ICF International, Inc. (ICFI) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 30 2025
0mins
Should l Buy ICFI?
Source: SeekingAlpha
Revenues from commercial, state and local, and international government clients Increased by 13.8% year-over-year. This growth was led by a 24% increase in revenues from commercial energy clients, reflecting strong demand for ICF's advisory and implementation services.
Federal government revenues Declined 29.8% year-over-year. This decline was due to contract funding reductions and procurement delays, particularly in programmatic public health and human services areas.
Commercial energy revenues Increased by 24% year-over-year. This growth was driven by strong demand for energy efficiency programs, flexible load management, electrification, grid resilience, and affordability services.
Adjusted EBITDA margin Improved by 10 basis points year-over-year. This improvement was due to strong growth in higher-margin commercial revenues and careful cost management.
Third quarter revenues Totaled $465.4 million, down from $517 million in the third quarter of 2024. The decline was attributed to ongoing headwinds in the federal government business, partially offset by growth in other client categories.
Gross margin Expanded by 50 basis points to 37.6% year-over-year. This was driven by a shift towards higher-margin commercial revenues and a higher proportion of ICF direct labor.
Net income Totaled $23.8 million, down from $32.7 million in the third quarter of 2024. The decline was due to a higher tax rate and reduced revenues.
Operating cash flow Increased to $47.3 million, up from $25.5 million in the third quarter of 2024. This increase was due to improved cash collection and cost management.
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Analyst Views on ICFI
Wall Street analysts forecast ICFI stock price to rise
4 Analyst Rating
3 Buy
1 Hold
0 Sell
Strong Buy
Current: 75.600
Low
82.00
Averages
99.67
High
115.00
Current: 75.600
Low
82.00
Averages
99.67
High
115.00
About ICFI
ICF International, Inc. is a global consulting and technology services company. The Company provides professional services and technology-based solutions to government and commercial clients, including management, technology, and policy consulting and implementation services. Its services include advisory services, program implementation services, analytics services, digital services, and engagement services. Its advisory services include research critical policy, industry, and stakeholder issues, trends, and behavior. The program implementation services identify, defines, and implements policies, plans, programs, and business tools. The analytics services conduct survey research and collect and analyze varieties and large volumes of data to understand critical issues and options for its clients and provide actionable business intelligence. Its digital services design, develop, and implement technology systems and business tools and cybersecurity solutions.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- Webcast Timing: The company will host a webcast call at 4:30 p.m. Eastern Time on the same day to discuss the financial results, which is expected to attract significant attention from analysts and institutional investors.
- Participation Process: Registered participants will receive dial-in information and a unique PIN, ensuring analysts and investors can smoothly engage in the discussion, enhancing transparency and interactivity.
- Company Background: Since 1969, ICF has served public and private sector clients with approximately 9,000 employees, combining industry expertise with digital strategy to tackle complex challenges, showcasing strong market competitiveness.
See More
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- Technology-Driven Implementation: ICF will leverage its extensive European network and advanced AI technology to monitor sentiment, counter misinformation, and optimize campaign performance in real time, ensuring effective communication in an era of information overload.
- Strategic Partnership: The collaboration with the EU reflects ICF's deep policy expertise and its ability to blend behavioral insights, creative storytelling, and analytics, aiming to foster deeper connections with EU audiences.
See More
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- Strategic Partnership: ICF executives emphasize their commitment to partnering with Maryland to deliver reliable, scalable user-centered platforms aimed at achieving more efficient government services, thereby enhancing community health and resilience, which underscores the company's impact in the public service sector.
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- Enhanced User Experience: By leveraging agile methodologies and human-centered design, ICF will assist Maryland in improving citizen interactions with government services, which is expected to significantly boost user satisfaction and service efficiency.
- System Modernization: ICF will transform legacy systems into modern, accessible platforms through a rotational work order process, supporting Maryland's ambitious digital transformation goals and enhancing government service responsiveness.
- Strategic Partnership: ICF's collaboration with Maryland not only reflects its expertise in the digital space but also aims to drive more efficient government operations, contributing to the development of stronger, healthier, and more resilient communities.
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