ICF International, Inc.
AI Executive Summary
AI-powered analysis of 10-Q filing content
ICF International posted a 5.4% YoY revenue decline for the six months ended June 30, 2026 ($912.0M vs $963.8M), with H1 net income also down 6% to $47.5M despite a stronger Q2. Cash on hand remains extremely thin at $4.6M while restricted cash more than doubled to $99.3M, and deferred tax liabilities jumped over 3x, warranting closer scrutiny of liquidity management and tax positioning.
Red Flags Detected (6)
Six-month revenue declined 5.4% YoY, suggesting softening demand or contract losses, likely tied to government/federal client spending pressures
Cash and cash equivalents fell to just $4.6M, an unusually low balance for a company of this size
Restricted cash more than doubled from $48.0M to $99.3M, reducing operating flexibility
3 more red flags detected
Key Takeaways
Q2 2026 net income improved YoY ($26.9M vs $23.7M) despite flat revenue, aided by lower D&A and interest expense
H1 2026 results show slower growth trajectory compared to H1 2025, with both revenue and net income down
2 more takeaways
Filing Overview
What This Means
Deteriorating Trend: Conditions are worsening compared to previous filings. This may create opportunities for service providers.
Quarterly Report: Interim filing with unaudited financial data for the quarter.