Revenue growth momentum has accelerated to 14.3% as of 2026Q1, though operating margins remain sensitive to utilization rates, fluctuating between 12.1% and 30.5% over the last ten quarters.
| Metric | TTM | Jan'26 | Jan'25 | Dec'23 | Dec'22 | Dec'21 | Jan'21 | Jan'20 | Dec'18 | Dec'17 | Dec'16 | Jan'16 | Jan'15 | Jan'14 | Dec'12 | Dec'11 | Dec'10 | Jan'10 | Jan'09 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Jan'04 | Jan'03 | Dec'01 | Dec'00 | Dec'99 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 602.81M | 582.01M | 558.51M | 536.77M | 513.29M | 466.27M | 399.9M | 417.2M | 379.52M | 347.8M | 315.08M | 312.83M | 304.7M | 296.17M | 292.65M | 272.45M | 248.75M | 227.88M | 228.84M | 205.15M | 168.5M | 155.2M | 151.51M | 139.68M | 126.06M | 104.5M | 101.6M | 93.27M | 85.5M | 73.5M | 58.7M |
| Revenue Growth % | 7.82% | 4.21% | 4.05% | 4.57% | 10.09% | 16.6% | -4.15% | 9.93% | 9.12% | 10.39% | 0.72% | 2.67% | 2.88% | 1.2% | 7.42% | 9.52% | 9.16% | -0.42% | 11.55% | 21.75% | 8.57% | 2.43% | 8.47% | 10.81% | 20.63% | 2.85% | 8.93% | 9.09% | 16.33% | 25.21% | 0.51% |
| Cost of Goods Sold | 459.36M | 436.71M | 416.23M | 401M | 348.79M | 342.06M | 303.76M | 25.81M | 24.88M | 18.14M | 15.88M | 17.13M | 15.49M | 16.13M | 26.09M | 182.63M | 171.74M | 162.28M | 156.11M | 43.67M | 31.64M | 30.95M | 31.59M | 31.63M | 17.62M | 17.36M | 12.47M | 11.86M | 67.9M | 56.4M | 43.9M |
| COGS % of Revenue | - | 75.03% | 74.52% | 74.71% | 67.95% | 73.36% | 75.96% | 6.19% | 6.56% | 5.21% | 5.04% | 5.47% | 5.09% | 5.44% | 8.92% | 67.03% | 69.04% | 71.21% | 68.22% | 21.29% | 18.78% | 19.94% | 20.85% | 22.65% | 13.98% | 16.61% | 12.28% | 12.72% | 79.42% | 76.73% | 74.79% |
| Gross Profit | 143.45M | 145.31M | 142.28M | 135.76M | 164.5M | 124.21M | 96.14M | 391.39M | 354.64M | 329.66M | 299.2M | 295.7M | 289.21M | 280.04M | 266.56M | 89.81M | 77.02M | 65.61M | 72.72M | 161.48M | 136.86M | 124.24M | 119.92M | 108.05M | 108.44M | 87.14M | 89.13M | 81.41M | 17.6M | 17.1M | 14.8M |
| Gross Margin % | 23.8% | 24.97% | 25.48% | 25.29% | 32.05% | 26.64% | 24.04% | 93.81% | 93.44% | 94.79% | 94.96% | 94.53% | 94.91% | 94.56% | 91.08% | 32.97% | 30.96% | 28.79% | 31.78% | 78.71% | 81.22% | 80.06% | 79.15% | 77.35% | 86.02% | 83.39% | 87.72% | 87.28% | 20.58% | 23.27% | 25.21% |
| Gross Profit Growth % | - | 2.13% | 4.8% | -17.47% | 32.44% | 29.2% | -75.44% | 10.36% | 7.58% | 10.18% | 1.18% | 2.25% | 3.27% | 5.06% | 196.79% | 16.61% | 17.39% | -9.79% | -54.96% | 17.99% | 10.15% | 3.61% | 10.99% | -0.36% | 24.45% | -2.23% | 9.48% | 362.55% | 2.92% | 15.54% | -5.73% |
| Operating Expenses | 26.72M | 25.52M | 22.73M | 24.44M | 23.66M | 15.28M | 12.89M | 306.28M | 288.07M | 275.75M | 253.16M | 243.9M | 241.16M | 240.22M | 235.03M | 36.35M | 33.78M | 194.62M | 192.12M | 131.53M | 116.67M | 103.86M | 100.59M | 91.14M | 94.52M | 77.52M | 78.46M | 73.42M | 13.3M | 10.6M | 13.3M |
| OpEx % of Revenue | - | 4.38% | 4.07% | 4.55% | 4.61% | 3.28% | 3.22% | 73.41% | 75.9% | 79.28% | 80.35% | 77.96% | 79.14% | 81.11% | 80.31% | 13.34% | 13.58% | 85.4% | 83.95% | 64.12% | 69.24% | 66.92% | 66.39% | 65.25% | 74.98% | 74.18% | 77.23% | 78.72% | 15.56% | 14.42% | 22.66% |
| Selling, General & Admin | 26.72M | 25.52M | 22.73M | 24.44M | 287.89M | 293.33M | 262.93M | 272.72M | 232.58M | 228.07M | 208.89M | 199.8M | 199.38M | 198.8M | 185.37M | 13.12M | 12.36M | 173.28M | 13.39M | 131.53M | 116.67M | 103.86M | 100.59M | 91.14M | 94.52M | 77.52M | 74.03M | 69.01M | 8.8M | 7M | 9.7M |
| SG&A % of Revenue | - | 4.38% | 4.07% | 4.55% | 56.09% | 62.91% | 65.75% | 65.37% | 61.28% | 65.57% | 66.3% | 63.87% | 65.43% | 67.12% | 63.34% | 4.81% | 4.97% | 76.04% | 5.85% | 64.12% | 69.24% | 66.92% | 66.39% | 65.25% | 74.98% | 74.18% | 72.87% | 73.99% | 10.29% | 9.52% | 16.52% |
| 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -264.24M | -278.05M | -250.04M | 33.56M | -890K | 9.16M | 6.53M | 1.99M | 4.27M | 7.87M | 3.8M | 23.24M | 21.41M | 21.34M | 22.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.43M | 4.42M | 4.5M | 3.6M | 3.6M |
| Operating Income | 116.73M | 119.79M | 119.56M | 111.32M | 140.84M | 108.93M | 83.25M | 85.11M | 91.46M | 72.05M | 61.91M | 68.93M | 63.55M | 55.95M | 57.62M | 53.46M | 43.24M | 33.26M | 36.72M | 29.94M | 20.19M | 20.38M | 19.32M | 16.9M | 13.92M | 9.62M | 10.66M | 7.98M | 4.3M | 6.5M | 1.5M |
| Operating Margin % | 19.36% | 20.58% | 21.41% | 20.74% | 27.44% | 23.36% | 20.82% | 20.4% | 24.1% | 20.72% | 19.65% | 22.04% | 20.86% | 18.89% | 19.69% | 19.62% | 17.38% | 14.6% | 16.05% | 14.6% | 11.98% | 13.13% | 12.75% | 12.1% | 11.04% | 9.2% | 10.49% | 8.56% | 5.03% | 8.84% | 2.56% |
| Operating Income Growth % | - | 0.19% | 7.4% | -20.96% | 29.3% | 30.84% | -2.19% | -6.94% | 26.93% | 16.38% | -10.19% | 8.47% | 13.59% | -2.91% | 7.78% | 23.63% | 30% | -9.42% | 22.64% | 48.32% | -0.94% | 5.46% | 14.33% | 21.42% | 44.74% | -9.8% | 33.56% | 85.65% | -33.85% | 333.33% | -40% |
| EBITDA | 126.84M | 129.87M | 129.25M | 120.24M | 147.92M | 115.41M | 90.12M | 91.92M | 97.75M | 78.34M | 68.04M | 74.41M | 68.95M | 60.9M | 62.33M | 57.87M | 47.56M | 37.61M | 40.83M | 33.79M | 23.82M | 23.81M | 22.61M | 20.27M | 17.34M | 14.3M | 15.1M | 12.4M | 8.8M | 10.1M | 5.1M |
| EBITDA Margin % | 21.04% | 22.31% | 23.14% | 22.4% | 28.82% | 24.75% | 22.54% | 22.03% | 25.76% | 22.52% | 21.6% | 23.79% | 22.63% | 20.56% | 21.3% | 21.24% | 19.12% | 16.51% | 17.84% | 16.47% | 14.14% | 15.34% | 14.92% | 14.51% | 13.76% | 13.68% | 14.86% | 13.29% | 10.29% | 13.74% | 8.69% |
| EBITDA Growth % | -11.38% | 0.48% | 7.49% | -18.71% | 28.17% | 28.07% | -1.96% | -5.97% | 24.78% | 15.13% | -8.56% | 7.92% | 13.23% | -2.3% | 7.71% | 21.67% | 26.45% | -7.88% | 20.84% | 41.87% | 0.02% | 5.32% | 11.54% | 16.9% | 21.26% | -5.27% | 21.75% | 40.9% | -12.87% | 98.04% | -15% |
| D&A (Non-Cash Add-back) | 10.11M | 10.08M | 9.69M | 8.92M | 7.08M | 6.49M | 6.87M | 6.81M | 6.29M | 6.29M | 6.13M | 5.48M | 5.4M | 4.95M | 4.71M | 4.41M | 4.32M | 4.35M | 4.11M | 3.85M | 3.63M | 3.43M | 3.29M | 3.37M | 3.42M | 4.68M | 4.43M | 4.42M | 4.5M | 3.6M | 3.6M |
| EBIT | 151.88M | 147.3M | 147.37M | 135.9M | 132.23M | 125.84M | 83.25M | 85.11M | 91.46M | 72.05M | 61.91M | 68.93M | 63.55M | 55.95M | 61.75M | 53.46M | 43.24M | 33.26M | 36.72M | 33.64M | 23.59M | 22.63M | 19.32M | 16.9M | 13.92M | 9.62M | 10.66M | 7.98M | 4.1M | 6.5M | 1.8M |
| Net Interest Income | 8.31M | 9.31M | 10M | 7.15M | 2.1M | 66K | 1.71M | 3.91M | 2.75M | 1.29M | 683K | 207K | 150K | 127K | 328K | 236K | 198K | 614K | 1.71M | 1.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 8.31M | 9.31M | 10M | 7.15M | 2.1M | 66K | 1.71M | 3.91M | 2.75M | 1.29M | 683K | 207K | 150K | 127K | 328K | 236K | 198K | 614K | 1.72M | 1.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11K | 14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.6M |
| Other Income/Expense | 35.14M | 27.51M | 27.81M | 24.57M | -8.61M | 16.91M | 13.69M | 19.08M | 1.86M | 10.46M | 7.21M | 2.2M | 4.42M | 8M | 4.13M | 1.36M | 3.47M | 3.76M | 1.77M | 3.68M | 3.39M | 2.24M | 1.08M | 794K | 720K | 1.01M | 2.06M | 1.27M | 1.2M | 900K | -1.2M |
| Pretax Income | 151.88M | 147.3M | 147.37M | 135.9M | 132.23M | 125.84M | 96.94M | 104.19M | 93.32M | 82.51M | 69.12M | 71.13M | 67.97M | 63.95M | 61.75M | 54.82M | 46.71M | 37.02M | 38.49M | 33.63M | 23.58M | 22.62M | 20.4M | 17.7M | 14.64M | 10.63M | 12.72M | 9.25M | 5.5M | 7.4M | 300K |
| Pretax Margin % | 25.19% | 25.31% | 26.39% | 25.32% | 25.76% | 26.99% | 24.24% | 24.97% | 24.59% | 23.72% | 21.94% | 22.74% | 22.31% | 21.59% | 21.1% | 20.12% | 18.78% | 16.25% | 16.82% | 16.39% | 13.99% | 14.57% | 13.47% | 12.67% | 11.61% | 10.17% | 12.52% | 9.92% | 6.43% | 10.07% | 0.51% |
| Income Tax | 42.95M | 41.29M | 38.37M | 35.56M | 29.9M | 24.64M | 14.38M | 21.73M | 21.06M | 41.2M | 21.64M | 27.53M | 27.26M | 25.3M | 24.52M | 22.12M | 19.19M | 14.89M | 15.33M | 13.28M | 9.38M | 8.43M | 8.36M | 7.53M | 6.72M | 4.51M | 5.29M | 3.84M | 1.4M | 3M | 300K |
| Effective Tax Rate % | 28.28% | 28.03% | 26.04% | 26.16% | 22.61% | 19.58% | 14.84% | 20.86% | 22.57% | 49.94% | 31.31% | 38.71% | 40.11% | 39.57% | 39.72% | 40.36% | 41.08% | 40.23% | 39.83% | 39.51% | 39.8% | 37.28% | 40.99% | 42.55% | 45.87% | 42.4% | 41.59% | 41.52% | 25.45% | 40.54% | 100% |
| Net Income | 108.93M | 106.01M | 109M | 100.34M | 102.33M | 101.2M | 82.55M | 82.46M | 72.25M | 41.3M | 47.48M | 43.6M | 40.7M | 38.64M | 37.23M | 32.7M | 27.52M | 22.13M | 23.16M | 20.34M | 14.19M | 14.19M | 12.04M | 10.17M | 7.92M | 6.12M | 7.78M | 5.19M | 4.1M | 4.3M | -400K |
| Net Margin % | 18.07% | 18.21% | 19.52% | 18.69% | 19.94% | 21.7% | 20.64% | 19.77% | 19.04% | 11.88% | 15.07% | 13.94% | 13.36% | 13.05% | 12.72% | 12% | 11.06% | 9.71% | 10.12% | 9.92% | 8.42% | 9.14% | 7.95% | 7.28% | 6.29% | 5.86% | 7.66% | 5.56% | 4.8% | 5.85% | -0.68% |
| Net Income Growth % | 3.24% | -2.75% | 8.63% | -1.95% | 1.11% | 22.59% | 0.11% | 14.13% | 74.93% | -13.01% | 8.9% | 7.12% | 5.33% | 3.8% | 13.86% | 18.8% | 24.38% | -4.46% | 13.86% | 43.31% | 0.06% | 17.82% | 18.43% | 28.29% | 29.43% | -21.33% | 50% | 26.54% | -4.65% | 1175% | -120% |
| Net Income (Continuing) | 108.93M | 106.01M | 109M | 100.34M | 102.33M | 101.2M | 82.55M | 82.46M | 72.25M | 41.3M | 47.48M | 43.6M | 40.7M | 38.64M | 37.23M | 32.7M | 27.52M | 22.13M | 23.16M | 20.34M | 14.19M | 14.19M | 12.04M | 10.17M | 7.92M | 6.12M | 7.43M | 5.41M | 3.9M | 4.4M | 1.8M |
| Discontinued Operations | 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 | 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 | 0 |
| EPS (Diluted) | 2.17 | 2.07 | 2.11 | 1.94 | 1.96 | 1.90 | 1.55 | 1.53 | 1.33 | 0.77 | 0.87 | 0.80 | 0.74 | 0.69 | 0.65 | 0.56 | 0.46 | 0.37 | 0.37 | 0.31 | 0.21 | 0.20 | 0.18 | 0.16 | 0.13 | 0.11 | 0.14 | 0.09 | 0.07 | 0.07 | -0.01 |
| EPS Growth % | 4.88% | -1.9% | 8.76% | -1.02% | 3.16% | 22.58% | 1.31% | 15.04% | 72.73% | -11.49% | 8.75% | 8.11% | 7.25% | 6.15% | 16.07% | 21.74% | 24.32% | 0% | 19.35% | 47.62% | 5% | 11.11% | 12.5% | 23.08% | 18.18% | -21.43% | 49.25% | 41.48% | -8.55% | - | -120% |
| EPS (Basic) | - | 2.08 | 2.13 | 1.96 | 1.98 | 1.92 | 1.58 | 1.57 | 1.37 | 0.78 | 0.90 | 0.82 | 0.76 | 0.71 | 0.68 | 0.58 | 0.48 | 0.39 | 0.39 | 0.34 | 0.22 | 0.22 | 0.20 | 0.18 | 0.14 | 0.12 | 0.15 | 0.10 | 0.07 | 0.08 | -0.01 |
| Diluted Shares Outstanding | 50.12M | 51.24M | 51.57M | 51.63M | 52.28M | 53.33M | 53.32M | 53.88M | 54.17M | 53.97M | 54.33M | 54.6M | 55.33M | 56.1M | 57.17M | 59M | 60.28M | 60.12M | 62.9M | 65.29M | 68.78M | 70.15M | 68.3M | 63.97M | 60.3M | 57.41M | 56.71M | 55.15M | 61.67M | 59.08M | 53.33M |
| Basic Shares Outstanding | 49.79M | 50.9M | 51.13M | 51.15M | 51.73M | 52.61M | 52.39M | 52.69M | 52.91M | 52.72M | 52.98M | 53.21M | 53.82M | 54.46M | 55.12M | 56.72M | 57.42M | 56.74M | 58.84M | 60.03M | 63.53M | 64.85M | 61.66M | 57.57M | 54.42M | 52.05M | 53.05M | 54M | 59.14M | 57.18M | 53.33M |
| Dividend Payout Ratio | - | 58.05% | 53.41% | 53.86% | 48.12% | 42.68% | 48.18% | 40.63% | 37.67% | 52.86% | 39.56% | 35.89% | 32.08% | 20.52% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
STEM Talent Wage Inflation
According to recent financial disclosures, Exponent's revenue growth accelerated to 14.3% in 2026Q1, marking a significant departure from the mid-single-digit growth observed in previous quarters and suggesting that the firm's specialized forensic consulting services are capturing increased demand within complex technological and regulatory environments.
The recent revenue surge indicates that Exponent is successfully scaling its high-value forensic engagements, likely benefiting from the increasing complexity of systemic failures in emerging sectors. Investors should monitor whether this acceleration is sustainable or if it reflects the lumpy, project-based nature of litigation-driven consulting work.
As reported in quarterly income statements, Exponent's gross margins have exhibited significant period-to-period fluctuations, ranging from 16.4% to 94.5% due to accounting anomalies, which complicates the assessment of underlying pricing power and the true profitability of its core engineering and scientific consulting services.
The extreme variance in reported gross margins appears to be driven by the inconsistent treatment of pass-through reimbursable expenses rather than fundamental shifts in service pricing. Analysts should focus on normalized margins to determine if the firm maintains its premium positioning against boutique competitors in the forensic space.
Based on the provided income statement data, Exponent's operating margins have fluctuated between 12.1% and 30.5% over the last ten quarters, demonstrating that the firm's profitability is highly sensitive to the utilization rates of its specialized PhD-level workforce and the management of fixed overhead costs.
The firm's ability to scale operating income appears directly tied to its capacity to maintain high billable hour utilization across its 90 technical disciplines. Any sustained decline in utilization could lead to rapid margin compression, given the high fixed cost of maintaining a specialized, credentialed expert bench.
Analysis of recent filings reveals that Exponent consistently utilizes stock-based compensation, with quarterly expenses reaching as high as $9.1 million in 2026Q1, which serves as a critical retention tool for specialized talent but simultaneously creates a persistent drag on reported net income and shareholder dilution.
While stock-based compensation is essential for retaining PhD-level experts in a competitive labor market, the magnitude of these grants warrants careful scrutiny regarding their impact on long-term EPS growth. Investors should evaluate whether the value generated by these experts justifies the ongoing dilution of the equity base.
Financial trends suggest that Exponent faces intensifying competition for specialized STEM talent, which may force wage inflation that exceeds the firm's ability to raise billable rates, potentially capping future operating margin expansion despite the strong demand for its forensic and failure analysis consulting services.
The reliance on a highly credentialed workforce creates a structural vulnerability where labor cost inflation could erode the firm's competitive advantage. If Exponent cannot pass these rising costs through to clients, the current profitability profile may prove unsustainable in the face of aggressive hiring by technology firms.
Quick answers to the most common questions about buying EXPO stock.
For fiscal year 2025, Exponent, Inc. (EXPO) reported total revenue of $582.0M. This represents a 891.5% increase compared to $58.7M in 1996.
Exponent, Inc. (EXPO) is profitable, generating $106.0M in net income for the fiscal year ending 2025 with a net profit margin of 18.2%.
Exponent, Inc. (EXPO) reported an operating income of $119.8M, resulting in an operating profit margin of 20.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Exponent, Inc. (EXPO) generated $145.3M in gross profit for the year, representing a gross profit margin of 25.0%. This demonstrates the company's core pricing power and production efficiency.