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Andersen Group Inc. reported higher revenue but sharply lower profit for the quarter ended March 31, 2026. Revenue rose to $240.7 million from $208.1 million, driven by growth across Private Client, Business Tax, Alternative Investment Funds and Valuation services.
Operating income fell to $24.1 million from $52.6 million as personnel costs climbed, including $45.6 million of equity-based compensation tied to the recent IPO structure. Net income declined to $17.7 million from $50.6 million, with $17.2 million attributable to noncontrolling interests and $0.5 million to Class A stockholders.
Operating cash flow swung to an outflow of $3.9 million, reflecting large working-capital uses, while cash and cash equivalents remained sizable at $206.8 million. The company carries related-party notes totaling $336.5 million, generating $6.2 million of quarterly interest expense, and continues to operate under an Up‑C structure with significant noncontrolling interests.
Andersen Group Inc. reported first-quarter 2026 results showing strong revenue growth but lower GAAP profit. Revenue was $240.7 million, up 15.7% from $208.1 million a year earlier, driven by more clients, higher volumes and broader service lines.
GAAP net income fell to $17.7 million from $50.6 million, mainly due to $41.1 million of higher equity-based compensation. Adjusted net income rose to $62.9 million from $55.2 million, and Adjusted EBITDA increased to $72.3 million, with a 30.0% margin versus 27.5%.
The company highlighted inorganic growth, closing acquisitions of tax and consulting firms in Ireland, New Zealand, Nigeria and Uruguay, and signing deals in Switzerland and Canada expected to close in the third quarter of 2026. As of March 31, 2026, Andersen held $206.8 million in cash and cash equivalents and $5.1 million in U.S. Treasury investments.
Andersen Group Inc. is asking stockholders to vote at its 2026 virtual annual meeting on June 22, 2026. The proxy seeks approval to elect eight directors for one-year terms and to ratify BDO USA, P.C. as independent auditor for 2026.
The filing details Andersen’s controlled company status under NYSE rules, with Andersen Aggregator LLC holding all high‑vote Class B shares, and outlines board independence, committee structure, and risk oversight. It also discloses substantial 2025 executive pay, including equity awards tied to an umbrella LLC structure and long-term incentive units.
The Schedule 13G/A reports that Franklin Resources, Inc. and affiliated investment managers beneficially own 1,130,323 shares of Andersen Group Inc. Class A common stock, representing 8.9% of the class as of the calendar quarter ended March 31, 2026. The filing states that Franklin Advisers, Inc. has sole voting and dispositive power over 1,071,494 shares and that clients of Franklin investment management subsidiaries include Franklin Small Cap Growth Fund with 946,875 shares (7.5%).
Andersen Group Inc. director Susan L. Decker filed an initial ownership report showing interests in Class X Aggregator Units that are exchangeable into Class A common stock. She indirectly holds 200,000 Class X Aggregator Units through a trust she controls and directly holds 50,000 additional Class X Aggregator Units.
Under the Andersen Aggregator LLC agreement, each Class X Aggregator Unit is ultimately exchangeable on a one-for-one basis for either cash or, at the company’s election, a share of Class A common stock, subject to customary adjustments and restrictions. The reported units are fully vested, and Decker disclaims beneficial ownership of the trust-held securities except to the extent of her pecuniary interest.
Andersen Group Inc. appointed Susan Decker to its Board of Directors, expanding the Board to eight members, with her initial term running until the 2026 annual meeting of stockholders. She has been deemed an independent director and will serve on the compensation and risk committees.
Under a prior letter agreement, Ms. Decker had received 2,500 profits interest units in Andersen Tax LLC, which were exchanged in the IPO reorganization for 250,000 Class X Aggregator Units. She must retain one-third of this grant and may convert no more than 20% per year into Class A common stock, with company repurchase rights on portions of the grant at book value if her board service ends before specified dates through July 1, 2029.
Andersen Group Inc. is a U.S.-focused provider of independent tax, valuation and financial advisory services, built on the legacy Andersen brand and founded in 2002. It reported $838.7 million of revenue in 2025, up from $731.6 million in 2024, but swung to a net loss of $(130.2) million driven primarily by issuance of new profits interest units and equity restructuring costs versus net income of $134.8 million a year earlier.
The company employs over 2,300 people across 26 U.S. locations and accesses more than 50,000 professionals globally through Andersen Global. It emphasizes a non-audit model, deep tax expertise, AI-enabled delivery, and an integrated platform spanning private client, business tax, alternative investments and valuation services.
Growth plans include expanding consulting and international offerings, pursuing selective acquisitions and business combinations, and leveraging its premium brand. Key risks highlighted include the recent net loss, reliance on CEO Mark Vorsatz and other key personnel, intense competition, rapid technological change including AI, material weaknesses in internal control over financial reporting, and a dual-class structure that leaves Aggregator with approximately 98.7% of voting power, limiting public stockholders’ influence.
Andersen Group Inc. reported record 2025 results with full-year revenue of $838.7 million, up 14.6% from 2024, and fourth-quarter revenue of $170.3 million, up 19.6%. Growth was broad-based across all service lines, with only about $1.0 million from inorganic sources.
IPO- and restructuring-related costs drove a GAAP net loss of ($130.2 million) versus net income of $134.8 million in 2024, but 2025 Adjusted Net Income rose to $217.0 million and Adjusted EBITDA to $226.3 million, a 27.0% margin. The company completed a December IPO of 12,650,000 Class A shares at $16.00, generating net proceeds of $188.2 million and ending 2025 with cash and cash equivalents of $250.3 million. Client groups grew to 12,350 and employees to 2,296, while attrition remained around 14.2%. Andersen also initiated 2026 guidance and highlighted ongoing investments in platform expansion, technology, automation and AI.
Brown Advisory Inc. reports beneficial ownership of 2,946,522 shares, equal to 23.29% of Andersen Group Inc. Class A common stock as of 02/28/2026.
The filing is submitted by Brown Advisory Inc. as a parent holding company on behalf of its subsidiaries, which include Brown Advisory LLC, Brown Investment Advisory & Trust Co., Signature Financial Management, Inc., and Brown Advisory Ltd. Examples include Brown Advisory LLC 2,925,137 and Brown Advisory Inc. 2,946,522.