# EDGAR Filing Document

**Accession Number:** 0001362004
**File Stem:** 0001193125-25-258534
**Filing Date:** 2025-10
**Character Count:** 42811
**Document Hash:** 83581c9e43cfbf8adf1149d014f3fde6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-258534.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001193125-25-258534

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ICF International, Inc.
- **CENTRAL INDEX KEY:** 0001362004
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 223661438
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33045
- **FILM NUMBER:** 251435585

**BUSINESS ADDRESS:**
- **STREET 1:** 1902 RESTON METRO PLAZA
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190
- **BUSINESS PHONE:** (703) 934-3000

**MAIL ADDRESS:**
- **STREET 1:** 1902 RESTON METRO PLAZA
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** October 30, 2025<br>

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ICF International, Inc.

**(Exact name of registrant as specified in its charter)**

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---

| | | |
|:---|:---|:---|
| Delaware | 001-33045 | 22-3661438 |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 1902 Reston Metro Plaza |  |  |
| Reston**,** Virginia |  | 20190 |
| **(Address of principal executive offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 703 934-3000<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions <u>(see</u> General Instructions A.2 below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock | ICFI | The Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition**

On October 30, 2025, ICF International, Inc. (the "Company") announced its financial results for the third quarter ended September 30, 2025. The press release containing this announcement is attached hereto as Exhibit 99.1.

The information contained in this report, including Exhibit 99.1, is considered to be "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section. The information in this report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual result to differ materially from those anticipated.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**

***(e) Executive Compensation Arrangements***

The Company assessed the impact of the temporary shutdown of the U.S. Government on the federal government contract markets and its corresponding impact on the Company and employees. In consideration of the impact of such shutdown on our fellow employees and clients, John Wasson, as Chair, President and Chief Executive Officer recommended, the Board of Directors of the Company approved, and its named executive officers (including Mr. Wasson) have agreed, that it is appropriate to temporarily reduce the annual base salaries of the Company's named executive officers by twenty percent (20%) during a period complying with applicable law and approximately equal to the length of the temporary shutdown.

These temporary base salary reductions for the Company's named executive officers have been treated as a temporary pay cut, and the lost wages from that time period will not be paid.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp; **Temporary Reduced Annual Base Salary Level** |
| &nbsp;&nbsp;John Wasson | &nbsp;&nbsp;Chair, President and Chief Executive Officer | &nbsp;&nbsp;$831251.20 |
| &nbsp;&nbsp;Anne Choate | &nbsp;&nbsp;Executive Vice President, Group Leader | &nbsp;&nbsp;$428000.00 |
| &nbsp;&nbsp;Barry Broadus | &nbsp;&nbsp;Executive Vice President and Chief Financial Officer | &nbsp;&nbsp;$411840.00 |
| &nbsp;&nbsp;James Morgan | &nbsp;&nbsp;Executive Vice President and Chief Operating Officer | &nbsp;&nbsp;$527924.72 |
| &nbsp;&nbsp;Sergio Ostria | &nbsp;&nbsp;Executive Vice President | &nbsp;&nbsp;$390604.13 |

---

**Item 8.01 Other Events**

On October 30, 2025, the Company's Board of Directors declared a quarterly dividend in an amount equal to $0.14 per share. This quarterly cash dividend will be paid on January 9, 2026, to stockholders of record as of the close of business on December 5, 2025.

The cash dividend policy and the payment of future cash dividends under that policy will be made at the discretion of the Company's Board of Directors and will depend on earnings, operating and financial conditions, capital requirements, and other factors deemed relevant by the Board, including the applicable requirements of the Delaware General Corporation Law and the best interests of the Company's stockholders.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits

99.1 [<u>Press Release dated October 30, 2025</u>](icfi-ex99_1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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**Exhibit Index**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | [<u>Press Release dated October 30, 2025</u>](icfi-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | ICF International, Inc. | ICF International, Inc. |
| Date: October 30, 2025 | By: | /s/ John Wasson |
|  |  | John Wasson |
|  |  | *Chair, President, and Chief Executive Officer* |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img241278440_0.jpg](img241278440_0.jpg)

**NEWS RELEASE** 

**ICF Reports Third Quarter 2025 Results**

**―Revenues From Commercial Clients and State & Local and International Government Clients Increased 14% to Account for 57% of Q3 Revenues―**

**―Revenues from Commercial Energy Clients Up 24%―**

**―Favorable Mix and Effective Cost Management Continued to Drive Margin Expansion―**

**―Maintains Guidance Framework and Expects a Return to Revenue and Earnings Growth in 2026―**

**Third Quarter Highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Revenue Was $465 Million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net Income Was $24 Million; GAAP EPS Was $1.28**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Non-GAAP EPS**<sup>1</sup> **Was $1.67, Inclusive of a Negative Tax Adjustment of $0.04 Per Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**EBITDA**<sup>1</sup>**Was $52.8 Million; Adjusted EBITDA**<sup>1</sup> **Was $53.2 Million, or 11.4% of Total Revenues**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Contract Awards Were $714 Million for a Quarterly Book-to-Bill Ratio of 1.53**

RESTON, Va., October 30, 2025 — ICF (NASDAQ: ICFI), a leading global solutions and technology provider, reported results for the third quarter ended September 30, 2025.

Commenting on the results, John Wasson, chair and chief executive officer, said, "Our third quarter performance demonstrates the benefits of ICF's diversified client base, our agility in adapting to challenging market conditions, and the success of our business development activities.

"We continued to see strong year-on-year growth in revenues from our commercial, state & local government and international government clients. Within this client set, revenue growth from commercial energy clients remained robust, driven by strong demand from our utility clients for ICF's industry-leading energy efficiency programs and expertise in flexible load management, electrification, grid resilience and affordability—expertise that is closely aligned with the needs of our utility clients as they address increasing electricity demand.

"We are successfully executing our plan to maintain similar margins to those of 2024. Adjusted EBITDA margin expanded by 10 basis points to 11.4% of third quarter revenues, primarily reflecting the increased contribution of higher-margin commercial energy revenues and the benefits of cost management initiatives. Additionally, fixed price and time and materials contracts accounted for 93% of third quarter revenues compared to 88% last year, while cost reimbursement contracts declined to 7%.

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"Third quarter contract awards increased 2.4% year-on-year, resulting in a quarterly book-to-bill ratio of 1.53, despite the continuing delays in new federal government procurements. Approximately 50% of the awarded contracts in the federal government arena represented new business, a good indication that our capabilities, particularly in the area of IT modernization, are being recognized. Our business development pipeline was $8.4 billion at the end of the third quarter, which together with our year-to-date contract awards of $1.8 billion support our confidence in ICF's ability to return to growth in 2026.

"In a separate release today, we announced several executive leadership changes supporting ICF's future growth. Following Barry Broadus' decision to retire after a 40-year career in finance, we have tapped James Morgan, currently COO, to take on the additional role of CFO following the publication of ICF's full year 2025 financial results. In addition, Anne Choate, currently executive vice president, will take on the role of president. ICF is fortunate to have a strong, stable group of talented leaders like James and Anne, who will work closely with me, our executive leadership team and our board of directors in executing organic growth, acquisitions and financial strategies that build our future growth and profitability."

**Third Quarter 2025 Results**

Third quarter 2025 total revenue was $465.4 million, compared to $517.0 million reported in the third quarter of 2024 and $476.2 million in this year's second quarter. Subcontractor and other direct costs were 24.2% of total revenues, compared to 24.7% in the comparable prior year period. Revenues excluding subcontractor and other direct costs decreased 9.4% compared to last year's third quarter and 3.0% compared to the prior quarter. Gross margin increased 50 basis points to 37.6%, driven by favorable business mix. Operating income was $38.4 million, compared to $46.0 million last year, and operating margin on total revenue was 8.3%, compared to 8.9% in the third quarter of 2024. Net income totaled $23.8 million, versus $32.7 million in the prior year. Diluted EPS was $1.28 per share, compared to $1.73 a year ago. The company's effective tax rate was 22.7% compared to 13.8% in the third quarter of 2024.

Non-GAAP EPS was $1.67 per share, inclusive of a negative tax adjustment of $0.04 per share versus $2.13 per share reported in the comparable period in 2024. EBITDA was $52.8 million, compared to $58.2 million reported in the year-ago quarter. Adjusted EBITDA was $53.2 million, and Adjusted EBITDA margin on total revenues was 11.4%, 10 basis points above third quarter 2024 levels.

**Backlog and New Business** 

Total backlog was $3.5 billion at the end of the third quarter of 2025. Funded backlog was $1.9 billion, or approximately 52% of the total backlog. The total value of contracts awarded in the third quarter of 2025 was $714 million, representing a quarterly book-to-bill ratio of 1.53 and a 2.4% increase over the similar period last year.

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**Government Revenue Third Quarter 2025 Highlights** 

Revenue from government clients was $308.8million during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. federal government revenue was $198.0 million, down 29.8% compared to $282.0 million in the third quarter of 2024, and 3.0% below the $204.2 million in this year's second quarter. Year-on-year revenue comparisons were impacted by contract funding curtailments and a slower pace of new RFPs. Federal government revenue accounted for 42.6% of total revenue, versus 54.5% of total revenue in the third quarter of 2024, and 42.9% in the prior sequential quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. state and local government revenue was $81.7 million, a 3.8% increase over the $78.7 million reported in last year's third quarter. State and local government clients represented 17.6% of total revenue, up from 15.2% in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•International government revenue was $29.0 million, up 8.2% from $26.8 million in the third quarter of 2024. Year-on-year revenue growth has been constrained by the slower-than-expected ramp up of recently won contracts. International government revenue represented 6.2% of total revenue, up from 5.2% in the prior year.

**Key Government Contracts Awarded in the Third Quarter of 2025**

Notable government contract awards won in the third quarter of 2025 included:

***IT Modernization/Digital Transformation***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A recompete contract with a value of $64.3 million to continue serving as the third-party administrator for a state indemnification fund, delivering end-to-end claims management, advanced technology solutions and program oversight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A recompete contract with a value of $23.8 million with a federal health agency to continue operating and enhancing a data management system that integrates advanced analytics and forward-leaning technology to improve data collection, validation and reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A new contract with a value of $21.2 million with a department of the U.S. federal government to provide low-code applications and IT services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A new contract with a value of $17.1 million with a department of the U.S. federal government to provide IT modernization services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A subcontract modification with a value of $7.4 million to continue to provide DevOps software development services to a department of the U.S. federal government.

***Disaster Management***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Two contract modifications with a combined value of $20.0 million with the government of a U.S. territory to continue to provide program management services related to its hurricane recovery efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A new task order with a value of $8.2 million with a Northeastern U.S. state to provide construction management support related to housing recovery programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A contract modification with a value of $8.1 million with a state housing agency to expand program management services and continue providing construction management and technical assistance support.

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***Health and Social Programs***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A recompete contract with a value of $90.7 million with a federal health agency to provide comprehensive digital communications, knowledge management and outreach services to support national child welfare programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Five recompete contracts with a combined value of $64.0 million with a federal health agency to deliver training and technical assistance for early childhood programs to enhance program quality and ensure continuous quality improvement across several regions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A contract modification with a value of $11.6 million with a federal health agency to continue to deliver integrated technical assistance networks and data-driven solutions that strengthen state, territory and tribal childcare systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A recompete contract with a value of $7.0 million with a federal housing agency to provide technical assistance and capacity-building services to strengthen disaster recovery programs.

***Strategic Communications***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A recompete framework contract with a ceiling value of more than $80 million with a directorate general of the European Commission to provide media relations and outreach services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A recompete contract with a value of $9.8 million with the North Carolina Turnpike Authority to provide marketing and communications services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A new contract with a value of $9.5 million with a U.S. federal government entity to deliver science and technical expertise to advance research, innovation programs and strategic initiatives.

**Commercial Revenue Third Quarter 2025 Highlights** 

Commercial revenue was $156.6 million, up 20.9% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Commercial revenue accounted for 33.7% of total revenue, up from 25.1% of total revenue in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Energy markets revenue, which includes energy efficiency programs, increased 24.3% year-over-year and represented 89.0% of commercial revenue.

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**Key Commercial Contracts Awarded in the Third Quarter of 2025**

Notable commercial awards won in the third quarter of 2025 included:

***Energy***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A new contract with a Midwestern U.S. utility to deliver program implementation services for its residential building envelope program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A sole-source contract extension with a consortium of Northeastern U.S. utilities and energy efficiency service providers to deliver energy efficiency program implementation services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A recompete contract with a Southeastern U.S. utility to provide program implementation services for its commercial and industrial efficiency and electrification programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A new contract with a North American nonprofit collaborative to administer its program and provide market transformation expertise regarding innovative gas technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A recompete contract with a Northeastern U.S. utility to provide software and support to track its demand-side management programs.

***Other***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A new grant with a value of $24.7 million with a nonprofit organization to support the implementation of surveys in selected countries and maintain a website of global health data and tools.

**Dividend Declaration**

On October 30, 2025, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 9, 2026, to shareholders of record on December 5, 2025.

**Summary and Outlook** 

"Year-to-date results have put us on track for our 2025 results to be within the guidance framework we provided at the beginning of this year, which stated that a 10% decline in revenues, GAAP EPS and Non-GAAP EPS from 2024 levels was the maximum downside risk we foresaw from the loss of business primarily from federal government clients during this transition year. At that time, we stated that our guidance framework did not consider the potential impact of an extended government shutdown. In the month of October, we estimate that ICF's revenues will be reduced by approximately $8 million and gross profit by approximately $2.5 million as a result of the current government shutdown. Based on this monthly impact continuing, we are pleased to be able to maintain our original guidance framework for revenues and Non-GAAP EPS even if the government shutdown extends through the end of the year. Given these assumptions, we expect the year-on-year decline in fourth quarter revenues and Non-GAAP EPS would be similar to what was reported for the third quarter. We are revising our operating cash flow estimate for 2025 to range from $125 million to $150 million to reflect the timing of payments as a result of the government shutdown.

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"Looking ahead, we continue to be confident in our ability to return to revenue and earnings growth in 2026. This outlook is supported by the continued growth from our non-federal government clients, improvement from portions of our federal government business, recent contract wins and a robust pipeline of opportunities. Additionally, our professional staff has been instrumental in helping us navigate difficult business conditions, and their ongoing commitment to ICF and our clients underpins our ability to drive long-term growth," Mr. Wasson concluded.

<sup>1</sup> Non-GAAP EPS, EBITDA, and Adjusted EBITDA are Non-GAAP measurements. A reconciliation of all Non-GAAP measurements to the most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of Non-GAAP measurements may not be comparable to other similarly titled measures used by other companies.

**About ICF** 

ICF is a leading global solutions and technology provider with approximately 9,000 employees. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at <u>icf.com</u>.

**Caution Concerning Forward-looking Statements** 

*Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, as amended. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.*

**Note on Forward-Looking Non-GAAP Measures**

The company does not reconcile its forward-looking Non-GAAP financial measures to the corresponding U.S. GAAP measures due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking Non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking Non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the Non-GAAP financial measures.

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**Investor Contacts:** 

**Lynn Morgen, ADVISIRY PARTNERS, <u>lynn.morgen@advisiry.com</u> +1.212.750.5800** 

**David Gold, ADVISIRY PARTNERS, <u>david.gold@advisiry.com</u> +1.212.750.5800**

**Company Information Contact:** 

**Lauren Dyke, ICF, <u>lauren.dyke@ICF.com</u> +1.571.373.5577**

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**ICF International, Inc. and Subsidiaries**

**Consolidated Statements of Comprehensive Income**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| *(in thousands, except per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| **Revenue** | $465405 | $516998 | $1429178 | $1523463 |
| **Direct costs** | 290545 | 325047 | 891512 | 964911 |
| **Operating costs and expenses:** |  |  |  |  |
| &nbsp;&nbsp;Indirect and selling expenses | 122261 | 132816 | 377169 | 389001 |
| &nbsp;&nbsp;Depreciation and amortization | 14168 | 13111 | 43665 | 40176 |
| **Total operating costs and expenses** | 136429 | 145927 | 420834 | 429177 |
| **Operating income** | 38431 | 46024 | 116832 | 129375 |
| Interest, net | (7861) | (7195) | (23620) | (23136) |
| Other income (expense) | 176 | (899) | (2515) | 767 |
| **Income before income taxes** | 30746 | 37930 | 90697 | 107006 |
| **Provision for income taxes** | 6980 | 5251 | 16419 | 21399 |
| **Net income** | $23766 | $32679 | $74278 | $85607 |
| &nbsp;&nbsp;Earnings per Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.29 | $1.74 | $4.03 | $4.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.28 | $1.73 | $4.01 | $4.53 |
| &nbsp;&nbsp;Weighted-average Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 18432 | 18760 | 18447 | 18752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 18526 | 18910 | 18542 | 18915 |
| &nbsp;&nbsp;Cash dividends declared per common share | $0.14 | $0.14 | $0.42 | $0.42 |
| Other comprehensive (loss) income, net of tax | (1733) | (951) | 1712 | (610) |
| Comprehensive income, net of tax | $22033 | $31728 | $75990 | $84997 |

---

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**ICF International, Inc. and Subsidiaries**

**Reconciliation of Non-GAAP Financial Measures**<sup>(2)</sup>

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| *(in thousands, except per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| **<u>Reconciliation of EBITDA and Adjusted EBITDA</u>** <sup>(3)</sup> |  |  |  |  |
| Net income | $23766 | $32679 | $74278 | $85607 |
| Interest, net | 7861 | 7195 | 23620 | 23136 |
| Provision for income taxes | 6980 | 5251 | 16419 | 21399 |
| Depreciation and amortization | 14168 | 13111 | 43665 | 40176 |
| &nbsp;&nbsp;EBITDA | 52775 | 58236 | 157982 | 170318 |
| Acquisition and divestiture-related expenses <sup>(4)</sup> | 25 | 139 | 479 | 205 |
| Severance and other costs related to staff realignment <sup>(5)</sup> | 359 | 449 | 2909 | 1184 |
| Charges and adjustments related to facility consolidations and office closures <sup>(6)</sup> |  |  | (138) |  |
| Pre-tax gain from divestiture of a business <sup>(7)</sup> |  | (298) |  | (2013) |
| &nbsp;&nbsp;Total Adjustments | 384 | 290 | 3250 | (624) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $53159 | $58526 | $161232 | $169694 |
| Net Income Margin Percent on Revenue <sup>(8)</sup> | 5.1% | 6.3% | 5.2% | 5.6% |
| EBITDA Margin Percent on Revenue <sup>(9)</sup> | 11.3% | 11.3% | 11.1% | 11.2% |
| Adjusted EBITDA Margin Percent on Revenue <sup>(9)</sup> | 11.4% | 11.3% | 11.3% | 11.1% |
| **<u>Reconciliation of Non-GAAP Diluted EPS</u>** <sup>(3)</sup> |  |  |  |  |
| U.S. GAAP Diluted EPS | $1.28 | $1.73 | $4.01 | $4.53 |
| Acquisition and divestiture-related expenses |  | 0.01 | 0.02 | 0.01 |
| Severance and other costs related to staff realignment | 0.02 | 0.02 | 0.16 | 0.06 |
| Charges and adjustments related to facility consolidations and office closures <sup>(10)</sup> |  |  | (0.01) | 0.04 |
| Pre-tax gain from divestiture of a business |  | (0.02) |  | (0.11) |
| Amortization of intangible assets acquired in business combinations <sup>(11)</sup> | 0.49 | 0.44 | 1.50 | 1.31 |
| Income tax effects of the adjustments <sup>(12)</sup> | (0.12) | (0.05) | (0.38) | (0.26) |
| &nbsp;&nbsp;Non-GAAP Diluted EPS | $1.67 | $2.13 | $5.30 | $5.58 |

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| |
|:---|
| <sup>(2)</sup> These tables provide reconciliations of Non-GAAP financial measures to the most applicable U.S. GAAP numbers. While we believe that these Non-GAAP financial measures may be useful in evaluating our financial information, they should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with U.S. GAAP. Other companies may define similarly titled Non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define these measures. |
| <sup>(3)</sup> Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP. |
| <sup>(4)</sup> These are primarily third-party costs related to acquisitions and integration of acquisitions. |
| <sup>(5)</sup> These costs are due to involuntary employee termination benefits for (i) our officers and (ii) group of employees who have been notified that they will be terminated as part of a business reorganization or exit. |
| <sup>(6)</sup> These charges and adjustments are related to a previously exited leased facility which we will continue to pay until the contractual obligations are satisfied but with no economic benefit to us, and the closure of certain international offices. |
| <sup>(7)</sup> Pre-tax gain related to the 2023 divestiture of our U.S. commercial marketing business which includes contingent gains realized in the first quarter of 2024. |
| <sup>(8)</sup> Net Income Margin Percent on Revenue was calculated by dividing net income by revenue. |
| <sup>(9)</sup> EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the Non-GAAP measure by the corresponding revenue. |
| <sup>(10)</sup> These are office closure charges and adjustments previously included in Adjusted EBITDA and accelerated depreciation related to fixed assets for planned office closures. |
| <sup>(11)</sup> The amortization of intangible assets acquired from business combinations totaled $9.2 million and $8.3 million for the three months ended September 30, 2025 and 2024, respectively, and $27.9 million and $24.9 million for the nine months ended September 30, 2025 and 2024, respectively. |
| <sup>(12)</sup> Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 22.7% and 13.8% for the three months ended September 30, 2025 and 2024, respectively, and 23.0% and 20.0% for the nine months ended September 30, 2025 and 2024, respectively. |

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**ICF International, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

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| | | |
|:---|:---|:---|
| *(in thousands, except share amounts)* | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** |  |
| ***ASSETS*** |  |  |
| **Current Assets:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $3988 | $4960 |
| &nbsp;&nbsp;Restricted cash | 46965 | 13857 |
| &nbsp;&nbsp;Contract receivables, net | 233014 | 256923 |
| &nbsp;&nbsp;Contract assets | 225946 | 188941 |
| &nbsp;&nbsp;Prepaid expenses and other assets | 22115 | 21133 |
| &nbsp;&nbsp;Income tax receivable | 36952 | 6260 |
| **Total Current Assets** | 568980 | 492074 |
| **Property and Equipment, net** | 58807 | 66503 |
| **Other Assets:** |  |  |
| &nbsp;&nbsp;Goodwill | 1252136 | 1248855 |
| &nbsp;&nbsp;Other intangible assets, net | 88824 | 111701 |
| &nbsp;&nbsp;Operating lease - right-of-use assets | 108602 | 115531 |
| &nbsp;&nbsp;Deferred tax assets |  | 1603 |
| &nbsp;&nbsp;Other assets | 36221 | 30086 |
| **Total Assets** | $2113570 | $2066353 |
| ***LIABILITIES AND STOCKHOLDERS' EQUITY*** |  |  |
| **Current Liabilities:** |  |  |
| &nbsp;&nbsp;Accounts payable | $139235 | $159522 |
| &nbsp;&nbsp;Contract liabilities | 34680 | 24580 |
| &nbsp;&nbsp;Operating lease liabilities | 18544 | 20721 |
| &nbsp;&nbsp;Finance lease liabilities | 2681 | 2612 |
| &nbsp;&nbsp;Accrued salaries and benefits | 84262 | 105773 |
| &nbsp;&nbsp;Accrued subcontractors and other direct costs | 50791 | 49271 |
| &nbsp;&nbsp;Accrued expenses and other current liabilities | 73182 | 86701 |
| **Total Current Liabilities** | 403375 | 449180 |
| **Long-term Liabilities:** |  |  |
| &nbsp;&nbsp;Long-term debt | 449404 | 411743 |
| &nbsp;&nbsp;Operating lease liabilities - non-current | 144077 | 155935 |
| &nbsp;&nbsp;Finance lease liabilities - non-current | 9242 | 11261 |
| &nbsp;&nbsp;Deferred income taxes | 22795 |  |
| &nbsp;&nbsp;Other long-term liabilities | 60556 | 55775 |
| **Total Liabilities** | 1089449 | 1083894 |
| **Commitments and Contingencies** |  |  |
| **Stockholders' Equity:** |  |  |
| &nbsp;&nbsp;Preferred stock, par value $.001; 5,000,000 shares authorized; none issued |  |  |
| &nbsp;&nbsp;Common stock, par value $.001; 70,000,000 shares authorized; 24,345,942 and 24,186,962 shares issued at September 30, 2025 and December 31, 2024, respectively; 18,435,932 and 18,666,290 shares outstanding at September 30, 2025 and December 31, 2024, respectively | 24 | 24 |
| &nbsp;&nbsp;Additional paid-in capital | 458902 | 443463 |
| &nbsp;&nbsp;Retained earnings | 941319 | 874772 |
| &nbsp;&nbsp;Treasury stock, 5,910,010 and 5,520,672 shares at September 30, 2025 and December 31, 2024, respectively | (362090) | (320054) |
| &nbsp;&nbsp;Accumulated other comprehensive loss | (14034) | (15746) |
| **Total Stockholders' Equity** | 1024121 | 982459 |
| **Total Liabilities and Stockholders' Equity** | $2113570 | $2066353 |

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**ICF International, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** |
| *(in thousands)* | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $74278 | $85607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | (305) | 3176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and unrecognized income tax benefits | 20186 | (16957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash equity compensation | 12915 | 12494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 43665 | 40176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on divestiture of a business |  | (2009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating adjustments, net | 3837 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of the effects of acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net contract assets and liabilities | (22676) | (40155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract receivables | 26829 | (9634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (2470) | (434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities, net | (6774) | (3065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (21099) | (13402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued salaries and benefits | (22143) | 2889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued subcontractors and other direct costs | (25) | 9660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | (9804) | 16979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable and payable | (30566) | (9574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 396 | (1773) |
| **Net Cash Provided by Operating Activities** | 66244 | 76184 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for purchase of property and equipment and capitalized software | (14745) | (15559) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from divestiture of a business |  | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing, net | 403 |  |
| **Net Cash Used in Investing Activities** | (14342) | (13574) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from working capital facilities | 1048671 | 917953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on working capital facilities | (1011838) | (930043) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from other short-term borrowings | 10798 | 43735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of other short-term borrowings | (16620) | (53280) |
| &nbsp;&nbsp;&nbsp;&nbsp;Receipt of restricted contract funds |  | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of restricted contract funds |  | (3586) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (7775) | (7880) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net payments for stock issuances and share repurchases | (39512) | (30995) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing, net | (1950) | (1777) |
| **Net Cash Used in Financing Activities** | (18226) | (64598) |
| **Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash** | 1433 | 174 |
| **Net Change in Cash, Cash Equivalents, and Restricted Cash** | 35109 | (1814) |
| **Cash, Cash Equivalents, and Restricted Cash, Beginning of Period** | 18817 | 9449 |
| **Cash, Cash Equivalents, and Restricted Cash, End of Period** | $53926 | $7635 |
| **Supplemental Disclosure of Cash Flow Information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $20045 | $24388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | $27431 | $50382 |

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**ICF International, Inc. and Subsidiaries**

**Supplemental Schedule** <sup>(13)</sup>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Revenue by client market** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Energy, environment, infrastructure, and disaster recovery | 53% | 46% | 51% | 46% |
| Health and social programs | 33% | 38% | 34% | 38% |
| Security and other civilian & commercial | 14% | 16% | 15% | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | 100% | 100% | 100% | 100% |
| **Revenue by client type** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| U.S. federal government | 43% | 55% | 45% | 55% |
| U.S. state and local government | 17% | 15% | 17% | 16% |
| International government | 6% | 5% | 6% | 5% |
| &nbsp;&nbsp;**Total Government** | 66% | 75% | 68% | 76% |
| &nbsp;&nbsp;**Commercial** | 34% | 25% | 32% | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | 100% | 100% | 100% | 100% |
| **Revenue by contract mix** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Time-and-materials | 44% | 43% | 43% | 42% |
| Fixed-price | 49% | 46% | 49% | 46% |
| Cost-based | 7% | 11% | 8% | 12% |
| &nbsp;&nbsp;**Total** | 100% | 100% | 100% | 100% |

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<sup>(13) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client markets provide insight into the breadth of our expertise. Client type is an indicator of the diversity of our client base. Revenue by contract mix provides insight in terms of the degree of performance risk that we have assumed.</sup>

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