Andersen Raises 2026 Adjusted EBITDA Guidance to $255–275 Million
Key Facts
Andersen raised its 2026 adjusted earnings before interest, taxes, depreciation and amortization guidance to $255–275 million, from $225–250 million previously, the chief executive said on the earnings call. The company also revised its full-year revenue outlook to $990 million–$1.01 billion, compared with a previous range of $980 million to $1 billion. The company announced the revisions during its third-quarter earnings call held on November 12, 2026. The chief executive said: "Our adjusted EBITDA guidance was $225–250 million, and we will raise it to $255–275 million." The update sets higher ranges for earnings and revenue expected for the current year.
The outlook revision followed third-quarter revenue of $337.3 million, up 18.7% from $284.3 million in the same period of 2025, according to the official earnings release. In the first nine months of 2026, revenue rose 19.1% to $795.7 million, compared with $668.3 million in the same period a year earlier. The figures reflect continued growth across both periods, with revised full-year guidance remaining at $990 million–$1.01 billion. The company said 2026 revenue growth benefited from continued demand in its core markets, customer additions, higher business volumes and expansion of service lines. It added that acquisitions completed in the second and third quarters also contributed to growth.
Third-quarter adjusted EBITDA rose 18.8% to $154.5 million, while its margin was 45.8%, compared with 45.7% in the third quarter of 2025, according to the company’s statement. This shows adjusted earnings growth in the quarter outpaced the revenue growth recorded during the period, while the margin moved only slightly year over year. The quarter’s performance adds context to the increase in the full-year adjusted EBITDA outlook to $255–275 million. The company did not break down the contribution of customer growth, volume, service-line expansion and acquisitions to quarterly revenue in the reported information. But it linked 2026 growth to those factors and demand in its core markets.
Mergers and acquisitions were among the growth drivers cited by the company. As of September 30, 2026, Andersen had completed eight acquisitions and mergers that added about $37.2 million in acquired annual revenue, for a total purchase price of approximately $25.0 million, according to the earnings release. The deals provide additional revenue within the company’s business base, alongside growth it attributed to demand, customers, volume and service-line expansion. The company also said it had five announced acquisitions in November that are expected to close in the first quarter of 2027, subject to closing conditions. Those deals are announced transactions that have not yet closed, in line with the expected schedule provided by the company.
Andersen ended the quarter with cash and cash equivalents of $193.6 million and generated operating cash flow of $142.8 million during the first nine months of 2026. These figures come alongside completed acquisitions and the five deals expected to close in the first quarter of 2027. In the stock market, ANDG shares closed at $65.42 in the November 12 session, according to EL7 data. The stock fell 5.5% in after-hours trading to $61.82 after the third-quarter results presentation, compared with the regular-session close of $65.42, according to Investing.com. The company held its earnings call for analysts and investors on November 12, 2026, at 5:00 p.m. Eastern time.