ICF Reports Fourth Quarter and Full Year 2025 Results

Revenues From Commercial, State & Local and International Government Clients Increased 16% in Q4; Up 14% for Full Year to Reach 57% of Annual Revenues

Published on Feb. 26, 2026

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ICF, a leading global solutions and technology provider, reported results for the fourth quarter and full year ended December 31, 2025. The company demonstrated resilience in 2025, driving substantial growth in key client categories while managing through a challenging business environment in its work for federal government agencies. ICF expects its 2026 revenues to range from $1.89 billion to $1.96 billion, representing 3% growth at the midpoint, and GAAP EPS to range from $5.95 to $6.25.

Why it matters

ICF's diversified business model, deep domain expertise, and cross-cutting technology offerings that are primarily provided under outcome-based contracts have enabled the company to navigate a challenging federal business environment. The growth in commercial, state and local, and international government clients has helped offset declines in federal government revenue.

The details

In the fourth quarter of 2025, ICF's revenue was $443.7 million, down from $496.3 million in the prior year period due to the impact of the government shutdown. Gross margin expanded 60 basis points to 37.2% for the full year, driven by the favorable business mix due to the growth in the company's commercial energy business. ICF ended 2025 with a firm backlog, a healthy book-to-bill ratio of 1.19, and a business development pipeline of $8.6 billion.

  • In the fourth quarter of 2025, revenue was $443.7 million, down from $496.3 million in the prior year period.
  • For the full year 2025, revenue was $1.87 billion, down 7.3% from $2.02 billion reported in the previous year.

The players

ICF

A leading global solutions and technology provider with approximately 9,000 employees.

John Wasson

Chair and chief executive officer of ICF.

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What they’re saying

“Our fourth quarter results were in line with our guidance and capped a year of resilient performance given the challenging federal business environment.”

— John Wasson, Chair and chief executive officer (ICF)

The takeaway

ICF's diversified business model, focus on high-growth commercial energy and other non-federal government markets, and effective cost management have enabled the company to navigate a challenging federal business environment and position it for a return to revenue and earnings growth in 2026.