Andersen Group (ANDG) FY2025 results: revenue $839 million, up 14.6% on the year
Andersen Group Inc. (ANDG) reported revenue of $839 million for fiscal 2025, the year ended 31 December 2025, up 14.6% on the year before. Net income was -$2 million, and diluted earnings per share $-0.22. The figures are the company's own, from the 10-K it filed with the SEC on 27 March 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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.
- Adjusted EBITDA margin rose to 27.0%: Adjusted EBITDA for 2025 was $226.3 million, a 27.0% margin, against $142.7 million and 19.5% in 2024. Adjusted net income margin was 25.9%, against 18.6%.
- Equity restructuring cost $193.2 million: Equity restructuring costs of $193.2 million were recorded for 2025, exchanging historical Management Holdco equity interests for new Class H Aggregator Units and combining Class X units and Member Notes.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 839 | 732 | 639 | +14.6% | |
| Cost of revenue | 595 | 462 | 400 | +28.9% | |
| Gross profit | 244 | 270 | 239 | -9.7% | |
| Gross margin | 29.0% | 36.9% | 37.4% | ||
| Selling, general and administrative | 177 | 132 | 115 | +33.9% | |
| Operating income | -135 | 130 | 117 | ||
| Operating margin | -16.1% | 17.7% | 18.3% | ||
| Interest expense | 1.4 | 0.1 | 0.1 | +2,143.8% | |
| Pre-tax income | -127 | 137 | 121 | ||
| Income tax | 3.0 | 2.4 | 2.3 | +25.1% | |
| Effective tax rate | n/a | 1.7% | 1.9% | ||
| Net income | -2.3 | 135 | 119 | ||
| Net margin | -0.3% | 18.4% | 18.6% | ||
| Diluted EPS | -$0.22 | n/a | n/a |
$ million except per share.
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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 | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 185 | 152 | 118 | +21.2% | |
| Capital expenditure | 10.3 | 8.6 | 4.9 | +20.3% | |
| Free cash flow | 174 | 144 | 113 | +21.3% | |
| Free cash flow margin | 20.8% | 19.6% | 17.7% | ||
| Cash from investing | 10.6 | -18.5 | -12.6 | ||
| Cash from financing | -32.9 | -118 | -91.2 | ||
| Depreciation and amortisation | 9.0 | 8.3 | 7.7 | +8.2% | |
| Share-based compensation | 147 | 0.0 | 0.0 | ||
| Dividends paid | 212 | n/a | n/a |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | -135 | n/a | n/a | ||
| Non-controlling interest | 0.0 | n/a | n/a | ||
| Redeemable equity | 106 | 0.0 | n/a | ||
| Debt | 350 | 0.0 | n/a | ||
| Operating lease liabilities | 106 | 90.9 | n/a | +17.1% | |
| Finance lease liabilities | 0.0 | 0.0 | n/a | -42.1% | |
| Other liabilities | 137 | n/a | n/a | ||
| Total liabilities and equity | 565 | 399 | n/a | +41.8% | |
| Goodwill | 30.1 | 30.1 | n/a | 0.0% | |
| Intangible assets | 2.5 | 2.3 | n/a | +9.1% | |
| Securities held for sale or to maturity | 8.2 | 30.6 | n/a | -73.2% | |
| Cash and equivalents | 250 | 88.0 | 71.7 | +184.4% | |
| Receivables | 123 | 118 | n/a | +4.7% | |
| Other assets | 151 | 130 | n/a | +16.0% | |
| Total assets | 565 | 399 | n/a | +41.8% |
10-K for the year ended 31 December 2025, filed 27 March 2026: the filing.