6 million inflow observed in 2023Q4, highlighting significant sensitivity to billing and collection timing.
These dramatic swings in working capital suggest that ICFI's cash position is highly vulnerable to the payment terms of its federal agency clients. The reliance on large, periodic inflows to offset operational cash burn warrants further investigation into whether the company is facing increased difficulty in collecting receivables on a timely basis.
As evidenced by recent filings, ICFI has continued to prioritize share repurchases, such as the $18.3 million outflow in 2026Q1, despite experiencing negative operating cash flow during the same period, which suggests a potentially aggressive approach to capital return that may not be fully supported by current cash generation.
The decision to fund buybacks while operating cash flow is negative raises questions regarding the sustainability of the company's capital allocation strategy. Investors should consider whether this deployment is intended to signal management confidence or if it risks depleting the company's already limited cash reserves.
Quick answers to the most common questions about buying ICFI stock.
ICF International, Inc. (ICFI) generated $141.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ICF International, Inc. (ICFI) generated $120.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ICF International, Inc. (ICFI) spent $21.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ICF International, Inc. (ICFI) returned $10.4M to shareholders via cash dividends and spent $55.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.