ICF International, Inc. ICFI

Industrials SIC 8742 - Services-Management Consulting Services NAICS Professional, Scientific, and Technical Services › Management, Scientific, and Technical Consulting Services › Management Consulting Services › Administrative Management and General Management Consulting Services derived Nasdaq

ICF International, Inc. was formed in 1999 as a Delaware limited liability company under the name ICF Consulting Group Holdings, LLC. It was formed to purchase our principal operating subsidiary, which was founded in 1969, from a larger services organization. We converted to a Delaware corporation in 2003 and changed our name to ICF International, Inc. in 2006. We completed our initial public offering in September 2006.

We provide professional services and technology-based solutions, including management, technology, and policy consulting and implementation services, to government and commercial clients. Our government clients include U.S. federal agencies, state and local governments, as well as international governments. Our commercial clients include those that are inside and outside of the U.S.

Last close 94.40 2026-10-23
Market cap $1.69B 2026-06-30 share count
52-week range 58.83 - 98.03

Valuation FY2025 figures against the last close

P/S0.9x
P/E19.1x
P/FCF14.1x
EV/EBITDA10.3x
Dividend yield0.6%
Diluted EPS4.95

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • U.S.
  • Other Countries
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 U.S., FY2025: 1.7B (91.5%) 92% U.S. Other Countries, FY2025: 159M (8.5%) 8% FY2024 U.S., FY2024: 1.9B (92.5%) 93% Other Countries, FY2024: 150.7M (7.5%) 7% FY2023 U.S., FY2023: 1.8B (93.3%) 93% Other Countries, FY2023: 130.7M (6.7%) 7%
Region FY2025FY2024FY2023
U.S. $1.71B $1.87B $1.83B
Other Countries $159.0M $150.7M $130.7M

As the company reported it, from the “Segment Information and Geographic Data - Schedule of Net Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • U.S. Federal Government
  • Commercial
  • U.S. State and Local Government
  • International Government
Revenue by segment, 4 categories over 3 years. The same figures are in the table below. FY2025 U.S. Federal Government, FY2025: 809.1M (43.2%) 43% U.S. Federal Government Commercial, FY2025: 621.7M (33.2%) 33% Commercial U.S. State and Local Government, FY2025: 323M (17.2%) 17% International Government, FY2025: 119.1M (6.4%) 6% FY2024 U.S. Federal Government, FY2024: 1.1B (53.9%) 54% Commercial, FY2024: 504.5M (25.0%) 25% U.S. State and Local Government, FY2024: 316M (15.6%) 16% International Government, FY2024: 110.7M (5.5%) 5% FY2023 U.S. Federal Government, FY2023: 1.1B (55.2%) 55% Commercial, FY2023: 466.2M (23.7%) 24% U.S. State and Local Government, FY2023: 309.5M (15.8%) 16% International Government, FY2023: 103.4M (5.3%) 5%
Segment FY2025FY2024FY2023
U.S. Federal Government $809.1M $1.09B $1.08B
Commercial $621.7M $504.5M $466.2M
U.S. State and Local Government $323.0M $316.0M $309.5M
International Government $119.1M $110.7M $103.4M

As the company reported it, from the “Revenue Recognition - Disaggregation of Revenue (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.87B$2.02B$1.96B$1.78B$1.55B$1.51B$1.48B$1.34B$1.23B$1.19B
Cost of revenue $1.18B$1.28B$1.27B$1.13B$979.6M$972.4M$953.2M$857.5M$771.7M$745.1M
Gross profit $696.0M$737.8M$698.2M$645.5M$573.5M$534.5M$525.3M$480.5M$457.4M$440.0M
SG&A $492.4M$518.5M$505.2M$486.9M$430.6M$411.6M$395.8M$361.0M$346.4M$328.0M
Total operating expenses $550.6M$571.9M$565.9M$536.8M$462.5M$445.4M$423.9M$388.2M$375.0M$357.2M
Operating income $145.5M$165.8M$132.3M$108.8M$110.9M$89.1M$101.4M$92.3M$82.4M$82.8M
Interest expense $31.3M$29.9M$40.0M$23.5M$10.0M$13.7M$10.7M$8.7M$8.6M$9.5M
Pre-tax income $112.0M$138.1M$96.5M$84.0M$100.1M$74.7M$90.2M$82.8M$74.0M$74.5M
Income tax $20.4M$27.9M$13.9M$19.7M$29.0M$19.7M$21.2M$21.4M$11.1M$27.9M
Net income $92.0M$110.0M$83.0M$64.0M$71.0M$55.0M$68.9M$61.4M$62.9M$46.6M
EPS, basic 4.975.884.393.413.772.923.663.273.352.45
EPS, diluted 4.955.824.353.383.722.873.593.183.272.40
Shares, diluted (wtd. avg.) 18.5M18.9M19.0M19.0M19.1M19.1M19.2M19.3M19.2M19.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $5.3M$5.0M$6.4M$11.3M$8.3M$13.8M$6.5M$11.7M$11.8M$6.0M
Receivables $238.0M$256.9M$205.5M$232.3M$237.7M$222.8M$261.2M$231.0M$168.3M$281.4M
Total current assets $514.4M$492.1M$447.2M$466.7M$449.2M$475.7M$434.7M$392.1M$331.4M$299.1M
Property, plant and equipment $58.4M$66.5M$75.9M$85.4M$52.1M$62.4M$58.2M$48.1M$38.1M$40.5M
Goodwill $1.25B$1.25B$1.22B$1.21B$1.05B$909.9M$1.05B$715.6M$686.1M$683.7M
Other intangibles $81.6M$111.7M$94.9M$126.5M$79.6M$59.9M$25.8M$35.5M$35.3M$46.1M
Total assets $2.05B$2.07B$2.01B$2.09B$1.85B$1.67B$1.40B$1.21B$1.11B$1.09B
Accounts payable $123.5M$159.5M$134.5M$135.8M$105.7M$91.4M$134.6M$102.6M$75.1M$70.6M
Short-term debt —$0$26.0M$23.2M$10.0M$10.0M————
Total current liabilities $404.3M$449.2M$418.2M$416.0M$376.6M$427.0M$339.1M$278.1M$224.4M$192.5M
Long-term debt $401.4M$411.7M$404.4M$533.1M$411.6M$303.2M$164.3M$200.4M$206.2M$259.4M
Total liabilities $1.02B$1.08B$1.09B$1.24B$1.05B$920.3M$681.5M$553.4M$494.2M$519.6M
Retained earnings $956.1M$874.8M$775.1M$703.0M$649.3M$588.7M$544.8M$486.4M$434.8M$371.9M
Total equity $1.03B$982.5M$917.6M$853.2M$803.5M$747.0M$714.6M$660.4M$616.0M$566.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $141.9M$171.5M$152.4M$162.2M$110.2M$173.1M$91.4M$74.7M$117.2M$80.1M
Depreciation and amortisation $58.1M$53.5M$60.7M$49.9M$32.0M$33.7M$28.2M$27.2M$28.6M$29.1M
Stock-based compensation $17.7M$16.7M$14.9M$13.2M$13.2M$17.6M$15.8M$11.5M$10.3M$9.1M
Capital expenditure $21.7M$21.4M$22.3M$24.5M$19.9M$17.7M$26.9M$21.8M$14.5M$13.8M
Investing cash flow -$21.5M-$74.8M-$3.7M-$258.8M-$194.5M-$270.9M-$30.5M-$56.4M-$14.6M-$13.9M
Financing cash flow -$84.3M-$86.9M-$152.6M$90.4M$23.2M$170.0M-$67.6M-$28.8M-$87.3M-$67.0M
Dividends paid $10.4M$10.5M$10.5M$10.5M$10.6M$10.6M$10.5M$7.9M——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016102.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B Revenue, FY2016: 1.2B Gross profit, FY2016: 440M Net income, FY2016: 46.6M Revenue, FY2017: 1.2B Gross profit, FY2017: 457.4M Net income, FY2017: 62.9M Revenue, FY2018: 1.3B Gross profit, FY2018: 480.5M Net income, FY2018: 61.4M Revenue, FY2019: 1.5B Gross profit, FY2019: 525.3M Net income, FY2019: 68.9M Revenue, FY2020: 1.5B Gross profit, FY2020: 534.5M Net income, FY2020: 55M Revenue, FY2021: 1.6B Gross profit, FY2021: 573.5M Net income, FY2021: 71M Revenue, FY2022: 1.8B Gross profit, FY2022: 645.5M Net income, FY2022: 64M Revenue, FY2023: 2B Gross profit, FY2023: 698.2M Net income, FY2023: 83M Revenue, FY2024: 2B Gross profit, FY2024: 737.8M Net income, FY2024: 110M Revenue, FY2025: 1.9B Gross profit, FY2025: 696M Net income, FY2025: 92M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.19B $1.23B $1.34B $1.48B $1.51B $1.55B $1.78B $1.96B $2.02B $1.87B
Gross profit $440.0M $457.4M $480.5M $525.3M $534.5M $573.5M $645.5M $698.2M $737.8M $696.0M
Net income $46.6M $62.9M $61.4M $68.9M $55.0M $71.0M $64.0M $83.0M $110.0M $92.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Other event Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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