Icon Plc · NASDAQ:ICLR
Icon — Q3 2026 Earnings Presentation
16 slides from Icon's earnings presentation, Sep 30, 2026
Slide 1: ICON plc Q3 2026 Results
ICON plc Q3 2026 Results Period Ended September 30, 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: Q3 2026 Key Considerations
Q3 2026 Key Considerations Positive demand environment; sustained commercial excellence ▪ Record net business wins of $3,150m; 1.56x net book-to-bill; TTM direct fee book-to-bill 1.3x ▪ Enterprise partnership expansion across large pharma, mid-size and biotech customers ▪ AI-enabled digital platform
Slide 4: Key Financial Metrics
Key Financial Metrics Backlog ($bn) Revenue ($m) 30.0 20 . 0% 2,084 2,113 2,063 25.1 Updated Backlog Policy 18 . 0% 2,034 2,025 25.0 22.7 23.4 21.8 16 . 0% 21.1 14 . 0% 20.0 10.0% 12 . 0% 9.3% 9.1% 8.7% 15.0 8.3% 10 . 0% 8.0% 10.0 6.0% 4.0% 5.0 2.0% - 0.0% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3
Slide 5: Customer Concentration & Diversification
Customer Concentration & Diversification Percentage of Total Revenue Average revenue per customer (Q3 2026): Q3 2026 23.7% 15.2% 24.2% 36.9% Top 1-5: c5% on average Q2 2026 24.0% 15.5% 25.0% 35.5% Top 6-10: c3% on average Q3 2025 24.1% 14.8% 26.0% 35.1% Top 11-25: c1.6% on average Top 1-5 Customers
Slide 6: Net Business Win Detail
Net Business Win Detail In $bn, unless otherwise noted Quarterly Detail Impact of Updated Policy Updated Backlog Reflecting Policy Changes 1.00x Net 1.42x Net 1.51x Net 1.56x Net 1.68x Net 1.36x Net Book-to-Bill Book-to-Bill Book-to-Bill Book-to-Bill Book-to-Bill Book-to-Bill 3.7 3.8 3.8 3.2 3.3 3.0
Slide 7: Backlog Detail
Backlog Detail Q3’26 Net • Awarded projects not yet Q3’26 Business contracted Revenue Wins • Adjustments to realizable $2.0bn $3.2bn value on contracted awards $24.5bn +4.8% $8.1bn $23.4bn $16.4bn +4.6% $15.7bn Reported Backlog Reported Backlog Unsatisfied Unsatisfied At June 30, 2026 At Sep 30, 202
Slide 8: Balance Sheet
Balance Sheet $m (unless otherwise stated) 30-Sep-26 30-Jun-26 30 Sep-25 Cash and Cash Equivalents 809.0 928.4 468.9 Total Debt (3,379.1) (3,390.5) (3,408.3) Net (Debt) / Cash (2,570.1) (2,462.2) (2,939.4) Net Debt / TTM Adj EBITDA Ratio 2.0x 1.8x 1.8x 7
Slide 9: Cash Flow
Cash Flow Quarterly Cash Flow ($m) Q3 2026 Q2 2026* Q3 2025 Cash from Operating Activities 340.4 286.0 387.6 Capital Expenditure (38.0) (42.4) (53.7) Free Cash Flow 302.4 243.6 333.9 TTM Cash Flow ($m) Q3 2026 Q2 2026 Q3 2025 Cash from Operating Activities 1,027.6 1,074.7 1,140.4 Capital Expenditure
Slide 10: 2026 Updated Financial Guidance & Outlook
2026 Updated Financial Guidance & Outlook Prior full-year 2026 Updated full-year 2026 Guidance Guidance Revenue $7,850m - $8,150m $8,100m - $8,200m Adjusted EPS* $10.00 - $11.00 $10.35 - $10.65 *Adjusted EPS values exclude amortization of intangible assets, stock-based compensation, foreign currency
Slide 11: Appendices
Appendices
Slide 12: Reconciliation of Non-GAAP Measures (Adjusted EBITDA)
Reconciliation of Non-GAAP Measures (Adjusted EBITDA) $000 Q3 2025 Q3 2026 Adjusted EBITDA Net (loss) / income (284,183) 122,130 Income tax expense 12,791 32,446 Net interest expense 48,482 60,563 Depreciation and amortization of intangible assets 99,030 94,422 Stock-based compensation expense (a) 4
Slide 13: 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 Q3 2025 Q3 2026 Adjusted net income and adjusted diluted net income per Ordinary Share Net (loss) / income (284,183) 122,130 Income tax expense 12,791 32,446 Amortization of intangible asset
Slide 14: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Q3 2025 Q3 2026 $000 except share and per share data GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue 2,084,415 - 2,084,415 2,024,757 - 2,024,757 Costs and expenses: (a) 1,538,951 (21,479) 1,517,472 1,532,925 (8,231) 1,524,694 Direct costs (excluding dep
Slide 15: 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 losses / (gains), net relates to gains or losses that arise in connection wi
Slide 16: ICONplc.com
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