ICF International, Inc. (ICFI) FY2025 10-K Annual Report
ICF International, Inc. (ICFI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ICF International, Inc. FY2025 10-K Analysis
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
ICF International, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1.9B
▼ -7.3% YoY
Net Income
$92M
▼ -16.9% YoY
Operating Margin
7.8%
▼ -44bp YoY
Net Margin
4.9%
▼ -56bp YoY
ROE
8.9%
▼ -231bp YoY
Total Assets
$2.1B
▼ -0.8% YoY
EPS (Diluted)
$4.95
▼ -14.9% YoY
Operating Cash Flow
$142M
▼ -17.3% YoY
Source: XBRL data from ICF International, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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