Slide 1: ICON plc Q2 2025 Results
ICON plc Q2 2025 Results Period Ended June 30, 2025
Slide 2: Forward Looking Statement
Forward Looking Statement Statements included in this presentation which are not historical facts are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Forward-lookin
Slide 3: Key considerations in quarter two
Key considerations in quarter two ICON’s market position strengthening across customer groups • Gross wins improvement, growth in labs and early phase Progress in quarterly results through solid execution on opportunities and focused cost management Clinical market remains variable, impacted by macr
Slide 4: Backlog Metrics
Backlog Metrics +4.9% Growth 24.3 24.7 24.7 25.0 23.8 $bn 9.1% 8.5% 8.4% 8.1% 8.2% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Closing Backlog Burn rate 3
Slide 5: Revenue
Revenue 2,120 2,030 2,041 2,001 2,017 $m Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 4
Slide 6: Customer Concentration & Diversification
Customer Concentration & Diversification Percentage of Total Revenue Average revenue per customer (Q2 2025): Q2 2025 25.0% 14.8% 25.9% 34.3% Top 1-5: c5% on average Q1 2025 24.9% 15.3% 23.8% 36.0% Top 6-10: c3% on average Top 11-25: c1.7% on average Q2 2024 24.7% 14.6% 21.6% 39.1% Top 1-5 Customers
Slide 7: Adjusted EBITDA Margin
Adjusted EBITDA Margin 2,120 2,030 2,041 2,001 2,017 2,000 1,500 21.2% 20.6% 20.7% 19.5% 19.6% 1,000 $m 500 - Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Revenue EBITDA Margin % Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-related co
Slide 8: Adjusted Earnings per Share
Adjusted Earnings per Share 3.75 3.35 3.43 3.19 3.26 $ Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-related costs and their related taxation effect Adjusted earnings per share is a non-GAAP
Slide 9: Balance Sheet
Balance Sheet $m (unless otherwise stated) 30-Jun-25 31-Dec-24 30-Jun-24 Cash and Cash Equivalents 390.4 538.8 506.6 Total Debt (3,414.3) (3,426.2) (3,437.9) Net (Debt) / Cash (3,023.9) (2,887.4) (2,931.4) Net Debt / TTM Adj EBITDA Ratio 1.9x 1.7x 1.7x DSO (days) 49 47 51 8
Slide 10: Cash Flow
Cash Flow Quarterly Cash Flow ($m) Q2 2025 Q1 2025 Q2 2024 Cash from Operating Activities 146.2 268.2 218.6 Capital Expenditure (32.3) (28.9) (36.3) Free Cash Flow* 113.9 239.3 182.3 TTM Cash Flow ($m) Q2 2025 Q1 2025 Q2 2024 Cash from Operating Activities 1,155.4 1,227.8 1,327.3 Capital Expenditure
Slide 11: 2025 Updated Financial Guidance & Outlook
2025 Updated Financial Guidance & Outlook Full-year 2024 Prior full-year 2025 Updated full-year 2025 Actual Results Guidance Guidance Revenue $8,282m $7,750m - $8,150m $7,850m - $8,150m Adjusted EPS* $14.00 $12.75 - $14.25 $13.00 - $14.00 Key Assumptions for 2025 Guidance – Excludes future share rep
Slide 12: Appendices
Appendices
Slide 13: Reconciliation of Non-GAAP Measures (Adjusted EBITDA)
Reconciliation of Non-GAAP Measures (Adjusted EBITDA) $000 Q2 2024 Q2 2025 Adjusted EBITDA Net income 146,910 182,972 Income tax expense 23,344 (21,861) Net interest expense 59,603 48,097 Depreciation and amortization 149,635 97,718 (a) 14,964 15,433 Stock-based compensation expense (b) 3,340 24,015
Slide 14: 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 Q2 2024 Q2 2025 Adjusted net income and adjusted diluted net income per Ordinary Share Net Income 146,910 182,972 Income tax expense 23,344 (21,861) Amortization 116,489 59,057 Stock-based c
Slide 15: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Q2 2024 Q2 2025 $000 except share and per share data GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue 2,120,159 - 2,120,159 2,017,357 - 2,017,357 Costs and expenses: Direct costs (excluding depreciation and amortization) (a) 1,493,600 (7,299) 1,486,301 1
Slide 16: 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 17: ICONplc.com
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