ICF Q1 Revenue at $438M, Below Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 07 2026
0mins
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."
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy ICFI?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
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: 68.030
Low
82.00
Averages
99.67
High
115.00
Current: 68.030
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.
ICF International Board Member Buys 8,000 Shares
- Share Purchase Details: Board member Michael J. Van Handel purchased 8,000 shares of ICF International on May 15, 2026, for approximately $491,000 at a price of $61.39 per share, indicating his bullish outlook on the company's future.
- Historical Trading Comparison: This transaction marks Van Handel's largest trade, surpassing his previous sale of 4,000 shares, suggesting an increased investment exposure to ICF International in the current market context.
- Market Context Analysis: On the transaction date, ICF International's stock closed at $61.12, slightly above its 52-week low of $58.83, reflecting a price compression following disappointing first-quarter earnings results.
- Investor Confidence: Despite ICF International's first-quarter revenue declining to $437.5 million and net income to $20.5 million, the company remains optimistic about revenue growth in 2026, particularly in the energy and environmental consulting sectors, which may present significant opportunities.
See More
ICF International Director Buys Shares, Signaling Confidence
- Share Purchase: Board member Michael Van Handel purchased 8,000 shares of ICF International on May 15, 2026, for approximately $491,000 at a weighted average price of $61.39 per share, indicating his confidence in the company's future prospects.
- Post-Transaction Holdings: Following this transaction, Van Handel holds 44,508 shares directly, suggesting optimism about the company's outlook, especially after the stock price fell to a 52-week low of $58.83.
- Financial Performance: ICF International reported Q1 2026 revenue of $437.5 million, down from $487.6 million year-over-year, with net income declining from $26.9 million to $20.5 million, resulting in diluted earnings per share of $1.12, highlighting the challenges faced by the company.
- Market Outlook: Despite the disappointing Q1 results, ICF reiterated its belief in returning to revenue growth in 2026, particularly as over half of its business is in energy, environment, and infrastructure consulting, which could benefit from rising energy demands driven by artificial intelligence.
See More
ICF Launches Accelerator to Enhance Licensing Efficiency
- Accelerator Launch: ICF has introduced a new accelerator designed to expedite licensing, permitting, and inspection processes through Salesforce and Docusign platforms, significantly enhancing operational efficiency and responsiveness for government agencies.
- Technology Integration: This accelerator leverages agentic AI and the expertise of industry specialists to automate complex tasks, reduce manual efforts, thereby lowering operational costs and improving service quality.
- Addressing Government Needs: ICF executives highlight that government agencies are under pressure to deliver quickly and remain compliant, and the new accelerator combines ICF's federal expertise with trusted technologies to enable faster implementation and greater impact.
- Support for Digital Transformation: As part of ICF Fathom™, this accelerator is one of several repeatable, mission-specific accelerators ICF offers to drive digital transformation and service delivery improvements in the public sector.
See More
Zenas Biopharma CEO Purchases 60,000 Shares for $1.01M
- Executive Purchase: Zenas Biopharma's CEO Leon O. Moulder Jr. bought 60,000 shares of ZBIO for $1.01M at $16.88 each on Monday, demonstrating confidence in the company's future prospects.
- Price Fluctuation: On Tuesday, ZBIO traded as high as $18.16, with Moulder Jr.'s investment up 7.6% at the peak, reflecting positive market sentiment towards the stock.
- Historical Investments: Over the past year, Moulder Jr. has made four purchases of ZBIO, totaling $4.5M at an average cost of $17.92 per share, indicating his sustained belief in the company's long-term value.
- ICF International Transaction: Concurrently, ICF International's Director Michael J. Van Handel purchased 8,000 shares at $61.39 each on Friday, totaling $491,134, showcasing his confidence in the company's outlook.
See More
ICF International Q1 2026 Earnings Call Insights
- Revenue Growth Highlight: ICF International reported total revenue of $437.5 million in Q1 2026, reflecting a 10.3% year-over-year decline; however, revenue from federal government clients increased by 8.6% sequentially, indicating potential recovery and expected growth in the coming quarters.
- Contract Awards: The company secured $450 million in contracts during the first quarter, maintaining a healthy 12-month book-to-bill ratio of 1.21, which underscores a robust business development pipeline totaling $8.5 billion, enhancing future revenue sustainability.
- Profitability Metrics: Adjusted EBITDA for the first quarter was $48.9 million, with an adjusted EBITDA margin of 11.2%, and gross margin rose by 10 basis points to 38.1%, demonstrating improvements in cost control and profitability.
- Future Outlook: Management reaffirmed its 2026 revenue guidance of $1.89 billion to $1.96 billion and non-GAAP EPS guidance of $6.95 to $7.25, indicating confidence in recovering growth throughout the year, particularly driven by federal government projects.
See More
ICF International Q1 Earnings Miss Expectations
- Earnings Miss: ICF International reported a Q1 non-GAAP EPS of $1.50, missing expectations by $0.05, indicating potential challenges in profitability that could affect investor confidence.
- Revenue Shortfall: The company generated $438 million in revenue for the quarter, falling short of expectations by $10.63 million, highlighting competitive pressures that may hinder future growth.
- Tax Impact: The EPS included a $0.09 unfavorable tax item, suggesting challenges in tax management that could impact overall financial performance.
- EBITDA Metrics: Q1 EBITDA stood at $47.3 million, with adjusted EBITDA at $48.9 million, representing 11.2% of total revenues, indicating some profitability but necessitating focus on cost control and efficiency improvements.
See More
ICF International Board Member Buys 8,000 Shares
- Share Purchase Details: Board member Michael J. Van Handel purchased 8,000 shares of ICF International on May 15, 2026, for approximately $491,000 at a price of $61.39 per share, indicating his bullish outlook on the company's future.
- Historical Trading Comparison: This transaction marks Van Handel's largest trade, surpassing his previous sale of 4,000 shares, suggesting an increased investment exposure to ICF International in the current market context.
- Market Context Analysis: On the transaction date, ICF International's stock closed at $61.12, slightly above its 52-week low of $58.83, reflecting a price compression following disappointing first-quarter earnings results.
- Investor Confidence: Despite ICF International's first-quarter revenue declining to $437.5 million and net income to $20.5 million, the company remains optimistic about revenue growth in 2026, particularly in the energy and environmental consulting sectors, which may present significant opportunities.
See More
ICF International Director Buys Shares, Signaling Confidence
- Share Purchase: Board member Michael Van Handel purchased 8,000 shares of ICF International on May 15, 2026, for approximately $491,000 at a weighted average price of $61.39 per share, indicating his confidence in the company's future prospects.
- Post-Transaction Holdings: Following this transaction, Van Handel holds 44,508 shares directly, suggesting optimism about the company's outlook, especially after the stock price fell to a 52-week low of $58.83.
- Financial Performance: ICF International reported Q1 2026 revenue of $437.5 million, down from $487.6 million year-over-year, with net income declining from $26.9 million to $20.5 million, resulting in diluted earnings per share of $1.12, highlighting the challenges faced by the company.
- Market Outlook: Despite the disappointing Q1 results, ICF reiterated its belief in returning to revenue growth in 2026, particularly as over half of its business is in energy, environment, and infrastructure consulting, which could benefit from rising energy demands driven by artificial intelligence.
See More
ICF Launches Accelerator to Enhance Licensing Efficiency
- Accelerator Launch: ICF has introduced a new accelerator designed to expedite licensing, permitting, and inspection processes through Salesforce and Docusign platforms, significantly enhancing operational efficiency and responsiveness for government agencies.
- Technology Integration: This accelerator leverages agentic AI and the expertise of industry specialists to automate complex tasks, reduce manual efforts, thereby lowering operational costs and improving service quality.
- Addressing Government Needs: ICF executives highlight that government agencies are under pressure to deliver quickly and remain compliant, and the new accelerator combines ICF's federal expertise with trusted technologies to enable faster implementation and greater impact.
- Support for Digital Transformation: As part of ICF Fathom™, this accelerator is one of several repeatable, mission-specific accelerators ICF offers to drive digital transformation and service delivery improvements in the public sector.
See More
Zenas Biopharma CEO Purchases 60,000 Shares for $1.01M
- Executive Purchase: Zenas Biopharma's CEO Leon O. Moulder Jr. bought 60,000 shares of ZBIO for $1.01M at $16.88 each on Monday, demonstrating confidence in the company's future prospects.
- Price Fluctuation: On Tuesday, ZBIO traded as high as $18.16, with Moulder Jr.'s investment up 7.6% at the peak, reflecting positive market sentiment towards the stock.
- Historical Investments: Over the past year, Moulder Jr. has made four purchases of ZBIO, totaling $4.5M at an average cost of $17.92 per share, indicating his sustained belief in the company's long-term value.
- ICF International Transaction: Concurrently, ICF International's Director Michael J. Van Handel purchased 8,000 shares at $61.39 each on Friday, totaling $491,134, showcasing his confidence in the company's outlook.
See More
ICF International Q1 2026 Earnings Call Insights
- Revenue Growth Highlight: ICF International reported total revenue of $437.5 million in Q1 2026, reflecting a 10.3% year-over-year decline; however, revenue from federal government clients increased by 8.6% sequentially, indicating potential recovery and expected growth in the coming quarters.
- Contract Awards: The company secured $450 million in contracts during the first quarter, maintaining a healthy 12-month book-to-bill ratio of 1.21, which underscores a robust business development pipeline totaling $8.5 billion, enhancing future revenue sustainability.
- Profitability Metrics: Adjusted EBITDA for the first quarter was $48.9 million, with an adjusted EBITDA margin of 11.2%, and gross margin rose by 10 basis points to 38.1%, demonstrating improvements in cost control and profitability.
- Future Outlook: Management reaffirmed its 2026 revenue guidance of $1.89 billion to $1.96 billion and non-GAAP EPS guidance of $6.95 to $7.25, indicating confidence in recovering growth throughout the year, particularly driven by federal government projects.
See More
ICF International Q1 Earnings Miss Expectations
- Earnings Miss: ICF International reported a Q1 non-GAAP EPS of $1.50, missing expectations by $0.05, indicating potential challenges in profitability that could affect investor confidence.
- Revenue Shortfall: The company generated $438 million in revenue for the quarter, falling short of expectations by $10.63 million, highlighting competitive pressures that may hinder future growth.
- Tax Impact: The EPS included a $0.09 unfavorable tax item, suggesting challenges in tax management that could impact overall financial performance.
- EBITDA Metrics: Q1 EBITDA stood at $47.3 million, with adjusted EBITDA at $48.9 million, representing 11.2% of total revenues, indicating some profitability but necessitating focus on cost control and efficiency improvements.
See More
