Analyst Consensus ?
ConsensusBuy28 ratings
Bullish1657.1%
Neutral1035.7%
Bearish27.2%
1 unmapped firm rating excluded from the percentages.
ICON Public Limited Company · ICLR · FY2025 Q3 · Calendar Q4 2025
ICON’s awards and cash generation remain firm, while pass-through mix weighs on margins
ICON’s Q3 2025 analysis presents a mixed operating picture: gross business awards, biotech opportunity flow, and free cash flow support demand and investment capacity, while pass-through revenue mix and pricing pressure remain constraints on margin progress. AI-enabled automation is a management priority, but the analysis does not establish its realized margin benefit yet.
Reported After market closeNASDAQHealthcare
$15.83B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.31
Consensus $3.28
EPS surprise
+0.9%
Reported versus consensus
Reported revenue
$2.04B
Consensus $1.98B
Revenue surprise
+3.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-6.5%
Event window
SPY move
+0.6%
Same window
Abnormal move
-7.1%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
-12.2%
Up to 20 sessions
ICLRSPY benchmark
Ask FN2 about ICLR FY2025 Q3
Transcript, numbers and history already loaded
Why did ICLR fall 6.5% after beating EPS estimates in FY2025 Q3?What changed in ICLR's guidance and outlook in FY2025 Q3?Give me the bull and bear case for ICLR after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current-quarter analysis highlights $3B of gross business awards, up mid-single digits year over year, and increased biotech RFP flow, alongside adjusted EBITDA margin down 20 basis points to 19.4%. It also notes the launch of the Orbis multi-agent digital assistant and says cancellations skewed toward pre-enrollment studies. Guidance was characterized as maintained.
Guidance delta
Management maintained FY2025 guidance, as characterized in the current-quarter analysis. The analysis does not indicate a new increase or reduction this quarter.
Key takeaways
- Gross business awards reached $3B, up mid-single digits year over year; net book-to-bill was 1.02x.
- Adjusted EBITDA margin declined 20 basis points to 19.4%, with higher pass-through revenue mix identified as a factor.
- Free cash flow was $334M, supporting share repurchases and technology investment.
- Biotech RFP flow increased significantly, while win rates were flat quarter over quarter.
- Management highlighted Orbis and other AI-enabled automation initiatives; realized margin impact remains uncertain.
Management priorities
- Improve biotech opportunity conversion and win rates.
- Expand share in large pharma, midsized customers, labs, early-phase, and FSP businesses.
- Scale AI-enabled platforms, including Orbis, to improve efficiency.
- Balance share repurchases and organic investment with cost management; consider selective M&A.
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Analyst 52W Price Targets
$205.57Current
$100Low
$213.47Average
$370High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Oct 29, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 29, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 29, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 29, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Oct 29, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 29, 2026 |
| Baird | Outperform | Outperform | Maintain | Oct 29, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jun 26, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jun 25, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 25, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jun 25, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Jun 25, 2026 |
| Jefferies | Buy | Hold | Upgrade | Feb 23, 2026 |
| Rothschild & Co | Buy | Neutral | Upgrade | Sep 3, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | May 2, 2025 |
| William Blair | Outperform | Outperform | Maintain | Jan 14, 2025 |
| Leerink Partners | Outperform | Outperform | Maintain | Nov 19, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 14, 2023 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | May 1, 2023 |
| Guggenheim | Buy | Buy | Maintain | Apr 28, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Aug 25, 2022 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Mar 17, 2020 |
| KeyBanc | Overweight | Downgrade | Sep 23, 2019 | |
| Bank of America | Buy | Buy | Maintain | Sep 11, 2017 |
| Avondale Partners | Market Underperform | Market Perform | Downgrade | Jun 8, 2016 |
| ISI Group | Neutral | Strong Buy | Downgrade | Oct 10, 2014 |
| DA Davidson | Outperform | Neutral | Upgrade | May 1, 2014 |
| Raymond James | Outperform | Strong Buy | Downgrade | Oct 25, 2013 |
| Sterne Agee | Neutral | Neutral | Maintain | Jun 11, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $205.58. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Ann Hynes | $228 | $210.03 | +10.9% | Oct 30, 2026 |
| BMO Capital | Sean Dodge | $235 | $215.42 | +14.3% | Oct 29, 2026 |
| Deutsche Bank | Analyst unavailable | $250 | $217.49 | +21.6% | Oct 29, 2026 |
| RBC Capital | Ryan Halstead | $226 | $216.14 | +9.9% | Oct 29, 2026 |
| UBS | Kevin Caliendo | $236 | $213.28 | +14.8% | Oct 29, 2026 |
| Robert W. Baird | Eric Coldwell | $249 | $214.16 | +21.1% | Oct 29, 2026 |
| Barclays | Analyst unavailable | $230 | $214.16 | +11.9% | Oct 29, 2026 |
| Truist Financial | Jailendra Singh | $268 | $214.16 | +30.4% | Oct 29, 2026 |
| Jefferies | David Windley | $254 | $214.16 | +23.6% | Oct 29, 2026 |
| Evercore ISI | Analyst unavailable | $240 | $204.69 | +16.7% | Oct 28, 2026 |
| UBS | Kevin Caliendo | $195 | $170.35 | -5.1% | Sep 30, 2026 |
| Robert W. Baird | Analyst unavailable | $194 | $165.53 | -5.6% | Jul 31, 2026 |
| Truist Financial | Jailendra Singh | $207 | $172.99 | +0.7% | Jun 30, 2026 |
| Mizuho Securities | Ann Hynes | $190 | $160.96 | -7.6% | Jun 26, 2026 |
| BMO Capital | Analyst unavailable | $187 | $164.49 | -9.0% | Jun 25, 2026 |
| Robert W. Baird | Eric Coldwell | $186 | $158.17 | -9.5% | Jun 25, 2026 |
| RBC Capital | Analyst unavailable | $185 | $158.17 | -10.0% | Jun 25, 2026 |
| Barclays | Analyst unavailable | $175 | $158.17 | -14.9% | Jun 25, 2026 |
| UBS | Analyst unavailable | $160 | $142.67 | -22.2% | Jun 24, 2026 |
| D.A. Davidson | Analyst unavailable | $164 | $133.61 | -20.2% | Jun 1, 2026 |
| Truist Financial | Analyst unavailable | $159 | $136.45 | -22.7% | May 29, 2026 |
| Jefferies | Analyst unavailable | $165 | $135.47 | -19.7% | May 29, 2026 |
| RBC Capital | Ryan Halstead | $126 | $136.8 | -38.7% | May 29, 2026 |
| Leerink Partners | Analyst unavailable | $145 | $138.71 | -29.5% | May 28, 2026 |
| William Blair | Analyst unavailable | $105 | $113.85 | -48.9% | May 27, 2026 |
| RBC Capital | Ryan Halsted | $123 | $116.38 | -40.2% | May 18, 2026 |
| Leerink Partners | Michael Cherny | $125 | $112.85 | -39.2% | May 4, 2026 |
| Jefferies | David Windley | $135 | $99.7 | -34.3% | Feb 23, 2026 |
| Redburn Partners | Jamie Clark | $100 | $93 | -51.4% | Feb 17, 2026 |
| Robert W. Baird | Analyst unavailable | $119 | $91.63 | -42.1% | Feb 13, 2026 |
| BMO Capital | Sean Dodge | $100 | $84.63 | -51.4% | Feb 12, 2026 |
| Leerink Partners | Michael Cherny | $105 | $83.9 | -48.9% | Feb 12, 2026 |
| Robert W. Baird | Analyst unavailable | $217 | $187.66 | +5.6% | Jan 9, 2026 |
| Mizuho Securities | Analyst unavailable | $216 | $188.22 | +5.1% | Jan 9, 2026 |
| Truist Financial | Analyst unavailable | $222 | $202.92 | +8.0% | Jan 8, 2026 |
| Barclays | Luke Sergott | $200 | $186.71 | -2.7% | Dec 15, 2025 |
| UBS | Analyst unavailable | $220 | $175.86 | +7.0% | Oct 24, 2025 |
| Robert W. Baird | Analyst unavailable | $220 | $180 | +7.0% | Oct 24, 2025 |
| Leerink Partners | Analyst unavailable | $220 | $180 | +7.0% | Oct 23, 2025 |
| Barclays | Luke Sergott | $190 | $192.31 | -7.6% | Oct 2, 2025 |
| Jefferies | David Windley | $175 | $169.66 | -14.9% | Sep 9, 2025 |
| Robert W. Baird | Analyst unavailable | $224 | $177.84 | +9.0% | Sep 2, 2025 |
| Truist Financial | Jailendra Singh | $295 | $229.12 | +43.5% | Oct 28, 2024 |
| Leerink Partners | Michael Cherny | $376 | $280.76 | +82.9% | Oct 24, 2024 |
| Truist Financial | Jailendra Singh | $363 | $295.46 | +76.6% | Oct 14, 2024 |
| Robert W. Baird | Eric Coldwell | $340 | $300.92 | +65.4% | Sep 20, 2024 |
| Leerink Partners | Michael Cherny | $379 | $292.54 | +84.4% | Sep 18, 2024 |
| Robert W. Baird | Eric Coldwell | $376 | $319.7 | +82.9% | Jul 8, 2024 |
| Goldman Sachs | Matthew Sykes | $370 | $329.65 | +80.0% | Jun 6, 2024 |
| Robert W. Baird | Eric Coldwell | $367 | $322.92 | +78.5% | May 31, 2024 |
| Jefferies | David Windley | $390 | $322.92 | +89.7% | May 31, 2024 |
| Evercore ISI | Elizabeth Anderson | $360 | $322.92 | +75.1% | May 30, 2024 |
| Barclays | Luke Sergott | $215 | $197.22 | +4.6% | Oct 6, 2022 |
| Wells Fargo | Analyst unavailable | $250 | $233.95 | +21.6% | Apr 25, 2022 |
| Credit Suisse | Katie Tryhane | $250 | $246.07 | +21.6% | Aug 4, 2021 |
| Wells Fargo | Dan Leonard | $280 | $218 | +36.2% | Jul 23, 2021 |
| Morgan Stanley | Erin Wright | $250 | $215.88 | +21.6% | Jul 20, 2021 |
Track every rating change on ICLR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally. The company specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies. It also provides clinical development services, including all phases of development, peri and post approval, data solutions, and site and patient access services; clinical trial management, consulting, and contract staffing services; and commercial services comprising clinical development strategy, planning and trial design, full study execution, and post-market commercialization.…
Historical context
All ICLR earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PHG Koninklijke Philips N.V. | FY2026 Q3 · Calendar Q4 2026 | — | +4.8% | Philips Q3: order momentum and margins improve; outlook held |
| VRTX Vertex Pharmaceuticals Incorporated | FY2026 Q3 · Calendar Q4 2026 | -1.2% | -1.0% | Vertex lifts 2026 outlook as CF franchise and newer products support growth |
| JAZZ Jazz Pharmaceuticals plc | FY2026 Q3 · Calendar Q4 2026 | +4.2% | -0.7% | Jazz lifts 2026 revenue outlook as Ziihera launch adds momentum |
| BMRN BioMarin Pharmaceutical Inc. | FY2026 Q3 · Calendar Q4 2026 | +376.0% | -1.8% | BioMarin’s Q3 growth meets a lower full-year outlook |
| IDXX IDEXX Laboratories, Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.2% | +21.8% | IDEXX Raises FY2026 Outlook on Diagnostics and Software Growth |
| NBIX Neurocrine Biosciences, Inc. | FY2026 Q3 · Calendar Q4 2026 | +72.3% | -0.5% | Neurocrine Raises INGREZZA Outlook as Core Products Grow |
Latest beats and misses
Who reports nextBeat on EPS
- TSEMFY2026 Q3 · November 2, 2026+7.5% EPS-6.7% move
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
- ETRFY2026 Q3 · November 2, 2026+14.5% EPS-0.2% move
- OFY2026 Q3 · November 2, 2026+5.7% EPS+1.1% move
Missed on EPS
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
Get the ICLR recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-03T12:40:46.874304+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T12:40:46.871349+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.