Andersen Group (ANDG) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $217.7M–$218M, up 23.7% year-over-year, with six-month revenue at $458.4M, up 19.4%, driven by strong demand, client growth, and acquisitions.

• Adjusted EBITDA for Q2 was $46.0M (21.1% margin), up 54% year-over-year; adjusted net income for Q2 was $39.0M (17.9% margin), up 38.8%.

• 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.

• Maintained a large and diverse client base, with 13,500 client groups and 23,800 engagements as of June 30, 2026.

• Expanded global presence through acquisitions in Ireland, New Zealand, Nigeria, Uruguay, Switzerland, Canada, Mexico, UK, and the US.

Financial highlights

• Q2 revenue of $217.7M–$218M exceeded guidance, with $5.5M from acquisitions; six-month adjusted EBITDA was $122.8M (26.8% margin).

• Adjusted net income for Q2 was $39.0M (17.9% margin); for six months, $106.3M (23.2% margin).

• Last 12 months revenue was $913M, up 18% year-over-year; adjusted EBITDA for the period was $262.95M (28.8% margin).

• Cost of services and SG&A as a percentage of revenue both declined, reflecting improved operating leverage.

• Cash and equivalents at $175.6M as of June 30, 2026; working capital stable at $220M.

Outlook and guidance

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

• Adjusted EBITDA projected at $225M–$250M, with margins of 23%–25%.

• Continued investment in talent, technology, automation, AI, and integration of acquired firms.

• Additional acquisitions in Switzerland, Canada, Mexico, UK, and the US expected to close in Q4 2026.

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