ICLR Financials Icon Plc

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 81 d ago Overview →

Growth & profitability

Revenue has grown 24.2% per year over the past 5 years.
Net income has grown slower than revenue (-7.2% vs 24.2% per year).
Operating margin has contracted, at 5.4% in the latest year.
Free cash flow has grown 10.3% per year over the past 5 years.

Financial health

Total debt ($2.9B) exceeds cash ($647M); net debt is $2.2B.
Total debt has grown faster than revenue (52.5% vs 24.2% per year).
Operating income covered interest expense 2.2× in the latest year.
Total debt is 3.5× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$8.3B	$229M	0.0%	5.4%	2.5%	1.4%	$862M	$2.9B	$647M
2024	$8.2B	$739M	28.6%	12.6%	7.8%	4.4%	$1.1B	$3.4B	$539M
2023	$8.1B	$554M	29.0%	11.2%	6.0%	3.3%	$1.0B	$3.8B	$378M
2022	$7.7B	$505M	28.6%	10.3%	5.9%	2.9%	$421M	$4.7B	$289M
2021	$5.5B	$153M	27.5%	6.9%	1.9%	0.9%	$735M	$5.5B	$752M
2020	$2.8B	$332M	29.2%	14.0%	18.0%	9.7%	$527M	$348M	$840M
2019	$2.8B	$374M	29.6%	15.4%	23.1%	12.9%	$374M	—	$520M
2018	$2.6B	$323M	30.0%	14.4%	23.8%	13.7%	$220M	—	$396M
2017	$1.8B	$281M	41.6%	19.2%	23.6%	13.1%	$338M	—	$283M
2016	$1.7B	$262M	42.3%	18.7%	27.7%	14.4%	$217M	—	$193M
2015	—	$240M	—	—	31.4%	13.9%	$229M	—	$104M
2014	—	$172M	—	—	18.2%	11.3%	$137M	—	$119M
2013	—	$103M	—	—	11.3%	7.1%	$192M	—	$183M
2012	—	$55M	—	—	7.3%	4.6%	$83M	—	$114M
2011	—	$23M	—	—	3.4%	2.2%	-$15M	—	$119M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Mar '26	$2.0B	$105M	0.0%	8.5%	1.1%	0.6%	$136M	$2.9B	$765M
Dec '25	$2.2B	$149M	0.0%	-3.3%	1.6%	0.9%	$175M	$2.9B	$647M
Sep '25	$2.1B	-$284M	0.0%	-10.7%	-3.2%	-1.8%	$334M	$2.9B	$469M
Jun '25	$2.0B	$204M	0.0%	11.3%	2.1%	1.2%	$114M	$3.4B	$390M
Mar '25	$2.0B	$161M	0.0%	11.3%	1.7%	1.0%	$239M	$3.4B	$527M
Dec '24	$1.9B	$295M	0.0%	11.9%	3.1%	1.8%	$277M	$3.4B	$539M
Sep '24	$2.0B	$213M	0.0%	14.8%	2.2%	1.3%	$359M	$3.4B	$696M
Jun '24	$2.0B	$83M	0.0%	7.7%	0.9%	0.5%	$182M	$3.4B	$507M
Mar '24	$2.1B	$187M	0.0%	13.7%	2.0%	1.1%	$300M	$3.4B	$396M
Dec '23	$2.0B	$183M	0.0%	11.9%	2.0%	1.1%	$387M	$3.8B	$378M
Sep '23	$2.0B	$154M	0.0%	12.4%	1.7%	0.9%	$312M	$3.9B	$313M
Jun '23	$2.0B	$108M	0.0%	10.0%	1.2%	0.6%	$172M	$4.2B	$270M
Mar '23	$2.0B	$109M	0.0%	10.6%	1.3%	0.6%	$149M	$4.4B	$280M
Dec '22	$2.0B	—	0.0%	10.4%	0.0%	0.0%	-$116M	$4.7B	$289M
Sep '22	$1.9B	$160M	0.0%	12.5%	1.9%	0.9%	$176M	$4.8B	$609M
Jun '22	$1.9B	$116M	0.0%	9.2%	1.4%	0.7%	$154M	$5.0B	$615M
Mar '22	$1.9B	$112M	0.0%	9.0%	1.4%	0.7%	$207M	$5.1B	$559M
Dec '21	$1.9B	$76M	0.0%	7.7%	0.9%	0.4%	$242M	$5.5B	$752M
Sep '21	$1.9B	-$94M	0.0%	0.3%	-1.2%	-0.5%	$275M	$5.9B	$1.0B
Jun '21	$871M	$74M	0.0%	13.0%	3.6%	2.1%	$115M	—	$1.1B

Valuation over time

How the market has priced ICLR against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 33.4× (Mar '23) to 56.3× (Sep '26).
The price-to-sales ratio has fallen from 2.2× (Mar '23) to 1.6× (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Frequently asked questions

Is ICLR growing its revenue and profit?

Over the past 5 years, Icon Plc's revenue has grown 24.2% per year, and net income declined 7.2% per year. These are computed facts, not advice.

How much debt does ICLR have?

As of FY2025, Icon Plc reported $2.9B of total debt against $647M of cash; operating income covered interest expense 2.2×.

What is ICLR's profit margin?

In FY2025, gross margin was —, operating margin 5.4%, and net margin 2.8%.

What is ICLR's P/E ratio?

As of Sep '26, Icon Plc traded at a price-to-earnings ratio of about 56.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.