Icon Plc (ICLR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 6-K for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ICLR SEC filings page.
Icon Plc (ICLR) reported $8.3B in revenue over the twelve months to Jun 30, 2026, up 1.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue has plateaued, but FY2025’s profit collapse came from margin compression rather than weaker demand, while cash generation remained positive.
Revenue barely changed from FY2024 to FY2025, yet gross margin fell from28.6% to26.4% . Operating margin then dropped to5.4% while operating cash flow remained above net income, indicating the damage was concentrated in reported profitability rather than a complete cash-generation breakdown.
FY2025 operating cash flow was
Debt-to-equity fell from 0.4x in FY2023 to 0.3x in FY2025, showing deleveraging even as earnings weakened. Yet the current ratio eased to 1.1x after the company repurchased
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Icon Plc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Icon Plc has an operating margin of 5.4%, meaning the company retains $5 of operating profit per $100 of revenue. This strong profitability earns a score of 65/100, reflecting efficient cost management and pricing power. This is down from 12.6% the prior year.
Icon Plc's revenue grew a modest 0.8% year-over-year to $8.3B. This slow but positive growth earns a score of 34/100.
Icon Plc has elevated debt relative to equity (D/E of 0.31), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 24/100, reflecting increased financial risk.
Icon Plc's current ratio of 1.10 is below the typical benchmark, resulting in a score of 24/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Icon Plc converts 10.4% of revenue into free cash flow ($862.0M). This strong cash generation earns a score of 71/100.
Icon Plc's ROE of 2.5% shows moderate profitability relative to equity, earning a score of 54/100. This is down from 7.8% the prior year.
Icon Plc scores 1.88, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($12.7B) relative to total liabilities ($7.1B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Icon Plc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Icon Plc generates $4.52 in operating cash flow ($1.0B OCF vs $229.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Icon Plc earns $2.35 in operating income for every $1 of interest expense ($442.8M vs $188.1M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Icon Plc generated $2.1B in revenue in Q2 2026. This represents an increase of 1.2% from the same quarter a year earlier. Against the prior quarter it is up 1.4%.
Icon Plc's EBITDA was $228.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 30.4% from the same quarter a year earlier. Against the prior quarter it is down 13.4%.
Icon Plc reported $72.6M in net income in Q2 2026. This represents a decrease of 64.3% from the same quarter a year earlier. Against the prior quarter it is down 30.7%.
Icon Plc earned $0.94 per diluted share (EPS) in Q2 2026. This represents a decrease of 63.3% from the same quarter a year earlier. Against the prior quarter it is down 30.9%.
Cash & Balance Sheet
Icon Plc generated $238.8M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 109.7% from the same quarter a year earlier. Against the prior quarter it is up 75.3%.
Icon Plc held $928.4M in cash against $2.1B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Icon Plc's gross margin was 23.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 5.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.
Icon Plc's operating margin was 6.7% in Q2 2026, reflecting core business profitability. This is down 4.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.9 percentage points.
Icon Plc's net profit margin was 3.5% in Q2 2026, showing the share of revenue converted to profit. This is down 6.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.6 percentage points.
Icon Plc's ROE was 0.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.
Capital Allocation
Icon Plc repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
Icon Plc invested $42.4M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 31.4% from the same quarter a year earlier. Against the prior quarter it is up 37.9%.
Not reported for Q2 2026.
ICLR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'266-K | Q1'266-K | Q4'256-K | Q3'256-K/A | Q2'256-K | Q1'256-K | Q4'2420-F | Q3'246-K/A |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B+1.2% | $2.0B+0.9% | $2.1B+2.5% | $2.1B+2.1% | $2.0B-0.1% | $2.0B-1.4% | $2.1B+1.0% | $2.0B+0.1% |
| Cost of Revenue | $1.6B+8.8% | $1.6B+7.4% | $1.6B+12.0% | $1.5B+7.4% | $1.5B-2.2% | $1.4B-1.2% | $1.5B0.0% | $1.4B-0.9% |
| Gross Profit | $479.3M-17.8% | $477.9M-15.6% | $480.7M-20.6% | $545.5M-10.4% | $583.3M+5.4% | $566.1M-1.7% | $605.5M+3.6% | $608.5M+2.4% |
| SG&A Expenses | $194.3M-5.2% | $200.6M+1.1% | $179.7M+18.7% | $197.0M-3.9% | $205.0M+5.4% | $198.4M+11.9% | $151.4M-22.6% | $205.1M+10.8% |
| Operating Income | $137.8M-40.3% | $173.7M-23.5% | $207.8M-37.1% | -$222.9M-173.7% | $230.9M+47.1% | $227.0M-6.4% | $330.4M+35.7% | $302.6M+19.6% |
| EBITDA | $228.6M-30.4% | $264.1M-18.2% | $298.1M-30.2% | -$123.9M-131.3% | $328.7M+7.2% | $322.9M-17.5% | $427.1M+8.6% | $395.6M-0.8% |
| Interest Expense | $48.8M-2.7% | $48.0M+0.8% | $40.1M+96.7% | $50.2M-5.7% | $50.2M-17.6% | $47.6M-33.6% | $20.4M-74.8% | $53.3M-36.5% |
| Income Tax | $19.6M+194.9% | $22.8M+12.1% | $10.7M+183.5% | $12.8M-66.7% | -$20.7M-241.7% | $20.4M-16.5% | -$12.8M+33.4% | $38.4M+134.6% |
| Net Income | $72.6M-64.3% | $104.8M-34.9% | $149.2M-49.4% | -$284.2M-233.3% | $203.5M+145.9% | $160.8M+8.4% | $294.7M+60.7% | $213.3M+38.6% |
| EPS (Basic) | $0.94-63.4% | $1.37-31.5% | $1.91-46.8% | -$3.67-242.8% | $2.57+157.0% | $2.00+11.1% | $3.59+61.0% | $2.57+37.4% |
| EPS (Diluted) | $0.94-63.3% | $1.36-31.7% | $1.89-47.1% | -$3.67-243.4% | $2.56+158.6% | $1.99+11.8% | $3.57+60.8% | $2.56+38.4% |
| Diluted Shares (Avg) | 77M-2.7% | 77M-4.5% | N/A | 77M-7.3% | 80M-4.6% | 81M-2.8% | N/A | 83M+0.6% |
Not reported in any period shown, so not listed: R&D Expenses.
ICLR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'266-K | Q1'266-K | Q4'256-K | Q3'256-K/A | Q2'256-K | Q1'256-K | Q4'2420-F | Q3'246-K/A |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $16.4B-0.9% | $16.3B-1.9% | $16.3B-2.2% | $16.2B-4.8% | $16.5B-1.3% | $16.6B-1.2% | $16.6B-1.4% | $17.0B+0.4% |
| Current Assets | $3.7B+15.8% | $3.6B+8.6% | $3.5B+6.9% | $3.3B-5.5% | $3.2B-4.6% | $3.3B-0.9% | $3.3B-0.4% | $3.5B+6.9% |
| Cash & Equivalents | $928.4M+137.8% | $765.2M+45.3% | $647.3M+20.1% | $468.9M-32.6% | $390.4M-22.9% | $526.7M+33.0% | $538.8M+42.5% | $695.5M+122.2% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% |
| Accounts Receivable | $1.5B+6.7% | $1.5B+6.0% | $1.5B+5.9% | $1.4B-0.6% | $1.4B-12.8% | $1.4B-18.5% | $1.4B-21.1% | $1.4B-24.6% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% |
| Goodwill | $8.7B-4.1% | $8.7B-3.7% | $8.7B-3.5% | $8.7B-3.9% | $9.1B+0.8% | $9.1B+0.5% | $9.1B+0.3% | $9.1B+1.1% |
| Total Liabilities | $7.0B-0.3% | $7.0B-2.7% | $7.1B-1.6% | $7.2B-2.2% | $7.0B-3.7% | $7.2B-3.6% | $7.2B-6.0% | $7.3B-7.9% |
| Current Liabilities | $3.9B+54.1% | $3.2B+18.2% | $3.2B+21.3% | $3.2B+19.5% | $2.6B-4.6% | $2.7B-4.7% | $2.6B-3.5% | $2.7B-1.8% |
| Non-Current Liabilities | $3.1B-31.3% | $3.8B-15.1% | $3.9B-14.9% | $3.9B-14.8% | $4.5B-3.2% | $4.5B-2.9% | $4.6B-7.4% | $4.6B-11.2% |
| Long-Term Debt | $2.1B-37.6% | $2.9B-15.4% | $2.9B-15.4% | $2.9B-15.4% | $3.4B-0.7% | $3.4B-0.9% | $3.4B-7.3% | $3.4B-13.0% |
| Total Equity | $9.4B-1.3% | $9.3B-1.3% | $9.2B-2.6% | $9.0B-6.9% | $9.5B+0.5% | $9.4B+0.7% | $9.4B+2.5% | $9.7B+7.8% |
| Retained Earnings | $2.3B-8.3% | $2.2B-12.8% | $2.1B-19.7% | $2.0B-28.2% | $2.5B-4.9% | $2.6B0.0% | $2.6B+9.9% | $2.7B+23.8% |
Not reported in any period shown, so not listed: Inventory.
ICLR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'266-K | Q1'266-K | Q4'256-K | Q3'256-K/A | Q2'256-K | Q1'256-K | Q4'2420-F | Q3'246-K/A |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $281.3M+92.4% | $167.0M-37.7% | $234.2M-30.8% | $387.6M-3.7% | $146.2M-33.1% | $268.2M-18.0% | $338.3M-23.1% | $402.7M+17.9% |
| Depreciation & Amortization | $90.8M-7.1% | $90.3M-5.9% | $90.3M-6.6% | $99.0M+6.5% | $97.7M-34.7% | $96.0M-35.7% | $96.7M-35.4% | $93.0M-36.3% |
| Stock-Based Compensation | $19.4M+25.9% | $27.6M+123.1% | N/A | $46.2M+254.3% | $15.4M+3.1% | $12.4M-6.2% | N/A | $13.0M-20.8% |
| Capital Expenditures | $42.4M+31.4% | $30.8M+6.4% | $59.3M-3.2% | $53.7M+23.9% | $32.3M-11.1% | $28.9M+6.5% | $61.3M+16.3% | $43.3M+48.9% |
| Free Cash Flow | $238.8M+109.7% | $136.2M-43.1% | $174.8M-36.9% | $333.9M-7.1% | $113.9M-37.5% | $239.3M-20.2% | $277.0M-28.5% | $359.3M+15.0% |
| Investing Cash Flow | -$108.3M-183.5% | -$39.4M-5.8% | -$55.9M+18.8% | -$56.1M+54.9% | -$38.2M-11.7% | -$37.3M+5.3% | -$68.9M+43.8% | -$124.3M-250.3% |
| Financing Cash Flow | -$8.1M+96.8% | -$6.4M+97.5% | -$5.8M+98.6% | -$256.8M-162.6% | -$255.9M-256.6% | -$252.8M+4.1% | -$404.0M-58.1% | -$97.8M+62.2% |
| Share Buybacks | $0-100.0% | $0-100.0% | $0-100.0% | $250.0M+150.0% | $250.0M | $250.0M | $400.0M | $100.0M |
Not reported in any period shown, so not listed: Dividends Paid.
ICLR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'266-K | Q1'266-K | Q4'256-K | Q3'256-K/A | Q2'256-K | Q1'256-K | Q4'2420-F | Q3'246-K/A |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.2%-5.4pp | 23.5%-4.6pp | 22.8%-6.6pp | 26.2%-3.6pp | 28.6%+1.5pp | 28.1%-0.1pp | 29.4%+0.7pp | 29.8%+0.7pp |
| Operating Margin | 6.7%-4.7pp | 8.5%-2.7pp | 9.8%-6.2pp | -10.7%-25.5pp | 11.3%+3.6pp | 11.3%-0.6pp | 16.0%+4.1pp | 14.8%+2.4pp |
| Net Margin | 3.5%-6.5pp | 5.1%-2.8pp | 7.1%-7.2pp | -13.6%-24.1pp | 10.0%+5.9pp | 8.0%+0.7pp | 14.3%+5.3pp | 10.4%+2.9pp |
| Return on Equity | 0.8%-1.4pp | 1.1%-0.6pp | 1.6%-1.5pp | -3.2%-5.4pp | 2.1%+1.3pp | 1.7%+0.1pp | 3.1%+1.1pp | 2.2%+0.5pp |
| Return on Assets | 0.4%-0.8pp | 0.6%-0.3pp | 0.9%-0.9pp | -1.8%-3.0pp | 1.2%+0.7pp | 1.0%+0.1pp | 1.8%+0.7pp | 1.3%+0.3pp |
| Current Ratio | 0.95-0.3x | 1.14-0.1x | 1.10-0.1x | 1.03-0.3x | 1.270.0x | 1.240.0x | 1.240.0x | 1.31+0.1x |
| Debt-to-Equity | 0.23-0.1x | 0.31-0.1x | 0.310.0x | 0.320.0x | 0.360.0x | 0.360.0x | 0.360.0x | 0.35-0.1x |
| Asset Turnover | 0.130.0x | 0.120.0x | 0.130.0x | 0.130.0x | 0.120.0x | 0.120.0x | 0.120.0x | 0.120.0x |
| FCF Margin | 11.6%+6.0pp | 6.7%-5.2pp | 8.3%-5.2pp | 16.0%-1.6pp | 5.6%-3.3pp | 11.9%-2.8pp | 13.4%-5.6pp | 17.6%+2.3pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Icon Plc ICLR | FY2025 | $8.3B | $229.3M | 2.8% | $12.7B | 45/100 |
| Medpace Holdings, Inc. MEDP | FY2025 | $2.5B | $451.1M | 17.8% | $17.1B | 62/100 |
| Illumina Inc ILMN | FY2025 | $4.3B | $850.0M | 19.6% | $42.0B | 44/100 |
| Waters Corp WAT | FY2025 | $3.2B | $642.6M | 20.3% | $42.6B | 71/100 |
| Quest Diagnostics Inc. DGX | FY2025 | $11.0B | $992.0M | 9.0% | $25.5B | 54/100 |
Where Icon Plc Ranks
Frequently Asked Questions
What is Icon Plc's annual revenue?
Icon Plc (ICLR) reported $8.3B in total revenue for fiscal year 2025. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Icon Plc's revenue growing?
Icon Plc (ICLR) revenue grew by 0.8% year-over-year, from $8.2B to $8.3B in fiscal year 2025.
Is Icon Plc profitable?
Yes, Icon Plc (ICLR) reported a net income of $229.3M in fiscal year 2025, with a net profit margin of 2.8%.
What is Icon Plc's EBITDA?
Icon Plc (ICLR) had EBITDA of $825.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Icon Plc have?
As of fiscal year 2025, Icon Plc (ICLR) had $647.3M in cash and equivalents against $2.9B in long-term debt.
What is Icon Plc's gross margin?
Icon Plc (ICLR) had a gross margin of 26.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Icon Plc's operating margin?
Icon Plc (ICLR) had an operating margin of 5.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Icon Plc's net profit margin?
Icon Plc (ICLR) had a net profit margin of 2.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Icon Plc's return on equity (ROE)?
Icon Plc (ICLR) has a return on equity of 2.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Icon Plc's free cash flow?
Icon Plc (ICLR) generated $862.0M in free cash flow during fiscal year 2025. This represents a -22.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Icon Plc's operating cash flow?
Icon Plc (ICLR) generated $1.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Icon Plc's total assets?
Icon Plc (ICLR) had $16.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Icon Plc's capital expenditures?
Icon Plc (ICLR) invested $174.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Icon Plc's current ratio?
Icon Plc (ICLR) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.
What is Icon Plc's debt-to-equity ratio?
Icon Plc (ICLR) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Icon Plc's return on assets (ROA)?
Icon Plc (ICLR) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Icon Plc's P/E ratio?
Icon Plc (ICLR) trades at 299x earnings, its market capitalization divided by net income of $42.3M net income, trailing 12 months to June 30, 2026. The market capitalization is $12.7B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Icon Plc's price-to-sales ratio?
Icon Plc (ICLR) trades at 1.5x sales, its market capitalization divided by revenue of $8.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $12.7B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Icon Plc's Altman Z-Score?
Icon Plc (ICLR) has an Altman Z-Score of 1.88, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Icon Plc's Piotroski F-Score?
Icon Plc (ICLR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Icon Plc's earnings high quality?
Icon Plc (ICLR) has an earnings quality ratio of 4.52x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Icon Plc cover its interest payments?
Icon Plc (ICLR) has an interest coverage ratio of 2.35x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Icon Plc?
Icon Plc (ICLR) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.