ICF International, Inc. (ICFI) · Nov 5, 2026 · Earnings

ICF earnings beat, but revenue misses as energy demand stalls

Miss — Non-GAAP EPS $1.98 vs ~$1.92 consensus; revenue $470.5M vs ~$490.8M

ICF’s third-quarter earnings beat estimates on margins and tax benefits, but revenue missed as commercial energy activity slowed.

ICF is a government-heavy consulting and technology contractor trying to restore growth through commercial energy, technology modernization, and faster-growing state, local, and international work. Its prior outlook called for 2026 revenue of $1.89–$1.96 billion and anticipated sequential federal improvement in Q3, so the setup was a return to growth—not a clean acceleration.

The quarter beat on earnings quality, but missed the top-line bar. Non-GAAP EPS of $1.98 exceeded the published consensus of roughly $1.92, helped by a 15.0% tax rate and a lower share count. But revenue of $470.5 million was about 4% below the roughly $490.8 million consensus, making this a revenue-led miss despite the earnings beat. The reported operating margin improved to 9.3% from 8.3% a year ago, while adjusted EBITDA margin rose to 11.5% from 11.4%.

	Q3 2026	Q3 2025	Consensus
Revenue (Financial Results)	$470.5M (+1.1%)	$465.4M	$490.8M
Non-GAAP diluted EPS (Non-GAAP Reconciliation)	$1.98 (+18.6%)	$1.67	$1.92
Operating margin (Financial Results)	9.3% (+1.0 pts)	8.3%
Adjusted EBITDA margin (Non-GAAP Reconciliation)	11.5% (+0.1 pts)	11.4%
Contract awards (Backlog and New Business)	$746M (+4.5%)	$714M

The main problem was commercial energy, not execution across the portfolio. Management said commercial-energy revenue was “considerably below” expectations because utility add-on work fell sharply, new contracts ramped slowly, and political and regulatory pressure pushed utilities to rethink spending. That forced the company to reduce its expected 2026 commercial-energy growth to low-to-mid single digits. 〔0〕 This is a meaningful setback because commercial energy was supposed to be one of the key engines of the 2026 growth return, even though energy advisory revenue still increased 14.1% in the quarter.

Government diversification and bookings kept the broader story from breaking. Federal revenue rose 3.4% sequentially, as expected, but remained down 3.5% year over year. State and local revenue grew 7.6%, international government revenue grew 12.0%, and quarterly awards reached $746 million with a 1.59 book-to-bill ratio. The $8.2 billion pipeline and $3.5 billion backlog support future demand, but they do not eliminate the near-term conversion problem in commercial energy.

Maintaining the EPS midpoint is less reassuring than it first appears. ICF kept 2026 non-GAAP EPS guidance at $7.10 and expects revenue to be similar to 2025, but the earnings target is now being protected by margin improvement, a lower interest rate, a reduced share count, and a favorable tax comparison—not by stronger revenue. 〔1〕 The result is a business that is executing efficiently, but is not yet proving that the expected growth engine is translating into sales.

Bottom line: ICF delivered a solid margin-and-EPS quarter, but the large revenue shortfall and commercial-energy slowdown outweigh the earnings beat. The business remains supported by bookings and diversification, yet the return to durable growth is still incomplete and more dependent on execution than the headline EPS suggests.

What to watch next

Q4 results, February 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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ICF earnings beat, but revenue misses as energy demand stalls

What to watch next

More ICF International, Inc. news

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