MEDIUMBuilt-inProduct / Revenue mix
50%
fixed-price contracts
“10-K Item 1A: 'We derived 50%, 46%, and 45% of our total revenue from fixed-price contracts in 2025, 2024, and 2023, respectively.'”
ICFI · Concentration risk · 10-K extracted
ICF International (ICFI) concentration risks
Updated
The most significant concentration ICF International discloses is fixed-price contracts at 50%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: ICF International’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-in & outside partyCustomer
43%
U.S. federal government
“10-K Item 1A: 'We derived approximately 43%, 54%, and 55% of our revenue in 2025, 2024, and 2023, respectively, from contracts with federal government clients'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06ICF International's two disclosed concentrations are both moderate in scale but reflect different kinds of exposure. Fixed-price contracts accounted for 50% of total revenue in 2025, up from 46% in 2024 and 45% in 2023 — a structural feature of how the company prices its work rather than a reliance on any one customer. Separately, U.S. federal government clients contributed approximately 43% of revenue in 2025, down from 54% in 2024 and 55% in 2023, an exposure the filing frames as mixed in character. The trend lines matter here: the shift toward more fixed-price work increases the company's own execution and cost-overrun risk, since a growing share of revenue is now earned under contracts where ICF bears the delivery risk rather than being reimbursed for costs. At the same time, the declining federal government share — down roughly 12 points over two years — suggests some diversification away from that single customer base, even though it remains a substantial revenue source. Neither exposure is disclosed at the high end of the size scale, but the federal government relationship is the one most exposed to external policy and budget decisions outside ICF's control.
For the engine’s reasoning on ICFI’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Consulting Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BAH | Booz Allen Hamilton Holding Cor | 1 | 0 | 2 | 3 |
| ICFI● | ICF International, Inc. | 0 | 2 | 0 | 2 |
| HURN | Huron Consulting Group Inc. | 0 | 1 | 1 | 2 |
| EFX | Equifax, Inc. | 0 | 0 | 1 | 1 |
| CRAI | CRA International,Inc. | 0 | 0 | 0 | 0 |
| FCN | FTI Consulting, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.