ICFI is experiencing structural margin compression, with gross margins falling to 32.4% in 2025Q4 alongside a 10.3% year-over-year revenue contraction in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 1.82B | 1.87B | 2.02B | 1.96B | 1.78B | 1.55B | 1.51B | 1.48B | 1.34B | 1.23B | 1.19B | 1.13B | 1.05B | 949.3M | 937.13M | 840.77M | 764.73M | 674.4M | 697.43M | 727.12M | 331.28M | 177.22M | 139.49M |
| Revenue Growth % | -9.45% | -7.27% | 2.88% | 10.3% | 14.61% | 3.06% | 1.92% | 10.5% | 8.85% | 3.72% | 4.67% | 7.82% | 10.62% | 1.3% | 11.46% | 9.94% | 13.39% | -3.3% | -4.08% | 119.49% | 86.93% | 27.05% | - |
| Cost of Goods Sold | 1.17B | 1.23B | 1.28B | 1.27B | 1.13B | 979.57M | 972.41M | 953.19M | 857.51M | 771.73M | 745.14M | 694.44M | 654.95M | 591.52M | 583.2M | 520.52M | 476.19M | 411.33M | 460M | 532.15M | 217.75M | 106.08M | 83.64M |
| COGS % of Revenue | - | 65.94% | 63.47% | 64.44% | 63.73% | 63.07% | 64.53% | 64.47% | 64.09% | 62.78% | 62.88% | 61.33% | 62.37% | 62.31% | 62.23% | 61.91% | 62.27% | 60.99% | 65.96% | 73.19% | 65.73% | 59.86% | 59.96% |
| Gross Profit | 650.14M | 637.87M | 737.77M | 698.22M | 645.54M | 573.48M | 534.47M | 525.34M | 480.46M | 457.44M | 439.96M | 437.8M | 395.19M | 357.79M | 353.94M | 320.25M | 288.55M | 263.06M | 237.42M | 194.97M | 113.53M | 71.14M | 55.85M |
| Gross Margin % | 35.67% | 34.06% | 36.53% | 35.56% | 36.27% | 36.93% | 35.47% | 35.53% | 35.91% | 37.22% | 37.12% | 38.67% | 37.63% | 37.69% | 37.77% | 38.09% | 37.73% | 39.01% | 34.04% | 26.81% | 34.27% | 40.14% | 40.04% |
| Gross Profit Growth % | - | -13.54% | 5.66% | 8.16% | 12.57% | 7.3% | 1.74% | 9.34% | 5.03% | 3.97% | 0.49% | 10.78% | 10.45% | 1.09% | 10.52% | 10.99% | 9.69% | 10.8% | 21.78% | 71.73% | 59.59% | 27.38% | - |
| Operating Expenses | 503.62M | 486.19M | 571.93M | 565.9M | 536.78M | 462.54M | 445.36M | 423.94M | 388.19M | 375.02M | 357.17M | 362.56M | 325.83M | 293.1M | 288.32M | 261.37M | 241.63M | 223.98M | 184.45M | 124.44M | 90.59M | 65.58M | 49.25M |
| OpEx % of Revenue | - | 25.96% | 28.32% | 28.82% | 30.16% | 29.78% | 29.56% | 28.67% | 29.01% | 30.51% | 30.14% | 32.02% | 31.03% | 30.88% | 30.77% | 31.09% | 31.6% | 33.21% | 26.45% | 17.11% | 27.35% | 37.01% | 35.31% |
| Selling, General & Admin | 476.37M | 492.4M | 518.45M | 496.56M | 486.86M | 430.57M | 411.61M | 395.76M | 360.99M | 346.44M | 328.05M | 329.16M | 302.02M | 272.39M | 263.88M | 241.06M | 218.53M | 203.43M | 170.36M | 118.13M | 87.06M | 60.04M | 46.1M |
| SG&A % of Revenue | - | 26.29% | 25.67% | 25.29% | 27.35% | 27.72% | 27.32% | 26.77% | 26.98% | 28.19% | 27.68% | 29.07% | 28.76% | 28.69% | 28.16% | 28.67% | 28.58% | 30.16% | 24.43% | 16.25% | 26.28% | 33.88% | 33.05% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | -6.22M | 53.48M | 69.34M | 49.92M | 31.97M | 33.75M | 28.18M | -735K | 121K | 1.18M | -1.56M | -958K | -12K | -325K | 20.31M | 23.1M | 20.55M | 14.09M | 6.32M | 3.54M | 5.54M | 3.15M |
| Operating Income | 146.52M | 151.68M | 165.84M | 132.32M | 108.76M | 110.94M | 89.11M | 101.39M | 92.27M | 82.42M | 82.79M | 75.23M | 69.36M | 64.69M | 65.62M | 58.88M | 46.91M | 39.08M | 52.97M | 70.52M | 22.94M | 5.56M | 6.6M |
| Operating Margin % | 8.04% | 8.1% | 8.21% | 6.74% | 6.11% | 7.14% | 5.91% | 6.86% | 6.9% | 6.71% | 6.99% | 6.64% | 6.61% | 6.81% | 7% | 7% | 6.13% | 5.8% | 7.6% | 9.7% | 6.92% | 3.14% | 4.73% |
| Operating Income Growth % | - | -8.54% | 25.33% | 21.66% | -1.96% | 24.49% | -12.12% | 9.88% | 11.96% | -0.45% | 10.05% | 8.46% | 7.23% | -1.42% | 11.44% | 25.52% | 20.03% | -26.22% | -24.88% | 207.42% | 312.59% | -15.73% | - |
| EBITDA | 203.05M | 209.83M | 219.32M | 193.06M | 158.68M | 142.91M | 120.55M | 128.33M | 119.48M | 111M | 111.91M | 108.64M | 93.17M | 85.4M | 90.06M | 79.19M | 70.01M | 59.64M | 67.06M | 76.84M | 26.48M | 11.1M | 9.75M |
| EBITDA Margin % | 11.14% | 11.2% | 10.86% | 9.83% | 8.91% | 9.2% | 8% | 8.68% | 8.93% | 9.03% | 9.44% | 9.59% | 8.87% | 9% | 9.61% | 9.42% | 9.16% | 8.84% | 9.62% | 10.57% | 7.99% | 6.26% | 6.99% |
| EBITDA Growth % | -6.73% | -4.33% | 13.6% | 21.67% | 11.04% | 18.55% | -6.06% | 7.41% | 7.64% | -0.82% | 3.01% | 16.6% | 9.1% | -5.17% | 13.73% | 13.11% | 17.4% | -11.07% | -12.72% | 190.22% | 138.5% | 13.82% | - |
| D&A (Non-Cash Add-back) | 56.53M | 58.15M | 53.48M | 60.74M | 49.92M | 31.97M | 31.44M | 26.93M | 27.21M | 28.58M | 29.12M | 33.41M | 23.81M | 20.71M | 24.44M | 20.31M | 23.1M | 20.55M | 14.09M | 6.32M | 3.54M | 5.54M | 3.15M |
| EBIT | 141.97M | 120.42M | 167.65M | 136.23M | 107.26M | 110.07M | 90.6M | 100.5M | 91.54M | 82.42M | 82.79M | 75.23M | 68.4M | 64.69M | 65.3M | 59.01M | 47.09M | 40.09M | 53.55M | 70.52M | 22.94M | 5.56M | 6.6M |
| Net Interest Income | -22.34M | -8.42M | -29.59M | -39.68M | -23.28M | -9.98M | -13.71M | -10.72M | -8.71M | -8.55M | -9.47M | -10.07M | -4.25M | -2.45M | -3.95M | -2.75M | -3.4M | -5.11M | -4.08M | -1.94M | -3.51M | -2.98M | -1.27M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 22.34M | 8.42M | 29.59M | 39.68M | 23.28M | 9.98M | 13.71M | 10.72M | 8.71M | 8.55M | 9.47M | 10.07M | 4.25M | 2.45M | 3.38M | 2.25M | 3.4M | 5.11M | 4.08M | 1.94M | 3.51M | 2.98M | 1.27M |
| Other Income/Expense | -37.14M | -39.69M | -27.78M | -35.77M | -24.78M | -10.85M | -14.44M | -11.22M | -9.45M | -8.43M | -8.29M | -11.63M | -5.21M | -2.46M | -3.71M | -2.12M | -3.23M | -4.1M | -3.5M | -1.43M | -2.86M | -1.67M | -1.3M |
| Pretax Income | 109.39M | 111.99M | 138.06M | 96.55M | 83.98M | 100.09M | 74.67M | 90.17M | 82.83M | 73.99M | 74.51M | 63.6M | 64.15M | 62.23M | 61.91M | 56.76M | 43.68M | 34.98M | 49.47M | 69.1M | 20.08M | 3.89M | 5.3M |
| Pretax Margin % | 6% | 5.98% | 6.84% | 4.92% | 4.72% | 6.44% | 4.96% | 6.1% | 6.19% | 6.02% | 6.29% | 5.62% | 6.11% | 6.55% | 6.61% | 6.75% | 5.71% | 5.19% | 7.09% | 9.5% | 6.06% | 2.19% | 3.8% |
| Income Tax | 24.12M | 20.41M | 27.89M | 13.94M | 19.74M | 28.96M | 19.71M | 21.23M | 21.43M | 11.11M | 27.92M | 24.23M | 24.12M | 22.9M | 23.84M | 21.89M | 16.51M | 12.63M | 20.75M | 28.54M | 8.21M | 1.86M | 2.47M |
| Effective Tax Rate % | 22.05% | 18.22% | 20.2% | 14.43% | 23.5% | 28.93% | 26.4% | 23.55% | 25.87% | 15.02% | 37.48% | 38.1% | 37.6% | 36.79% | 38.5% | 38.57% | 37.8% | 36.09% | 41.94% | 41.31% | 40.89% | 47.98% | 46.54% |
| Net Income | 85.26M | 91.59M | 110.17M | 82.61M | 64.24M | 71.13M | 54.96M | 68.94M | 61.4M | 62.88M | 46.58M | 39.37M | 40.03M | 39.33M | 38.08M | 34.87M | 27.17M | 22.36M | 28.72M | 40.56M | 11.87M | 2.02M | 3.02M |
| Net Margin % | 4.68% | 4.89% | 5.45% | 4.21% | 3.61% | 4.58% | 3.65% | 4.66% | 4.59% | 5.12% | 3.93% | 3.48% | 3.81% | 4.14% | 4.06% | 4.15% | 3.55% | 3.31% | 4.12% | 5.58% | 3.58% | 1.14% | 2.16% |
| Net Income Growth % | -22.28% | -16.86% | 33.36% | 28.59% | -9.68% | 29.43% | -20.28% | 12.28% | -2.35% | 34.97% | 18.33% | -1.65% | 1.78% | 3.3% | 9.21% | 28.32% | 21.54% | -22.17% | -29.18% | 241.75% | 486.89% | -32.98% | - |
| Net Income (Continuing) | 85.26M | 91.59M | 110.17M | 82.61M | 64.24M | 71.13M | 54.96M | 68.94M | 61.4M | 62.88M | 46.58M | 39.37M | 40.03M | 39.33M | 38.08M | 34.87M | 27.17M | 22.36M | 28.72M | 40.56M | 11.87M | 2.02M | 2.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.65 | 4.95 | 5.82 | 4.35 | 3.38 | 3.72 | 2.87 | 3.59 | 3.18 | 3.27 | 2.40 | 2.00 | 2.00 | 1.95 | 1.91 | 1.75 | 1.38 | 1.40 | 1.88 | 2.72 | 1.10 | 0.21 | 0.32 |
| EPS Growth % | -20.75% | -14.95% | 33.79% | 28.7% | -9.14% | 29.62% | -20.06% | 12.89% | -2.75% | 36.25% | 20% | 0% | 2.56% | 2.09% | 9.14% | 26.81% | -1.43% | -25.53% | -30.88% | 147.27% | 423.81% | -34.38% | - |
| EPS (Basic) | - | 4.98 | 5.88 | 4.39 | 3.41 | 3.77 | 2.92 | 3.66 | 3.27 | 3.35 | 2.45 | 2.04 | 2.04 | 1.99 | 1.94 | 1.77 | 1.40 | 1.45 | 1.96 | 2.87 | 1.15 | 0.22 | 0.33 |
| Diluted Shares Outstanding | 18.35M | 18.42M | 18.93M | 18.99M | 19.03M | 19.12M | 19.14M | 19.22M | 19.34M | 19.24M | 19.42M | 19.66M | 20M | 20.19M | 19.96M | 19.93M | 19.63M | 15.91M | 15.27M | 14.9M | 10.8M | 9.74M | 9.4M |
| Basic Shares Outstanding | 18.24M | 18.32M | 18.75M | 18.8M | 18.82M | 18.87M | 18.84M | 18.82M | 18.8M | 18.77M | 18.99M | 19.34M | 19.61M | 19.75M | 19.66M | 19.68M | 19.38M | 15.43M | 14.64M | 14.15M | 10.32M | 9.19M | 9.08M |
| Dividend Payout Ratio | - | 11.31% | 9.54% | 12.75% | 16.42% | 14.85% | 19.2% | 15.29% | 12.89% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Federal budget priority shifts
As reported in recent financial filings, ICFI has experienced a sustained period of top-line decline, with revenue growth contracting by 10.3% in 2026Q1, marking a multi-quarter trend of negative performance that suggests the company is struggling to replace expiring large-scale government contracts with new project wins.
The consistent negative growth trajectory across the last five quarters indicates that the firm's reliance on specific federal agency programs may be creating a lumpy revenue profile. Investors should monitor whether this contraction reflects a strategic exit from low-margin pass-through work or a genuine loss of competitive positioning in its core consulting markets.
Based on the provided income statement data, gross margins have faced downward pressure, falling to 32.4% in 2025Q4 from a peak of 38.0% in 2025Q1, which suggests that the company is struggling to maintain pricing power amidst a shrinking revenue base and rising labor-related costs.
The volatility in gross margins appears to be tied to the firm's high-variable-cost model, where professional labor remains the primary expense. If the company cannot improve its utilization rates, the current margin compression may persist, limiting the firm's ability to achieve operating leverage even if revenue stabilizes.
According to the latest quarterly figures, operating income has failed to scale effectively, dropping to $36.5 million in 2026Q1, which indicates that the company's SG&A expenses are not adjusting downward in proportion to the ongoing revenue contraction observed over the past several reporting periods.
The lack of operating leverage suggests that the firm's overhead structure is relatively fixed, making it difficult to protect profitability during periods of top-line weakness. This rigidity warrants further investigation into management's ability to rationalize costs without compromising the specialized domain expertise that forms the company's competitive moat.
As evidenced by the income statement, stock-based compensation remains a consistent expense, averaging approximately $4.4 million per quarter, which continues to dilute the quality of reported net income and complicates the assessment of true operational profitability for shareholders during this period of revenue decline.
While SBC is a standard component of compensation in the consulting industry, its persistence during a period of negative EPS growth suggests that shareholders are bearing the cost of retention without a corresponding increase in bottom-line performance. Investors should evaluate whether these equity-based incentives are effectively aligned with long-term value creation.
Based on the reported financial data, the bear case for ICFI centers on the persistent revenue contraction and the potential for margin erosion, as the company's reliance on specific civilian agency budgets leaves it vulnerable to shifts in federal spending priorities that could further dampen future performance.
Short-term observers may argue that the company's inability to return to growth despite its specialized niche indicates a saturation of its core markets. The risk remains that the current revenue decline is not merely a temporary roll-off of pass-through contracts, but a structural challenge to the firm's long-term growth model.
Quick answers to the most common questions about buying ICFI stock.
For fiscal year 2025, ICF International, Inc. (ICFI) reported total revenue of $1.87B. This represents a 1242.7% increase compared to $139.5M in 2004.
ICF International, Inc. (ICFI) is profitable, generating $91.6M in net income for the fiscal year ending 2025 with a net profit margin of 4.9%.
ICF International, Inc. (ICFI) reported an operating income of $151.7M, resulting in an operating profit margin of 8.1%. This margin reflects the operational efficiency of the business before interest and taxes.
ICF International, Inc. (ICFI) generated $637.9M in gross profit for the year, representing a gross profit margin of 34.1%. This demonstrates the company's core pricing power and production efficiency.