ICF International is a management consulting and technology services firm that works primarily for U.S. federal agencies and commercial utility clients. ICF helps clients design, implement, and manage complex programs across energy, environment, health, disaster recovery, and IT modernization. Revenue is almost entirely people-driven — ICF bills for professional time and project delivery rather than selling software or products. Contracts are structured as fixed-price (~50% of revenue), time-and-materials (~43%), or cost-plus (~7%). ICF's federal business (~43% of revenue) spans IT modernization, public health programs, and disaster recovery, with HHS alone accounting for 22% of total revenue. The commercial segment (~33% of revenue) is dominated by utility clients, for whom ICF designs and runs energy efficiency, electrification, and demand-side management programs funded by ratepayer surcharges. This commercial energy business grew ~25% in FY25 and is ICF's primary growth focus, driven by rising electricity demand from AI data centers, electrification, and grid modernization. State and local government (~17% of revenue) is largely disaster recovery program management, while international (~7%) focuses on climate and energy work in the U.K. and Europe. ICF's growth strategy centers on expanding its commercial energy business into adjacent services, using advisory engagements to win larger downstream implementation contracts, and pursuing tuck-in acquisitions in energy. ICF reports a $3.4B backlog at end of FY25, providing roughly 1.8x annual revenue in forward visibility.