ICF International Inc 2025年度报告
Message from Chair and CEO John Wasson In 2025, the people of ICF demonstrated strength, resilience, and agility as we navigated unprecedented change anddisruption in the federal government market. Against this backdrop, we succeeded in offsetting a large part of thedecline in revenues from federal government clients by driving double-digit growth in revenues from ourcommercial, state and local, and international government clients, in the aggregate. At the same time, we maintainedour margins, while continuing to invest and execute in our three priority growth areas—commercial energy, disasterrecovery, and federal technology—to position us for a return to growth in 2026. Our performance in 2025 illustrates the power of a diversified portfolio that pairs industry-leading subject matterexpertise, technical insights, and program design with innovative technology and disciplined program delivery.ICF’s throughline across our entire organization is our commitment to build a more prosperous and resilient worldfor all.ICF’s more than 8,400 employees work every day to fulfill that purpose. 2025 Performance Throughout 2025, ICF remained focused, agile, and committed to delivering value and positive impact for our clients.As a result, we were able to report results for the year that were firmly in line with the guidance we provided at the beginningof 2025. xRevenues from our commercial, state and local, and international government clients increased 14%for the year to reach 57% of total revenues, while our federal government revenues declined to 43%of revenues, reflecting contract and grant cancellations and the reduced federal procurement activity. xWe maintained our full year adjusted EBITDA margins at 2024 levels despite a 7.3% year-on-yeardecline in total revenues.xICF was awarded contracts valued at over $2.2 billion, which yielded a strong trailing twelve-monthbook-to-bill ratio of 1.19, supporting future growth in commercial energy, state and local,international, and federal government technology markets for 2026.xWe delivered $4.95 in diluted U.S. GAAP earnings per share (“U.S. GAAP Diluted EPS”) and $6.77in Non-GAAP diluted earnings per share (“Non-GAAP Diluted EPS”)1. Several secular growth trends supported the growth in our key non-federal markets in 2025, and we worked tostabilize our position in the federal government arena in 2025, positioning for and pursuing work in areas of importto the current administration. xOur commercial energy business continued its strong growth in 2025 as it further accelerated itsdesign and delivery of innovative energy efficiency, electrification, affordability, and other demand-side management programs. We also continued growing our support to renewable energydevelopers and other enterprises recognizing the benefits of harnessing clean energy to meet surging demand. Combining utility expertise with cutting-edge analytics and innovative program design,our professionals helped utility customers save money and help the energy system efficientlymanage demand. xOur work for state and local clients continued to support critical missions and programs, fromtransportationand energy decarbonization to environmental services and infrastructureimprovements. Our disaster management business continued to support communities devastated bymajor hurricanes, floods, and wildfires as they rebuild, while simultaneously ensuring that othercommunities are better prepared for and less vulnerable to future disasters. xOur work for international clients expanded considerably in 2025 thanks to new contracts won.European Union and U.K. clients continue to value our combined program and policy services andcommunications delivery expertise. xDespite the challenges in the federal government sector, we continued to support many of thenation’s most important civilian agency programs and won new business awards and numerousimportant recompetes, reflecting our clients’ confidence in our technology and mission expertise. Work That Makes Us Proud ICF continues to be proud of the work we do. Below are examples that highlight the ways we make a difference: xWe continued to grow our work supporting utilities across North America as they seek toaccommodate rapidly increasing energy demand and advance their efforts to address grid resilienceand affordable energy. This work includes managing programs that encourage utility customers todeploy new technologies in their homes and businesses that improve efficiency and lower costs,and to store and manage electricity in a way that reduces customer costs and stress on the grid.Our industry-leading Sightlineenergy technology platform supports many of these services. xFor almost two decades, our disaster management business has been assisting U.S. residents returnto their homes after disasters. At the end of 2025, we were supporting more than 80 active disasterrecovery projects in more than 20 states and territories, including new contract wins in Californ