ITG | 8-K: FY2026 Q2 Revenue: USD 404.63 M

Revenue: As of FY2026 Q2, the actual value is USD 404.63 M.

EPS: As of FY2026 Q2, the actual value is USD 0.01.

EBIT: As of FY2026 Q2, the actual value is USD 21.59 M.

Second Quarter 2026 Financial Highlights

Revenue

ITG, Inc.’s revenue increased 38% year-over-year to $404.6 million for the second quarter ended June 30, 2026.

Net Income

Net Income was $1.8 million for the second quarter, representing an -84.6% year-over-year change.

Adjusted Net Income

Adjusted Net Income for Q2 2026 was $13.6 million, a -24.9% year-over-year change.

Adjusted EBITDA

Adjusted EBITDA increased 21% year-over-year to $52.2 million, with an Adjusted EBITDA Margin of 12.9% in Q2 2026, compared to 14.8% in Q2 2025.

Free Cash Flow

Free Cash Flow increased 66% year-over-year to $44.8 million, with a Free Cash Flow Conversion of 85.7%.

Operational Costs (Three Months Ended June 30, 2026 vs. 2025)

• Cost of revenue, excluding depreciation and amortization, was $332.581 million in 2026, compared to $237.091 million in 2025.
• Selling, general and administrative expenses were $28.141 million in 2026, compared to $15.765 million in 2025.
• Depreciation and amortization expenses totaled $21.014 million in 2026, compared to $13.988 million in 2025.
• Interest expense was - $19.534 million in 2026, compared to - $6.919 million in 2025.
• Other expense, net, was - $1.008 million in 2026, compared to - $1.042 million in 2025.

Segment Revenue (Q2 2026)

Revenue from Engineering & Maintenance increased 45.6% year-over-year to $239.4 million. Infrastructure Deployment revenue grew 29.1% year-over-year to $165.2 million.

Days Sales Outstanding (DSOs)

DSOs were 33 days in Q2 2026, compared to 37 days in Q1 2026 and 31 days in Q2 2025.

Contract Asset Days

Contract asset days, including unbilled revenue, totaled 69 days in Q2 2026, compared to 71 days in Q1 2026 and 56 days in Q2 2025.

Six Months Ended June 30, 2026 Financial Overview

Revenue

Revenue was $738.555 million in 2026, compared to $517.792 million in 2025, representing a 42.6% year-over-year increase to $738.6 million.

Net Income/Loss

Net loss was - $11.370 million in 2026, compared to net income of $13.180 million in 2025.

Adjusted Net Income

Adjusted Net Income for YTD 2026 was $23.1 million, a -12.0% year-over-year change.

Adjusted EBITDA

Adjusted EBITDA was $88.415 million in 2026, compared to $70.757 million in 2025, an increase of 25.4% year-over-year to $88.4 million. Adjusted EBITDA Margin was 12.0% in 2026, compared to 13.7% in 2025.

Free Cash Flow

Free Cash Flow was $72.446 million in 2026, compared to $42.130 million in 2025, an increase of 73.1% year-over-year to $72.4 million. Free Cash Flow Conversion was 81.9% in 2026, compared to 59.5% in 2025.

Operational Costs (Six Months Ended June 30, 2026 vs. 2025)

• Cost of revenue, excluding depreciation and amortization, was $613.647 million in 2026, compared to $423.696 million in 2025.
• Selling, general and administrative expenses were $53.713 million in 2026, compared to $30.546 million in 2025.
• Depreciation and amortization expenses totaled $41.439 million in 2026, compared to $27.245 million in 2025.
• Interest expense was - $37.759 million in 2026, compared to - $13.745 million in 2025.
• Other expense, net, was - $1.927 million in 2026, compared to - $2.030 million in 2025.

Cash Flow from Operating Activities

Net cash used in operating activities was - $47.042 million for the six months ended June 30, 2026, compared to net cash provided by operating activities of $11.745 million for the same period in 2025.

Segment Revenue (YTD 2026)

Revenue from Engineering & Maintenance increased 48.4% year-over-year to $451.1 million. Infrastructure Deployment revenue grew 34.4% year-over-year to $287.5 million.

Balance Sheet and Liquidity (as of June 30, 2026)

ITG, Inc. reported cash of $2.5 million and total debt of $862.1 million, resulting in Net Debt of $859.6 million. Total liquidity stood at $66.7 million. Pro forma (Post-IPO) figures show cash remaining at $2.5 million, total debt reduced to $538.6 million, and net debt at $536.1 million. Pro forma total liquidity increased to $165.5 million, and the Proforma Net Leverage Ratio improved from 4.47 to 2.84 on a pro forma (Post-IPO) basis.

Other Key Operational Metrics

Next Twelve Month (NTM) Backlog reached $1,517 million as of June 30, 2026, an increase from $1,259 million as of June 30, 2025, and $1,430 million as of March 31, 2026.

2026 Financial Outlook

ITG, Inc. is initiating financial guidance for 2026, expecting full-year revenue of $1,556 million, representing approximately 35% year-over-year growth. Adjusted EBITDA is projected to reach $202 million, reflecting about 36% year-over-year growth, with an Adjusted EBITDA Margin of 13.0%. The company also anticipates Adjusted Net Income of $74 million, an 80% increase year-over-year.