ICF International, Inc.

Listed Company

ICFICIK 0001362004NasdaqLarge AcceleratedServices-Management Consulting ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.87B

Net Income

$91.59M

Total Assets

$2.05B

Equity

$1.03B

Shares Out

18.27M

Op. Cash Flow

$141.87M

Business

ICF International, Inc. provides professional services and technology-based solutions that help clients conceive, develop, implement, and improve responses to complex business, environmental, social, technological, and public safety challenges. It offers advisory, program implementation, analytics, digital and cybersecurity, and engagement services, including AI-enabled data management, web and app development, and strategic communications. The company organizes its work around three principal markets: Energy, Environment, Infrastructure and Disaster Recovery; Health and Social Programs; and Security and Other Civilian & Commercial. ICF serves government and commercial clients worldwide through prime contracts, IDIQs, MSAs, and a network of regional and international offices.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	1,873	2,020	1,963	1,780	1,553
Direct costs	1,177	1,282	1,265	1,134	980
Indirect and selling expenses	492	518	505	487	431
Depreciation and amortization	58	53	61	22	20
Total operating costs and expenses	551	572	566	537	463
Operating income	145	166	132	109	111
Interest, net	−31	−30	−40	−23	−10
Other (expense) income	−3	2	4	−2	−862,000
Income before income taxes	112	138	97	84	100
Provision for income taxes	20	28	14	20	29
Net income	92	110	83	64	71
Basic (per share)	4.97	5.88	4.39	3.41	3.77
Diluted (per share)	4.95	5.82	4.35	3.38	3.72
Basic (shares)	18	19	19	19	19
Diluted (shares)	19	19	19	19	19
Cash dividends declared per common share	0.56	0.56	0.56	0.56	0.56
Other comprehensive income (loss), net of tax	2	−4	−4	3	3
Comprehensive income, net of tax	94	106	79	67	74

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	5	5	6	11	8
Restricted cash	48	14	3	2	12
Contract receivables, net	238	257	205	232	238
Contract assets	187	189	202	169	138
Prepaid expenses and other assets	18	21	28	41	42
Income tax receivable	18	6	2	12	11
Total Current Assets	514	492	447	467	449
Property and Equipment, net	58	67	76	85	52
Goodwill	1,252	1,249	1,219	1,213	1,047
Other intangible assets, net	82	112	95	127	80
Operating lease - right-of-use assets	106	116	133	149	177
Deferred tax assets	0	2	—	—	—
Other assets	37	30	41	52	44
Total Assets	2,050	2,066	2,012	2,092	1,850
Accounts payable	124	160	135	136	106
Contract liabilities	43	25	22	26	40
Operating lease liabilities	19	21	20	19	35
Finance lease liabilities	3	3	3	2	—
Accrued salaries and benefits	96	106	88	86	86
Accrued subcontractors and other direct costs	49	49	46	45	39
Accrued expenses and other current liabilities	71	87	79	78	61
Total Current Liabilities	404	449	418	416	377
Debt	401	412	404	533	412
Operating lease liabilities - non-current	140	156	175	182	192
Finance lease liabilities - non-current	9	11	14	16	—
Deferred income taxes	7	0	26	68	42
Other long-term liabilities	61	56	56	24	24
Total Liabilities	1,022	1,084	1,094	1,239	1,046
Commitments and Contingencies (Note 17)	—	—	—	—	—
Preferred stock, par value $.001 per share; 5,000,000 shares authorized; none issued	—	—	—	—	—
Common stock, $.001 par value; 70,000,000 shares authorized; 24,378,749 and 24,186,962 shares issued; and 18,247,837 and 18,666,290 shares outstanding at December 31, 2025 and 2024, respectively	24,000	24,000	24,000	23,000	23,000
Additional paid-in capital	466	443	422	402	385
Retained earnings	956	875	775	703	649
Treasury stock, 6,130,912 and 5,520,672 shares at December 31, 2025 and 2024, respectively	−380	−320	−267	−244	−220
Accumulated other comprehensive loss	−13	−16	−12	−8	−11
Total Stockholders Equity	1,028	982	918	853	803
Total Liabilities and Stockholders Equity	2,050	2,066	2,012	2,092	1,850

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	92	110	83	64	71
Provision for credit losses	−429,000	2	1	248,000	11
Deferred income taxes and unrecognized income tax benefits	5	−24	−18	7	9
Non-cash equity compensation	18	17	15	13	13
Depreciation and amortization	58	53	61	50	32
Gain on divestiture of a business	—	−2	−8	—	—
Other operating adjustments, net	2	5	8	11	1
Net contract assets and liabilities	25	15	−38	−42	3
Contract receivables	22	−50	21	20	−19
Prepaid expenses and other assets	3	3	19	−21	5
Operating lease assets and liabilities, net	−8	−5	4	−1	−5
Accounts payable	−37	24	−1	30	13
Accrued salaries and benefits	−11	18	2	−3	−6
Accrued subcontractors and other direct costs	−2	4	−269,000	7	−39
Accrued expenses and other current liabilities	−13	8	−5	25	27
Income tax receivable and payable	−12	−5	9	−2	−13
Other liabilities	−168,000	−2	361,000	4	−1
Net Cash Provided by Operating Activities	142	172	152	162	110
Payments for purchase of property and equipment and capitalized software	−22	−21	−22	−24	−20
Payments for business acquisitions, net of cash acquired	—	−55	−33	−237	−175
Proceeds from divestiture of a business	—	2	51	—	—
Other investing, net	148,000	−353,000	—	—	—
Net Cash Used in Investing Activities	−22	−75	−4	−259	−194
Advances from working capital facilities	1,348	1,228	1,245	1,584	881
Payments on working capital facilities	−1,360	−1,248	−1,372	−1,446	−773
Proceeds from other short-term borrowings	20	62	49	—	—
Repayments of other short-term borrowings	−25	−66	−42	—	—
Receipt of restricted contract funds	—	1	8	16	264
Payment of restricted contract funds	—	−3	−8	−26	−320
Dividends paid	−10	−11	−11	−11	−11
Net payments for stockholder issuances and share repurchases	−55	−48	−19	−21	−20
Other financing, net	−3	−2	−2	−5	—
Net Cash Used in Financing Activities	−84	−87	−153	90	23
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	1	−473,000	359,000	−1	−511,000
Net Change in Cash, Cash Equivalents, and Restricted Cash	38	9	−4	−7	−62
Interest	29	30	34	23	10
Tenant improvements funded by lessor	—	—	568,000	20	—
Acquisition of property and equipment through finance lease	—	—	337,000	18	—

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