Short answer
ASGN Inc (ASGN) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $4.0B (−2.9% year over year) and net income of $114M.
- Top risk flagged: Regulatory risk from federal government contracting compliance under specific agency standards impacting Federal Government segment revenues
FY2025 key financial metrics · XBRL
- Revenue
- $4.0B
- −2.9% YoY
- Net income
- $114M
- −35.2% YoY
- Operating margin
- 5.8%
- −1.6 pp YoY
- Gross margin
- 28.9%
- −0.0 pp YoY
- EPS (diluted)
- $2.60
- −32.1% YoY
- ROE
- 6.3%
- −3.6 pp YoY
- Operating cash flow
- $328M
- −18.0% YoY
Source: XBRL data from the ASGN Inc (ASGN) FY2025 10-K on SEC EDGAR. USD.
ASGN Inc FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: IT and digital engineering solutions provider to commercial and government sectors via consulting and staffing
- New brand launch planned: Rebranding from ASGN to Everforth in 1H 2026 to unify six brands under one identity and broaden digital engineering focus
- Strategic shift: Increasing emphasis on high-value, high-margin IT consulting services; 62% of 2025 revenue from consulting vs staffing heritage
- Notable metric: 19,600 billable professionals employed in 2025 and $2.9 billion Federal contract backlog as of Dec 31, 2025
- Unusual fact: Company completed six strategic acquisitions over five years targeting advanced IT consulting and digital engineering capabilities
Management Discussion & Analysis
- Revenue $3.98B, down 2.9% YoY from $4.10B in 2024; Commercial segment down 2.7%, Federal Government down 3.3%
- Gross margin steady at 28.9% YoY; Commercial margin 32.8% vs 32.5%, Federal Government margin 19.7% vs 20.4%
- Best performing segment: Commercial consulting revenues $1.29B, up 14.4%; worst: Assignment revenues $1.5B, down 13.8%
- SG&A expenses $854M, 21.5% of revenue vs $821.2M (20.0%), including $26.5M acquisition/integration costs; amortization $64.8M vs $58.1M
- Management notes loss of federal contracts from DOGE initiatives as key impact; no formal guidance disclosed in this section
Risk Factors
- Regulatory risk from federal government contracting compliance under specific agency standards impacting Federal Government segment revenues
- U.S.-only revenue exposure increases vulnerability to domestic economic downturn or regulatory changes affecting major Fortune 1000 clients
- Dependence on goodwill valuation for commercial and federal reporting units with potential impairment if future cash flows or discount rates change significantly
- Competitive pressure from technology-driven IT consulting firms targeting enterprise transformation and AI services in commercial segment
- Concentration risk with majority revenue from two segments, making financial results sensitive to segment-specific operational disruptions
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