Andersen Group (ANDG) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached $838.7 million, up 14.6% year-over-year, with Q4 revenue of $170.3 million, up 19.6%, driven by broad-based client demand and service expansion.

• Adjusted net income for 2025 was $217 million (25.9% margin), and adjusted EBITDA was $226.3 million (27.0% margin), both up significantly year-over-year.

• GAAP net loss for 2025 was $130.2 million, primarily due to one-time equity-based compensation and IPO-related restructuring costs.

• Completed IPO and major equity reorganization in Q4 2025, raising $188.2 million in net proceeds and transitioning to a public company structure.

• All business segments and regions achieved double-digit growth, with expanded high-value client base and continued investment in talent, technology, and AI.

Financial highlights

• Q4 adjusted net income was $7.5 million, compared to a net loss of $8.4 million in Q4 2024.

• Adjusted EBITDA for Q4 was $9.4 million, up from a loss of $7.9 million in Q4 2024, with margin expansion of over 100 basis points.

• Cash and equivalents at year-end were $258.5 million, with no third-party debt.

• Net cash flow from operations was $184.6 million, up 21% from 2024.

• CapEx for the year was $10.6 million, mainly for technology investments.

Outlook and guidance

• 2026 revenue guidance is $955–$970 million, representing 14–15% growth, including $33 million in inorganic revenue.

• Adjusted EBITDA for 2026 is projected at $213–$220 million, with margins of 22–23%.

• Q1 2026 revenue expected at $230–$235 million, with adjusted EBITDA of $55–$60 million and margins of 25–26%.

• Net loss and negative EPS expected for 2026 due to non-cash equity-based compensation and continued investment.

• Guidance will be updated after Q1 results, with expectations to elevate revenue and EBITDA targets.