ICFINasdaqServices-Management Consulting ServicesUS GAAP · USD

ICF International, Inc.

ICF International, Inc. is a U.S.-based professional services and technology solutions firm that advises and implements programs for government and commercial clients. Its work centers on management, policy, analytics, digital, and program implementation services across energy, environment, infrastructure, health, social programs, and security-related markets.

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Revenue1,873m USD
−7.3 %y/y
Operating profit (EBIT)145m USD
−12.3 %y/y
EBIT margin7.8%
−0.4 ppy/y
Net income91.6m USD
−16.9 %y/y
Free cash flow142m USD
−17.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05001,0001,5002,0002,500m USD2020: 1,507 m USD2020: EBIT 89 m USD20202021: 1,553 m USD2021: EBIT 111 m USD20212022: 1,780 m USD2022: EBIT 109 m USD20222023: 1,963 m USD2023: EBIT 132 m USD20232024: 2,020 m USD2024: EBIT 166 m USD20242025: 1,873 m USD2025: EBIT 145 m USD20251,873145
RevenueOperating profit (EBIT)

Business

Share of revenue
Advisory Services25 %

Consulting on policy, strategy, operations, and program design for government and commercial clients.

Program Implementation Services30 %

Execution and administration of client programs, including managed services and field delivery.

Analytics Services15 %

Data analysis, modeling, and research used to support decisions and program outcomes.

Digital Services20 %

Technology-enabled solutions, platforms, and digital transformation support.

Engagement Services10 %

Communications, outreach, and stakeholder engagement services tied to client programs.

Products

Reported · share of revenue
52.3%33.1%14.6%FY2025100 %
  • Energy Environment Infrastructure and Disaster Recovery52.3 %
  • Health and Social Programs33.1 %
  • Security and Other Civilian and Commercial14.6 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

ICF sells primarily to U.S. federal agencies, but also serves state and local governments, international governments, and commercial enterprises. Customers buy ICF’s services to design, run, and improve complex programs where subject-matter expertise, implementation capacity, and technology support matter more than pure staffing.

U.S. federal government

Federal departments and agencies buy advisory, implementation, analytics, and digital services for mission programs; this is the core client base.

State and local government

State, local, and territorial agencies buy program administration and consulting support for health, social, infrastructure, and resilience initiatives.

Commercial enterprises

Utilities, airlines, airports, banks, healthcare companies, retailers, and other firms buy energy, digital, and advisory services.

International government

Foreign public-sector clients buy policy, development, and implementation services, often on a smaller but growing basis.

Non-profits and institutions

Non-profits, associations, and universities buy research, engagement, and program support for mission-oriented work.

Strategy

ICF’s strategy is to win larger prime contracts by expanding from point solutions into end-to-end client programs, which should improve contract scale and employee utilization. It is also using selective acquisitions to add capabilities, enter attractive markets, and deepen its position in energy and technology-enabled services.

Win larger prime contractsShort term

Larger contracts can improve revenue visibility, utilization, and returns on business development.

Broaden end-to-end solutionsMedium term

Bundling advisory, analytics, digital, and implementation services increases client stickiness and cross-sell potential.

Selective acquisitionsMedium term

Acquisitions can add capabilities, customers, and market access faster than organic growth alone.

Geography

2025

ICF is headquartered in the United States and generates most of its revenue from U.S. public-sector clients, especially federal agencies. It also serves state and local governments, international governments, and commercial clients outside the U.S., which gives it some geographic diversification but still leaves it highly exposed to U.S. federal procurement cycles.

United States92 %
Other countries (US filing)8.5 %

Share of the revenue the company reports by geography.

Risks

ICF is exposed to U.S. federal budgeting and procurement cycles, so delays, shutdowns, or shifting agency priorities can quickly reduce revenue. It also faces cybersecurity, data protection, and AI-related delivery risks because it handles sensitive government and client information and increasingly deploys technology-enabled solutions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →U.S. federal budgeting and procurement disruption1Contract terminations tied to changing government priorities2Cybersecurity and data protection3AI and technology solution execution risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. U.S. federal budgeting and procurement disruptionImpact: HighLikelihood: High

    A large share of revenue comes from federal agencies, so delayed appropriations or procurement slowdowns can defer or cancel work.

    Exposure: Federal client base

  2. Contract terminations tied to changing government prioritiesImpact: HighLikelihood: High

    Management disclosed terminated contracts in 2025 due to administration changes and DOGE-related actions.

    Exposure: Federal contracts

  3. Cybersecurity and data protectionImpact: HighLikelihood: Medium

    The company handles personally identifiable, controlled unclassified, and potentially classified information.

    Exposure: Government and commercial client systems

  4. AI and technology solution execution riskImpact: MediumLikelihood: Medium

    AI-enabled offerings can create errors, regulatory scrutiny, and data-rights disputes if not implemented carefully.

    Exposure: ICF Fathom AI and other digital offerings

  5. Competitive fragmentationImpact: Medium

    The market includes large consulting, engineering, and niche firms with strong brands and resources.

    Exposure: All service lines

Accounting

Judgemental items
Revenue recognition and variable consideration

Award fees and incentives are estimated using historical experience or constrained until awarded, affecting reported revenue timing.

Impact: Can shift quarterly revenue and margins

Acquisition accounting and intangible assets

Recent acquisitions require fair value allocation to identifiable intangibles and may create future impairment risk.

Impact: Affects amortization expense and balance sheet values

Income taxes and deferred tax assets

Management must judge whether deferred tax assets are realizable and whether uncertain tax positions meet recognition thresholds.

Impact: Can change tax expense and effective tax rate

Contract assets and liabilities

Longer-duration service contracts can create timing differences between billing and revenue recognition.

Impact: Affects working capital and reported revenue

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Last updated: 24/09/2026