ICON Public Limited Company (ICLR) Income Statement

28Y historyFree accessUpdated daily

Revenue growth has decelerated to just 2.3% year-over-year in Q2 2026, while gross margins have plummeted to 18.8%, indicating severe cost pressure from labor and project mix that has eliminated prior operating leverage.

Annual statement

ICLR Income Statement

ICON Public Limited Company (ICLR) annual income statement — 28-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	May'05	May'04	May'03	May'02	May'01	May'00	May'99

Sales/Revenue	8.25B	8.25B	8.28B	8.12B	7.74B	5.48B	2.8B	2.81B	2.6B	1.76B	1.67B	1.57B	1.5B	1.34B	1.12B	945.73M	900.04M	887.61M	865.25M	630.72M	455.6M	346.2M	326.66M	296.92M	225.72M	156.56M	116.16M	80.77M	55.8M
Revenue Growth %	2.01%	-0.37%	1.99%	4.89%	41.24%	95.93%	-0.3%	8.09%	47.62%	5.52%	5.81%	4.77%	12.52%	19.83%	17.9%	5.08%	1.4%	2.58%	37.18%	38.44%	31.6%	5.98%	10.01%	31.54%	44.18%	34.77%	43.82%	44.74%	-
Cost of Goods Sold	6.45B	6.08B	5.85B	5.72B	5.53B	3.97B	1.99B	1.97B	1.83B	1.03B	961.33M	908.98M	903.17M	845.41M	718.13M	611.92M	541.39M	507.78M	489.24M	354.48M	256.26M	220.02M	162.56M	162.56M	122.37M	83.37M	63.8M	42.04M	29.3M
COGS % of Revenue	-	73.63%	70.58%	70.44%	71.4%	72.48%	71.11%	70.36%	70.36%	58.66%	57.69%	57.71%	60.08%	63.28%	64.41%	64.7%	60.15%	57.21%	56.54%	56.2%	56.25%	63.55%	49.77%	54.75%	54.21%	53.25%	54.92%	52.06%	52.51%
Gross Profit	1.8B	2.18B	2.44B	2.4B	2.21B	1.51B	808.03M	831.7M	769.49M	726.96M	705.15M	666M	600.15M	490.64M	396.87M	333.81M	358.66M	379.83M	376.01M	276.24M	199.33M	126.18M	134.36M	134.36M	103.35M	73.18M	52.36M	38.72M	26.5M
Gross Margin %	21.85%	26.37%	29.42%	29.56%	28.6%	27.52%	28.89%	29.64%	29.64%	41.34%	42.31%	42.29%	39.92%	36.72%	35.59%	35.3%	39.85%	42.79%	43.46%	43.8%	43.75%	36.45%	41.13%	45.25%	45.79%	46.75%	45.08%	47.94%	47.49%
Gross Profit Growth %	-	-10.7%	1.51%	8.39%	46.82%	86.65%	-2.85%	8.09%	5.85%	3.09%	5.88%	10.97%	22.32%	23.63%	18.89%	-6.93%	-5.57%	1.02%	36.12%	38.58%	57.98%	-6.09%	0%	30%	41.22%	39.76%	35.22%	46.12%	-
Operating Expenses	965.55M	1.16B	1.34B	1.44B	1.42B	1.13B	416.06M	398.3M	392.37M	392.79M	393.46M	384.46M	397.8M	369.48M	329.24M	294.55M	266.56M	272.38M	276.51M	207M	151.52M	106.37M	99.98M	99.98M	78.42M	54.97M	41.29M	30.57M	20M
OpEx % of Revenue	-	14.1%	16.16%	17.78%	18.33%	20.61%	14.87%	14.2%	15.12%	22.34%	23.61%	24.41%	26.46%	27.65%	29.53%	31.14%	29.62%	30.69%	31.96%	32.82%	33.26%	30.73%	30.61%	33.67%	34.74%	35.11%	35.54%	37.86%	35.84%
Selling, General & Admin	771.66M	780.14M	728.35M	776.36M	778.75M	585.33M	341.69M	336.75M	325.79M	323.74M	325.73M	326.79M	336.46M	313.93M	280.78M	255.86M	232.69M	230.91M	248.78M	187.99M	136.57M	0	88.81M	88.81M	71.12M	48.95M	36.31M	27.35M	18M
SG&A % of Revenue	-	9.45%	8.79%	9.56%	10.06%	10.68%	12.21%	12%	12.55%	18.41%	19.55%	20.75%	22.38%	23.5%	25.18%	27.05%	25.85%	26.01%	28.75%	29.81%	29.98%	-	27.19%	29.91%	31.51%	31.27%	31.26%	33.86%	32.26%
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	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	2M	383M	610.2M	667.72M	640.35M	544.36M	74.38M	61.55M	66.58M	69.05M	67.73M	57.68M	61.34M	55.55M	48.46M	38.68M	33.87M	41.47M	27.73M	19.01M	14.95M	106.37M	11.17M	11.17M	7.3M	6.02M	4.97M	3.23M	2M
Operating Income	837.6M	1.01B	1.1B	956.15M	795.24M	378.53M	391.5M	433.41M	373.36M	338.34M	311.69M	281.54M	202.35M	121.17M	72.42M	39.26M	92.09M	107.45M	99.5M	69.24M	47.82M	19.8M	18.61M	34.38M	24.93M	18.21M	11.08M	8.15M	6.98M
Operating Margin %	10.15%	12.27%	13.26%	11.77%	10.27%	6.91%	14%	15.45%	14.38%	19.24%	18.7%	17.88%	13.46%	9.07%	6.5%	4.15%	10.23%	12.11%	11.5%	10.98%	10.5%	5.72%	5.7%	11.58%	11.04%	11.63%	9.53%	10.09%	12.51%
Operating Income Growth %	-	-7.77%	14.82%	20.23%	110.09%	-3.31%	-9.67%	16.08%	10.35%	8.55%	10.71%	39.13%	67%	67.31%	84.47%	-57.37%	-14.29%	7.99%	43.7%	44.81%	141.45%	6.43%	-45.88%	37.92%	36.87%	64.44%	35.94%	16.75%	-
EBITDA	1.41B	1.4B	1.59B	1.54B	1.41B	738.86M	486.11M	525.33M	439.27M	399.59M	371.27M	339.21M	254.89M	167.68M	115.25M	77.94M	125.97M	140.11M	127.23M	88.13M	62.65M	33.68M	31.74M	45.55M	32.2M	24.19M	16.04M	11.38M	9.01M
EBITDA Margin %	17.12%	16.91%	19.15%	18.99%	18.21%	13.48%	17.38%	18.72%	16.92%	22.72%	22.28%	21.54%	16.96%	12.55%	10.34%	8.24%	14%	15.79%	14.7%	13.97%	13.75%	9.73%	9.72%	15.34%	14.26%	15.45%	13.81%	14.08%	16.14%
EBITDA Growth %	1.33%	-12.03%	2.87%	9.37%	90.83%	51.99%	-7.47%	19.59%	9.93%	7.63%	9.45%	33.08%	52.01%	45.5%	47.86%	-38.13%	-10.09%	10.12%	44.36%	40.67%	86.02%	6.11%	-30.33%	41.48%	33.12%	50.8%	41%	26.29%	-
D&A (Non-Cash Add-back)	575.54M	383M	488.5M	585.95M	614.73M	360.33M	94.61M	91.92M	65.92M	61.25M	59.58M	57.68M	52.54M	46.51M	42.82M	38.68M	33.87M	32.66M	27.73M	18.89M	14.84M	13.88M	13.13M	11.17M	7.27M	5.97M	4.96M	3.23M	2.03M
EBIT	669.51M	440.57M	1.08B	935.49M	797.58M	379.1M	394.22M	440.26M	378.12M	340.68M	319.85M	281.54M	211.15M	122.15M	68.27M	30.64M	93.86M	108.2M	102.39M	69.24M	47.82M	14.2M	18.61M	34.38M	24.93M	18.21M	11.08M	8.15M	6.98M
Net Interest Income	-180.66M	-181M	-228.63M	-331.69M	-227.39M	-181.85M	-10.29M	-6.42M	-8.74M	-10.28M	-11.52M	-2.69M	366K	-302K	-796K	-448K	629K	-2.78M	-1.22M	2.74M	3.64M	2.18M	0	288K	0	0	0	0	0
Interest Income	6.47M	7.11M	8.61M	5.01M	2.35M	574K	2.72M	6.86M	4.76M	2.35M	1.48M	1.31M	1.15M	986K	1.15M	1.19M	1.76M	752K	2.88M	4.14M	3.77M	2.22M	0	490K	0	0	0	0	0
Interest Expense	187.13M	188.11M	237.24M	336.7M	229.73M	182.42M	13.02M	13.28M	13.5M	12.63M	13.01M	3.99M	785K	1.29M	1.95M	1.64M	1.13M	3.53M	4.11M	1.4M	125K	37.71K	281K	202K	0	0	0	575K	0
Other Income/Expense	-419.89M	-759.99M	-228.63M	-331.69M	-230.52M	-184.01M	-10.66M	-6.42M	-8.74M	-10.28M	-11.52M	-2.69M	366K	-302K	-5.2M	-10.27M	629K	-2.78M	-1.22M	2.74M	3.64M	2.18M	979K	288K	354K	1.12M	2.52M	1.04M	2.63M
Pretax Income	417.71M	252.47M	869.18M	624.08M	564.72M	194.52M	380.84M	426.99M	368.38M	327.67M	300.17M	278.85M	202.72M	120.86M	67.22M	29M	92.72M	104.67M	98.28M	71.98M	51.46M	21.98M	19.59M	34.67M	25.28M	19.33M	13.6M	9.19M	9.61M
Pretax Margin %	5.06%	3.06%	10.5%	7.69%	7.29%	3.55%	13.61%	15.22%	14.19%	18.63%	18.01%	17.71%	13.48%	9.05%	6.03%	3.07%	10.3%	11.79%	11.36%	11.41%	11.29%	6.35%	6%	11.68%	11.2%	12.35%	11.7%	11.38%	17.22%
Income Tax	88.83M	23.13M	77.71M	11.75M	59.41M	41.33M	47.88M	51.13M	45.56M	46.57M	37.99M	39.31M	30.25M	18.05M	11.8M	6.12M	5.65M	10.38M	19.97M	15.83M	12.92M	9.25M	5.85M	8.93M	7M	5.13M	2.62M	3.12M	1.56M
Effective Tax Rate %	21.27%	9.16%	8.94%	1.88%	10.52%	21.25%	12.57%	11.98%	12.37%	14.21%	12.66%	14.1%	14.92%	14.94%	17.56%	21.09%	6.1%	9.91%	20.32%	21.99%	25.12%	42.08%	29.88%	25.75%	27.69%	26.54%	19.25%	33.97%	16.2%
Net Income	328.88M	229.34M	791.47M	612.34M	505.3M	153.19M	327.81M	373.99M	322.82M	281.49M	262.18M	239.54M	172.47M	102.81M	55.42M	22.88M	87.07M	94.3M	78.12M	55.96M	38.3M	12.72M	13.54M	25.74M	18.28M	14.2M	10.98M	6.07M	8.05M
Net Margin %	3.99%	2.78%	9.56%	7.54%	6.53%	2.79%	11.72%	13.33%	12.44%	16.01%	15.73%	15.21%	11.47%	7.7%	4.97%	2.42%	9.67%	10.62%	9.03%	8.87%	8.41%	3.67%	4.15%	8.67%	8.1%	9.07%	9.45%	7.51%	14.43%
Net Income Growth %	-58.59%	-71.02%	29.26%	21.18%	229.87%	-53.27%	-12.35%	15.85%	14.68%	7.36%	9.45%	38.89%	67.75%	85.51%	142.22%	-73.72%	-7.66%	20.71%	39.59%	46.1%	201.21%	-6.12%	-47.38%	40.8%	28.75%	29.35%	80.92%	-24.65%	-
Net Income (Continuing)	328.88M	229.34M	791.47M	612.34M	505.3M	153.19M	332.96M	375.86M	322.66M	281.49M	262.18M	239.54M	172.47M	102.81M	55.42M	22.88M	87.07M	94.3M	78.31M	55.96M	38.53M	12.73M	13.54M	25.74M	18.28M	14.2M	10.98M	6.07M	8.05M
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	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	1.31M	1.12M	894K	884K	0	0	0	120K	0	0
EPS (Diluted)	4.25	2.90	9.53	7.40	6.13	2.25	6.24	6.79	5.90	5.13	4.65	3.97	2.73	1.65	0.92	0.37	1.44	1.57	1.30	1.88	1.33	0.22	0.96	1.88	1.50	1.16	0.92	0.27	0.68
EPS Growth %	-56.17%	-69.57%	28.78%	20.72%	172.44%	-63.94%	-8.1%	15.08%	15.01%	10.32%	17.13%	45.42%	65.45%	79.35%	148.65%	-74.31%	-8.28%	20.77%	-30.85%	41.35%	504.55%	-77.08%	-48.94%	25.33%	29.31%	26.09%	240.74%	-60.29%	-
EPS (Basic)	-	2.92	9.60	7.46	6.20	2.28	6.29	6.85	5.96	5.20	4.75	4.08	2.80	1.69	0.92	0.38	1.46	1.61	1.34	1.95	1.35	0.23	0.98	1.94	1.55	1.22	0.97	0.27	0.36
Diluted Shares Outstanding	77.37M	78.97M	83.03M	82.72M	82.47M	68.07M	53.28M	54.33M	54.74M	54.87M	56.41M	60.29M	63.13M	62.25M	60.68M	61.07M	60.64M	59.9M	60.22M	29.75M	28.86M	28.37M	13.7M	13.7M	12.18M	12.24M	11.94M	22.88M	11.92M
Basic Shares Outstanding	76.85M	78.42M	82.48M	82.1M	81.53M	67.11M	52.86M	53.86M	54.12M	54.13M	55.25M	58.75M	61.5M	60.91M	59.97M	60.38M	59.72M	58.64M	58.25M	28.71M	28.31M	28.05M	13.27M	13.27M	11.81M	11.66M	11.29M	22.17M	21.01M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrained

Balance SheetHealthy

Cash FlowMixed

Top Statement Risk

Margin compression from labor costs

Growth Stagnation Amidst Market Headwinds

ICON's revenue trajectory has flatlined, with growth decelerating from positive mid-single digits to just 2.3% year-over-year in the most recent quarter, suggesting the post-merger integration and a challenging biotech funding environment are now material headwinds.

The shift from consistent positive revenue growth in early 2024 to near-flat performance in 2025/2026 indicates a loss of momentum. This deceleration appears to be driven by a combination of slower backlog conversion and reduced demand from the biotechnology segment, which is sensitive to capital markets. The lack of acceleration, even as some peers like Medpace report stronger organic growth, suggests ICON is facing specific execution or mix challenges that warrant monitoring.

Severe Gross Margin Erosion

Gross margins have contracted dramatically, falling from 29.6% in early 2024 to just 18.8% in the latest quarter, a compression of over 1,000 basis points that likely reflects unfavorable project mix and rising labor costs.

This level of margin erosion is severe for a scaled services business and appears to go beyond typical cyclicality. Given ICON's cost structure is dominated by professional labor, the decline may indicate a combination of pricing pressure on new awards and higher compensation costs for Clinical Research Associates that have not been fully passed through to clients. The gap between ICON's current gross margin and its peer group, including Charles River at 30.5%, suggests a structural shift in its cost profile or contract economics that is not yet reflected in its revenue scale.

Operating Leverage Fades to Nothing

Operating income has failed to scale with revenue, falling 27% year-over-year in the latest quarter to $194.2M, indicating that any prior operating leverage has completely dissipated in the current environment.

The decline in operating income, despite modest revenue growth, confirms that SG&A and other operating expenses are now consuming a larger share of revenue. The operating margin has nearly halved from its 2024 peak, dropping to 9.4% in the most recent quarter. This suggests that the cost discipline or scale efficiencies previously seen have broken down, possibly due to integration costs or an inability to reduce overhead in line with the more challenging revenue outlook.

Net Income Volatility Signals Quality Concerns

Reported net income has swung wildly, from $260M in 2024Q4 to just $2.4M in 2025Q3, indicating significant volatility from non-operating items or one-time charges that obscure underlying business performance.

The extreme volatility in quarterly net income, with EPS ranging from $3.16 to $0.03, points to substantial non-operating factors such as interest expense, tax adjustments, or acquisition-related amortization impacting the bottom line. The large and persistent gap between operating margin (e.g., 12.7% in 2025Q3) and net margin (0.1% in that same quarter) indicates these non-operating items are a major, ongoing drag on profitability. Investors should scrutinize the cash flow statement to determine how much of this reported income translates to actual cash generation.

COGS Inflation Dominates Expense Profile

Cost of Goods Sold has increased to 81.2% of revenue in the latest quarter, up from 70.4% in early 2024, indicating that direct project costs, likely professional labor and pass-throughs, are escalating faster than pricing can offset.

The ballooning COGS ratio is the primary driver of ICON's margin collapse. In a labor-intensive business, this suggests either a significant increase in CRA compensation or a shift toward lower-margin projects where pass-through costs are a higher percentage of total revenue. Management's expense discipline appears focused on SG&A, which has been held relatively stable, but this has not compensated for the severe erosion at the gross profit level.

The Short Case: Structural Margin Compression

A bearish analyst would focus on the collapse in gross margins from nearly 30% to below 19%, which may not be cyclical but rather a permanent impairment of ICON's pricing power and cost structure following the PRA integration.

The short-seller narrative would argue that ICON's gross margin has reset to a structurally lower level due to competitive pressures and the higher cost base of its integrated model. The failure to restore margins despite stable revenue suggests the company may be locked into higher-cost labor contracts or is experiencing increased project cancellations that force it to accept lower-margin work to utilize capacity. Furthermore, the absence of explicit guidance from management could be interpreted as a lack of visibility into a sustainable recovery, making the recent margin levels the new normal.

ICLR — Frequently Asked Questions

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

What was ICON Public Limited Company's (ICLR) revenue in 2025?

For fiscal year 2025, ICON Public Limited Company (ICLR) reported total revenue of $8.25B. This represents a 14687.3% increase compared to $55.8M in 1998.

Is ICON Public Limited Company (ICLR) profitable?

ICON Public Limited Company (ICLR) is profitable, generating $229.3M in net income for the fiscal year ending 2025 with a net profit margin of 2.8%.

What is ICON Public Limited Company's operating profit margin?

ICON Public Limited Company (ICLR) reported an operating income of $1.01B, resulting in an operating profit margin of 12.3%. This margin reflects the operational efficiency of the business before interest and taxes.

What is ICON Public Limited Company's gross profit and gross margin?

ICON Public Limited Company (ICLR) generated $2.18B in gross profit for the year, representing a gross profit margin of 26.4%. This demonstrates the company's core pricing power and production efficiency.