0001628280-26-038497 | 6-K/A | XBRL Viewer

Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities)

Disaggregation of revenue

Revenue disaggregated by customer concentration is as follows:


	Three Months Ended March 31,
	2025 (As Restated)		2024 (As Restated)		2023 (As Restated)
	(in thousands)

Clients 1-5	$	496,118	$	539,035	$	567,913
Clients 6-10	309,562		313,756		269,815
Clients 11-25	475,299		422,459		413,296
Other	734,341		768,004		714,784
Total	$	2,015,320	$	2,043,254	$	1,965,808


	Three Months Ended June 30,						Six Months Ended June 30,
	2025 (As Restated)		2024 (As Restated)		2023 (As Restated)		2025 (As Restated)		2024 (As Restated)		2023 (As Restated)
	(in thousands)

Clients 1-5	$	502,385	$	509,632	$	528,152	$	998,504	$	1,048,666	$	1,088,264
Clients 6-10	300,080		301,723		282,313		607,546		607,270		559,930
Clients 11-25	523,737		436,571		415,996		994,379		865,334		822,819
Other	712,886		794,000		781,740		1,453,979		1,563,910		1,502,996
Total	$	2,039,088	$	2,041,926	$	2,008,201	$	4,054,408	$	4,085,180	$	3,974,009


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025 (As Restated)		2024 (As Restated)		2023 (As Restated)		2025 (As Restated)		2024 (As Restated)		2023 (As Restated)
	(in thousands)

Clients 1-5	$	501,343	$	508,385	$	515,190	$	1,499,847	$	1,547,372	$	1,602,943
Clients 6-10	308,045		324,708		294,715		890,203		939,831		855,156
Clients 11-25	541,879		454,808		460,192		1,546,626		1,316,277		1,272,595
Other	733,148		754,042		770,217		2,202,147		2,323,643		2,283,629
Total	$	2,084,415	$	2,041,943	$	2,040,314	$	6,138,823	$	6,127,123	$	6,014,323

There was no revenue from individual customers greater than 10% of consolidated revenue in the respective years. Our customers have similar profiles and economic characteristics, and therefore have similar degrees of risk and growth opportunities.

Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities)

Accounts receivable and unbilled revenue were as follows for the periods ended:


	March 31, 2025 (As Restated)		June 30, 2025 (As Restated)		September 30, 2025 (As Restated)
	(in thousands)
Accounts receivable (Billed services)	$	1,426,035	$	1,411,329	$	1,427,376
Allowance for credit losses	(38,573)		(44,074)		(39,686)
Accounts receivable (net)	1,387,462		1,367,255		1,387,690
Unbilled revenue (Unbilled services)	1,101,511		1,173,021		1,195,747
Accounts receivable and unbilled revenue, net	$	2,488,973	$	2,540,276	$	2,583,437


	March 31, 2024 (As Restated)		June 30, 2024 (As Restated)		September 30, 2024 (As Restated)
	(in thousands)
Accounts receivable (Billed services)	$	1,737,822	$	1,608,774	$	1,431,581
Allowance for credit losses	(35,303)		(40,122)		(35,501)
Accounts receivable (net)	1,702,519		1,568,652		1,396,080
Unbilled revenue (Unbilled services)	949,567		1,021,519		1,118,860
Accounts receivable and unbilled revenue, net	$	2,652,086	$	2,590,171	$	2,514,940


	March 31, 2023 (As Restated)		June 30, 2023 (As Restated)		September 30, 2023 (As Restated)
	(in thousands)
Accounts receivable (Billed services)	$	1,838,875	$	1,788,140	$	1,883,296
Allowance for credit losses	(36,149)		(29,029)		(32,934)
Accounts receivable (net)	1,802,726		1,759,111		1,850,362
Unbilled revenue (Unbilled services)	880,412		902,321		828,453
Accounts receivable and unbilled revenue, net	$	2,683,138	$	2,661,432	$	2,678,815

Unbilled services and unearned revenue or payments on account (contract assets and liabilities) were as follows for the periods ended:


	March 31, 2025 (As Restated)		June 30, 2025 (As Restated)		September 30, 2025 (As Restated)
	(in thousands)
Unbilled revenue (Unbilled services)	$	1,101,511	$	1,173,021	$	1,195,747
Unearned revenue (Payments on account )	(1,495,847)		(1,515,422)		(1,546,887)


	March 31, 2024 (As Restated)		June 30, 2024 (As Restated)		September 30, 2024 (As Restated)
	(in thousands)
Unbilled revenue (Unbilled services)	$	949,567	$	1,021,519	$	1,118,860
Unearned revenue (Payments on account )	(1,585,694)		(1,544,275)		(1,477,952)


	March 31, 2023 (As Restated)		June 30, 2023 (As Restated)		September 30, 2023 (As Restated)
	(in thousands)
Unbilled revenue (Unbilled services)	$	880,412	$	902,321	$	828,453
Unearned revenue (Payments on account )	(1,480,275)		(1,493,403)		(1,563,948)

Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. We record assets for amounts related to performance obligations that are satisfied but not yet billed and/or collected. These assets are recorded as unbilled revenue and therefore contract assets rather than accounts receivable when receipt of the consideration is conditional on something other than the passage of time. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations or billed in advance of the revenue being earned.

Unbilled services / revenue balances arise where invoicing or billing is based on the timing of agreed milestones related to service contracts for clinical research. Contractual billing arrangements in respect of certain reimbursable expenses (principally investigators) require billing by the investigator to the Company prior to billing by the Company to the customer. As there is no contractual right of set-off between unbilled services (contract assets) and unearned revenue (contract liabilities), each are separately presented gross on the Consolidated Balance Sheets.

Business Segment and Geographical Information - Schedule of Distribution of Revenue by Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended									6 Months Ended			9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 2,084,415	$ 2,039,088	$ 2,015,320	$ 2,041,943	$ 2,041,926	$ 2,043,254	$ 2,040,314	$ 2,008,201	$ 1,965,808	$ 4,054,408	$ 4,085,180	$ 3,974,009	$ 6,138,823	$ 6,127,123	$ 6,014,323
Ireland
Segment Reporting Information [Line Items]
Revenue	801,771	902,026	734,340	627,432	627,500	607,286	582,839	582,403	500,174	1,636,366	1,234,786	1,082,577	2,438,137	1,862,218	1,665,416
Rest of Europe
Segment Reporting Information [Line Items]
Revenue	399,035	360,070	375,865	420,759	383,199	389,603	384,289	373,460	413,851	735,935	772,802	787,311	1,134,970	1,193,561	1,171,600
U.S.
Segment Reporting Information [Line Items]
Revenue	649,040	573,395	672,424	755,383	790,510	808,364	830,934	847,322	843,666	1,245,819	1,598,874	1,690,988	1,894,859	2,354,257	2,521,922
Rest of World
Segment Reporting Information [Line Items]
Revenue	$ 234,569	$ 203,597	$ 232,691	$ 238,369	$ 240,717	$ 238,001	$ 242,252	$ 205,016	$ 208,117	$ 436,288	$ 478,718	$ 413,133	$ 670,857	$ 717,087	$ 655,385

Cover	9 Months Ended
Cover	Sep. 30, 2025
Cover [Abstract]
Document Type	6-K/A
Entity Registrant Name	ICON plc
Amendment Flag	true
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Entity Central Index Key	0001060955
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 2025
Amendment Description	EXPLANATORY NOTEOverviewAs described in our Report on Form 6-K furnished on April 29, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”), after discussion with management of the Company, concluded on April 27, 2026, that the Company’s previously issued audited financial statements included in its Annual Reports on Form 20-F for the years ended December 31, 2024 and 2023 (the “Affected Audited Periods”) and the unaudited interim financial statements included in the Company’s Current Reports on Form 6-K for the quarterly periods ending on and falling between September 30, 2025 and March 31, 2023 (the “Affected Unaudited Periods” and together with the Affected Audited Periods, the “Restated Periods”) should no longer be relied upon. We refer to the the Company’s Current Reports on Form 6-K with respect to the Affected Unaudited Periods as the "Affected Form 6-K Reports."We are filing this Amendment No. 1 on Form 6-K (this "Amendment" or "Form 6-K/A") to amend the Report on Form 6-K originally filed by the Company with the Securities and Exchange Commission (the "SEC") on October 23, 2025 to restate the Company's previously issued unaudited condensed consolidated financial statements for the Affected Unaudited Periods that were included in the Affected Form 6-K Reports. This Amendment also amends certain other information impacted by the Restatement (as defined below) that was included in the Affected Form 6-K Reports. All material restatement information for the Affected Unaudited Periods is included in this Amendment, and the Company does not intend to separately amend other reports it has previously filed with the SEC.In this Form 6-K/A, we are including the following:•the restated unaudited condensed consolidated Balance Sheets as of March 31, June 30, and September 30, of each of 2023, 2024, and 2025; and•the restated unaudited condensed consolidated Statements of Operations and, Statements of Comprehensive Income for each of the three months and year to date periods ended March 31, June 30, and September 30, of each of 2023, 2024, and 2025; and•the restated unaudited condensed consolidated Statements of Shareholders' Equity for each of the three months ended March 31, June 30, and September 30, of each of 2023, 2024, and 2025; and•the restated unaudited condensed consolidated Statements of Cash Flows for each of the year to date periods ended March 31, June 30, and September 30, of each of 2023, 2024, and 2025.We refer to the foregoing restatements in this document as the “Restatement.” Restatement BackgroundAs previously disclosed, in October 2025, the Audit Committee initiated an investigation into certain accounting practices and controls, following concerns reported to the Audit Committee through Company management. The Audit Committee promptly engaged outside legal counsel, who were supported by forensic and technical accounting firms, to conduct the investigation (the “Investigation”) and notified the Company’s independent registered public accounting firm. The Company has also self-reported the matter to the SEC and other relevant agencies. The Investigation primarily focused on revenue recognition practices, and, in connection with the Investigation, the Company has determined that improper adjustments were made to the clinical trial services revenue of the Company from the third quarter of 2023 to the fourth quarter of 2024. The Company also identified errors in determining the estimated cost to complete, the assessment of realizable value, and certain manual adjustments in respect of clinical trial services revenue contracts during 2023, 2024 and 2025. The Audit Committee concluded that the Company’s previously issued consolidated financial statements for the Restated Periods should no longer be relied upon and that such financial statements required restatement. The Company has restated the audited financial statements for the Affected Audited Periods in the Annual Report on Form 20-F for the year ended December 31, 2025 (our "Form 20-F") and is filing this Amendment to restate the unaudited interim financial statements for the Affected Unaudited Periods.Restatement of Financial Statements for the Affected Unaudited PeriodsIn addition to the errors outlined in our Form 20-F, the following errors were identified that impacted the Affected Unaudited Periods.•In preparing the Company's goodwill impairment assessment as at December 31, 2025, the Company identified additional goodwill impairment and concluded that it should have been recorded as at September 30, 2025 and has included this within the restated September 30, 2025 unaudited condensed consolidated financial statements.•Errors were identified between unbilled revenue and accounts receivable, net of allowance for credit losses as at March 31, and June 30, 2024. An overstatement of $160.0 million and $1.0 million were identified in accounts receivable, net of allowance for credit losses with a corresponding understatement of unbilled revenue as at March 31, and June 30, 2024 respectively.

Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities) - Schedule of Accounts Receivables and Unbilled Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Contract Assets [Abstract]
Billed services (accounts receivable)	$ 1,427,376	$ 1,411,329	$ 1,426,035	$ 1,431,581	$ 1,608,774	$ 1,737,822	$ 1,883,296	$ 1,788,140	$ 1,838,875
Allowance for credit losses	(39,686)	(44,074)	(38,573)	(35,501)	(40,122)	(35,303)	(32,934)	(29,029)	(36,149)
Accounts receivable (net)	1,387,690	1,367,255	1,387,462	1,396,080	1,568,652	1,702,519	1,850,362	1,759,111	1,802,726
Unbilled services (unbilled revenue)	1,195,747	1,173,021	1,101,511	1,118,860	1,021,519	949,567	828,453	902,321	880,412
Accounts receivable and unbilled revenue, net	$ 2,583,437	$ 2,540,276	$ 2,488,973	$ 2,514,940	$ 2,590,171	$ 2,652,086	$ 2,678,815	$ 2,661,432	$ 2,683,138

Intangible assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total cost	$ 5,206,920
Accumulated amortization	(1,822,598)
Impairment	(86,739)
Net book value	3,297,583	$ 3,443,096	$ 3,501,307	$ 3,605,814	$ 3,632,354	$ 3,748,939	$ 3,934,673	$ 4,049,793	$ 4,164,410
Adjustments
Finite-Lived Intangible Assets [Line Items]
Net book value	(86,739)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total cost	4,134,107
Order backlog
Finite-Lived Intangible Assets [Line Items]
Total cost	545,922
Trade names & brands
Finite-Lived Intangible Assets [Line Items]
Total cost	204,713
Patient database
Finite-Lived Intangible Assets [Line Items]
Total cost	170,487
Technology assets
Finite-Lived Intangible Assets [Line Items]
Total cost	$ 151,691

Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities) - Schedule of Unbilled Services and Unearned Revenue or Payments on Account (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Unbilled services (unbilled revenue)	$ 1,195,747	$ 1,173,021	$ 1,101,511	$ 1,118,860	$ 1,021,519	$ 949,567	$ 828,453	$ 902,321	$ 880,412
Unearned revenue (Payments on account )	$ (1,546,887)	$ (1,515,422)	$ (1,495,847)	$ (1,477,952)	$ (1,544,275)	$ (1,585,694)	$ (1,563,948)	$ (1,493,403)	$ (1,480,275)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - € / shares	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Ordinary shares, par value (in EUR cents per share)	€ 0.06	€ 0.06	€ 0.06	€ 0.06	€ 0.06	€ 0.06	€ 0.06	€ 0.06	€ 0.06
Ordinary shares, shares authorized (in shares)	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000
Ordinary shares, shares issued (in shares)	76,359,932	77,772,130	79,464,252	82,559,366	82,816,600	82,683,805	82,326,976	82,151,049	81,928,422
Ordinary shares, shares outstanding (in shares)	76,359,932	77,772,130	79,464,252	82,559,366	82,816,600	82,683,805	82,326,976	82,151,049	81,928,422

Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended
Goodwill - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 364,248	$ 0	$ 0	$ 0	$ 0	$ 364,248	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (UNAUDITED) $ in Thousands	Sep. 30, 2025 USD ($) shares	Sep. 30, 2025 € / shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2025 € / shares	Mar. 31, 2025 USD ($) shares	Mar. 31, 2025 € / shares	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 € / shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 € / shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2024 € / shares	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2023 € / shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 € / shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2023 € / shares	Dec. 31, 2022 USD ($)
Current assets:
Cash and cash equivalents	$ 468,888		$ 390,396		$ 526,698			$ 695,507		$ 506,553		$ 396,082			$ 313,065		$ 270,176		$ 279,880
Available for sale investments								0		0		1,955			1,954		1,653		1,653
Accounts receivable, net of allowance for credit losses	1,387,690		1,367,255		1,387,462			1,396,080		1,568,652		1,702,519			1,850,362		1,759,111		1,802,726
Unbilled services (unbilled revenue)	1,195,747		1,173,021		1,101,511			1,118,860		1,021,519		949,567			828,453		902,321		880,412
Other receivables	91,018		80,637		87,490			82,760		78,113		76,638			121,687		129,101		143,727
Prepayments and other current assets	138,788		143,263		153,340			140,536		139,244		149,127			150,193		152,774		170,167
Income taxes receivable	61,626		83,292		63,969			102,931		79,216		75,544			42,039		70,021		56,820
Total current assets	3,343,757		3,237,864		3,320,470			3,536,674		3,393,297		3,351,432			3,307,753		3,285,157		3,335,385
Non-current assets:
Property, plant and equipment, net	377,939		377,979		378,253			365,726		353,844		353,302			342,262		346,521		348,106
Goodwill	8,728,375		9,092,410		9,065,335		$ 9,051,410	9,085,447		9,016,549		9,018,301			8,982,896		8,993,583		8,979,134
Intangible assets, net	3,297,583		3,443,096		3,501,307			3,605,814		3,632,354		3,748,939			3,934,673		4,049,793		4,164,410
Operating right-of-use assets	134,341		140,352		147,377			156,955		149,782		159,620			132,319		144,514		150,495
Other receivables	89,932		85,032		75,122			88,445		87,609		87,193			52,797		64,140		71,612
Income taxes receivable	11,395		11,395		11,395			13,682		14,994		4,155			37,830		21,593		17,724
Deferred tax asset	103,266		88,731		79,860			73,687		72,324		73,346			84,493		81,648		89,845
Investments in equity	71,284		67,743		62,160			53,720		50,220		51,164			41,790		35,298		32,052
Total Assets	16,157,872		16,544,602		16,641,279			16,980,150		16,770,973		16,847,452			16,916,813		17,022,247		17,188,763
Current liabilities:
Accounts payable	113,288		94,503		118,168			106,172		83,037		113,579			87,317		46,920		85,126
Unearned revenue	1,546,887		1,515,422		1,495,847			1,477,952		1,544,275		1,585,694			1,563,948		1,493,403		1,480,275
Other liabilities	991,224		891,661		987,060			1,037,886		991,823		993,512			941,581		987,635		1,022,645
Income taxes payable	50,798		21,282		50,636			52,585		27,935		41,905			30,815		29,182		57,973
Current bank credit lines, loan facilities and notes	529,762		29,762		29,762			29,762		29,762		79,762			130,150		105,150		135,150
Total current liabilities	3,231,959		2,552,630		2,681,473			2,704,357		2,676,832		2,814,452			2,753,811		2,662,290		2,781,169
Non-current liabilities:
Non-current bank credit lines, loan facilities and notes, net	2,878,547		3,384,488		3,390,438			3,402,368		3,408,157		3,419,734			3,911,522		4,206,936		4,353,534
Lease liabilities	125,110		132,713		138,354			145,714		145,464		145,542			121,424		129,079		133,048
Non-current other liabilities	98,738		96,305		84,961			49,405		47,620		45,236			40,909		38,686		45,425
Non-current income taxes payable	107,542		102,626		131,239			203,228		198,091		189,747			242,972		241,410		243,813
Deferred tax liability	722,108		775,193		788,943			816,971		842,215		868,492			883,405		933,906		956,868
Commitments and contingencies	0		0		0			0		0		0			0		0		0
Total Liabilities	7,164,004		7,043,955		7,215,408			7,322,043		7,318,379		7,483,203			7,954,043		8,212,307		8,513,857
Ordinary shares, par value (in EUR cents per share) \| € / shares		€ 0.06		€ 0.06		€ 0.06			€ 0.06		€ 0.06		€ 0.06			€ 0.06		€ 0.06		€ 0.06
Shareholders' Equity:
76,567,325 shares issued and outstanding at December 31, 2025, (2024: 80,756,860 and 2023: 82,495,086)	6,290		6,390		6,505			6,703		6,720		6,711			6,688		6,676		6,662
Additional paid-in capital	7,100,059		7,054,324		7,037,344			7,011,547		6,988,736		6,970,079			6,924,073		6,891,494		6,867,887
Other undenominated capital	1,606		1,506		1,389			1,184		1,162		1,162			1,162		1,162		1,162
Accumulated other comprehensive loss	(86,944)		(68,763)		(173,191)			(110,062)		(179,559)		(166,462)			(190,190)		(156,528)		(159,896)
Retained earnings	1,972,857		2,507,190		2,553,824			2,748,735		2,635,535		2,552,759			2,221,037		2,067,136		1,959,091
Total Shareholders' Equity	8,993,868		9,500,647		9,425,871		$ 9,441,354	9,658,107		9,452,594		9,364,249		$ 9,211,446	8,962,770		8,809,940		8,674,906		$ 8,526,793
Total Liabilities and Shareholders' Equity	$ 16,157,872		$ 16,544,602		$ 16,641,279			$ 16,980,150		$ 16,770,973		$ 16,847,452			$ 16,916,813		$ 17,022,247		$ 17,188,763
Ordinary shares, shares authorized (in shares) \| shares	100,000,000		100,000,000		100,000,000			100,000,000		100,000,000		100,000,000			100,000,000		100,000,000		100,000,000
Ordinary shares, shares issued (in shares) \| shares	76,359,932		77,772,130		79,464,252			82,559,366		82,816,600		82,683,805			82,326,976		82,151,049		81,928,422
Ordinary shares, shares outstanding (in shares) \| shares	76,359,932		77,772,130		79,464,252			82,559,366		82,816,600		82,683,805			82,326,976		82,151,049		81,928,422
As Reported
Current assets:
Cash and cash equivalents	$ 468,888		$ 390,396		$ 526,698			$ 695,507		$ 506,553		$ 396,082			$ 313,065		$ 270,176		$ 279,880
Available for sale investments								0		0		1,955			1,954		1,653		1,653
Accounts receivable, net of allowance for credit losses	1,387,690		1,367,255		1,387,462			1,396,080		1,569,642		1,862,468			1,850,362		1,759,111		1,802,726
Unbilled services (unbilled revenue)	1,258,706		1,244,560		1,197,080			1,361,198		1,230,948		993,141			941,884		985,034		974,260
Other receivables	91,018		80,637		87,490			82,760		78,113		76,638			121,687		129,101		143,727
Prepayments and other current assets	140,713		143,263		153,340			140,536		139,244		149,127			150,193		152,774		170,167
Income taxes receivable	61,626		83,292		63,969			102,931		79,216		75,544			42,039		70,021		56,820
Total current assets	3,408,641		3,309,403		3,416,039			3,779,012		3,603,716		3,554,955			3,421,184		3,367,870		3,429,233
Non-current assets:
Property, plant and equipment, net	390,837		377,979		378,253			365,726		353,844		353,302			342,262		346,521		348,106
Goodwill	8,927,323		9,092,410		9,065,335			9,085,447		9,016,549		9,018,301			8,982,896		8,993,583		8,979,134
Intangible assets, net	3,384,322		3,443,096		3,501,307			3,605,814		3,632,354		3,748,939			3,934,673		4,049,793		4,164,410
Operating right-of-use assets	134,341		140,352		147,377			156,955		149,782		159,620			132,319		144,514		150,495
Other receivables	89,932		85,032		75,122			88,445		87,609		87,193			52,797		64,140		71,612
Income taxes receivable	0		0		0			0		0		0			40,481		25,169		22,076
Deferred tax asset	100,810		86,275		77,404			75,993		74,787		74,777			83,095		80,772		89,406
Investments in equity	71,284		67,743		62,160			53,720		50,220		51,164			41,790		35,298		32,052
Total Assets	16,507,490		16,602,290		16,722,997			17,211,112		16,968,861		17,048,251			17,031,497		17,107,660		17,286,524
Current liabilities:
Accounts payable	113,288		94,503		118,168			106,172		83,037		113,579			87,317		46,920		85,126
Unearned revenue	1,528,343		1,514,442		1,497,166			1,585,257		1,602,526		1,709,938			1,663,183		1,573,311		1,580,235
Other liabilities	998,472		898,909		994,308			1,045,134		999,071		1,000,760			948,829		994,883		1,029,893
Income taxes payable	49,350		19,347		49,888			52,585		27,935		41,905			41,518		39,885		68,676
Current bank credit lines, loan facilities and notes	529,762		29,762		29,762			29,762		29,762		79,762			130,150		105,150		135,150
Total current liabilities	3,219,215		2,556,963		2,689,292			2,818,910		2,742,331		2,945,944			2,870,997		2,760,149		2,899,080
Non-current liabilities:
Non-current bank credit lines, loan facilities and notes, net	2,878,547		3,384,488		3,390,438			3,402,368		3,408,157		3,419,734			3,911,522		4,206,936		4,353,534
Lease liabilities	125,110		132,713		138,354			145,714		145,464		145,542			121,424		129,079		133,048
Non-current other liabilities	99,490		97,057		85,713			50,157		48,372		45,988			41,661		39,438		46,177
Non-current income taxes payable	105,832		100,916		129,529			201,135		195,778		188,876			242,972		241,410		243,813
Deferred tax liability	744,450		775,066		788,816			818,329		843,633		869,520			883,887		934,208		957,019
Commitments and contingencies	0		0		0			0		0		0			0		0		0
Total Liabilities	7,172,644		7,047,203		7,222,142			7,436,613		7,383,735		7,615,604			8,072,463		8,311,220		8,632,671
Shareholders' Equity:
76,567,325 shares issued and outstanding at December 31, 2025, (2024: 80,756,860 and 2023: 82,495,086)	6,290		6,390		6,505			6,703		6,720		6,711			6,688		6,676		6,662
Additional paid-in capital	7,100,059		7,054,324		7,037,344			7,011,547		6,988,736		6,970,079			6,924,073		6,891,494		6,867,887
Other undenominated capital	1,606		1,506		1,389			1,184		1,162		1,162			1,162		1,162		1,162
Accumulated other comprehensive loss	(86,944)		(68,763)		(173,191)			(110,062)		(179,559)		(166,462)			(190,190)		(156,528)		(159,896)
Retained earnings	2,313,835		2,561,630		2,628,808			2,865,127		2,768,067		2,621,157			2,217,301		2,053,636		1,938,038
Total Shareholders' Equity	9,334,846		9,555,087		9,500,855			9,774,499		9,585,126		9,432,647			8,959,034		8,796,440		8,653,853
Total Liabilities and Shareholders' Equity	16,507,490		16,602,290		16,722,997			17,211,112		16,968,861		17,048,251			17,031,497		17,107,660		17,286,524
Adjustments
Current assets:
Cash and cash equivalents	0		0		0			0		0		0			0		0		0
Available for sale investments								0		0		0			0		0		0
Accounts receivable, net of allowance for credit losses	0		0		0			0		(990)		(159,949)			0		0		0
Unbilled services (unbilled revenue)	(62,959)		(71,539)		(95,569)			(242,338)		(209,429)		(43,574)			(113,431)		(82,713)		(93,848)
Other receivables	0		0		0			0		0		0			0		0		0
Prepayments and other current assets	(1,925)		0		0			0		0		0			0		0		0
Income taxes receivable	0		0		0			0		0		0			0		0		0
Total current assets	(64,884)		(71,539)		(95,569)			(242,338)		(210,419)		(203,523)			(113,431)		(82,713)		(93,848)
Non-current assets:
Property, plant and equipment, net	(12,898)		0		0			0		0		0			0		0		0
Goodwill	(198,948)		0		0			0		0		0			0		0		0
Intangible assets, net	(86,739)		0		0			0		0		0			0		0		0
Operating right-of-use assets	0		0		0			0		0		0			0		0		0
Other receivables	0		0		0			0		0		0			0		0		0
Income taxes receivable	11,395		11,395		11,395			13,682		14,994		4,155			(2,651)		(3,576)		(4,352)
Deferred tax asset	2,456		2,456		2,456			(2,306)		(2,463)		(1,431)			1,398		876		439
Investments in equity	0		0		0			0		0		0			0		0		0
Total Assets	(349,618)		(57,688)		(81,718)			(230,962)		(197,888)		(200,799)			(114,684)		(85,413)		(97,761)
Current liabilities:
Accounts payable	0		0		0			0		0		0			0		0		0
Unearned revenue	18,544		980		(1,319)			(107,305)		(58,251)		(124,244)			(99,235)		(79,908)		(99,960)
Other liabilities	(7,248)		(7,248)		(7,248)			(7,248)		(7,248)		(7,248)			(7,248)		(7,248)		(7,248)
Income taxes payable	1,448		1,935		748			0		0		0			(10,703)		(10,703)		(10,703)
Current bank credit lines, loan facilities and notes	0		0		0			0		0		0			0		0		0
Total current liabilities	12,744		(4,333)		(7,819)			(114,553)		(65,499)		(131,492)			(117,186)		(97,859)		(117,911)
Non-current liabilities:
Non-current bank credit lines, loan facilities and notes, net	0		0		0			0		0		0			0		0		0
Lease liabilities	0		0		0			0		0		0			0		0		0
Non-current other liabilities	(752)		(752)		(752)			(752)		(752)		(752)			(752)		(752)		(752)
Non-current income taxes payable	1,710		1,710		1,710			2,093		2,313		871			0		0		0
Deferred tax liability	(22,342)		127		127			(1,358)		(1,418)		(1,028)			(482)		(302)		(151)
Commitments and contingencies	0		0		0			0		0		0			0		0		0
Total Liabilities	(8,640)		(3,248)		(6,734)			(114,570)		(65,356)		(132,401)			(118,420)		(98,913)		(118,814)
Shareholders' Equity:
76,567,325 shares issued and outstanding at December 31, 2025, (2024: 80,756,860 and 2023: 82,495,086)	0		0		0			0		0		0			0		0		0
Additional paid-in capital	0		0		0			0		0		0			0		0		0
Other undenominated capital	0		0		0			0		0		0			0		0		0
Accumulated other comprehensive loss	0		0		0			0		0		0			0		0		0
Retained earnings	(340,978)		(54,440)		(74,984)			(116,392)		(132,532)		(68,398)			3,736		13,500		21,053
Total Shareholders' Equity	(340,978)		(54,440)		(74,984)			(116,392)		(132,532)		(68,398)			3,736		13,500		21,053
Total Liabilities and Shareholders' Equity	$ (349,618)		$ (57,688)		$ (81,718)			$ (230,962)		$ (197,888)		$ (200,799)			$ (114,684)		$ (85,413)		$ (97,761)

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Other Undenominated Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		81,723,555
Beginning balance at Dec. 31, 2022	$ 8,526,793	$ 6,649	$ 6,840,306	$ 1,162	$ (171,538)	$ 1,850,214
Comprehensive income (net of tax):
Net (loss) / income	108,877					108,877
Currency translation adjustment	15,500				15,500
Movement on cash flow hedge	(3,858)				(3,858)
Total comprehensive income	120,519
Exercise of share options (in shares)		136,649
Exercise of share options	12,936	$ 9	12,927
Issue of restricted share units / performance share units (in shares)		68,218
Issue of restricted share units	4	$ 4
Share based compensation expense	14,658		14,658
Share issuance costs	$ (4)		(4)
Ending balance (in shares) at Mar. 31, 2023	81,928,422	81,928,422
Ending balance at Mar. 31, 2023	$ 8,674,906	$ 6,662	6,867,887	1,162	(159,896)	1,959,091
Beginning balance (in shares) at Dec. 31, 2022		81,723,555
Beginning balance at Dec. 31, 2022	8,526,793	$ 6,649	6,840,306	1,162	(171,538)	1,850,214
Comprehensive income (net of tax):
Net (loss) / income	216,922
Currency translation adjustment	4,862
Movement on cash flow hedge	10,148
Total comprehensive income	$ 231,932
Ending balance (in shares) at Jun. 30, 2023	82,151,049	82,151,049
Ending balance at Jun. 30, 2023	$ 8,809,940	$ 6,676	6,891,494	1,162	(156,528)	2,067,136
Beginning balance (in shares) at Dec. 31, 2022		81,723,555
Beginning balance at Dec. 31, 2022	8,526,793	$ 6,649	6,840,306	1,162	(171,538)	1,850,214
Comprehensive income (net of tax):
Net (loss) / income	370,823
Currency translation adjustment	(33,786)
Movement on cash flow hedge	15,134
Total comprehensive income	$ 352,171
Ending balance (in shares) at Sep. 30, 2023	82,326,976	82,326,976
Ending balance at Sep. 30, 2023	$ 8,962,770	$ 6,688	6,924,073	1,162	(190,190)	2,221,037
Beginning balance (in shares) at Mar. 31, 2023	81,928,422	81,928,422
Beginning balance at Mar. 31, 2023	$ 8,674,906	$ 6,662	6,867,887	1,162	(159,896)	1,959,091
Comprehensive income (net of tax):
Net (loss) / income	108,045					108,045
Currency translation adjustment	(10,638)				(10,638)
Movement on cash flow hedge	14,006				14,006
Total comprehensive income	111,413
Exercise of share options (in shares)		93,304
Exercise of share options	7,229	$ 6	7,223
Issue of restricted share units / performance share units (in shares)		129,323
Issue of restricted share units	8	$ 8
Share based compensation expense	16,389		16,389
Share issuance costs	$ (5)		(5)
Ending balance (in shares) at Jun. 30, 2023	82,151,049	82,151,049
Ending balance at Jun. 30, 2023	$ 8,809,940	$ 6,676	6,891,494	1,162	(156,528)	2,067,136
Comprehensive income (net of tax):
Net (loss) / income	153,901					153,901
Currency translation adjustment	(38,648)				(38,648)
Movement on cash flow hedge	4,986				4,986
Total comprehensive income	120,239
Exercise of share options (in shares)		147,661
Exercise of share options	16,337	$ 9	16,328
Issue of restricted share units / performance share units (in shares)		28,266
Issue of restricted share units	3	$ 3
Share based compensation expense	16,256		16,256
Share issuance costs	$ (5)		(5)
Ending balance (in shares) at Sep. 30, 2023	82,326,976	82,326,976
Ending balance at Sep. 30, 2023	$ 8,962,770	$ 6,688	6,924,073	1,162	(190,190)	2,221,037
Beginning balance (in shares) at Dec. 31, 2023		82,495,086
Beginning balance at Dec. 31, 2023	9,211,446	$ 6,699	6,942,669	1,162	(143,506)	2,404,422
Comprehensive income (net of tax):
Net (loss) / income	148,337					148,337
Currency translation adjustment	(32,040)				(32,040)
Movement on cash flow hedge	9,084				9,084
Total comprehensive income	125,381
Exercise of share options (in shares)		156,527
Exercise of share options	16,303	$ 10	16,293
Issue of restricted share units / performance share units (in shares)		32,192
Issue of restricted share units	2	$ 2
Share based compensation expense	11,121		11,121
Share issuance costs	$ (4)		(4)
Ending balance (in shares) at Mar. 31, 2024	82,683,805	82,683,805
Ending balance at Mar. 31, 2024	$ 9,364,249	$ 6,711	6,970,079	1,162	(166,462)	2,552,759
Beginning balance (in shares) at Dec. 31, 2023		82,495,086
Beginning balance at Dec. 31, 2023	9,211,446	$ 6,699	6,942,669	1,162	(143,506)	2,404,422
Comprehensive income (net of tax):
Net (loss) / income	231,113
Currency translation adjustment	(41,025)
Movement on cash flow hedge	4,972
Total comprehensive income	$ 195,060
Ending balance (in shares) at Jun. 30, 2024	82,816,600	82,816,600
Ending balance at Jun. 30, 2024	$ 9,452,594	$ 6,720	6,988,736	1,162	(179,559)	2,635,535
Beginning balance (in shares) at Dec. 31, 2023		82,495,086
Beginning balance at Dec. 31, 2023	9,211,446	$ 6,699	6,942,669	1,162	(143,506)	2,404,422
Comprehensive income (net of tax):
Net (loss) / income	444,381
Currency translation adjustment	28,670
Movement on cash flow hedge	4,774
Total comprehensive income	$ 477,825
Ending balance (in shares) at Sep. 30, 2024	82,559,366	82,559,366
Ending balance at Sep. 30, 2024	$ 9,658,107	$ 6,703	7,011,547	1,184	(110,062)	2,748,735
Beginning balance (in shares) at Mar. 31, 2024	82,683,805	82,683,805
Beginning balance at Mar. 31, 2024	$ 9,364,249	$ 6,711	6,970,079	1,162	(166,462)	2,552,759
Comprehensive income (net of tax):
Net (loss) / income	82,776					82,776
Currency translation adjustment	(8,985)				(8,985)
Movement on cash flow hedge	(4,112)				(4,112)
Total comprehensive income	69,679
Exercise of share options (in shares)		45,127
Exercise of share options	5,334	$ 3	5,331
Issue of restricted share units / performance share units (in shares)		87,668
Issue of restricted share units	6	$ 6
Share based compensation expense	13,336		13,336
Share issuance costs	$ (10)		(10)
Ending balance (in shares) at Jun. 30, 2024	82,816,600	82,816,600
Ending balance at Jun. 30, 2024	$ 9,452,594	$ 6,720	6,988,736	1,162	(179,559)	2,635,535
Comprehensive income (net of tax):
Net (loss) / income	213,268					213,268
Currency translation adjustment	69,695				69,695
Movement on cash flow hedge	(198)				(198)
Total comprehensive income	282,765
Exercise of share options (in shares)		74,151
Exercise of share options	10,734	$ 5	10,729
Issue of restricted share units / performance share units (in shares)		5,685
Issue of restricted share units	0
Share based compensation expense	12,085		12,085
Share issuance costs	(3)		(3)
Repurchase of ordinary shares (in shares)		(337,070)
Repurchase of ordinary shares	(100,000)	$ (22)		22		(100,000)
Share repurchase costs	$ (68)					(68)
Ending balance (in shares) at Sep. 30, 2024	82,559,366	82,559,366
Ending balance at Sep. 30, 2024	$ 9,658,107	$ 6,703	7,011,547	1,184	(110,062)	2,748,735
Beginning balance (in shares) at Dec. 31, 2024		80,756,860
Beginning balance at Dec. 31, 2024	9,441,354	$ 6,586	7,020,231	1,304	(229,929)	2,643,162
Comprehensive income (net of tax):
Net (loss) / income	160,812					160,812
Currency translation adjustment	59,158				59,158
Movement on cash flow hedge	(2,420)				(2,420)
Total comprehensive income	217,550
Exercise of share options (in shares)		40,883
Exercise of share options	4,762	$ 3	4,759
Issue of restricted share units / performance share units (in shares)		27,046
Issue of restricted share units	1	$ 1
Share based compensation expense	12,359		12,359
Share issuance costs	(5)		(5)
Repurchase of ordinary shares (in shares)		(1,360,537)
Repurchase of ordinary shares	(250,000)	$ (85)		85		(250,000)
Share repurchase costs	$ (150)					(150)
Ending balance (in shares) at Mar. 31, 2025	79,464,252	79,464,252
Ending balance at Mar. 31, 2025	$ 9,425,871	$ 6,505	7,037,344	1,389	(173,191)	2,553,824
Beginning balance (in shares) at Dec. 31, 2024		80,756,860
Beginning balance at Dec. 31, 2024	9,441,354	$ 6,586	7,020,231	1,304	(229,929)	2,643,162
Comprehensive income (net of tax):
Net (loss) / income	364,328
Currency translation adjustment	163,586
Movement on cash flow hedge	(2,420)
Total comprehensive income	$ 525,494
Ending balance (in shares) at Jun. 30, 2025	77,772,130	77,772,130
Ending balance at Jun. 30, 2025	$ 9,500,647	$ 6,390	7,054,324	1,506	(68,763)	2,507,190
Beginning balance (in shares) at Dec. 31, 2024		80,756,860
Beginning balance at Dec. 31, 2024	9,441,354	$ 6,586	7,020,231	1,304	(229,929)	2,643,162
Comprehensive income (net of tax):
Net (loss) / income	80,145
Currency translation adjustment	145,405
Movement on cash flow hedge	(2,420)
Total comprehensive income	$ 223,130
Ending balance (in shares) at Sep. 30, 2025	76,359,932	76,359,932
Ending balance at Sep. 30, 2025	$ 8,993,868	$ 6,290	7,100,059	1,606	(86,944)	1,972,857
Beginning balance (in shares) at Mar. 31, 2025	79,464,252	79,464,252
Beginning balance at Mar. 31, 2025	$ 9,425,871	$ 6,505	7,037,344	1,389	(173,191)	2,553,824
Comprehensive income (net of tax):
Net (loss) / income	203,516					203,516
Currency translation adjustment	104,428				104,428
Movement on cash flow hedge	0
Total comprehensive income	307,944
Exercise of share options (in shares)		17,901
Exercise of share options	1,734	$ 1	1,733
Issue of restricted share units / performance share units (in shares)		7,158
Issue of restricted share units	1	$ 1
Share based compensation expense	15,251		15,251
Share issuance costs	(4)		(4)
Repurchase of ordinary shares (in shares)		(1,717,181)
Repurchase of ordinary shares	(250,000)	$ (117)		117		(250,000)
Share repurchase costs	$ (150)					(150)
Ending balance (in shares) at Jun. 30, 2025	77,772,130	77,772,130
Ending balance at Jun. 30, 2025	$ 9,500,647	$ 6,390	7,054,324	1,506	(68,763)	2,507,190
Comprehensive income (net of tax):
Net (loss) / income	(284,183)					(284,183)
Currency translation adjustment	(18,181)				(18,181)
Movement on cash flow hedge	0
Total comprehensive income	(302,364)
Exercise of share options (in shares)		7,110
Exercise of share options	821		821
Issue of restricted share units / performance share units (in shares)		7,304
Issue of restricted share units	0
Share based compensation expense	44,919		44,919
Share issuance costs	(5)		(5)
Repurchase of ordinary shares (in shares)		(1,426,612)
Repurchase of ordinary shares	(250,000)	$ (100)		100		(250,000)
Share repurchase costs	$ (150)					(150)
Ending balance (in shares) at Sep. 30, 2025	76,359,932	76,359,932
Ending balance at Sep. 30, 2025	$ 8,993,868	$ 6,290	$ 7,100,059	$ 1,606	$ (86,944)	$ 1,972,857