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Wrapping up Q3 earnings, we look at the numbers and key takeaways for the government & technical consulting stocks, including Amentum and its peers.

The sector has historically benefitted from steady government spending on defense, infrastructure, and regulatory compliance, providing firms long-term contract stability. However, the Trump administration is showing more willingness than previous administrations to upend government spending and bloat. Whether or not defense budgets get cut, the rising demand for cybersecurity, AI-driven defense solutions, and sustainability consulting should benefit the sector for years, as agencies and enterprises seek expertise in navigating complex technology and regulations. Additionally, industrial automation and digital engineering are driving efficiency gains in infrastructure and technical consulting projects, which could help profit margins.

The 7 government & technical consulting stocks we track reported a slower Q3. As a group, revenues were in line with analysts’ consensus estimates.

In light of this news, share prices of the companies have held steady as they are up 1.3% on average since the latest earnings results.

Amentum

With operations spanning approximately 80 countries and a workforce of specialized engineers and technical experts, Amentum Holdings provides advanced engineering and technology solutions to U.S. government agencies, allied governments, and commercial enterprises across defense, energy, and space sectors.

Amentum reported revenues of $3.93 billion, up 10.1% year on year. This print exceeded analysts’ expectations by 9%. Overall, it was a satisfactory quarter for the company with an impressive beat of analysts’ revenue estimates but a miss of analysts’ full-year EPS guidance estimates.

“Amentum’s strong fourth quarter results cap off what has been a remarkable first year as a public company. Financial performance exceeded our expectations, demonstrating the resilience of our business and its alignment with enduring global trends and the mission critical priorities of our customers," said Amentum Chief Executive Officer John Heller.

Amentum pulled off the biggest analyst estimates beat and fastest revenue growth of the whole group. Unsurprisingly, the stock is up 12.4% since reporting and currently trades at $28.52.

Is now the time to buy Amentum? Access our full analysis of the earnings results here, it’s free for active Edge members.

Best Q3: UL Solutions

Founded in 1894 as a response to the growing dangers of electricity in American homes and businesses, UL Solutions provides testing, inspection, and certification services that help companies ensure their products meet safety, security, and sustainability standards.

UL Solutions reported revenues of $783 million, up 7.1% year on year, outperforming analysts’ expectations by 1.5%. The business had a very strong quarter with a beat of analysts’ EPS estimates and a decent beat of analysts’ revenue estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 1.4% since reporting. It currently trades at $77.52.

Is now the time to buy UL Solutions? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: ICF International

Operating at the intersection of policy, technology, and implementation for over five decades, ICF International provides professional consulting services and technology solutions to government agencies and commercial clients across energy, health, environment, and security sectors.

ICF International reported revenues of $465.4 million, down 10% year on year, falling short of analysts’ expectations by 3.9%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ EPS estimates.

ICF International delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 2.7% since the results and currently trades at $83.16.

Read our full analysis of ICF International’s results here.

SAIC

With over five decades of experience supporting national security missions, Science Applications International Corporation provides technical, engineering, and enterprise IT services primarily to U.S. government agencies and military branches.

SAIC reported revenues of $1.87 billion, down 5.6% year on year. This number met analysts’ expectations. Overall, it was a very strong quarter as it also recorded a beat of analysts’ EPS estimates and a solid beat of analysts’ full-year EPS guidance estimates.

SAIC scored the highest full-year guidance raise among its peers. The stock is up 11.2% since reporting and currently trades at $97.31.

Read our full, actionable report on SAIC here, it’s free for active Edge members.

Booz Allen Hamilton

With roots dating back to 1914 and deep ties to nearly all U.S. cabinet-level departments, Booz Allen Hamilton provides management consulting, technology services, and cybersecurity solutions primarily to U.S. government agencies and military branches.

Booz Allen Hamilton reported revenues of $2.89 billion, down 8.1% year on year. This print missed analysts’ expectations by 2.7%. Overall, it was a softer quarter as it also produced a significant miss of analysts’ revenue estimates and a significant miss of analysts’ organic revenue estimates.

The stock is down 9.7% since reporting and currently trades at $90.53.

Read our full, actionable report on Booz Allen Hamilton here, it’s free for active Edge members.

What Happened?

Shares of professional consulting firm ICF International jumped 4.4% in the morning session after an analyst at Canaccord Genuity upgraded the company's stock rating to 'Buy' from 'Hold' and raised the price target. The price target was increased significantly to $115 from $90. The analyst firm expressed optimism about ICF International's outlook, pointing to a "likely return to growth in 2026, healthy FCF generation, and strong management" as key reasons for the improved rating. The firm noted that the current situation offered a chance to "own a high-quality growth asset at a reasonable price" following what was described as a difficult year for the company in 2025.

After the initial pop the shares cooled down to $81.69, up 4.9% from previous close.

Is now the time to buy ICF International? Access our full analysis report here.

What Is The Market Telling Us

ICF International’s shares are not very volatile and have only had 6 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 4 months ago when the stock gained 9.1% on the news that it reported second-quarter results that showed stronger-than-expected profits, fueled by significant growth in its commercial energy business. Investors looked past a slight revenue miss, focusing instead on earnings per share of $1.66, which beat analyst forecasts. The company's commercial energy division delivered a remarkable 27% year-over-year revenue increase, offsetting challenges in the federal government sector. A strong book-to-bill ratio of 1.30 pointed to a healthy pipeline of future work. Management also reaffirmed its full-year guidance and signaled a return to growth in 2026, which further boosted investor sentiment.

ICF International is down 30.7% since the beginning of the year, and at $81.69 per share, it is trading 39.7% below its 52-week high of $135.38 from December 2024. Investors who bought $1,000 worth of ICF International’s shares 5 years ago would now be looking at an investment worth $1,129.