ICON Reports Second Quarter 2026 Results

Highlights Quarter two revenue of $2,063.5 million, an increase of 1.4% on quarter one 2026. Quarter two adjusted EBITDA of $327.2 million or 15.9% of revenue, an increase of 3.0% on quarter one 2026. GAAP net income for the quarter of $72.6 million or $0.94 diluted earnings per share. Quarter two adjusted net income of $198.4 million or $2.56 adjusted diluted earnings per share, an increase of 2.4% on quarter one 2026 adjusted diluted earnings per share. Net business wins in the quarter of $3,120 million; a net book-to-bill of 1.51, an increase of 8.3% on quarter one 2026 net business wins. Closing backlog of $23.4 billion, an increase of 3.0% on quarter one 2026. Net debt of $2.5 billion at June 30, 2026 with a net debt to adjusted EBITDA ratio of 1.8x. Reaffirming 2026 full-year financial guidance issued with revenue expected in the range of $7,850 - $8,150 million and adjusted diluted earnings per share* expected in the range of $10.00 - $11.00. DUBLIN--(BUSINESS WIRE)--ICON plc (NASDAQ: ICLR), a world-leading clinical research organization, today reported its financial results for the second quarter ended June 30, 2026. CEO, Mr. Barry Balfe commented, “ICON's second quarter results reflect measured progress, as disciplined cost management offset anticipated operational headwinds. While revenue and net bookings benefited from higher pass-through activity, strong strategic wins and new customer acquisition supported a direct fee book-to-bill ratio of 1.2x, underscoring the strength of our focused commercial strategy and diversified, scaled platform. We are reaffirming our 2026 financial outlook, which reflects both opportunities and risks over the balance of the year. While second-half performance remains subject to variability in factors such as pass-through activity, the underlying fundamentals of our business remain solid, supported by our diversified portfolio, operational agility and disciplined cost management. Strong cash generation continues to support our capital allocation priorities, including investing in strategic growth opportunities and returning capital to shareholders.” Second Quarter 2026 Results In quarter two 2026, gross bookings were $3,681 million, an increase of 24.1% on quarter two 2025, with cancellations of $562 million. This resulted in net business wins of $3,120 million and a book-to-bill of 1.51. Backlog as at June 30, 2026 was $23.4 billion. Revenue for the second quarter was $2,063.5 million. This represents an increase of 1.2% on quarter two 2025, an increase of 0.4% on a constant currency basis. GAAP net income was $72.6 million, resulting in diluted earnings per share of $0.94 in quarter two 2026, compared to diluted earnings per share of $2.56 in quarter two 2025. Adjusted net income for the quarter was $198.4 million, resulting in adjusted diluted earnings per share of $2.56 compared to $3.52 per share in quarter two 2025. Adjusted EBITDA for the second quarter was $327.2 million or 15.9% of revenue, a decrease of 21.7% on quarter two 2025. The effective tax rate on adjusted net income in quarter two 2026 was 18.4%. Free cash flow was $238.9 million in the quarter. Cash generated from operating activities for the quarter was $281.3 million. During the quarter, $42.4 million was spent on capital expenditure. $7.4 million of Term Loan B payments were made during the quarter and there were net cash outflows on the disposal of a subsidiary undertaking of $55.5 million. At June 30, 2026, the Group had cash and cash equivalents of $928.4 million, compared to cash and cash equivalents of $765.2 million at March 31, 2026 and $390.4 million at June 30, 2025. Net debt as at June 30, 2026 was $2.5 billion. Year to date 2026 Results Gross business wins year to date were $6,944 million and cancellations were $945 million. This resulted in net business wins of $5,999 million and a book-to-bill of 1.46. Revenue year to date was $4,097.5 million. This represents a year on year increase of 1.1% or a decrease of 0.8% on a constant currency basis. GAAP net income year to date was $177.3 million, resulting in $2.29 diluted earnings per share. Year to date adjusted net income was $391.3 million, resulting in an adjusted diluted earnings per share of $5.06 compared to $6.79 per share for the equivalent prior year period. Adjusted EBITDA year to date was $645.0 million or 15.7% of revenue, a year on year decrease of 20.9%. The effective tax rate on adjusted net income year to date was 17.8%. Conference Call DetailsRead the full story here

ICON Reports Second Quarter 2026 Results

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