ICF reported its second quarter ended June 30, 2025, results on July 31, 2025. Total revenue was $476.2 million, a 7% decrease from $512.0 million in Q2 2024. Non-GAAP diluted EPS was $1.66 per share, while GAAP diluted EPS was $1.28.
Revenues from commercial, state and local, and international government clients increased 13.8%, accounting for 57% of total second-quarter revenues. Commercial energy clients showed robust growth, with revenues up 27% year-over-year. Federal government revenues experienced a 14.6% sequential decline.
The company maintained its 2025 guidance framework of flat to down 10% from 2024 levels, but noted an improved business outlook, not foreseeing full year 2025 revenues declining by as much as 10%. Adjusted EBITDA margin expanded by approximately 20 basis points year-on-year to 11.1%, and ICF reduced its debt by $40 million.
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