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ASGN (ASGN) investor relations material
ASGN Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenues were $1.02B, down 1.4% year-over-year but exceeded guidance; net income was $29.3M; adjusted EBITDA margin was 10.6%.
IT consulting revenues grew to 63% of total, driven by demand for cloud, data, and AI, and supported by the TopBloc acquisition.
Commercial consulting bookings reached $417.5M, book-to-bill ratio 1.2x–1.3x; federal contract awards were $1.4B TTM, book-to-bill 1.1x.
Free cash flow was $115.8M, up 35.6% year-over-year; operating cash flow reached $124.9M.
Macroeconomic uncertainty persists, impacting assignment revenues and discretionary spending.
Financial highlights
Q2 2025 revenue was $1.02B, down 1.4% year-over-year but above guidance.
Net income was $29.3M; adjusted net income was $51.6M; adjusted EBITDA was $108.5M.
Gross margin was 28.7%, down from 29.1% year-over-year; commercial segment margin rose to 33%, federal margin declined to 19.2%.
Diluted EPS was $0.67, down from $1.02 last year; adjusted EPS was $1.17, down from $1.36.
Cash and equivalents at quarter end were $138.9M; long-term debt was $1.21B.
Outlook and guidance
Q3 2025 revenue guidance: $992M–$1.012B; net income: $35.8M–$39.4M; adjusted EBITDA: $108.5M–$113.5M; margin: 10.9%–11.2%.
Q3 gross margin expected at 29.3%–29.6%; adjusted EPS guidance: $1.18–$1.26.
Federal segment baseline revenue expected at $290M–$295M, with growth anticipated from new defense funding.
Guidance assumes stable market conditions and no further deterioration.
Management expects liquidity and credit facility availability to cover obligations for the next 12 months and beyond.
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