EXPO earnings analysis
What we found in EXPO'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
Exponent delivered strong second-quarter growth, with revenue of $171.612 million up 12.9% sequentially and 20.9% year over year, while diluted EPS rose to $0.60 from $0.59 and $0.52, respectively. Revenue and EPS exceeded consensus estimates, although the provided filing text does not disclose current operating margin, free cash flow, segment results or quantitative forward guidance. Risk factors were stated to have no material changes from the 2025 Annual Report, while international operations continue to create unhedged foreign-exchange exposure.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Acceleration
- Second-quarter revenue was $171.612 million, up from $152 million in Q1 2026 and $142 million in Q2 2025, increases of approximately 12.9% sequentially and 20.9% year over year.
- EPS Improved
- Diluted EPS was $0.60, versus $0.59 in Q1 2026 and $0.52 in Q2 2025, representing a $0.01 sequential increase and a $0.08 year-over-year increase.
- Material Revenue Beat
- Revenue exceeded the $146.805 million consensus estimate by $24.807 million, or 16.9%, while EPS of $0.60 exceeded the $0.59 estimate by $0.01.
- Gross Margin Maintained
- Gross margin remained 100.0% in the reported quarter, consistent with the quarterly financial history provided.
- Share Repurchases Continued
- The company repurchased 1,125 thousand shares during the three months ended July 3, 2026, at an average price of $59.88 per share.
- Expanded Capital Return
- The board had approved $150 million of cumulative share-repurchase authorization: $100 million on October 30, 2025 and an additional $50 million on April 30, 2026.
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.
- International FX Exposure
- Foreign-exchange exposure includes approximately $12.5 million of net assets denominated in British pounds, $2.8 million in Chinese yuan, $2.8 million in Hong Kong dollars and $1.8 million in Singapore dollars as of July 3, 2026.
- Unhedged Currency Risk
- The company reported approximately $2.7 million of net assets denominated in non-functional currencies at July 3, 2026 and does not use foreign-exchange contracts to hedge these exposures.
- Interest-Rate Exposure
- Cash-equivalent investments have a maximum effective maturity of three years and a maximum average effective maturity of 12 months; a 100-basis-point rate move was not expected to materially affect fair value, but fluctuations could still affect investment returns.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.6
- Gross margin
- 100.0%
What they said about what is next.
The filing does not provide quantitative revenue or EPS guidance; no updated outlook was identified in the provided MD&A text.
The filing reads better than the one before it.
What came before.
- 10-Q · May 8, 2026
- Exponent, Inc. reported strong Q1 2026 results with revenue increasing by 14% year-over-year to $166.3 million, exceeding expectations. Diluted EPS rose to $0.59, an increase of 13.5% from the prior year, despite a…
- 10-K · February 27, 2026
- Exponent describes a diversified, technical consulting firm operating 17 practices across two reportable segments (Engineering and Other Scientific; Environmental and Health) that delivered modest revenue growth to…
- 10-Q · November 7, 2025
- Exponent reported third-quarter 2025 revenue of $147.12M, up versus both the prior quarter and prior-year quarter, with diluted EPS of $0.55 and operating income of $29.04M. Cash declined materially (to $207.38M)…
- 10-Q · August 8, 2025
- Q2 2025 revenue of $141.96M was up modestly vs prior-year quarter and beat the consensus; diluted EPS was $0.52 (in line with the reported actual) but down from $0.57 a year ago. Operating income and operating margin…
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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