ICON
ICLR · NasdaqServices-Commercial Physical & Biological Research
ICON reported revenue of $8.3B in the fiscal year ended Dec 2025, up 0.8% from the year before. Operating income was $443M, an operating margin of 5.4%, and net income was $229M. Operating cash flow of $1B less capital expenditure of $174M left free cash flow of $862M. Net debt was $2.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.5B | $7.7B | $8.1B | $8.2B | $8.3B |
| Cost of revenue | $4B | $5.5B | $5.7B | $5.8B | – |
| Gross profit | $1.5B | $2.2B | $2.3B | $2.3B | – |
| Selling, general & admin | $585M | $779M | $769M | $728M | $780M |
| Operating income | $379M | $795M | $905M | $1B | $443M |
| Interest expense | $182M | $230M | $337M | $237M | $197M |
| Pre-tax income | $197M | $568M | $573M | $804M | $252M |
| Income tax | $41M | $59M | $18M | $65M | $23M |
| Net income | $153M | $505M | $554M | $739M | $229M |
| Diluted EPS | 2.25 | 6.13 | 6.70 | 8.90 | 2.90 |
| Diluted shares | 68M | 82M | 83M | 83M | 79M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $752M | $289M | $378M | $539M | $647M |
| Receivables | $1.3B | $1.7B | $1.8B | $1.4B | $1.5B |
| Inventory | $6M | – | – | – | – |
| Current assets | $2.9B | $3.2B | $3.3B | $3.3B | $3.5B |
| Net PP&E | $336M | $350M | $361M | $383M | $396M |
| Goodwill | $9B | $9B | $9B | $9.1B | $8.7B |
| Total assets | $17.4B | $17.2B | $16.9B | $16.6B | $16.3B |
| Payables | $91M | $81M | $132M | $173M | $192M |
| Deferred revenue | $1.3B | $1.5B | $1.6B | $1.5B | $1.6B |
| Current liabilities | $2.5B | $2.7B | $2.7B | $2.6B | $3.2B |
| Long-term debt | $5.4B | $4.6B | $3.7B | $3.4B | $2.9B |
| Total liabilities | $9.3B | $8.7B | $7.7B | $7.2B | $7.1B |
| Shareholders' equity | $8.1B | $8.5B | $9.2B | $9.4B | $9.2B |
| Backlog (remaining obligations) | $13.3B | $13.7B | $14.8B | $15.9B | $14.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $829M | $563M | $1.2B | $1.3B | $1B |
| Capital expenditure | $94M | $142M | $141M | $168M | $174M |
| Free cash flow | $735M | $421M | $1B | $1.1B | $862M |
| Depreciation & amortisation | $315M | $570M | $586M | $489M | $383M |
| Stock-based compensation | $134M | $71M | $56M | $46M | $102M |
| Share buybacks | $0 | $100M | $0 | $500M | $750M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 41.2% | 4.1% | 1.7% | 0.8% |
| Operating income growth (YoY) | – | 110.1% | 13.8% | 14.1% | −57.1% |
| EPS growth (YoY) | – | 172.4% | 9.3% | 32.8% | −67.4% |
| Gross margin | 27.5% | 28.6% | 29.0% | 28.6% | – |
| Operating margin | 6.9% | 10.3% | 11.2% | 12.6% | 5.4% |
| Net margin | 2.8% | 6.5% | 6.9% | 9.0% | 2.8% |
| Return on equityBlank when equity is negative | 1.9% | 5.9% | 6.0% | 7.8% | 2.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.5% | 5.5% | 6.4% | 7.4% | 3.4% |
| Free cash flow margin | 13.4% | 5.4% | 12.7% | 13.7% | 10.4% |
| Cash conversion (CFO ÷ net income) | 5.41x | 1.11x | 2.09x | 1.74x | 4.52x |
| Receivable days | 89 | 82 | 80 | 62 | 65 |
| Inventory days | 1 | – | – | – | – |
| Payable days | 8 | 5 | 8 | 11 | – |
| Interest cover | 2.08x | 3.46x | 2.69x | 4.35x | 2.24x |
| Debt ÷ equity | 0.67x | 0.54x | 0.40x | 0.36x | 0.31x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.6B | $4.3B | $3.3B | $2.9B | $2.2B |
| Current ratio | 1.19x | 1.20x | 1.20x | 1.24x | 1.10x |
Recent filings
More in Services-Commercial Physical & Biological Research
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.