Slide 1: ICON plc Q1 2026 Results
ICON plc Q1 2026 Results Period Ended March 31, 2026
Slide 2: Additional Information
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
Slide 3: Q1 2026 Key Considerations
Q1 2026 Key Considerations Key metrics in quarter one Net business wins of $2,880m; 1.42x net book-to-bill Revenue of $2,034m Adjusted EBITDA margin of 15.6% Adjusted EPS of $2.50 Continued execution on commercial strategy; constructive demand environment RFP flow driven by full-service bi
Slide 4: Revenue
Revenue In $m 2,039 2,084 2,113 2,015 2,034 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 3
Slide 5: Customer Concentration & Diversification
Customer Concentration & Diversification Percentage of Total Revenue Average revenue per customer (Q1 2026): Q1 2026 25.0% 15.3% 23.1% 36.6% Top 1-5: c5% on average Q4 2025 25.9% 14.2% 23.8% 36.1% Top 6-10: c3% on average Q1 2025 24.6% 15.4% 23.6% 36.4% Top 11-25: c1.5% on average Top 1-5 Customers
Slide 6: Adjusted EBITDA Margin
Adjusted EBITDA Margin In $m, unless otherwise noted 2,084 2,113 2,015 2,039 2,034 2,000 1,500 19.8% 20.5% 18.6% 15.5% 15.6% 1,000 500 - Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Revenue EBITDA Margin % Notes: All values exclude stock compensation, FX, restructuring, fair value movements on investment
Slide 7: Adjusted Earnings per Share
Adjusted Earnings per Share In $ 3.52 3.27 3.20 2.52 2.50 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Notes: All values exclude amortization, stock compensation, FX, restructuring, fair value movements on investment in equity, goodwill impairment, impairment of non- financial assets, transaction-related
Slide 8: Non-GAAP and GAAP Backlog Detail
Non-GAAP and GAAP Backlog Detail Q1’26 • Awarded projects not yet Q1’26 Net Business contracted Revenue Wins • Adjustments to realizable value $2.0bn $2.9bn on contracted awards $22.7bn $7.7bn $21.8bn $15.0bn Reported Backlog Reported Backlog Unsatisfied Performance At Dec 31, 2025 At March 31, 2026
Slide 9: Net Business Win Detail
Net Business Win Detail In $bn, unless otherwise noted Quarterly Detail Updated Backlog Impact of Updated Policy Reflecting Policy Changes 1.24x Net 1.40x Net 1.00x Net 1.00x Net 1.36x Net 1.42x Net Book-to-Bill Book-to-Bill 1.01x Net Book-to-Bill Book-to-Bill Book-to-Bill Book-to-Bill Book-to-Bill
Slide 10: Backlog Metrics
Backlog Metrics In $bn, unless otherwise noted Updated Backlog Reflecting Policy Changes 24.8 24.9 25.1 21.1 21.8 10.0% 9.3% 8.1% 8.2% 8.3% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Opening Backlog Burn rate 9
Slide 11: Balance Sheet
Balance Sheet $m (unless otherwise stated) 31-Mar-26 31-Dec-25 31-Mar-25 Cash and Cash Equivalents 765.2 647.3 526.7 Total Debt (3,396.5) (3,402.4) (3,420.2) Net (Debt) / Cash (2,631.3) (2,755.1) (2,893.5) Net Debt / TTM Adj EBITDA Ratio 1.8x 1.8x 1.7x 10
Slide 12: Cash Flow
Cash Flow Quarterly Cash Flow ($m) Q1 2026 Q4 2025 Q1 2025 Cash from Operating Activities 167.0 234.2 268.2 Capital Expenditure (30.8) (59.3) (28.9) Free Cash Flow 136.2 174.8 239.3 TTM Cash Flow ($m) Q1 2026 Q4 2025 Q1 2025 Cash from Operating Activities 935.0 1,036.2 1,227.8 Capital Expenditure (1
Slide 13: 2026 Financial Guidance & Outlook
2026 Financial Guidance & Outlook Full-year 2025 Full-year 2026 Actual Results Guidance Revenue $8,251m $7,850m - $8,150m Adjusted EPS* $12.53 $10.00 - $11.00 Key Assumptions for 2026 Guidance – Excludes future share repurchases – Excludes future M&A – Total capital expenditure spend of c$200m *Adju
Slide 14: Appendices
Appendices
Slide 15: Reconciliation of Non-GAAP Measures (Adjusted EBITDA)
Reconciliation of Non-GAAP Measures (Adjusted EBITDA) $000 Q1 2025 Q1 2026 Adjusted EBITDA Net income 160,812 104,751 Income tax expense 20,351 22,807 Net interest expense 45,807 46,176 Depreciation and amortization 95,958 90,331 Stock-based compensation expense (a) 12,294 26,982 Foreign currency lo
Slide 16: Reconciliation of Non-GAAP Measures (Adjusted Net Income & Adjusted EPS)
Reconciliation of Non-GAAP Measures (Adjusted Net Income & Adjusted EPS) $000 except share and per share data Q1 2025 Q1 2026 Adjusted net income and adjusted diluted net income per Ordinary Share Net Income 160,812 104,751 Income tax expense 20,351 22,807 Amortization 58,946 50,279 Stock-based comp
Slide 17: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Q1 2025 Q1 2026 $000 except share and per share data GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue 2,015,320 - 2,015,320 2,033,999 - 2,033,999 Costs and expenses: Direct costs (excluding depreciation and amortization) (a) 1,449,258 (5,381) 1,443,877 1
Slide 18: Reconciliation of Non-GAAP Measures Notes
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
Slide 19: ICONplc.com
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