ICF International (ICFI) Q3 FY2026 earnings: revenue $470 million, up 1.1% on the year

ICF International, Inc. (ICFI) reported revenue of $470 million for Q3 FY2026, the quarter ended 30 September 2026, up 1.1% on the same quarter a year earlier. Net income was $32 million, up 33.5% on the year, and diluted earnings per share $1.76. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$470 million

+1.1% on the year · -0.8% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

9.3%

8.3% a year earlier

Q4 FY2024Q3 FY2026

Net income

$32 million

+33.5% on the year · +17.8% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.76

+37.5% on the year · +18.1% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 kept.

Revenue returned to year-on-year growth: Revenue rose 1.1% to $470.5 million, which management described as the return to year-on-year growth it had anticipated for the second half.
Non-GAAP EPS rose on tax and shares: Non-GAAP diluted EPS was $1.98, up 18.6%. Management cited a 15.0% tax rate, against 22.7% a year earlier, and a lower share count.
Commercial energy fell short of expectations: Commercial energy revenue was below management's expectations. Management cited a sharp drop in contract add-on activity that usually lifts second-half utility work.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	470	474	465	-0.8%	+1.1%
Cost of revenue	291	298	291	-2.2%	+0.3%
Gross profit	179	177	175	+1.4%	+2.5%
Gross margin	38.1%	37.2%	37.6%
Selling, general and administrative	126	123	122	+1.9%	+2.8%
Operating income	43.6	39.9	38.4	+9.4%	+13.6%
Operating margin	9.3%	8.4%	8.3%
Interest expense	6.4	6.9	7.9	-7.3%	-19.0%
Pre-tax income	37.3	32.8	30.7	+13.9%	+21.4%
Income tax	5.6	5.8	7.0	-4.0%	-19.8%
Effective tax rate	15.0%	17.8%	22.7%
Net income	31.7	26.9	23.8	+17.8%	+33.5%
Net margin	6.7%	5.7%	5.1%
Diluted EPS	$1.76	$1.49	$1.28	+18.1%	+37.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	35.2	99.7	47.3	-64.7%	-25.7%
Capital expenditure	5.6	5.7	5.5	-2.2%	+0.3%
Free cash flow	29.6	94.0	41.8	-68.5%	-29.1%
Free cash flow margin	6.3%	19.8%	9.0%
Cash from investing	-5.9	-5.7	-5.5
Cash from financing	-39.2	-50.2	-14.7
Depreciation and amortisation	9.9	13.4	14.2	-26.2%	-30.1%
Share-based compensation	5.6	5.5	6.3	+1.8%	-11.1%
Dividends paid	2.5	2.5	2.6	-1.6%	-2.7%
Dividend per share	$0.14	$0.14	$0.14	0.0%	0.0%
Diluted shares, weighted	18m	18m	19m	+0.0%	-2.5%
Shares outstanding at period end	18m	18m	18m	+0.0%	-2.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,086	1,050	1,024	+3.5%	+6.1%
Debt	372	406	449	-8.4%	-17.2%
Operating lease liabilities	n/a	n/a	144
Finance lease liabilities	n/a	n/a	9.2
Other liabilities	643	642	487	+0.2%	+32.2%
Total liabilities and equity	2,102	2,098	2,114	+0.2%	-0.6%
Fixed assets	52.1	53.3	58.8	-2.3%	-11.5%
Goodwill	1,252	1,251	1,252	+0.0%	-0.0%
Intangible assets	65.3	68.4	88.8	-4.5%	-26.5%
Cash and equivalents	5.1	4.6	4.0	+11.3%	+28.8%
Receivables	230	240	233	-4.2%	-1.4%
Other assets	498	481	477	+3.6%	+4.4%
Total assets	2,102	2,098	2,114	+0.2%	-0.6%

Questions

What was ICF International's revenue in Q3 FY2026?

ICF International (ICFI) reported revenue of $470 million for Q3 FY2026, the quarter ended 30 September 2026, up 1.1% on the same quarter a year earlier.

How much did ICF International earn in Q3 FY2026?

Net income for Q3 FY2026 was $32 million, up 33.5% on the year, and diluted earnings per share $1.76.

When did ICF International report Q3 FY2026 results?

ICF International filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	388	413	423	468	476	483	500	502	478	494	512	517	496	488	476	465	444	438	474	470
Cost of revenue	247	258	269	307	300	313	325	324	304	311	329	325	317	303	298	291	285	271	298	291
Gross profit	141	155	154	160	176	171	175	178	175	184	183	192	179	185	178	175	158	167	177	179
Gross margin	36%	38%	36%	34%	37%	35%	35%	35%	37%	37%	36%	37%	36%	38%	37%	38%	36%	38%	37%	38%
SG&A	114	117	114	118	137	124	127	132	123	129	127	133	129	132	123	122	115	119	123	126
Operating income	18.6	27.7	29.8	28.2	23.0	31.5	32.0	31.9	36.9	40.9	42.4	46.0	36.5	38.4	40.0	38.4	28.6	34.9	39.9	43.6
Operating margin	5%	7%	7%	6%	5%	7%	6%	6%	8%	8%	8%	9%	7%	8%	8%	8%	6%	8%	8%	9%
Interest expense	2.4	2.7	4.1	7.5	9.3	n/a	n/a	n/a	n/a	8.3	7.8	7.2	6.6	7.4	8.5	7.9	7.4	6.8	6.9	6.4
Pre-tax income	16.0	24.6	25.8	21.6	11.9	21.4	21.2	24.1	29.8	34.3	34.7	37.9	31.1	30.0	29.9	30.7	21.3	27.4	32.8	37.3
Tax rate	24%	27%	29%	12%	26%	24%	4%	1%	26%	20%	26%	14%	21%	10%	21%	23%	19%	25%	18%	15%
Net income	12.1	17.9	18.4	19.1	8.9	16.4	20.3	23.7	22.2	27.3	25.6	32.7	24.6	26.9	23.7	23.8	17.3	20.5	26.9	31.7
Net margin	3%	4%	4%	4%	2%	3%	4%	5%	5%	6%	5%	6%	5%	6%	5%	5%	4%	5%	6%	7%
Diluted EPS	$0.62	$0.94	$0.97	$1.01	$0.47	$0.87	$1.07	$1.25	$1.16	$1.44	$1.36	$1.73	$1.30	$1.44	$1.28	$1.28	$0.94	$1.12	$1.49	$1.76
Operating cash flow	45.4	-7.1	13.5	0.2	156	-16.8	36.7	25.7	107	-10.0	60.6	25.5	95.4	-33.0	52.0	47.3	75.6	-3.1	99.7	35.2
Capital expenditure	7.7	6.5	4.6	6.3	7.2	6.4	6.7	4.7	4.5	5.2	5.2	5.2	5.9	3.5	5.8	5.5	6.9	2.8	5.7	5.6
Free cash flow	37.8	-13.5	8.9	-6.1	148	-23.3	30.0	20.9	102	-15.2	55.5	20.4	89.5	-36.5	46.2	41.8	68.7	-6.0	94.0	29.6
Dividends paid	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.5	2.5
Shares outstanding	19m	19m	19m	19m	19m	19m	19m	19m	19m	19m	19m	19m	19m	18m	18m	18m	18m	18m	18m	18m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.