ICLR

MKT CAP:$8B

ICON Public Limited Company

Market Cap

$8B

Healthcare·Medical - Diagnostics & Research·🇮🇪 Ireland·NASDAQ

Healthcare·Medical·🇮🇪·NASDAQ

Stock Price

$115.43-$73.24 (-38.82%)

Apr 22, 2026

Company Details

ICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally. The company specializes in the strategic devel...

CEO

Barry Balfe

IPO Date

May 15, 1998

Website

www.iconplc.com

Key Metrics TTM

Revenue

$8.1B

-2.5% YoY

Net Income

$599M

EPS (Diluted)

$7.39

Free Cash Flow

$996M

Revenue / Share

$103.77

Gross Margin

26.9%

Operating Margin

12.2%

Net Margin

7.4%

FCF Margin

12.3%

P/S

1.0x

P/E

12.9x

Earnings Reports

Q4 2025

Apr 29, 2026

PENDING

Q3 2025

Oct 23, 2025

$2.0B+0.6%EPS $0.03

Q2 2025

Jul 24, 2025

$2.0B-4.8%EPS $2.30

Q1 2025

May 2, 2025

$2.0B-4.3%EPS $1.90

FY 2024

Feb 21, 2025

$8.3B+2.0%EPS $9.53

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$1.9B	$528M	$145M
Q1 22	$1.9B	$523M	$170M
Q2 22	$1.9B	$543M	$178M
Q3 22	$1.9B	$567M	$244M
Q4 22	$2.0B	$581M	$203M
Q1 23	$2.0B	$583M	$217M
Q2 23	$2.0B	$591M	$209M
Q3 23	$2.1B	$606M	$264M
Q4 23	$2.1B	$621M	$266M
Q1 24	$2.1B	$619M	$285M
Q2 24	$2.1B	$627M	$230M
Q3 24	$2.0B	$591M	$285M
Q4 24	$2.0B	$599M	$297M
Q1 25	$2.0B	$559M	$220M
Q2 25	$2.0B	$562M	$209M
Q3 25	$2.0B	$456M	$259M

Valuation

Quarter	P/S	P/E
Q4 21	4.4x	157.4x
Q1 22	3.0x	115.5x
Q2 22	2.4x	85.7x
Q3 22	2.0x	33.3x
Q4 22	2.1x	32.6x
Q1 23	2.2x	34.5x
Q2 23	2.5x	39.2x
Q3 23	2.5x	39.0x
Q4 23	2.8x	36.8x
Q1 24	3.3x	40.1x
Q2 24	3.1x	36.6x
Q3 24	2.9x	31.8x
Q4 24	2.1x	21.9x
Q1 25	1.7x	18.9x
Q2 25	1.5x	15.0x
Q3 25	1.6x	21.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$290M	$242M
Q1 22	$227M	$207M
Q2 22	$182M	$154M
Q3 22	$214M	$176M
Q4 22	-$59M	-$116M
Q1 23	$176M	$149M
Q2 23	$204M	$172M
Q3 23	$342M	$312M
Q4 23	$440M	$387M
Q1 24	$327M	$300M
Q2 24	$219M	$182M
Q3 24	$403M	$359M
Q4 24	$338M	$277M
Q1 25	$268M	$239M
Q2 25	$162M	$128M
Q3 25	$409M	$352M

Capital Expenditures

Quarter	CapEx
Q4 21	$48M
Q1 22	$20M
Q2 22	$28M
Q3 22	$37M
Q4 22	$57M
Q1 23	$27M
Q2 23	$32M
Q3 23	$29M
Q4 23	$53M
Q1 24	$27M
Q2 24	$36M
Q3 24	$43M
Q4 24	$61M
Q1 25	$29M
Q2 25	$35M
Q3 25	$57M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+148.0%	+171.8%
Q1 22	+121.6%	+133.3%
Q2 22	+122.1%	+131.8%
Q3 22	+4.1%	-8.7%
Q4 22	+4.1%	+1.0%
Q1 23	+4.0%	+1.8%
Q2 23	+4.4%	+3.0%
Q3 23	+5.8%	+5.4%
Q4 23	+5.3%	+2.4%
Q1 24	+5.7%	+2.4%
Q2 24	+4.9%	+4.4%
Q3 24	-1.2%	-2.6%
Q4 24	-1.2%	-3.1%
Q1 25	-4.3%	-1.3%
Q2 25	-4.8%	-4.3%
Q3 25	+0.6%	+2.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$19M	1.0%
Q1 22	$19M	1.0%
Q2 22	$19M	1.0%
Q3 22	$18M	0.9%
Q4 22	$15M	0.8%
Q1 23	$15M	0.7%
Q2 23	$17M	0.8%
Q3 23	$16M	0.8%
Q4 23	$8M	0.4%
Q1 24	$13M	0.6%
Q2 24	$15M	0.7%
Q3 24	$13M	0.6%
Q4 24	$5M	0.2%
Q1 25	$12M	0.6%
Q2 25	$15M	0.8%
Q3 25	$60M	2.9%

OpEx Breakdown

Quarter	SG&A
Q4 21	$203M
Q1 22	$195M
Q2 22	$190M
Q3 22	$167M
Q4 22	$227M
Q1 23	$200M
Q2 23	$188M
Q3 23	$185M
Q4 23	$196M
Q1 24	$177M
Q2 24	$194M
Q3 24	$205M
Q4 24	$151M
Q1 25	$198M
Q2 25	$205M
Q3 25	$197M

Revenue by Geography

Quarter	Ireland	Rest Of Europe	Rest of World	United States
Q1 22	$367M	$456M	$108M	$971M
Q2 22	$501M	$428M	$112M	$894M
Q3 22	$527M	$398M	$115M	$903M
Q1 23	$512M	$414M	$208M	$844M
Q2 23	$593M	$374M	$205M	$848M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$752M	$2M	$754M
Q1 22	$559M	$2M	$561M
Q2 22	$615M	$2M	$617M
Q3 22	$609M	$2M	$611M
Q4 22	$289M	$2M	$290M
Q1 23	$280M	$2M	$282M
Q2 23	$270M	$2M	$272M
Q3 23	$313M	$2M	$315M
Q4 23	$378M	$2M	$380M
Q1 24	$396M	$2M	$398M
Q2 24	$507M	$0	$507M
Q3 24	$696M	$0	$696M
Q4 24	$539M	$0	$539M
Q1 25	$527M	$0	$527M
Q2 25	$390M	$0	$390M
Q3 25	$469M	$0	$469M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	83M	+2.5%	+55.4%
Q1 22	83M	-0.3%	+55.0%
Q2 22	82M	-0.4%	+54.2%
Q3 22	82M	+0.2%	+2.1%
Q4 22	82M	-0.0%	-0.5%
Q1 23	83M	+0.2%	-0.0%
Q2 23	83M	+0.0%	+0.4%
Q3 23	83M	+0.4%	+0.6%
Q4 23	83M	+0.2%	+0.8%
Q1 24	83M	+0.2%	+0.8%
Q2 24	83M	+0.1%	+0.9%
Q3 24	83M	+0.1%	+0.6%
Q4 24	82M	-1.5%	-1.1%
Q1 25	82M	-0.0%	-1.2%
Q2 25	80M	-3.3%	-4.6%
Q3 25	78M	-1.8%	-6.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$49.2K	38K
Q1 22	$49.6K	38K
Q2 22	$50.5K	38K
Q3 22	$50.7K	38K
Q4 22	$47.7K	41K
Q1 23	$48.1K	41K
Q2 23	$49.2K	41K
Q3 23	$50.0K	41K
Q4 23	$50.3K	41K
Q1 24	$50.9K	41K
Q2 24	$51.6K	41K
Q3 24	$49.4K	41K
Q4 24	$48.7K	42K
Q1 25	$47.8K	42K
Q2 25	$48.1K	42K
Q3 25	$48.8K	42K

Revenue / Employee