ICON reports Q3 2026 results, raises buyback authorization to $750 million

ICON plc reported third quarter 2026 results on October 27, 2026, for the period ended September 30, 2026. Revenue for the third quarter was $2,024.8 million, a decrease of 2.9% on quarter three 2025, or a decrease of 2.5% on a constant currency basis.¹

On the commercial side, gross bookings were $3,789 million, an increase of 26.9% on quarter three 2025, with cancellations of $639 million, resulting in net business wins of $3,150 million and a book-to-bill of 1.56x. Backlog as at September 30, 2026 was $24.5 billion.¹

GAAP net income was $122.1 million, resulting in diluted earnings per share of $1.58 in quarter three 2026, compared to diluted earnings per share of $(3.67) in quarter three 2025. Adjusted net income for the quarter was $205.8 million, resulting in adjusted diluted earnings per share of $2.66 compared to $3.20 per share in quarter three 2025.¹

On capital structure, in August 2026, ICON completed a successful investment grade bond issuance of $2.15 billion, applying the proceeds to repay the outstanding Senior Secured Term Loan of $900 million, redeem the May 2027 Notes of $750 million in full, and repay outstanding borrowings under the Bridge Secured Credit Facility of $500 million.¹ At September 30, 2026, the Group had cash and cash equivalents of $809.0 million, compared to $928.4 million at June 30, 2026 and $468.9 million at September 30, 2025, with net debt of $2.6 billion.¹

The company returned capital to shareholders, with $400.0 million worth of stock repurchased in the quarter at an average price of $170 per share, and the Board approved an increase in the share buyback authorization to a total of $750.0 million.¹

For the full year, ICON is updating 2026 full-year financial guidance with revenue expected in the range of $8,100 to $8,200 million and adjusted diluted earnings per share expected in the range of $10.35 to $10.65.¹ The company will hold its earnings call on October 28, 2026.