ICON (ICLR) Company Report

Analyst Coverage

Research analysts who have asked questions during ICON earnings calls.

David Windley

Jefferies Financial Group Inc.

6 questions for ICLR

Also covers: CERT, CNC, CRL +15 more

Jack Meehan

Nephron Research LLC

6 questions for ICLR

Also covers: A, AVTR, BIO +18 more

Jailendra Singh

Truist Securities

6 questions for ICLR

Also covers: ACCD, AGL, AMWL +16 more

Justin Bowers

Deutsche Bank AG

6 questions for ICLR

Also covers: AMED, CON, CRL +9 more

Luke Sergott

Barclays

6 questions for ICLR

Also covers: A, AVTR, BRKR +20 more

Michael Ryskin

Bank of America Merrill Lynch

6 questions for ICLR

Also covers: A, ALGN, AVTR +29 more

Patrick Donnelly

Citi

6 questions for ICLR

Also covers: A, AVTR, BIO +24 more

Casey Woodring

JPMorgan Chase & Co.

5 questions for ICLR

Also covers: A, AVTR, BLLN +15 more

Charles Rhyee

TD Cowen

5 questions for ICLR

Also covers: AMWL, BTSG, CAH +20 more

Elizabeth Anderson

Evercore ISI

5 questions for ICLR

Also covers: AGL, ALGN, CAH +24 more

Eric Coldwell

Robert W. Baird & Co.

5 questions for ICLR

Also covers: ACH, AHCO, CAH +11 more

Max Smock

William Blair & Company

4 questions for ICLR

Also covers: CDMO, CERT, CRL +8 more

Michael Cherny

Leerink Partners

4 questions for ICLR

Also covers: ACCD, ACH, AKBA +23 more

Matthew Sykes

Goldman Sachs Group Inc.

3 questions for ICLR

Also covers: A, ADPT, AVTR +21 more

Rob Cottrell

Cleveland Research Company

3 questions for ICLR

Ann Hynes

Mizuho Financial Group

2 questions for ICLR

Also covers: ACHC, ARDT, BTSG +21 more

Daniel Leonard

Stifel Financial Corp.

2 questions for ICLR

Also covers: A, AVTR, BIO +15 more

Joshua Waldman

Cleveland Research Company

2 questions for ICLR

Also covers: A, BRKR, CRL +1 more

Kyle

UBS

2 questions for ICLR

Also covers: NAUT

Ahmed Muhammad Rahat

Leerink Partners

1 question for ICLR

Also covers: CERT, OMI

Christine Rains

William Blair

1 question for ICLR

Also covers: CERT, CRL, IQV +3 more

Christine Reinsohn

William Blair

1 question for ICLR

Lucas Romanski

BTIG

1 question for ICLR

Also covers: AMWL, DRIO, OWLT

Michael Turney

Leerink Partners

1 question for ICLR

Also covers: DOCS, HSIC

Sebastian Sandler

JPMorgan Chase & Co.

1 question for ICLR

Also covers: ADPT, CAI

Latest news

Recent press releases and 8-K filings for ICLR.

ICON plc Faces Investigation Over Revenue Overstatement

ICLR

Financial Restatement

Legal Proceedings

Guidance Update

ICON plc (ICLR) is facing an investigation by Levi & Korsinsky, LLP following the company's February 12, 2026 disclosure of preliminary evidence indicating revenue overstatements of up to two percent for fiscal years 2023 and 2024.
This disclosure led to the delay of its fourth-quarter and full-year 2025 financial results and caused ICLR shares to decline approximately 40 percent.
The potential overstatement, estimated at approximately $160 million per year based on reported full-year revenue exceeding $8 billion, could materially alter earnings per share and operating margins.
Previous full-year 2025 revenue guidance of $8.05 billion to $8.1 billion and adjusted EPS of $13 to $13.20, provided on October 23, 2025, did not reference the ongoing investigation.

Feb 18, 2026, 2:00 PM

Press Release

ICON plc Shares Crater Amid Revenue Recognition Investigation and Delayed Filings

ICLR

Financial Restatement

Legal Proceedings

Guidance Update

ICON plc's (ICLR) shares dropped approximately 49% on February 12, 2026, resulting in a loss of over $5 billion of market capitalization.
The company disclosed an ongoing internal investigation into its accounting practices and controls, specifically concerning revenue recognition for fiscal years 2023 through 2025.
As a consequence, ICON plc will not timely file its Q4 and FY 2025 financial reports, and the investigation has revealed that 2023 and 2024 revenue may have been overstated.
ICON plc expects to report material weaknesses in its internal control over financial reporting and has withdrawn its previously issued FY 2025 financial guidance.
Shareholder rights law firm Hagens Berman is investigating whether ICON plc may have violated federal securities laws.

Feb 13, 2026, 1:14 PM

Press Release

ICON plc Shares Drop Amid Revenue Recognition Investigation and Delayed Financial Reports

ICLR

Financial Restatement

Accounting Changes

Legal Proceedings

ICON plc's shares plunged about 49% on February 12, 2026, following the disclosure of an internal investigation into its revenue recognition practices for fiscal years 2023 through 2025.
The company announced it would not timely file its Q4 and FY 2025 financial reports due to this investigation, which began in late October 2025.
The investigation has so far indicated that revenue for 2023 and 2024 may have been overstated, and ICON expects to report material weaknesses in its internal control over financial reporting.
As a result, ICON has withdrawn its previously issued FY 2025 financial guidance.

Feb 12, 2026, 9:32 PM

Press Release

ICON Delays Results and Withdraws Guidance Amid Accounting Probe

ICLR

Financial Restatement

Guidance Update

Accounting Changes

ICON plc has delayed its fourth-quarter and full-year 2025 results and withdrawn its 2025 guidance due to an internal investigation into revenue recognition, which began in late October 2025.
Preliminary findings indicate that 2023 and 2024 revenue may have been overstated by under 2% in each year, and the company expects to report one or more material weaknesses in internal controls.
Following this disclosure, ICON shares experienced a sharp decline, with intraday drops ranging from approximately 35% to 50%.
The company plans to release the delayed results on or before April 30.

Feb 12, 2026, 12:29 PM

Bloomberg

ICON plc Updates on Q4 and Full Year 2025 Earnings Timing Amid Accounting Investigation

ICLR

Financial Restatement

Accounting Changes

Guidance Update

ICON plc intends to release its fourth quarter and full year 2025 earnings results on or prior to April 30, 2026.
An ongoing internal investigation, initiated in late October 2025, is examining certain accounting practices and controls, primarily focusing on revenue recognition in fiscal years 2023 through 2025.
Preliminary indications suggest that revenue for 2023 and 2024 may have been overstated by less than 2% for each fiscal year.
The company anticipates reporting one or more material weaknesses in internal controls over financial reporting and has withdrawn its previously issued 2025 full year financial guidance due to the ongoing investigation.

Feb 12, 2026, 11:02 AM

6-K

ICON plc Updates on Earnings Timing and Accounting Investigation

ICLR

Financial Restatement

Accounting Changes

Guidance Update

ICON plc announced it will release its fourth quarter and full year 2025 earnings results on or prior to April 30, 2026, following a delay due to an ongoing internal investigation.
The investigation, initiated in late October 2025, primarily focuses on revenue recognition in fiscal years 2023 through 2025. Preliminary indications suggest revenue in 2023 and 2024 may have been overstated by less than 2% for each fiscal year.
As a result of the investigation, ICON expects to report material weaknesses in its internal controls over financial reporting and has withdrawn its previously issued 2025 full year financial guidance.

Feb 12, 2026, 11:00 AM

Press Release

ICON's 2025 Biotech Survey Highlights China's Dominance and R&D Shifts

ICLR

ICON's 2025 global biotech survey indicates strong industry resilience, with 92% of leaders expecting to hit their next investment milestone and three out of four biotechs planning to increase R&D spend in the next two years.
Funding remains a significant challenge, as 41% of organizations are actively seeking additional R&D funding, a 27% increase since 2023, with APAC biotechs showing higher reliance on venture capital funding.
The survey highlights a shift in R&D priorities, with cell therapy now the most prominent next-generation modality at 40%, and neurology (44%), cardiovascular (39%), and immune disorders (32%) becoming leading therapeutic focus areas globally.
China is emerging as a global innovation powerhouse, driving collaboration and accelerating R&D, with its biotechs expressing greater confidence in investment and product success compared to global counterparts.
Digital technologies, especially AI-enabled asset selection, are anticipated to significantly accelerate R&D processes, with 76% of respondents expecting this impact within the next two years.

Dec 9, 2025, 12:15 PM

Press Release

ICON Reports Demand Inflection and Discusses Margin Pressures

ICLR

Revenue Acceleration/Inflection

Guidance Update

New Projects/Investments

ICON (ICLR) is experiencing an inflection point in demand, with RFP flows up at least mid-single digits across the board, and stronger in biotech, based on Q2, Q3, and Q4 2025 data.
The company anticipates approximately 150 basis points of margin pressure in 2025, primarily due to negative operating leverage from decreased revenue and an increased proportion of pass-throughs. Renewed strategic partnerships from 2023-2024 are expected to negatively impact 2026 margins.
ICON is strategically focused on expanding partnerships with mid-tier companies (ranked 20-60 by R&D spend) and improving win rates in the biotech sector, where its share of wallet is currently lower.
The company is evolving its Functional Service Provider (FSP) model to focus on value-based economics and efficiency gains, moving away from purely FTE-driven pricing, and is willing to underwrite savings for clients. ICON plans to deploy approximately $300 million over the next three years in disruptive digital innovation, mainly in AI.

Nov 19, 2025, 9:00 AM

Transcript

ICON Discusses Demand Inflection and Margin Pressures at Jefferies Conference

ICLR

Revenue Acceleration/Inflection

Guidance Update

ICON's CEO, Barry Balfe, reported a period of inflection with mid-single digit increases in RFP flows across the board, particularly strong in biotech, and improved gross bookings in Q2 and Q3.
The company has experienced pricing pressure in 2023-2024 due to renewals of preferred provider relationships, but is now observing a shift towards value-based economics focused on efficiency in drug development.
CFO Nigel Clerkin indicated that margins are under pressure for the current year, primarily due to negative operating leverage from decreased revenues, pricing impacts from renewed partnerships, and an increasing proportion of pass-throughs, leading to an expected 150 basis points lower EBITDA margin compared to last year's 21%.
ICON is focused on expanding strategic partnerships into the mid-tier companies (20-60 by R&D spend), where its current share of wallet is lower than with top pharma or biotech clients.

Nov 19, 2025, 9:00 AM

Transcript

ICON Reports Demand Inflection and Discusses Margin Pressures

ICLR

Revenue Acceleration/Inflection

Guidance Update

Layoffs

CEO Barry Balfe reported an inflection point in demand, with mid-single digit increases in RFP flows across the board, particularly strong in biotech, observed in Q2, Q3, and quarter-to-date Q4.
CFO Nigel Clerkin highlighted anticipated negative margin impact in the upcoming year due to renewed strategic partnerships from 2023-2024 and an additional 50 basis points of margin pressure in the current year from increased pass-throughs, on top of 100 basis points from negative operating leverage.
ICON is addressing margin pressures through cost discipline, including a 5% reduction in headcount by the end of Q3 compared to last year-end, driven by lower demand and efficiency gains.
The company is expanding strategic partnerships, now with 17 or 18 of the top 20 pharma companies (up from 13), and has seen a 25%-26% increase in biotech opportunity flow over the past year, with a focus on improving mid-tier partnerships.
ICON is transitioning to value-based economics, with milestone-based contracts now completely flipping the previous 60/40 split with unit-based contracts, indicating a focus on shared benefits for efficiency.