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Reston Today
By the People, for the People
ICF International Reports Q4 Earnings, Sees 2026 Revenue Growth
Company cites strength in commercial energy and other non-federal markets, expects federal revenue decline to moderate in 2026.
Published on Mar. 2, 2026
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ICF International reported fourth-quarter and full-year 2025 results, with management saying the company's performance landed 'firmly within' its guidance ranges. Strength in commercial energy and other non-federal markets helped offset a steep decline in federal revenue tied to contract cancellations and a six-week government shutdown. The company expects to return to revenue growth in 2026, with the midpoint of guidance implying an over 10% year-on-year swing versus 2025.
Why it matters
ICF's results highlight the company's ability to navigate challenges in the federal market by diversifying its revenue streams, particularly in the growing commercial energy sector. The company's outlook for 2026 suggests it is well-positioned to capitalize on trends in utility programs, federal procurement, and productivity gains from AI tools.
The details
Commercial, state and local, and international revenue increased 16% year-over-year and represented roughly 62% of fourth-quarter revenue, while federal revenue fell 35.1% amid the shutdown's direct and indirect impacts. Commercial energy revenue rose 23.1% and accounted for nearly one-third of total fourth-quarter revenue. Adjusted EBITDA was $46.0 million, down from $56.3 million, with an adjusted EBITDA margin of 10.4% compared with 11.3% a year earlier. Non-GAAP EPS was $1.47, down from $1.87.
- ICF reported fourth-quarter and full-year 2025 results on March 1, 2026.
- The company expects to return to revenue growth in 2026.
- ICF declared a quarterly dividend of $0.14 per share, payable on April 14, 2026, to shareholders of record on March 27, 2026.
The players
ICF International
A global consulting and digital services provider specializing in the intersection of strategy, technology, and policy.
John Wasson
CEO of ICF International.
Barry Broadus
CFO of ICF International, who is retiring.
What they’re saying
“We must not let individuals continue to damage private property in San Francisco.”
— Robert Jenkins, San Francisco resident (San Francisco Chronicle)
“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”
— Gordon Edgar, grocery employee (Instagram)
What’s next
The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.
The takeaway
This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.
