UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission File Number: 001-33045 ICF INTERNATIONAL, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation o ...

Adjusted EBITDA was $46.0 million , down from $56.3 million , with an adjusted EBITDA margin of 10.4% compared with 11.3% a year earlier. Broadus attributed the decline primarily to lower gross margin and the shutdown’s temporary effects. Net income was $17.3 million , or $0.94 per diluted share, compared with $24.6 million , or $1.30 per diluted share, in the prior year. Non-GAAP EPS was $1.47 , down from $1.87 .Commercial, state and local, and international revenue increased 16% year-over-year and represe ...

ICF International (NasdaqGS:ICFI) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Company ParticipantsAnne Choate - PresidentBarry Broadus - CFOHenry Roberts - Equity Research AssociateJohn Wasson - Chair and CEOJoseph Vafi - Managing Director of Equity ResearchKevin Steinke - Managing DirectorLynn Morgen - PartnerTim Mulrooney - Group Head–Global ServicesConference Call ParticipantsMarc Riddick - Senior Equity AnalystOperatorWelcome to the fourth quarter and full year 2025 ICF earnings conference call. ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $443.7 million, a 10.6% decline year-over-year from $496.3 million in Q4 2024 [18] - Full-year revenue decreased to $1.87 billion from $2.02 billion in 2024, with a 25.7% decline in federal revenues offset by a 14.2% growth in non-federal business [23][24] - Adjusted EBITDA for 2025 totaled $207.2 million, with an adjusted EBITDA margin of 11.1%, stable compared to 11.2% in the previous year [25] Business Line Data and Key Metrics Changes - Revenue from commercial energy clients increased by 24% in 2025, accounting for nearly one-third of total revenue [20] - Revenues from state and local government clients increased by 2.2% for the year, with disaster recovery work making up approximately 45% of these revenues [10] - International government revenues grew by 7.6% for the year, driven by contracts with the European Commission and the UK government [11] Market Data and Key Metrics Changes - The commercial energy sector is projected to achieve double-digit growth in 2026, with a market share of 35% in residential and 20% in commercial and industrial energy efficiency [6][40] - The total addressable market for utility programs, including residential and commercial energy efficiency, is estimated to be between $3 billion and $5 billion [75] - The federal business is expected to decline at a high single-digit rate in 2026, with a return to growth anticipated by 2027 [16][57] Company Strategy and Development Direction - The company aims to increase non-federal revenues to over 60% of total revenues in 2026, driven by strong demand in commercial energy [12][33] - Continued investment in AI and technology capabilities is a priority to support long-term growth aspirations [25] - The company plans to pursue strategic acquisitions and maintain a disciplined approach to capital allocation, including share repurchases and dividends [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a return to revenue growth in 2026, anticipating a 10% year-on-year increase at the midpoint [3][33] - The procurement environment for federal contracts is improving, with no recent contract cancellations reported [56] - The company is well-positioned to benefit from increased federal IT modernization budgets and ongoing demand for efficiency improvements [15][62] Other Important Information - The company ended 2025 with a backlog of $3.4 billion and a business development pipeline of $8.6 billion, indicating strong growth expectations [4][26] - The company repurchased approximately 564,000 shares in 2025, reflecting confidence in its long-term outlook [29] Q&A Session Summary Question: Growth in commercial energy business - The commercial energy business grew about 24% in 2025, with expectations for at least 10% organic growth in 2026, driven by utility programs [39][40] Question: Comparison with competitors - ICF's commercial energy business is larger than competitors like Willdan, focusing more on residential and public sector clients [44][48] Question: Non-federal revenue projections - The exit rate in Q4 2025 is a good proxy for the projected non-federal share exceeding 60% in 2026 [53] Question: Federal procurement environment - The procurement environment is improving, with no recent disruptions, and IT modernization is expected to return to growth [56][57] Question: International growth drivers - Recent large contracts with the European Commission and UK government are driving international growth, with expectations for double-digit growth [72]

ICF International (NasdaqGS:ICFI) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Speaker5Welcome to the fourth quarter and full year 2025 ICF earnings conference call. My name is Lauren Cannon. I will be your operator for today's call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will hear an automated message advisi ...

ICF Reports Fourth Quarter and Full Year 2025 Results [Accessibility Statement] Skip NavigationRevenues From Commercial, State & Local and International Government Clients Increased 16% in Q4; Up 14% for Full Year to Reach 57% of Annual RevenuesRevenues from Commercial Energy Clients Increased 23% in Q4; Up 24% for Full YearFavorable Mix and Effective Cost Management Drove Steady Year-on-Year Margin PerformanceGuidance Reflects a Return to Revenue and Earnings Growth in 2026Fourth Quarter Highlights:- Contr ...

Statewide Vehicle Provides Access to Broad Array of Services  RESTON, Va., Feb. 23, 2026 /PRNewswire/ -- The Florida Department of Management Services (DMS) has selected leading global solutions and technology provider ICF (NASDAQ: ICFI) as an awardee on its expanded, three-year comprehensive management services contract. Under this recompete contract vehicle, ICF is eligible to provide management services to statewide programs across all service categories. Through this contract, ICF will support programs ...

Core Insights - ICF has been awarded a multi-million dollar contract amendment by Southern California Edison (SCE) to expand its role in the Agricultural Energy Efficiency Program (AgEE Program), significantly increasing its involvement in the agricultural sector [1] - The expansion aims to help agricultural customers reduce energy costs and improve operational efficiencies through rebates and advanced analytical tools [1] - ICF will utilize its ICF Sightline® platform to process rebates and engage customers, enhancing the program's reach and effectiveness [1] Company Overview - ICF is a leading global solutions and technology provider with approximately 9,000 employees, specializing in energy efficiency, electrification, and demand management programs [1] - The company collaborates with public and private sector clients to navigate complex challenges and implement cost-effective energy-saving programs [1] Program Details - The AgEE Program is designed to assist farms, dairies, greenhouses, and horticulture facilities in targeting high-energy usage and adopting advanced technologies [1] - ICF's partnership with SCE aims to deepen trust with agricultural customers while addressing challenges such as evolving regulations and rising operational costs [1]

Core Viewpoint - ICF has appointed Kyle Wiggins as the new leader of its Energy, Environment, and Infrastructure (EEI) client market to support rapid business growth amid increasing energy demand [1] Group 1: Leadership Transition - Kyle Wiggins succeeds Anne Choate, who became president of ICF earlier this year [1] - Wiggins previously led ICF's utility program and services division within EEI for six years, during which the division achieved record growth [1] Group 2: Business Growth and Market Position - ICF's EEI division is recognized as a leading provider of demand management, electrification, and energy efficiency programs for utilities across North America [1] - The demand for ICF's energy and infrastructure expertise is at an all-time high, indicating a strong market environment [1] Group 3: Executive Insights - John Wasson, ICF's chair and CEO, emphasized Wiggins' 20 years of experience in the energy sector and his operational expertise as vital for continued growth [1] - Wiggins expressed confidence in ICF's unique position to assist clients in navigating the rapid transition in the energy sector [1]

Core Insights - ICF has achieved Cybersecurity Maturity Model Certification (CMMC) Level 2, demonstrating its commitment to federal cybersecurity standards [1][2][3] Group 1: Certification and Compliance - The CMMC Level 2 certification indicates ICF's adoption of cybersecurity practices that protect controlled unclassified information across its operations [2] - This certification allows ICF to assist federal clients in mitigating delays in obtaining Authorizations to Operate (ATO), facilitating quicker program launches and reducing implementation risks [2][3] Group 2: Company Commitment and Strategy - ICF's Chief Technology Officer, Kyle Tuberson, emphasized that securing CMMC Level 2 certification is a significant milestone that reflects the company's dedication to high cybersecurity standards to meet defense contract requirements [4] - The company focuses on providing advanced data modernization solutions to safeguard federal systems against evolving cyber threats [4] Group 3: Company Overview - ICF is a leading global solutions and technology provider with approximately 9,000 employees, combining industry expertise with advanced analytics to address complex challenges [5] - Since its establishment in 1969, ICF has collaborated with public and private sector clients to navigate change and shape the future [5]