Slide 1: ICON plc Q2 2026 Results
ICON plc Q2 2026 Results Period Ended June 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: Q2 2026 Key Considerations
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 pha
Slide 4: Revenue
Revenue In $m 2,084 2,113 2,063 2,100 2,039 2,034 1,900 1,700 1,500 1,300 1,100 900 700 500 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 3
Slide 5: Customer Concentration & Diversification
Customer Concentration & Diversification Percentage of Total Revenue Average revenue per customer (Q2 2026): Q2 2026 24.0% 15.5% 25.0% 35.5% Top 1-5: c5% on average Q1 2026 25.0% 15.3% 23.1% 36.6% Top 6-10: c3% on average Q2 2025 24.6% 14.7% 25.7% 35.0% Top 11-25: c1.7% on average Top 1-5 Customers
Slide 6: Adjusted EBITDA Margin
Adjusted EBITDA Margin In $m, unless otherwise noted 2,084 2,113 2,063 2,039 2,034 2,000 1,500 20.5% 18.6% 15.5% 15.6% 15.9% 1,000 500 - Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 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 3.20 2.52 2.50 2.56 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 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
Slide 8: Net Business Win Detail
Net Business Win Detail In $bn, unless otherwise noted Quarterly Detail Impact of Updated Policy Updated Backlog Reflecting Policy Changes 1.01x Net 1.36x Net 1.42x Net 1.51x Net 1.61x Net 1.00x Net Book-to-Bill Book-to-Bill Book-to-Bill Book-to-Bill Book-to-Bill Book-to-Bill 3.7 3.7 3.2 3.3 3.0 3.0
Slide 9: Non-GAAP and GAAP Backlog Detail
Non-GAAP and GAAP Backlog Detail Q2’26 Net • Awarded projects not yet Q2’26 Symphony Business contracted Revenue Divestment Wins $2.1bn • Adjustments to realizable $0.3bn $3.1bn value on contracted awards $23.4bn +3.0% $7.7bn $22.7bn $15.7bn +4.5% $15.0bn Reported Backlog Reported Backlog Unsatisfie
Slide 10: Backlog Metrics
Backlog Metrics In $bn, unless otherwise noted Updated Backlog Reflecting Policy Changes 24.9 25.1 21.8 22.7 21.1 10.0% 9.3% 9.1% 8.2% 8.3% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Opening Backlog Burn rate 9
Slide 11: Balance Sheet
Balance Sheet $m (unless otherwise stated) 30-Jun-26 31-Mar-26 30 Jun-25 Cash and Cash Equivalents 928.4 765.2 390.4 Total Debt (3,390.5) (3,396.5) (3,414.3) Net (Debt) / Cash (2,462.2) (2,631.3) (3,023.9) Net Debt / TTM Adj EBITDA Ratio 1.8x 1.8x 1.8x 10
Slide 12: Cash Flow
Cash Flow Quarterly Cash Flow ($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 (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 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 Foreig
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 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 Sto
Slide 17: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Q2 2025 Q2 2026 $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: (a) Direct costs (excluding depreciation and amortization) 1,455,758 (9,290) 1,446,468 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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