• Think of it as a diversified consulting and technology services firm, like Accenture or Deloitte, but with a strong emphasis on public policy, government programs, and strategic communications.
• Similar to Booz Allen Hamilton, but with a broader client base and expertise in areas like energy, environmental policy, and health programs, in addition to safety and security.

• Management Consulting: Provides strategic planning, advisory, and implementation services to improve organizational and operational performance for government and commercial clients.
• Marketing & Strategic Communications: Offers services for branding, public relations, multi-channel communications, and reputation management to inform and engage various stakeholders.
• Technology Consulting & Systems Development: Delivers expertise in technology strategy, IT system modernization, and the design, development, and implementation of crucial technology systems and business tools.
• Policy Consulting & Program Implementation: Advises on critical policy issues, researches trends, and helps identify, define, and implement policies, plans, and programs.
• Research, Analytics & Data Management: Conducts extensive survey research, data collection, and analysis to provide actionable business intelligence and integrated information management solutions.
• Cybersecurity Solutions: Offers services to protect IT infrastructures and supports clients' cybersecurity missions against relentless threats.
• Customer & Citizen Experience Optimization: Provides solutions aimed at enhancing the overall experience for clients' customers and citizens.

ICF International (ICFI) primarily provides services to two major categories of clients:

• Government Clients: These include federal, state, and local government entities, both in the United States and internationally. The company serves these clients across various domains such as policy, security, health, and energy initiatives.
• Commercial Clients: These are companies operating across a diverse range of markets and industries. While the background information does not list specific names of these commercial customer companies, it identifies the sectors they serve as:
  • Energy, environment, and infrastructure
  • Health, education, and social programs
  • Safety and security
  • Consumer and financial markets

John Wasson, Chair and Chief Executive Officer

John Wasson has spent his entire 36-year career at ICF International, joining as an associate in 1987. He has held positions of increasing responsibility, serving as President since 2010 and Chief Operating Officer since 2003. Wasson was appointed Chief Executive Officer in October 2019 and became board chair in 2020. He has led client work in diverse areas including energy, environment, public health, and disaster recovery. Under his leadership, ICF has experienced significant growth, doubling in size every five years over the past two decades. He holds a Master of Science in Technology and Policy from the Massachusetts Institute of Technology and a Bachelor of Science in Chemical Engineering from the University of California, Davis.

James Morgan, Chief Operating and Financial Officer

James Morgan assumed the combined role of Chief Operating and Financial Officer (COFO) for ICF International effective January 1, 2026. He previously served as ICF's Chief Operating Officer since 2020 or June 2022 (depending on source) and was the company's Chief Financial Officer from 2012 to 2020. With over 30 years of experience, Mr. Morgan has worked with consulting firms serving both government and commercial clients. Prior to joining ICF, he was the Executive Vice President and CFO of Serco, Inc. and spent 18 years at Science Applications International Corporation (SAIC) as their Senior Vice President for Strategic & Operational Finance and Business Transformation. He began his career at Arthur Andersen & Co. Mr. Morgan holds an MBA from George Washington University and a Bachelor of Science in Accounting from North Carolina State University.

Anne Choate, President

Anne Choate was appointed President of ICF International, effective January 1, 2026. She has been with ICF since 1995, accumulating 30 years of experience within the company. In her previous role as Executive Vice President, she led ICF's work in the energy, environment, infrastructure, and disaster recovery markets. As President, she oversees ICF's four client-facing groups and its business development organization. Her earlier responsibilities at ICF included leading teams and lines of business focused on decarbonization, resilience, transportation, and energy issues from mid-2004 to 2015.

Sergio Ostria, Executive Vice President, Growth, Marketing & Innovation

Sergio Ostria serves as the Executive Vice President for Growth, Marketing & Innovation at ICF International.

Jennifer Welham, Senior Vice President, Health, People, and Human Services

Jennifer Welham is the Senior Vice President of Health, People, and Human Services at ICF. With nearly three decades of consulting experience at ICF, she leads a division responsible for health, education, and social programs for federal and state agencies. Her expertise lies in assisting clients in utilizing scientific research and data-driven insights to improve public health outcomes. Ms. Welham holds a Master of Environmental Science and Public Policy from George Mason University and a Bachelor of Science in Biology and Psychology from The College of William and Mary.

Here are the key risks to ICF International (ICFI):

1. Dependence on Government Contracts and Budgeting/Spending Priorities: A substantial portion of ICF International's revenue is derived from contracts with U.S. federal, state, local, and international governments. This reliance exposes the company to significant risks associated with governmental budgeting and spending priorities, including potential reductions in federal spending, unpredictable policy changes, delays in funding, and contract cancellations.
2. Intensifying Competition and Ability to Win New Contracts: ICF International operates in a highly competitive professional services and technology solutions market. The company must continuously compete with other consulting firms to secure government and commercial contracts, necessitating ongoing investment in business development. A shrinking sales pipeline and challenges in securing new orders could adversely affect the company's future revenue and growth trajectory.
3. Revenue and Net Income Decline / Operational Execution: ICF International has recently faced challenges, including an earnings miss and a decline in revenue and net income in late 2025. These financial trends indicate potential underlying issues such as operational execution risks on larger programs, increased competition, pricing pressures, or shifts in client spending, which could impact the company's profitability and market position.

ICF International (symbol: ICFI) operates in several addressable markets, primarily providing consulting and technology services to government and commercial clients globally.

Key addressable markets for ICF International's services include:

• U.S. Federal Government IT Services Market: This market is estimated to reach $94.7 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 8.6%. ICF anticipates even faster growth within its key market segments, with consulting services projected to have a CAGR of 14% and application services a CAGR of 9.2% in this sector.

• Global Consulting Market: The global consulting market was valued at over $160 billion in 2024.

• U.S. Energy and Environment Consulting Market: The implementation of federal green subsidies in 2024-2025 has created an estimated multi-billion-dollar addressable market for energy and environment consulting in the United States.

ICF International (NASDAQ: ICFI) is poised for revenue growth over the next 2-3 years, driven by several key initiatives and market trends.

One primary driver is the continued expansion of its **Commercial Energy segment**. The company anticipates double-digit growth in this area for 2026, following a 24% increase in 2025. This growth is fueled by strong demand from utility clients for services related to energy efficiency, flexible load management, electrification, and grid optimization programs.

Another significant contributor to future revenue is the expected increase in **International Government revenue**. ICF projects double-digit growth in this segment for 2026, largely due to the full ramp-up of new contracts secured in late 2024 and early 2025 with the European Commission and the UK government.

Furthermore, ICF expects a **recovery in its Federal Government business**. Despite a decline in 2025, the company anticipates a return to year-on-year growth in specific federal areas, with sequential quarterly improvements throughout 2026 and year-over-year growth by the fourth quarter of 2026. This is supported by an improved procurement environment and an expected increase in IT modernization work.

Strategic **acquisitions** are also a stated part of ICF's growth strategy, with the company actively seeking opportunities for expansion.

Finally, a robust **business development pipeline and backlog** underpin these growth expectations. ICF concluded 2025 with a firm backlog of $3.4 billion and an $8.6 billion business development pipeline, indicating a strong foundation for future contract wins and revenue generation.

Share Repurchases

• In 2025, ICF repurchased approximately 564,000 shares of common stock.
• As of November 14, 2024, the Board of Directors approved an additional $100 million for the share repurchase program, increasing the total authorization to $300 million, with no expiration date. Approximately $67 million remained under the previous authorization as of September 30, 2024.
• In the first half of 2023, ICF used $18.1 million to repurchase 180,000 shares.

Share Issuance

• Shares were issued primarily pursuant to employee stock purchase plans and the vesting of restricted stock units.

Outbound Investments

• In 2025, ICF acquired Applied Energy Group, an energy technology and advisory services company.
• In 2023, ICF acquired CMY Solutions for $32.6 million, a power and energy engineering firm focused on grid modernization and renewable planning.
• In 2022, ICF acquired SemanticBits for $220 million, a premier partner to U.S. federal health agencies providing digital modernization services, and Creative Systems and Consulting, a provider of IT modernization and digital transformation solutions.

Capital Expenditures

• For 2026, capital expenditures are anticipated to be approximately $24 million to $26 million.
• Capital expenditures were $21.7 million in 2025 and $21.4 million in 2024.
• Capital expenditures are primarily focused on technology investments and internal infrastructure.