ICON Reports Q4 and Full Year 2025 Results, Completes Audit Investigation

ICON Reports Q4 and Full Year 2025 Financial Results

ICON plc (NASDAQ:ICLR), a world-leading clinical research organization, today reported its financial results for the fourth quarter and full year 2025, and announced the outcome of its investigation by the Audit Committee of the Board of Directors into certain accounting practices.

Q4 and Full Year 2025 Financial Highlights

Q4 revenue was $2,112.5 million, and full year revenue was $8,251 million. Q4 adjusted EBITDA was $327.1 million (15.5% of revenue), while full year adjusted EBITDA was $1,530.7 million (18.6% of revenue). GAAP net income for Q4 was $149.2 million ($1.93 per diluted share), and full year GAAP net income was $229.3 million ($2.90 per diluted share).

Net business wins in Q4 were $2,868 million (book-to-bill of 1.36), and full year net business wins were $9,033 million (book-to-bill of 1.09). The company generated free cash flow of $862.0 million in 2025.

Audit Committee Investigation and Restatement

The Audit Committee has completed its investigation into certain accounting practices. The company is restating its consolidated financials to reflect that revenue was overstated by 0.8% in full year 2023 and by 1.1% in full year 2024. There was no impact on customers, operations, or cash flow.

Independent from the investigation, management has amended policies on cancellations and backlog recognition to provide enhanced visibility into metrics relevant to assess current and future financial performance.

2026 Financial Guidance

ICON issued full-year 2026 guidance with revenue expected in the range of $7,850 - $8,150 million and adjusted diluted EPS in the range of $10.00 - $11.00.

CEO Barry Balfe commented, 'ICON demonstrated continued commercial momentum through the fourth quarter, underpinned by disciplined execution. We expect sustainable growth into 2027 and beyond, driven by increasing commercial momentum and a maturing portfolio of strategic partnerships.'