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Exponent

Logo: Exponent, Inc., Public domain, via Wikimedia Commons4

American company

Exponent, Inc. is an American engineering and scientific consulting firm.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

$582.0MRevenue, fiscal 20265
$106.0MNet income, fiscal 20265
Apr 1967Founded1

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  • TickerEXPO on Nasdaq1
  • Industryresearch1
  • HeadquartersMenlo Park1
  • Websiteexponent.com
  • Incorporated inDE6
  • Business addressExponent Inc, 149 Commonwealth Drive, Menlo Park, Ca 940256
  • Filer categoryLarge accelerated filer6

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149 Commonwealth Drive
Photo: Coolcaesar, CC BY 4.0, via Wikimedia Commons8

Exponent, Inc. is an American engineering and scientific consulting firm. Exponent has a team of scientists, physicians, engineers, and business consultants which performs research and analysis in more than 90 technical disciplines. The company operates 20 offices in the United States and five offices overseas.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

20.6%Operating margin5
18.2%Net margin5
4.2%Revenue growth, 20265
27.2%Return on equity5
$122.3MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Engineering And Other Scientific brought in 85% of the revenue Exponent broke down this way in fiscal 2025.

  1. Engineering And Other Scientific$493.9M585%up 5% from 2024
  2. Environmental And Health$88.1M515%down 1% from 2024
Business segments by year
Business segments202320242025
Engineering And Other Scientific$446.9M$469.5M$493.9M
Environmental And Health$89.9M$89.0M$88.1M

Regions

United States brought in 89% of the revenue Exponent broke down this way in fiscal 2025.

  1. United States$520.6M589%up 6% from 2024
  2. Outside the United States$61.4M511%down 6% from 2024
Regions by year
Regions202320242025
United States$470.1M$493.1M$520.6M
Outside the United States$66.7M$65.4M$61.4M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Other costs75¢$434.7M
  • Income tax7¢$41.3M
  • Profit18¢$106.0M

Out of $582.0M in revenue.5

Where each dollar of operating cash went, fiscal 2026

  • Capital spending6¢$9.4M
  • Dividends paid37¢$61.5M
  • Share buybacks58¢$97.1M

Out of $131.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue910115$582.0M in 2026+40% since 2020
0$200.0M$400.0M$600.0M2020: $417.2M$417.2M20202021: $466.3M$466.3M2021+12%2022: $513.3M$513.3M2022+10%2023: $536.8M$536.8M2023+5%2025: $558.5M$558.5M2025+4%2026: $582.0M$582.0M2026+4%
Operating income910115$119.8M in 2026+41% since 2020
0$50.0M$100.0M$150.0M2020: $85.1M$85.1M20202021: $108.9M$108.9M2021+28%2022: $140.8M$140.8M2022+29%2023: $111.3M$111.3M2023−21%2025: $119.6M$119.6M2025+7%2026: $119.8M$119.8M2026+0%
Net income910115$106.0M in 2026+29% since 2020
0$50.0M$100.0M$150.0M2020: $82.5M$82.5M20202021: $101.2M$101.2M2021+23%2022: $102.3M$102.3M2022+1%2023: $100.3M$100.3M2023−2%2025: $109.0M$109.0M2025+9%2026: $106.0M$106.0M2026−3%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenues before reimbursements$536.8M$518.5M$497.2M
Reimbursements$45.3M$40.0M$39.6M
Revenues$582.0M$558.5M$536.8M
Compensation and related expenses$342.0M$330.0M$319.9M
Other operating expenses$49.5M$46.2M$41.5M
Reimbursable expenses$45.3M$40.0M$39.6M
General and administrative expenses$25.5M$22.7M$24.4M
Total operating expenses$462.2M$439.0M$425.4M
Operating income$119.8M$119.6M$111.3M
Interest income$9.3M$10.0M$7.2M
Miscellaneous income, net$18.2M$17.8M$17.4M
Income before income taxes$147.3M$147.4M$135.9M
Provision for income taxes$41.3M$38.4M$35.6M
Net income$106.0M$109.0M$100.3M
Basic (in dollars per share)$2.08$2.13$1.96
Diluted (in dollars per share)$2.07$2.11$1.94
Basic (in shares)50.9M shares51.1M shares51.2M shares
Diluted (in shares)51.2M shares51.6M shares51.6M shares
Cash dividends declared per common share (in dollars per share)$1.20$1.12$1.04

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The story

Founding and leadership

Failure Analysis Associates (FaAA) was founded in April 1967 by then Stanford University professor Alan Stephen Tetelman along with his colleagues Bernard Ross, Marsh Pound, John Shyne and Sathya V. Hanagud with $500 in capital.

At the time of FaAA's founding, Ross was also an engineering program manager at SRI International (then the Stanford Research Institute) (1965–1970). While en route to the site of a Navy jet crash investigation, Tetelman was killed on September 25, 1978, in the PSA Flight 182 air crash over San Diego between a PSA jet liner and a private Cessna airplane that claimed the lives of 144 people. He was forty-two years old.

Ross assumed the presidency of Failure Analysis Associates after the accident. Ross and the late Tetelman were featured in a documentary film about the company titled "What Went Wrong" made by the United States Information Service and distributed worldwide. Tetelman was a world-renowned expert in fracture mechanics and co-authored a textbook titled "The Principles of Engineering Materials" with Craig R. Barrett (former CEO of Intel) and Stanford professor, William D. Nix, published by Prentice-Hall in 1973.

In 1982, Roger McCarthy assumed the leadership of FaAA, becoming chief executive officer in 1982 until 1996, and chairman of the board in 1986 until 2005. McCarthy joined FaAA in 1978 and became a director and vice-president in 1980.

In 2004, McCarthy was elected to the National Academy of Engineering.

Michael R. Gaulke served as the chief executive officer of Exponent Inc. from June 1996 to May 28, 2009. He is currently chairman of the board of directors. Mr. Gaulke served as president of Exponent Inc. from March 1993 to May 22, 2007. Mr. Gaulke first joined Exponent Inc. in September 1992 and served as its executive vice president and chief financial officer.

In 2008, Oregon State University inducted Mr. Gaulke into its Engineering Hall of Fame.

Paul R. Johnston was the chief executive officer at Exponent Inc. from May 28, 2009 – May 31, 2018. Johnston was president of Exponent Inc. from May 2007 until July 2016. Johnston joined Exponent in 1981 and served as its Principal Engineer since 1987 and vice president since 1996. Johnston has co-authored a book titled "Structural Dynamics by Finite Elements" published by Prentice-Hall in 1987. On May 31, 2018, Johnston stepped down from the position of chief executive officer to be an executive chairman.

Read the full text

Catherine F. Corrigan was named president of Exponent, Inc. on July 29, 2016. Corrigan joined Exponent's Philadelphia office in 1996, was promoted to principal in 2002 and to corporate vice president in 2005. Corrigan was promoted to group vice president to lead the Transportation Group and joined the company's operating committee in 2012.

On May 31, 2018, Corrigan was appointed to chief executive officer.

Incorporation

Failure Analysis Associates was founded as a partnership, incorporated in 1968 in California and reincorporated in Delaware as Failure Analysis Associates, Inc. in 1988.

In 1989, McCarthy reincorporated Failure Analysis Associates, Inc. in Delaware under a holding company, The Failure Group, Inc. and took The Failure Group, Inc. public in 1990. The company changed its name to Exponent, Inc. in 1998.

From Wikipedia’s article on Exponent, Inc., shared under CC BY-SA 4.0.7

Leadership

Who has led Exponent, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael R. Gaulke2006–2009
  2. Paul R. Johnston2010–2019
  3. Catherine Corrigan2019–now

Chair

  1. Roger L. McCarthy2006–2007
  2. Michael R. Gaulke2007–2010
  3. Paul R. Johnston2019

President

  1. Michael R. Gaulke2006–2007
  2. Paul R. Johnston2008–2016
  3. Catherine Corrigan2016–now

Chief financial officer

  1. Richard L. Schlenker Jr.2006–2026
  2. Eric R. Anderson2026–now

Chief operating officer

  1. Paul R. Johnston2006–2009
197019801990200020102020
Board members and other officers (33)

Products and brands

Exponent's services are concentrated on multiple practices and centers, including:

From Wikipedia’s article on Exponent, Inc., shared under CC BY-SA 4.0.7

Former names

  • FAILURE GROUP INCAug 12, 1996 to Feb 18, 19986
  • Failure Analysis Associates1967 to Mar 19981

Timeline

  1. Feb 19, 2019New chief executive Catherine Corrigan becomes CEO16
  2. Feb 11, 2010New chief executive Paul R. Johnston becomes CEO17
  3. Feb 10, 2006New chief executive Michael R. Gaulke becomes CEO18
  4. Mar 9, 1998Went public Listed on NASDAQ1
  5. Mar 1998Renamed Name changed to Exponent1
  6. Aug 1990Went public Listed on NASDAQ1
  7. Apr 1967Founded Founded1

Filings

399 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 35 major events, 253 insider forms, 23 large holders, 66 other. The latest 20:

  1. Sep 22, 20264 PRIMARY DOCUMENT EDGAR
  2. Sep 15, 20263 PRIMARY DOCUMENT EDGAR
  3. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  4. Aug 17, 2026144 EDGAR
  5. Aug 11, 2026S-8 POS EDGAR
  6. Aug 11, 2026S-8 POS EDGAR
  7. Aug 11, 2026S-8 POS EDGAR
  8. Aug 11, 2026S-8 POS EDGAR
  9. Aug 11, 2026S-8 POS EDGAR
  10. Aug 11, 2026S-8 POS EDGAR
  11. Aug 11, 2026S-8 POS EDGAR
  12. Aug 7, 202610-Q EDGAR
  13. Jul 30, 20268-K EDGAR
  14. Jul 30, 20264 PRIMARY DOCUMENT EDGAR
  15. Jul 17, 20264 PRIMARY DOCUMENT EDGAR
  16. Jul 15, 2026144 EDGAR
  17. Jun 29, 20264 PRIMARY DOCUMENT EDGAR
  18. Jun 17, 20264 PRIMARY DOCUMENT EDGAR
  19. Jun 15, 2026144 EDGAR
  20. Jun 10, 20268-K EDGAR

The 399 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 23 such filings since October 2021, the latest 10:

  1. May 14, 2026SCHEDULE 13G/A
  2. Apr 29, 2026SCHEDULE 13G
  3. Apr 29, 2026SCHEDULE 13G
  4. Mar 26, 2026SCHEDULE 13G/A
  5. Jan 9, 2026SCHEDULE 13G/A
  6. Jan 10, 2025SCHEDULE 13G/A
  7. Oct 3, 2024SC 13G/A
  8. Apr 10, 2024SC 13G/A
  9. Feb 13, 2024SC 13G/A
  10. Feb 13, 2024SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.6,184,950$363.4M0.0%+116,138
Kayne Anderson Rudnick Investment Management LLC3,995,684$234.8M0.7%+109,376
Vanguard Portfolio Management LLC3,143,624$184.7M0.0%+196,868
Vanguard Capital Management LLC2,180,212$128.1M0.0%−30,438
State Street Corp1,943,646$114.2M0.0%+54,110
Geode Capital Management, LLC1,748,031$102.7M0.0%+100,417
Geneva Capital Management LLC1,405,173$82.6M1.9%−390,334
Royce & Associates LP1,323,097$77.7M0.6%+178,224
Conestoga Capital Advisors, LLC1,265,704$74.4M1.6%−640,801
Morgan Stanley1,214,003$71.3M0.0%+141,995
Aqr Capital Management LLC1,144,847$67.3M0.0%+163,573
First Trust Advisors LP1,083,370$63.7M0.0%+118,556
Two Sigma Investments, LP1,033,426$60.7M0.0%−67,880
Dimensional Fund Advisors LP927,545$54.5M0.0%+8,660
Norges Bank883,843$51.9M0.0%New
Resona Asset Management Co.,Ltd.754,256$44.5M0.2%+63,000
Northern Trust Corp648,042$38.1M0.0%−15,723
Wells Fargo & Company/mn567,909$33.4M0.0%−44,984
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.559,546$32.9M0.0%+41,936
Invesco Ltd.533,719$31.4M0.0%−38,543
Charles Schwab Investment Management Inc527,020$31.0M0.0%+2,968
Bank Of America Corp /de/498,130$29.3M0.0%−41,663
Jpmorgan Chase & Co481,260$28.9M0.0%+212,672
Goldman Sachs Group Inc446,274$26.2M0.0%−332,322
Bank of New York Mellon Corp415,958$24.4M0.0%−38,965

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Sep 11, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+16.1%Report
Aug 13, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−20.8%Report
May 12, 2025Jefferson ShreveRepublican, HouseSale$15,001 - $50,000+42.1%Report
Mar 13, 2025Jefferson ShreveRepublican, HouseBuy$15,001 - $50,000−52.2%Report
Feb 24, 2025Jefferson ShreveRepublican, HouseBuy$15,001 - $50,000−44.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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