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ICON plc Q2 2026 Results Period Ended June 30, 2026
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Additional Information Statements included in this presentation which are not historical facts are forward-looking statements. All statements other than statements of historical fact are forward-looking. Examples of forward-looking statements include, but are not limited to, statements regarding the following: anticipated financial results for 2026; the remediation of material weaknesses in the Company’s internal control over financial reporting and the implementation of the Company’s corrective action plan; the Company’s expectations regarding business momentum, demand trends, commercial performance and competitive position; and the Company’s expectations with respect to its long-term value creation and growth. You can identify many forward-looking statements by words such as “anticipates”. “believes”, “could”, “estimates”, “expects”, “guidance”, “intends”, “may”, “opportunities”, “plans”, “position”, “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. Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with the Company’s business, and forward-looking statements are not guarantees of future performance. Such 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; risks relating to the Company’s strategic partnerships; the dependence on certain key executives, changes in the regulatory environment; exchange rate fluctuations; inflations and rising labor costs; the risk that material weaknesses in the Company’s internal control over financial reporting are not remediated on the timeline expected or at all; the risk that the remediation measures and the corrective action plan do not adequately address the identified material weaknesses; and other factors, those factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 20-F most recently filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update publicly any forward-looking statement, either as a results of new information, future events or otherwise, except to the extent required by law. This presentation includes selected non-GAAP financial measures including, but not limited to, adjusted EBITDA and adjusted diluted earnings per share. Please refer to the Appendices of this presentation for reconciliations of Non-GAAP financial measures contained herein to the most directly comparable GAAP financial measures. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, we believe certain non-GAAP information is useful to investors for historical comparison purposes. The 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 GAAP measures without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The information contained in this presentation is being provided for your convenience and information only. This information is accurate as of the date of its initial presentation. If you plan to use this information for any purpose, verification of its continued accuracy is your responsibility. ICON assumes no duty to update or revise the information contained in this presentation.
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2 Q2 2026 Key Considerations Key metrics in quarter two ▪ Net business wins of $3,120m; 1.51x net book-to-bill ▪ Revenue of $2,063m ▪ Adjusted EBITDA margin of 15.9% ▪ Adjusted EPS of $2.56 Constructive demand; dynamic environment ▪ Increased RFP flow: notable growth in biotech, moderated in large pharma ▪ Balanced award profile: strong win rates in large and mid-size pharma ▪ Progressing cross-selling initiatives Investing in innovation to further unlock value for our customers ▪ Strategic collaborations with Anthropic and Microsoft, accelerating innovation across the clinical trial lifecycle ▪ Investments in proprietary technology platforms to support growth in areas such as COAs & complex therapies
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2,039 2,084 2,113 2,034 2,063 500 700 900 1,100 1,300 1,500 1,700 1,900 2,100 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 3 Revenue In $m
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24.6% 25.0% 24.0% 14.7% 15.3% 15.5% 25.7% 23.1% 25.0% 35.0% 36.6% 35.5% Q2 2025 Q1 2026 Q2 2026 Percentage of Total Revenue 4 Customer Concentration & Diversification Top 1-5 Customers Top 6-10 Customers Top 11-25 Customers All other Customers (26+) Average revenue per customer (Q2 2026): Top 1-5: c5% on average Top 6-10: c3% on average Top 11-25: c1.7% on average
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2,039 2,084 2,113 2,034 2,063 20.5% 18.6% 15.5% 15.6% 15.9% - 500 1,000 1,500 2,000 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue EBITDA Margin % 5 Adjusted EBITDA Margin Notes: All values exclude stock compensation, FX, restructuring, fair value movements on investment in equity, goodwill impairment, loss on disposal of subsidiary undertakings, impairment of non-financial assets, transaction-related / integration-related costs and other costs Adjusted EBITDA Margin is a non-GAAP financial measure. Refer to “Forward Looking Statement” at the beginning of this presentation for a discussion of our non- GAAP financial measures In $m, unless otherwise noted
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3.52 3.20 2.52 2.50 2.56 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 6 Adjusted Earnings per Share Notes: All values exclude amortization, stock compensation, FX, restructuring, fair value movements on investment in equity, goodwill impairment, loss on disposal of subsidiary undertakings, impairment of non-financial assets, transaction-related / integration-related costs other costs and their related taxation effect Adjusted earnings per share is a non-GAAP financial measure. Refer to “Forward Looking Statement” at the beginning of this presentation for a discussion of our non-GAAP financial measures In $
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3.0 3.0 3.2 3.3 3.7 (0.9) (0.9) (0.4) (0.4) (0.6) 2.1 2.1 2.9 2.9 3.1 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Gross Business Wins Cancellations Net Business Wins 7 Net Business Win Detail Updated Backlog Reflecting Policy Changes Quarterly Detail Impact of Updated Policy 3.7 (0.4) 3.3 Q2 2026 (Previous Policy) 1.01x Net Book-to-Bill 1.42x Net Book-to-Bill 1.36x Net Book-to-Bill 1.00x Net Book-to-Bill 1.51x Net Book-to-Bill In $bn, unless otherwise noted 1.61x Net Book-to-Bill
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8 Non-GAAP and GAAP Backlog Detail $22.7bn Reported Backlog At Mar 31, 2026 $23.4bn +3.0% Reported Backlog At June 30, 2026 $15.7bn +4.5% Unsatisfied Performance Obligation At June 30, 2026 Q2’26 Revenue Q2’26 Net Business Wins $2.1bn $3.1bn • Awarded projects not yet contracted • Adjustments to realizable value on contracted awards $7.7bn $0.3bn Symphony Divestment $15.0bn Unsatisfied Performance Obligation At Mar 31, 2026
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9 Backlog Metrics 24.9 25.1 21.1 21.8 22.7 8.2% 8.3% 10.0% 9.3% 9.1% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Opening Backlog Burn rate Updated Backlog Reflecting Policy Changes In $bn, unless otherwise noted
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10 Balance Sheet $m (unless otherwise stated) 30-Jun-26 31-Mar-26 30 Jun-25 Cash and Cash Equivalents 928.4 765.2 390.4 Total Debt (3,390.5) (3,396.5) (3,414.3) Net (Debt) / Cash (2,462.2) (2,631.3) (3,023.9) Net Debt / TTM Adj EBITDA Ratio 1.8x 1.8x 1.8x
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11 Cash Flow Quarterly Cash Flow ($m) Q2 2026 Q1 2026 Q2 2025 Cash from Operating Activities 281.3 167.0 146.2 Capital Expenditure (42.4) (30.8) (32.3) Free Cash Flow 238.9 136.2 113.9 TTM Cash Flow ($m) Q2 2026 Q1 2026 Q2 2025 Cash from Operating Activities 1,070.0 935.0 1,155.4 Capital Expenditure (186.2) (176.1) (165.8) Free Cash Flow 883.8 758.9 989.6
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12 2026 Financial Guidance & Outlook Full-year 2025 Actual Results Full-year 2026 Guidance Revenue $8,251m $7,850m - $8,150m Adjusted EPS* $12.53 $10.00 - $11.00 *Adjusted EPS values exclude amortization, stock compensation, FX, restructuring, fair value movements on investment in equity, goodwill impairment, impairment of non-financial assets, loss on disposal of subsidiary undertakings, transaction-related / integration-related costs other costs and their related taxation effect Key Assumptions for 2026 Guidance – Excludes future share repurchases – Excludes future M&A – Total capital expenditure spend of c$200m
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Appendices
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Reconciliation of Non-GAAP Measures (Adjusted EBITDA) $000 Q2 2025 Q2 2026 Adjusted EBITDA Net income 203,516 72,582 Income tax expense / (benefit) (20,674) 19,615 Net interest expense 48,097 45,632 Depreciation and amortization 97,718 90,767 Stock-based compensation expense (a) 15,433 19,436 Foreign currency losses/ (gains), net (b) 24,015 670 Restructuring (c) 42,950 20,904 Transaction, integration related and other (d) 6,717 24,693 Loss on disposal of subsidiary undertaking (f) 32,947 Adjusted EBITDA 417,772 327,246 Adjusted EBITDA Margin % 20.5% 15.9%
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Reconciliation of Non-GAAP Measures (Adjusted Net Income & Adjusted EPS) $000 except share and per share data Q2 2025 Q2 2026 Adjusted net income and adjusted diluted net income per Ordinary Share Net Income 203,516 72,582 Income tax expense / (benefit) (20,674) 19,615 Amortization 59,057 50,108 Stock-based compensation expense (a) 15,433 19,436 Foreign currency losses/ (gains), net (b) 24,015 670 Restructuring (c) 42,950 20,904 Transaction, integration related and other (d) 6,717 24,693 Transaction-related financing costs (e) 1,506 2,182 Loss on disposal of subsidiary undertaking (f) 32,947 Adjusted tax expense (g) (52,206) (44,737) Adjusted net income 280,314 198,400 Diluted weighted average number of Ordinary Shares outstanding 79,547,444 77,371,396 Adjusted diluted net income per Ordinary Share 3.52 2.56
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16 Adjusted Net Income Reconciliation $000 except share and per share data GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue 2,039,088 - 2,039,088 2,063,486 - 2,063,486 Costs and expenses: Direct costs (excluding depreciation and amortization) (a) 1,455,758 (9,290) 1,446,468 1,584,192 (12,422) 1,571,770 Selling, general and administrative (a),(b),(d) 205,006 (30,158) 174,848 194,318 (29,848) 164,470 Depreciation and amortization 97,718 (59,057) 38,661 90,767 (50,108) 40,659 Restructuring (c) 42,950 (42,950) - 20,904 (20,904) - Transaction and integration related (d) 6,717 (6,717) - 2,529 (2,529) - Loss on disposal of subsidiary undertaking (f) 32,947 (32,947) - Total costs and expenses 1,808,149 (148,172) 1,659,977 1,925,657 (148,758) 1,776,899 Income from operations 230,939 148,172 379,111 137,829 148,758 286,587 Net interest expense (e) (48,097) 1,506 (46,591) (45,632) 2,182 (43,450) Income before income tax expense 182,842 149,678 332,520 92,197 150,940 243,137 Income tax expense (g) 20,674 (72,880) (52,206) (19,615) (25,122) (44,737) Net Income 203,516 76,798 280,314 72,582 125,818 198,400 Diluted weighted average number of Ordinary Shares outstanding 79,547,444 79,547,444 77,371,396 77,371,396 Diluted net income per Ordinary Share 2.56 3.52 0.94 2.56 Q2 2026Q2 2025
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Reconciliation of Non-GAAP Measures Notes (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 realignment 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, integration related and other costs include expenses associated with our acquisitions and any other costs incurred related to the integration of these acquisitions. Further, costs incurred in quarter two 2026 relating to the Investigation, including out of scope audit fees resulting from the impact of the investigation, and in defense of the Putative Class Action are classified within this category. (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 net income because they result from financing decisions rather than from decisions made related to our ongoing operations. (f) On May 8, 2026, ICON completed the disposal of Symphony Health Solutions Corporation. The Company recognized a pre-tax loss on disposal, including transaction costs, of $32.9 million. This loss is excluded from adjusted EBITDA and adjusted net income. (g) Represents the tax effect of adjusted pre-tax income at our estimated effective tax rate.
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