ASGN Incorporated

Latest Results (28.06.2026):

ASGN Incorporated — First Quarter 2026: ASGN reported Q1 2026 results with revenues of $968.3 million (in line with guidance), net income of $5.5 million ($0.13 diluted), and Adjusted EBITDA of $83.6 million (8.6% of revenues). The company completed the $290 million acquisition of Quinnox and executed its rebrand to Everforth (NYSE: EFOR) effective April 24, 2026.

Revenues & Segment Performance

Consolidated revenues were $968.3M, flat year-over-year. Commercial revenues were $675.5M (≈70% of total), up ~0.5% YoY driven by Healthcare, Consumer & Industrial, and TMT; Federal revenues were $292.8M (30% of total), down ~1.1% YoY with weakness in Defense & Intelligence and Civilian partly offset by National Security.

Profitability

GAAP net income fell to $5.5M ($0.13/share) from $20.9M a year ago. Adjusted Net Income was $28.7M ($0.69/share) after removing certain non‑cash and one‑time items. Gross margin compressed to 27.5% (down 90 bps YoY), led by a 140 bps decline in the Commercial segment.

Adjusted EBITDA & Margins

Adjusted EBITDA was $83.6M, representing an 8.6% Adjusted EBITDA margin, down from $93.6M (9.7%) in Q1 2025. Management cited lower‑than‑expected contribution from some higher‑margin commercial solutions and FX effects from the Mexico delivery center.

Cash Flow & Free Cash Flow

Operating cash flow was $18.5M; Free Cash Flow was $9.1M after $9.4M of capex. Cash and cash equivalents totaled $143.6M at quarter end.

Balance Sheet & Liquidity

Available liquidity included ~ $160M remaining on a $500M revolver and $934M remaining repurchase capacity under the share buyback plan. Total long‑term debt (term loans + notes) was substantial (term loan A $98.1M, term loan B $487.5M, plus $550M unsecured notes), and long‑term debt reported at $1,462.2M.

Acquisition & Rebranding

The company completed the acquisition of Quinnox for $290M (funded by revolver borrowings) and officially transitioned to the Everforth identity (NYSE ticker EFOR) on April 24, 2026 — positioned as a unified brand across its businesses to emphasize AI, digital engineering and higher‑value solutions.

Costs, SG&A & One‑time Items

SG&A was $224.4M, up versus prior year and including $12.8M of acquisition, integration and strategic planning expenses (not included in prior guidance). These incremental costs weighed on GAAP results.

Share Repurchases

The company repurchased 0.8M shares for $39.0M in Q1 at an average price of $47.69, with ~ $934M still available under the repurchase authorization.

Outlook (Q2 2026 Guidance)

Q2 revenue guidance: $970M–$1,000M. Management expects Adjusted EBITDA of $85M–$95M, net income $8.0M–$13.7M ($0.19–$0.33/share), and Adjusted Net Income per diluted share $0.72–$0.90. SG&A for Q2 is guided at $226.3M–$230.8M and includes ~$8–$10M of additional acquisition/integration and strategic planning expenses.

Commercial & Federal Booking Metrics

Commercial IT consulting TTM book‑to‑bill was 1.1x (healthy), while Federal new contract awards for the TTM totaled ~$0.8B with a Federal book‑to‑bill of 0.7x, indicating lower federal contracting momentum relative to the commercial business.