Something doesn’t add up, ICON (NASDAQ: ICLR) announced internal accounting investigation that delays earnings

ICON (NASDAQ: ICLR) stock plummeted 32% on Thursday after the clinical research organization announced an internal accounting investigation and delayed its fourth quarter and full year 2025 financial results.

The Dublin-based company revealed that its Audit Committee initiated an investigation in late October 2025 into certain accounting practices and controls following concerns reported through company management. The investigation, conducted by outside legal counsel with support from forensic and technical accounting firms, primarily focuses on revenue recognition practices from 2023 through 2025.

Preliminary findings indicate that ICON’s revenue may have been overstated by less than 2% for each of the fiscal years 2023 and 2024. The company also expects to report one or more material weaknesses in its internal controls over financial reporting.

Due to the ongoing investigation, ICON has delayed its normal reporting processes and withdrawn its previously issued financial guidance for 2025. The company now plans to release its fourth quarter and full year 2025 results on or before April 30, 2026.

ICON’s Chair Ciaran Murray expressed “full faith in ICON’s executive team” despite the investigation, while CEO Barry Balfe described ICON as “a strong business underpinned by a longstanding commitment to quality, integrity and transparency.” Balfe added that the company is implementing corrective actions to enhance internal controls over financial reporting.