Exponent, Inc. reported its financial results for the second quarter of fiscal year 2025, ended July 4, 2025. Total revenues increased 1% to $142.0 million, and revenues before reimbursements were approximately flat at $132.9 million, compared to $140.5 million and $132.4 million, respectively, in the second quarter of 2024.
Net income decreased to $26.6 million, or $0.52 per diluted share, in Q2 2025, down from $29.2 million, or $0.57 per diluted share, in the prior year period. EBITDA also decreased to $37.0 million, or 27.8% of revenues before reimbursements, compared to $39.9 million, or 30.2% in Q2 2024.
Despite flat revenues and declining profitability, results exceeded expectations, driven by dispute-related activities in construction, automotive, and medical devices. Exponent maintained its full-year 2025 guidance for low single-digit growth in revenues before reimbursements and an EBITDA margin of 26.5% to 27.0%, while projecting mid-single digit growth for Q3 2025 net revenues.
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