ASGN Incorporated

Latest Results (07.04.2026):

ASGN Incorporated reported results for the fourth quarter of 2025 (and the full year 2025). Q4 revenues were $980.1 million (at the high end of guidance), with Q4 net income of $25.2 million and Adjusted EBITDA of $107.9 million (11.0% margin). The company also reported strong free cash flow generation for the quarter and year, announced a $290 million definitive agreement to acquire Quinnox, and is preparing to rebrand to Everforth in H1 2026.

Q4 2025 — headline results

Revenues: $980.1M; Net income: $25.2M ($0.59 diluted EPS); Adjusted EBITDA: $107.9M (11.0% of revenues); Operating cash flow: $102.3M; Free Cash Flow: $93.7M. Q4 revenues were essentially flat year‑over‑year and at the top end of guidance.

Full year 2025

Revenues: $3.98B; Net income: $113.5M; Adjusted EBITDA: $422.6M (10.6% margin); Free Cash Flow: $288.1M (68.2% of Adjusted EBITDA); Repurchases: 3.1M shares for $170.1M; IT Consulting represented ~62% of full‑year revenues.

Segments & bookings

Commercial segment (71% of revenue) Q4: $698.6M (up slightly y/y); Federal segment Q4: $281.5M (down y/y). Commercial new bookings for 2025: $1.5B (book‑to‑bill 1.2x). Federal new contract awards: $1.0B (book‑to‑bill 0.9x). Total IT consulting revenues were $620.9M in Q4 (63% of revenues).

Margins & operational drivers

Consolidated gross margin was 28.9% (flat y/y). Commercial margin was stable; Federal margin declined ~60 bps, driven by loss of higher‑margin contracts related to DOGE initiatives (expected to anniversary in March 2026). SG&A rose to $210.5M in Q4 and included $10.7M of acquisition/integration/strategic planning charges not in prior guidance.

Liquidity, debt & capital allocation

Cash and equivalents: $161.2M; Revolver availability: ≈$455M of a $500M facility; Long‑term debt: total ~$1.17B (Term Loan A $98.8M, Term Loan B $488.8M, senior unsecured notes $550M). Q4 buybacks: 1.4M shares for $64.2M; approximately $972M remained available under the repurchase program at quarter end.

M&A and strategic developments

On Jan 20, 2026 ASGN agreed to acquire Quinnox Inc. for $290M in cash to bolster digital engineering and global delivery capabilities. The company reiterated its planned rebrand to Everforth in the first half of 2026 as part of its growth strategy.

Q1 2026 guidance

Revenue range: $960M–$980M; SG&A: $209.7M–$214.4M; Net income: $25.8M–$29.4M; Diluted EPS: $0.62–$0.71; Adjusted EBITDA: $93.5M–$98.5M; Adjusted net income per diluted share: $0.93–$1.02. Estimates assume no market deterioration and exclude acquisition/integration expenses.