ICF reported its third quarter ended September 30, 2025, results on October 30, 2025. Total revenue was $465.4 million, a 10% decrease from $517.0 million in Q3 2024. Non-GAAP diluted EPS was $1.67 per share, while GAAP diluted EPS was $1.28.
Revenues from commercial, state & local government, and international government clients increased 14% year-on-year, accounting for 57% of Q3 revenues, with commercial energy clients up 24%. However, federal government business experienced declines, and the company estimated an $8 million monthly revenue reduction and $2.5 million gross profit reduction from the government shutdown in October.
ICF maintained its original guidance framework for 2025, projecting total revenues, GAAP EPS, and non-GAAP EPS to range from flat to down 10% from 2024 levels, even if the government shutdown extends through year-end. The operating cash flow estimate for 2025 was revised to range from $125 million to $150 million, reflecting payment timing due to the shutdown.
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