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ICF International (ICFI) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · ICF International (ICFI) Q3 2026 earnings results →
Q3 2026 Revenue up 1% year over year to $470M · 7¢ of every $1 of revenue kept as net profit · operating margin 9.3%
ICF International made $470M in Q3 2026 (+1% Y/Y): US State and International Government $312M, Commercial $159M. Operating margin 9.3%, net earnings $31.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $470.5M in Q3 2026, up 1% year over year and down 1% from the previous quarter. US Federal Government was the largest line at 41% of revenue. US State and Local Government added $6.2M year over year (up 8%), 121% of the total change. US Federal Government declined 4%.
Operating profit was $43.6M, a 9.3% margin (up 1.0 points year over year). Of the extra revenue versus Q3 2025, 102% reached operating profit, above the 8% margin then. Total costs fell 0% while revenue rose 1%. Net earnings were $31.7M, up 34% year over year. The effective tax rate was 15.0%.
Operating cash flow was $35.2M (down 26% year over year), 111% of net earnings. Non-cash charges added back $9.9M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items used $10.8M. Capital expenditures of $5.6M left free cash flow of $29.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $470M | +1% | 9.3% | $31.7M | $35.2M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $474M | -0.3% | 8.4% | $26.9M | $99.7M |
| Q1 2026 | 10-Q | May 7, 2026 | $438M | -10% | 8.0% | $20.5M | −$3.1M |
| Q4 2025 | 10-K | Feb 27, 2026 | $444M | -11% | 6.5% | $17.3M | $75.6M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $465M | -10% | 8.3% | $23.8M | $47.3M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $476M | -7% | 8.4% | $23.7M | $52.0M |
| Q1 2025 | 10-Q | May 2, 2025 | $488M | -1% | 7.9% | $26.9M | −$33.0M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- U.S. government — 43% of its revenue · Stated in 10-K (sentence) · source
About ICF International
ICF International, Inc. was formed in 1999 as a Delaware limited liability company under the name ICF Consulting Group Holdings, LLC. It was formed to purchase our principal operating subsidiary, which was founded in 1969, from a larger services organization. We converted to a Delaware corporation in 2003 and changed our name to ICF International, Inc. in 2006. We completed our initial public offering in September 2006. We provide professional services and technology-based solutions, including management, technology, and policy consulting and implementation services, to government and commercial clients. Our government clients include U.S. federal agencies, state and local governments, as well as international governments. Our commercial clients include those that are inside and outside of the U.S.
In its own words, from its 10-K, filed Feb 27, 2026.
ICF International against its Services-Management Consulting Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +1% against the peers' median +6%. Operating margin: 9.3% against the peers' median 8.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ICFI ICF International | Q3 2026 | $470M | +1% | 9.3% |
| BAH Booz Allen Hamilton Holding | Q2 FY27 | $2.8B | -4% | 8.8% |
| G Genpact | Q3 2026 | $1.4B | +7% | 15.2% |
| ASTH Astrana Health | Q3 2026 | $1.0B | +7% | 3.9% |
| FCN FTI Consulting | Q3 2026 | $1.0B | +6% | 8.9% |
| HURN Huron Consulting Group | Q3 2026 | $491M | +11% | 12.0% |
| ONT Onterris | Q3 2026 | $203M | -10% | 6.0% |
| EXPO Exponent | Q3 2026 | $174M | +18% | 24.1% |
| RMR RMR Group | Q3 FY26 | $154M | -0.8% | -6.0% |
Source: ICF International 10-Q on SEC EDGAR · CIK 1362004 · Services-Management Consulting Services
Guidance and outlook
13F: who owns ICFI and who is buying
More on ICFI
- How ICF International makes money: revenue by segment
- ICF International next earnings date and what analysts expect
- ICF International stock forecast, price target and fair value
- Who owns ICF International stock: holders, funds and Congress trades
- ICF International guidance and outlook
- Is ICF International a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- ICF International guidance history: guided vs reported
- ICF International operating margin by quarter
- ICF International net income by quarter
- ICF International free cash flow by quarter
- ICF International capital expenditures by quarter
- ICF International US State and International Government revenue by quarter
- ICF International Commercial revenue by quarter