ICF International, Inc. reported a decline in financial performance for the third quarter of 2025, with revenues totaling $465.4 million, a decrease of 10% from $517.0 million in the same period last year. For the nine months ending September 30, 2025, total revenue was $1.43 billion, down 6.2% from $1.52 billion in 2024. The company's net income also fell, reaching $23.8 million for the quarter, compared to $32.7 million in the prior year, and $74.3 million for the nine-month period, down from $85.6 million. Earnings per share (EPS) for the quarter were $1.28, down from $1.73, while the nine-month EPS decreased from $4.53 to $4.01.
The decline in revenue was primarily attributed to a significant reduction in contracts with U.S. federal government clients, which saw a decrease of approximately $188.8 million due to contract terminations linked to changing government priorities and procurement disruptions. This was partially offset by increases in revenue from commercial clients and state and local government contracts. The company also noted a decrease in direct costs, which fell to $290.5 million for the quarter, down from $325.0 million, reflecting the impact of the terminated contracts.
Strategically, ICF completed the acquisition of Applied Energy Group, Inc. in December 2024 for $59.9 million, enhancing its service offerings in energy technology and advisory services. The company continues to focus on integrating this acquisition to expand its client base and service capabilities. As of September 30, 2025, ICF reported total assets of $2.11 billion, with stockholders' equity increasing to $1.02 billion from $982.5 million at the end of 2024.
Operationally, ICF's employee headcount remained stable, and the company reported a total of 24.3 million shares outstanding as of the end of the quarter. The company also maintained a strong liquidity position, with $501.6 million available under its credit facility, despite the ongoing federal government shutdown that began on October 1, 2025, which is expected to impact revenue generation in the short term.
Looking ahead, ICF anticipates continued demand for its services, particularly in disaster recovery and energy efficiency, as government and industry stakeholders address critical societal issues. However, the company acknowledges potential challenges, including the impact of political complexities and the ongoing federal government shutdown on its operations. ICF remains committed to enhancing client relationships and pursuing strategic acquisitions to drive future growth.
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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