ICF (NASDAQ: ICFI) Q1 2026 results, dividend and 2026 outlook
Rhea-AI Filing Summary
ICF International reported softer first quarter 2026 results but reaffirmed its full-year growth outlook. Revenue was $437.5 million versus $487.6 million a year earlier, with net income of $20.5 million and diluted EPS of $1.12, pressured by a higher 25.1% tax rate driven by equity-based compensation items.
Non-GAAP EPS was $1.50, and adjusted EBITDA was $48.9 million, giving an 11.2% margin, similar to 2025. Management highlighted about $12 million of revenue timing shifts it expects to recover later in 2026, while noting 8.6% sequential growth in federal revenue and 17.5% year-on-year growth in international government revenue. Backlog was $3.4 billion with a trailing twelve-month book-to-bill of 1.21, and the company reaffirmed 2026 guidance for $1.89–$1.96 billion in revenue and GAAP EPS of $5.95–$6.25. The board declared a quarterly dividend of $0.14 per share, payable July 10, 2026, to shareholders of record on June 5, 2026, and the company repurchased 217,500 shares in the quarter.
Positive
- None.
Negative
- None.
Insights
ICF’s Q1 revenue fell year-on-year, but margins, backlog and 2026 guidance remained intact.
ICF generated Q1 2026 revenue of $437.5 million, down from $487.6 million a year earlier, with net income of $20.5 million and diluted EPS of $1.12. Management attributes about $12 million of the shortfall to timing shifts it expects to recover later in 2026.
Profitability held up: adjusted EBITDA was $48.9 million with an 11.2% margin, close to last year. The quarter was hurt by a higher effective tax rate of 25.1%, versus 10.5% in Q1 2025, due to equity-based compensation tax effects. Federal revenue declined year-on-year, but rose 8.6% sequentially, while international government revenue grew 17.5%.
Contract awards of $450 million produced a quarterly book-to-bill of 1.03 and trailing twelve-month book-to-bill of 1.21, supporting future revenue. The company reaffirmed 2026 guidance for $1.89–$1.96 billion in revenue, GAAP EPS of $5.95–$6.25, non-GAAP EPS of $6.95–$7.25, and operating cash flow of $135–$150 million, and declared a quarterly dividend of $0.14 per share.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Non-GAAP EPS financial
book-to-bill ratio financial
funded backlog financial
fixed price contracts financial
Earnings Snapshot
For 2026, ICF expects revenue of $1.89–$1.96 billion, GAAP EPS of $5.95–$6.25, non-GAAP EPS of $6.95–$7.25, and operating cash flow of $135–$150 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On May 7, 2026, ICF International, Inc. (the “Company”) announced its financial results for the first quarter ended March 31, 2026. The press release containing this announcement is attached hereto as Exhibit 99.1.
The information contained in this report, including Exhibit 99.1, is considered to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. The information in this report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
The release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual result to differ materially from those anticipated.
Item 8.01 Other Events
On May 7, 2026, the Company's Board of Directors declared a quarterly dividend in an amount equal to $0.14 per share. This quarterly cash dividend will be paid on July 10, 2026, to stockholders of record as of the close of business on June 5, 2026.
The cash dividend policy and the payment of future cash dividends under that policy will be made at the discretion of the Company's Board of Directors and will depend on earnings, operating and financial conditions, capital requirements, and other factors deemed relevant by the Board, including the applicable requirements of the Delaware General Corporation Law and the best interests of the Company’s stockholders.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 |
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Press Release dated May 7, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Exhibit Index
Exhibit Number |
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Description |
99.1 |
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Press Release dated May 7, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ICF International, Inc. |
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Date: May 7, 2026 |
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By: |
/s/ James Morgan |
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James Morgan |
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Chief Operating and Financial Officer |
Exhibit 99.1
NEWS RELEASE
ICF Reports First Quarter 2026 Results
Reaffirms Full Year Guidance for a Return to Growth in 2026
―First Quarter Revenue Performance Reflects Shift of Approximately $12 Million; Half Expected to be Recovered in Q2 and the Remainder in H2―
―Revenues From Federal Government Clients Increased 9% Sequentially―
―Delivered Strong Margin Performance―
First Quarter Highlights:
RESTON, Va., May 7, 2026--ICF (NASDAQ: ICFI), a leading global solutions and technology provider, reported results for the first quarter ended March 31, 2026.
Management Commentary
John Wasson, chair and chief executive officer, said, “We continue to execute effectively across our diversified client set, and we are pleased to report that revenues from federal government clients increased considerably on a sequential basis, in line with our expectations. Additionally, revenues from international government clients increased over 17% year-on-year, representing substantial growth tied to recent contract wins from U.K. and European Union clients.
“Our total quarterly revenue performance was $12 million, lower than expected due to the timing of approximately $8 million in project work for commercial energy clients and $4 million in work for international government clients. We expect to recover those revenues—half in the second quarter and the remainder during the second half of this year—which supports our full year 2026 guidance for 3% companywide revenue growth at the midpoint.
“Gross margin advanced 10 basis points year-on-year, and adjusted EBITDA margin was 11.2%, remaining steady with 2025 levels. Margins benefited from favorable business mix together with cost management initiatives. We continued to
1
invest organically in key long-term growth areas, including commercial energy, disaster management and technology modernization, while maintaining our capabilities in federal health, education and social programs. The first quarter tax rate was higher than anticipated due to less than estimated equity-based deductible compensation expense. For the full year, we continue to expect a tax rate of 20.5%.
“This was a solid quarter of contract awards for ICF. We were awarded $450 million in contracts, representing a quarterly book-to-bill ratio of 1.03 and a trailing twelve-month book-to-bill ratio of 1.21. New business represented approximately 65% of this quarter’s awards, demonstrating how well ICF’s capabilities are aligned with client demand. Our business development pipeline stood at $8.5 billion at the end of the first quarter, and we are encouraged by the pace of bid and proposal activity.”
First Quarter Business Highlights in Key Growth Markets
ICF reported 8.6% sequential growth in revenues from federal government clients, which, as expected, was primarily driven by the strength of the company’s technology modernization work. Over 80% of ICF’s technology modernization work is performed under outcome-based, fixed price contracts. The company continues to expect its federal government revenues to increase sequentially in the second and third quarters of this year and show year-over-year growth in the 2026 fourth quarter.
ICF continues to experience strong underlying demand from utility clients for its market-leading energy efficiency, flexible load management, electrification, affordability and grid optimization programs. ICF ended 2025 with a 35% market share in residential energy efficiency and related programs for utilities and is approaching a 20% share of the commercial and industrial energy efficiency space. Commercial energy revenues increased 2% from last year’s first quarter, constrained by the timing of approximately $8 million in project work under fixed price contracts. The company expects to recover one-half of this amount in the second quarter and the remainder in the second half of this year.
State and local government revenues were flat year-on-year for the first quarter; we expect mid-single digit growth for the full year. ICF is a recognized leader in the development and implementation of disaster recovery and mitigation programs, which represents approximately 45% of this client category. In the first quarter ICF supported over 75 active disaster recovery programs in 22 states and territories and views the disaster management market as a driver of long-term growth. Additionally, we have expanded the offerings we provide to our state and local clients to include advanced technology solutions and services.
First Quarter 2026 Financial Results
First quarter 2026 total revenue was $437.5 million, compared to $487.6 million reported in the first quarter of 2025. Subcontractor and other direct costs were 23.5% of total revenues, compared to 22.7% in last year’s first quarter. Gross margin was 38.1%, 10 basis points above the prior year period. Operating income was $34.9 million, with an operating margin on total revenue of 8.0%, compared to operating income of $38.4 million, with an operating margin of 7.9% in the prior year period. Net income totaled $20.5 million, versus $26.9 million reported in the first quarter of 2025. Diluted EPS was $1.12 per share, compared to $1.44 per share in the comparable prior year period. GAAP EPS included a $0.07 unfavorable impact from a discrete tax item related to equity-based compensation. This contributed to a higher than expected effective tax rate of 25.1% in the 2026 first quarter. In last year’s first quarter the tax rate was 10.5%, inclusive of a one-time tax benefit.
Non-GAAP EPS totaled $1.50 per share, compared to $1.94 per share reported in the comparable period in 2025. Non-GAAP EPS included a $0.09 unfavorable impact from the equity-based compensation tax item. EBITDA was $47.3 million, compared to $52.1 million reported in the year-ago quarter. Adjusted EBITDA was $48.9 million, and Adjusted EBITDA margin on total revenues was 11.2%, compared to 11.3% in the first quarter of 2025.
2
Backlog and New Business
Total backlog was $3.4 billion at the end of the first quarter 2026. Funded backlog was $1.7 billion, or approximately 51% of the total backlog. The total value of contracts awarded in the 2026 first quarter was $450 million for a quarterly book to bill ratio of 1.03 and trailing twelve-month contract awards totaled $2.2 billion for a book-to-bill ratio of 1.21.
Commercial Revenue First Quarter 2026 Highlights
Commercial revenue was $146.3 million during the quarter.
Key Commercial Contracts Awarded in the First Quarter of 2026
Notable commercial awards won in the first quarter of 2026 included:
Government Revenue First Quarter 2026 Highlights
Revenue from government clients was $291.2 million during the quarter.
3
Key Government Contracts Awarded in the First Quarter of 2026
Notable government contract awards won in the first quarter of 2026 included:
Dividend Declaration
On May 7, 2026, ICF declared a quarterly cash dividend of $0.14 per share, payable on July 10, 2026,to shareholders of record on June 5, 2026.
Summary and Outlook
“ICF exited 2025 as a more diversified, more efficient and more agile company, and we continue to effectively execute our strategy and position the company to capture growth opportunities in our key growth markets, while pursuing new business that aligns with our cross-cutting capabilities in technology, program management and engagement.
“We are pleased to reaffirm our guidance for a return to revenue and EPS growth in 2026, with our revenues expected to range from $1.89 billion to $1.96 billion, representing 3% growth at the midpoint, GAAP EPS from $5.95 to $6.25 and Non-GAAP EPS from $6.95 to $7.25, or 5% growth at the midpoint. These expectations anticipate double-digit growth from our non-federal government clients, led by commercial energy, bringing non-federal revenues to over 60% of ICF’s total 2026 revenues, and also anticipate a return to year-on-year growth in certain parts of our federal government business. We expect operating cash flow to range from $135 million to $150 million.
4
“Demonstrating our confidence in ICF’s long-term prospects, we repurchased 217,500 shares in the first quarter. As we look to the future, we are well positioned to capture more than our fair share of opportunities in our key growth markets which we expect will enable us to return to mid to high single digit growth in 2027 and continued growth beyond. Underpinning this confidence is the dedication of our professional staff to ICF and our clients, which has long been a growth driver for our company as well as a source of resilience,” Mr. Wasson concluded.
1 Non-GAAP EPS, EBITDA and Adjusted EBITDA are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of non-GAAP measurements may not be comparable to other similarly titled measures used by other companies.
About ICF
ICF is a leading global solutions and technology provider. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.
Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.
Note on Forward-Looking Non-GAAP Measures
The company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the non-GAAP financial measures.
Investor Contacts:
Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800
David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800
Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com+1.571.373.5577
5
ICF International, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)
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Three Months Ended |
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March 31, |
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(in thousands, except per share amounts) |
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2026 |
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2025 |
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Revenue |
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$ |
437,500 |
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$ |
487,618 |
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Direct Costs |
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270,637 |
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302,542 |
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Operating costs and expenses: |
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Indirect and selling expenses |
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118,827 |
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131,891 |
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Depreciation and amortization |
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13,180 |
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14,795 |
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Total operating costs and expenses |
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132,007 |
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146,686 |
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Operating income |
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34,856 |
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38,390 |
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Interest, net |
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(6,709 |
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(7,337 |
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Other expense |
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(757 |
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(1,052 |
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Income before income taxes |
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27,390 |
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30,001 |
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Provision for income taxes |
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6,868 |
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3,150 |
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Net income |
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$ |
20,522 |
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$ |
26,851 |
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Earnings per Share: |
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Basic |
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$ |
1.12 |
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$ |
1.45 |
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Diluted |
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$ |
1.12 |
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$ |
1.44 |
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Weighted-average Shares: |
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Basic |
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18,242 |
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18,506 |
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Diluted |
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18,347 |
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18,613 |
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Cash dividends declared per common share |
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$ |
0.14 |
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$ |
0.14 |
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Other comprehensive loss, net of tax |
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(669 |
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(2,713 |
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Comprehensive income, net of tax |
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$ |
19,853 |
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$ |
24,138 |
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6
ICF International, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures(2)
(Unaudited)
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Three Months Ended |
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March 31, |
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(in thousands, except per share amounts) |
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2026 |
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2025 |
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Reconciliation of EBITDA and Adjusted EBITDA (3) |
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Net income |
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$ |
20,522 |
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$ |
26,851 |
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Interest, net |
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6,709 |
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7,337 |
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Provision for income taxes |
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6,868 |
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3,150 |
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Depreciation and amortization |
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13,180 |
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14,795 |
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EBITDA |
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47,279 |
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52,133 |
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Acquisition and divestiture-related expenses (4) |
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649 |
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259 |
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Severance and other costs related to staff realignment (5) |
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— |
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2,550 |
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Charges and adjustments related to facility consolidations and office closures (6) |
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972 |
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256 |
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Total Adjustments |
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1,621 |
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3,065 |
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Adjusted EBITDA |
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$ |
48,900 |
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$ |
55,198 |
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Net Income Margin Percent on Revenue (7) |
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4.7 |
% |
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5.5 |
% |
EBITDA Margin Percent on Revenue (8) |
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10.8 |
% |
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10.7 |
% |
Adjusted EBITDA Margin Percent on Revenue (8) |
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11.2 |
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11.3 |
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Reconciliation of Non-GAAP Diluted EPS (3) |
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U.S. GAAP Diluted EPS |
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$ |
1.12 |
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$ |
1.44 |
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Acquisition and divestiture-related expenses |
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0.04 |
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0.01 |
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Severance and other costs related to staff realignment |
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— |
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0.14 |
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Charges and adjustments related to facility consolidations and office closures |
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0.06 |
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0.01 |
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Amortization of intangible assets acquired in business combinations (9) |
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0.41 |
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0.51 |
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Income tax effects of the adjustments (10) |
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(0.13 |
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(0.17 |
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Non-GAAP Diluted EPS |
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$ |
1.50 |
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$ |
1.94 |
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(2) These tables provide reconciliations of Non-GAAP financial measures to the most applicable U.S. GAAP numbers. While we believe that these Non-GAAP financial measures may be useful in evaluating our financial information, they should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with U.S. GAAP. Other companies may define similarly titled Non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define these measures. |
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(3) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP. |
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(4) These are primarily third-party costs related to potential and/or closed acquisitions and integration of closed acquisitions. |
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(5) These costs are due to involuntary employee termination benefits for (i) our officers and (ii) group of employees who have been notified that they will be terminated as part of a business reorganization or exit. |
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(6) These charges and adjustments are related to previously exited leased facilities and the closure of certain international offices. |
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(7) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue. |
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(8) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the Non-GAAP measure by the corresponding revenue. |
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(9) The amortization of intangible assets acquired from business combinations totaled $7.6 million and $9.5 million for the three months ended March 31, 2026 and 2025, respectively. |
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(10) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 25.1% and 10.5% for the three months ended March 31, 2026 and 2025, respectively. |
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8
ICF International, Inc. and Subsidiaries
Consolidated Balance Sheets
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March 31, 2026 |
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December 31, 2025 |
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(in thousands, except share amounts) |
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(Unaudited) |
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ASSETS |
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Cash and cash equivalents |
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$ |
3,883 |
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$ |
5,297 |
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Restricted cash |
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49,357 |
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47,984 |
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Accounts receivable, net |
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239,999 |
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237,996 |
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Contract assets |
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192,231 |
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186,684 |
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Prepaid expenses and other current assets |
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19,920 |
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18,390 |
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Income tax receivable |
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19,055 |
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18,087 |
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Total Current Assets |
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524,445 |
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514,438 |
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Property and Equipment, net |
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55,393 |
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58,357 |
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Goodwill |
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1,251,427 |
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1,252,207 |
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Other intangible assets, net |
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73,644 |
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81,555 |
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Operating lease - right-of-use assets |
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102,844 |
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106,274 |
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Other assets |
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45,223 |
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|
37,340 |
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Total Assets |
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$ |
2,052,976 |
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$ |
2,050,171 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Accounts payable |
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$ |
93,252 |
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$ |
123,524 |
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Contract liabilities |
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44,635 |
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43,444 |
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Lease liabilities - current |
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19,652 |
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21,491 |
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Accrued salaries and benefits |
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65,694 |
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|
95,578 |
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Accrued subcontractors and other direct costs |
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45,673 |
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48,900 |
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Accrued expenses and other current liabilities |
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86,100 |
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|
71,340 |
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Total Current Liabilities |
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355,006 |
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404,277 |
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Debt |
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439,184 |
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401,355 |
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Lease liabilities - non-current |
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143,466 |
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|
148,493 |
|
Deferred income taxes |
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|
15,375 |
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|
6,837 |
|
Other long-term liabilities |
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68,036 |
|
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|
60,727 |
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Total Liabilities |
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1,021,067 |
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|
1,021,689 |
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Commitments and Contingencies |
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|
|
|
|
||
|
|
|
|
|
|
|
||
Stockholders’ Equity: |
|
|
|
|
|
|
||
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued |
|
|
— |
|
|
|
— |
|
Common stock, par value $.001; 70,000,000 shares authorized; 24,513,156 and 24,378,749 shares issued at March 31, 2026 and December 31, 2025, respectively; 18,117,062 and 18,247,837 shares outstanding at March 31, 2026 and December 31, 2025, respectively |
|
|
24 |
|
|
|
24 |
|
Additional paid-in capital |
|
|
470,476 |
|
|
|
465,779 |
|
Retained earnings |
|
|
974,042 |
|
|
|
956,077 |
|
Treasury stock, 6,396,094 and 6,130,912 shares at March 31, 2026 and December 31, 2025, respectively |
|
|
(398,536 |
) |
|
|
(379,970 |
) |
Accumulated other comprehensive loss |
|
|
(14,097 |
) |
|
|
(13,428 |
) |
Total Stockholders’ Equity |
|
|
1,031,909 |
|
|
|
1,028,482 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
2,052,976 |
|
|
$ |
2,050,171 |
|
9
ICF International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
(in thousands) |
|
2026 |
|
|
2025 |
|
||
Cash Flows from Operating Activities |
|
|
|
|
|
|
||
Net income |
|
$ |
20,522 |
|
|
$ |
26,851 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Provision for credit losses |
|
|
541 |
|
|
|
(92 |
) |
Deferred income taxes and unrecognized income tax benefits |
|
|
8,166 |
|
|
|
(2,594 |
) |
Non-cash equity compensation |
|
|
4,697 |
|
|
|
4,186 |
|
Depreciation and amortization |
|
|
13,180 |
|
|
|
14,795 |
|
Other operating adjustments, net |
|
|
839 |
|
|
|
1,435 |
|
Changes in operating assets and liabilities, net of the effects of acquisitions: |
|
|
|
|
|
|
||
Net contract assets and liabilities |
|
|
(5,093 |
) |
|
|
(34,610 |
) |
Accounts receivable |
|
|
(2,846 |
) |
|
|
21,340 |
|
Prepaid expenses and other current assets |
|
|
(1,174 |
) |
|
|
(1,314 |
) |
Operating lease assets and liabilities, net |
|
|
(2,711 |
) |
|
|
(1,862 |
) |
Accounts payable |
|
|
(30,122 |
) |
|
|
(37,674 |
) |
Accrued salaries and benefits |
|
|
(29,754 |
) |
|
|
(30,465 |
) |
Accrued subcontractors and other direct costs |
|
|
(2,895 |
) |
|
|
2,064 |
|
Accrued expenses and other current liabilities |
|
|
15,809 |
|
|
|
80 |
|
Income tax receivable and payable |
|
|
(984 |
) |
|
|
5,235 |
|
Other liabilities |
|
|
8,683 |
|
|
|
(409 |
) |
Net Cash Used in Operating Activities |
|
|
(3,142 |
) |
|
|
(33,034 |
) |
|
|
|
|
|
|
|
||
Cash Flows from Investing Activities |
|
|
|
|
|
|
||
Payments for purchase of property and equipment and capitalized software |
|
|
(2,830 |
) |
|
|
(3,452 |
) |
Net Cash Used in Investing Activities |
|
|
(2,830 |
) |
|
|
(3,452 |
) |
|
|
|
|
|
|
|
||
Cash Flows from Financing Activities |
|
|
|
|
|
|
||
Advances from working capital facilities |
|
|
307,122 |
|
|
|
512,430 |
|
Payments on working capital facilities |
|
|
(269,569 |
) |
|
|
(422,406 |
) |
Proceeds from other short-term borrowings |
|
|
8,961 |
|
|
|
2,780 |
|
Repayments of other short-term borrowings |
|
|
(9,808 |
) |
|
|
(9,172 |
) |
Dividends paid |
|
|
(2,553 |
) |
|
|
(2,620 |
) |
Payments for share repurchases |
|
|
(18,348 |
) |
|
|
(39,342 |
) |
Other financing, net |
|
|
(668 |
) |
|
|
(646 |
) |
Net Cash Provided by Financing Activities |
|
|
15,137 |
|
|
|
41,024 |
|
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash |
|
|
(232 |
) |
|
|
737 |
|
|
|
|
|
|
|
|
||
Net Change in Cash, Cash Equivalents, and Restricted Cash |
|
|
8,933 |
|
|
|
5,275 |
|
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period |
|
|
56,324 |
|
|
|
18,817 |
|
Cash, Cash Equivalents, and Restricted Cash, End of Period |
|
$ |
65,257 |
|
|
$ |
24,092 |
|
|
|
|
|
|
|
|
||
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
||
Cash paid during the period for: |
|
|
|
|
|
|
||
Interest |
|
$ |
5,926 |
|
|
$ |
4,544 |
|
Income taxes, net of refunds |
|
$ |
82 |
|
|
$ |
1,095 |
|
10
ICF International, Inc. and Subsidiaries
Supplemental Schedule (11)
Revenue by client market |
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Energy, environment, infrastructure, and disaster recovery |
|
|
53 |
% |
|
|
49 |
% |
Health and social programs |
|
|
33 |
% |
|
|
35 |
% |
Security and other civilian & commercial |
|
|
14 |
% |
|
|
16 |
% |
Total |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Revenue by client type |
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
U.S. federal government |
|
|
42 |
% |
|
|
49 |
% |
U.S. state and local government |
|
|
18 |
% |
|
|
16 |
% |
International government |
|
|
7 |
% |
|
|
5 |
% |
Total Government |
|
|
67 |
% |
|
|
70 |
% |
Commercial |
|
|
33 |
% |
|
|
30 |
% |
Total |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Revenue by contract mix |
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Time-and-materials |
|
|
44 |
% |
|
|
43 |
% |
Fixed-price |
|
|
49 |
% |
|
|
49 |
% |
Cost-based |
|
|
7 |
% |
|
|
8 |
% |
Total |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
||
(11) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client market provide insight into the breadth of our expertise. Client type is an indicator of the diversity of our client base. Revenue by contract mix provides insight in terms of the degree of performance risk that we have assumed.
11