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Exponent (EXPO) investor relations material

Exponent Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Achieved double-digit net revenue growth in Q3 2025, driven by strong demand for dispute-related, risk management, and regulatory consulting services across energy, transportation, life sciences, construction, and utilities sectors.

  • Proactive and reactive engagements saw robust activity, with notable contributions from utilities, chemicals, and improving trends in consumer electronics.

  • AI and transformative technologies are increasingly integrated into client projects, especially in safety-critical systems, positioning the company as a leader in complex technical challenges.

  • Over 50 years of multidisciplinary consulting expertise, with 900+ consulting staff and 650+ doctoral-level professionals as of 12/31/24.

  • Strong reputation for rigorous, objective technical analysis and a diversified portfolio across high-risk, high-exposure global challenges.

Financial highlights

  • Q3 2025 total revenues rose 8% year-over-year to $147.1M; revenues before reimbursements up 10% to $137.1M.

  • Q3 2025 net income increased to $28.0M ($0.55 per diluted share) from $26.0M ($0.50) in Q3 2024.

  • Q3 2025 EBITDA grew to $38.8M (28.3% margin), compared to $35.8M (28.6%) last year.

  • Billable hours up 4% to 376,000; technical FTEs up 3% to 976.

  • Cash and cash equivalents at quarter-end: $207.4M, down from $258.9M at the start of the year.

Outlook and guidance

  • Q4 2025 net revenue expected to grow low to mid-single digits; EBITDA margin guidance 26%-27%.

  • Full-year 2025 net revenue to grow low single digits; EBITDA margin raised to 27.4%-27.65%.

  • Q4 utilization expected at 68%-70% (seasonally lower); full-year utilization at 72.5%.

  • Realized rate increase for 2025 forecast at 4%-5%.

  • Company maintains revenue guidance and raises margin guidance for the full year.

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Frequently asked questions

Exponent Inc. is a multidisciplinary engineering and scientific consulting firm. The company offers analysis, research, and testing services in fields such as mechanical engineering, materials science, health, and environmental science, primarily to corporations, insurance firms, and government agencies. It is headquartered in Menlo Park, California, and its shares are listed on the NASDAQ.

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