ICF International, Inc.

icf.com

What Do They Do?

Provides energy and infrastructure consulting and disaster-recovery services to utilities, government agencies, and commercial clients.

How Do They Make Money?

Government and commercial clients pay for projects through fixed-price contracts, hourly charges for staff time, or cost reimbursement, sometimes with incentive or award fees tied to performance.

revenue

Segment	Share	Revenue
Energy, Environment, Infrastructure, and Disaster Recovery	52% FY2022: 40%
Health and Social Programs	33% FY2022: 40%
Security And Other Civilian And Commercial	15% FY2022: 20%

Who Are Their Customers?

Serves federal, state and local, and international governments, as well as commercial organizations such as utilities, airlines, health care companies, nonprofits and universities. It mainly works directly for end customers under prime contracts and also performs subcontracted work.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 26% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 6 cents into free cash flow.

Operating income, FY2025

8% of revenue

▼ −12% vs FY2024 ($165.8M, 8%)

Net income, FY2025

5% of revenue

▼ −17% vs FY2024 ($110.2M, 5%)

Free cash flow, FY2025

6% of revenue

▼ −20% vs FY2024 ($150.1M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ 0%; vs $476.2M in Q2 FY2025
Net income: ▲ +14%; vs $23.7M in Q2 FY2025

Energy, Environment, Infrastructure, and Disaster Recovery share of revenue vs 52.2% in Q2 FY2025

May 7, 2026 Reaffirms full-year revenue-growth guidance The company cited guidance for 3% companywide revenue growth at the midpoint.

Growing. Revenue grew 21% in 4 years, from $1.6B in FY2021 to $1.9B in FY2025, about 5% a year.

Revenue over time

Energy, Environment, Infrastructure, and Disaster Recovery Health and Social Programs Security And Other Civilian And Commercial Health, Education and Social Programs

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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