3 hours ago
ICF International (NASDAQ:ICFI) executives outlined the company’s business mix, recent federal headwinds, and growth priorities during a discussion hosted by Canaccord Genuity Senior Research Analyst Jason Tilchin. Anne Choate, president, and Kyle Wiggins, senior vice president for Energy, Environment, and Infrastructure Strategy, described a consulting and services firm that has broadened from advisory roots into implementation, technology modernization, and program delivery.
Choate said ICF is a consultancy providing “technical, technology and professional services,” with roughly $1.9 billion in revenue and about 9,000 employees. The company was founded in 1969 and has been publicly traded on the Nasdaq since 2006.
→ Data Storage to Data Intelligence: Everpure's Big AI Era Rebrand
ICF serves commercial clients, state and local governments, international clients, and U.S. federal agencies. Choate said non-federal clients represented about 57% of total revenue in 2025, and the company has indicated non-federal work will rise to about 60% of the portfolio in 2026. She added that ICF expects the non-federal portion to grow about 10% per year in coming years.
On the federal side, Choate said roughly half of the remaining business is technology modernization and the other half is programmatic services for primarily federal civilian clients. She said the company expects federal technology modernization to return to low single-digit growth in 2026, with total federal business expected to return to growth in 2027.
→ The S&P 500's 3 Best-Performing Stocks So Far in 2026
Choate, who said she has been with ICF for 30 years, described her move into the president role as an extension of her prior work connecting expertise across business lines, particularly around climate, clean energy, and air quality. She said her focus includes growth initiatives, strengthening the federal business, strategy, M&A, and increased investor engagement.
She also described ICF’s broader evolution over the last two decades from providing primarily strategic advice to supporting clients “through this continuum” from planning into implementation. That has included developing cross-cutting capabilities in technology modernization, large project and program management, and program design and delivery, including energy efficiency work.
→ Joby Aviation’s Golden Gate Flight Signals a New Era for eVTOL
Choate characterized 2025 as the most challenging year she has seen for the company’s federal business, while noting the rest of ICF’s portfolio performed more typically. She said federal revenues declined about 25% amid “DOJ-related activities,” including rare federal contract cancellations that occurred from February through as late as May.
