ICLR ICON (ICLR) Q2 FY26 earnings call
ICON delivered solid Q2 FY26 results, marked by robust bookings and a constructive demand environment, despite elevated pass-through activity impacting reported margins. The company reaffirmed its full-year financial guidance, focusing on sequential EBITDA dollar progression and disciplined cost management. Strategic investments in AI, including a new collaboration with Anthropic, and expansion in China are aimed at strengthening its competitive position and driving long-term growth.
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ICLR operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Gross bookings | $3.3BQuarter 1 gross bookings were $3.3 billion, matching the strong performance in quarter 4 2025 and up 22% year-over-year.Source: earnings call transcript | $3.7BQ2 gross business wins were $3.7 billion, an increase of 24% year-over-year and 13% sequentially with strong performance across the portfolio.Source: earnings call transcript | +12.1% |
| Cancellations | $383MCancellations were also in line with the improved level seen in quarter 4, a total of $383 million for the quarter.Source: earnings call transcript | $562MCancellations totaled $562 million, broadly in line with expectations, resulting in net bookings of $3.1 billion and a net book-to-bill ratio of 1.51x.Source: earnings call transcript | +46.7% |
| Net business wins | $2.88BStrength of gross bookings and cancels resulted in net business wins of $2.88 billion in the quarter, an increase of 42% year-over-year and a net book-to-bill of 1.42x.Source: earnings call transcript | $3.1BCancellations totaled $562 million, broadly in line with expectations, resulting in net bookings of $3.1 billion and a net book-to-bill ratio of 1.51x.Source: earnings call transcript | +7.6% |
| Net book-to-bill | 1.42 xStrength of gross bookings and cancels resulted in net business wins of $2.88 billion in the quarter, an increase of 42% year-over-year and a net book-to-bill of 1.42x.Source: earnings call transcript | 1.51 xCancellations totaled $562 million, broadly in line with expectations, resulting in net bookings of $3.1 billion and a net book-to-bill ratio of 1.51x.Source: earnings call transcript | +6.3% |
| Book-to-bill Direct fee | 1.3 x+Encouragingly, we again saw a solid contribution of direct fee versus pass-through awards with our book-to-bill on a direct fee basis in excess of 1.3x for the quarter.Source: earnings call transcript | 1.2 xDirect fee bookings also remained strong, resulting in a direct fee net book-to-bill ratio of 1.2x.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.