ICF International, Inc. provides management, technology, and policy consulting and implementation services to government and commercial clients in the United States and internationally. Its consulting and technology services cover domains such as strategy and public policy, energy and environmental sustainability, climate resilience, digital transformation (including IT modernization, cloud, cybersecurity, and data analytics), health and social programs, international development, disaster management, transportation and infrastructure, and marketing and strategic communications. The company serves energy, environment, infrastructure, and disaster recovery; health and social programs; and security and other civilian and commercial markets, including U.S. federal, local, and international governments and commercial clients. Formerly known as ICF Consulting Group Holdings, LLC, it changed its name to ICF International, Inc. in 2006. Founded in 1969, it is headquartered in Reston, Virginia.
ICF International Posts Flat Q2 Revenue of $474.5 Million, Guides Above Consensus
ICF International reported second quarter revenues of $474.5 million, flat year over year and 0.7% below analysts' expectations, while narrowly beating full-year EPS guidance estimates. Chief executive John Wasson said commercial client revenues rose 5.9% year on year, federal government revenues improved sequentially on technology modernization, and international government revenues climbed 35%, putting total revenue in line with prior-year levels ahead of a return to year-on-year growth beginning in this year's third quarter. Among the seven government and technical consulting stocks tracked in the group, SAIC posted the strongest quarter with revenues of $1.88 billion, up 6.3% year on year and 7.1% above expectations, while Amentum was the weakest, with revenues of $3.49 billion, down 2% year on year and 2.2% short of estimates. Maximus reported revenues of $1.28 billion, down 5.1% year on year and 3.7% below expectations, and UL Solutions reported revenues of $816 million, up 5.2% year on year and in line with estimates. As a group, the seven stocks' revenues were in line with consensus, and their share prices have fallen an average of 8.8% since the latest earnings results.
ICF International has been named an OpenAI Select Partner, a move the company says highlights its role in helping government and commercial clients adopt advanced AI tools while maintaining a focus on governance, risk controls and human-centered design. The partnership builds on the launch of the ICF Fathom AI platform, which the company positions as a scalable, margin-accretive technology suite that can be deployed across commercial, state, and future international clients. ICF International closed at $85.21, while the most followed narrative anchors fair value at $124, a gap framed around AI, consulting depth, and contract visibility. The share price is up 32.03% over the past 90 days but down 4.27% over 30 days, and its 1 year total shareholder return has declined 9.82%. The bullish case still depends on continued government contract flow and smooth integration of deals, both of which can quickly disappoint if priorities or synergies slip.
ICF Wins $20 Million Energy Efficiency Contract from Northeast Utilities Consortium
ICF, a global solutions and technology provider, has been awarded a $20 million recompete contract to continue as lead implementer for an energy efficiency program supporting a consortium of Northeast utilities and service providers. The contract, awarded in the second quarter of 2026, covers new construction, renovation, and multifamily energy efficiency and electrification programs, which are among the nation's largest residential efficiency initiatives. ICF's local team will deliver end-to-end implementation, including workforce development, training, incentive processing, and data reporting, leveraging its ICF Sightline platform to optimize energy demand and reduce grid stress. Kyle Wiggins, ICF's senior vice president for energy, environment and infrastructure, highlighted the consortium's goal of integrating efficiency into residential construction from the start, and ICF's role in scaling programs to deliver affordable, reliable energy. The company has supported the consortium's residential new construction program for nearly two decades, helping build one of the strongest residential efficiency markets in the country.
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
ICFI · Demand · Positive ICF wins $20 million recompete contract to continue as lead implementer for energy efficiency programs, securing ongoing demand for its services.
ICF International Secures Contracts and Boosts Buyback
ICF International has secured multiple new contracts and expanded its share repurchase authorization, supporting its growth outlook. The company won a $35 million contract from Entergy Louisiana for energy-efficiency programs, a $25 million five-year cybersecurity and R&D agreement with the U.S. Army Research Laboratory, and a $14 million three-year contract from the California Department of Transportation. ICF also increased its share repurchase authorization by $100 million to $165 million, having already repurchased about 435,000 shares for $29 million year to date. Revenues are expected to rise 1.3% in 2026 and 6.1% in 2027, with earnings anticipated to grow 4.3% and 10.3% respectively. The stock has gained 29.1% over three months, outperforming the industry's 17.9% growth.
ICF International Projects Growth Rebound After Federal Decline
ICF International expects to return to growth after a roughly 25% decline in its federal business in 2025, with guidance for 3% revenue growth and 5% non-GAAP EPS growth this year. Chairman and CEO John Wasson said non-federal operations, including commercial energy, international work, and disaster recovery, are leading the recovery, while federal IT modernization is beginning to offset recent weakness. The company anticipates mid- to high-single-digit organic growth from 2027 onward, with federal business growing at a low- to mid-single-digit rate. President Anne Choate said AI is changing client engagement, as ICF uses its Fathom AI sandbox to develop prototypes for government clients, and the company is expanding in energy efficiency, electrification, battery storage, and data-center consulting. ICF also plans to balance acquisitions with share repurchases, having recently added $100 million to its buyback authorization.
ICFI · Demand · Positive ICF expects growth rebound driven by non-federal demand in energy, international, and disaster recovery, with federal IT modernization offsetting declines.
ICF International Reports Stable Q2 Revenue and Reaffirms 2026 Guidance
ICF International reported second-quarter 2026 revenue of $474.5 million, essentially flat compared to $476.2 million a year earlier, while non-GAAP EPS rose 12% to $1.86. The company reaffirmed its full-year 2026 revenue guidance of $1.89 billion to $1.96 billion and non-GAAP EPS guidance of $6.95 to $7.25, with more than 90% of required revenue already in backlog. International government revenue grew 35.1% to $39.5 million, commercial client revenue increased 5.9% to $166.0 million, and federal government revenue declined 9.5% to $184.9 million due to 2025 contract cancellations but rose 1.4% sequentially. Adjusted EBITDA margin expanded 10 basis points to 11.2%, and the business development pipeline reached $9.3 billion, up 9% from the first quarter. The company also declared a quarterly dividend of $0.14 per share payable on October 9, 2026.
ICF International shares jump 11% on profit beat and reaffirmed outlook
Shares of ICF International surged 11.4% to $95.05 after the consulting firm reported adjusted earnings per share of $1.86, beating estimates by about 13%, and reaffirmed its full-year guidance despite a slight revenue miss. Revenue was $474.5 million, essentially flat year over year and below forecasts, as pressure in federal client work was offset by demand from commercial energy, state and local, and international government clients. Management maintained its full-year revenue outlook of $1.89 billion to $1.96 billion and non-GAAP EPS of $6.95 to $7.25, noting that roughly 90% of the revenue needed for the midpoint is already in backlog. Strong operating cash flow in the quarter reinforced the quality of earnings, and the reaffirmed guidance with high backlog coverage reassured investors about a second-half federal recovery despite the top-line miss.
ICF Awarded $25 Million Agreement to Deliver Cyber Services to Army Research Lab
ICF has been awarded a new subcontract task order by Parsons Corporation to deliver cybersecurity technology and research and development services to the U.S. Army Combat Capabilities Development Command Army Research Laboratory. The contract has a ceiling value of $25 million and a term of five years, including a 12-month base and four one-year options. ICF will support the lab's mission of advancing secure, resilient tactical networks for military operations, providing services such as artificial intelligence, machine learning, network science, systems administration, modeling, simulation, and testing. The company has supported the Army Research Laboratory's cyber operations and research and development initiatives for nearly three decades.
ICF International Launches AI-Powered Government Accelerator and Expands Buyback
ICF International launched an AI-powered licensing, permitting and inspections accelerator built on Salesforce and DocuSign, strengthening its position in the government digital modernization market. The company also increased its share repurchase authorization by $100 million, bringing the total to $165 million, reflecting management's confidence in long-term growth. Additionally, ICF International secured a $14 million recompete contract with the California Department of Transportation, extending a partnership of more than 20 years. The stock carries a Zacks Rank #2, or Buy, and has surged 8.4% over the past 30 days, outperforming the Zacks Government Services industry's 0.5% growth.
California Department of Transportation Awards ICF $14 Million Contract
The California Department of Transportation has awarded ICF a recompete contract with a ceiling value of $14 million to provide on-call environmental policy and implementation services. The three-year contract, awarded in the first quarter of 2026, will support the statewide transportation infrastructure project delivery program. ICF will help Caltrans accelerate project delivery by strengthening cross-agency coordination and aligning reviews with compliance and permitting requirements to simplify the environmental review process. The company has a 20-year partnership with Caltrans Headquarters.
ICF Announces $100 Million Increase to Share Repurchase Authorization
ICF has announced a $100 million increase to its share repurchase authorization, bringing the total remaining authority to $165 million. The board approved the expansion, which underscores confidence in the company's long-term prospects. Year to date, ICF has repurchased approximately 435,000 shares for a total of $29 million. Chair and CEO John Wasson stated the program will be used alongside strong cash flow to return capital to shareholders, maintain dividends, and pursue organic investments and strategic acquisitions.
ICFI · Capital · Positive Company announces $100M increase to share repurchase authorization, signaling confidence and returning capital to shareholders.
ICF Sets August 6 for Second Quarter 2026 Earnings Release and Call
ICF will release its second quarter 2026 results on Thursday, August 6, 2026, after the market close. The company plans to host a webcast call at 4:30 p.m. Eastern time that same day to discuss the financial results. Earnings results will be available on the investor relations website before the call. Analysts and institutional investors may register online to receive dial-in details, while general listeners can access the live webcast via a provided link. A replay will be available for one year following the event.
ICF International Misses Q1 Earnings and Revenue Estimates Amid Elevated Costs
ICF International reported first-quarter 2026 adjusted earnings of $1.50 per share, missing the Zacks Consensus Estimate of $1.55 by 3.2% and declining 22.7% year over year. Revenues of $437.5 million decreased 10.3% from the prior-year quarter and fell short of the consensus mark of $449.8 million by 2.7%. The company’s current ratio improved 10% from the year-ago quarter to 1.48, indicating sufficient liquidity, though it remains below the industry average of 1.91. Direct costs as a percentage of revenue stood at 61.9% in the first quarter, down from 64.3% in the fourth quarter of 2025 but still reflecting an elevated cost structure that pressures cash flow. ICF International continues to rely on long-term government and commercial client relationships and strategic acquisitions such as Applied Energy Group and CMY Solutions to drive growth.
Government and Technical Consulting Stocks Fall 7.7% After Mixed Q1 Earnings
Government and technical consulting stocks tracked by StockStory fell an average of 7.7% since their latest earnings results, despite reporting revenues in line with analyst consensus estimates. SAIC posted revenues of $1.91 billion, up 1.5% year on year and beating expectations by 4.1%, but its stock still declined 1.7%. UL Solutions, the best performer in the group, reported revenues of $758 million, up 7.5% year on year, while Amentum, the weakest, saw flat revenues of $3.48 billion and a significant EPS miss, sending its shares down 10.2%. ICF International and Maximus also missed revenue estimates, with ICF's revenues falling 10.3% year on year and Maximus's declining 4.1%, contributing to their respective stock declines of 10.7% and 9.3%.
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