ICF International (ICFI) financial statements
ICF International reported revenue of $1.9B in fiscal 2025, up 5.2% a year over 9 years.
Net income was $92M and the operating margin 7.8%, against 7.0% in 2016.
Free cash flow was $120M, and the company returned $10M in dividends.
The diluted share count fell 5% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ICF International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.2B | $1.3B | $1.5B | $1.5B | $1.6B | $1.8B | $2.0B | $2.0B | $1.9B |
| Cost of revenue | $745M | $772M | $858M | $953M | $972M | $980M | $1.1B | $1.3B | $1.3B | $1.2B |
| Gross profit | $440M | $457M | $480M | $525M | $534M | $573M | $646M | $698M | $738M | $696M |
| Selling, general and admin | $328M | $346M | $361M | $396M | $412M | $431M | $487M | $505M | $518M | $492M |
| Operating income | $83M | $82M | $92M | $101M | $89M | $111M | $109M | $132M | $166M | $145M |
| Interest expense | $9M | $9M | $9M | $11M | $14M | $10M | $24M | $40M | $30M | $31M |
| Pre-tax income | $75M | $74M | $83M | $90M | $75M | $100M | $84M | $97M | $138M | $112M |
| Income tax | $28M | $11M | $21M | $21M | $20M | $29M | $20M | $14M | $28M | $20M |
| Net income | $47M | $63M | $61M | $69M | $55M | $71M | $64M | $83M | $110M | $92M |
| EPS (diluted) | $2.40 | $3.27 | $3.18 | $3.59 | $2.87 | $3.72 | $3.38 | $4.35 | $5.82 | $4.95 |
| Diluted shares | 19M | 19M | 19M | 19M | 19M | 19M | 19M | 19M | 19M | 19M |
| Gross margin | 37.1% | 37.2% | 35.9% | 35.5% | 35.5% | 36.9% | 36.3% | 35.6% | 36.5% | 37.2% |
| Operating margin | 7.0% | 6.7% | 6.9% | 6.9% | 5.9% | 7.1% | 6.1% | 6.7% | 8.2% | 7.8% |
| Net margin | 3.9% | 5.1% | 4.6% | 4.7% | 3.6% | 4.6% | 3.6% | 4.2% | 5.5% | 4.9% |
Balance sheet
Fiscal years, from ICF International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6M | $12M | $12M | $6M | $14M | $8M | $11M | $6M | $5M | $5M |
| Receivables | $281M | $168M | $231M | $261M | $223M | $238M | $232M | $205M | $257M | $238M |
| Total current assets | $299M | $331M | $392M | $435M | $476M | $449M | $467M | $447M | $492M | $514M |
| Property, plant and equipment | $40M | $38M | $48M | $58M | $62M | $52M | $85M | $76M | $67M | $58M |
| Goodwill | $684M | $686M | $716M | $1.0B | $910M | $1.0B | $1.2B | $1.2B | $1.2B | $1.3B |
| Total assets | $1.1B | $1.1B | $1.2B | $1.4B | $1.7B | $1.8B | $2.1B | $2.0B | $2.1B | $2.1B |
| Total current liabilities | $192M | $224M | $278M | $339M | $427M | $377M | $416M | $418M | $449M | $404M |
| Long-term debt | $259M | $206M | $200M | $164M | $303M | $412M | $533M | $404M | $412M | $401M |
| Total liabilities | $520M | $494M | $553M | $681M | $920M | $1.0B | $1.2B | $1.1B | $1.1B | $1.0B |
| Shareholders' equity | $566M | $616M | $660M | $715M | $747M | $803M | $853M | $918M | $982M | $1.0B |
| Net debt | $253M | $194M | $189M | $158M | $299M | $413M | $545M | $424M | $407M | $397M |
Cash flow
Fiscal years, from ICF International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $80M | $117M | $75M | $91M | $173M | $110M | $162M | $152M | $172M | $142M |
| Capital spending | $14M | $15M | $22M | $27M | $18M | $20M | $24M | $22M | $21M | $22M |
| Free cash flow | $66M | $103M | $53M | $65M | $155M | $90M | $138M | $130M | $150M | $120M |
| Stock-based compensation | $9M | $10M | $12M | $16M | $18M | $13M | $13M | $15M | $17M | $18M |
| Dividends paid | — | — | $8M | $11M | $11M | $11M | $11M | $11M | $11M | $10M |
| Net borrowing | -$531M | -$643M | -$580M | -$722M | -$870M | -$773M | -$1.4B | -$1.4B | -$1.2B | -$1.4B |
| Free cash flow margin | 5.6% | 8.4% | 4.0% | 4.4% | 10.3% | 5.8% | 7.7% | 6.6% | 7.4% | 6.4% |
| Dividends per share | — | — | $0.41 | $0.55 | $0.55 | $0.55 | $0.55 | $0.55 | $0.56 | $0.56 |
Questions
What was ICF International's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does ICF International generate?
$120M in fiscal 2025 (operating cash flow minus capital spending).
From ICF International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.