ICFI News & Events

ICF was recently awarded a contract by the California Department of Transportation, or Caltrans, Headquarters to provide on-call environmental policy and implementation services to support the statewide transportation infrastructure project delivery program. The recompete contract, which was awarded in the Q1, has a ceiling value of $14M and a term of three years. ICF will help Caltrans accelerate transportation project delivery by strengthening cross-agency coordination and aligning reviews with compliance and permitting requirements to simplify the environmental review process. These services will help reduce risks and enable more efficient government programs.

ICF announced the board approved an expansion to its repurchase authorization. The additional $100M repurchase authorization expands on the prior program, which had $65M remaining. The company is active in the market and has repurchased approximately 435,000 shares year to date for total consideration of $29M.

Still sees 2026 revenue $1.89B-$1.96B, consensus $1.91B.

Reports Q1 revenue $438M, consensus $448.63M. CEO John Wasson said, "We continue to execute effectively across our diversified client set, and we are pleased to report that revenues from federal government clients increased considerably on a sequential basis, in line with our expectations...Our total quarterly revenue performance was $12M, lower than expected due to the timing of approximately $8M in project work for commercial energy clients and $4M in work for international government clients. We expect to recover those revenues-half in the second quarter and the remainder during the second half of this year-which supports our full year 2026 guidance for 3% companywide revenue growth at the midpoint. Gross margin advanced 10 basis points year-on-year, and adjusted EBITDA margin was 11.2%, remaining steady with 2025 levels...We continued to invest organically in key long-term growth areas, including commercial energy, disaster management and technology modernization, while maintaining our capabilities in federal health, education and social programs. This was a solid quarter of contract awards for ICF. We were awarded $450 million in contracts, representing a quarterly book-to-bill ratio of 1.03 and a trailing twelve-month book-to-bill ratio of 1.21...Our business development pipeline stood at $8.5B at the end of Q1, and we are encouraged by the pace of bid and proposal activity."