Second quarter and six months ended June 30, 2026
Filed Aug 12, 2026Andersen Group Delivers Record Second-Quarter Revenue of $217.7 Million Six-Month Revenue Reaches $458.4 Million, Up 19.4%, with All Service Lines Contributing to Broad-Based Growth
Revenue grew 23.7% in the quarter and adjusted net income grew 38.8%, but the Company reported a net loss of $10.1 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended June 30, 2026GAAP | $217.7 million | – | 23.7% |
| Revenue, six months ended June 30, 2026GAAP | $458.4 million | – | 19.4% |
| Equity-based compensation expense, second quarter of 2026GAAP | $48.3 million | – | – |
| Equity-based compensation expense, six months ended June 30, 2026GAAP | $93.9 million | – | – |
| Net loss, second quarter of 2026GAAP | $10.1 million | – | – |
| Basic and diluted loss per share, second quarter of 2026GAAP | ($0.08 basic / $0.09 diluted per share) | – | – |
| Adjusted net income, second quarter of 2026non-GAAP | $39.0 million | – | 38.8% |
| Adjusted net income, six months ended June 30, 2026non-GAAP | $106.3 million | – | 27.5% |
| Client groups, six months ended June 30, 2026other | 13,500 | – | – |
| Client engagements, six months ended June 30, 2026other | 23,800 | – | – |
| Total employees, June 30, 2026other | 2,690 | – | – |
| Total Employees, as of June 30, 2026other | 2,690 | – | – |
| Managing Directors, as of June 30, 2026other | 349 | – | – |
| Non-Managing Directors, as of June 30, 2026other | 2,341 | – | – |
| Attrition rate - United States, June 30, 2026other | 15.7 % | – | – |
| Private Client Services revenue contribution, three months ended June 30, 2026other | 47.1 % | – | – |
| Business Tax Services revenue contribution, three months ended June 30, 2026other | 39.2 % | – | – |
| Alternative Investment Funds revenue contribution, three months ended June 30, 2026other | 8.1 % | – | – |
| Valuation Services revenue contribution, three months ended June 30, 2026other | 5.6 % | – | – |
| Private Client Services revenue contribution, six months ended June 30, 2026other | 49.2 % | – | – |
| Business Tax Services revenue contribution, six months ended June 30, 2026other | 36.2 % | – | – |
| Alternative Investment Funds revenue contribution, six months ended June 30, 2026other | 9.4 % | – | – |
| Valuation Services revenue contribution, six months ended June 30, 2026other | 5.2 % | – | – |
| United States - East revenue contribution, three months ended June 30, 2026other | 39.1 % | – | – |
| United States - Central revenue contribution, three months ended June 30, 2026other | 17.3 % | – | – |
| United States - West revenue contribution, three months ended June 30, 2026other | 41.1 % | – | – |
| International revenue contribution, three months ended June 30, 2026other | 2.5 % | – | – |
| United States - East revenue contribution, six months ended June 30, 2026other | 40.7 % | – | – |
| United States - Central revenue contribution, six months ended June 30, 2026other | 16.8 % | – | – |
| United States - West revenue contribution, six months ended June 30, 2026other | 41.3 % | – | – |
| International revenue contribution, six months ended June 30, 2026other | 1.2 % | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Private Client ServicesRevenue contribution for the three months ended June 30, 2026. | 47.1 % | – | – |
| Business Tax ServicesRevenue contribution for the three months ended June 30, 2026. | 39.2 % | – | – |
| Alternative Investment FundsRevenue contribution for the three months ended June 30, 2026. | 8.1 % | – | – |
| Valuation ServicesRevenue contribution for the three months ended June 30, 2026. | 5.6 % | – | – |
Full-Year 2026 outlook
- Revenueapproximately $980 million to $1 billion
- NoteRevenue growth rate of approximately 18%.
- NoteAdjusted EBITDA projected in the range of approximately $225 million to $250 million.
- NoteAdjusted EBITDA margins in the range of approximately 23% to 25%.
- NoteAnticipated return to full-year net income and positive EPS.
What drove it
- Revenue growth was fueled by strong client additions, higher volumes, and continued service line expansion.
- Every service line posted revenue growth in both the quarter and the six-month period.
- The Company cited consistent revenue in the Tax practice and accelerating momentum in Andersen Consulting.
- Adjusted net income growth reflected operating leverage as revenue outpaced expenses during the six months ended June 30, 2026.
- The Company closed acquisitions in Ireland, New Zealand, Nigeria, and Uruguay in the second quarter of 2026.
- In the third quarter of 2026, the Company closed an acquisition in Switzerland and a business combination in Canada, and entered into definitive agreements for acquisitions in Mexico, the United Kingdom, and the United States.
Concerns
- The Company reported a net loss of $10.1 million in the second quarter of 2026.
- Equity-based compensation expense was $48.3 million in the second quarter of 2026.
- The Company expects continued strategic investment in talent, technology, automation, AI, and integration of newly acquired firms.
- The eight additional acquisitions are expected to close in the fourth quarter of 2026, subject to the satisfaction of certain closing conditions.
- No gross margin, operating income, cash flow, cash balance, debt, or capital-return figures were included in the provided filing text.
What to watch
- Whether revenue reaches the reaffirmed full-year range of approximately $980 million to $1 billion.
- Whether Adjusted EBITDA reaches approximately $225 million to $250 million and margins reach approximately 23% to 25%.
- The expected moderation of equity-based compensation expense as a percentage of revenue.
- Execution and closing of the eight additional acquisitions expected in the fourth quarter of 2026.
- Progress toward the anticipated return to full-year net income and positive EPS.
Analysis
Andersen reported record second-quarter revenue of $217.7 million, up 23.7% from $176.0 million. Six-month revenue was $458.4 million, up 19.4% from $384.1 million. The Company attributed growth to client additions, higher volumes, and service-line expansion, and stated that every service line grew in both reported periods. Client groups were 13,500 versus 11,300 and client engagements were 23,800 versus 20,600 for the six-month periods.
The earnings picture was mixed between reported and adjusted measures. The Company reported a second-quarter net loss of $10.1 million, with ($0.08 basic / $0.09 diluted per share), compared with a net loss of $96.0 million in the prior-year quarter. Adjusted net income increased to $39.0 million from $28.1 million, while six-month adjusted net income increased to $106.3 million from $83.3 million. Management linked the difference to equity-based compensation expense, which declined to $48.3 million in the quarter from $129.6 million.
Mix remained concentrated in Private Client Services and Business Tax Services. Private Client Services represented 47.1 % of quarterly revenue, while Business Tax Services represented 39.2 %. Business Tax Services increased its six-month revenue contribution to 36.2 % from 34.9 %, while Private Client Services represented 49.2 % versus 49.9 %. International contributed 2.5 % of second-quarter revenue and 1.2 % of six-month revenue following international expansion in the second quarter.
The Company continued to add capacity and pursue inorganic growth. Total Employees were 2,690 as of June 30, 2026, versus 2,220 as of June 30, 2025, while Managing Directors were 349 versus 315. Andersen closed acquisitions in several international markets during the second quarter, then disclosed further third-quarter activity and eight additional acquisitions expected to close in the fourth quarter of 2026 subject to closing conditions.
Andersen reaffirmed full-year 2026 revenue guidance of approximately $980 million to $1 billion, representing a growth rate of approximately 18%, and projected Adjusted EBITDA of approximately $225 million to $250 million with Adjusted EBITDA margins of approximately 23% to 25%. The guide is paired with continued investment in talent, technology, automation, AI, and acquired-firm integration, alongside an anticipated return to full-year net income and positive EPS. The filing did not provide prior-quarter results, so quarter-over-quarter changes cannot be assessed from the provided text.
Management, verbatim
Revenue grew 23.7% in the quarter, every service line contributed, and adjusted net income grew even faster than revenue — indicating that our platform is scaling efficiently even as we invest aggressively in talent, technology, and AI. The reported net loss is simply a function of non-cash equity compensation; it doesn’t reflect the momentum we’re building. We like where this business is headed.
Mark L. Vorsatz, Global Chairman and CEO of Andersen
Not in the filing
stated, not guessed- Prior-quarter revenue, net income, EPS, adjusted net income, equity-based compensation expense, client, employee, and service-line figures.
- GAAP gross profit and gross margin.
- GAAP operating income or loss and operating margin.
- Non-GAAP operating income or loss.
- Prior-year basic and diluted EPS.
- Cash flow from operations and free cash flow.
- Cash balance, debt balance, liquidity, and working-capital figures.
- Share repurchases, dividends, and other capital-return figures.
- Guidance for gross margin, operating expenses, and tax rate.
- Previous-quarter outlook for comparison.
- Dollar revenue and revenue growth rates by service line.
- A quantified annualized attrition-rate result in the truncated final sentence.
- A CFO commentary section.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.