Short answer
ICF International, Inc. (ICFI) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $1.9B (−7.3% year over year) and net income of $92M.
- Top risk flagged: Cybersecurity risk with potential material adverse effect despite robust controls and monitoring under NIST and ISO 27001 standards
FY2025 key financial metrics · XBRL
- Revenue
- $1.9B
- −7.3% YoY
- Net income
- $92M
- −16.9% YoY
- Operating margin
- 7.8%
- −0.4 pp YoY
- EPS (diluted)
- $4.95
- −14.9% YoY
- ROE
- 8.9%
- −2.3 pp YoY
- Operating cash flow
- $142M
- −17.3% YoY
Source: XBRL data from the ICF International, Inc. (ICFI) FY2025 10-K on SEC EDGAR. USD.
ICF International, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Professional services and tech solutions including management, technology, policy consulting for government and commercial clients
- New emphasis: Introduction of proprietary ICF Fathom AI platform in 2025 to advance cloud, AI, automation, data management, and analytics
- Strategic shift: Acquisition of Applied Energy Group on Dec 31, 2024, expanding energy tech and advisory with 100+ experts for larger, tech-enabled energy projects
- Notable metric: Employee count ~8,400 as of Dec 31, 2025, across 49 US and 14 international offices including UK, Belgium, Spain, India, Canada
- Unique fact: Revenue diversified with commercial share rising to 33% in 2025 from 25% in 2024, U.S. federal government revenue dropped to 43% from 54% in 2024
Management Discussion & Analysis
- Revenue $1.873B in 2025, down 7.3% YoY from $2.020B in 2024, driven by $279.5M decline in U.S. federal government clients
- Operating margin 7.8% in 2025 vs 8.2% in 2024; net income margin 4.9% vs 5.5% YoY
- Best performing segment: Energy, Environment, Infrastructure, and Disaster Recovery market with revenue up 4.8% to $979.1M; worst: Health and Social Programs down 18.9% to $620.7M
- Capex/amortization $58.1M (3.1% of revenue); interest expense net $30.8M; no specific buyback/dividend data disclosed
- Management notes growth opportunities due to environmental, health, disaster recovery demands; risks include federal contract terminations and procurement disruptions
Risk Factors
- Cybersecurity risk with potential material adverse effect despite robust controls and monitoring under NIST and ISO 27001 standards
- Key-person risk: CIO and CISO with combined multi-decade tenure manage cybersecurity with specialized experience of 30 and 20 years, respectively
- Operational risk: reliance on a single commercial grade data center with annual independent assessments for critical corporate information systems
- Third-party risk: cybersecurity vulnerabilities from vendors, partners, and service providers managed through ongoing risk assessments and controls
- Governance risk: Board and Audit Committee directly oversee cybersecurity risk management, with regular updates from senior IT executives
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