Highlights

  • Second quarter 2026 revenues were $1,007.0 million and net income was $14.2 million, or $0.35 per diluted share.
  • Net income in the second quarter of 2025 was $29.3 million, or $0.67 per diluted share.
  • Everforth acquired Quinnox Inc. in March 2026 for $290.0 million in cash and amended its revolver on July 7, 2026.
  • Net cash provided by operating activities was $70.7 million for six months of 2026, compared with $141.7 million in 2025.

Everforth, Inc. (NYSE: EFOR) shares were trading at USD 39.82 on October 27, 2026, down 4.78%, with a relative volume at time of 2.67. The technology and digital engineering company acquired Quinnox Inc. in March 2026, changed its name from ASGN Incorporated on April 24, 2026, amended its revolving credit facility on July 7, 2026, and filed its quarterly report for the period ended June 30, 2026 on July 31, 2026, which does not include numerical guidance.

Everforth is incorporated in Delaware and lists its principal executive offices in Glen Allen, Virginia. It describes itself as a technology and digital engineering company with six solution areas: AI and data, cloud and infrastructure, application and digital engineering, experience, cybersecurity, and enterprise platforms. It reports two segments. The Commercial Segment, the largest, serves clients across five industries, and the Federal Government Segment serves four customer types. Its fiscal year ends December 31.

Second Quarter 2026 Results

For the three months ended June 30, 2026, unaudited revenues were $1,007.0 million, compared with $1,020.6 million in the same quarter of 2025. The company said consolidated revenues were down 1.3 percent year over year. Commercial Segment revenues were $701.7 million, down 0.9 percent, and Federal Government Segment revenues were $305.3 million, down 2.3 percent.

Gross profit was $284.6 million, compared with $293.3 million. Selling, general, and administrative expenses were $226.2 million, compared with $216.8 million. Operating income was $41.1 million, compared with $59.6 million.

Interest expense, net was $20.4 million, compared with $18.2 million. The effective tax rate was 31.4 percent, compared with 29.2 percent. Net income was $14.2 million, down from $29.3 million, and diluted earnings per share were $0.35, compared with $0.67.

For the six months ended June 30, 2026, revenues were $1,975.3 million and net income was $19.7 million, compared with $50.2 million in the first six months of 2025.

Segment Metrics, Balance Sheet and Cash Flow

In the Commercial Segment, the three-month IT consulting book-to-bill ratio was 1.4 to 1, compared with 1.3 to 1 a year earlier. In the Federal Government Segment, trailing-twelve-month New Contract Awards were $926.2 million, compared with $1,363.6 million, and the book-to-bill ratio was 0.8 to 1, compared with 1.1 to 1. Contract Backlog was $2,670.7 million at June 30, 2026.

Cash and cash equivalents were $152.9 million at June 30, 2026, and long-term debt was $1,438.1 million. Approximately $180.0 million was available under the $500.0 million revolver. The leverage ratio was 2.17 to 1 against a covenant maximum of 3.75 to 1, and the company said it was in compliance.

Net cash provided by operating activities was $70.7 million for the first six months of 2026. Cash used in investing activities was $298.9 million, including $283.6 million to acquire Quinnox. Net cash provided by financing activities was $220.3 million, which included $50.5 million used to repurchase common stock.

Developments and Capital Actions

Everforth acquired Quinnox, part of the Commercial Segment, for $290.0 million in cash in March 2026. Purchase accounting remains incomplete, and the preliminary goodwill related to the acquisition is $137.4 million.

On July 7, 2026, the company increased its revolving credit facility from $500.0 million to $600.0 million and extended the maturity date from February 14, 2028 to July 7, 2031, subject to certain provisions. The company repaid and terminated term loan A.

Under the stock repurchase program announced November 20, 2025, the company may repurchase $1.0 billion of its common stock. It purchased 382,424 shares in April 2026, and $922.5 million remained available at June 30, 2026. The company is involved in legal proceedings, including wage and hour actions, and does not expect a material effect on its financial position.

Outlook

The quarterly report does not provide numerical guidance. The company said it believes its cash and cash equivalents, expected operating cash flows and revolver availability will be sufficient to fulfill its obligations, working capital requirements and capital expenditures for the next 12 months and beyond.