실적분석 2026년 8월 12일

Andersen Group ($ANDG) Q2 2026 Earnings Analysis — Revenue Beats Estimates, Full-Year Guidance Reiterated, Shares Slip After-Hours

Earnings Scorecard

Revenue: $217.7 million (year-over-year +23.7%, consensus $199 million) ✅ Beat

EPS (Earnings Per Share): GAAP diluted net loss per share of $0.09 · consensus $0.09 (adjusted basis) — Adjusted EPS was not disclosed, so a direct comparison under a consistent basis is not possible

Guidance: Reiterated — Full-year 2026 revenue of approximately $980 million to $1 billion (growth rate of roughly 18%), adjusted EBITDA of approximately $225 million to $250 million

Stock Reaction: After-hours -3.00% ($48.5) — As of 06:02 KST on August 13

The Positives

Revenue Beat: Q2 revenue of $217.7 million comfortably exceeded the consensus estimate of $199 million

Growth Across All Service Lines: Individual and corporate tax, alternative investments, and valuation practices all posted growth for both the quarter and the first half

Improved Adjusted Profitability: Adjusted net income rose to $39 million (+38.8%), with adjusted net margin expanding to 17.9%

New client wins, increased engagement volumes, and a strong consulting tailwind drove growth across the platform. Non-cash stock-based compensation expense declined from $129.6 million a year earlier to $48.3 million, providing a clearer read on underlying profitability.

The Negatives

Persistent GAAP Loss: Q2 total net loss of $10.1 million, with a net loss attributable to common shareholders of roughly $1 million (diluted net loss per share of $0.09)

Stock-Based Compensation Burden: While the cost has come down, the $48.3 million figure still weighs heavily on the bottom line

Cost and Headcount Pressures: Interest expense surged to $5.89 million year-over-year, while U.S. attrition climbed to 15.7%

Ongoing global acquisitions and business combinations could keep integration costs and workforce volatility elevated. Even though quarterly revenue topped estimates, the decision to reaffirm rather than raise full-year guidance may have tempered market expectations.

What Management Said

CEO Mark Vorsatz emphasized that revenue and adjusted net income grew together, demonstrating that the platform is scaling efficiently even amid continued investment in talent, technology, and artificial intelligence. He framed the GAAP net loss as purely a product of non-cash stock-based compensation and reiterated the company's commitment to investments aimed at delivering a full-year net income and EPS turnaround.

Market Reaction and What to Watch Next

While revenue beat estimates, the persistence of GAAP losses and the reaffirmation of full-year guidance (without an upward revision) were interpreted as falling short of the elevated expectations already baked into the stock ahead of the print.

Watch how the eight cross-border and U.S. acquisitions slated to close in Q4 contribute to revenue and margins.

Further reduction in stock-based compensation as a share of revenue and visibility on the full-year net income and EPS turnaround are key.

Q3 tax-season peak revenue and utilization rates will be the critical barometer for whether full-year guidance is achievable.