Revenue materially cleared the standing bar. Second-quarter revenue reached $217.7 million, up 23.7% year over year and above the published consensus of roughly $203.3 million; it also exceeded the company’s prior Q2 guidance range of $190 million to $205 million.
| Metric | Q2 2026 | Q2 2025 / expectation | Read |
|---|---|---|---|
| Revenue | $217.7M (Revenue by Service Line) | $176.0M prior year; ~$203.3M consensus | Beat |
| Adjusted net income | $39.0M (Adjusted Net Income reconciliation) | $28.1M prior year | Up 38.8% |
| Adjusted EBITDA | $46.0M (Adjusted EBITDA reconciliation) | $29.7M prior year | Up 54.8% |
| Adjusted EBITDA margin | 21.1% (Adjusted EBITDA reconciliation) | 16.9% prior year | Expanded 420 bps |
| GAAP net income | $(10.1)M (Income Statement) | $(96.0)M prior year | Still negative |
| FY2026 revenue guidance | $980M–$1.0B (Looking Ahead) | Reaffirmed | No upgrade |
| FY2026 adjusted EBITDA guidance | $225M–$250M (Looking Ahead) | Reaffirmed | No upgrade |
Underlying profitability improved faster than sales. Adjusted net income rose 38.8% to $39.0 million, while adjusted EBITDA increased 54.8% to $46.0 million. The margin expansion is the more important signal: Q2 adjusted EBITDA margin reached 21.1%, versus 16.9% a year ago, despite continued spending on people, technology, automation and AI. (Adjusted EBITDA reconciliation)
The headline GAAP loss is better, but not immaterial. Andersen still reported a $10.1 million net loss and $(0.09) diluted EPS because equity-based compensation remained $48.3 million in the quarter. Management excludes that expense from adjusted results, but investors still need to treat it as an economic cost because much of the compensation is settled through equity and can dilute shareholders. (Income Statement; Adjusted Net Income reconciliation)
The beat does not yet change the full-year setup. Management reaffirmed, rather than raised, its $980 million–$1.0 billion revenue outlook and $225 million–$250 million adjusted EBITDA range. With $458.4 million of revenue and $122.8 million of adjusted EBITDA in the first half, the guidance requires roughly $522 million–$542 million of second-half revenue and $102 million–$127 million of second-half adjusted EBITDA. (Financial Highlights; Looking Ahead)
Net read: a genuine earnings beat, tempered by unchanged guidance and continued GAAP losses. The market already expected strong growth; the surprise was the magnitude of the revenue delivery and operating leverage. The filing is therefore better than expected, but not a clean profitability conversion story yet.
Read the original 8-K on SEC EDGAR ↗