ICON (ICLR) financial statements
ICON reported revenue of $8.3B in fiscal 2025, up 19.5% a year over 9 years.
Net income was $229M and the operating margin 5.4%, against 18.7% in 2016.
Free cash flow was $862M, and the company returned $750M in net buybacks.
The diluted share count rose 40% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ICON's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.8B | $2.6B | $2.8B | $2.8B | $5.5B | $7.7B | $8.1B | $8.2B | $8.3B |
| Cost of revenue | $961M | $1.0B | $1.8B | $2.0B | $2.0B | $4.0B | $5.5B | $5.7B | $5.8B | $6.1B |
| Gross profit | $705M | $731M | $778M | $832M | $817M | $1.5B | $2.2B | $2.3B | $2.3B | $2.2B |
| Selling, general and admin | $326M | $324M | $326M | $333M | $342M | $585M | $779M | $769M | $728M | $780M |
| Operating income | $312M | $338M | $373M | $433M | $392M | $379M | $795M | $905M | $1.0B | $443M |
| Interest expense | $13M | $13M | $14M | $13M | $13M | $182M | $230M | $337M | $237M | $197M |
| Pre-tax income | $300M | $328M | $365M | $427M | $381M | $197M | $568M | $573M | $804M | $252M |
| Income tax | $38M | $47M | $42M | $51M | $48M | $41M | $59M | $18M | $65M | $23M |
| Net income | $262M | $281M | $323M | $374M | $332M | $153M | $505M | $554M | $739M | $229M |
| EPS (diluted) | $4.65 | $5.13 | $5.89 | $6.79 | $6.15 | $2.25 | $6.13 | $6.70 | $8.90 | $2.90 |
| Diluted shares | 56M | 55M | 55M | 54M | 53M | 68M | 82M | 83M | 83M | 79M |
| Gross margin | 42.3% | 41.6% | 30.0% | 29.6% | 29.2% | 27.5% | 28.6% | 29.0% | 28.6% | 26.4% |
| Operating margin | 18.7% | 19.2% | 14.4% | 15.4% | 14.0% | 6.9% | 10.3% | 11.2% | 12.6% | 5.4% |
| Net margin | 15.7% | 16.0% | 12.4% | 13.3% | 11.9% | 2.8% | 6.5% | 6.9% | 9.0% | 2.8% |
Balance sheet
Fiscal years, from ICON's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $261M | $360M | $456M | $570M | $842M | $754M | $290M | $380M | $539M | $647M |
| Receivables | $416M | $380M | $415M | $528M | $715M | $1.3B | $1.7B | $1.8B | $1.4B | $1.5B |
| Inventory | $2M | $2M | $2M | $3M | $5M | $6M | — | — | — | — |
| Total current assets | $958M | $1.1B | $1.3B | $1.6B | $2.1B | $2.9B | $3.2B | $3.3B | $3.3B | $3.5B |
| Property, plant and equipment | $149M | $163M | $159M | $165M | $174M | $336M | $350M | $361M | $383M | $396M |
| Goodwill | $616M | $769M | $756M | $883M | $936M | $9.0B | $9.0B | $9.0B | $9.1B | $8.7B |
| Total assets | $1.8B | $2.1B | $2.4B | $2.9B | $3.4B | $17.4B | $17.2B | $16.9B | $16.6B | $16.3B |
| Total current liabilities | $494M | $566M | $611M | $1.1B | $1.1B | $2.5B | $2.7B | $2.7B | $2.6B | $3.2B |
| Long-term debt | — | — | — | — | $348M | $5.4B | $4.6B | $3.7B | $3.4B | $2.9B |
| Total liabilities | $881M | $956M | $1000M | $1.2B | $1.6B | $9.3B | $8.7B | $7.7B | $7.2B | $7.1B |
| Shareholders' equity | $945M | $1.2B | $1.4B | $1.6B | $1.9B | $8.1B | $8.5B | $9.2B | $9.4B | $9.2B |
| Net debt | -$193M | -$283M | -$396M | -$520M | -$492M | $4.6B | $4.3B | $3.3B | $2.9B | $2.2B |
Cash flow
Fiscal years, from ICON's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $259M | $383M | $269M | $413M | $568M | $829M | $563M | $1.2B | $1.3B | $1.0B |
| Capital spending | $43M | $45M | $48M | $39M | $41M | $94M | $142M | $141M | $168M | $174M |
| Free cash flow | $217M | $338M | $220M | $374M | $527M | $735M | $421M | $1.0B | $1.1B | $862M |
| Stock-based compensation | $40M | $31M | $32M | $27M | $26M | $134M | $71M | $56M | $46M | $102M |
| Share buybacks (net) | -$110M | -$133M | -$129M | -$147M | -$175M | $0 | -$100M | $0 | -$500M | -$750M |
| Free cash flow margin | 13.0% | 19.2% | 8.5% | 13.3% | 18.8% | 13.4% | 5.4% | 12.7% | 13.7% | 10.4% |
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Open ICLR in InvestinglyQuestions
What was ICON's revenue in 2025?
$8.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does ICON generate?
$862M in fiscal 2025 (operating cash flow minus capital spending).
From ICON's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.