ICFI News & Events

The Defense Counterintelligence and Security Agency recently awarded ICF a position on a new multiple-award blanket purchase agreement for software engineering services to modernize the agency's National Background Investigation Services systems. The five-year BPA has a ceiling value of $800M across all 12 awardees.

Sees FY26 revenue $1.89B-$1.96B, consensus $1.92B. "These expectations anticipate another year of double-digit revenue growth from our non-federal government clients, which we estimate will account for more than 60% of our total 2026 revenues, and a return to year-on-year growth in certain parts of our federal government business. Full-year operating cash flow is estimated to range from $135 million to $150 million."

Reports Q4 revenue $444M, consensus $440.9M. Commenting on the results, John Wasson, chair and CEO, said, "Our fourth quarter results were in line with our guidance and capped a year of resilient performance given the challenging federal business environment. Revenues from commercial, state and local and international government clients increased 16% and accounted for 62% of fourth quarter revenues. This performance served to offset a large portion of the year-on-year reduction in federal government revenues, which was amplified by the direct and indirect impacts of the six-week federal government shutdown."

Sees Q1 revenue about $450M, consensus $467.41M. "With respect to the cadence of the year, we generally expect sequential improvement in federal revenues from the first quarter through the third quarter of 2026, returning to year-on-year growth by the fourth quarter. Our first-quarter comparisons will be down as we will be comparing against a quarter that included federal government contract work that was cancelled between February and May of last year. For the first quarter of 2026, we expect total revenues of approximately $450 million, GAAP EPS of approximately $1.20, and Non-GAAP EPS of approximately $1.55."