ICON plc Provides Update on Timing of Fourth Quarter and Full Year 2025 Earnings Results and Investigation into Accounting Practices

Key Terms

revenue recognition financial

Revenue recognition is the accounting rule that determines when a company records a sale as income on its financial statements, which may differ from when cash actually arrives. It matters to investors because the timing and method used can change reported profits and growth, so understanding it is like knowing whether a scoreboard counts goals as soon as they’re scored or only after they’re confirmed — the timing affects comparisons, forecasts, and valuation.

internal controls over financial reporting regulatory

Internal controls over financial reporting are the policies, procedures and checks a company uses to make sure its accounting and financial statements are accurate, complete and free from significant error or fraud. They matter to investors because strong controls lower the risk of misleading results or surprise restatements—think of them as a quality checkpoint on a factory line that helps prevent costly defects that could damage a company’s value and reputation.

material weaknesses regulatory

Material weaknesses are significant flaws in a company’s systems for ensuring its financial reports are accurate and reliable. Like a broken lock on a safe, they increase the chance that financial statements contain big errors or omissions, which can mislead investors about performance and risk; discovering one often raises questions about management oversight, may lead to restated results, and can affect investor confidence and a company’s valuation.

audit committee regulatory

A company's audit committee is a small group of board members who act like independent inspectors for the firm's finances, overseeing how financial reports are prepared, monitoring internal controls, and managing the relationship with external auditors. Investors care because a strong audit committee reduces the risk of accounting errors, fraud, or misleading statements, making financial statements more trustworthy and helping protect shareholder value.

forensic technical

Forensic describes methodical, evidence-focused investigation used to uncover wrongdoing, mistakes, or hidden facts in records, transactions, or physical evidence. It matters to investors because forensic work—like detective work for a company’s books—can reveal fraud, accounting errors, or undisclosed liabilities that materially change a business’s value, trigger regulatory scrutiny, or alter investment decisions.

technical accounting financial

Technical accounting covers the detailed, rule-based choices and calculations companies make when preparing financial reports—things like how to record complex deals, estimate asset values, recognize revenue, or disclose risks. It matters to investors because these behind-the-scenes decisions can change reported profits, assets, or debt level much like using different lenses alters a photograph, affecting how a business’s health and trends are seen and compared over time.

financial guidance financial

Financial guidance is the information that a company provides about its expected future financial performance, such as sales, profits, or expenses. It helps investors understand what the company aims to achieve and plan their decisions accordingly, much like a forecast or a roadmap that indicates the company's future direction. This guidance influences investor confidence and decision-making, as it offers insight into the company's outlook and growth expectations.

Investigation’s preliminary indications are that 2023 and 2024 revenue may have been overstated by less than 2% for each fiscal year

DUBLIN--(BUSINESS WIRE)-- ICON plc, (NASDAQ: ICLR) today announced that it intends to release its fourth quarter and full year 2025 earnings results on or prior to April 30, 2026. The Company also announced an ongoing internal investigation initiated by the Audit Committee of the Board of Directors in late October 2025 into certain of the Company’s accounting practices and controls, following concerns reported to the Audit Committee through Company management. Outside legal counsel is conducting the investigation with the support of forensic and technical accounting firms.

The investigation primarily focuses on revenue recognition in fiscal years 2023 through 2025. The Company is in the process of evaluating the design and operation of certain internal controls over financial reporting and expects to report one or more material weaknesses as a result. While the investigation is continuing, at this time, preliminary indications are that the Company’s revenue in 2023 and 2024 may have been overstated by less than two percent for each fiscal year. Due to the ongoing investigation, including a delay of normal quarter and year-end reporting processes, the Company is not yet able to communicate its 2025 financial performance and is withdrawing its previously issued 2025 full year financial guidance.

The investigation has not identified any impact to customers stemming from the practices under review. ICON remains fully focused on its mission to partner with customers to expedite the development of novel therapeutics for patients globally.

ICON’s Chair, Mr. Ciaran Murray said, “The ICON Board of Directors is committed to transparency, accountability and strong governance. The Board of Directors and I have full faith in ICON’s executive team and their ability to implement the changes needed as a result of the investigation and execute our strategy for the years ahead.”

ICON’s CEO, Mr. Barry Balfe commented, “ICON is a strong business underpinned by a longstanding commitment to quality, integrity and transparency. In response to the current investigation, we are implementing a series of corrective actions to enhance our internal controls over financial reporting. I look forward to reporting our 2025 results and to providing commentary on the broader market as we continue to execute on our commercial strategy. I am proud of our teams and the great work they do for our customers to deliver new treatments for patients.”

Other Information

This press release contains forward-looking statements, including statements about our financial guidance and the ongoing independent investigation by the Audit Committee of the Board of the Directors. These statements are based on management's current expectations and information currently available. These statements are not guarantees of future performance or actual results, and actual results, developments and business decisions may differ from those stated in this press release. The forward-looking statements are subject to future events, risks, uncertainties and other factors that could cause actual results to differ materially from those projected in the statements, including, but not limited to, the timing and completion of the Company’s reporting of its fourth quarter and full year 2025 results, the timing and completion of the filing of the Company’s Form 20-F for the year ended December 31, 2025, the evaluation of material weaknesses in internal control over financial reporting, the timing and completion of the audit committee investigation and the results thereof, the timing of the review by, and the conclusions of, the Company’s independent registered public accounting firm regarding the audit committee’s internal review and the Company’s financial statements, the ability to enter into new contracts, maintain client relationships, manage the opening of new offices and offering of new services, the integration of new business mergers and acquisitions, the impact of this announcement on the price of the Company’s common stock and the Company’s relationships with investors, employees, suppliers, wholesalers, lenders and other parties, as well as other economic and global market conditions and other risks and uncertainties detailed from time to time in SEC reports filed by ICON, all of which are difficult to predict and some of which are beyond our control. For these reasons, you should not place undue reliance on these forward-looking statements when making investment decisions. The word "expected", “intend”, “indication” and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only as of the date they are made and we do not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise. More information about the risks and uncertainties relating to these forward-looking statements may be found in SEC reports filed by ICON, including its latest Annual Report on Form 20-F, Form 6-Ks and certain other reports, which are available on the SEC's website at http://www.sec.gov.

About ICON plc

ICON plc is a world-leading clinical research organisation. Offering deep operational and medical expertise we accelerate innovation, driving emerging therapies forward to improve patient outcomes. From molecule to medicine, we deliver integrated consulting, clinical development, commercialisation and post-marketing solutions to pharmaceutical, biotechnology, medical device, government and public health organisations worldwide. With headquarters in Dublin, Ireland, ICON employed approximately 40,100 employees in 97 locations in 55 countries as of December 31, 2025. For further information about ICON, visit: www.iconplc.com.

ICON/ICLR-F

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Source: ICON plc