ICON plc, a global clinical research organization, today reported its financial results for the third quarter ended September 30, 2025. Revenue for the quarter was $2,042.8 million, a 0.6% increase versus the same period in 2024 and a 1.0% decline on a constant‑currency basis. Adjusted diluted earnings per share rose to $3.31 from $3.35 in the prior year.
Gross business wins reached $2,986 million, while cancellations totaled $901 million, resulting in net business wins of $2,086 million and a book‑to‑bill ratio of 1.02. The company’s net book‑to‑bill metric remained stable at 1.02, reflecting a balanced mix of new business and cancellations. These figures indicate continued demand for ICON’s services despite market volatility.
Adjusted net income for the quarter was $258.8 million, translating to an adjusted diluted EPS of $3.31. Adjusted EBITDA was $396.7 million, or 19.4% of revenue, a 5.3% decline from the prior year. The effective tax rate on adjusted net income was 16.5%.
Cash generated from operating activities was $387.6 million, while capital expenditures were $53.7 million. The company repurchased $250.0 million of shares at an average price of $175 per share, and made $7.4 million of Term Loan B payments. At September 30, 2025, cash and cash equivalents totaled $468.9 million and net indebtedness was $2.9 billion.
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