Quarterly ResultMay 27, 2026, 04:47 PM
ICON Restates 2023/2024 Revenue, Reports Q4/FY25 Results & 2026 Guidance
AI Summary
ICON plc reported its fourth quarter and full year 2025 financial results, alongside the conclusion of an Audit Committee investigation into accounting practices. The investigation found that revenue was overstated by 0.8% in 2023 and 1.1% in 2024, leading to a restatement of financials and identification of material weaknesses in internal controls. Despite this, the company reported strong Q4 net business wins and issued full-year 2026 financial guidance, while also announcing new board appointments.
Key Highlights
- Audit Committee investigation concluded, leading to restatement of 2023 and 2024 financials.
- Revenue overstated by 0.8% ($65.3M) in 2023 and 1.1% ($92.7M) in 2024; no cash impact.
- Q4 2025 revenue was $2,112.5 million, with full year revenue at $8,251 million.
- Full year 2025 GAAP diluted EPS was $2.90, down 67.4% YoY; adjusted diluted EPS was $12.53, down 6.3% YoY.
- Net business wins for Q4 were $2,868 million (book-to-bill 1.36); full year $9,033 million (book-to-bill 1.09).
- Free cash flow for 2025 was $862.0 million; net debt stood at $2.8 billion.
- 2026 full-year revenue guidance is $7,850-$8,150 million, with adjusted diluted EPS of $10.00-$11.00.
- Kevin Egan and Jeff Elliott appointed to the Board of Directors, effective June 1, 2026.
Price Impact
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