ICON plc (ICLR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$2.52	$2.56	+1.6%	—	—	—
Q3 26	$2.43	$2.5	+2.9%	—	—	—
Q2 26	$3.28	$3.31	+0.9%	—	—	—
Q1 26	$3.18	$3.26	+2.5%	—	—	—
Q4 25	$3.09	$3.19	+3.2%	—	—	—
Q3 25	$3.43	$3.43	0.0%	—	—	—
Q2 25	$3.85	$3.35	-13.0%	—	—	—
Q1 25	$3.67	$3.75	+2.2%	—	—	—
Q4 24	$3.41	$3.47	+1.8%	—	—	—
Q3 24	$3.45	$3.46	+0.3%	—	—	—
Q2 24	$3.28	$3.3	+0.6%	—	—	—
Q1 24	$3.08	$3.11	+1.0%	—	—	—
Q4 23	$2.88	$2.9	+0.7%	—	—	—
Q3 23	$3.05	$3.13	+2.6%	—	—	—
Q2 23	$2.94	$3	+2.0%	—	—	—
Q1 23	$2.79	$2.86	+2.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.73	—	—	$8.3B	—
FY24	—	$9.6	—	—	$8.3B	—
FY23	—	$7.46	—	—	$8.1B	—
FY22	—	$6.21	—	—	$7.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.7B	$1.8B	$2.6B	$2.8B	$2.8B	$5.5B	$7.7B	$8.1B	$8.3B	$8.3B
YoY change	+5.81%	+5.52%	+47.6%	+8.09%	-0.3%	+95.9%	+41.2%	+4.89%	+1.99%	-0.37%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.7B	1.8B	2.6B	2.8B	2.8B	5.5B	7.7B	8.1B	8.3B	8.3B
Cost of revenue	961.3M	1B	1.8B	2B	2B	4B	5.5B	5.7B	5.8B	6.1B
Gross profit	705.2M	731.1M	777.6M	831.7M	817.4M	1.5B	2.2B	2.4B	2.4B	2.2B
Gross margin	42.3%	41.6%	30%	29.6%	29.2%	27.5%	28.6%	29.6%	29.4%	26.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	325.7M	323.7M	325.8M	332.7M	342.4M	585.3M	778.8M	768.6M	728.3M	780.1M
Operating expenses	325.7M	323.7M	325.8M	332.7M	342.4M	585.3M	778.8M	768.6M	728.3M	780.1M
Operating income	319.9M	346.1M	385.8M	437.5M	408.8M	607.9M	866.1M	1B	1.2B	1B
Operating margin	19.2%	19.7%	14.9%	15.6%	14.6%	11.1%	11.2%	12.9%	14.7%	12.3%
Non-operating income, net	-8.2M	-7.8M	-12.5M	-4.1M	-17.3M	-304.8M	-70.8M	-89.6M	-121.7M	-569.6M
Pretax income	300.2M	328.1M	364.6M	427M	381.2M	196.7M	567.9M	624.5M	869.2M	252.5M
Income tax	38M	46.6M	42M	51.1M	47.9M	41.3M	59.4M	11.7M	77.7M	23.1M
Net income	262.2M	281.5M	322.7M	375.9M	333M	153.2M	505.3M	612.3M	791.5M	229.3M
Net margin	15.7%	16%	12.4%	13.4%	11.9%	2.79%	6.53%	7.54%	9.56%	2.78%
EBITDA	380.9M	409.7M	456.5M	506.3M	478.1M	910.2M	1.4B	1.6B	1.7B	1.4B
EPS	4.75	5.04	5.96	6.85	6.27	2.28	6.21	7.46	9.6	2.73
Diluted EPS	4.65	4.98	5.9	6.79	6.22	2.25	6.13	7.4	9.53	2.71

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.1B	2.1B	2.1B	2.1B	2B	2B	2B	2B	2.1B	2.2B	2B	2.1B
Cost of revenue	1.4B	1.4B	1.5B	1.5B	1.4B	1.4B	1.4B	1.5B	1.5B	1.7B	1.6B	1.6B
Gross profit	606M	620.5M	619M	626.6M	591.4M	599.4M	558.7M	561.6M	545.5M	500.9M	477.9M	479.3M
Gross margin	29.5%	30%	29.6%	29.6%	29.1%	29.4%	27.9%	27.8%	26.2%	22.9%	23.5%	23.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	185.2M	195.6M	177.3M	194.5M	205.1M	151.4M	198.4M	205M	197M	179.7M	200.6M	194.3M
Operating expenses	185.2M	195.6M	177.3M	194.5M	205.1M	151.4M	198.4M	205M	197M	179.7M	200.6M	194.3M
Operating income	274.7M	275.2M	292.5M	282.5M	293.3M	351.3M	264.3M	258.9M	249.4M	230.4M	187M	194.2M
Operating margin	13.4%	13.3%	14%	13.3%	14.4%	17.2%	13.2%	12.8%	12%	10.5%	9.19%	9.41%
Non-operating income, net	-10.4M	-9.7M	-7M	-52.6M	-7.9M	-54.2M	-44.8M	-49.7M	-472.3M	-302.9M	-13.3M	-56.4M
Pretax income	181.7M	186.3M	215.8M	170.3M	234.6M	248.6M	173.8M	161.1M	-271.4M	-120.5M	127.6M	92.2M
Income tax	18M	-30.2M	28.3M	23.3M	37.4M	-11.4M	19.6M	-21.9M	12.8M	-10.4M	22.8M	19.6M
Net income	163.7M	216.4M	187.4M	146.9M	197.1M	260M	154.2M	183M	-284.2M	-110.1M	104.8M	72.6M
Net margin	7.96%	10.5%	8.97%	6.93%	9.71%	12.7%	7.7%	9.07%	-13.6%	-5.03%	5.15%	3.52%
EBITDA	422M	401M	443.6M	433.3M	388.8M	419.9M	362.1M	358.6M	350.2M	313.3M	279.1M	288.1M
EPS	1.99	2.63	2.27	1.78	2.38	3.18	1.91	2.31	-3.67	1.95	1.37	0.94
Diluted EPS	1.97	2.6	2.25	1.76	2.36	3.16	1.9	2.3	-3.67	1.93	1.36	0.94

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.2B	6.1B	7B	9.3B	10.3B	—	—	23.2B	17.3B	14.3B	13.5B
Enterprise value	4.2B	6.1B	6.9B	9.2B	9.9B	—	—	26.8B	20.4B	17.2B	15.9B
Shares outstanding	55.2M	54.1M	54.1M	53.9M	52.9M	67.1M	81.5M	82.1M	82.5M	78.4M	78.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15.8	21.6	21.7	24.7	31	—	—	38	21.9	62.3	267.6
P/S	2.49	3.45	2.69	3.31	3.68	—	—	2.86	2.09	1.73	1.62
P/B	4.4	5.1	5.16	5.73	5.57	—	—	2.52	1.82	1.55	1.43
EV/EBITDA	11.1	14.8	15.1	18.1	20.7	—	—	16.6	12.1	12.3	30.4
EV/Sales	2.55	3.45	2.65	3.26	3.54	—	—	3.3	2.46	2.08	1.92
Earnings yield	6.31%	4.64%	4.61%	4.05%	3.23%	—	—	2.63%	4.58%	1.6%	0.37%
FCF yield	5.21%	5.57%	3.15%	4.03%	5.11%	—	—	4.39%	6.47%	6.03%	4.6%
PEG	—	—	—	—	—	—	—	—	—	—	-4.51

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42.3%	41.6%	30%	29.6%	29.2%	27.5%	28.6%	29.6%	29.4%	26.4%	23.2%
Operating margin	19.2%	19.7%	14.9%	15.6%	14.6%	11.1%	11.2%	12.9%	14.7%	12.3%	9.41%
Net margin	15.7%	16%	12.4%	13.4%	11.9%	2.79%	6.53%	7.54%	9.56%	2.78%	0.33%
ROE	27.7%	23.6%	23.8%	23.2%	18%	1.9%	5.95%	6.63%	8.31%	2.49%	0.29%
ROA	14.4%	13.1%	13.7%	12.9%	9.69%	0.88%	2.94%	3.6%	4.69%	1.41%	0.97%
ROIC	27%	25.2%	27.4%	25.6%	24.8%	3.71%	5.95%	8.02%	8.82%	7.6%	7.21%
Return on tangible assets	54.6%	60.5%	44%	37.4%	23.3%	-1.52%	-5.42%	-6.99%	-9.48%	-2.98%	2.96%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.94	1.95	2.18	1.44	1.87	1.19	1.2	1.21	1.26	1.1	0.95
Quick ratio	1.94	1.95	2.18	1.44	1.87	1.19	1.2	1.21	1.26	1.1	0.95
Debt / equity	0.37	0.29	0.26	0.28	0.23	0.7	0.57	0.43	0.38	0.39	0.38
Debt / assets	0.19	0.16	0.15	0.16	0.13	0.32	0.28	0.23	0.21	0.22	0.21
Net debt / EBITDA	0.23	-0.03	-0.23	-0.23	-0.85	5.37	3.2	2.21	1.82	2.09	2.08
Interest coverage	24.1	27	28	32.3	29.4	3.1	3.71	3.01	5.22	2.34	0.08
Effective tax rate	12.7%	14.2%	11.5%	12%	12.6%	21%	10.5%	1.88%	8.94%	9.16%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	30.2	32.5	48	52.1	52.9	81.7	94.9	98.9	100.4	105.2	108
EPS (basic)	4.75	5.04	5.96	6.85	6.27	2.28	6.21	7.46	9.6	2.73	2.73
EPS (diluted)	4.65	4.98	5.9	6.79	6.22	2.25	6.13	7.4	9.53	2.71	0.65
Book value per share	17.1	22	25	30	35	120.2	104.2	112.6	115.5	117.2	121.6
FCF per share	3.92	6.25	4.07	6.94	9.97	11	5.17	12.4	13.6	11	5.64
Cash per share	4.72	6.66	8.42	10.6	15.9	11.2	3.56	4.63	6.53	8.25	12
Capex per share	0.77	0.83	0.89	0.72	0.77	1.4	1.74	1.71	2.04	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.56%	2.54%	1.86%	1.39%	1.46%	1.71%	1.84%	1.73%	2.03%	—	—
Capex / operating cash flow	16.6%	11.8%	17.3%	9.67%	7.21%	11.7%	26.1%	12.5%	13.3%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.1B	$2.1B	$2.1B	$2.1B	$2B	$2B	$2B	$2B	$2.1B	$2.2B	$2B	$2.1B
YoY change	+5.8%	+5.31%	+5.65%	+4.95%	-1.22%	-1.22%	-4.26%	-4.85%	+2.68%	+7.29%	+1.63%	+2.29%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	260.6M	360.4M	455.8M	569.9M	842M	753.9M	290.5M	380.1M	538.8M	647.3M
Receivables	416.2M	379.5M	414.8M	527.7M	715.3M	1.3B	1.7B	1.8B	1.4B	1.5B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	958M	1.1B	1.3B	1.6B	2.1B	2.9B	3.2B	3.4B	3.5B	3.5B
Property, plant & equipment	71M	74.6M	72M	185M	168.8M	452.6M	433.3M	431.4M	464.3M	441.4M
Goodwill & intangibles	1.3B	1.7B	1.6B	1.9B	2B	27.5B	26.5B	25.8B	25.2B	24B
Total assets	1.8B	2.1B	2.4B	2.9B	3.4B	17.4B	17.2B	17B	16.9B	16.3B
Accounts payable	8.7M	18.6M	13.3M	24.1M	51.1M	90.8M	81.2M	131.6M	704.6M	780.9M
Short-term debt	—	—	—	378M	24.3M	105.1M	98.8M	146.6M	66.5M	566M
Total current liabilities	494.4M	566.1M	610.6M	1.1B	1.1B	2.5B	2.7B	2.8B	2.8B	3.2B
Long-term debt	348.5M	348.9M	349.3M	76.6M	409.3M	5.5B	4.7B	3.8B	3.5B	3B
Total liabilities	880.7M	955.6M	1000M	1.3B	1.6B	9.3B	8.7B	7.7B	7.4B	7.1B
Shareholders' equity	945.2M	1.2B	1.4B	1.6B	1.9B	8.1B	8.5B	9.2B	9.5B	9.2B
Total debt	348.5M	348.9M	349.3M	454.6M	433.6M	5.6B	4.8B	3.9B	3.6B	3.6B
Net debt	156M	66M	-46.6M	-65.8M	-406.7M	4.9B	4.5B	3.6B	3.1B	2.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	315M	380.1M	398M	506.6M	695.5M	538.8M	526.7M	390.4M	468.9M	647.3M	765.2M	928.4M
Receivables	1.9B	1.8B	1.9B	1.6B	1.4B	1.4B	1.4B	1.4B	1.4B	1.5B	1.5B	1.5B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	3.4B	3.4B	3.6B	3.6B	3.8B	3.5B	3.4B	3.3B	3.4B	3.5B	3.6B	3.7B
Property, plant & equipment	474.6M	431.4M	512.9M	503.6M	522.7M	464.3M	525.6M	518.3M	525.2M	441.4M	508.4M	500.3M
Goodwill & intangibles	25.8B	25.8B	25.5B	25.3B	25.4B	25.2B	25.1B	25.1B	24.6B	24B	23.8B	23.7B
Total assets	17B	17B	17B	17B	17.2B	16.9B	16.7B	16.6B	16.5B	16.3B	16.3B	16.4B
Accounts payable	87.3M	131.6M	113.6M	83M	106.2M	704.6M	118.2M	94.5M	113.3M	780.9M	99.8M	118.2M
Short-term debt	130.2M	146.6M	79.8M	29.8M	29.8M	66.5M	29.8M	29.8M	529.8M	566M	529.8M	1.3B
Total current liabilities	2.9B	2.8B	2.9B	2.7B	2.8B	2.8B	2.7B	2.6B	3.2B	3.2B	3.2B	3.9B
Long-term debt	4B	3.8B	3.6B	3.6B	3.5B	3.5B	3.5B	3.5B	3B	3B	3B	2.2B
Total liabilities	8.1B	7.7B	7.6B	7.4B	7.4B	7.4B	7.2B	7B	7.2B	7.1B	7B	7B
Shareholders' equity	9B	9.2B	9.4B	9.6B	9.8B	9.5B	9.5B	9.6B	9.3B	9.2B	9.3B	9.4B
Total debt	4.2B	3.9B	3.6B	3.6B	3.6B	3.6B	3.6B	3.5B	3.5B	3.6B	3.5B	3.5B
Net debt	3.9B	3.6B	3.2B	3.1B	2.9B	3.1B	3B	3.2B	3.1B	2.9B	2.7B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	262.2M	281.5M	322.7M	375.9M	333M	153.2M	505.3M	612.3M	791.5M	229.3M
Depreciation & amortization	59.6M	61.3M	65.9M	61.5M	66.1M	315M	569.5M	586M	488.5M	383M
Stock-based compensation	40.3M	30.6M	31.6M	26.8M	26.3M	133.8M	70.5M	55.7M	45.9M	102M
Change in working capital	-106.7M	-3.2M	-141.6M	-92.9M	119.8M	135M	-550.2M	-114.8M	-56.5M	-98.1M
Operating cash flow	256.7M	380.3M	279.7M	402.7M	567.2M	798.6M	544.4M	1.1B	1.3B	1B
Capital expenditure	-42.6M	-44.7M	-48.4M	-38.9M	-40.9M	-93.8M	-142.2M	-140.7M	-168.1M	—
Investing cash flow	-74.8M	-177.8M	-37.3M	-162M	-46.6M	-6B	-145.9M	-226.7M	-266.8M	-13.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-110M	-133.1M	-129M	-146.9M	-175M	0	-100M	0	-500M	-750M
Financing cash flow	-103.9M	-133.2M	-129.9M	-147.1M	-221.5M	10B	-900M	-895M	-873.4M	-781M
Net change in cash	78M	69.3M	112.5M	93.7M	299.1M	4.8B	-501.5M	8.2M	123.8M	241.9M
Free cash flow	216.6M	338.4M	220.2M	373.6M	527.1M	735.4M	421.2M	1B	1.1B	862M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	163.7M	216.4M	187.4M	146.9M	197.1M	260M	154.2M	—	-203.5M	-110.1M	104.8M	72.6M
Depreciation & amortization	146M	149.7M	149.2M	149.6M	93M	96.7M	96M	—	-97.7M	90.8M	90.3M	90.8M
Stock-based compensation	15.9M	8.4M	13.2M	15M	13M	4.7M	12.4M	—	-15.3M	29.5M	27.6M	18.5M
Change in working capital	56.6M	-3.6M	-6.6M	-126.6M	70.9M	-1.6M	-28.4M	—	189.6M	-40.4M	1.6M	64.4M
Operating cash flow	345.6M	413.8M	328.1M	191.2M	375.1M	362.2M	228.1M	146.2M	-146.2M	234.2M	167M	281.3M
Capital expenditure	-29.1M	-52.7M	-27.2M	-36.3M	-43.3M	-61.3M	-28.9M	—	—	—	—	—
Investing cash flow	-35.5M	-122.5M	-39.4M	-34.2M	-124.3M	-68.9M	-37.3M	—	5.9M	3.4M	-8.7M	-65.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	-100M	-400M	-250M	—	250M	0	0	0
Financing cash flow	-275M	-270M	-280M	-77.1M	-108.5M	-407.8M	-257.6M	—	257.6M	-8.2M	-7.4M	-9.7M
Net change in cash	35.1M	21.3M	8.7M	80M	142.2M	-114.4M	-66.8M	146.2M	117.3M	229.4M	150.9M	205.6M
Free cash flow	312.4M	387.4M	299.9M	182.3M	359.3M	277M	239.3M	—	-113.9M	174.8M	136.2M	238.8M

ICON plc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement