ICON Public Limited Company (ICLR) Cash Flow Statement
Where ICLR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.04B −19.5% vs 2024
- Capital expenditures
- $174.2M 2.1% of revenue
- Free cash flow
- $862.0M 10.4% margin
- Returned to shareholders
- $750.0M 87% of free cash flow
- Change in cash
- $108.5M cash at year-end $647.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ICLR operating cash flow, capex and free cash flow
ICLR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $259.2M2016 | $1.04B2025 | +16.6%/yr | |
| Capital expenditures | $42.6M2016 | $174.2M2025 | +16.9%/yr | |
| Free cash flow | $216.6M2016 | $862.0M2025 | +16.6%/yr | |
| Free cash flow margin | 13.0%2016 | 10.4%2025 | −2.6 pts | |
| Operating cash flow / net income | 0.992016 | 4.522025 | +3.53 | |
| Stock-based compensation | $40.3M2016 | $102.0M2025 | +10.9%/yr | |
| Dividends paid | $13.2M2020 | $35.8M2022 | +64.8%/yr | |
| Share buybacks (net) | $110.0M2016 | $750.0M2025 | +23.8%/yr | |
| Capex / revenue | 2.6%2016 | 2.1%2025 | −0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ICLR cash flow by activity
ICLR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ICLR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $229.3M | $791.5M | $612.3M | $505.3M | $153.2M | $331.4M | $375.9M | $322.8M | $24.2M | $262.2M |
| Depreciation & amortization | $383.0M | $488.5M | $586.0M | $569.5M | $315.0M | $94.6M | $61.5M | $65.9M | $61.3M | $59.6M |
| Stock-based compensation | $102.0M | $45.9M | $55.7M | $70.5M | $133.8M | $26.3M | $26.8M | $28.1M | $21.6M | $40.3M |
| Change in working capital | −$98.1M | −$56.5M | −$114.8M | −$550.2M | $135.0M | $114.7M | −$82.7M | −$177.7M | $2.7M | −$103.3M |
| Other non-cash items | $419.9M | $17.3M | $21.9M | −$31.8M | $92.1M | $27.7M | $31.1M | $24.9M | $273.2M | $422,000 |
| Cash from operating activities | $1.04B | $1.29B | $1.16B | $563.3M | $829.1M | $594.7M | $412.5M | $264.0M | $383.1M | $259.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$174.2M | −$168.1M | −$140.7M | −$142.2M | −$93.8M | −$51.1M | −$50.6M | −$48.4M | −$28,000 | −$42.6M |
| Investments (net) | −$10.8M | −$266.8M | −$163.0M | −$145.9M | −$6.0M | −$46.6M | −$162.0M | −$37.3M | −$177.8M | −$74.8M |
| Acquisitions & other investing | −$2.5M | $168.1M | $77.1M | $142.2M | −$5.92B | $51.1M | $50.6M | $48.4M | $28,000 | $42.6M |
| Cash from investing activities | −$187.5M | −$266.8M | −$226.7M | −$145.9M | −$6.02B | −$46.6M | −$162.0M | −$37.3M | −$177.8M | −$74.8M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$35.8M | — | −$13.2M | — | — | — | — |
| Share repurchases & issuance (net) | −$750.0M | −$500.0M | $0 | −$100.0M | −$100.0M | −$175.0M | −$146.9M | −$129.0M | −$133.1M | −$110.0M |
| Net borrowing (repayment) | −$29.8M | −$360.3M | −$895.0M | −$800.0M | $5.03B | $5.03B | $5.03B | $5.03B | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $8.5M | $23.1M | $51.0M | $71.6M | $187.4M | −$5.07B | −$5.01B | −$5.01B | $13.8M | $16.3M |
| Cash from financing activities | −$771.3M | −$837.2M | −$844.0M | −$864.2M | $5.11B | −$235.0M | −$125.4M | −$108.4M | −$119.3M | −$93.7M |
| Summary | ||||||||||
| Net change in cash | $108.5M | $160.7M | $89.3M | −$463.4M | −$88.1M | $320.0M | $124.5M | $113.0M | $90.3M | $88.6M |
| Cash at end of period | $647.3M | $538.8M | $378.1M | $288.8M | $752.2M | $840.3M | $520.3M | $395.9M | $51.5M | $192.5M |
| Free cash flow | $862.0M | $1.12B | $1.02B | $421.2M | $735.4M | $543.7M | $361.9M | $215.6M | $48.7M | $216.6M |
| Free cash flow margin | 10.4% | 13.5% | 12.6% | 5.4% | 13.4% | 19.4% | 12.9% | 8.3% | 2.8% | 13.0% |
| Capex / revenue | 2.1% | 2.0% | 1.7% | 1.8% | 1.7% | 1.8% | 1.8% | 1.9% | 0.0% | 2.6% |
| Operating cash flow / net income | 4.52 | 1.63 | 1.90 | 1.11 | 5.41 | 1.79 | 1.10 | 0.82 | 15.81 | 0.99 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $72.6M | $104.8M | $149.2M | $2.4M | $183.0M | $154.2M | $260.0M | $197.1M | $146.9M | $187.4M | $216.4M | $163.7M |
| Depreciation & amortization | $99.7M | $90.3M | $90.8M | $98.5M | $97.7M | $96.0M | $96.7M | $93.0M | $149.6M | $149.2M | $157.3M | $146.0M |
| Stock-based compensation | $18.5M | $27.6M | $29.5M | $60.2M | $15.3M | $12.4M | $4.7M | $13.0M | $15.0M | $13.2M | $8.4M | $15.9M |
| Change in working capital | $64.3M | −$30.4M | −$37.7M | $119.0M | −$169.0M | −$6.4M | −$1.6M | $78.3M | −$126.6M | −$6.6M | −$2.3M | $56.9M |
| Other non-cash items | $22.6M | −$25.2M | $2.3M | $128.4M | $35.3M | $12.2M | −$21.4M | $21.2M | $33.7M | −$16.2M | $60.3M | −$41.0M |
| Cash from operating activities | $277.5M | $167.0M | $234.2M | $408.5M | $162.2M | $268.2M | $338.3M | $402.7M | $218.6M | $327.1M | $440.1M | $341.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$42.2M | −$30.8M | −$59.3M | −$56.6M | −$34.6M | −$28.9M | −$61.3M | −$43.3M | −$36.0M | −$27.2M | −$52.7M | −$29.1M |
| Investments (net) | −$10.4M | −$8.7M | $3.4M | −$56.1M | −$38.2M | −$37.3M | −$68.9M | −$124.3M | −$34.2M | −$39.4M | −$122.5M | −$35.5M |
| Acquisitions & other investing | −$55.3M | $0 | — | $53.5M | $31.7M | $28.9M | $61.3M | $43.3M | $36.0M | $27.2M | $52.7M | $29.1M |
| Cash from investing activities | −$107.9M | −$39.4M | — | −$59.2M | −$41.1M | −$37.3M | −$68.9M | −$124.3M | −$34.2M | −$39.4M | −$122.5M | −$35.5M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $0 | −$500.0M | $0 | −$265.4M | −$269.5M | −$250.0M | −$400.0M | −$101.1M | $0 | — | $0 | $0 |
| Net borrowing (repayment) | −$7.4M | −$7.4M | −$7.4M | −$7.4M | −$7.4M | −$7.4M | −$7.4M | −$7.4M | — | — | — | −$275.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.7M | $501.1M | $1.6M | $448,943 | $1.4M | $4.6M | $3.5M | $10.8M | −$71.8M | −$263.7M | −$255.5M | $16.3M |
| Cash from financing activities | −$5.8M | −$6.4M | −$5.8M | −$272.4M | −$275.5M | −$252.8M | −$404.0M | −$97.8M | −$71.8M | −$263.7M | −$255.5M | −$258.7M |
| Summary | ||||||||||||
| Net change in cash | $163.2M | $117.9M | $178.4M | $78.5M | −$136.3M | −$12.1M | −$156.7M | $189.0M | $110.5M | $18.0M | $65.0M | $42.9M |
| Cash at end of period | $928.4M | $765.2M | $647.3M | $468.9M | $390.4M | $526.7M | $538.8M | $695.5M | $506.6M | $396.1M | $378.1M | $313.1M |
| Free cash flow | $235.3M | $136.2M | $174.8M | $351.9M | $127.6M | $239.3M | $277.0M | $359.3M | $182.3M | $299.9M | $387.4M | $312.4M |
| Free cash flow margin | 11.4% | 6.7% | 8.0% | 17.2% | 6.3% | 12.0% | 13.6% | 17.7% | 8.6% | 14.3% | 18.7% | 15.2% |
| Capex / revenue | 2.0% | 1.5% | 2.7% | 2.8% | 1.7% | 1.4% | 3.0% | 2.1% | 1.7% | 1.3% | 2.6% | 1.4% |
| Operating cash flow / net income | 3.82 | 1.59 | 1.57 | 173.47 | 0.89 | 1.74 | 1.30 | 2.04 | 1.49 | 1.74 | 2.03 | 2.09 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ICLR cash generation
In fiscal 2025 (ended December 31, 2025), ICON Public generated $1.0 billion of cash from operations (down 19.5%) and spent $174.2 million on capital expenditures, leaving free cash flow of $862.0 million, 10.4% of revenue. It returned $750.0 million to shareholders through dividends ($0) and net share buybacks ($750.0 million). Cash and equivalents rose by $108.5 million over the year.
Related: ICLR income statement, ICLR balance sheet. See the ICLR stock overview for the latest quote and news.
ICLR cash flow FAQ
What is ICON Public's free cash flow?
ICON Public's free cash flow was $862.0 million in fiscal 2025: $1.0 billion of operating cash flow minus $174.2 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does ICON Public generate from operations?
ICON Public generated $1.0 billion of cash from operating activities in fiscal 2025, 4.52 times its net income of $229.3 million.
How much does ICON Public spend on capital expenditures?
ICON Public spent $174.2 million on capital expenditures in fiscal 2025, 2.1% of revenue, compared with $168.1 million the year before.
How much stock does ICON Public buy back?
ICON Public spent $750.0 million on net share repurchases in fiscal 2025.