Filing Flows › ICF International (ICFI) › Q3 2026 › vs Q2 2026
ICF International (ICFI) Q3 2026 vs Q2 2026 (quarter over quarter)
ICF International's revenue fell $4.0M (-0.8%) from $474M in Q2 2026 to $470M in Q3 2026. The biggest changes: Commercial −$7.2M (-4%); US State and International Government +$3.2M (+1%). Operating margin 9.3% against 8.4% (+0.9 pts).
ICF International, Q3 2026: revenue $470M (+1% year over year), operating margin 9.3%, net earnings $31.7M, operating cash flow $35.2M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 9.3% | 8.4% | +0.9 pts |
| Net margin | 6.7% | 5.7% | +1.1 pts |
| Free cash flow margin | 6.3% | 19.8% | -13.5 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| US Federal Government | $191M | $185M | $6.4M | +3% |
| US State and Local Government | $87.9M | $84.0M | $3.8M | +5% |
| International Government | $32.5M | $39.5M | −$7.0M | -18% |
| US State and International Government | $312M | $308M | $3.2M | +1% |
| Commercial | $159M | $166M | −$7.2M | -4% |
| Revenue | $470M | $474M | −$4.0M | -0.8% |
| Operating profit | $43.6M | $39.9M | $3.8M | +9% |
| Costs & expenses | $427M | $435M | −$7.8M | -2% |
| Pre-tax earnings | $37.3M | $32.8M | $4.6M | +14% |
| Other expense, net | $6.3M | $7.1M | −$793K | -11% |
| Cost of revenue | $291M | $298M | −$6.5M | -2% |
| SG&A | $126M | $123M | $2.3M | +2% |
| Other operating costs | $9.9M | $13.4M | −$3.5M | -26% |
| Net earnings | $31.7M | $26.9M | $4.8M | +18% |
| Income tax | $5.6M | $5.8M | −$232K | -4% |
| Depreciation & amortization | $9.9M | $13.4M | −$3.5M | -26% |
| Share-based compensation | $4.3M | $4.3M | −$3K | -0.1% |
| Working capital & other | $10.8M | −$55.0M | $65.8M | — |
| Operating cash flow | $35.2M | $99.7M | −$64.5M | -65% |
| Free cash flow (OCF − capex) | $29.6M | $94.0M | −$64.4M | -69% |
| Capital expenditures | $5.6M | $5.7M | −$128K | -2% |
Questions
How much did ICF International's revenue grow quarter over quarter in Q3 2026?
ICF International's revenue fell $4.0M (-0.8%) from $474M in Q2 2026 to $470M in Q3 2026.
What drove ICF International's revenue change in Q3 2026?
Commercial −$7.2M (-4%); US State and International Government +$3.2M (+1%).