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Exponent
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Latest analysis
Updated Nov 6, 2026
Exponent Q3 2026: 18% revenue growth led by AI product research and dispute work; utilization and margins expand.
Exponent delivered Q3 2026 total revenue of $173.7 million, up 18% year-over-year, with revenues before reimbursements growing 12% to $153.1 million. Engineering and Other Scientific revenue surged 21%, driven by user research studies for AI-enabled consumer electronics and reactive dispute-related work in chemicals, consumer products, and transportation. Billable hours increased 8% to 405,000, utilization climbed to 77% from 74%, and net income rose 10% to $30.9 million. Operating income jumped 44% to $41.9 million, with EBITDA margin expanding 110 basis points to 29.4% of revenue before reimbursements, reflecting pricing power and leverage despite compensation expense pressure from 6% higher average technical headcount.
Tone: bullishRevenue
$582M
EXPO 10-K · FY 2026
Employees
1,212
Revenue FY2024
$558.5M
EBITDA margin
29.4%
Profile
EXPO 10-K Item 1 · Feb 27, 2026Exponent is a science and engineering consulting firm that applies expertise across more than 90 technical disciplines to solve complex problems for corporate, legal, insurance, and government clients. The firm's work spans failure analysis, accident investigation, product safety, regulatory consulting, and proactive risk management across 17 practices organized into two segments: Engineering and Other Scientific, and Environmental and Health. Founded in 1967, Exponent draws on over 55 years of experience advising clients on technologically complex products and processes.
Read filing description ↓ Collapse description ↑
Exponent, Inc., together with its subsidiaries, is a science and engineering consulting firm that provides solutions to complex problems. Our interdisciplinary team of scientists, physicians, engineers, and business consultants draws from more than 90 technical disciplines to solve the most pressing and complicated challenges facing stakeholders today. The firm leverages over 55 years of experience in analyzing accidents and failures to advise clients as they innovate their technologically complex products and processes, ensure the safety and health of their users, and address the challenges of sustainability. Exponent serves clients in chemical, construction, consumer products, energy, food, beverage and nutrition, government, life sciences, insurance, manufacturing, technology, industrial equipment, transportation and other sectors of the economy. Many of our engagements are initiated directly by large corporations or by lawyers or insurance companies whose clients anticipate, or are engaged in, litigation related to their products, equipment, processes or services. We currently operate 17 practices in two reportable operating segments: Engineering and Other Scientific, and Environmental and Health. Services are provided on a project-by-project basis, with many projects requiring support from multiple practices. The firm provides services on either a fixed-price basis or on a time and material basis, with standard rates for professionals ranging from $225 to $1,375 per hour.
Primary products
- Biomechanics
- Biomedical Engineering & Sciences
- Civil & Structural Engineering
- Construction Consulting
- Data Sciences
- Electrical Engineering & Computer Science
Business segments
End markets
Geographies
“Although we believe that we generally compete favorably in each of these areas, some of our competitors may be able to provide services acceptable to our clients at lower prices.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Total revenues increased 4.2% in fiscal 2025 versus fiscal 2024, driven by higher billing rates in Engineering and Other Scientific and demand for dispute-related services, partially offset by a 1.0% decline in Environmental and Health revenues.
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