Earnings release
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Exhibit 99.1 ICON Reports Third Quarter 2025 Results Highlights • Quarter three revenue was $2,042.8 million representing an increase of 1.3% on quarter two 2025. • Net income for the quarter was $2.4 million or $0.03 per diluted share. • Quarter three adjusted EBITDA was $396.7 million or 19.4% of revenue, representing an increase of 0.2% on quarter two 2025. • Quarter three adjusted net income was $258.8 million or $3.31 per diluted ordinary share. • Gross business wins in the quarter of $2,986 million, representing an increase of 0.7% on quarter two 2025. • Net business wins in the quarter of $2,086 million, representing an increase of 1.4% on quarter two 2025; a net book to bill in the quarter of 1.02. • Net debt was $2.9 billion at September 30, 2025 with a net debt to adjusted EBITDA ratio of 1.8x. • Free cash flow was $333.9 million in the quarter and $687.2 million year to date. • $250.0 million worth of stock repurchased in quarter three at an average price of $175 per share. • Amending full-year 2025 financial revenue guidance to a range of $8,050 - $8,100 million, an increase of $75 million at the midpoint from the prior full-year guidance range. Updating full-year 2025 adjusted diluted earnings per share* guidance to a range of $13.00 - $13.20. Adjusted diluted earnings per share excludes amortization, stock compensation, restructuring, foreign exchange, transaction-related / integration-related adjustments, goodwill impairment and their related taxation effect. Dublin, Ireland, October 22, 2025 – ICON plc (NASDAQ: ICLR), a world-leading clinical research organization, today reported its financial results for the third quarter ended September 30, 2025. CEO, Mr. Barry Balfe commented, “ICON’s results in quarter three were reflective of broad market conditions, as we continued to partner with customers to navigate an uncertain environment. We are pleased with solid gross business wins and revenue in the quarter, resulting in a net book to bill ratio of 1.02 times. While we are encouraged by increased opportunity flow in the quarter, this is tempered by ongoing challenges in the sector including delayed decision making, elevated cancellations and uncertainty in the macro environment. We are amending our full-year financial guidance to reflect these dynamics, in addition to the impact of higher pass-through revenues.'' Third Quarter 2025 Results Gross business wins in the third quarter were $2,986 million and cancellations were $901 million. This resulted in net business wins of$2,086 million and a book to bill of 1.02. Revenue for the third quarter was $2,042.8 million. This represents an increase of 0.6% on quarter three 2024 or a 1.0% decrease on aconstant currency basis. Following a quantitative assessment of goodwill performed as part of the annual impairment assessment at September 30, 2025, a non-cash goodwill impairment charge of $165.3 million was recorded in respect of the Data Solutions Reporting Unit. GAAP net income was $2.4 million, resulting in $0.03 diluted earnings per share in quarter three 2025 compared to $2.36 diluted earnings per share in quarter three 2024. Adjusted net income for the quarter was $258.8 million, resulting in an adjusted diluted earnings per share of $3.31 compared to $3.35 per share for the third quarter 2024. Adjusted EBITDA for the third quarter was $396.7 million or 19.4% of revenue, a decrease of 5.3% on quarter three 2024. The effective tax rate on adjusted net income in quarter three 2025 was 16.5%.
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Cash generated from operating activities for the quarter was $387.6 million. During the quarter $53.7 million was spent on capital expenditure. $250.0 million worth of stock was repurchased at an average price of $175 per share. Additionally, $7.4 million of Term Loan B payments were made during the quarter. At September 30, 2025, the Group had cash and cash equivalents of $468.9 million, compared to cash and cash equivalents of $390.4 million at June 30, 2025 and $695.5 million at September 30, 2024. Net indebtedness as at September 30, 2025 was $2.9 billion. Year to date 2025 Results Gross business wins year to date were $8,633 million and cancellations were $2,469 million. This resulted in net business wins of $6,164million and a book to bill of 1.02. Revenue year to date was $6,061.5 million. This represents a year on year decrease of 2.9% or 3.3% on a constant currency basis. Following a quantitative assessment of goodwill performed as part of the annual impairment assessment at September 30, 2025, a non- cash goodwill impairment charge of $165.3 million was recorded in respect of the Data Solutions Reporting Unit. GAAP net income year to date was $339.5 million, resulting in $4.27 diluted earnings per share. Year to date adjusted net income was $776.6 million, resulting in an adjusted diluted earnings per share of $9.77 compared to $10.57 per share for the equivalent prior year period. Adjusted EBITDA year to date was $1,183.4 million or 19.5% of revenue, a year on year decrease of 9.9%. The effective tax rate on adjusted net income year to date was 16.5%. Cash generated from operating activities year to date was $802.0 million. Year to date $114.9 million was spent on capital expenditure, $750.0 million worth of stock was repurchased at an average price of $167 per share and $22.3 million of Term Loan B payments were made. Other Information 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 and adjusted diluted earnings per share. Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share exclude amortization, stock compensation, foreign exchange gains and losses, restructuring, transaction-related / integration-related adjustments, goodwill impairment 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. ICON will hold a conference call on October 23, 2025 at 08:00 EDT [13:00 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. This press release contains forward-looking statements, including statements about our financial guidance. These statements are based on management's current expectations and information currently available, including current economic and industry conditions. These statements are not guarantees of future performance or actual results, and actual results, developments and business decisions may differ from those stated in this press release. The forward-looking statements are subject to future events, risks, uncertainties and other factors that could cause actual results to differ materially from those projected in the statements, including, but not limited to, the ability to enter into new contracts, maintain client relationships, manage the opening of new offices and offering of new services, the integration of new business mergers and acquisitions, as well as other economic and global market conditions and other risks and uncertainties detailed from time to time in SEC reports filed by ICON, all of which are difficult to predict and some of which are beyond our control. For these reasons, you should not place undue reliance on these forward-looking statements when making investment decisions. The word "expected" and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only as of the date they are made and we do not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise. More information about the risks and uncertainties relating to these forward-looking statements may be found in SEC reports filed by ICON, including its Form 20-F, F-1, F-4, S-8, F-3 and certain other reports, which are available on the SEC's website at http://www.sec.gov. * Our full-year 2025 guidance adjusted diluted earnings per share measures are provided on a non-GAAP basis because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the company is unable to address the probable significance of the unavailable information.
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ICON plc is a world-leading clinical research organization. From molecule to medicine, we advance clinical research providing outsourced services to pharmaceutical, biotechnology, medical device and government and public health organizations. We develop new innovations, drive emerging therapies forward and improve patient lives. With headquarters in Dublin, Ireland, ICON employed approximately 39,800 employees in 95 locations in 55 countries as at September 30, 2025. For further information about ICON, visit: www.iconplc.com. Source: ICON plc Contact: 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 All at ICON ICON/ICLR-F
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ICON plc CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024 (UNAUDITED) Three Months Ended Nine Months Ended September 30,2025 September 30,2024 September 30,2025 September 30,2024 (in thousands, except share and per share data) Revenue $ 2,042,812 $ 2,030,030 $ 6,061,501 $ 6,240,575 Costs and expenses: Direct costs 1,488,364 1,438,616 4,386,801 4,403,583 Selling, general and administrative 197,049 205,095 600,439 576,903 Depreciation and amortization 98,495 93,029 292,171 391,845 Transaction and integration related 7,020 7,856 19,141 21,667 Restructuring — — 82,296 45,789 Goodwill impairment 165,300 — 165,300 — Total costs and expenses 1,956,228 1,744,596 5,546,148 5,439,787 Income from operations 86,584 285,434 515,353 800,788 Interest income 1,761 2,434 5,617 5,601 Interest expense (50,243) (53,303) (148,003) (185,808) Income before income tax expense 38,102 234,565 372,967 620,581 Income tax expense (35,747) (37,437) (33,489) (89,105) Net income $ 2,355 $ 197,128 $ 339,478 $ 531,476 Net income per Ordinary Share: Basic $ 0.03 $ 2.38 $ 4.29 $ 6.43 Diluted $ 0.03 $ 2.36 $ 4.27 $ 6.38 Weighted average number of Ordinary Shares outstanding: Basic 77,373,534 82,831,300 79,057,239 82,716,842 Diluted 78,082,459 83,445,827 79,518,086 83,305,441
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ICON plc CONDENSED CONSOLIDATED BALANCE SHEETS AS AT SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 (UNAUDITED) September 30,2025 December 31,2024 ASSETS (in thousands) Current assets: Cash and cash equivalents $ 468,888 $ 538,785 Accounts receivable, net of allowance for credit losses 1,387,690 1,401,989 Unbilled revenue 1,258,706 1,286,274 Other receivables 91,018 79,487 Prepayments and other current assets 140,713 140,435 Income taxes receivable 61,626 83,523 Total current assets $ 3,408,641 $ 3,530,493 Non-current assets: Property, plant and equipment, net 390,837 382,879 Goodwill 8,927,323 9,051,410 Intangible assets, net 3,384,322 3,559,792 Operating right-of-use assets 134,341 147,602 Other receivables 89,932 72,796 Deferred tax asset 100,810 74,758 Investments in equity 71,284 57,948 Total Assets $ 16,507,490 $ 16,877,678 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 113,288 $ 173,025 Unearned revenue 1,528,343 1,614,758 Other liabilities 998,472 923,603 Income taxes payable 49,350 55,258 Current bank credit lines, loan facilities and notes 529,762 29,762 Total current liabilities $ 3,219,215 $ 2,796,406 Non-current liabilities: Non-current bank credit lines, loan facilities and notes, net 2,878,547 3,396,398 Lease liabilities 125,110 140,085 Non-current other liabilities 99,490 83,470 Non-current income taxes payable 105,832 125,834 Deferred tax liability 744,450 812,486 Commitments and contingencies — — Total Liabilities $ 7,172,644 $ 7,354,679 Shareholders' Equity: Ordinary shares, par value 6 euro cents per share; 100,000,000 shares authorized, 76,359,932 shares issued and outstanding at September 30, 2025 and 80,756,860 shares issued and outstanding at December 31, 2024 6,290 6,586 Additional paid-in capital 7,100,059 7,020,231 Other undenominated capital 1,606 1,304 Accumulated other comprehensive loss (86,944) (229,929) Retained earnings 2,313,835 2,724,807 Total Shareholders' Equity $ 9,334,846 $ 9,522,999 Total Liabilities and Shareholders' Equity $ 16,507,490 $ 16,877,678
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ICON plc CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024 (UNAUDITED) Nine Months Ended September 30,2025 September 30,2024 (in thousands) Cash flows provided by operating activities: Net income $ 339,478 $ 531,476 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 292,171 391,845 Goodwill impairment 165,300 — Impairment of operating right-of-use assets and related property, plant and equipment 5,573 12,559 Reduction in carrying value of operating right-of-use assets 29,473 29,820 Amortization of financing costs and debt discount 4,470 22,066 Stock compensation expense 72,529 41,183 Deferred tax benefit (91,788) (86,579) Unrealized foreign exchange movements 24,661 34,018 Other non-cash items 20,561 26,828 Changes in operating assets and liabilities: Accounts receivable 1,013 352,795 Unbilled revenue 25,979 (423,533) Unearned revenue (101,089) (72,930) Other net assets and liabilities 13,712 88,790 Net cash provided by operating activities 802,043 948,338 Cash flows used in investing activities: Purchase of property, plant and equipment (114,885) (106,772) Purchase of subsidiary undertakings (net of cash acquired) (2,537) (85,629) Movement of available for sale investments — 1,954 Proceeds from investments in equity 2,114 2,671 Purchase of investments in equity (16,286) (10,131) Net cash used in investing activities (131,594) (197,907) Cash flows used in financing activities: New Notes issue costs — (12,678) Drawdown of credit lines and loan facilities 50,000 2,242,480 Repayment of credit lines and loan facilities (72,321) (2,595,323) Proceeds from exercise of equity compensation 7,319 32,379 Share issue costs (14) (17) Repurchase of ordinary shares (750,000) (100,000) Share repurchase costs (450) (68) Net cash used in financing activities (765,466) (433,227) Effect of exchange rate movements on cash 25,120 201 Net (decrease) / increase in cash and cash equivalents (69,897) 317,405 Cash and cash equivalents at beginning of period 538,785 378,102 Cash and cash equivalents at end of period $ 468,888 $ 695,507
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ICON plc RECONCILIATION OF NON-GAAP MEASURES FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024 (UNAUDITED) Three Months Ended Nine Months Ended September 30,2025 September 30,2024 September 30,2025 September 30,2024 (in thousands, except share and per share data) Adjusted EBITDA Net income $ 2,355 $ 197,128 $ 339,478 $ 531,476 Income tax expense 35,747 37,437 33,489 89,105 Net interest expense 48,482 50,869 142,386 180,207 Depreciation and amortization 98,495 93,029 292,171 391,845 Stock-based compensation expense 46,191 13,038 73,918 41,183 Foreign currency (gains)/losses, net (6,860) 19,434 35,250 11,960 Restructuring — — 82,296 45,789 Transaction and integration related costs 7,020 7,856 19,141 21,667 Goodwill impairment 165,300 — 165,300 — Adjusted EBITDA $ 396,730 $ 418,791 $ 1,183,429 $ 1,313,232 Adjusted net income and adjusted diluted net income perOrdinary Share Net income $ 2,355 $ 197,128 $ 339,478 $ 531,476 Income tax expense 35,747 37,437 33,489 89,105 Amortization 58,688 58,026 176,691 291,013 Stock-based compensation expense 46,191 13,038 73,918 41,183 Foreign currency (gains)/losses, net (6,860) 19,434 35,250 11,960 Restructuring — — 82,296 45,789 Transaction and integration related costs 7,020 7,856 19,141 21,667 Transaction-related financing costs 1,499 1,462 4,470 22,066 Goodwill impairment 165,300 — 165,300 — Adjusted tax expense (51,140) (55,173) (153,455) (173,953) Adjusted net income $ 258,800 $ 279,208 $ 776,578 $ 880,306 Diluted weighted average number of Ordinary Sharesoutstanding 78,082,459 83,445,827 79,518,086 83,305,441 Adjusted diluted net income per Ordinary Share $ 3.31 $ 3.35 $ 9.77 $ 10.57 (a) (b) (c) (d) (f) (a) (b) (c) (d) (e) (f) (g)
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(a) Stock-based compensation expense represents the amount of expense related to the company’s equity compensation programs (inclusive of employer related taxes). (b) Foreign currency (gains)/losses, net relates to losses or gains that arise in connection with the revaluation, or settlement, of non- US dollar denominated assets and liabilities. We exclude these losses and gains from adjusted EBITDA and adjusted net income because fluctuations from period- to- period do not necessarily correspond to changes in our operating results. (c) Restructuring relates to charges incurred in connection with the company's realignments of its workforce, with the elimination of redundant positions as well as reviewing its global office footprint and optimizing its locations to best fit the requirements of the company. (d) Transaction and integration related costs include expenses associated with our acquisitions and any other costs incurred directly related to the integration of these acquisitions. (e) Transaction-related financing costs includes costs incurred in connection with changes to our long-term debt and amortization of financing fees. We exclude these costs from adjusted EBITDA and adjusted net income because they result from financing decisions rather than from decisions made related to our ongoing operations. (f) Goodwill impairment relates to an impairment of goodwill allocated to the Company's Data Solutions reporting unit. (g) Represents the tax effect of adjusted pre-tax income at our estimated effective tax rate. ICON plc Contact: 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 http://www.iconplc.com