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Financials · ICLR

ICON plc (ICLR) financials

For fiscal 2025 (ended Dec 31, 2025), ICON plc reported $8.25B of revenue and $229.34M of net income.

Revenue, FY2025
$8.25B
Revenue growth, YoY
+0.8%
Net income, FY2025
$229.34M
Net income growth, YoY
-69.0%
Net margin
2.8%
Free cash flow, FY2025
$861.99M
EPS, diluted, FY2025
$2.90
EPS growth, YoY
-67.4%
Cash
$647.29M
Total debt
$2.87B
P/E
68.35
P/S
1.90
Market cap
$15.68B
Annual revenue$8.25B
FY2016FY2025
Annual net income$229.34M
FY2016FY2025
Annual free cash flow$861.99M
FY2016FY2025

ICLR revenue and earnings growth

ICLR revenueFY2025$8.25B

FY YoY
+0.8%
5Y CAGR
+24.2%
10Y CAGR
+18.0%

ICLR revenue was $8.25B for fiscal 2025 (ended Dec 31, 2025), up 0.8% from fiscal 2024. Compound annual growth was +24.2% over 5 years and +18.0% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

ICLR net incomeFY2025$229.34M

FY YoY
-69.0%
5Y CAGR
-7.2%
10Y CAGR
-0.4%

ICLR net income was $229.34M for fiscal 2025 (ended Dec 31, 2025), down 69.0% from fiscal 2024. Compound annual growth was -7.2% over 5 years and -0.4% over 10 years. It rose in 7 of the last 10 fiscal years.

ICLR EPSFY2025$2.90

FY YoY
-67.4%
5Y CAGR
-14.0%
10Y CAGR
-3.1%

ICLR diluted EPS was $2.90 for fiscal 2025 (ended Dec 31, 2025), down 67.4% from fiscal 2024. Compound annual growth was -14.0% over 5 years and -3.1% over 10 years.

ICLR free cash flowFY2025$861.99M

FY YoY
-22.9%
5Y CAGR
+10.3%
10Y CAGR
+14.2%

ICLR free cash flow was $861.99M for fiscal 2025 (ended Dec 31, 2025), down 22.9% from fiscal 2024. Compound annual growth was +10.3% over 5 years and +14.2% over 10 years. It rose in 6 of the last 10 fiscal years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$8.25B$8.19B$8.05B$7.74B$5.48B$2.80B$2.81B$2.60B$1.76B$1.67B
Cost of revenue-$5.85B$5.72B$5.53B$3.97B$1.98B$1.97B$1.82B$1.03B$961.33M
Gross profit-$2.34B$2.33B$2.21B$1.51B$817.40M$831.70M$777.56M$731.13M$705.15M
Selling, general and admin$780.14M$728.35M$768.56M$778.75M$585.33M$342.45M$332.66M$325.79M$323.74M$325.73M
Operating income$442.85M$1.03B$904.66M$795.24M$378.53M$391.50M$433.41M$373.36M$338.34M$311.69M
Interest expense$197.49M$237.24M$336.70M$229.73M$182.42M$13.02M$13.28M---
Pre-tax income$252.47M$803.76M$572.98M$567.85M$196.68M$381.20M$426.99M$364.61M$328.06M$300.17M
Income tax$23.13M$64.63M$18.39M$59.41M$41.33M$47.88M$51.13M$41.96M$46.57M$37.99M
Net income$229.34M$739.13M$554.21M$505.30M$153.19M$332.33M$373.99M$322.66M$281.49M$262.18M
EPS, basic$2.92$8.96$6.75$6.20$2.28$6.20$6.85$5.96$5.20$4.75
EPS, diluted$2.90$8.90$6.70$6.13$2.25$6.15$6.79$5.89$5.13$4.65
Diluted shares79.0M83.0M82.7M82.5M68.1M53.3M54.3M54.8M54.8M56.4M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$647.29M$538.78M$378.10M$288.77M$752.21M$840.30M$520.31M$395.85M$282.86M$192.54M
Receivables$1.47B$1.39B$1.76B$1.73B$1.34B$715.27M$527.71M$414.79M$379.50M$416.23M
Inventory----$5.80M$4.80M$3.20M$2.30M$2.20M$2.40M
Current assets$3.50B$3.28B$3.29B$3.23B$2.94B$2.10B$1.62B$1.33B$1.10B$957.96M
Goodwill$8.73B$9.05B$9.02B$8.97B$9.04B$936.26M$883.17M$756.26M$769.06M$616.09M
Total assets$16.27B$16.63B$16.86B$17.19B$17.39B$3.44B$2.91B$2.35B$2.15B$1.83B
Current liabilities$3.20B$2.64B$2.73B$2.69B$2.48B$1.12B$1.13B$610.62M$566.06M$494.41M
Long-term debt$2.87B$3.40B$3.67B$4.60B$5.38B$348.48M----
Total debt$2.87B$3.40B$3.67B$4.60B$5.38B$348.48M----
Total liabilities$7.08B$7.19B$7.65B$8.69B$9.32B$1.59B$1.25B$999.97M$955.62M$880.67M
Shareholders' equity$9.19B$9.44B$9.21B$8.53B$8.07B$1.85B$1.62B$1.35B$1.19B$945.17M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$1.04B$1.29B$1.16B$563.32M$829.14M$568.03M$412.54M$268.64M$383.08M$259.20M
Capital expenditures$174.21M$168.06M$140.69M$142.16M$93.75M$40.88M$38.95M$48.40M$44.72M$42.60M
Free cash flow$861.99M$1.12B$1.02B$421.15M$735.39M$527.15M$373.59M$220.24M$338.37M$216.60M
Investing cash flow-$187.53M-$266.79M-$226.65M-$145.87M-$6.02B-$46.58M-$162.03M-$37.30M-$177.81M-$74.81M
Financing cash flow-$771.26M-$837.18M-$844.04M-$864.17M$5.11B-$208.33M-$125.41M-$113.02M-$119.28M-$93.71M
Share repurchases$750.00M$500.00M$0$99.98M$0$175.00M$146.93M$128.96M$133.11M$110.00M
Stock-based compensation$102.04M$45.87M$55.67M$70.52M$133.84M$26.27M$26.82M$31.59M$30.57M$40.34M
Depreciation and amortization$383.00M$488.50M$585.95M$569.51M$314.99M$66.13M$61.55M$65.92M$61.30M$59.58M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY0.8%1.7%4.1%41.2%95.9%-0.3%8.1%47.6%5.5%5.8%
Net income growth, YoY-69.0%33.4%9.7%229.9%-53.9%-11.1%15.9%14.6%7.4%9.5%
EPS growth, YoY-67.4%32.8%9.3%172.4%-63.4%-9.4%15.3%14.8%10.3%17.1%
Gross margin-28.6%29.0%28.6%27.5%29.2%29.6%30.0%41.6%42.3%
Operating margin5.4%12.6%11.2%10.3%6.9%14.0%15.4%14.4%19.2%18.7%
Net margin2.8%9.0%6.9%6.5%2.8%11.9%13.3%12.4%16.0%15.7%
Free cash flow margin10.4%13.7%12.7%5.4%13.4%18.8%13.3%8.5%19.2%13.0%
Return on equity2.5%7.8%6.0%5.9%1.9%18.0%23.1%23.8%23.6%27.7%
Return on assets1.4%4.4%3.3%2.9%0.9%9.7%12.9%13.7%13.1%14.4%
Current ratio1.101.241.201.201.191.871.442.181.951.94
Debt to equity0.310.360.400.540.670.19----

Source: XBRL data ICON plc files with the SEC, latest filing dated May 27, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.

ICLR peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
ICLR$8.25B+0.8%$229.34M2.8%$15.68B
IQV$17.31B+8.8%$1.40B8.1%$44.80B
INCY$6.01B+24.9%$403.41M6.7%$24.39B
MEDP$2.84B+20.4%$517.83M18.2%$18.27B
CRL$3.98B-1.2%$40.19M1.0%$16.17B
ABSI$1.56M-62.3%-$121.08M-7756.4%$1.75B
OABI$40.21M+90.6%-$43.47M-108.1%$732.9M
NRC$143.79M+3.4%$6.13M4.3%$548.7M
MXCT$31.05M-13.2%-$35.64M-114.8%$130.0M

ICLR FAQ

8 questions
  • What is ICLR revenue?
    ICON plc (ICLR) reported $8.25B of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 0.8% from the year before.
  • Is ICLR profitable?
    Yes. ICON plc earned $229.34M in net income for fiscal 2025 (ended Dec 31, 2025), a net margin of 2.8%.
  • How much cash and debt does ICLR have?
    ICON plc reported $647.29M in cash and cash equivalents and $2.87B of debt on its most recent balance sheet in SEC filings.
  • How fast is ICLR revenue growing?
    ICON plc's revenue changed +0.8% in fiscal 2025, to $8.25B. Its compound annual growth rate was +24.2% over 5 years and +18.0% over 10 years.
  • What is ICLR free cash flow?
    ICON plc generated $861.99M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of $1.04B less capital expenditures.
  • What is ICLR earnings per share?
    Diluted earnings per share were $2.90 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.
  • When did ICLR last report financial results?
    The latest statements here come from ICON plc's 20-F filed on May 27, 2026, covering the period ended Dec 31, 2025.
  • Where does this ICLR financial data come from?
    Quantisnow builds these statements from the structured XBRL data ICON plc files with the SEC. It is provided for information only and is not investment advice.