Andersen Group (ANDG) Q4 FY2025 earnings: revenue $170 million

Andersen Group Inc. (ANDG) reported revenue of $170 million for Q4 FY2025, the quarter ended 31 December 2025. Net income was -$196 million. The figures are the company's own, from the 10-K it filed with the SEC on 27 March 2026.

Revenue

$170 million

-40.1% on the quarter

Q1 FY2025Q4 FY2025

Operating margin

-117.5%

Q1 FY2025Q4 FY2025

Net income

-$196 million

Q1 FY2025Q4 FY2025

Diluted EPS

n/a

Q1 FY2025Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 new.

Full-year revenue rose 14.6%: Full-year 2025 revenue was $838.7 million, up 14.6% from $731.6 million in 2024. Management attributed growth to customer additions, higher volume and service line expansion.
Net loss driven by IPO charges: The company reported a full-year net loss of $130.2 million, against net income of $134.8 million in 2024. Adjusted net income was $217.0 million, versus $136.4 million a year earlier.
Client groups rose to 12,350: Client groups rose to 12,350 from 11,700, about 5.6% more. Client engagements rose 10.6% to 22,450 from 20,300.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Revenue	170	284	n/a	-40.1%
Cost of revenue	128	124	n/a	+3.4%
Gross profit	42.3	160	n/a	-73.6%
Gross margin	24.8%	56.4%	n/a
Selling, general and administrative	47.0	40.5	n/a	+16.1%
Operating income	-200	117	n/a
Operating margin	-117.5%	41.3%	n/a
Interest expense	1.2	0.0	n/a	+5,745.0%
Pre-tax income	-198	119	n/a
Income tax	-2.0	7.9	n/a
Effective tax rate	n/a	6.6%	n/a
Net income	-196	111	n/a
Net margin	-115.0%	39.1%	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Operating cash flow	82.7	40.0	n/a	+106.7%
Capital expenditure	5.7	1.8	n/a	+218.5%
Free cash flow	77.0	38.2	n/a	+101.5%
Free cash flow margin	45.2%	13.4%	n/a
Cash from investing	-5.1	0.1	n/a
Cash from financing	105	-51.2	n/a
Depreciation and amortisation	2.3	2.6	n/a	-11.2%
Share-based compensation	10.9	6.9	n/a	+58.1%
Shares outstanding at period end	111m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Shareholders' equity	-135	n/a	n/a
Non-controlling interest	0.0	n/a	n/a
Redeemable equity	106	n/a	n/a
Debt	350	n/a	n/a
Operating lease liabilities	106	n/a	n/a
Finance lease liabilities	0.0	n/a	n/a
Other liabilities	137	n/a	n/a
Total liabilities and equity	565	n/a	n/a
Goodwill	30.1	n/a	n/a
Intangible assets	2.5	n/a	n/a
Securities held for sale or to maturity	8.2	n/a	n/a
Cash and equivalents	250	67.8	n/a	+268.9%
Receivables	123	n/a	n/a
Other assets	151	n/a	n/a
Total assets	565	n/a	n/a

Questions

What was Andersen Group's revenue in Q4 FY2025?

Andersen Group (ANDG) reported revenue of $170 million for Q4 FY2025, the quarter ended 31 December 2025.

How much did Andersen Group earn in Q4 FY2025?

Net loss for Q4 FY2025 was $196 million.

When did Andersen Group report Q4 FY2025 results?

Andersen Group filed its 10-K for the year that ended with the quarter on 27 March 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 7 quarters

	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	208	176	284	170	241	218	337
Cost of revenue	118	225	124	128	166	174	183
Gross profit	90.1	-49.3	160	42.3	74.4	44.1	154
Gross margin	43%	-28%	56%	25%	31%	20%	46%
SG&A	35.4	53.9	40.5	47.0	48.0	50.5	49.1
Operating income	52.6	-105	117	-200	24.1	-8.9	102
Operating margin	25%	-60%	41%	-117%	10%	-4%	30%
Interest expense	0.1	0.1	0.0	1.2	6.2	5.9	5.7
Pre-tax income	54.7	-103	119	-198	20.6	-10.2	99.6
Tax rate	8%	n/a	7%	n/a	14%	n/a	32%
Net income	50.6	-96.0	111	-196	0.5	-1.0	-9.0
Net margin	24%	-55%	39%	-115%	0%	-0%	-3%
Diluted EPS	n/a	n/a	n/a	n/a	$0.03	-$0.09	-$0.55
Operating cash flow	11.2	50.6	40.0	82.7	-3.9	69.7	76.9
Capital expenditure	1.3	1.6	1.8	5.7	3.7	9.1	0.9
Free cash flow	10.0	49.0	38.2	77.0	-7.6	60.6	76.0
Shares outstanding	n/a	n/a	n/a	111m	113m	113m	114m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 27 March 2026: the filing.