Profit drops as ASGN (NYSE: ASGN) buys Quinnox and prepares Everforth rebrand

Rhea-AI Filing Summary

ASGN Incorporated, soon to be renamed Everforth, reported first quarter 2026 revenue of $968.3 million, essentially flat with the prior year. Net income fell to $5.5 million, or $0.13 per diluted share, as margins compressed and operating costs rose.

Adjusted EBITDA was $83.6 million, an 8.6% margin, down from the prior year. ASGN completed the $290.0 million cash acquisition of Quinnox and repurchased 0.8 million shares for $39.0 million. The company guided second quarter 2026 revenue to $970.0–$1,000.0 million and adjusted EPS to $0.72–$0.90.

ASGN will rebrand to Everforth, Inc. with a new NYSE ticker EFOR effective April 24, 2026, unifying its brands under a single technology and digital engineering identity.

Positive

• Strategic acquisition and integration: ASGN completed the cash acquisition of Quinnox for $290.0 million, expanding digital engineering and AI-led transformation capabilities that management positions at the center of its Next Wave Growth Strategy.
• Solid liquidity and capital access: As of March 31, 2026, ASGN held $143.6 million in cash and had approximately $160.0 million of remaining capacity on its $500.0 million Senior Secured Revolving Credit Facility.
• Ongoing shareholder returns: The company repurchased 0.8 million shares for $39.0 million at an average price of $47.69, with roughly $934 million still available under its stock repurchase plan.
• Forward-looking guidance: For Q2 2026, ASGN projects revenue of $970.0–$1,000.0 million and Adjusted EBITDA of $85.0–$95.0 million, implying modest sequential improvement from Q1 levels.
• Brand consolidation and positioning: The transition to Everforth, Inc. and new NYSE ticker EFOR on April 24, 2026 unifies seven brands under a single platform with six defined solution areas across AI, cloud, engineering, customer experience, cybersecurity, and enterprise platforms.

Negative

• Sharp earnings decline: Q1 2026 net income fell to $5.5 million from $20.9 million a year earlier, with diluted EPS dropping from $0.48 to $0.13, indicating significantly weaker profitability despite flat revenue.
• Margin compression: Consolidated gross margin declined 90 basis points year-over-year to 27.5%, while Adjusted EBITDA margin fell to 8.6% from 9.7%, driven by lower contribution from higher-margin Commercial solutions and foreign exchange effects.
• Higher operating expenses: SG&A expenses rose to $224.4 million from $214.5 million, including $12.8 million of acquisition, integration, and strategic planning costs that were not included in previously announced guidance estimates.
• Increased leverage: Long-term debt increased to $1,462.2 million as of March 31, 2026, up from $1,169.4 million at year-end 2025, reflecting borrowing to fund the Quinnox acquisition alongside existing term loans and senior notes.

Insights

Equity research analyst

Margins and earnings weakened despite stable revenue, while acquisition and guidance frame a transition year.

ASGN delivered Q1 2026 revenue of $968.3M, flat year-over-year, but net income dropped to $5.5M as gross margin slipped 90 basis points to 27.5%. Adjusted EBITDA margin fell to 8.6% from 9.7%, reflecting mix shift and higher operating costs.

Management cited lower-than-expected contribution from higher-margin Commercial solutions and foreign exchange effects in Mexico as key pressures. SG&A rose to $224.4M, including $12.8M of acquisition, integration, and strategic planning costs that were not in earlier guidance, further weighing on GAAP earnings.

Looking ahead, ASGN guides Q2 2026 revenue to $970.0–$1,000.0M with GAAP EPS of $0.19–$0.33 and adjusted EPS of $0.72–$0.90, implying some sequential margin recovery. Execution on the Quinnox integration and the Everforth rebranding effective April 24, 2026 will influence how quickly profitability improves.

Credit and capital structure analyst

Leverage increases with the Quinnox deal, but liquidity remains solid with ample revolver capacity.

At March 31, 2026, ASGN held cash of $143.6M and long-term debt of $1,462.2M. The company bought Quinnox for $290.0M in cash, funded with borrowings under its $500.0M Senior Secured Revolving Credit Facility due 2028, leaving about $160.0M of availability.

Debt consists of Term Loan A of $98.1M due 2028, Term Loan B of $487.5M due 2030, and $550.0M of 4.625% senior unsecured notes due 2028. Operating cash flow was $18.5M with Free Cash Flow of $9.1M, while share repurchases totaled $39.0M, and about $934M remains under the buyback plan.

These figures indicate higher leverage alongside continued shareholder returns. Future disclosures in periodic reports can clarify how quickly cash generation from Quinnox and organic operations offsets the incremental borrowing and supports planned strategic spending.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 2026 revenue: $968.3M Q1 2026 net income: $5.5M Q1 2026 Adjusted EBITDA: $83.6M (8.6% margin) +5 more

8 metrics

Q1 2026 revenue $968.3M Consolidated revenue, three months ended March 31, 2026

Q1 2026 net income $5.5M Net income for the quarter ended March 31, 2026

Q1 2026 Adjusted EBITDA $83.6M (8.6% margin) Non-GAAP Adjusted EBITDA and margin, Q1 2026

Quinnox purchase price $290.0M cash Acquisition in March 2026 funded via revolving credit facility

Share repurchases Q1 2026 $39.0M for 0.8M shares Common stock repurchases at $47.69 average price

Cash and cash equivalents $143.6M Balance as of March 31, 2026

Long-term debt $1,462.2M Long-term debt outstanding as of March 31, 2026

Q2 2026 revenue guidance $970.0M–$1,000.0M Estimated revenues for the second quarter of 2026

Key Terms

Adjusted EBITDA, Free Cash Flow, book-to-bill ratio, Senior Secured Revolving Credit Facility, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA (a non-GAAP measure) was $83.6 million (8.6 percent of revenues)"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Free Cash Flow financial

"Operating cash flows were $18.5 million and Free Cash Flow (a non-GAAP measure) was $9.1 million"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

book-to-bill ratio financial

"Commercial Segment - IT consulting book-to-bill ratio for the trailing-twelve-month period ("TTM") was 1.1 to 1"

The book-to-bill ratio compares the value of new orders a company receives to the value of products it ships out or bills for over a certain period. If the ratio is above 1, it means the company is getting more orders than it is completing, which can indicate growth. If it's below 1, it suggests demand is slowing down.

Senior Secured Revolving Credit Facility financial

"Availability of approximately $160.0 million under the Company's $500.0 million Senior Secured Revolving Credit Facility (due 2028)"

A senior secured revolving credit facility is a multi‑use bank lending line that a company can draw, repay and redraw as needed, backed by specific assets and ranked first in repayment order if the company defaults. Think of it like a collateralized credit card that gives flexible short‑term cash while lenders hold priority to recover their money; investors watch it because it affects a company’s liquidity, borrowing cost, and who gets paid first in financial distress.

Adjusted Net Income per diluted share financial

"Adjusted Net Income per diluted share | $ | 0.69 | | | $ | 0.92 | | | $ | 1.15"

A per-share profit figure that starts with reported net income, removes one-time or unusual items and non-recurring charges or gains, then divides the adjusted profit by the number of shares after allowing for potential stock dilution. It helps investors see the company’s recurring, underlying earnings power by showing how much of the “clean” profit each share would get, like cutting a pie after taking out irregular slices so comparisons are fairer.

Effective tax rate financial

"Effective tax rate (3) | | 29.0 | % | | | 29.0 | %"

The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.

Earnings Snapshot

Revenue: $968.3M · Guidance included

Q1 2026

Revenue $968.3M flat year-over-year versus Q1 2025

Net income $5.5M down from $20.9M in Q1 2025

Diluted EPS $0.13 down from $0.48 in Q1 2025

Adjusted EBITDA $83.6M (8.6% margin) down from $93.6M (9.7% margin) in Q1 2025

Q2 2026 revenue guidance $970.0M–$1,000.0M sequentially above Q1 2026 revenue

Guidance

For Q2 2026, ASGN expects revenue of $970.0–$1,000.0M, net income of $8.0–$13.7M, GAAP diluted EPS of $0.19–$0.33, Adjusted EBITDA of $85.0–$95.0M, and adjusted diluted EPS of $0.72–$0.90.

Understanding 8-K Material Events →

0000890564false00008905642026-04-222026-04-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 22, 2026 (April 22, 2026)

ASGN Incorporated

(Exact name of registrant as specified in its charter)

Delaware

001-35636

95-4023433

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

4400 Cox Road, Suite 110, Glen Allen, Virginia									23060
(Address of Principal Executive Offices)									(Zip Code)

(888) 482-8068

Registrant’s telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of exchange on which registered
Common Stock			ASGN			NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 22, 2026, ASGN Incorporated (the “Company”) announced its financial results for the first quarter of 2026. A copy of the press release is furnished pursuant to Item 2.02 of this Current Report on Form 8-K as Exhibit 99.1.

The Company’s management will discuss operations and financial results in an earnings conference call beginning at 4:30 p.m. Eastern time on April 22, 2026. A live audio broadcast of the conference call along with a supplemental presentation will be available to the public through links on the Investor Relations section of the Company’s website (www.asgn.com).

The information in this report, including Exhibit 99.1 attached hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
99.1			Press release of ASGN Incorporated dated April 22, 2026
104.1			Cover page interactive data file (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Exchange Act, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized

						ASGN Incorporated
Date: April 22, 2026						/s/ Marie L. Perry
						Marie L. Perry
						Executive Vice President and Chief Financial Officer

Exhibit 99.1

ASGN Incorporated Reports First Quarter 2026 Results

Revenues in line with Guidance Estimates

Successfully Completed Acquisition of Quinnox

Rebranding milestone: Everforth, Inc. launches with new NYSE ticker EFOR effective April 24, 2026

April 22, 2026

RICHMOND, VA.— (BUSINESS WIRE) -- ASGN Incorporated (NYSE: ASGN), a leading provider of IT solutions to the commercial and government sectors, soon to be renamed Everforth, Inc. reported financial results for the quarter ended March 31, 2026.

Highlights

First Quarter 2026

•Revenues were $968.3 million

•Net income was $5.5 million

•Adjusted EBITDA (a non-GAAP measure) was $83.6 million (8.6 percent of revenues)

•Operating cash flows were $18.5 million and Free Cash Flow (a non-GAAP measure) was $9.1 million

•Repurchased 0.8 million shares of the Company's common stock for $39.0 million

•Completed the acquisition of Quinnox Inc. ("Quinnox"), an agile, results-driven digital solutions provider which delivers advanced application and engineering modernization solutions that drive innovation, substantial efficiencies, and cost reductions for its enterprise customers

IT Consulting Metrics

•     Commercial Segment - IT consulting book-to-bill ratio for the trailing-twelve-month period ("TTM") was 1.1 to 1

•     Federal Government Segment - New contract awards for the TTM were $0.8 billion; book-to-bill ratio was 0.7 to 1

Management Commentary

“Revenues for the first quarter of 2026 were $968.3 million, in line with our guidance range. In the Commercial Segment, we achieved year-over-year growth in three out of five industries, including Healthcare, Consumer and Industrial, and TMT, while in the Federal Government Segment, we achieved year-over-year growth in National Security and Other clients. While Adjusted EBITDA margins were below our expectations, we continue to effectively manage our expenses,” said Ted Hanson, Chief Executive Officer of ASGN.

Hanson continued, “As we transition to Everforth, we are building a more integrated operating model that emphasizes higher-value solutions and deeper client relationships. An important milestone in our evolution, we recently welcomed new commercial and federal leadership, enhancing our ability to execute our Next Wave Growth Strategy, while continuing to build on the solid foundation already in place. These leadership investments and the successful acquisition of Quinnox strengthen our ability to support growing client demand for AI-led transformation, scalable delivery, and outcome-oriented solutions across industries. We are making deliberate, disciplined progress toward building a more unified, higher value Everforth.”

First Quarter 2026 Financial Results - Summary

			Three Months Ended
			March 31,												December 31,
(In millions, except per share data)			2026						2025						2025
Revenues
Commercial Segment			$	675.5					$	672.2					$	698.6
Federal Government Segment			292.8						296.1						281.5
Consolidated			$	968.3					$	968.3					$	980.1
Gross Margin
Commercial Segment			31.0		%				32.4		%				32.6		%
Federal Government Segment			19.6		%				19.5		%				19.9		%
Consolidated			27.5		%				28.4		%				28.9		%
Net income			$	5.5					$	20.9					$	25.2
Earnings per diluted share			$	0.13					$	0.48					$	0.59
Non-GAAP Financial Measures
Adjusted Net Income			$	28.7					$	40.4					$	49.2
Adjusted Net Income per diluted share			$	0.69					$	0.92					$	1.15
Adjusted EBITDA			$	83.6					$	93.6					$	107.9
Adjusted EBITDA margin			8.6		%				9.7		%				11.0		%

__________

Definitions of non-GAAP measures and reconciliation to GAAP measurements are included in the tables that accompany this release.

Consolidated revenues for the quarter were $968.3 million, flat compared with the first quarter of 2025. Commercial Segment revenues were 70 percent of total revenues and were $675.5 million, up from $672.2 million in the first quarter of 2025. Federal Government Segment revenues were 30 percent of total revenues and were $292.8 million, compared with $296.1 million in the prior-year period.

Commercial Segment revenues increased by $3.3 million, or approximately 0.5 percent, year-over-year. Commercial Segment revenues are categorized into five industries: (i) Consumer and Industrial, (ii) Technology, Media and Telecom ("TMT"), (iii) Financial Services, (iv) Healthcare, and (v) Business Services. The year-over-year revenue increase was mainly attributable to Healthcare, Consumer and Industrial, and TMT clients. The revenue growth in these industries was partially offset by declines in Business Services and Financial Services.

Federal Government Segment revenues decreased by $3.3 million or 1.1 percent, year-over-year. Federal Segment revenues are categorized into four customer types: (i) Defense and Intelligence, (ii) National Security, (iii) Civilian, and (iv) other clients. The year-over-year revenue decline was mainly attributable to Defense and Intelligence and Federal Civilian agencies due to DOGE. The revenue decline in these customer types was partially offset by growth in National Security and other customers.

Gross margin for the first quarter of 2026 was 27.5 percent, a compression of 90 basis points from the first quarter of 2025. Gross margin for the Commercial Segment was 31.0 percent, down 140 basis points year-over-year primarily driven by business mix related to lower-than-expected contribution from some of our higher-margin solutions within the Commercial Segment, as well as changes in foreign exchange rates related to our delivery center in Mexico. Gross margin for the Federal Government Segment was 19.6 percent, up 10 basis points, year over year.

Selling, general, and administrative (“SG&A”) expenses were $224.4 million, compared with $214.5 million in the first quarter of 2025. SG&A expenses included $12.8 million in acquisition, integration, and strategic planning expenses, which were not included in the Company's previously-announced guidance estimates.

Net income was $5.5 million ($0.13 per diluted share), compared with $20.9 million ($0.48 per diluted share) in the first quarter of 2025.

2

Adjusted EBITDA (a non-GAAP measure) was $83.6 million, or 8.6 percent of revenues ("Adjusted EBITDA margin," a non-GAAP measure), compared with $93.6 million or 9.7 percent of revenues in the first quarter of 2025.

Capital Resources and Allocation

At March 31, 2026, the Company had:

•Cash and cash equivalents of $143.6 million

•Availability of approximately $160.0 million under the Company's $500.0 million Senior Secured Revolving Credit Facility (due 2028)

•Senior Secured Debt, consisting of a Term Loan A facility with outstanding balance of $98.1 million (due 2028) and a Term Loan B facility with outstanding balance of $487.5 million (due 2030)

•Senior unsecured notes totaling $550.0 million at 4.625 percent (due 2028)

In March 2026, the Company purchased Quinnox for $290.0 million cash. The Company borrowed under its revolving credit facility to fund the acquisition of Quinnox. In addition, the Company repurchased 0.8 million shares of its common stock for $39.0 million at an average price of $47.69 per share. Approximately $934 million remained available at quarter end for repurchases under the Company's stock repurchase plan.

Second Quarter 2026 Financial Estimates

The Company's financial estimates for the second quarter of 2026, which are set forth below, are based on current market conditions and assume no deterioration in the markets served. Reconciliations of estimated net income to the estimated non-GAAP financial measures are included in the tables that accompany this release.

(In millions, except per share data)						Low									High
Revenues						$	970.0								$	1,000.0
SG&A expenses(1)						226.3									230.8
Amortization of intangible assets(2)						17.3									17.3
Net income						8.0									13.7
Earnings per diluted share						$	0.19								$	0.33
Gross margin						28.3		%							28.7		%
Effective tax rate(3)						29.0		%							29.0		%
Non-GAAP Financial Measures:
Adjusted EBITDA						$	85.0								$	95.0
Adjusted Net Income(4)						$	29.7								$	36.8
Adjusted Net Income per diluted share(4)						$	0.72								$	0.90
Adjusted EBITDA margin						8.8		%							9.5		%

___________

(1) Includes non-cash expenses totaling $28.4 million, comprised of: (i) $15.2 million of stock-based compensation, (ii) $10.6 million of depreciation, and (iii) $2.6 million of amortization related to capitalized cloud-based application implementation costs. Also includes acquisition, integration, and strategic planning expenses of approximately $8.0 million to $10.0 million, related to strategic initiatives including updates to our go-to market strategy, outsourcing of certain back-office functions, ERP implementation, and costs related to the integration of Quinnox.

(2) Sequential increase in amortization of intangibles assets due to Quinnox acquisition included for a full quarter in Q2.

(3) Estimated effective tax rate before any excess tax benefits or shortfall related to stock-based compensation.

(4) Does not include the cash tax savings benefit of the tax deduction received from the amortization of goodwill and trademarks, approximately $9.6 million per quarter ($0.23 per diluted share).

Conference Call

The Company will hold a conference call today at 4:30 p.m. ET to review its financial results for the first quarter of 2026 and to provide second quarter 2026 estimates. The dial-in number is 877-407-0792 (+1-201-689-8263 outside the United States), and the conference ID number is 13758708. Participants should dial in ten minutes before the call. The prepared remarks, supplemental materials and webcast for this call can be accessed at www.asgn.com.

3

A replay of the conference call will be available beginning today at 7:30 p.m. ET until May 6, 2026. The access number for the replay is 844-512-2921 (+1-412-317-6671 outside the United States for callers outside the United States) and the conference ID number is 13758708. A replay of the webcast will be available at www.asgn.com.

About ASGN Incorporated, transitioning to Everforth, Inc.

ASGN Incorporated (NYSE: ASGN) is a leading provider of IT solutions for commercial and government clients. In November 2025, ASGN announced its intent to rebrand to Everforth, a new parent brand unifying its seven brands — Apex Systems, Creative Circle, CyberCoders, ECS, GlideFast, TopBloc, and Quinnox — under a single identity. This transition will take place on April 24, 2026.

Everforth is a leading technology and digital engineering company with six core solution areas: AI and data, cloud and infrastructure, application and digital engineering, customer experience, cybersecurity, and enterprise platforms. Through proprietary assets, accelerators, and proven expertise, Everforth delivers measurable outcomes that help organizations adapt, innovate, and thrive.

Everforth: Adapt and Thrive.

Learn more at go-everforth.com.

Safe Harbor

Certain statements made in this news release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and involve a high degree of risk and uncertainty. Forward-looking statements include statements regarding our anticipated financial and operating performance.

All statements in this news release, other than those setting forth strictly historical information, are forward-looking statements. Forward-looking statements are not guarantees of future performance and actual results might differ materially. In particular, we make no assurances that the proposed revenue, expense, and profit estimates outlined above will be achieved. Additional examples of forward-looking statements in this press release include, without limitation, statements regarding our ability to attract, train, and retain qualified internal employees, the availability of qualified billable professionals, management of our growth, continued performance and improvement of our enterprise-wide information systems, our ability to successfully adapt to, integrate, and leverage new and developing technologies, including generative artificial intelligence, our ability to manage our litigation matters, the successful integration of acquisitions, statements related to the Company’s brand transition to Everforth, and other risks detailed from time-to-time in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 25, 2026. We specifically disclaim any intention or duty to update any forward-looking statements contained in this news release.

4

CONSOLIDATED SELECTED FINANCIAL DATA (Unaudited)

(In millions, except per share data)

			Three Months Ended
			March 31,												December 31,
			2026						2025						2025
Results of Operations:
Revenues			$	968.3					$	968.3					$	980.1
Costs of services			701.7						692.9						696.6
Gross profit			266.6						275.4						283.5
Selling, general, and administrative expenses			224.4						214.5						210.5
Amortization of intangible assets			14.5						14.3						16.8
Operating income			27.7						46.6						56.2
Interest expense			(17.1)						(15.4)						(16.7)
Income before income taxes			10.6						31.2						39.5
Provision for income taxes			5.1						10.3						14.3
Net income			$	5.5					$	20.9					$	25.2
Earnings per share:
Basic			$	0.13					$	0.48					$	0.59
Diluted			$	0.13					$	0.48					$	0.59
Number of shares and share equivalents used to calculate earnings per share:
Basic			41.3						43.7						42.4
Diluted			41.4						44.0						42.6

5

CONSOLIDATED SELECTED FINANCIAL DATA (Continued) (Unaudited)

(In millions)

			Three Months Ended
			March 31,															December 31,
			2026						2025									2025
Summary Statements of Cash Flow Data:
Cash provided by operating activities			$	18.5					$	16.8								$	102.3
Cash used in investing activities			(293.0)						(316.3)									(6.6)
Cash provided by (used in) financing activities			257.6						201.2									(61.2)
Reconciliation of GAAP to Non-GAAP Measure:
Cash provided by operating activities			$	18.5					$	16.8								$	102.3
Capital expenditures			(9.4)						(10.2)									(8.6)
Free Cash Flow (non-GAAP measure)			$	9.1					$	6.6								$	93.7
			March 31,						December 31,
			2026						2025
Summary Balance Sheet Data:
Cash and cash equivalents			$	143.6					$	161.2
Working capital			508.4						491.9
Goodwill and intangible assets, net			2,894.2						2,597.0
Total assets			4,027.9						3,677.3
Long-term debt			1,462.2						1,169.4
Total liabilities			2,238.7						1,873.3
Total stockholders’ equity			1,789.2						1,804.0

6

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Unaudited)

(In millions, except per share data)

			Three Months Ended
			March 31,												December 31,
			2026						2025						2025
Net income			$	5.5					$	20.9					25.2
Interest expense			17.1						15.4						16.7
Provision for income taxes			5.1						10.3						14.3
Depreciation and other amortization(1)			13.5						11.2						13.3
Amortization of intangible assets			14.5						14.3						16.8
EBITDA (non-GAAP measure)			55.7						72.1						86.3
Stock-based compensation			15.1						13.8						10.9
Software costs write-off(2)			—						4.4						—
Acquisition, integration, and strategic planning expenses(3)			12.8						3.3						10.7
Adjusted EBITDA (non-GAAP measure)			$	83.6					$	93.6					$	107.9

			Three Months Ended
			March 31,												December 31,
			2026						2025						2025
Net income			$	5.5					$	20.9					$	25.2
Software costs write-off(2)			—						4.4						—
Acquisition, integration, and strategic planning expenses(3)			12.8						3.3						10.7
Tax effect on adjustments			(3.3)						(1.9)						(2.8)
Non-GAAP net income			15.0						26.7						33.1
Amortization of intangible assets			14.5						14.3						16.8
Other			(0.8)						(0.6)						(0.7)
Adjusted Net Income (non-GAAP measure)(4)			$	28.7					$	40.4					$	49.2
Per diluted share:
Net income			$	0.13					$	0.48					$	0.59
Adjustments			0.56						0.44						0.56
Adjusted Net Income (non-GAAP measure)(4)			$	0.69					$	0.92					$	1.15
Common shares and share equivalents (diluted)			41.4						44.0						42.6

_________

(1) The three months ended March 31, 2026 include $2.6 million of amortization related to capitalized cloud-based application implementation costs included in SG&A expenses.

(2) Write-off of previously capitalized costs related to software enhancements that will no longer be placed into service.

(3) The three months ended March 31, 2026 include costs related to the acquisition of Quinnox, as well as strategic initiatives including updates to our go-to market strategy, outsourcing of certain back-office functions, and ERP implementation.

(4) Does not include the cash tax savings benefit of the tax deduction received for the amortization of goodwill and trademarks of approximately $9.6 million per quarter ($0.23 per diluted share).

7

FINANCIAL ESTIMATES FOR THE SECOND QUARTER OF 2026

RECONCILIATIONS OF ESTIMATED GAAP TO NON-GAAP MEASURES

(In millions, except per share data)

						Low						High
Net income(1)						$	8.0					$	13.7
Interest expense						19.6						19.6
Provision for income taxes						3.3						5.6
Depreciation and other amortization(2)						13.6						13.6
Amortization of intangible assets						17.3						17.3
EBITDA (non-GAAP measure)						61.8						69.8
Stock-based compensation						15.2						15.2
Acquisition, integration, and strategic planning expenses(3)						8.0						10.0
Adjusted EBITDA (non-GAAP measure)						$	85.0					$	95.0

						Low						High
Net income(1)						$	8.0					$	13.7
Acquisition, integration, and strategic planning expenses(3)						8.0						10.0
Tax effect on adjustments						(2.0)						(2.6)
Non-GAAP net income						14.0						21.1
Amortization of intangible assets						17.3						17.3
Other						(1.6)						(1.6)
Adjusted Net Income (non-GAAP measure)(4)						$	29.7					$	36.8
Per diluted share:
Net income						$	0.19					$	0.33
Adjustments						0.53						0.57
Adjusted Net Income (non-GAAP measure)(4)						$	0.72					$	0.90

_______

(1)Does not include acquisition, integration, and strategic planning expenses, or excess tax benefits or shortfall related to stock-based compensation.

(2)Comprised of (i) $10.6 million of depreciation included in SG&A expenses, (ii) $2.6 million of amortization related to capitalized cloud-based application implementation costs included in SG&A expenses, and (iii) $0.4 million of depreciation included in costs of services.

(3)Includes costs related to strategic initiatives including updates to our go-to market strategy, outsourcing of certain back-office functions, ERP implementation, and costs related to the integration of Quinnox.

(4)Does not include the cash tax savings benefit of the tax deduction received from the amortization of goodwill and trademarks, approximately $9.6 million per quarter ($0.23 per diluted share).

8

Non-GAAP Financial Measures

Statements in this release include financial information presented in accordance with accounting principles generally accepted in the United States ("GAAP") and also include non-GAAP financial measures that are provided as additional information to enhance the overall understanding of the Company's current financial performance and not as an alternative to the consolidated interim financial statements presented in accordance with GAAP. Management uses these non-GAAP measures (earnings before interest, taxes, depreciation, and amortization ("EBITDA"), Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Net Income per diluted share, Free Cash Flow, and Revenues on a same Billable Days basis) to evaluate the Company's financial performance. These terms might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures reported by other companies. The financial information tables that accompany this press release include reconciliations of net income to non-GAAP financial measures.

EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin provide a measure of the Company's operating results in a manner that is focused on the performance of the Company's core business on an ongoing basis, by removing the effects of non-operating and certain non-cash expenses. These non-operating and non-cash items are specifically identified in the reconciliations of GAAP measures to Non-GAAP measures that accompany this release.

Adjusted Net Income provides a method for assessing the Company's operating results in a manner that is focused on the performance of the Company's core business on an ongoing basis by removing the effects of non-operating and certain non-cash expenses on a net of tax basis. The metric is not adjusted by the benefit of the tax deduction associated with the amortization of acquired definite-lived intangible assets as these cash tax savings appropriately reflect the performance of the Company's acquisitions.

Free Cash Flow provides useful information to investors about the amount of cash generated by the business that can be used for strategic opportunities and is computed as presented in the tables that accompany this release.

Commercial IT consulting book-to-bill ratio is the ratio of the Commercial Segment's IT consulting bookings to associated revenues for a specified period. IT consulting bookings are defined as the value of new contracts entered into during a specified period, including adjustments for the effects of changes in contract scope and contract terminations. There is no assurance these bookings will result in future revenues. (In 2025, Commercial IT consulting revenues were 46 percent of Commercial Segment revenues.)

Federal Government Segment new contract awards are defined as the estimated amount of future revenues to be recognized under contracts awarded during a specified period, including adjustments to estimates for contracts awarded in previous periods. The book-to-bill ratio for the Federal Government Segment is the ratio of New Contract Awards to revenues for a specified period. There is no assurance our new contract awards will result in future revenues.

Contact:

Kimberly Esterkin

Vice President, Investor Relations

kimberly.esterkin@asgn.com

9

FAQ

How did ASGN (ASGN) perform financially in Q1 2026?

ASGN generated $968.3 million in Q1 2026 revenue, essentially flat year-over-year. Net income declined to $5.5 million, or $0.13 per diluted share, while Adjusted EBITDA was $83.6 million with an 8.6% margin, down from the prior-year period.

What guidance did ASGN (ASGN) provide for Q2 2026?

For Q2 2026, ASGN estimates revenue between $970.0 million and $1,000.0 million. It projects net income of $8.0–$13.7 million, GAAP diluted EPS of $0.19–$0.33, Adjusted EBITDA of $85.0–$95.0 million, and adjusted diluted EPS of $0.72–$0.90.

What is the Quinnox acquisition and how did it affect ASGN (ASGN)?

In March 2026, ASGN purchased Quinnox for $290.0 million in cash, funded through its revolving credit facility. Quinnox adds digital solutions and modernization capabilities, while the acquisition increased borrowings and is expected to contribute to sequential growth and higher intangible amortization in Q2.

How are ASGN’s (ASGN) margins trending across segments?

In Q1 2026, consolidated gross margin was 27.5%, down 90 basis points year-over-year. Commercial Segment gross margin declined to 31.0%, while Federal Government Segment gross margin edged up to 19.6%, reflecting mix shifts and foreign exchange effects in Commercial operations.

What capital structure and liquidity position does ASGN (ASGN) have?

As of March 31, 2026, ASGN held $143.6 million in cash and cash equivalents and long-term debt of $1,462.2 million. It had about $160.0 million of availability on its $500.0 million revolver and continued its stock repurchase program with $934 million remaining authorization.

When will ASGN (ASGN) rebrand to Everforth and change its ticker?

ASGN plans to transition to Everforth, Inc. on April 24, 2026, unifying seven brands under one identity. On that date, its NYSE ticker is expected to change from ASGN to EFOR, reflecting its focus on technology and digital engineering solutions.

How much stock did ASGN (ASGN) repurchase in Q1 2026?

During Q1 2026, ASGN repurchased 0.8 million shares of its common stock for $39.0 million, at an average price of $47.69 per share. Approximately $934 million remained available under the company’s authorized stock repurchase plan at quarter end.

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