Andersen Introduces 2027 Revenue Guidance of $1.275 Billion to $1.325 Billion

The Tip Desk · November 13, 2026 · 3 min read

Third-quarter revenue rose 18.7% to $337.3 million as the company pointed to about 30% growth at the midpoint of its new 2027 range versus updated 2026 guidance.

Andersen Group Inc. (ANDG) reported third-quarter revenue of $337.3 million, up 18.7% from $284.3 million a year earlier, and introduced full-year 2027 revenue guidance of $1.275 billion to $1.325 billion, about 30% growth at the midpoint over its updated 2026 revenue guidance.

The independent tax and financial advisory firm said growth continued across all reported service lines and geographic regions, with no significant one-time revenue items. Trailing twelve-month revenue reached $966.1 million, up 19.2%.

GAAP net income was $68.0 million, or a 20.1% margin, compared with $111.1 million and a 39.1% margin in the third quarter of 2025. The company said the year-over-year GAAP comparison reflected changes in ownership structure and income tax treatment after its December 2025 IPO and related reorganization, plus equity-based compensation of $47.5 million versus $6.9 million a year earlier. Net loss attributable to Andersen Group Inc. was $9.0 million, or $0.55 a share.

Adjusted EBITDA increased 18.8% to $154.5 million, with a 45.8% margin versus 45.7% a year earlier. Adjusted net income was $115.7 million, down 8.3% from $126.2 million, which the company said reflected higher post-reorganization income tax and interest expenses.

Private Client Services remained the largest line at $177.6 million, or 52.6% of the quarter. Business Services rose to $120.1 million, or 35.6%. Alternative Investment Funds contributed $27.9 million and Valuation Services $11.7 million.

International revenue appeared in the third quarter at $10.7 million, or 3.2% of the total, after acquisitions closed in the second and third quarters. U.S. West generated $136.6 million, U.S. East $131.7 million and U.S. Central $58.3 million.

Eight acquisitions and business combinations completed through September 30 added about $37.2 million in annual acquired revenue for about $25.0 million of purchase consideration, a 0.67 times multiple. Those deals contributed $16.2 million of recognized revenue in the first nine months and about 388 full-time equivalent employees. In the third quarter the company closed a tax firm in Switzerland and a business combination in Canada. It also signed definitive agreements for deals in Mexico, the United Kingdom, the Netherlands, South Africa and six U.S. consulting firms; all signed in the third quarter closed in the fourth except Mexico and South Africa, which are expected to close in the first quarter of 2027. In the fourth quarter it signed Andersen in Italy, also expected to close in the first quarter of 2027. In November it agreed to acquire a U.S. consulting firm, two consulting firms in India, a consulting firm in Spain and Andersen in Poland, all expected to close in the first quarter of 2027.

Total employees were 2,930 at September 30, 2026, versus 2,296 at December 31, 2025. U.S. annualized attrition excluding international acquisitions rose 1.6 percentage points to 15.8% from 14.2%.

Cash and cash equivalents were $193.6 million at quarter-end. Operating cash flow for the first nine months was $142.8 million and capital expenditures $13.7 million. The company had no borrowings under its $50 million revolving credit facility and $287.7 million of subordinated related-party notes tied to the IPO and reorganization.

Andersen also guided 2027 Adjusted EBITDA of $320 million to $340 million. Chief Executive Officer Mark L. Vorsatz said the quarter showed organic expansion and acquisitions as complementary engines and that the firm is building a more valuable global platform.