ICF International, Inc. (ICFI) Income Statement

22Y historyFree accessUpdated daily

Revenue declined 7.3% year-over-year to $474.5M in Q2 2026, but gross margin improved to 37.2% from 35.7% a year earlier, while operating margin held at 8.4% due to a 6.5% reduction in SG&A expenses.

Annual statement

ICFI Income Statement

ICF International, Inc. (ICFI) annual income statement — 22-year revenue, gross profit & net income history

Annual Quarterly

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

Sales/Revenue	1.82B	1.87B	2.02B	1.96B	1.78B	1.55B	1.51B	1.48B	1.34B	1.23B	1.19B	1.13B	1.05B	949.3M	937.13M	840.77M	764.73M	674.4M	697.43M	727.12M	331.28M	177.22M	139.49M
Revenue Growth %	-7.89%	-7.27%	2.88%	10.3%	14.61%	3.06%	1.92%	10.5%	8.85%	3.72%	4.67%	7.82%	10.62%	1.3%	11.46%	9.94%	13.39%	-3.3%	-4.08%	119.49%	86.93%	27.05%	-
Cost of Goods Sold	1.17B	1.23B	1.28B	1.27B	1.13B	979.57M	972.41M	953.19M	857.51M	771.73M	745.14M	694.44M	654.95M	591.52M	583.2M	520.52M	476.19M	411.33M	460M	532.15M	217.75M	106.08M	83.64M
COGS % of Revenue	-	65.94%	63.47%	64.44%	63.73%	63.07%	64.53%	64.47%	64.09%	62.78%	62.88%	61.33%	62.37%	62.31%	62.23%	61.91%	62.27%	60.99%	65.96%	73.19%	65.73%	59.86%	59.96%
Gross Profit	649.05M	637.87M	737.77M	698.22M	645.54M	573.48M	534.47M	525.34M	480.46M	457.44M	439.96M	437.8M	395.19M	357.79M	353.94M	320.25M	288.55M	263.06M	237.42M	194.97M	113.53M	71.14M	55.85M
Gross Margin %	35.64%	34.06%	36.53%	35.56%	36.27%	36.93%	35.47%	35.53%	35.91%	37.22%	37.12%	38.67%	37.63%	37.69%	37.77%	38.09%	37.73%	39.01%	34.04%	26.81%	34.27%	40.14%	40.04%
Gross Profit Growth %	-	-13.54%	5.66%	8.16%	12.57%	7.3%	1.74%	9.34%	5.03%	3.97%	0.49%	10.78%	10.45%	1.09%	10.52%	10.99%	9.69%	10.8%	21.78%	71.73%	59.59%	27.38%	-
Operating Expenses	502.65M	486.19M	571.93M	565.9M	536.78M	462.54M	445.36M	423.94M	388.19M	375.02M	357.17M	362.56M	325.83M	293.1M	288.32M	261.37M	241.63M	223.98M	184.45M	124.44M	90.59M	65.58M	49.25M
OpEx % of Revenue	-	25.96%	28.32%	28.82%	30.16%	29.78%	29.56%	28.67%	29.01%	30.51%	30.14%	32.02%	31.03%	30.88%	30.77%	31.09%	31.6%	33.21%	26.45%	17.11%	27.35%	37.01%	35.31%
Selling, General & Admin	476.68M	492.4M	518.45M	496.56M	486.86M	430.57M	411.61M	395.76M	360.99M	346.44M	328.05M	329.16M	302.02M	272.39M	263.88M	241.06M	218.53M	203.43M	170.36M	118.13M	87.06M	60.04M	46.1M
SG&A % of Revenue	-	26.29%	25.67%	25.29%	27.35%	27.72%	27.32%	26.77%	26.98%	28.19%	27.68%	29.07%	28.76%	28.69%	28.16%	28.67%	28.58%	30.16%	24.43%	16.25%	26.28%	33.88%	33.05%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1000K	-6.22M	53.48M	69.34M	49.92M	31.97M	33.75M	28.18M	-735K	121K	1.18M	-1.56M	-958K	-12K	-325K	20.31M	23.1M	20.55M	14.09M	6.32M	3.54M	5.54M	3.15M
Operating Income	146.4M	151.68M	165.84M	132.32M	108.76M	110.94M	89.11M	101.39M	92.27M	82.42M	82.79M	75.23M	69.36M	64.69M	65.62M	58.88M	46.91M	39.08M	52.97M	70.52M	22.94M	5.56M	6.6M
Operating Margin %	8.04%	8.1%	8.21%	6.74%	6.11%	7.14%	5.91%	6.86%	6.9%	6.71%	6.99%	6.64%	6.61%	6.81%	7%	7%	6.13%	5.8%	7.6%	9.7%	6.92%	3.14%	4.73%
Operating Income Growth %	-	-8.54%	25.33%	21.66%	-1.96%	24.49%	-12.12%	9.88%	11.96%	-0.45%	10.05%	8.46%	7.23%	-1.42%	11.44%	25.52%	20.03%	-26.22%	-24.88%	207.42%	312.59%	-15.73%	-
EBITDA	181.12M	209.83M	219.32M	193.06M	158.68M	142.91M	120.55M	128.33M	119.48M	111M	111.91M	108.64M	93.17M	85.4M	90.06M	79.19M	70.01M	59.64M	67.06M	76.84M	26.48M	11.1M	9.75M
EBITDA Margin %	9.95%	11.2%	10.86%	9.83%	8.91%	9.2%	8%	8.68%	8.93%	9.03%	9.44%	9.59%	8.87%	9%	9.61%	9.42%	9.16%	8.84%	9.62%	10.57%	7.99%	6.26%	6.99%
EBITDA Growth %	-16.46%	-4.33%	13.6%	21.67%	11.04%	18.55%	-6.06%	7.41%	7.64%	-0.82%	3.01%	16.6%	9.1%	-5.17%	13.73%	13.11%	17.4%	-11.07%	-12.72%	190.22%	138.5%	13.82%	-
D&A (Non-Cash Add-back)	41.83M	58.15M	53.48M	60.74M	49.92M	31.97M	31.44M	26.93M	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
EBIT	134M	120.42M	167.65M	136.23M	107.26M	110.07M	90.6M	100.5M	91.54M	82.42M	82.79M	75.23M	68.4M	64.69M	65.3M	59.01M	47.09M	40.09M	53.55M	70.52M	22.94M	5.56M	6.6M
Net Interest Income	-28.55M	-8.42M	-29.59M	-39.68M	-23.28M	-9.98M	-13.71M	-10.72M	-8.71M	-8.55M	-9.47M	-10.07M	-4.25M	-2.45M	-3.95M	-2.75M	-3.4M	-5.11M	-4.08M	-1.94M	-3.51M	-2.98M	-1.27M
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	21.78M	8.42M	29.59M	39.68M	23.28M	9.98M	13.71M	10.72M	8.71M	8.55M	9.47M	10.07M	4.25M	2.45M	3.38M	2.25M	3.4M	5.11M	4.08M	1.94M	3.51M	2.98M	1.27M
Other Income/Expense	-34.18M	-39.69M	-27.78M	-35.77M	-24.78M	-10.85M	-14.44M	-11.22M	-9.45M	-8.43M	-8.29M	-11.63M	-5.21M	-2.46M	-3.71M	-2.12M	-3.23M	-4.1M	-3.5M	-1.43M	-2.86M	-1.67M	-1.3M
Pretax Income	112.22M	111.99M	138.06M	96.55M	83.98M	100.09M	74.67M	90.17M	82.83M	73.99M	74.51M	63.6M	64.15M	62.23M	61.91M	56.76M	43.68M	34.98M	49.47M	69.1M	20.08M	3.89M	5.3M
Pretax Margin %	6.16%	5.98%	6.84%	4.92%	4.72%	6.44%	4.96%	6.1%	6.19%	6.02%	6.29%	5.62%	6.11%	6.55%	6.61%	6.75%	5.71%	5.19%	7.09%	9.5%	6.06%	2.19%	3.8%
Income Tax	23.67M	20.41M	27.89M	13.94M	19.74M	28.96M	19.71M	21.23M	21.43M	11.11M	27.92M	24.23M	24.12M	22.9M	23.84M	21.89M	16.51M	12.63M	20.75M	28.54M	8.21M	1.86M	2.47M
Effective Tax Rate %	21.09%	18.22%	20.2%	14.43%	23.5%	28.93%	26.4%	23.55%	25.87%	15.02%	37.48%	38.1%	37.6%	36.79%	38.5%	38.57%	37.8%	36.09%	41.94%	41.31%	40.89%	47.98%	46.54%
Net Income	88.55M	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	3.02M
Net Margin %	4.86%	4.89%	5.45%	4.21%	3.61%	4.58%	3.65%	4.66%	4.59%	5.12%	3.93%	3.48%	3.81%	4.14%	4.06%	4.15%	3.55%	3.31%	4.12%	5.58%	3.58%	1.14%	2.16%
Net Income Growth %	-17.82%	-16.86%	33.36%	28.59%	-9.68%	29.43%	-20.28%	12.28%	-2.35%	34.97%	18.33%	-1.65%	1.78%	3.3%	9.21%	28.32%	21.54%	-22.17%	-29.18%	241.75%	486.89%	-32.98%	-
Net Income (Continuing)	88.55M	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	2.83M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	4.91	4.95	5.82	4.35	3.38	3.72	2.87	3.59	3.18	3.27	2.40	2.00	2.00	1.95	1.91	1.75	1.38	1.40	1.88	2.72	1.10	0.21	0.32
EPS Growth %	-16%	-14.95%	33.79%	28.7%	-9.14%	29.62%	-20.06%	12.89%	-2.75%	36.25%	20%	0%	2.56%	2.09%	9.14%	26.81%	-1.43%	-25.53%	-30.88%	147.27%	423.81%	-34.38%	-
EPS (Basic)	-	4.98	5.88	4.39	3.41	3.77	2.92	3.66	3.27	3.35	2.45	2.04	2.04	1.99	1.94	1.77	1.40	1.45	1.96	2.87	1.15	0.22	0.33
Diluted Shares Outstanding	18.05M	18.42M	18.93M	18.99M	19.03M	19.12M	19.14M	19.22M	19.34M	19.24M	19.42M	19.66M	20M	20.19M	19.96M	19.93M	19.63M	15.91M	15.27M	14.9M	10.8M	9.74M	9.4M
Basic Shares Outstanding	18.01M	18.32M	18.75M	18.8M	18.82M	18.87M	18.84M	18.82M	18.8M	18.77M	18.99M	19.34M	19.61M	19.75M	19.66M	19.68M	19.38M	15.43M	14.64M	14.15M	10.32M	9.19M	9.08M
Dividend Payout Ratio	-	11.31%	9.54%	12.75%	16.42%	14.85%	19.2%	15.29%	12.89%	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityStable

Balance SheetAdequate

Cash FlowMixed

Top Statement Risk

Revenue contraction and low cash

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Slide Reflects Contract Roll-Off

ICFI's revenue contracted 7.3% year-over-year in the latest quarter, with the decline accelerating from -0.3% in Q2 2026 to -10.3% in Q1 2026, per reported figures.

The revenue trajectory has been consistently negative over the past five quarters, with the most recent quarter showing a -0.3% YoY change, a slight improvement from the -10.3% in Q1 2026. This suggests the decline may be moderating, but the overall trend remains downward. The contraction appears driven by the roll-off of large contracts, possibly pandemic-related or disaster recovery work, as indicated by the company's profile. Investors should monitor the book-to-bill ratio and backlog trends to assess whether this is a temporary trough or a structural slowdown.

Gross Margin Resilience Amid Revenue Decline

Gross margin improved to 37.2% in Q2 2026 from 35.7% a year earlier, despite lower revenue, suggesting a favorable mix shift or cost controls, as per financial statements.

Gross margin has been relatively stable, ranging from 32.4% to 38.0% over the past ten quarters, with the latest quarter at 37.2%. The improvement in Q2 2026 compared to the prior year indicates that the company may be shedding lower-margin pass-through contracts, which aligns with the revenue decline. However, operating margin has remained flat around 8.4%, suggesting that SG&A costs have not scaled down proportionally with revenue, potentially reflecting fixed overhead costs. This could pressure margins if revenue continues to decline.

Operating Leverage Stalled by Fixed Costs

Operating income grew 0.0% YoY in Q2 2026 despite a 0.3% revenue decline, indicating limited operating leverage, as SG&A expenses remained nearly flat at $123.3M.

The company's operating leverage appears muted, as operating income has not expanded faster than gross profit. In Q2 2026, gross profit increased slightly YoY, but operating income was flat, implying that SG&A costs absorbed any incremental gross profit. This suggests a high fixed-cost base, typical of consulting firms with significant overhead. The lack of operating leverage means that any revenue growth may not translate into disproportionate profit growth, and conversely, revenue declines could hit operating income harder if costs are not adjusted.

EPS Volatility Masks Underlying Stability

Diluted EPS swung from $1.44 in Q1 2024 to $1.49 in Q2 2026, with a low of $0.94 in Q4 2025, reflecting tax and non-operating items, per income statement data.

Net income and EPS have been volatile, with EPS ranging from $0.94 to $1.73 over the past ten quarters. The Q2 2026 EPS of $1.49 was above the prior year's $1.28, but the Q1 2026 EPS of $1.12 was down 22.2% YoY. This volatility may be driven by tax rate changes, one-time items, or contract timing. Stock-based compensation has been relatively stable at around $4-5 million per quarter, which is not a major distortion. Investors should focus on operating income trends rather than net income, as the latter is subject to non-operating fluctuations.

SG&A Discipline Key to Margin Protection

SG&A expenses declined from $131.9M in Q1 2025 to $123.3M in Q2 2026, a 6.5% reduction, helping offset revenue declines and stabilize operating margins, per reported figures.

The company has shown cost discipline, with SG&A expenses trending down from a peak of $132.8M in Q3 2024 to $123.3M in Q2 2026. This reduction has helped maintain operating margins around 8.4% despite revenue contraction. However, the pace of SG&A reduction has not fully matched the revenue decline, as operating margin has remained flat rather than expanding. The primary cost driver is professional labor, which is variable but has fixed components. Management's ability to adjust staffing levels in response to demand will be critical for margin sustainability.

2024 Peak Marks Turning Point

Revenue peaked at $517.0M in Q3 2024, followed by a sustained decline to $474.5M in Q2 2026, a -8.2% drop, signaling a clear inflection point, as per quarterly data.

The third quarter of 2024 appears to be the peak of the recent cycle, with revenue of $517.0M and operating income of $46.0M, the highest in the ten-quarter period. Since then, revenue has declined in seven of the next eight quarters, with the only exception being a slight uptick in Q2 2026. This inflection likely reflects the completion of large contracts and a slowdown in new awards. The lasting impact is a lower revenue base, but the company has maintained profitability, suggesting that the decline may be in lower-margin work. The key question is whether the company can return to growth through new contract wins.

Revenue Decline Could Signal Structural Weakness

The persistent -7.3% TTM revenue decline and Q2 2026 EPS miss of $1.86 vs. $1.99 consensus suggest the contraction may be more than a temporary roll-off, per recent earnings.

Short-sellers would argue that the sustained revenue decline, combined with a recent EPS miss, indicates a loss of competitive position or a shrinking addressable market. The company's heavy reliance on civilian agencies like EPA and HHS makes it vulnerable to budget shifts, and the low cash position of $5.3 million could limit flexibility. While management maintained full-year guidance, the credibility of that guidance is questionable given the quarterly miss. If the revenue decline persists, operating leverage could work in reverse, compressing margins further. Investors should monitor backlog and new award announcements for signs of stabilization.

ICFI — Frequently Asked Questions

Quick answers to the most common questions about buying ICFI stock.

What was ICF International, Inc.'s (ICFI) revenue in 2025?

For fiscal year 2025, ICF International, Inc. (ICFI) reported total revenue of $1.87B. This represents a 1242.7% increase compared to $139.5M in 2004.

Is ICF International, Inc. (ICFI) profitable?

ICF International, Inc. (ICFI) is profitable, generating $91.6M in net income for the fiscal year ending 2025 with a net profit margin of 4.9%.

What is ICF International, Inc.'s operating profit margin?

ICF International, Inc. (ICFI) reported an operating income of $151.7M, resulting in an operating profit margin of 8.1%. This margin reflects the operational efficiency of the business before interest and taxes.

What is ICF International, Inc.'s gross profit and gross margin?

ICF International, Inc. (ICFI) generated $637.9M in gross profit for the year, representing a gross profit margin of 34.1%. This demonstrates the company's core pricing power and production efficiency.