ICON Reports Third Quarter 2026 Results
ICON reported Q3 2026 revenue of $2,024.8 million, down 2.9% year-over-year, with GAAP diluted EPS of $1.58 and adjusted diluted EPS of $2.66 versus $3.20 in Q3 2025. Commercial momentum was strong: gross bookings rose 26.9% YoY to $3,789 million, net business wins were $3,150 million (1.56x book-to-bill), and backlog closed at $24.5 billion, up 4.8% sequentially. Free cash flow was $302.4 million; the company repurchased $400 million of stock at an average $170 per share and the board raised the buyback authorization to $750 million. An August $2.15 billion investment-grade bond issuance refinanced $2.15 billion of prior debt, leaving net debt at $2.6 billion.
Key figures
- Eps
- 1.58
- Revenue
- 2024757000
- Guidance
- FY2026 revenue $8,100-$8,200 million; adjusted diluted EPS $10.35-$10.65
- Cash
- 809000000
- Backlog
- $24.5 billion
- Net debt
- $2.6 billion
- Adjusted eps
- 2.66
- Book to bill
- 1.56x
- Bond issuance
- $2.15 billion investment grade bonds issued in August 2026
- Free cash flow
- 302400000
- Adjusted ebitda
- 336900000
- Net business wins
- $3,150 million
- Buyback in quarter
- $400.0 million at average price of $170 per share
- Gross bookings yoy
- +26.9%
- Adjusted ebitda margin
- 16.6%
- Adjusted eps prior year
- 3.2
- Total buyback authorization
- $750.0 million
AI analysis
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