$ICLR

ICON PLC

CIK:0001060955|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS $ in Thousands	Dec. 31, 2025 USD ($) $ / shares shares
Income Statement [Abstract]
Revenue	$ 8,251,340
Costs and expenses:
Direct costs	6,075,746
Selling, general and administrative	780,139
Depreciation and amortization	382,996
Transaction and integration related	$ 25,269
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring
Restructuring	$ 79,069
Goodwill impairment	364,248
Impairment of non-financial assets	101,027
Total costs and expenses	7,808,494
Income from operations	442,846
Interest income	7,109
Interest expense	(197,490)
Income before income tax expense	252,465
Income tax expense	(23,126)
Income before share of losses from equity method investments	229,339
Share of losses from equity method investments	0
Net income	$ 229,339
Net income per ordinary share:
Basic (USD per share) \| $ / shares	$ 2.92
Diluted (USD per share) \| $ / shares	$ 2.90
Weighted average number of ordinary shares outstanding:
Basic (in shares) \| shares	78,423,675
Diluted (in shares) \| shares	78,965,385

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows provided by operating activities:
Net income	$ 229,339	$ 739,126	$ 554,208
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	382,996	488,500	585,950
Goodwill impairment	364,248	0	0
Impairment of non-financial assets	101,027	0	0
Impairment of operating right-of-use assets and related property, plant and equipment	3,683	15,731	8,686
Reduction in carrying value of operating right-of-use assets	36,116	39,787	41,546
Loss on equity method investments	0	0	383
Acquisition-related gain	0	0	(6,160)
Amortization of financing costs and debt discount	5,980	23,533	16,402
Stock compensation expense	102,041	45,870	55,667
Deferred tax benefit	(128,919)	(102,886)	(85,388)
Unrealized foreign exchange movements	26,464	6,911	19,706
Other non-cash items	11,333	31,900	24,332
Changes in operating assets and liabilities:
Accounts receivable	(108,213)	332,616	(57,378)
Unbilled revenue	(61,109)	(192,176)	118,328
Unearned revenue	68,516	(96,787)	46,523
Other net assets	2,703	(45,473)	(161,778)
Net cash provided by operating activities	1,036,205	1,286,652	1,161,027
Cash flows used in investing activities:
Purchase of property, plant and equipment	(174,214)	(168,060)	(140,692)
Purchase of subsidiary undertakings (net of cash acquired)	(2,537)	(84,159)	(71,766)
Movement of available for sale investments	0	0	(241)
Proceeds from investments in equity	9,089	2,690	0
Purchase of investments in equity	(19,871)	(17,261)	(13,954)
Net cash used in investing activities	(187,533)	(266,790)	(226,653)
Cash flows used in financing activities:
Debt issue costs	(750)	(12,679)	0
Drawdown of credit lines and loan facilities	50,000	2,317,480	370,000
Repayment of credit lines and loan facilities	(79,762)	(2,677,763)	(1,265,000)
Proceeds from exercise of equity compensation	9,724	36,187	50,973
Share issue costs	(19)	(22)	(16)
Repurchase of ordinary shares	(750,000)	(499,998)	0
Share repurchase costs	(450)	(388)	0
Net cash used in financing activities	(771,257)	(837,183)	(844,043)
Effect of exchange rate movements on cash	31,095	(21,996)	(997)
Net increase in cash and cash equivalents	108,510	160,683	89,334
Cash and cash equivalents at beginning of year	538,785	378,102	288,768
Cash and cash equivalents at end of year	$ 647,295	$ 538,785	$ 378,102

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 647,295	$ 538,785	$ 378,102
Available for sale investments	0	0	1,954
Accounts receivable, net of allowance for credit losses	1,474,898	1,392,764	1,764,404
Unbilled revenue	1,096,592	1,040,174	853,581
Other receivables	116,750	79,487	65,797
Prepayments and other current assets	105,316	140,435	132,105
Income taxes receivable	60,824	83,523	91,254
Total current assets	3,501,675	3,275,168	3,287,197
Non-current assets:
Property, plant and equipment, net	395,724	382,879	361,184
Goodwill	8,731,689	9,051,410	9,022,075	$ 8,971,670
Intangible assets, net	3,247,118	3,559,792	3,855,865
Operating right-of-use assets	128,948	147,602	140,333
Other receivables	75,707	72,796	78,470
Income taxes receivable	0	11,395	0
Deferred tax asset	106,871	75,832	72,855
Investments in equity	82,050	57,948	46,804
Total Assets	16,269,782	16,634,822	16,864,783
Current liabilities:
Accounts payable	192,117	173,025	131,584
Unearned revenue	1,550,471	1,467,671	1,566,464
Other liabilities	904,826	909,776	908,151
Income taxes payable	18,999	55,258	13,968
Current bank credit lines, loan facilities and notes	529,762	29,762	110,150
Total current liabilities	3,196,175	2,635,492	2,730,317
Non-current liabilities:
Non-current bank credit lines, loan facilities and notes, net	2,872,616	3,396,398	3,665,439
Lease liabilities	117,122	140,085	126,321
Non-current other liabilities	72,807	82,718	45,246
Non-current income taxes payable	103,251	127,544	187,706
Deferred tax liability	714,427	811,231	898,308
Commitments and contingencies	0	0	0
Total Liabilities	7,076,398	7,193,468	7,653,337
Shareholders' Equity:
76,567,325 shares issued and outstanding at December 31, 2025, (2024: 80,756,860 and 2023: 82,495,086)	6,305	6,586	6,699
Additional paid-in capital	7,131,956	7,020,231	6,942,669
Other undenominated capital	1,606	1,304	1,162
Accumulated other comprehensive loss	(68,534)	(229,929)	(143,506)
Retained earnings	2,122,051	2,643,162	2,404,422
Total Shareholders' Equity	9,193,384	9,441,354	9,211,446	$ 8,526,793
Total Liabilities and Shareholders’ Equity	$ 16,269,782	$ 16,634,822	$ 16,864,783