Overview

* ICF Q3 revenue of $465 mln missed analyst expectations

* Adjusted EPS for Q3 was $1.67, missing consensus estimates

* Company expects revenue and earnings growth in 2026

Outlook

* ICF maintains 2025 guidance framework despite government shutdown impact

* ICF expects revenue and earnings growth to resume in 2026

* ICF revises 2025 operating cash flow estimate to $125 mln-$150 mln

Result Drivers

* COMMERCIAL ENERGY GROWTH - Revenue from commercial energy clients rose 24%, driven by strong demand for energy efficiency programs and expertise in grid resilience

* MARGIN EXPANSION - Margin expansion was supported by a favorable revenue mix and cost management initiatives

* IT MODERNIZATION CONTRACTS - Significant new business in IT modernization contributed to a strong book-to-bill ratio

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $465 mln $487.42

Revenue mln (4

Analysts

)

Q3 Miss $1.67 $1.74 (4

Adjusted Analysts

EPS )

Q3 EPS $1.28

Q3 Net $24 mln

Income

Q3 Miss $53.20 $55.09

Adjusted mln mln (4

EBITDA Analysts

)

Q3 $52.80

EBITDA mln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the business support services peer group is "buy"

* Wall Street's median 12-month price target for ICF International Inc ( ICFI ) is $98.50, about 13.1% above its October 29 closing price of $85.59

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)