Exponent: 2Q Results: Beat and Raise as AI-Enabled Demand Accelerates; Reiterate Overweight and Raise PT to $90

研报英文原文证据摘录

Exponent: 2Q Results: Beat and Raise as AI-Enabled Demand Accelerates; Reiterate Overweight and Raise PT to $90

J P M O R G A N North America Equity Research

31 July 2026

Exponent Overweight

EXPO, EXPO US

2Q Results: Beat and Raise as AI-Enabled Demand Price (30 Jul 26):$64.57

Accelerates; Reiterate Overweight and Raise PT to $90 ▲Price Target (Dec-27):$90.00 Prior (Dec-26):$80.00

Exponent delivered a strong quarter, reinforcing our Overweight thesis, with net

revenues rising 12% to $149 million and diluted EPS up 15% to $0.60. Results North America Small and Mid Cap

Industrialswere aided by accelerating demand for AI-enabled product work, including a large

user research study that contributed roughly 4% of net revenues versus the 2% Tomohiko Sano AC

initially expected. We continue to view Exponent as uniquely positioned at the (1-212) 622-1099

tomohiko.sano@jpmorgan.com

intersection of technology, people, and high-consequence decision-making, with

a widening competitive moat in user research and multidisciplinary failure Brendan Shea, CFA

(1-212) 622-0770

analysis. With management raising full-year revenue and margin guidance, we are brendan.shea@jpmorgan.com

modestly lifting estimates and raising our price target to $90 from $80, reflecting

Ethan Coyle

confidence in the durability of the demand drivers. (1-212) 270-0613

ethan.coyle@jpmchase.com

• Double-Digit Growth With a Utilization Tailwind: Total revenues rose 21% J.P. Morgan Securities LLC

to $172M and net revenues grew 12% to $149M, while net income increased

11% to $29M. EBITDA advanced 16% to $43M, expanding the margin to

28.7% from 27.8% a year ago. Utilization improved to 74% from 72%, billable Quarterly Forecasts (FYE Dec)

hours grew +8%, and average technical headcount rose +6%, with a realized Adj.