ICF releases transcript of Q2 2026 earnings call

• ICF International’s Q2 2026 earnings call drew CEO John Wasson, President Anne Choate, CFO James Morgan, IR adviser Lynn Morgen.
• Revenue $474.5 million versus $476.2 million a year earlier; non-federal revenue +6.6%, federal revenue -9.5% year on year.
• Adjusted EBITDA margin 11.2%; non-GAAP EPS $1.86; operating cash flow $99.7 million, or $56.7 million excluding restricted cash tied to utility programs.
• Reaffirmed 2026 revenue $1.89 billion-$1.96 billion; GAAP EPS $5.95-$6.25; non-GAAP EPS $6.95-$7.25; over 90% of needed revenue in backlog.
• Pipeline $9.3 billion; trailing 12-month book-to-bill 1.09; Q2 book-to-bill 0.85 driven by slower federal procurement, with improvement expected in Q3.
• Management projected mid-teens commercial energy growth in H2 to meet full-year target; cited strong awards, pending negotiations, back-half-loaded performance fees.
• International government revenue +35% year on year; management expected similar growth in H2, citing larger-than-ever international opportunity pipeline.
• Technology modernization about half of $185 million federal revenue; over 80% performed under outcome-based fixed-price contracts; no material shift seen in OEM license procurement.
• Net debt $403 million; adjusted leverage 2.06x with year-end expected under 1.6x absent acquisitions; repurchased 435,000 shares in H1.

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