ICF International Inc. reported third quarter 2025 revenue of $465.4 million, down from $517.0 million in the third quarter of 2024 and $476.2 million in the second quarter of 2025. Net income for the third quarter was $24.0 million. GAAP earnings per share were $1.28, and non-GAAP EPS was $1.67, which included a negative tax adjustment of $0.04 per share. EBITDA was $52.8 million, and adjusted EBITDA was $53.2 million, representing 11.4% of total revenues. Gross margin increased to 37.6%, up 0.5 percentage points from the prior year. Operating income was $38.4 million, compared to $46.0 million in the same period last year. Revenue from commercial clients and state, local, and international government clients increased by 14% and accounted for 57% of third quarter revenues. Revenue from commercial energy clients rose by 24%. Contract awards totaled $714 million, resulting in a quarterly book-to-bill ratio of 1.53. The company revised its operating cash flow estimate for 2025 to a range of $125 million to $150 million due to the timing of payments related to the government shutdown. ICF stated it expects a return to revenue and earnings growth in 2026, supported by growth from non-federal government clients, improvements in the federal government segment, recent contract wins, and a strong pipeline of opportunities.