ICON plc Financials
This page shows ICON plc (ICLR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Debt-funded scale-up has turned into a cash-led cleanup, with margin repair now doing more work than growth.
Since the FY2021 balance-sheet step-up, long-term debt has fallen from$5.38B to$3.40B . With revenue almost unchanged from FY2023 to FY2024, free cash flow still reached$1.12B and interest expense fell to$206M , showing that recent earnings gains came mainly from digesting earlier expansion and financing it more efficiently, not from a new burst of demand.
Gross margin was nearly flat at
Operating cash flow stayed ahead of net income for a second straight year, and accounts receivable dropped to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of ICON plc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
ICON plc has an operating margin of 5.4%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 42/100, indicating healthy but not exceptional operating efficiency. This is down from 12.6% the prior year.
ICON plc's revenue grew a modest 0.8% year-over-year to $8.3B. This slow but positive growth earns a score of 35/100.
ICON plc carries a low D/E ratio of 0.31, meaning only $0.31 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
ICON plc's current ratio of 1.10 is below the typical benchmark, resulting in a score of 17/100. This tight liquidity could limit financial flexibility if cash inflows slow.
ICON plc has a free cash flow margin of 10.4%, earning a moderate score of 55/100. The company generates positive cash flow after capital investments, but with room for improvement.
ICON plc generates a 2.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 22/100. This is down from 7.8% the prior year.
ICON plc scores 1.69, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($10.5B) relative to total liabilities ($7.1B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
ICON plc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, ICON plc generates $4.52 in operating cash flow ($1.0B OCF vs $229.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
ICON plc earns $2.4 in operating income for every $1 of interest expense ($442.8M vs $188.1M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
ICON plc generated $8.3B in revenue in fiscal year 2025. This represents an increase of 0.8% from the prior year.
ICON plc's EBITDA was $825.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 45.7% from the prior year.
ICON plc reported $229.3M in net income in fiscal year 2025. This represents a decrease of 69.0% from the prior year.
ICON plc earned $2.90 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 67.4% from the prior year.
Cash & Balance Sheet
ICON plc generated $862.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 22.9% from the prior year.
ICON plc held $647.3M in cash against $2.9B in long-term debt as of fiscal year 2025.
ICON plc had 77M shares outstanding in fiscal year 2025. This represents a decrease of 5.2% from the prior year.
Margins & Returns
ICON plc's gross margin was 26.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.3 percentage points from the prior year.
ICON plc's operating margin was 5.4% in fiscal year 2025, reflecting core business profitability. This is down 7.2 percentage points from the prior year.
ICON plc's net profit margin was 2.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.3 percentage points from the prior year.
ICON plc's ROE was 2.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.3 percentage points from the prior year.
Capital Allocation
ICON plc spent $750.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 50.0% from the prior year.
ICON plc invested $174.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.7% from the prior year.
ICLR Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B+1.3% | $2.1B+2.2% | $2.0B+1.2% | $2.0B-2.3% | $2.1B+1.0% | $2.0B0.0% | $2.0B-0.1% | $2.0B |
| Cost of Revenue | $1.6B+6.0% | $1.5B+5.7% | $1.5B+0.4% | $1.4B-0.5% | $1.5B+1.6% | $1.4B-3.7% | $1.5B+1.4% | $1.5B |
| Gross Profit | $480.7M-11.9% | $545.5M-6.5% | $583.3M+3.1% | $566.1M-6.5% | $605.5M-0.5% | $608.5M+9.9% | $553.7M-3.9% | $576.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $179.7M-8.8% | $197.0M-3.9% | $205.0M+3.3% | $198.4M+31.0% | $151.4M-26.2% | $205.1M+5.5% | $194.5M+9.6% | $177.3M |
| Operating Income | $207.8M+193.2% | -$222.9M-196.5% | $230.9M+1.7% | $227.0M-31.3% | $330.4M+9.2% | $302.6M+92.8% | $157.0M-35.3% | $242.4M |
| Interest Expense | $40.1M-20.2% | $50.2M+0.2% | $50.2M+5.3% | $47.6M+133.5% | $20.4M-61.7% | $53.3M-12.4% | $60.8M-15.1% | $71.7M |
| Income Tax | $10.7M-16.7% | $12.8M+161.9% | -$20.7M-201.6% | $20.4M+259.4% | -$12.8M-133.2% | $38.4M+163.4% | $14.6M-40.2% | $24.4M |
| Net Income | $149.2M+152.5% | -$284.2M-239.6% | $203.5M+26.6% | $160.8M-45.4% | $294.7M+38.2% | $213.3M+157.6% | $82.8M-44.2% | $148.3M |
| EPS (Diluted) | N/A | $-3.67-243.4% | $2.56+28.6% | $1.99 | N/A | $2.56+158.6% | $0.99-44.4% | $1.78 |
ICLR Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $16.3B+0.7% | $16.2B-2.3% | $16.5B-0.6% | $16.6B0.0% | $16.6B-2.0% | $17.0B+1.2% | $16.8B-0.5% | $16.8B |
| Current Assets | $3.5B+4.7% | $3.3B+3.3% | $3.2B-2.5% | $3.3B+1.4% | $3.3B-7.4% | $3.5B+4.2% | $3.4B+1.2% | $3.4B |
| Cash & Equivalents | $647.3M+38.0% | $468.9M+20.1% | $390.4M-25.9% | $526.7M-2.2% | $538.8M-22.5% | $695.5M+37.3% | $506.6M+27.9% | $396.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.5B+6.3% | $1.4B+1.5% | $1.4B-1.5% | $1.4B-0.4% | $1.4B-0.2% | $1.4B-11.0% | $1.6B-7.9% | $1.7B |
| Goodwill | $8.7B0.0% | $8.7B-4.0% | $9.1B+0.3% | $9.1B+0.2% | $9.1B-0.4% | $9.1B+0.8% | $9.0B0.0% | $9.0B |
| Total Liabilities | $7.1B-1.2% | $7.2B+1.7% | $7.0B-2.4% | $7.2B+0.3% | $7.2B-1.8% | $7.3B+0.1% | $7.3B-2.2% | $7.5B |
| Current Liabilities | $3.2B-1.1% | $3.2B+26.6% | $2.6B-4.8% | $2.7B+1.7% | $2.6B-2.5% | $2.7B+1.0% | $2.7B-4.9% | $2.8B |
| Long-Term Debt | $2.9B-0.2% | $2.9B-14.9% | $3.4B-0.2% | $3.4B-0.2% | $3.4B-0.2% | $3.4B-0.2% | $3.4B-0.3% | $3.4B |
| Total Equity | $9.2B+2.2% | $9.0B-5.3% | $9.5B+0.8% | $9.4B-0.2% | $9.4B-2.2% | $9.7B+2.2% | $9.5B+0.9% | $9.4B |
| Retained Earnings | $2.1B+7.6% | $2.0B-21.3% | $2.5B-1.8% | $2.6B-3.4% | $2.6B-3.8% | $2.7B+4.3% | $2.6B+3.2% | $2.6B |
ICLR Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $234.2M-39.6% | $387.6M+165.1% | $146.2M-45.5% | $268.2M-20.7% | $338.3M-16.0% | $402.7M+84.2% | $218.6M-33.2% | $327.1M |
| Capital Expenditures | $59.3M+10.5% | $53.7M+66.4% | $32.3M+11.7% | $28.9M-52.8% | $61.3M+41.4% | $43.3M+19.4% | $36.3M+33.6% | $27.2M |
| Free Cash Flow | $174.8M-47.6% | $333.9M+193.1% | $113.9M-52.4% | $239.3M-13.6% | $277.0M-22.9% | $359.3M+97.1% | $182.3M-39.2% | $299.9M |
| Investing Cash Flow | -$55.9M+0.3% | -$56.1M-46.8% | -$38.2M-2.5% | -$37.3M+45.9% | -$68.9M+44.6% | -$124.3M-263.6% | -$34.2M+13.1% | -$39.4M |
| Financing Cash Flow | -$5.8M+97.7% | -$256.8M-0.4% | -$255.9M-1.2% | -$252.8M+37.4% | -$404.0M-313.1% | -$97.8M-36.3% | -$71.8M+72.8% | -$263.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $250.0M0.0% | $250.0M0.0% | $250.0M-37.5% | $400.0M+300.0% | $100.0M | $0 | $0 |
ICLR Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.8%-3.4pp | 26.2%-2.4pp | 28.6%+0.5pp | 28.1%-1.3pp | 29.4%-0.4pp | 29.8%+2.7pp | 27.1%-1.1pp | 28.2% |
| Operating Margin | 9.8%+20.5pp | -10.7%-22.0pp | 11.3%+0.1pp | 11.3%-4.8pp | 16.0%+1.2pp | 14.8%+7.1pp | 7.7%-4.2pp | 11.9% |
| Net Margin | 7.1%+20.7pp | -13.6%-23.6pp | 10.0%+2.0pp | 8.0%-6.3pp | 14.3%+3.9pp | 10.4%+6.4pp | 4.0%-3.2pp | 7.3% |
| Return on Equity | 1.6%+4.8pp | -3.2%-5.3pp | 2.1%+0.4pp | 1.7%-1.4pp | 3.1%+0.9pp | 2.2%+1.3pp | 0.9%-0.7pp | 1.6% |
| Return on Assets | 0.9%+2.7pp | -1.8%-3.0pp | 1.2%+0.3pp | 1.0%-0.8pp | 1.8%+0.5pp | 1.3%+0.8pp | 0.5%-0.4pp | 0.9% |
| Current Ratio | 1.10+0.1 | 1.03-0.2 | 1.27+0.0 | 1.240.0 | 1.24-0.1 | 1.31+0.0 | 1.27+0.1 | 1.19 |
| Debt-to-Equity | 0.310.0 | 0.32-0.0 | 0.360.0 | 0.360.0 | 0.360.0 | 0.350.0 | 0.360.0 | 0.37 |
| FCF Margin | 8.3%-7.7pp | 16.0%+10.4pp | 5.6%-6.3pp | 11.9%-1.6pp | 13.4%-4.2pp | 17.6%+8.7pp | 8.9%-5.8pp | 14.7% |
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Frequently Asked Questions
What is ICON plc's annual revenue?
ICON plc (ICLR) reported $8.3B in total revenue for fiscal year 2025. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is ICON plc's revenue growing?
ICON plc (ICLR) revenue grew by 0.8% year-over-year, from $8.2B to $8.3B in fiscal year 2025.
Is ICON plc profitable?
Yes, ICON plc (ICLR) reported a net income of $229.3M in fiscal year 2025, with a net profit margin of 2.8%.
What is ICON plc's EBITDA?
ICON plc (ICLR) had EBITDA of $825.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does ICON plc have?
As of fiscal year 2025, ICON plc (ICLR) had $647.3M in cash and equivalents against $2.9B in long-term debt.
What is ICON plc's gross margin?
ICON plc (ICLR) had a gross margin of 26.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is ICON plc's operating margin?
ICON plc (ICLR) had an operating margin of 5.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is ICON plc's net profit margin?
ICON plc (ICLR) had a net profit margin of 2.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is ICON plc's return on equity (ROE)?
ICON plc (ICLR) has a return on equity of 2.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is ICON plc's free cash flow?
ICON plc (ICLR) generated $862.0M in free cash flow during fiscal year 2025. This represents a -22.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is ICON plc's operating cash flow?
ICON plc (ICLR) generated $1.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are ICON plc's total assets?
ICON plc (ICLR) had $16.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are ICON plc's capital expenditures?
ICON plc (ICLR) invested $174.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is ICON plc's current ratio?
ICON plc (ICLR) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.
What is ICON plc's debt-to-equity ratio?
ICON plc (ICLR) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is ICON plc's return on assets (ROA)?
ICON plc (ICLR) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is ICON plc's Altman Z-Score?
ICON plc (ICLR) has an Altman Z-Score of 1.69, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is ICON plc's Piotroski F-Score?
ICON plc (ICLR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are ICON plc's earnings high quality?
ICON plc (ICLR) has an earnings quality ratio of 4.52x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can ICON plc cover its interest payments?
ICON plc (ICLR) has an interest coverage ratio of 2.4x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is ICON plc?
ICON plc (ICLR) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.