ASGN earnings analysis
What we found in ASGN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Everforth (ASGN) reported Q1 2026 results with total revenue of $968.3 million, matching the prior year's figure. However, adjusted diluted EPS fell to $0.69, missing the consensus estimate of $0.98 by 29.6%. Despite some segment growth, notably in Commercial, net income decreased to $5.5 million from $20.9 million in Q1 2025 due to rising SG&A expenses and lower gross margins.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Matches Last Year
- Q1 revenue was $968.3 million, the same as in Q1 2025.
- Commercial Segment Growth
- Commercial Segment revenue rose 0.5% year-over-year to $675.5 million.
- Gross Margin Decline
- Consolidated gross margin declined to 27.5%, down 90 basis points from 28.4% in Q1 2025.
- Operating Cash Flow Increase
- Operating cash flow for Q1 2026 was $18.5 million, up from $16.8 million in Q1 2025.
- Increased Acquisition Costs
- SG&A expenses rose to $224.4 million, up from $214.5 million in Q1 2025.
- Lower GAAP EPS
- GAAP EPS was $0.13 compared to $0.50 in Q1 2025, reflecting substantial profitability decline.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Higher SG&A Expenses
- SG&A rose to $224.4 million, including $12.8 million in acquisition expenses.
- Increased Interest Costs
- Interest expense increased to $17.1 million due to higher outstanding borrowings.
- Federal Government Segment Decline
- Revenue from the Federal Government Segment fell 1.1% year-over-year to $292.8 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.69
- Gross margin
- 27.5%
- Segment
- Commercial: $675.5M
- Segment
- Federal Government: $292.8M
What they said about what is next.
Q2 2026 guidance assumes no market deterioration and includes $17.3 million in amortization.
The filing reads worse than the one before it.
What came before.
- 10-K · February 25, 2026
- ASGN (filing dated Feb 25, 2026 for year ended Dec 31, 2025) is repositioning under a single parent brand, Everforth, to unify six operating brands and focus on higher-value IT consulting (62% of 2025 consolidated…
- 10-Q · October 30, 2025
- ASGN's Q3 2025 results reflect a slight decrease in revenues and net income compared to the prior year, driven primarily by softening assignment revenues in the Commercial segment. Despite this, gross margins improved…
- 10-Q · July 30, 2025
- ASGN reported Q2 revenue of $1,020.6 million, down 1.4% year‑over‑year, with diluted EPS of $0.67 (vs $1.02 in Q2 2024) and operating income of $59.6 million. Commercial consulting strength (+15.7% to $325.7M) and…
- 10-Q · October 31, 2024
- ASGN reported Q3 revenue of $1,031.0 million, down 7.7% year-over-year, with diluted EPS of $1.06 (down from $1.23). Gross margin expanded 20 basis points to 29.1%, but operating income fell to $78.9 million from $98.6…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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