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ICF International cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$29.6M in Q3 2026 · $186M over twelve months

Operating cash flow$35.2M
Capital spending−$5.6M
Free cash flow+$29.6M
Cash / net income1.1×
Cash conversion cycle18 days

Analysis

In Q3 2026, ICF International generated $35.2M of operating cash flow and spent $5.6M on capital projects, leaving free cash flow of $29.6M. That is $12.2M less than in Q3 2025 ($41.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $207M; the largest uses were other financing ($81.1M), buybacks ($46.4M), capital spending ($21.0M); the cash balance rose by $45.3M.

Operating cash flow was $35.2M against net income of $31.7M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: receivables +$10.0M, depreciation & amortization +$9.9M, payables +$7.0M.

Its cash conversion cycle was 18 days (receivables 46 + inventory 0 − payables 28).

Free cash flow

ICF International: free cash flow by quarterICF International: free cash flow by quarter$89.5MQ4 2024−$36.5MQ1 2025$46.2MQ2 2025$41.8MQ3 2025$68.7MQ4 2025−$6.0MQ1 2026$94.0MQ2 2026$29.6MQ3 2026
Operating cash flow less capital spending.
ICF International: operating cash flow against capital spendingICF International: operating cash flow against capital spendingOperating cash flowCapital spending$95.4M$5.9MQ4 2024−$33.0M$3.5MQ1 2025$52.0M$5.8MQ2 2025$47.3M$5.5MQ3 2025$75.6M$6.9MQ4 2025−$3.1M$2.8MQ1 2026$99.7M$5.7MQ2 2026$35.2M$5.6MQ3 2026
Latest (Q3 2026): Operating cash flow $35.2M, Capital spending $5.6M.

Capital allocation, year by year

ICF International: where the cash came from (up) and went (down), by fiscal yearICF International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $110MFY2021: Net borrowing −$773MFY2021: Shares issued $2.8MFY2021: Capital spending −$19.9MFY2021: Acquisitions −$175MFY2021: Buybacks −$20.0MFY2021: Dividends −$10.6M$113MFY2021FY2022: Operating cash flow $162MFY2022: Net borrowing −$1.4BFY2022: Shares issued $602KFY2022: Capital spending −$24.5MFY2022: Acquisitions −$237MFY2022: Buybacks −$21.2MFY2022: Dividends −$10.5M$163MFY2022FY2023: Operating cash flow $152MFY2023: Net borrowing −$1.4BFY2023: Shares issued $279KFY2023: Asset sales $51.3MFY2023: Capital spending −$22.3MFY2023: Acquisitions −$32.7MFY2023: Buybacks −$19.1MFY2023: Dividends −$10.5M$204MFY2023FY2024: Operating cash flow $172MFY2024: Net borrowing −$1.3BFY2024: Asset sales $2.0MFY2024: Capital spending −$21.4MFY2024: Acquisitions −$55.0MFY2024: Buybacks −$47.8MFY2024: Dividends −$10.5M$174MFY2024FY2025: Operating cash flow $142MFY2025: Net borrowing −$1.4BFY2025: Capital spending −$21.7MFY2025: Buybacks −$55.3MFY2025: Dividends −$10.4M$142MFY2025
Over these 5 years operating cash flow totalled $738M; the largest uses were net borrowing ($6.2B) and acquisitions ($500M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.1M
Debt$372M
Net debt$367M

ICF International funds itself: free cash flow was $186M over the last twelve months, and $5.1M of cash and investments stands against $372M of debt.

Where the cash came from and went

ICF International: sources (+) and uses (−) of cash, Q3 2026ICF International: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$35.2MNet borrowing (+) / repaid (−)−$35.2MCash drawn (+) / kept (−)$9.8MCapital spending−$5.6MDividends−$2.5MOther financing−$1.2MBuybacks−$379KOther investing−$322KExchange rates$156K
ICF International: sources (+) and uses (−) of cash, TTM to Q3 2026ICF International: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$207MOther financing−$81.1MBuybacks−$46.4MCash drawn (+) / kept (−)−$45.3MCapital spending−$21.0MDividends−$10.2MNet borrowing (+) / repaid (−)−$2.7MOther investing−$577KExchange rates−$161K

From profit to cash

ICF International: net income to operating cash flow, Q3 2026ICF International: net income to operating cash flow, Q3 2026Net income$31.7MDepreciation & amortization$9.9MStock-based pay$4.3MOther non-cash$409KReceivables$10.0MPayables$7.0MAccrued liabilities−$530KEmployee-related liabilities−$488KPrepaid and other assets−$6.0MIncome taxes payable−$2.3MOperating cash flow$35.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202646—2818
Q2 202646—2719
Q1 202649—3613
Q4 202549—426
Q3 202544—422
Q2 202543—375
Q1 202546—424
Q4 202443—413

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$35.2M−$5.6M−$379K−$2.5M−$35.2M$9.8M$29.6M
Q2 2026$99.7M−$5.7M−$14.4M−$2.5M—−$43.7M$94.0M
Q1 2026−$3.1M−$2.8M−$18.3M−$2.6M−$270M−$8.9M−$6.0M
Q4 2025$75.6M−$6.9M−$13.2M−$2.6M−$347M−$2.4M$68.7M
Q3 2025$47.3M−$5.5M−$199K−$2.6M−$11.3M−$27.0M$41.8M
Q2 2025$52.0M−$5.8M−$2.5M−$2.6M−$285M−$2.8M$46.2M
Q1 2025−$33.0M−$3.5M−$39.3M−$2.6M−$429M−$5.3M−$36.5M
Q4 2024$95.4M−$5.9M−$16.8M−$2.6M−$313M−$11.2M$89.5M

ICF International: income statement and cash flow

ICF International, Q3 2026: revenue $470M (+1% year over year), operating margin 9.3%. The chart follows the revenue to costs, profit and cash.

ICF International: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.