Filing Flows › ICF International (ICFI) › Q2 2026 › vs Q1 2026
ICF International (ICFI) Q2 2026 vs Q1 2026 (quarter over quarter)
ICF International's revenue rose $37.0M (+8%) from $438M in Q1 2026 to $474M in Q2 2026. The biggest changes: Commercial +$19.7M (+13%); US State and International Government +$17.3M (+6%). Operating margin 8.4% against 8.0% (+0.4 pts).
ICF International, Q2 2026: revenue $474M (-0.3% year over year), operating margin 8.4%, net earnings $26.9M, operating cash flow $99.7M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 8.4% | 8.0% | +0.4 pts |
| Net margin | 5.7% | 4.7% | +1.0 pts |
| Free cash flow margin | 19.8% | -1.4% | +21.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| US Federal Government | $185M | $182M | $2.6M | +1% |
| US State and Local Government | $84.0M | $77.0M | $7.0M | +9% |
| International Government | $39.5M | $31.8M | $7.7M | +24% |
| US State and International Government | $308M | $291M | $17.3M | +6% |
| Commercial | $166M | $146M | $19.7M | +13% |
| Revenue | $474M | $438M | $37.0M | +8% |
| Operating profit | $39.9M | $34.9M | $5.0M | +14% |
| Costs & expenses | $435M | $403M | $32.0M | +8% |
| Pre-tax earnings | $32.8M | $27.4M | $5.4M | +20% |
| Other expense, net | $7.1M | $7.5M | −$359K | -5% |
| Cost of revenue | $298M | $271M | $27.2M | +10% |
| SG&A | $123M | $119M | $4.5M | +4% |
| Other operating costs | $13.4M | $13.2M | $244K | +2% |
| Net earnings | $26.9M | $20.5M | $6.4M | +31% |
| Income tax | $5.8M | $6.9M | −$1.0M | -15% |
| Depreciation & amortization | $13.4M | $13.2M | $244K | +2% |
| Share-based compensation | $4.3M | $4.7M | −$387K | -8% |
| Working capital & other | $55.0M | −$41.5M | $96.6M | — |
| Operating cash flow | $99.7M | −$3.1M | $103M | — |
| Free cash flow (OCF − capex) | $94.0M | −$6.0M | $100M | — |
| Capital expenditures | $5.7M | $2.8M | $2.9M | +101% |
Questions
How much did ICF International's revenue grow quarter over quarter in Q2 2026?
ICF International's revenue rose $37.0M (+8%) from $438M in Q1 2026 to $474M in Q2 2026.
What drove ICF International's revenue change in Q2 2026?
Commercial +$19.7M (+13%); US State and International Government +$17.3M (+6%).