ICON reports third quarter 2026 results

• Strong commercial performance with net business wins in the quarter of $3,150 million; a net book- to-bill of 1.56x and closing backlog of $24.5 billion, up 4.8% sequentially.
• Revenue of $2,024.8 million and adjusted EBITDA of $336.9 million, representing an adjusted EBITDA margin of 16.6%.

• GAAP net income of $122.1 million or $1.58 diluted earnings per share. Adjusted net income of

  $205.8 million or $2.66 adjusted diluted earnings per share, an increase of 3.9% on quarter two 2026 adjusted diluted earnings per share.

• Generated free cash flow of $302.4 million, supporting continued investment in the business and return of capital to shareholders.
• $400.0 million worth of stock repurchased in quarter three at an average price of $170 per share.
• Board of Directors approved an increase in the share buyback authorization bringing the total value of authorized share repurchases to $750.0 million to be opportunistically deployed.

• Updating 2026 full-year financial guidance issued with revenue expected in the range of $8,100 -

  $8,200 million and adjusted diluted earnings per share* expected in the range of $10.35 - $10.65.
   

October 27, 2026

DUBLIN--(BUSINESS WIRE)– ICON plc (NASDAQ: ICLR), a world-leading clinical research organization, today reported its financial results for the third quarter ended September 30, 2026.
 

Chief Executive Officer Commentary

“I am pleased with ICON’s third quarter results, which demonstrated continued financial, operational, and commercial execution. Adjusted EBITDA grew 3% sequentially, reflecting improved business mix and strong cost discipline, while sustained commercial excellence supported another quarter of exceptional bookings performance. I am particularly pleased that our AI-enabled digital platform continues to resonate with customers, many of whom choose ICON because of its impact on productivity, predictability and speed.

We remained focused on disciplined capital allocation, returning $400 million to shareholders through share repurchases in the third quarter, while continuing to invest in the capabilities that are driving future growth.

Our updated full-year financial guidance reflects sustained operational progress and higher pass- through activity. Together, strong commercial performance, disciplined execution and ongoing strategic investments reinforce our confidence in delivering revenue growth, significant earnings progression, and shareholder value creation in 2027 and beyond.”

Barry Balfe, Chief Executive Officer

Read the consolidated income statements and summary balance sheet data.

Third Quarter 2026 Results

In quarter three 2026, gross bookings were $3,789 million, an increase of 26.9% on quarter three 2025, with cancellations of $639 million. This resulted in net business wins of $3,150 million and a book-to-bill of 1.56x. Backlog as at September 30, 2026 was $24.5 billion.

Revenue for the third quarter was $2,024.8 million. This represents a decrease of 2.9% on quarter three 2025, or a decrease of 2.5% on a constant currency basis.

GAAP net income was $122.1 million, resulting in diluted earnings per share of $1.58 in quarter three 2026, compared to diluted earnings per share of $(3.67) in quarter three 2025. Adjusted net income for the quarter was $205.8 million, resulting in adjusted diluted earnings per share of $2.66 compared to $3.20 per share in quarter three 2025.

Adjusted EBITDA for the third quarter was $336.9 million or 16.6% of revenue, a decrease of 13.1% on quarter three 2025.

The effective tax rate on adjusted net income in quarter three 2026 was 18.6%.

Free cash flow was $302.4 million in the quarter. Cash generated from operating activities for the quarter was

$340.4 million. During the quarter, $38.0 million was spent on capital expenditure. $400.0 million worth of stock was repurchased at an average price of $170 per share. In August 2026, ICON completed a successful investment grade bond issuance of $2.15 billion. The Company applied the net proceeds from the issuance to repay all the outstanding Senior Secured Term Loan of $900 million, redeem in full the outstanding May 2027 Notes of $750 million and repay all outstanding borrowings under the Bridge Secured Credit Facility of $500 million. At September 30, 2026, the Group had cash and cash equivalents of $809.0 million, compared to cash and cash equivalents of $928.4 million at June 30, 2026 and $468.9 million at September 30, 2025. Net debt as at September 30, 2026 was $2.6 billion.

Year to Date 2026 Results

Gross business wins year to date were $10,733 million and cancellations were $1,584 million. This resulted in net business wins of $9,149 million and a book-to-bill of 1.49x.

Revenue year to date was $6,122.2 million. This represents a year on year decrease of 0.3% or a decrease of 1.4% on a constant currency basis.

GAAP net income year to date was $299.5 million, resulting in $3.87 diluted earnings per share. Year to date adjusted net income was $597.2 million, resulting in adjusted diluted earnings per share of $7.72 compared to

$9.99 per share for the equivalent prior year period.

Adjusted EBITDA year to date was $981.9 million or 16.0% of revenue, a year on year decrease of 18.4%. The effective tax rate on adjusted net income year to date was 18.1%.

Earnings Conference Call

ICON will hold a conference call on October 28, 2026 at 08:00 EDT [12:00 Ireland & UK]. This call and linked slide presentation can be accessed live from our website at http://investor.iconplc.com. A recording will also be available on the website for 90 days following the call. In addition, a calendar of company events, including upcoming conference presentations, is available on our website, under “Investors”. This calendar will be updated regularly.

About ICON plc

ICON plc is a world-leading clinical research organization. Offering deep operational and medical expertise we accelerate innovation, driving emerging therapies forward to improve patient outcomes. From molecule to

medicine, we deliver integrated consulting, clinical development, commercialization and post-marketing

solutions to pharmaceutical, biotechnology, medical device, government and public health organizations worldwide. With headquarters in Dublin, Ireland, ICON employed approximately 40,250 employees in 98 locations in 55 countries as at September 30, 2026. For further information about ICON, visit: www.iconplc.com.

Contacts

Investor Relations +1 888 381 7923
Nigel Clerkin Chief Financial Officer | +353 1 291 2000
Kate Haven Vice President Investor Relations | +1 888 381 7923

Other Information

Cautionary Statement Regarding Forward-Looking Statements

Statements included herein which are not historical facts are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to, statements regarding the following: anticipated financial results for 2026, 2027 and beyond; contracted revenue; the Company's expectations regarding business momentum, market opportunity, demand trends, growth, and commercial performance; and the Company's expectations with respect to its long-term value creation and competitive positioning. You can identify many forward-looking statements by words such as “aims,” “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “focused,” “guidance,” “intends,” “look,” “may,” “opportunities,” “plans,” “positions,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would” and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. These statements are based on management's current expectations and information currently available, including current economic and industry conditions. The forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, our results could be materially adversely affected. The risks and uncertainties include, but are not limited to, dependence on the pharmaceutical industry and certain clients, the need to regularly win projects and then to execute them efficiently and correctly, the challenges presented by rapid growth, competition and the continuing consolidation of the industry, the impact of market conditions on demand for the Company's services, risks related to the Company's ability to execute on its commercial strategy and maintain relationships with large pharmaceutical customers, and risks relating to the Company's strategic partnerships, the dependence on certain key executives, changes in the regulatory environment, exchange rate fluctuations, inflation and rising labor costs. Please also refer to the section entitled "Risk Factors" of our Annual Report on Form 20-F for the year ended December 31, 2025 filed on May 27, 2026 for a discussion of some of the principal risks that could adversely affect our business, operations and financial results. The Company’s forward-looking statements speak only as of the date of this report or as of the date they are made, and the Company undertakes no obligation to update its forward-looking statements.

Cautionary Statement Regarding Forward-Looking Statements

Statements included herein which are not historical facts are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to, statements regarding the following: anticipated financial results for 2026, 2027 and beyond; contracted revenue; the Company's expectations regarding business momentum, market opportunity, demand trends, growth, and commercial performance; and the Company's expectations with respect to its long-term value creation and competitive positioning. You can identify many forward-looking statements by words such as “aims,” “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “focused,” “guidance,” “intends,” “look,” “may,” “opportunities,” “plans,” “positions,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would” and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. These statements are based on management's current expectations and information currently available, including current economic and industry conditions. The forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, our results could be materially adversely affected. The risks and uncertainties include, but are not limited to, dependence on the pharmaceutical industry and certain clients, the need to regularly win projects and then to execute them efficiently and correctly, the challenges presented by rapid growth, competition and the continuing consolidation of the industry, the impact of market conditions on demand for the Company's services, risks related to the Company's ability to execute on its commercial strategy and maintain relationships with large pharmaceutical customers, and risks relating to the Company's strategic partnerships, the dependence on certain key executives, changes in the regulatory environment, exchange rate fluctuations, inflation and rising labor costs. Please also refer to the section entitled "Risk Factors" of our Annual Report on Form 20-F for the year ended December 31, 2025 filed on May 27, 2026 for a discussion of some of the principal risks that could adversely affect our business, operations and financial results. The Company’s forward-looking statements speak only as of the date of this report or as of the date they are made, and the Company undertakes no obligation to update its forward-looking statements.

Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income, adjusted diluted earnings per share and free cash flow. Adjusted EBITDA excludes stock-based compensation, foreign currency gains and losses, restructuring and related costs, transaction, integration related and other adjustments, gain on investments, loss on disposal of subsidiary undertaking, goodwill impairment and impairment of non-financial assets. Adjusted net income and adjusted diluted earnings per share exclude amortization of intangible assets, stock-based compensation, foreign currency gains and losses, restructuring and related costs, transaction, integration related and other adjustments, transaction-related financing costs, gain on investments, goodwill impairment, impairment of non-financial assets, loss on disposal of subsidiary undertaking and their related taxation effect. Free cash flow reflects cash generated from operating activities less capital expenditure. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, ICON believes certain non-GAAP information is useful to investors for historical comparison purposes.

*Adjusted diluted earnings per share to exclude amortization of intangible assets, stock-based compensation, foreign currency gains and losses, restructuring and related costs, transaction, integration related and other adjustments, transaction-related financing costs, gain on investments, goodwill impairment, impairment of non-financial assets, loss on disposal of subsidiary undertaking and their related taxation effect.

Our full-year 2026 guidance adjusted diluted earnings per share measures are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the Company is unable to predict with a reasonable degree of certainty certain items contained in the measures without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information.