ICF, the global technology and consulting firm, added $100 million to its stock buyback program on Thursday, June 25.

The board-approved increase brings ICF's (NASDAQ: ICFI) total spending power for buybacks to $165 million. That builds on a prior program that had $65 million left, according to a company press release. ICF has already bought back roughly 435,000 shares this year for $29 million, including 217,500 shares in the first quarter alone.

"The increased authorization underscores our confidence in our long-term business prospects, supported by a substantial backlog and robust new business development pipeline," CEO John Wasson said in the announcement.

Federal Work Slowing Down

The expanded buyback comes during a tough stretch for ICF's government business. First-quarter 2026 revenue was $437.5 million, but money coming in from U.S. federal contracts fell 23.7% compared to the same period last year, dropping to $182.3 million, according to the company's Q1 earnings report.

Full-year 2025 revenue fell about 7% to $1.87 billion. ICF blamed part of the decline on canceled federal contracts tied to Department of Justice work and a government shutdown.

Work for non-federal clients made up about 57% of total revenue in 2025, and ICF wants to push that share above 60% in 2026. Technology upgrade projects account for about 20% of revenue.

What's Ahead

Wasson said during the Q1 earnings call that ICF expects federal revenue to grow quarter over quarter in the second and third quarters and show year-over-year growth by the fourth quarter. He projected the company would return to mid-to-high single-digit growth in 2027.

ICF kept its full-year 2026 revenue forecast at $1.89 billion to $1.96 billion, which would represent about 3% growth. The company expects to bring in between $135 million and $150 million in cash from operations. Its total contract backlog stood at $3.4 billion at the end of Q1, with $8.5 billion in potential new deals in the pipeline.

Anne Choate, who has been with ICF since 1995, became president on Jan. 1, 2026, while Wasson remains chair and CEO.

ICF declared a quarterly dividend of $0.14 per share on May 7, payable July 10 to shareholders of record as of June 5. The company's next earnings report is expected around July 30, according to financial data aggregators.