Andersen Group (ANDG) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 15.7% year-over-year to $240.7 million, driven by broad-based client demand, service line expansion, and higher engagement volume.

• All major service lines posted double-digit growth, with no large one-time revenue items in the quarter.

• Net income was $17.7 million, down from $50.6 million due to $41.2 million in non-cash equity-based compensation tied to the IPO; adjusted net income rose to $62.9 million.

• Strategic investments in talent, technology, automation, and AI are ongoing to enhance client service and operational efficiency.

• Active acquisition pipeline with recent and pending transactions in Ireland, New Zealand, Nigeria, Uruguay, Switzerland, and Canada.

Financial highlights

• Q1 2026 revenue was $240.7 million, up from $208.1 million in Q1 2025.

• Adjusted EBITDA rose to $72.3 million, with a 30.0% margin, up from $57.2 million and 27.5% margin in Q1 2025.

• Adjusted net income was $62.9 million, up from $55.2 million, with a margin of 26.1%.

• Net income margin was 7.4%, down from 24.3% in Q1 2025.

• Cash and cash equivalents stood at $206.8 million as of March 31, 2026, with $5.1 million in treasury securities.

Outlook and guidance

• Q2 2026 revenue expected between $190 million and $205 million, with projected net loss and negative EPS due to seasonality and equity-based compensation.

• Full-year 2026 revenue guidance raised to $980 million–$1 billion, ~18% growth, including $55 million inorganic revenue.

• Adjusted EBITDA for 2026 projected at $225–$250 million, with margins of 23–25%.

• Continued investment in acquisitions, technology, and talent expected to drive positive net income and EPS for the year.

• Seasonality impacts financial performance, with peak periods around U.S. tax deadlines.