ASGN's commercial IT staffing engine is experiencing sustained top-line pressure, with revenue growth contracting to -0.5% in 2025Q4 alongside operating margins that have compressed to 6.8%.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.98B | 4.1B | 4.45B | 4.58B | 4.01B | 3.5B | 3.42B | 3.4B | 2.63B | 2.44B | 2.07B | 1.72B | 1.63B | 1.18B | 597.28M | 438.06M | 416.61M | 618.06M | 567.18M | 287.57M | 237.86M | 193.57M | 209.55M | 250.31M | 194.62M | 195.08M | 159.47M | 132.7M | 107.8M | 88.2M |
| Revenue Growth % | -2.91% | -7.88% | -2.85% | 14.26% | 14.49% | 2.53% | 0.47% | 29.47% | 7.6% | 18.18% | 19.73% | 5.68% | 38.6% | 97.15% | 36.35% | 5.15% | -32.59% | 8.97% | 97.23% | 20.9% | 22.88% | -7.63% | -16.28% | 28.62% | -0.24% | 22.33% | 20.18% | 23.1% | 22.22% | 42.26% |
| Cost of Goods Sold | 2.9B | 2.92B | 3.17B | 3.21B | 2.87B | 2.55B | 2.44B | 2.38B | 1.78B | 1.65B | 1.39B | 1.17B | 1.14B | 808.98M | 397.18M | 288.61M | 280.25M | 418.6M | 387.64M | 209.72M | 174.63M | 143.66M | 153.38M | 176.52M | 131.34M | 129.96M | 106.49M | 89.8M | 73.9M | 60.5M |
| COGS % of Revenue | 72.76% | 71.13% | 71.24% | 70.1% | 71.51% | 72.95% | 71.56% | 69.89% | 67.63% | 67.42% | 67.13% | 67.68% | 70.07% | 68.7% | 66.5% | 65.88% | 67.27% | 67.73% | 68.35% | 72.93% | 73.42% | 74.22% | 73.19% | 70.52% | 67.49% | 66.62% | 66.78% | 67.67% | 68.55% | 68.59% |
| Gross Profit | 1.08B | 1.18B | 1.28B | 1.37B | 1.14B | 947.2M | 971.5M | 1.02B | 850.07M | 795.18M | 678.75M | 557.43M | 488.41M | 368.54M | 200.1M | 149.46M | 136.37M | 199.46M | 179.54M | 77.84M | 63.23M | 49.91M | 56.17M | 73.79M | 63.28M | 65.12M | 52.98M | 42.9M | 33.9M | 27.7M |
| Gross Margin % | 27.24% | 28.87% | 28.76% | 29.9% | 28.49% | 27.05% | 28.44% | 30.11% | 32.37% | 32.58% | 32.87% | 32.32% | 29.93% | 31.3% | 33.5% | 34.12% | 32.73% | 32.27% | 31.65% | 27.07% | 26.58% | 25.78% | 26.81% | 29.48% | 32.51% | 33.38% | 33.22% | 32.33% | 31.45% | 31.41% |
| Gross Profit Growth % | -8.4% | -7.52% | -6.54% | 19.89% | 20.61% | -2.5% | -5.09% | 20.42% | 6.9% | 17.15% | 21.76% | 14.13% | 32.53% | 84.17% | 33.89% | 9.6% | -31.63% | 11.09% | 130.65% | 23.11% | 26.68% | -11.15% | -23.88% | 16.62% | -2.83% | 22.92% | 23.49% | 26.55% | 22.38% | 41.33% |
| Operating Expenses | 827.5M | 879.3M | 915.9M | 960.1M | 791.5M | 666M | 695.3M | 763.5M | 625.34M | 605.46M | 526.64M | 419.65M | 364.44M | 283.58M | 155.71M | 130.83M | 121.14M | 155.94M | 151.94M | 67.9M | 64.14M | 97.02M | 139.33M | 54.67M | 38.77M | 36.92M | 31.59M | 26.2M | 21.5M | 18.8M |
| OpEx % of Revenue | 20.79% | 21.45% | 20.58% | 20.96% | 19.74% | 19.02% | 20.36% | 22.46% | 23.81% | 24.81% | 25.5% | 24.33% | 22.33% | 24.08% | 26.07% | 29.87% | 29.08% | 25.23% | 26.79% | 23.61% | 26.96% | 50.12% | 66.49% | 21.84% | 19.92% | 18.93% | 19.81% | 19.74% | 19.94% | 21.32% |
| Selling, General & Admin | 854M | 821.2M | 844.2M | 895M | 735.8M | 615M | 645M | 705M | 591.89M | 565.83M | 492.17M | 397.52M | 317.35M | 265.57M | 155.71M | 130.83M | 121.14M | 155.94M | 151.94M | 67.9M | 64.14M | 66.69M | 59.44M | 54.67M | 38.77M | 35.53M | 30.43M | 25.3M | 20.7M | 18.1M |
| SG&A % of Revenue | 21.46% | 20.03% | 18.97% | 19.54% | 18.35% | 17.56% | 18.88% | 20.74% | 22.54% | 23.19% | 23.83% | 23.05% | 19.45% | 22.55% | 26.07% | 29.87% | 29.08% | 25.23% | 26.79% | 23.61% | 26.96% | 34.45% | 28.36% | 21.84% | 19.92% | 18.21% | 19.08% | 19.07% | 19.2% | 20.52% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -26.5M | 58.1M | 71.7M | 65.1M | 55.7M | 51M | 50.3M | 58.51M | 33.44M | 39.63M | 34.47M | 24.4M | 21.75M | 18.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.33M | 79.9M | 0 | 0 | 1.39M | 1.16M | 900K | 800K | 700K |
| Operating Income | 256.8M | 304.4M | 364.1M | 409.5M | 350.9M | 281.2M | 276.2M | 260.15M | 224.74M | 189.73M | 152.11M | 137.78M | 123.97M | 84.95M | 44.4M | 3.23M | 15.23M | 43.51M | 27.59M | 9.94M | -906K | -47.11M | -83.16M | 19.12M | 24.51M | 28.2M | 21.39M | 16.7M | 12.4M | 8.9M |
| Operating Margin % | 6.45% | 7.42% | 8.18% | 8.94% | 8.75% | 8.03% | 8.09% | 7.65% | 8.56% | 7.77% | 7.37% | 7.99% | 7.6% | 7.21% | 7.43% | 0.74% | 3.65% | 7.04% | 4.87% | 3.46% | -0.38% | -24.34% | -39.68% | 7.64% | 12.59% | 14.45% | 13.41% | 12.58% | 11.5% | 10.09% |
| Operating Income Growth % | -15.64% | -16.4% | -11.09% | 16.7% | 24.79% | 1.81% | 6.17% | 15.76% | 18.45% | 24.73% | 10.4% | 11.14% | 45.93% | 91.34% | 1275.86% | -78.81% | -65.01% | 57.69% | 177.59% | 1197.24% | 98.08% | 43.35% | -534.98% | -22% | -13.07% | 31.8% | 28.1% | 34.68% | 39.33% | 32.84% |
| EBITDA | 370.3M | 400.7M | 464.4M | 500.9M | 440.5M | 370.9M | 367.4M | 355.12M | 283.34M | 251.97M | 186.57M | 176.08M | 145.72M | 109.65M | 53.25M | 11.22M | 27.03M | 58.06M | 49.67M | 15.57M | 5.36M | -40.51M | -76.01M | 24.26M | 26.05M | 29.59M | 22.55M | 17.6M | 13.2M | 9.6M |
| EBITDA Margin % | 9.3% | 9.77% | 10.43% | 10.93% | 10.99% | 10.59% | 10.76% | 10.45% | 10.79% | 10.33% | 9.04% | 10.21% | 8.93% | 9.31% | 8.92% | 2.56% | 6.49% | 9.39% | 8.76% | 5.41% | 2.25% | -20.93% | -36.27% | 9.69% | 13.38% | 15.17% | 14.14% | 13.26% | 12.24% | 10.88% |
| EBITDA Growth % | -7.59% | -13.72% | -7.29% | 13.71% | 18.77% | 0.95% | 3.46% | 25.33% | 12.45% | 35.05% | 5.96% | 20.83% | 32.89% | 105.92% | 374.47% | -58.48% | -53.44% | 16.88% | 219.03% | 190.65% | 113.22% | 46.7% | -413.3% | -6.86% | -11.97% | 31.21% | 28.13% | 33.33% | 37.5% | 33.33% |
| D&A (Non-Cash Add-back) | 113.5M | 96.3M | 100.3M | 91.4M | 89.6M | 89.7M | 91.2M | 94.97M | 58.6M | 62.25M | 34.47M | 38.3M | 21.75M | 24.7M | 8.85M | 8M | 11.81M | 14.54M | 22.08M | 5.63M | 6.26M | 6.6M | 7.15M | 5.14M | 1.54M | 1.39M | 1.16M | 900K | 800K | 700K |
| EBIT | 230.3M | 304.4M | 364.1M | 409.5M | 350.9M | 281.2M | 257.3M | 260.15M | 224.74M | 189.73M | 148.36M | 137.78M | 101.63M | 81.46M | 38.63M | 3.23M | 15.4M | 44.23M | 27.78M | 9.94M | -906K | -47.11M | -83.16M | 19.12M | 24.51M | 28.2M | 21.39M | 16.7M | 12.45M | 9.3M |
| Net Interest Income | -67.7M | -64.3M | -66.4M | -45.9M | -37.5M | -39.7M | -52.9M | -56M | -27.6M | -32.33M | -26.44M | -12.73M | -13.93M | -15.77M | -2.94M | -8.17M | -6.44M | -9.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39K | 141K | 170K | 715K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 67.7M | 64.3M | 66.4M | 45.9M | 37.5M | 39.7M | 52.9M | 55.97M | 27.64M | 32.33M | 26.44M | 12.73M | 15.86M | 17.17M | 2.98M | 8.31M | 6.61M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -94.2M | -64.3M | -66.4M | -45.9M | -37.5M | -39.7M | -71.8M | -55.97M | -27.61M | -32.33M | -30.2M | -12.73M | -23.44M | -15.92M | -2.94M | -23.57M | -6.44M | -9.28M | -10.78M | 1.64M | 523K | -31.77M | 392K | 700K | 2.58M | 2.44M | 1.64M | 1.3M | 900K | 500K |
| Pretax Income | 162.6M | 240.1M | 297.7M | 363.6M | 313.4M | 241.5M | 204.4M | 204.18M | 197.09M | 157.4M | 121.91M | 125.05M | 93.15M | 67.78M | 41.46M | -4.94M | 8.79M | 34.23M | 16.82M | 11.59M | -225K | -46.72M | -82.77M | 19.82M | 27.09M | 30.64M | 23.03M | 18M | 13.3M | 9.4M |
| Pretax Margin % | 4.08% | 5.86% | 6.69% | 7.94% | 7.82% | 6.9% | 5.98% | 6.01% | 7.51% | 6.45% | 5.9% | 7.25% | 5.71% | 5.76% | 6.94% | -1.13% | 2.11% | 5.54% | 2.96% | 4.03% | -0.09% | -24.13% | -39.5% | 7.92% | 13.92% | 15.71% | 14.44% | 13.56% | 12.34% | 10.66% |
| Income Tax | 49.1M | 64.9M | 78.4M | 96.7M | 81.6M | 63.9M | 54.7M | 46.19M | 39.22M | 60.2M | 50.49M | 51.56M | 38.79M | 29.37M | 17.17M | 4.96M | 4.08M | 15.26M | 7.49M | 541K | -129K | -4.32M | -967K | 7.57M | 10.05M | 11.39M | 8.57M | 6.7M | 5M | 3.8M |
| Effective Tax Rate % | 30.2% | 27.03% | 26.34% | 26.6% | 26.04% | 26.46% | 26.76% | 22.62% | 19.9% | 38.25% | 41.42% | 41.23% | 41.65% | 43.33% | 41.4% | -100.3% | 46.42% | 44.58% | 44.56% | 4.67% | 57.33% | 9.26% | 1.17% | 38.2% | 37.09% | 37.18% | 37.2% | 37.22% | 37.59% | 40.43% |
| Net Income | 113.5M | 175.2M | 219.3M | 268.1M | 409.9M | 200.3M | 174.7M | 157.71M | 157.68M | 97.2M | 97.65M | 77.18M | 84.51M | 42.65M | 24.3M | -9.9M | 4.71M | 18.97M | 9.32M | 11.04M | -96K | -42.39M | -81.8M | 12.25M | 17.04M | 19.25M | 14.46M | 11.3M | 8.3M | 5.6M |
| Net Margin % | 2.85% | 4.27% | 4.93% | 5.85% | 10.22% | 5.72% | 5.11% | 4.64% | 6% | 3.98% | 4.73% | 4.48% | 5.18% | 3.62% | 4.07% | -2.26% | 1.13% | 3.07% | 1.64% | 3.84% | -0.04% | -21.9% | -39.04% | 4.89% | 8.76% | 9.87% | 9.07% | 8.52% | 7.7% | 6.35% |
| Net Income Growth % | -35.22% | -20.11% | -18.2% | -34.59% | 104.64% | 14.65% | 10.78% | 0.02% | 62.22% | -0.46% | 26.52% | -8.67% | 98.14% | 75.55% | 345.5% | -310.26% | -75.19% | 103.5% | -15.59% | 11604.17% | 99.77% | 48.17% | -767.86% | -28.12% | -11.47% | 33.09% | 27.98% | 36.14% | 48.21% | 30.23% |
| Net Income (Continuing) | 113.5M | 175.2M | 219.3M | 266.9M | 231.8M | 177.6M | 149.7M | 158M | 157.9M | 97.2M | 71.42M | 73.5M | 51.14M | 42.65M | 24.3M | -9.9M | 4.71M | 18.97M | 9.32M | 11.04M | -96K | -42.39M | -81.8M | 12.25M | 17.04M | 19.25M | 14.46M | 11.3M | 8.3M | 5.6M |
| Discontinued Operations | 0 | 0 | 0 | 1.2M | 178.1M | 22.7M | 25M | 0 | 0 | 5K | 26.23M | 3.69M | 33.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.60 | 3.83 | 4.50 | 5.23 | 4.33 | 3.76 | 3.27 | 2.97 | 2.97 | 1.81 | 1.84 | 1.42 | 1.55 | 0.89 | 0.64 | -0.27 | 0.13 | 0.53 | 0.26 | 0.39 | -0.00 | -1.68 | -3.22 | 0.48 | 0.74 | 0.83 | 0.65 | 0.50 | 0.38 | 0.26 |
| EPS Growth % | -32.11% | -14.89% | -13.96% | 20.79% | 15.16% | 14.98% | 10.1% | 0% | 64.09% | -1.63% | 29.58% | -8.39% | 74.16% | 39.06% | 337.04% | -307.69% | -75.47% | 103.85% | -33.33% | - | 99.77% | 47.83% | -770.83% | -35.14% | -10.84% | 27.69% | 30% | 31.58% | 46.15% | 23.81% |
| EPS (Basic) | 2.62 | 3.88 | 4.54 | 5.30 | 4.40 | 3.80 | 3.31 | 3.02 | 3.01 | 1.83 | 1.87 | 1.44 | 1.58 | 0.91 | 0.66 | -0.27 | 0.13 | 0.53 | 0.27 | 0.41 | -0.00 | -1.68 | -3.22 | 0.48 | 0.75 | 0.87 | 0.66 | 0.52 | 0.39 | 0.28 |
| Diluted Shares Outstanding | 43.6M | 45.7M | 48.7M | 51.3M | 53.5M | 53.3M | 53.4M | 53.1M | 53.2M | 53.75M | 53.01M | 54.29M | 54.55M | 47.83M | 37.76M | 36.43M | 36.34M | 35.86M | 35.77M | 28.05M | 25.46M | 25.23M | 25.42M | 25.54M | 23.04M | 23.08M | 22.37M | 22.6M | 21.11M | 21.54M |
| Basic Shares Outstanding | 43.4M | 45.2M | 48.3M | 50.6M | 52.7M | 52.7M | 52.8M | 52.3M | 52.5M | 53.19M | 52.26M | 53.44M | 53.48M | 46.74M | 36.88M | 36.43M | 36.01M | 35.49M | 35.14M | 27.16M | 25.46M | 25.23M | 25.42M | 25.41M | 22.64M | 22.19M | 21.91M | 21.72M | 21.11M | 20M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical IT Spending Headwinds
According to the company's recent quarterly filings, ASGN has experienced a sustained period of negative year-over-year revenue growth, with the most recent quarter reporting a -0.5% decline, signaling that the firm's commercial IT staffing engine is struggling to find traction in the current macroeconomic environment.
The consistent negative growth trajectory suggests that the company's reliance on discretionary IT spending is a significant vulnerability. Investors should monitor whether this contraction reflects a structural shift in client demand or merely a temporary pause in digital transformation initiatives.
Based on reported financial statements, ASGN's gross margin has fluctuated between 26.7% and 29.4% over the last ten quarters, indicating that the firm lacks the pricing power necessary to fully offset rising labor costs or shifts in the mix toward lower-margin service offerings.
The inability to maintain gross margins above the 29% threshold suggests that competitive intensity in the IT staffing space is eroding the firm's value capture. This margin volatility warrants further investigation into whether the Federal segment is providing the intended defensive buffer against commercial pricing pressure.
As indicated by the income statement data, operating income has failed to scale with revenue, dropping from $98.6M in 2023Q3 to $66.9M in 2025Q4, which suggests that the company's overhead structure is not sufficiently flexible to adjust to declining top-line performance.
The lack of operating leverage implies that the firm's SG&A expenses are relatively fixed, creating a drag on profitability during periods of revenue contraction. This rigidity may limit the company's ability to protect earnings per share if the current demand environment persists.
Data from recent SEC filings reveals that net income has been highly inconsistent, with a notable anomaly in 2025Q4 where stock-based compensation adjustments appear to have significantly impacted the bottom line, resulting in a net margin of only 2.6% for the period.
The volatility in net income suggests that investors should focus on adjusted metrics to gauge the true underlying profitability of the business. The significant fluctuations in quarterly EPS indicate that non-operating items and compensation structures are creating noise that obscures the firm's core operational performance.
Based on the provided figures, the persistent revenue decline and contracting operating margins suggest that the bull case for ASGN as a secular IT services provider may be overstated, as the firm currently exhibits the characteristics of a cyclical staffing business facing significant headwinds.
Skeptics would likely point to the consistent year-over-year revenue declines as evidence that the company's acquisition-led growth strategy has reached a point of diminishing returns. The market may be underestimating the risk that the Federal segment's stability is insufficient to offset the structural decline in commercial IT demand.
Quick answers to the most common questions about buying ASGN stock.
For fiscal year 2025, ASGN Incorporated (ASGN) reported total revenue of $3.98B. This represents a 4412.9% increase compared to $88.2M in 1996.
ASGN Incorporated (ASGN) is profitable, generating $113.5M in net income for the fiscal year ending 2025 with a net profit margin of 2.9%.
ASGN Incorporated (ASGN) reported an operating income of $256.8M, resulting in an operating profit margin of 6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
ASGN Incorporated (ASGN) generated $1.08B in gross profit for the year, representing a gross profit margin of 27.2%. This demonstrates the company's core pricing power and production efficiency.