ICF reported its fourth quarter and full year 2024 results on February 27, 2025. For Q4 2024, total revenue increased 3.8% year-over-year to $496.3 million, with diluted EPS at $1.30 and non-GAAP EPS at $1.87. Full year 2024 total revenue grew 2.9% to $2.02 billion, with diluted EPS of $5.82 and non-GAAP EPS of $7.45.
The company's profitability saw gains, with full year adjusted EBITDA increasing 6.0% to $226.0 million and adjusted EBITDA margin expanding 30 basis points to 11.2%. Operating cash flow reached $171.5 million, an increase of 12.6% from the prior year, and ICF repurchased 395,000 shares since mid-November 2024.
For 2025, ICF provided guidance projecting total revenues, GAAP EPS, and non-GAAP EPS to range from flat to down 10% from 2024 levels, primarily due to anticipated challenges in federal government spending. However, the company expects revenues from commercial energy, state and local, and international government clients to grow at least 15% in aggregate, with Q1 2025 revenues projected between $480 million and $500 million.
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