Key Highlights

  • Andersen reported second-quarter revenue of $217.7 million, with every service line growing and Business Tax Services up 36.9%.
  • Second-quarter GAAP net loss was $10.1 million, while non-GAAP adjusted net income rose 38.8% to $39.0 million.
  • Andersen reaffirmed 2026 revenue guidance of roughly $980 million to $1 billion, about 18% growth.
  • Andersen has signed 19 acquisitions representing about $190 million in annualized revenue, including four consulting deals closed October 15.

Andersen Group (NYSE:ANDG) shares were trading near their 52-week high at USD 59.02 on October 19, 2026, up 1.29%. The tax and advisory firm listed on the New York Stock Exchange in December 2025 and has reported revenue growth of 15.7% and 23.7% in its first two quarters of 2026. Five large brokerages have posted ratings and targets since the August results, and the company disclosed a limited security incident on October 6.

Brokerage context

Five large brokerages have acted since the August 12 results. Morgan Stanley and Wells Fargo kept Equal Weight ratings on August 13, with targets of $54 (from $27) and $49 (from $38). Deutsche Bank reiterated a Buy rating and a $56 target on August 14, up from $41. BMO Capital Markets initiated coverage at Market Perform with a $58 target on September 8. Truist kept its Buy rating and raised its target to $70 from $55 on September 25. The price sits above four of the five targets and below Truist's. These are the firms' own views, not a forecast by this article.

Second-quarter growth alongside a GAAP loss

Second-quarter revenue reached $217.7 million, up 23.7% from $176.0 million, and six-month revenue was $458.4 million, up 19.4%. Business Tax Services revenue rose 36.9% to $85.4 million, while Private Client Services, the largest line, rose 16.9% to $102.5 million. International operations added $5.5 million, and total employees reached 2,690, up from 2,296 at the end of 2025.

On a GAAP basis, the consolidated net loss was $10.1 million, of which $1.0 million was attributable to Andersen Group Inc., or $0.09 per diluted Class A share. Non-cash equity-based compensation was $48.3 million, down from $129.6 million a year earlier. Adjusted net income, a non-GAAP measure, rose 38.8% to $39.0 million, and non-GAAP adjusted EBITDA was $46.0 million, a 21.1% margin. The company revised both definitions in the quarter to exclude all non-cash equity-based compensation.

Cash and equivalents were $175.6 million at June 30, down from $250.3 million at year-end, while notes payable to related parties fell to about $301.2 million from $350.1 million.

Acquisitions, the secondary offering and disclosed risks

Andersen announced the completed acquisition of Andersen Tax Limited in the United Kingdom on October 5. On October 7 it added deals in Italy, the Netherlands and South Africa, and on October 15 it closed four consulting firms: SPR, BD Emerson, Daniels Consulting Group and Zenger Folkman. Of 19 signed agreements, 13 have closed. As of October 7, the company expected the remaining deals to finish in October or the first quarter of 2027.

In August, selling stockholders sold 4,927,125 Class A shares at $44.00, including a fully exercised underwriter option, for gross proceeds of about $216.8 million. Andersen received no proceeds.

The filings also carry cautions. Management concluded that disclosure controls were not effective as of June 30, citing material weaknesses described in the 2025 annual report. On October 6, the company said a social engineering attack on one employee led to unauthorized access to files on a limited number of clients. A forensic review found no broader access or operational impact, and the company does not anticipate a material financial impact.

Outlook

Andersen reaffirmed 2026 guidance on August 12: revenue of about $980 million to $1 billion, roughly 18% growth, and non-GAAP adjusted EBITDA of about $225 million to $250 million, a margin of about 23% to 25%. Management expects continued investment in talent, technology, automation and AI, and anticipates a return to full-year net income and positive EPS. These are the company's own estimates. Its investor relations calendar lists no third-quarter results date yet.