ICF International, Inc. reported its financial results for the second quarter of 2026, revealing a revenue of $474.5 million, a slight decrease of 0.3% from $476.2 million in the same period of 2025. For the first half of 2026, total revenue reached $912.0 million, down 5.4% from $963.8 million in the prior year. The company's net income for the second quarter was $26.9 million, reflecting a 13.9% increase from $23.7 million in the previous year. For the six-month period, net income was $47.5 million, a decrease of 6.0% compared to $50.5 million in 2025. Earnings per share for the second quarter were $1.50, up from $1.29, while diluted EPS for the first half was $2.61, down from $2.72.
The company experienced notable changes in its revenue streams, particularly from U.S. federal government clients, which saw a significant decline due to terminated contracts and shifting priorities. Revenue from the Energy, Environment, Infrastructure, and Disaster Recovery sector decreased slightly by 0.8%, while the Health and Social Programs sector faced a more substantial drop of 8.2%. In contrast, revenue from international government and commercial clients increased, partially offsetting the declines from U.S. federal and state clients.
Operationally, ICF International reported a total of $96.6 million in cash provided by operating activities for the first half of 2026, a significant increase from $18.9 million in the same period of 2025. This improvement was attributed to lower tax and interest payments, as well as the timing of cash advances related to energy incentive programs. The company also noted a reduction in direct costs, which totaled $568.5 million for the first half of 2026, down from $601.0 million in 2025, primarily due to the impact of terminated contracts.
In terms of strategic developments, ICF International has been focusing on enhancing its client relationships and pursuing larger engagements. The company is also evaluating potential acquisitions to broaden its service offerings and expand its market presence. As of June 30, 2026, ICF had a total borrowing capacity of $986.4 million, including $586.4 million under its revolving credit line, which provides liquidity for ongoing operations and potential acquisitions.
Looking ahead, ICF International remains optimistic about long-term growth opportunities, particularly in sectors related to disaster recovery, energy efficiency, and healthcare. The company plans to leverage its expertise and experience in these areas to drive future revenue growth, despite the challenges posed by changing government priorities and market conditions.
About ICF International, Inc.
ICF International, Inc. provides professional consulting and technology solutions across energy, environment, health, social programs, and security sectors. Serving government and commercial clients worldwide, it offers advisory, program implementation, analytics, digital, and engagement services. Its core strengths include deep subject matter expertise, long-standing client relationships, innovative proprietary tools, and a global presence, supporting complex policy, infrastructure, disaster recovery, and cybersecurity initiatives.
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