ICON Q2 Revenue Hits $2.06B, Book-to-Bill Surges to 1.51; Guidance Reaffirmed
ICLR has more than doubled off its 52-week low of $66.57.
Summary
ICON posted Q2 revenue of $2.06 billion and a 1.51 book-to-bill, driving backlog to $23.4 billion. Adjusted EPS rose 2.4% sequentially to $2.56, and full-year guidance was reaffirmed.
Key Events · Earnings and Guidance · ICLR
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Revenue and Earnings Beat
Q2 revenue of $2,063.5M rose 1.4% sequentially; adjusted diluted EPS of $2.56 increased 2.4% from Q1 2026.
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Record Book-to-Bill and Backlog
Net business wins of $3,120M yielded a 1.51 book-to-bill, up 8.3% QoQ. Backlog reached $23.4B, up 3.0% from Q1.
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Guidance Reaffirmed
Full-year 2026 revenue guidance maintained at $7,850–$8,150M and adjusted diluted EPS at $10.00–$11.00.
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Strong Cash Generation
Free cash flow of $238.9M in Q2; net debt of $2.5B with leverage ratio of 1.8x adjusted EBITDA.
Analysis · ICLR · Industrial Applications And Services
ICON delivered a solid Q2 with revenue up 1.4% sequentially to $2.06 billion and adjusted EBITDA margin holding at 15.9%. The standout metric is net business wins of $3.12 billion — a 1.51 book-to-bill — signaling robust demand and pushing backlog to a record $23.4 billion. Adjusted EPS of $2.56 beat the prior quarter by 2.4%, and free cash flow of $239 million strengthened the balance sheet. Management reaffirmed full-year guidance, projecting confidence despite a $32.9 million loss on the Symphony Health disposal. This report matters because it demonstrates operational resilience and commercial momentum just two months after a major restatement and Nasdaq non-compliance notice — evidence that the business is stabilizing and the growth engine remains intact.
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In the 30 days to Sep 12, 2026, 35.9% of the 1612 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.19%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, ICLR was trading at $185.00 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $13.6B. The 52-week trading range was $66.57 to $203.91. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.