Andersen Group (ANDG) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $217.7M, up 23.7% year-over-year, with six-month revenue at $458.4M, up 19.4%, driven by strong demand, client growth, and acquisitions.

• Net loss for Q2 narrowed to $10.1M from $96M last year, mainly due to lower equity-based compensation; six-month net income was $7.6M, reversing a $45.4M loss.

• Adjusted EBITDA for Q2 was $46.0M (21.1% margin), up 54% year-over-year; six-month Adjusted EBITDA was $122.8M (26.8% margin).

• All service lines and regions contributed to growth, with inorganic expansion from acquisitions in Ireland, New Zealand, Nigeria, Uruguay, Switzerland, Canada, Mexico, UK, and the US.

• Strong client additions, high acceptance rates for new hires, and ongoing technology integration supported operational gains.

Financial highlights

• Q2 revenue of $217.7M exceeded guidance, with $5.5M from acquisitions; cost of services and SG&A as a percentage of revenue declined.

• Adjusted net income for Q2 was $39.0M (17.9% margin), up 38.8% year-over-year.

• Last 12 months revenue was $913M, up 18% year-over-year; adjusted EBITDA for the period was $262.9M, a 46% increase.

• Cash and equivalents at June 30, 2026, were $175.6M; net working capital was $220M.

• Cost of services decreased 22.9% YoY in Q2 2026 due to lower non-cash equity-based compensation.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $980M–$1B, with 18% annualized growth expected.

• Adjusted EBITDA projected at $225M–$250M, with a margin of 22–25%.

• Management expects continued revenue growth from organic expansion and further acquisitions, with additional deals expected to close in Q4 2026.

• Liquidity is expected to remain strong, with sufficient cash and cash flows to meet operational and strategic needs.

• Anticipates return to full-year net income and positive EPS.