ICF International (NASDAQ:ICFI) Releases Earnings Results, Beats Expectations By $0.21 EPS

ICF International (NASDAQ:ICFI) released its quarterly earnings results on Thursday. The business services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.21, FiscalAI reports. The firm had revenue of $474.50 million during the quarter, compared to the consensus estimate of $478.30 million. ICF International had a net margin of 4.86% and a return on equity of 11.59%. The company’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.66 EPS. ICF International updated its FY 2026 guidance to 6.950-7.250 EPS.

Here are the key takeaways from ICF International’s conference call:

• Full-year guidance was reaffirmed, with 2026 revenue expected at $1.89 billion–$1.96 billion and non-GAAP EPS at $6.95–$7.25; management expects sequential revenue growth in both remaining quarters and a return to year-over-year growth beginning in Q3.
• Commercial and international markets remained key growth drivers: commercial revenue increased 6% year over year, commercial energy efficiency revenue rose 6.7%, and international government revenue jumped 35% as previously awarded contracts ramped.
• Profitability and balance-sheet metrics improved, with adjusted EBITDA margin rising 10 basis points to 11.2%, net interest expense declining nearly 20%, core operating cash flow reaching $56.7 million, and net debt falling to $403 million.
• Federal revenue declined 9.5% year over year, while procurement delays, agency variability, and more frequent protests constrained federal awards; quarterly book-to-bill was 0.85, with federal activity the primary drag.
• Management cited a $9.3 billion pipeline, more than $200 million in contract awards since quarter-end, and strong positioning in commercial energy, technology modernization, and disaster management; it also expects mid- to high-single-digit company growth in 2027.

ICF International Price Performance

Shares of ICF International stock traded up $9.69 on Friday, hitting $95.00. 464,434 shares of the company were exchanged, compared to its average volume of 229,569. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $75.37 and a 200 day moving average price of $74.71. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 19.67 and a beta of 0.51. ICF International has a 1-year low of $58.83 and a 1-year high of $101.71.

ICF International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Friday, September 4th. ICF International’s payout ratio is currently 12.12%.

ICF International declared that its Board of Directors has authorized a stock buyback program on Thursday, June 25th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the business services provider to purchase up to 8.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

ICFI has been the subject of several research reports. Wall Street Zen upgraded ICF International from a “hold” rating to a “strong-buy” rating in a research note on Saturday. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of ICF International in a research note on Friday, July 24th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $102.33.

Insider Activity at ICF International

In related news, CEO John Wasson sold 12,411 shares of ICF International stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $80.08, for a total transaction of $993,872.88. Following the transaction, the chief executive officer owned 27,511 shares in the company, valued at approximately $2,203,080.88. This trade represents a 31.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Handel Michael J. Van acquired 8,000 shares of ICF International stock in a transaction that occurred on Friday, May 15th. The shares were bought at an average price of $61.39 per share, for a total transaction of $491,120.00. Following the transaction, the director owned 24,254 shares of the company’s stock, valued at $1,488,953.06. This represents a 49.22% increase in their position. The SEC filing for this purchase provides additional information. 1.71% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. grew its holdings in shares of ICF International by 62.2% in the fourth quarter. Russell Investments Group Ltd. now owns 21,132 shares of the business services provider’s stock valued at $1,803,000 after purchasing an additional 8,104 shares during the period. Third Avenue Management LLC increased its holdings in shares of ICF International by 12.4% during the 4th quarter. Third Avenue Management LLC now owns 52,864 shares of the business services provider’s stock worth $4,509,000 after buying an additional 5,840 shares during the last quarter. Geode Capital Management LLC raised its position in shares of ICF International by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 458,175 shares of the business services provider’s stock valued at $39,089,000 after buying an additional 2,535 shares during the period. Kennedy Capital Management LLC purchased a new stake in shares of ICF International during the 3rd quarter valued at approximately $8,354,000. Finally, Jump Financial LLC lifted its holdings in ICF International by 195.3% in the fourth quarter. Jump Financial LLC now owns 6,756 shares of the business services provider’s stock valued at $576,000 after acquiring an additional 4,468 shares during the last quarter. Institutional investors and hedge funds own 94.12% of the company’s stock.

Key ICF International News

Here are the key news stories impacting ICF International this week:

• Positive Sentiment: Adjusted EPS exceeded expectations. ICF reported second-quarter non-GAAP EPS of $1.86, up from $1.66 a year earlier and above analyst estimates of approximately $1.65-$1.69. Net income was $27 million, while adjusted EBITDA reached $53.4 million, or 11.2% of revenue. ICF Reports Second Quarter 2026 Results
• Positive Sentiment: Management reaffirmed its full-year outlook. ICF maintained 2026 adjusted EPS guidance of $6.95-$7.25 and revenue guidance of $1.9-$2.0 billion, broadly consistent with analyst expectations. Reaffirmation reduces the risk of a near-term forecast cut. ICF International Declares Dividend, Reaffirms 2026 Outlook
• Positive Sentiment: Future demand indicators were constructive. The business development pipeline reached $9.3 billion at quarter-end, and the company highlighted potential reacceleration in commercial energy and an inflection in federal growth. William Blair maintained a Buy rating, citing these opportunities. ICF International Transitional Quarter Sets Stage for Growth
• Positive Sentiment: ICF declared a quarterly dividend of $0.14 per share, payable October 9 to shareholders of record September 4. The dividend supports shareholder returns, though its annualized yield is modest at roughly 0.6%.
• Neutral Sentiment: Revenue was mixed. Second-quarter revenue of $474.5 million was essentially flat year over year and below the $478.3 million consensus estimate. The quarterly book-to-bill ratio was 0.85, although the trailing-12-month ratio remained healthier at 1.09. ICF Q2 Earnings Metrics Versus Estimates
• Negative Sentiment: Growth remains subdued. The sales shortfall and flat year-over-year revenue underscore slower near-term expansion, while the company described the quarter as transitional and pointed to gradual rather than immediate growth.

ICF International Company Profile

ICF International (NASDAQ: ICFI), commonly known as ICF, is a global consulting and digital services provider specializing in the intersection of strategy, technology, and policy. The firm delivers integrated services and solutions to government and commercial clients in areas such as energy and environment, health and social programs, transportation, infrastructure, technology, and marketing and communications. ICF’s offerings span strategic planning, data analytics, program evaluation, digital transformation, and implementation support.

Founded in 1969 and headquartered in Reston, Virginia, ICF has grown through both organic expansion and targeted acquisitions to broaden its capabilities and geographic reach.