Highlights

  • Second quarter 2026 revenue rose 23.7% to $217.7 million, with growth in all four service lines.
  • GAAP net loss was $10.1 million, versus $96.0 million a year earlier, which included a one-time profits interest expense.
  • Adjusted EBITDA, a non-GAAP measure, rose to $46.0 million, a 21.1% margin, from $29.7 million a year earlier.
  • The firm closed six international acquisitions in the quarter, with eight more expected to close in the fourth quarter.

Andersen Group Inc. (NYSE:ANDG) shares were trading near their 52-week high at USD 61.15 on October 21, 2026, up 0.82%. The tax and advisory firm entered a new $50 million revolving credit facility in June, closed acquisitions in six countries during the second quarter, and filed its second quarter 10-Q on August 12 reporting revenue growth and a continued net loss.

Based in San Francisco, California, Andersen Group is a Delaware company formed on April 16, 2025 to facilitate its initial public offering, completed in December 2025. It describes itself as an independent provider of tax, valuation and financial advisory services to individuals, wealthy families, businesses and institutions, and works with the Andersen Global association of member and collaborating firms. It operates as a single segment across four service lines: Private Client Services, Business Tax Services, Alternative Investment Funds and Valuation Services. Its fiscal year ends December 31, and it had 2,690 employees at June 30, 2026.

Revenue Growth Across Every Service Line

Revenue for the three months ended June 30, 2026 was $217.7 million, up 23.7% from $176.0 million. The company credited client additions, higher volume and service line expansion, and said acquisitions contributed $5.5 million of the increase. Business Tax Services made up 39.2% of revenue, up from 35.5%, and international operations contributed 2.5%. For six months, revenue reached $458.4 million, up 19.4%.

The GAAP net loss was $10.1 million, against $96.0 million a year earlier. Cost of services fell 22.9% to $173.6 million, mainly because the prior-year quarter carried a $104.5 million one-time expense tied to pre-IPO profits interest units. The latest quarter still included $41.2 million of non-cash equity-based compensation in cost of services. Net loss attributable to Andersen Group Inc. was $1.0 million, or $0.08 per basic share and $0.09 per diluted share, with $9.1 million of the loss attributed to noncontrolling interests. For six months, GAAP net income was $7.6 million.

On a non-GAAP basis, adjusted EBITDA reached $46.0 million and adjusted net income $39.0 million, a 17.9% margin. The company revised both definitions in the quarter to exclude all non-cash equity-based compensation. Annualized U.S. attrition rose to 15.7% from 14.2% at year end.

Acquisitions, Debt and Controls

In the second quarter, Andersen closed acquisitions of tax firms in Ireland and New Zealand, a tax firm and a consulting firm in Nigeria, and a tax firm and a law firm in Uruguay. In July it closed a Swiss tax firm acquisition and a business combination in Canada, and in August it signed agreements for a Mexican tax and legal firm, a United Kingdom tax firm and six U.S. consulting firms. Those eight deals are expected to close in the fourth quarter, subject to closing conditions.

Cash and cash equivalents were $175.6 million at June 30, 2026, and operating activities provided $65.8 million of cash in six months. The company owed $301.2 million on its Holdover Note and Capital Account Notes, which carry interest of 6.31% to 7.63%. Interest expense rose to $5.9 million for the quarter from $0.1 million. In June it replaced an expired $20 million line with a $50 million asset-based revolving facility maturing June 2029, with no cash borrowings outstanding.

The filing also discloses that disclosure controls were not effective at June 30 because of material weaknesses first described in the 2025 annual report. A tax receivable agreement requires payments of 85% of certain realized tax savings to Aggregator, and the company has recorded no liability under it yet.

Outlook and Plans

The 10-Q contains no quantitative financial guidance. Management said it believes existing cash and operating cash flow will cover working capital and investment needs, though acquisitions may call for added funding through public or private debt or equity. It expects lower interest expense in future periods. The figures above cover the quarter ended June 30, 2026.