ASGN Reports Q2 2025 Revenue of $1.02 Billion, Net Income Declines to $29.3 Million

ASGN Incorporated reported its financial results for the second quarter of 2025, revealing a revenue of $1.02 billion, a decrease of 1.4% compared to $1.03 billion in the same period last year. The company's net income for the quarter was $29.3 million, down from $47.2 million in the prior year, resulting in diluted earnings per share of $0.67, compared to $1.02 in the second quarter of 2024. For the first half of 2025, ASGN's revenues totaled $1.99 billion, reflecting a 4.5% decline from $2.08 billion in the first half of 2024, with net income decreasing to $50.2 million from $85.3 million.

The decline in revenue and profitability was attributed to a significant drop in assignment revenues, which fell by 13.9% year-over-year to $382.4 million, indicating continued softness in segments sensitive to macroeconomic changes. In contrast, consulting revenues increased by 15.7% to $325.7 million, contributing to a total IT consulting revenue of $638.2 million, which was up 8.1% year-over-year. The Federal Government Segment also saw a slight increase in revenues, rising 1.1% to $312.5 million.

ASGN's operational metrics showed a mixed performance. The company completed the acquisition of TopBloc, LLC, a tech-enabled Workday consultancy, for $340 million, which is expected to enhance its capabilities in the commercial segment. The acquisition was financed primarily through cash and equity, and its results have been included in ASGN's consolidated financials since the acquisition date. The company also reported a book-to-bill ratio of 1.3 to 1 for commercial consulting revenues, indicating a positive trend in new contract bookings.

On the balance sheet, ASGN's total assets increased to $3.72 billion as of June 30, 2025, up from $3.43 billion at the end of 2024. This growth was driven by an increase in goodwill and identifiable intangible assets, primarily due to the TopBloc acquisition. However, the company's long-term debt rose to $1.21 billion from $1.03 billion, reflecting increased borrowings to support the acquisition. The company maintained a strong liquidity position with $138.9 million in cash and cash equivalents and approximately $320 million available under its revolving credit facility.

Looking ahead, ASGN anticipates continued challenges in the macroeconomic environment, particularly in segments sensitive to economic fluctuations. However, the company remains optimistic about the integration of TopBloc and its potential to drive future growth. ASGN's management emphasized their commitment to strategic investments and operational efficiencies to navigate the current market conditions and enhance shareholder value.