Exponent Inc

Latest Results (05.04.2026):

Exponent, Inc. reported results for the fourth quarter of 2025 (fiscal Q4 2025 ended January 2, 2026) showing revenue and EBITDA growth, modestly higher net income versus the prior-year quarter, continued investment in headcount, and an increased dividend while providing a positive high-single-digit revenue growth outlook for fiscal 2026.

Q4 revenue

Total revenues for Exponent, Inc. in the fourth quarter of 2025 were $147.4 million, up 7.8% versus the prior-year quarter (which had one extra week). Revenues before reimbursements were $129.4 million, a 4.5% increase year-over-year.

Q4 profitability

Net income for the fourth quarter of 2025 was $24.8 million, or $0.49 per diluted share, versus $23.6 million, or $0.46 per diluted share, in Q4 2024. EBITDA was $34.7 million (26.8% of revenues before reimbursements), up from $31.2 million (25.2%). The consolidated tax rate for Q4 was 27.4% versus 24.7% a year earlier.

Fiscal year 2025 (full year)

For fiscal 2025, Exponent, Inc. reported total revenues of $582.0 million (up 4.2%) and revenues before reimbursements of $536.8 million (up 3.5%). Full-year net income was $106.0 million, or $2.07 per diluted share, versus $109.0 million ($2.11) in FY2024. EBITDA for FY2025 was $148.1 million (27.6% of revenues before reimbursements).

Business segments and drivers

The engineering & other scientific segment accounted for ~85% of Q4 revenues before reimbursements (84% for the full year) and grew 7% in Q4 and 4% for the year—driven by user research in consumer electronics, expanded risk management work in utilities, and failure-analysis/dispute engagements across energy, construction, transportation and life sciences. The environmental & health segment represented ~15% of Q4 revenue before reimbursements, was down ~5% in Q4 (flat for the year), partly due to one fewer week in the quarter.

Capital return and balance sheet

Exponent increased its quarterly cash dividend from $0.30 to $0.31 (payable March 20, 2026), paid $61.5 million in dividends in FY2025, repurchased $97.8 million of common stock during the year, and ended the year with $221.9 million in cash and cash equivalents.

Outlook (Q1 FY2026 and full FY2026)

For Q1 fiscal 2026, Exponent expects revenues before reimbursements to grow in the high-single digits year-over-year and EBITDA of 27.5%–28.5% of revenues before reimbursements. For full fiscal 2026, the company expects high-single-digit revenue growth and EBITDA of 27.6%–28.1% of revenues before reimbursements.

Operational notes

Headcount increased sequentially and was up about 4% year-over-year; utilization improved year-over-year in Q4. Management highlighted durable, diversified demand—particularly as AI and advanced technologies raise expectations for safety and reliability—supporting confidence in continued, profitable growth.