0001628280-26-044904
SEC filingICON plc reported Q1 2026 revenue of $2,034 million, up 0.9% YoY, with GAAP EPS of $1.36 and adjusted EPS of $2.50, reaffirming full-year guidance.
ICON's Q1 2026 revenue edged up 0.9% to $2.03 billion, but constant currency declined 1.9%, reflecting headwinds from business mix. GAAP net income dropped to $104.8 million ($1.36 per share) from $160.8 million a year ago, impacted by higher direct costs and restructuring charges. Adjusted EBITDA fell 20.2% to $317.7 million, with margin contracting to 15.6%. However, commercial momentum remained robust: net bookings of $2.88 billion yielded a 1.42 book-to-bill, and backlog expanded 4% sequentially to $22.7 billion. CEO Barry Balfe noted improved win rates and new partnerships supporting future growth. The balance sheet remains healthy with net debt of $2.6 billion (1.8x leverage) and free cash flow of $136.2 million. Management reaffirmed full-year 2026 guidance of $7.85–$8.15 billion in revenue and adjusted EPS of $10.00–$11.00, signaling confidence in gradual improvement through the year.