Slide 1: ICON plc Q4 & FY 2025 Results
ICON plc Q4 & FY 2025 Results Period Ended December 31, 2025
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: Q4 & FY 2025 Considerations
Q4 & FY 2025 Considerations Key metrics in quarter four Net business wins of $2,868m; 1.36x net book-to-bill Revenue of $2,113m Adjusted EBITDA margin of 15.5% Adjusted EPS of $2.52 Strong execution on commercial strategy; improving demand environment Low double-digit increase in RFP flow
Slide 4: Revenue ($m)
Revenue ($m) Quarterly Full Year 2,062 2,039 2,084 2,113 8,189 8,251 2,015 8,055 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY23 FY24 FY25 Restated Restated Restated Restated Restated Restated 3
Slide 5: Customer Concentration & Diversification
Customer Concentration & Diversification Percentage of Total Revenue Q4 2025 25.9% 14.2% 23.8% 36.1% Average revenue per customer Q3 2025 (Q4 2025): 24.1% 14.8% 26.0% 35.1% Restated Top 1-5: c5% on average Q4 2024 25.7% 16.2% 22.2% 35.9% Restated Top 6-10: c3% on average Top 11-25: c1.6% on average
Slide 6: Adjusted EBITDA Margin
Adjusted EBITDA Margin Quarterly Full Year 2,113 8,055 8,189 8,251 2,062 2,015 2,039 2,084 2,000 1,500 22.1% 19.8% 20.5% 18.6% 20.4% 20.4% 18.6% $m 15.5% 1,000 500 - Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY23 FY24 FY25 Restated Restated Restated Restated Restated Restated Revenue EBITDA Margin % N
Slide 7: Adjusted Earnings per Share ($)
Adjusted Earnings per Share ($) Quarterly Full Year 13.37 12.09 12.53 3.86 3.52 3.27 3.20 2.52 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY23 FY24 FY25 Restated Restated Restated Restated Restated Restated Notes: All values exclude amortization, stock compensation, FX, restructuring, fair value moveme
Slide 8: Backlog Metrics ($bn)
Backlog Metrics ($bn) Updated Backlog Reflecting Policy Changes 24.5 24.8 24.9 25.1 21.1 10.0% 8.4% 8.1% 8.2% 8.3% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Opening Backlog Burn rate Note: Q4 2024 through Q3 2025 Burn Rates were calculated using Revenue (As Restated) for the respective period 7
Slide 9: Balance Sheet
Balance Sheet $m (unless otherwise stated) 31-Dec-25 30-Sep-25 31-Dec-24 Restated Restated Cash and Cash Equivalents 647.3 468.9 538.8 Total Debt (3,402.4) (3,408.3) (3,426.2) Net (Debt) / Cash (2,755.1) (2,939.4) (2,887.4) Net Debt / TTM Adj EBITDA Ratio 1.8x 1.8x 1.7x DSO (days) 44 45 42 8
Slide 10: Cash Flow
Cash Flow Q3 2025 Q4 2024 Quarterly Cash Flow ($m) Q4 2025 Restated Restated Cash from Operating Activities 234.2 387.6 338.3 Capital Expenditure (59.3) (53.7) (61.3) Free Cash Flow 174.8 333.9 277.0 Q3 2025 Q4 2024 TTM Cash Flow ($m) Q4 2025 Restated Restated Cash from Operating Activities 1,036.2
Slide 11: 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 12: Updated Non-GAAP Backlog Policy
Updated Non-GAAP Backlog Policy In effect from Oct 1, 2025 Former Policy Updated Policy In place through September 30, 2025 In effect from October 1, 2025 • Awards with written confirmation that have a • Awards with written confirmation that have a defined value, within the quarter of notification,
Slide 13: Non-GAAP and GAAP Backlog Detail
Non-GAAP and GAAP Backlog Detail Adjustments Q4’25 Q4’25 • Awarded projects not $3.9bn Net Business Revenue yet contracted Wins $2,113m $2,868m • Adjustments to Early termination of studies realizable value on contracted awards Inactive studies $25.0bn $21.1bn $21.8bn $6.9bn Studies identified as hi
Slide 14: Net Business Win Detail ($m)
Net Business Win Detail ($m) Quarterly Impact of Updated Policy on Q4 2025 Updated Backlog 1.24 Net 1.36 Net Reflecting Policy Changes Book-to-Bill Book-to-Bill 3,233 3,233 3,233 3,064 2,966 2,986 2,681 2,868 2,868 2,634 2,413 2,022 2,057 2,086 (365) (365) (651) (659) (909) (901) (599) Q4 2024 Q1 20
Slide 15: Summary of Internal Investigation & Conclusions
Summary of Internal Investigation & Conclusions Investigation Timeline & Conclusions • Investigation into certain of ICON’s accounting practices was initiated by the Audit Committee of ICON’s Board of Directors in late October 2025 and completed in April 2026. • The investigation primarily focused o
Slide 16: Appendices
Appendices
Slide 17: Reconciliation of Non-GAAP Measures – FY'25
Three Months Ended Year ended March 31, June 30, September 30, December 31, December 31, 2025 2025 2025 2025 2025 (As Restated) (As Restated) (As Restated) ($000 except share and per share data) Reconciliation of Non-GAAP Measures – FY’25 Adjusted EBITDA Net income $ 160,812 $ 203,516 $ (284,183) $
Slide 18: Reconciliation of Non-GAAP Measures – FY'24
Three Months Ended Year ended March 31, June 30, September 30, December 31, December 31, Reconciliation of Non-GAAP Measures – FY’24 2024 2024 2024 2024 2024 (As Restated) (As Restated) (As Restated) (As Restated) (As Restated) ($000 except share and per share data) Adjusted EBITDA Net income $ 148,
Slide 19: Reconciliation of Non-GAAP Measures – FY'23
Three Months Ended Year ended March 31, June 30, September 30, December 31, December 31, 2023 2023 2023 2023 2023 Reconciliation of Non-GAAP Measures – FY’23 (As Restated) (As Restated) (As Restated) (As Restated) (As Restated) ($000 except share and per share data) Adjusted EBITDA Net income $ 108,
Slide 20: 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 21: Restatements: Q1 2023 through Q3 2025
Restatements: Q1 2023 through Q3 2025 Restatements: Impact on Reported Revenue, Adjusted EBITDA and Adjusted EPS FY 2023 FY 2024 FY 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Revenue (#039;m) As Reported 1,979 2,020 2,055 2,066 8,120 2,090 2,120 2,030 2,041 8,282 2,001 2,017 2,043 As Restated 1,966 2,
Slide 22: ICONplc.com
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