# EDGAR Filing Document

**Accession Number:** 0000851520
**File Stem:** 0001193125-25-272273
**Filing Date:** 2025-11
**Character Count:** 110461
**Document Hash:** 174433d8aa7f3e63117d352878c6ad5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-272273.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-272273

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20251003

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXPONENT INC
- **CENTRAL INDEX KEY:** 0000851520
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 770218904
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0102

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-18655
- **FILM NUMBER:** 251462446

**BUSINESS ADDRESS:**
- **STREET 1:** EXPONENT INC
- **STREET 2:** 149 COMMONWEALTH DRIVE
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025
- **BUSINESS PHONE:** 650-326-9400

**MAIL ADDRESS:**
- **STREET 1:** EXPONENT INC
- **STREET 2:** 149 COMMONWEALTH DRIVE
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FAILURE GROUP INC
- **DATE OF NAME CHANGE:** 19930831

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM** 10-Q

------

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **October 3,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ____________ to___________**

**Commission File Number** 0-18655

**<u>EXPONENT</u><u>, INC.</u>**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| delaware | 77-0218904 |
| (State or other jurisdiction of | (I.R.S. Employer Identification No.) |
| incorporation or organization) |  |
| **149 COMMONWEALTH DRIVE,**<br>MENLO PARK**,** California | 94025 |
| (Address of principal executive office) | (Zip Code) |

---

**<u>(</u>**650**<u>)</u>** 326-9400

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $0.001 per share | EXPO | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

---

| | | | |
|:---|:---|:---|:---|
| Yes  | ☒ | No | ☐ |

---

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

---

| | | | |
|:---|:---|:---|:---|
| Yes  | ☒ | No | ☐ |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

---

| | | | |
|:---|:---|:---|:---|
| Yes  | ☐ | No | ☒ |

---

As of October 31, 2025, the latest practicable date, the registrant had 49,887,226 shares of common stock outstanding.

------

**EXPONENT, INC.**

**FORM 10-Q**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| [<u>PART I – FINANCIAL INFORMATION</u>](#part_i_financial_information) | [<u>PART I – FINANCIAL INFORMATION</u>](#part_i_financial_information) | 3 |
| Item 1. | [<u>Financial Statements (unaudited):</u>](#item_1_financial_statements) | 3 |
|  | [<u>Condensed Consolidated Balance Sheets October 3, 2025 and January 3, 2025</u>](#condensed_consolidated_balance_sheets) | 3 |
|  | [<u>Condensed Consolidated Statements of Income For the Three and Nine Months Ended October 3, 2025 and September 27, 2024</u>](#condensed_consolidated_statements_income) | 4 |
|  | [<u>Condensed Consolidated Statements of Comprehensive Income For the Three and Nine Months Ended October 3, 2025 and September 27, 2024</u>](#condensed_consolidated_stmt_of_comp_inco) | 5 |
|  | [<u>Condensed Consolidated Statements of Stockholders' Equity For the Three and Nine Months Ended October 3, 2025 and September 27, 2024</u>](#condensed_consolidated_statements_of_st) | 6 |
|  | [<u>Condensed Consolidated Statements of Cash Flows For the Nine Months Ended October 3, 2025 and September 27, 2024</u>](#condensed_consolidated_statements_cash_f) | 8 |
|  | [<u>Notes to Unaudited Condensed Consolidated Financial Statements</u>](#notes_to_unaudited_condensed_consolidate) | 9 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_analysis_f) | 21 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_qualitative_disclosu) | 30 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_procedures) | 30 |
| [<u>PART II – OTHER INFORMATION</u>](#part_ii_or_information) | [<u>PART II – OTHER INFORMATION</u>](#part_ii_or_information) | 31 |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 31 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 31 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_equity_securit) | 31 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 31 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 31 |
| Item 5. | [<u>Other Information</u>](#item_5_or_information) | 31 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 32 |
|  | [<u>Signatures</u>](#signatures) | 33 |

---

------

**PART I – FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**EXPONENT, INC.** 

**Condensed Consolidated Balance Sheets**

**October 3, 2025 and January 3, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| (In thousands, except par value) | October 3, <br>2025 | January 3,<br>2025 |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $207380 | $258901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for contract losses and doubtful accounts<br> of $7,625 and $6,141 at October 3, 2025 and January 3, 2025, respectively | 181996 | 161407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 27410 | 26573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 416786 | 446881 |
| Property, equipment and leasehold improvements, net of accumulated depreciation and amortization of $119,644 and $112,202 at October 3, 2025 and January 3, 2025, respectively | 72244 | 73007 |
| Operating lease right-of-use assets | 73312 | 75248 |
| Goodwill | 8607 | 8607 |
| Deferred income taxes | 63088 | 57127 |
| Deferred compensation plan assets | 121437 | 110259 |
| Other assets | 5975 | 6141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $761449 | $777270 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $26453 | $22136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and employee benefits | 108922 | 119285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | 12902 | 16369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 6490 | 5393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 154767 | 163183 |
| Other liabilities | 4589 | 4289 |
| Deferred compensation plan liabilities | 123124 | 112646 |
| Operating lease liabilities | 76108 | 76084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 358588 | 356202 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value; 120,000 shares authorized; 65,707 shares issued <br> at October 3, 2025 and January 3, 2025 | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 367010 | 345689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (2402) | (3791) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 658788 | 624151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost; 15,757 and 14,893 shares held at October 3, 2025 <br> and January 3, 2025, respectively | (620601) | (545047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 402861 | 421068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $761449 | $777270 |

---

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

------

**EXPONENT, INC.** 

**Condensed Consolidated Statements of Income**

# For the Three and Nine Months Ended October 3, 2025 and September 27, 2024
**(in thousands, except per share data)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues before reimbursements | $137073 | $125085 | $407378 | $394726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements | 10047 | 11194 | 27211 | 27022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues | 147120 | 136279 | 434589 | 421748 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 87726 | 81954 | 261103 | 251747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 12655 | 11975 | 36822 | 33691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursable expenses | 10047 | 11194 | 27211 | 27022 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 7654 | 5309 | 18806 | 16984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 118082 | 110432 | 343942 | 329444 |
| Operating income | 29038 | 25847 | 90647 | 92304 |
| Other income, net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net | 2312 | 2559 | 7370 | 7416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous income, net | 7267 | 7531 | 15175 | 16322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 9579 | 10090 | 22545 | 23738 |
| Income before income taxes | 38617 | 35937 | 113192 | 116042 |
| Income taxes | 10573 | 9893 | 31945 | 30629 |
| Net income | $28044 | $26044 | $81247 | $85413 |
| Net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.55 | $0.51 | $1.59 | $1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.55 | $0.50 | $1.58 | $1.66 |
| Shares used in per share computations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 50872 | 51177 | 51113 | 51098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 51179 | 51622 | 51454 | 51527 |
| Cash dividends declared per common share | $0.30 | $0.28 | $0.90 | $0.84 |

---

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

------

**EXPONENT, INC.**

**Condensed Consolidated Statements of Comprehensive Income**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Net income | $28044 | $26044 | $81247 | $85413 |
| Other comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation<br> adjustments, net of tax | 91 | 1567 | 1389 | 1371 |
| Comprehensive income | $28135 | $27611 | $82636 | $86784 |

---

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

------

**EXPONENT, INC**

**Condensed Consolidated Statements of Stockholders' Equity** 

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three and Nine Months Ended October 3, 2025 | Three and Nine Months Ended October 3, 2025 | Three and Nine Months Ended October 3, 2025 | Three and Nine Months Ended October 3, 2025 | Three and Nine Months Ended October 3, 2025 | Three and Nine Months Ended October 3, 2025 | Three and Nine Months Ended October 3, 2025 | Three and Nine Months Ended October 3, 2025 |
|  | Common Stock | Common Stock | Additional<br>paid-in | Accumulated<br>other<br>comprehensive | Retained | Treasury Stock | Treasury Stock |  |
|  | Shares | Amount | capital | income (loss) | earnings | Shares | Amount | Total |
| Balance at January 3, 2025 | 65707 | $66 | $345689 | $(3791) | $624151 | 14893 | $(545047) | 421068 |
| Employee stock purchase plan | - | - | 687 | - | - | (11) | 124 | 811 |
| Amortization of unrecognized stock-based compensation | - | - | 7279 | - | - | - | - | 7279 |
| Purchase of treasury shares | - | - | - | - | - | 431 | (32680) | (32680) |
| Foreign currency translation adjustments | - | - | - | 1298 | - | - | - | 1298 |
| Grant of restricted stock units to settle accrued bonus | - | - | 12179 | - | - | - | - | 12179 |
| Settlement of restricted stock units | - | - | (1583) | - | - | (103) | (2583) | (4166) |
| Exercise of stock options | - | - | 53 | - | - | (5) | 47 | 100 |
| Dividends and dividend equivalent rights | - | - | - | - | (31316) | - | - | (31316) |
| Net income | - | - | - | - | 53203 | - | - | 53203 |
| Balance at July 4, 2025 | 65707 | $66 | $364304 | $(2493) | $646038 | 15205 | $(580139) | $427776 |
| Employee stock purchase plan | - | - | 239 | - | - | (5) | 54 | 293 |
| Amortization of unrecognized stock-based compensation | - | - | 2298 | - | - | - | - | 2298 |
| Purchase of treasury shares | - | - | - | - | - | 568 | (40649) | (40649) |
| Foreign currency translation adjustments | - | - | - | 91 | - | - | - | 91 |
| Exercise of stock options | - | - | 169 | - | - | (11) | 133 | 302 |
| Dividends and dividend equivalent rights | - | - | - | - | (15294) | - | - | (15294) |
| Net income | - | - | - | - | 28044 | - | - | 28044 |
| Balance at October 3, 2025 | 65707 | $66 | $367010 | $(2402) | $658788 | 15757 | $(620601) | $402861 |

---

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

------

**EXPONENT, INC**

**Condensed Consolidated Statements of Stockholders' Equity**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three and Nine Months Ended September 27, 2024 | Three and Nine Months Ended September 27, 2024 | Three and Nine Months Ended September 27, 2024 | Three and Nine Months Ended September 27, 2024 | Three and Nine Months Ended September 27, 2024 | Three and Nine Months Ended September 27, 2024 | Three and Nine Months Ended September 27, 2024 | Three and Nine Months Ended September 27, 2024 |
|  | Common Stock | Common Stock | Additional<br>paid-in | Accumulated<br>other<br>comprehensive | Retained | Treasury Stock | Treasury Stock |  |
|  | Shares | Amount | capital | income (loss) | earnings | Shares | Amount | Total |
| Balance at December 29, 2023 | 65707 | $66 | $321448 | $(2977) | $574082 | 15134 | $(536534) | $356085 |
| Employee stock purchase plan | - | - | 842 | - | - | (12) | 116 | 958 |
| Amortization of unrecognized stock-based compensation | - | - | 6521 | - | - | - | - | 6521 |
| Purchase of treasury shares | - | - | - | - | - | 74 | (5710) | (5710) |
| Foreign currency translation adjustments | - | - | - | (196) | - | - | - | (196) |
| Grant of restricted stock units to settle accrued bonus | - | - | 10846 | - | - | - | - | 10846 |
| Settlement of restricted stock units | - | - | (1875) | - | (720) | (166) | (4201) | (6796) |
| Exercise of stock options | - | - | 952 | - | - | (54) | 542 | 1494 |
| Dividends and dividend equivalent rights | - | - | - | - | (29358) | - | - | (29358) |
| Net income | - | - | - | - | 59369 | - | - | 59369 |
| Balance at June 28, 2024 | 65707 | $66 | $338734 | $(3173) | $603373 | 14976 | $(545787) | $393213 |
| Employee stock purchase plan | - | - | 413 | - | - | (4) | 44 | 457 |
| Amortization of unrecognized stock-based compensation | - | - | 2623 | - | - | - | - | 2623 |
| Foreign currency translation adjustments | - | - | - | 1567 | - | - | - | 1567 |
| Settlement of restricted stock units | - | - | (13) | - | - | (1) | (21) | (34) |
| Exercise of stock options | - | - | 544 | - | - | (29) | 286 | 830 |
| Dividends and dividend equivalent rights | - | - | - | - | (14426) | - | - | (14426) |
| Net income | - | - | - | - | 26044 | - | - | 26044 |
| Balance at September 27, 2024 | 65707 | $66 | $342301 | $(1606) | $614991 | 14942 | $(545478) | $410274 |

---

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

------

**EXPONENT, INC.**

# Condensed Consolidated S tatements of Cash Flows

# For the Nine Months Ended October 3, 2025 and September 27, 2024
**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
|  | October 3, <br>2025 | September 27, <br>2024 |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $81247 | $85413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by <br> operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of property, equipment and<br> leasehold improvements | 7544 | 7199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for contract losses and doubtful accounts | 2097 | 3140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 18767 | 18382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax provision | (5961) | (521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (22686) | (4398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 3114 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating leases | 3057 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 3964 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and employee benefits | (11528) | (15598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | (3467) | (8295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 76148 | 88485 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (6703) | (4342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (6703) | (4342) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payroll taxes for restricted stock units | (4166) | (6830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (72712) | (5709) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock-based payment awards | 1506 | 3739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and dividend equivalents rights | (46652) | (43988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (122024) | (52788) |
| Effect of foreign currency exchange rates on cash and cash equivalents | 1058 | 1203 |
| Net change in cash and cash equivalents | (51521) | 32558 |
| Cash and cash equivalents at beginning of period | 258901 | 187150 |
| Cash and cash equivalents at end of period | $207380 | $219708 |

---

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

------

**EXPONENT, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1: Basis of Presentation**

Exponent, Inc. (referred to as the "Company" or "Exponent") is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December.

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three and nine months ended October 3, 2025 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended January 3, 2025, which was filed with the U.S. Securities and Exchange Commission on February 28, 2025 and amended on April 18, 2025.

The unaudited condensed consolidated financial statements include the accounts of Exponent and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts. Actual results could differ from those estimates.

**Recent Accounting Pronouncement Not Yet Adopted**

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The standard is effective for annual reporting periods beginning after December 15, 2024. The Company is evaluating the effect that this standard may have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (subtopic 220-40), which requires disclosure of disaggregation of certain relevant expenses included in the statements of operations on an annual and interim basis. ASU 2024-03 will be effective for our annual periods beginning January 1, 2027 and interim periods beginning January 1, 2028. The amendments must be applied retrospectively, and early adoption is permitted. The Company is evaluating the effect that this standard may have on its consolidated financial statements and related disclosures.

**Note 2: Revenue Recognition**

Substantially all of the Company's engagements are performed under time and materials or fixed-price arrangements. For time and materials contracts, the Company utilizes the practical expedient under Accounting Standards Codification 606 – *Revenue from Contracts with Customers*, which states if an entity has a right to consideration from a customer in an amount that corresponds directly with the value of the entity's performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided) then the entity may recognize revenue in the amount to which the entity has a right to invoice.

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The following table discloses the percent of the Company's revenue generated from time and materials contracts:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Engineering & Other Scientific | 63% | 63% | 64% | 63% |
| Environmental and Health | 14% | 15% | 15% | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total time and materials revenues | 77% | 78% | 79% | 79% |

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For fixed-price contracts, the Company recognizes revenue over time because of the continuous transfer of control to the customer. The customer typically controls the work in process as evidenced either by contractual termination clauses or by the Company's rights to payment for work performed to date to deliver services that do not have an alternative use to the Company. Revenue for fixed-price contracts is recognized based on the relationship of incurred labor hours at standard rates to the Company's estimate of the total labor hours at standard rates it expects to incur over the term of the contract. The Company believes this methodology achieves a reliable measure of the revenue from the consulting services it provides to its customers under fixed-price contracts given the nature of the consulting services the Company provides.

The following table discloses the percent of the Company's revenue generated from fixed price contracts:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Engineering & Other Scientific | 22% | 21% | 20% | 20% |
| Environmental and Health | 1% | 1% | 1% | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed price revenues | 23% | 22% | 21% | 21% |

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Deferred revenues represent amounts billed to clients in advance of services provided. During the third quarter of 2025, $5,000,000 of revenues were recognized that were included in the deferred revenue balance at July 4, 2025. During the first nine months of 2025, $9,397,000 of revenues were recognized that were included in the deferred revenue balance at January 3, 2025.

Reimbursements, including those related to travel and other out-of-pocket expenses, and other similar third- party costs such as the cost of materials and certain subcontracts, are included in revenues, and an equivalent amount of reimbursable expenses are included in operating expenses. Any mark-up on reimbursable expenses is included in revenues before reimbursements. The Company reports revenues net of subcontractor fees for certain subcontracts where the Company has determined that it is acting as an agent because its performance obligation is to arrange for the provision of goods or services by another party. The total amount of subcontractor fees not included in revenues because the Company was acting as an agent were $2,578,000 and $2,689,000 during the third quarter of 2025 and 2024, respectively, and $9,259,000 and $9,222,000 during the first nine months of 2025 and 2024, respectively.

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**Note 3: Fair Value Measurements**

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including money market securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There were no transfers between fair value measurement levels during the three and nine months ended October 3, 2025 and September 27, 2024. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at October 3, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using |
| (In thousands) | Total | Quoted Prices in<br>Active Markets<br>for Identical<br>Assets <br>(Level 1) | Significant Other<br>Observable Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) |
| <u>Assets</u> |  |  |  |  |
| Money market securities <sup>(1)</sup> | $59595 | $59595 | $- | $- |
| Fixed income trading securities held in deferred<br> compensation plan <sup>(2)</sup> | 44533 | 44533 | - | - |
| Equity trading securities held in deferred compensation<br> plan <sup>(2)</sup> | 96156 | 96156 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $200284 | $200284 | $- | $- |
| <u>Liabilities</u> |  |  |  |  |
| Deferred compensation plan <sup>(3)</sup> | 142282 | 142282 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $142282 | $142282 | $- | $- |

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<sup>(1)</sup> Included in cash and cash equivalents on the Company's unaudited condensed consolidated balance sheet.

<sup>(2)</sup> Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company's unaudited condensed consolidated balance sheet.

<sup>(3)</sup> Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company's unaudited condensed consolidated balance sheet.

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The fair value of these certain financial assets and liabilities was determined using the following inputs at January 3, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using |
| (In thousands) | Total | Quoted Prices in<br>Active Markets<br>for Identical<br>Assets <br>(Level 1) | Significant Other<br>Observable Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) |
| <u>Assets</u> |  |  |  |  |
| Money market securities <sup>(1)</sup> | $57549 | $57549 | $- | $- |
| Fixed income trading securities held in deferred<br> compensation plan <sup>(2)</sup> | 42291 | 42291 | - | - |
| Equity trading securities held in deferred compensation<br> plan <sup>(2)</sup> | 85546 | 85546 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $185386 | $185386 | $- | $- |
| <u>Liabilities</u> |  |  |  |  |
| Deferred compensation plan <sup>(3)</sup> | 127622 | 127622 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $127622 | $127622 | $- | $- |

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<sup>(1)</sup> Included in cash and cash equivalents on the Company's unaudited condensed consolidated balance sheet.

<sup>(2)</sup> Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company's unaudited condensed consolidated balance sheet.

<sup>(3)</sup> Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company's unaudited condensed consolidated balance sheet.

Money market securities as of October 3, 2025 and January 3, 2025 represent obligations of the United States Treasury. Fixed income and equity trading securities represent mutual funds held in the Company's deferred compensation plan. See Note 6 for additional information about the Company's deferred compensation plan.

Cash and cash equivalents consisted of the following as of October 3, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Gross | Gross |  |
|  | Amortized | Unrealized | Unrealized | Estimated |
| (In thousands) | Cost | Gains | Losses | Fair Value |
| Classified as current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $147785 | $- | $- | $147785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market securities | 59595 | - | - | 59595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents | 59595 | - | - | 59595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | $207380 | $- | $- | $207380 |

---

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Cash and cash equivalents consisted of the following as of January 3, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Amortized | Unrealized | Unrealized | Estimated |
| (In thousands) | Cost | Gains | Losses | Fair Value |
| Classified as current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $201352 | $- | $- | $201352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market securities | 57549 | - | - | 57549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents | 57549 | - | - | 57549 |
| Total cash and cash equivalents | $258901 | $- | $- | $258901 |

---

At October 3, 2025 and January 3, 2025, the Company did not have any assets or liabilities valued using significant unobservable inputs.

The following financial instruments are not measured at fair value on the Company's unaudited condensed consolidated balance sheet at October 3, 2025 and January 3, 2025, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at October 3, 2025 and January 3, 2025 approximates their carrying value as reported on the Company's unaudited condensed consolidated balance sheet.

**Note 4: Net Income Per Share**

Basic per share amounts are computed using the weighted-average number of shares of common stock outstanding during the period. Diluted per share amounts are calculated using the weighted-average number of shares of common stock outstanding during the period and, when dilutive, the weighted-average number of potential shares of common stock from the issuance of common stock to satisfy outstanding restricted stock units and the exercise of outstanding options to purchase common stock using the treasury stock method.

The following schedule reconciles the shares used to calculate basic and diluted net income per share:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| (In thousands) | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Shares used in basic per share computation | 50872 | 51177 | 51113 | 51098 |
| Effect of dilutive common stock options<br> outstanding | 71 | 175 | 84 | 172 |
| Effect of dilutive restricted stock units<br> outstanding | 236 | 270 | 257 | 257 |
| Shares used in diluted per share<br> computation | 51179 | 51622 | 51454 | 51527 |

---

Common stock options to purchase 215,833 and 30,000 shares were excluded from the diluted per share calculation for the three months ended October 3, 2025 and September 27, 2024, respectively, due to their anti-dilutive effect. Common stock options to purchase 175,833 and 63,333 shares were excluded from the diluted per share calculation for the nine months ended October 3, 2025 and September 27, 2024, respectively, due to their anti-dilutive effect.

**Note 5: Stock-Based Compensation**

## Restricted Stock Units
Restricted stock unit grants are designed to attract and retain employees, and to better align employee interests with those of the Company's stockholders. For a select group of employees, up to 40% of their annual bonus is settled with fully vested restricted stock unit awards. Under these fully vested restricted stock unit awards, the holder of each award has the right to receive one share of the Company's common stock for each fully vested restricted stock unit four years from the date of grant. Each individual who receives a fully vested restricted stock unit award is also granted

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a matching number of unvested restricted stock unit awards. Unvested restricted stock unit awards are also granted for select new hires and promotions. These unvested restricted stock unit awards generally cliff vest four years from the date of grant, at which time the holder of each award will have the right to receive one share of the Company's common stock for each restricted stock unit award provided the holder of each award has met certain employment conditions. In the case of retirement at 59½ years or older, all unvested restricted stock unit awards will continue to vest, provided that the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company.

The value of these restricted stock unit awards is determined based on the market price of the Company's common stock on the date of grant. The value of fully vested restricted stock unit awards issued is recorded as a reduction to accrued bonuses. The portion of bonus expense that the Company expects to settle with fully vested restricted stock unit awards is recorded as stock-based compensation during the period the bonus is earned. The Company recorded stock-based compensation expense associated with accrued bonus awards of $3,042,000 and $2,842,000 during the three months ended October 3, 2025 and September 27, 2024, respectively. For the nine months ended October 3, 2025 and September 27, 2024, the Company recorded stock-based compensation expense associated with accrued bonus awards of $9,189,000 and $9,238,000, respectively. The value of the unvested restricted stock unit awards granted is recognized on a straight-line basis over the shorter of the four-year vesting period or the period between the grant date and the date the award recipient turns 59½. If the award recipient is 59½ years or older on the date of grant, the value of the entire award is expensed upon grant. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $2,123,000 and $2,255,000 during the three months ended October 3, 2025 and September 27, 2024, respectively. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $8,438,000 and $8,089,000 during the nine months ended October 3, 2025 and September 27, 2024, respectively.

## Stock Options
Stock options are granted for terms of ten years and generally vest 25% per year over a four-year period from the grant date. Unvested stock option awards will continue to vest in the case of retirement at 59½ years or older, provided that the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company. The value of the unvested stock option awards granted is recognized on a straight-line basis over the shorter of the four-year vesting period or the period between the grant date and the date the award recipient turns 59½. If the award recipient is 59½ years or older on the date of grant, the value of the entire award is expensed upon grant. The Company recorded stock-based compensation expense associated with stock option grants of $176,000 and $368,000 during the three months ended October 3, 2025 and September 27, 2024, respectively. The Company recorded stock-based compensation expense associated with stock option grants of $1,139,000 and $1,055,000 during the nine months ended October 3, 2025 and September 27, 2024, respectively.

The Company uses the Black-Scholes option-pricing model to determine the fair value of options granted. The determination of the fair value of stock option awards on the date of grant using an option-pricing model is affected by the Company's stock price as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends.

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The Company used historical exercise, forfeiture, and post-vesting expiration data to estimate the expected term of options granted. The historical volatility of the Company's common stock over a period of time equal to the expected term of the options granted was used to estimate expected volatility. The risk-free interest rate used in the option-pricing model was based on United States Treasury zero-coupon issues with remaining terms similar to the expected term of the options. The dividend yield assumption considers the expectation of continued declaration of dividends, offset by option holders' dividend equivalent rights.

The Company accounts for forfeitures of stock-based awards when they occur. All stock-based payment awards are recognized on a straight-line basis over the requisite service periods of the awards.

**Note 6: Deferred Compensation Plans**

The Company maintains nonqualified deferred compensation plans for the benefit of a select group of highly compensated employees. Under these plans, participants may elect to defer up to 100% of their compensation. Company assets that are earmarked to pay benefits under the plans are held in a rabbi trust and are subject to the claims of the Company's creditors. As of October 3, 2025 and January 3, 2025, the invested amounts under the plans totaled $140,689,000 and $127,837,000, respectively, and are recorded in prepaid expenses and other current assets and deferred compensation plan assets on the Company's unaudited condensed consolidated balance sheet. These assets are classified as trading securities and are recorded at fair value with changes recorded as adjustments to miscellaneous income, net.

As of October 3, 2025 and January 3, 2025, vested amounts due under the plans totaled $142,282,000 and $127,622,000, respectively, and are recorded within accrued payroll and employee benefits and deferred compensation plan liabilities on the Company's unaudited condensed consolidated balance sheets. Changes in the liability are recorded as adjustments to compensation expense. During the three months ended October 3, 2025, the Company recognized additional compensation expense of $7,005,000 as a result of changes in the market value of the trust assets with the same amount being recorded as gain in miscellaneous income (loss), net. During the three months ended September 27, 2024, the Company recognized a reduction in compensation expense of $7,157,000 as a result of changes in the market value of the trust assets with the same amount being recorded as a loss in miscellaneous income (loss), net. During the nine months ended October 3, 2025, the Company recognized additional compensation expense of $14,632,000 as a result of changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income, net. During the nine months ended September 27, 2024, the Company recognized additional compensation expense of $14,299,000 as a result of changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income (loss), net.

# Note 7: Supplemental Cash Flow Information
The following is supplemental disclosure of cash flow information:

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| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
| (In thousands) | October 3, <br>2025 | September 27, <br>2024 |
| Cash paid during period: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | $32367 | $29060 |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested stock unit awards issued to settle accrued bonuses | $12179 | $10846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use asset obtained in exchange for operating lease obligations | $3540 | $56714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrual for capital expenditures as of period end | $653 | $537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | $617 | $- |

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# Note 8: Accounts Receivable, Net
At October 3, 2025 and January 3, 2025, accounts receivable, net, were comprised of the following:

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| | | |
|:---|:---|:---|
|  | October 3, | January 3, |
| (In thousands) | 2025 | 2025 |
| Billed accounts receivable | $125445 | $117503 |
| Unbilled accounts receivable | 64176 | 50045 |
| Allowance for contract losses and doubtful accounts | (7625) | (6141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accounts receivable, net | $181996 | $161407 |

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The Company maintains allowances for estimated losses over the remaining contractual life of its receivables resulting from the inability of customers to meet their financial obligations or for disputes that affect the Company's ability to fully collect amounts due. In circumstances where the Company is aware of a specific customer's inability to meet its financial obligations or aware of a dispute with a specific customer, a specific allowance is recorded to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers the Company recognizes allowances for doubtful accounts based upon historical write-offs, customer concentration, customer creditworthiness, current economic conditions, aging of amounts due and future expectations.

A reconciliation of the beginning and ending amount of the allowance for contract losses and doubtful accounts is as follows:

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| | |
|:---|:---|
| (In thousands) |  |
| Balance at January 3, 2025 | $6141 |
| Provision for contract losses and doubtful accounts | 2097 |
| Write-offs | (613) |
| Balance at October 3, 2025 | $7625 |

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# Note 9: Segment Reporting
The Company has two reportable operating segments based on two primary areas of service. The Engineering and other scientific segment is a broad service group providing technical consulting in different practices primarily in engineering. The Environmental and health segment provides services in the areas of environmental, epidemiology and health risk analysis. This segment provides a wide range of consulting services relating to environmental hazards and risks and the impact on both human health and the environment. Our Chief Executive Officer, the chief operating decision maker, reviews revenues and operating income for each of our reportable segments, but does not review total assets in evaluating segment performance and capital allocation.

Segment information for the three and nine months ended October 3, 2025 and September 27, 2024 follows:

<u>Revenues</u>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| (In thousands) | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Engineering and Other Scientific | $124016 | $115244 | $367130 | $355193 |
| Environmental and Health | 23104 | 21035 | 67459 | 66555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $147120 | $136279 | $434589 | $421748 |

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<u>Compensation and related expenses</u>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| (In thousands) | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Engineering and Other Scientific | $58040 | $53197 | $172202 | $167734 |
| Environmental and Health | 12017 | 11271 | 36205 | 35628 |
| Total segment compensation and related expenses | 70057 | 64468 | 208407 | 203362 |
| Corporate compensation and related expenses | 17669 | 17486 | 52696 | 48385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total compensation and related expenses | $87726 | $81954 | $261103 | $251747 |

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<u>Operating Income</u>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| (In thousands) | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Engineering and Other Scientific | $45829 | $40292 | $133883 | $132687 |
| Environmental and Health | 8429 | 7547 | 24147 | 23042 |
| Total segment operating income | 54258 | 47839 | 158030 | 155729 |
| Corporate operating expense | (25220) | (21992) | (67383) | (63425) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating income | $29038 | $25847 | $90647 | $92304 |

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Certain operating expenses are excluded from the Company's measure of segment operating income. These expenses include costs associated with its human resources, legal, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with its deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in its allowance for contract losses and doubtful accounts.

<u>Capital Expenditures</u>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| (In thousands) | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Engineering and Other Scientific | $691 | $887 | $1472 | $1769 |
| Environmental and Health | 17 | - | 118 | 74 |
| Total segment capital expenditures | 708 | 887 | 1590 | 1843 |
| Corporate capital expenditures | 2431 | 1339 | 5191 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital expenditures | $3139 | $2226 | $6781 | $4742 |

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Certain capital expenditures associated with the Company's corporate cost centers and the related depreciation are excluded from the Company's segment information.

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<u>Depreciation and Amortization</u>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| (In thousands) | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Engineering and Other Scientific | $1844 | $1735 | $5506 | $5128 |
| Environmental and Health | 52 | 50 | 148 | 154 |
| Total segment depreciation and<br> amortization | 1896 | 1785 | 5654 | 5282 |
| Corporate depreciation and amortization | 636 | 604 | 1890 | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total depreciation and amortization | $2532 | $2389 | $7544 | $7199 |

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No single client comprised more than 10% of the Company's revenues during the three and nine months ended October 3, 2025 and September 27, 2024.

# Note 10: Leases
The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in operating lease right-of-use ("ROU") assets, current operating lease liabilities, and long-term operating lease liabilities in the Company's condensed consolidated balance sheet. The Company does not have any finance leases as of October 3, 2025.

ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate, based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The amortization of operating lease ROU assets and the change in operating lease liabilities is disclosed as a single line item in the condensed consolidated statements of cash flows.

The Company leases office, laboratory, and storage space in 13 states and the District of Columbia, as well as in China, Hong Kong, Singapore, Switzerland, and the United Kingdom. Leases for these office, laboratory, and storage facilities have terms generally ranging between one and ten years. Some of these leases include options to extend or terminate the lease, none of which are currently included in the lease term as the Company has determined that exercise of these options is not reasonably certain.

The Company has a Test and Engineering Center on 147 acres of land in Phoenix, Arizona. The Company leases this land from the State of Arizona under an agreement that expires in January of 2043 that includes an option to renew for one fifteen-year period.

The Company's equipment leases are included in the ROU asset and liability balances, but are not material.

The Company leases excess space in its Silicon Valley and Natick facilities. Rental income of $226,000 and $742,000 was included in other income, net, for the three months ended October 3, 2025 and September 27, 2024, respectively. Rental income of $702,000 and $2,511,000 was included in other income, net, for the nine months ended October 3, 2025 and September 27, 2024, respectively.

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The components of lease expense included in other operating expenses on the condensed consolidated statements of income were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| (In thousands) | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Operating lease cost | $3091 | $3251 | $9199 | $7758 |
| Variable lease cost | 377 | 352 | 1093 | 1100 |
| Short-term lease cost | 434 | 378 | 1171 | 1028 |

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Supplemental cash flow information related to operating leases was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| (In thousands) | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Cash paid for amounts included in the <br> measurement of operating lease <br> liabilities | $1868 | $1654 | $6149 | $6002 |

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Supplemental balance sheet information related to operating leases was as follows:

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| | | |
|:---|:---|:---|
|  | October 3, <br>2025 | September 27, <br>2024 |
| Weighted Average Remaining Lease Term | 13.1 years | 14.0 years |
| Weighted Average Discount Rate | 6.3% | 6.2% |

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Maturities of operating lease liabilities as of October 3, 2025:

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| | |
|:---|:---|
|  | Operating |
| (In thousands) | Leases |
| 2025 (excluding the nine months ended October 3, 2025) | $1873 |
| 2026 | 9109 |
| 2027 | 7872 |
| 2028 | 10594 |
| 2029 | 9604 |
| Thereafter | 89229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | 128281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less imputed interest | (45683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease liability | $82598 |

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**Note 11: Contingencies**

The Company is a party to various legal actions from time to time and may be contingently liable in connection with claims and contracts arising in the normal course of business, the outcome of which the Company believes, after consultation with legal counsel, will not have a material adverse effect on its financial condition, results of operations or liquidity. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. All legal costs associated with litigation are expensed as incurred.

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**Note 12: Subsequent Events**

On October 30, 2025, the Company announced that its Board Directors approved a cash dividend of $0.30 per share of the Company's common stock, payable December 19, 2025, to stockholders of record as of December 5, 2025.

On October 30, 2025, the Company announced that its Board of Directors authorized $100 million for the repurchase of the Company's common stock which amount is in addition to the amounts remaining under prior repurchase authorizations. These repurchase authorizations have no expiration date.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto included herein and with our audited consolidated financial statements and notes thereto for the fiscal year ended January 3, 2025, which are contained in our fiscal 2024 Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission on February 28, 2025 and amended on April 18, 2025 (our "2024 Annual Report").

# Forward-Looking Statements

**Business Overview**

Exponent, Inc. is an engineering and scientific consulting firm providing solutions to complex problems. Our interdisciplinary organization 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 50 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.

**CRITICAL ACCOUNTING ESTIMATES**

There have been no significant changes in our critical accounting estimates during the nine months ended October 3, 2025, as compared to the critical accounting estimates disclosed in Management's Discussion and Analysis of Financial Condition and Results of Operations included in our 2024 Annual Report.

**RESULTS OF CONSOLIDATED OPERATIONS**

**Executive Summary**

Revenues for the third quarter of 2025 increased 8% to $147,120,000 as compared to $136,279,000 during the same period last year. Revenues before reimbursements for the third quarter of 2025 increased 10% to $137,073,000 as compared to $125,085,000 during the same period last year. Increasing demand for dispute-related work drove growth in reactive engagements across the energy, transportation, life sciences and construction sectors. Proactive engagements were led by risk management and asset integrity projects in the utilities sector and regulatory consulting in the chemical sector, offset by lower activity in consumer electronics.

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Net income increased 8% to $28,044,000 during the third quarter of 2025 as compared to $26,044,000 during the same period last year. Diluted earnings per share increased during the third quarter of 2025 to $0.55 per share as compared to $0.50 in the same period last year. The increase in net income and diluted earnings per share were primarily due to the 10% increase in revenues before reimbursements.

We remain focused on building our world-class engineering and scientific team to position us at the forefront of innovation and meet the ever-changing needs of our clients and the market. We also remain focused on capitalizing on emerging growth areas, managing other operating expenses, generating cash from operations, maintaining a strong balance sheet and undertaking activities such as share repurchases and dividends to enhance stockholder value.

**Overview of the Three Months Ended October 3, 2025**

During the third quarter of 2025, billable hours increased 4% to 376,000 as compared to 362,000 during the same period last year. Our utilization increased to 74% during the third quarter of 2025 as compared to 73% during the same period last year. Technical full-time equivalent employees increased by 3% to 976 during the third quarter of 2025 as compared to 949 during the same period last year due to our recruiting and retention efforts.

**Three Months Ended October 3, 2025 compared to Three Months Ended September 27, 2024**

***Revenues***

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Engineering and Other Scientific | $124016 | $115244 | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 84.3% | 84.6% |  |
| Environmental and Health | 23104 | 21035 | 9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 15.7% | 15.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $147120 | $136279 | 8.0% |

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The increase in revenues for our Engineering and Other Scientific segment was due to an increase in billable hours and an increase in billing rates. During the third quarter of 2025, billable hours for this segment increased by 5% to 305,000 as compared to 291,000 during the same period last year. Utilization for this segment increased to 76% during the third quarter of 2025 as compared to 75% during the same period last year. The increase in revenues was driven by demand for our risk management and asset integrity management services in the utilities industry and dispute-related services in the energy, automotive and medical device sectors. Technical full-time equivalent employees in this segment increased 4% to 775 during the third quarter of 2025 as compared to 745 for the same period last year.

The increase in revenues for our Environmental and Health segment was due to an increase in billing rates. Utilization for this segment increased to 68% during the third quarter of 2025 as compared to 67% during the same period last year. Billable hours for this segment were 71,000 during the third quarter of both 2025 and 2024. The increase in revenue was driven by increased regulatory consulting engagements in the chemicals industry. Technical full-time equivalent employees in this segment decreased 1% to 201 as compared to 204 during the same period last year.

***Compensation and Related Expenses***

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Compensation and related expenses | $87726 | $81954 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 59.6% | 60.1% |  |

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The increase in compensation and related expenses during the third quarter of 2025 was due to an increase in payroll expenses, an increase in bonus expense and an increase in fringe benefits. Payroll expense increased by $3,513,000 and fringe benefits increased by $1,117,000 during the third quarter of 2025 due to impact of our annual salary adjustments and an increase in technical full-time equivalent employees. Bonus expense increased $1,604,000 during the third quarter of 2025 due to a corresponding increase to our bonus pool. Included in compensation and related expenses is a gain in the value of assets associated with our deferred compensation plan of $7,005,000 and $7,157,000 for the three months ended October 3, 2025 and September 27, 2024, respectively. The same amount is recorded as a gain in miscellaneous income, net. We expect our compensation expense, excluding the change in value of deferred compensation plan assets, to increase as we selectively add new talent and adjust compensation to market conditions.

***Other Operating Expenses***

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Other operating expenses | $12655 | $11975 | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 8.6% | 8.8% |  |

---

Other operating expenses include facilities-related costs, technical materials, computer-related expenses and depreciation and amortization of property, equipment and leasehold improvements. The increase in other operating expenses during the third quarter of 2025 was primarily due to an increase in technical materials of $179,000, an increase in information technology related expenses of $170,000 and an increase in depreciation expenses of $143,000. These increases were due to continued investment in our corporate infrastructure. We expect other operating expenses to grow as we selectively add new talent and make investments in our corporate infrastructure.

***Reimbursable Expenses***

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Reimbursable expenses | $10047 | $11194 | -10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 6.8% | 8.2% |  |

---

The amount of reimbursable expenses will vary from quarter to quarter depending on the nature of our projects.

***General and Administrative Expenses***

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| General and administrative expenses | $7654 | $5309 | 44.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 5.2% | 3.9% |  |

---

The increase in general and administrative expenses was primarily due to an increase in travel and meals of $2,053,000 and an increase in personnel expenses of $169,000. The increase in travel and meals was due to a company-wide managers' meeting held during the third quarter of 2025 and the increase in technical full-time equivalent employees. We did not have any company-wide meetings during the third quarter of 2024. The increase in personnel expenses was primarily due a higher relocation costs. We expect general and administrative expenses to increase as we add new talent and expand our business development and staff development initiatives.

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***Operating Income***

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Engineering and Other Scientific | $45829 | $40292 | 13.7% |
| Environmental and Health | 8429 | 7547 | 11.7% |
| Total segment operating income | 54258 | 47839 | 13.4% |
| Corporate operating expense | (25220) | (21992) | 14.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating income | $29038 | $25847 | 12.3% |

---

The increase in operating income for our Engineering and Other Scientific segment during the third quarter of 2025 as compared to the same period last year was due to an increase in revenues and an increase in utilization. The increase in revenues was due to an increase in billable hours and an increase in billing rates. Growth during the third quarter of 2025 was driven by risk management and asset integrity management services in the utilities industry and dispute-related services in the energy, automotive, and medical device sectors. The increase in operating income for our Environmental and Health segment was due to an increase in billing rates and an increase in utilization. The increase in revenue was driven by increased regulatory consulting engagements in the chemicals industry.

Certain operating expenses are excluded from our measure of segment operating income. These expenses include the costs associated with our human resources, legal, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with our deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in our allowance for contract losses and doubtful accounts. The increase in corporate operating expenses was due to the costs associated with our company-wide managers meeting during the third quarter of 2025. We did not have any company-wide meetings during the third quarter of 2024.

***Other Income, Net***

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Other income, net | $9579 | $10090 | -5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 6.5% | 7.4% |  |

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Other income, net, consists primarily of changes in the value of assets associated with our deferred compensation plan, interest income earned on available cash, cash equivalents and short-term investments, and rental income from leasing space in our Silicon Valley and Natick facilities. The decrease in other income, net, was primarily due to a decrease in rental income and a decrease in interest income partially offset by an increase in a gain on foreign exchange. During the third quarter of 2025, rental income decreased by $516,000 due to the loss of a tenant in our Silicon Valley facility. The decrease in interest income of $247,000 was due to a decrease in interest rates. The increase in the gain on foreign exchange of $451,000 was due to an increase in the value of assets denominated in currencies that are not our functional currency.

***Income Taxes***

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Income taxes | $10573 | $9893 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 7.2% | 7.3% |  |
| Effective tax rate | 27.4% | 27.5% |  |

---

The increase in income tax expense was due to an increase in pre-tax income and the decrease in the excess tax benefit associated with stock-based awards. The excess tax benefit associated with stock-based awards was $141,000 during the third quarter of 2025 as compared to $532,000 during the same period last year. Excluding the impact of the excess tax benefit, the effective tax rate would have been 27.7% during the third quarter of 2025 as compared to 29.0% during the same period last year.

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**Nine Months Ended October 3, 2025 compared to Nine Months Ended September 27, 2024**

***Revenues*** 

---

| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Engineering and Other Scientific | $367130 | $355193 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 84.5% | 84.2% |  |
| Environmental and Health | 67459 | 66555 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 15.5% | 15.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $434589 | $421748 | 3.0% |

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The increase in revenues for our Engineering and Other Scientific segment was due to an increase in billing rates partially offset by a decrease in billable hours. During the first nine months of 2025, billable hours for this segment decreased by 2% to 896,000 as compared to 911,000 during the same period last year. Utilization for this segment decreased to 75% during the first nine months of 2025 as compared to 76% during the same period last year. The increase in revenues was driven by demand for Exponent's risk management and asset integrity management services in the utilities industry and dispute-related services in the energy, automotive and medical device sectors. Technical full-time equivalent employees in this segment decreased slightly to 764 during the first nine months of 2025 as compared to 765 for the same period last year.

The increase in revenues for our Environmental and Health segment was due to an increase in billing rates partially offset by a decrease in billable hours. During the first nine months of 2025, billable hours for this segment decreased by 4% to 215,000 as compared to 223,000 during the same period last year. Utilization in this segment was 68% during the first nine months of 2025 and 2024. The increase in revenue was driven by increased regulatory consulting engagements in the chemicals industry. Technical full-time equivalent employees in this segment decreased by 4% to 202 during the first nine months of 2025 as compared to 211 during the same period last year.

***Compensation and Related Expenses*** 

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| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Compensation and related expenses | $261103 | $251747 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 60.1% | 59.7% |  |

---

The increase in compensation and related expenses during the first nine months of 2025 was due to an increase in payroll expenses, an increase in bonus expense, an increase in fringe benefits and an increase in stock-based compensation. Payroll expense increased by $4,757,000 and fringe benefits increased by $1,652,000 during the first nine months of 2025 due to the impact of our annual salary adjustments. Bonus expense increased by $2,294,000 during the first nine months of 2025 due to a corresponding increase to our bonus pool. Stock-based compensation expense increased by $420,000 during the first nine months of 2025 due to an increase in unvested restricted stock unit grants. Included in compensation and related expenses is a gain in the value of assets associated with our deferred compensation plan of $14,632,000 and $14,299,000 for the first nine months ended October 3, 2025 and September 27, 2024, respectively. The same amount is recorded as a gain in miscellaneous income, net. We expect our compensation expense, excluding the change in value of deferred compensation plan assets, to increase as we selectively add new talent and adjust compensation to market conditions.

***Other Operating Expenses*** 

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| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Other operating expenses | $36822 | $33691 | 9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 8.5% | 8.0% |  |

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Other operating expenses include facilities-related costs, technical materials, computer-related expenses and depreciation and amortization of property, equipment and leasehold improvements. The increase in other operating expenses during the first nine months of 2025 was primarily due to an increase in occupancy expense of $1,770,000, an increase in computer-related expenses of $634,000 and an increase in depreciation expense of $345,000. Our land lease with the State of Arizona was extended on June 19, 2024. This extension resulted in additional non-cash rent expense of approximately $2,024,000 during the first nine months of 2025. This increased level of rent expense will continue through the extended lease term ending in January of 2043 with adjustments in 2033 and 2038 based on the consumer price index. The increase in information technology related expenses and depreciation expense was due to continued investments in our corporate infrastructure. We expect other operating expenses to grow as we selectively add new talent and make investments in our corporate infrastructure.

***Reimbursable Expenses*** 

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| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Reimbursable expenses | $27211 | $27022 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 6.3% | 6.4% |  |

---

The amount of reimbursable expenses will vary from quarter to quarter depending on the nature of our projects.

***General and Administrative Expenses*** 

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| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| General and administrative expenses | $18806 | $16984 | 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 4.3% | 4.0% |  |

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The increase in general and administrative expenses was primarily due to an increase in travel and meals of $2,378,000 partially offset by a decrease in legal fees of $519,000. The increase in travel and meals was due to a company-wide managers' meeting held during the third quarter of 2025. We did not have any company-wide meetings during the first nine months of 2024. We expect general and administrative expenses to increase as we add new talent and expand our business development and staff development initiatives.

***Operating Income***

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| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Engineering and Other Scientific | $133883 | $132687 | 0.9% |
| Environmental and Health | 24147 | 23042 | 4.8% |
| Total segment operating income | 158030 | 155729 | 1.5% |
| Corporate operating expense | (67383) | (63425) | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating income | $90647 | $92304 | -1.8% |

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The increase in operating income for our Engineering and Other Scientific segment during the first nine months of 2025 as compared to the same period last year was due to an increase in revenues partially offset by an increase in other operating expenses associated with the extension of our land lease with the State of Arizona. The increase in revenues was primarily due to an increase in billing rates. The increase in operating income for our Environmental and Health segment was also due to an increase in billing rates.

Certain operating expenses are excluded from our measure of segment operating income. These expenses include the costs associated with our human resources, finance, information technology, corporate and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with our deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in our allowance for contract losses and doubtful accounts. The increase in corporate operating

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expenses during the first nine months of 2025 as compared to the same period last year was primarily due to an increase in travel and meals due to a company-wide managers' meeting held during the third quarter of 2025. We did not have any company-wide meetings during the first nine months of 2024.

***Other Income, Net***

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| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Other income, net | $22545 | $23738 | -5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 5.2% | 5.6% |  |

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Other income, net, consists primarily of changes in the value of assets associated with our deferred compensation plan, interest income earned on available cash, cash equivalents and short-term investments, and rental income from leasing space in our Silicon Valley and Natick facilities. The decrease in other income, net, was primarily due to a decrease in rental income partially offset by a decrease in a loss on foreign exchange. During the first nine months of 2025, rental income decreased by $1,809,000 due to the loss of a tenant in our Silicon Valley facility. The decrease in the loss on foreign exchange of $380,000 was due to a change in the value of assets denominated in currencies that are not our functional currency.

***Income Taxes*** 

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| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |  |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | Percent<br>Change |
| Income taxes | $31945 | $30629 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 7.4% | 7.3% |  |
| Effective tax rate | 28.2% | 26.4% |  |

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During the first nine months of 2025, we realized a negative tax impact associated with stock-based awards of $354,000 as compared to a positive tax benefit of $2,204,000 during the same period last year. The change in the tax impact associated with stock-based awards was due to the change in the difference of the value of our common stock between the grant date and the release date for the restricted stock units released during the first nine months of 2025 as compared to the same period last year. Excluding the impact of the excess tax benefit, the effective tax rate would have been 27.9% during the first nine months of 2025 as compared to 28.3% during the same period last year.

**LIQUIDITY AND CAPITAL RESOURCES**

We believe our existing balances of cash, cash equivalents, and cash generated from operations will be sufficient to satisfy our working capital needs, capital expenditures, outstanding commitments, stock repurchases, dividends and other liquidity requirements over at least the next twelve months.

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| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
| (in thousands) | October 3, <br>2025 | September 27, <br>2024 |
| Net cash provided by operating activities | $76148 | $88485 |
| Net cash used in investing activities | (6703) | (4342) |
| Net cash used in financing activities | (122024) | (52788) |

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We financed our business during the first nine months of 2025 through available cash. As of October 3, 2025, our cash and cash equivalents were $207,380,000 as compared to $258,901,000 at January 3, 2025.

Generally, our net cash provided by operating activities is used to fund our day to day operating activities. First quarter operating cash requirements are generally higher due to payment in the first quarter of our annual bonuses accrued during the prior year. Our largest source of operating cash flows is collections from our clients. Our primary uses of cash from operating activities are for employee related expenditures, leased facilities, taxes, and general operating expenses.

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The increase in net cash used in investing activities during the first nine months of 2025, as compared to the same period last year, was due to an increase in capital expenditures. The increase in capital expenditures was due to an increase in investment in our corporate infrastructure.

The increase in net cash used in financing activities during the first nine months of 2025, as compared to the same period last year was due to an increase in repurchases of our common stock.

We lease office, laboratory, and storage space in 13 states and the District of Columbia, as well as in China, Germany, Hong Kong, Ireland, Singapore, Switzerland, and the United Kingdom under non-cancellable operating lease arrangements that expire at various dates through 2033. On June 19, 2024, we entered into an agreement with the State of Arizona to extend our land lease for 15 years beginning on January 17, 2028. We are currently obligated to make payments under the lease of $1,009,000 per year, which obligation will continue at that level until January 16, 2028. Beginning on January 17, 2028, our payments under the lease will increase to approximately $6,183,000 per year for the 15-year extension term with adjustments to the annual rent payment in 2033 and 2038 based on the consumer price index.

We expect to continue our investing activities, including capital expenditures. Furthermore, cash reserves may be used to repurchase shares of common stock under our stock repurchase programs, pay dividends, or strategically acquire professional service firms that are complementary to our business.

We maintain a nonqualified deferred compensation plan for the benefit of a select group of highly compensated employees. Vested amounts due under the plan of $123,124,000 were recorded as a long-term liability on our unaudited condensed consolidated balance sheet at October 3, 2025. Vested amounts due under the plan of $19,158,000 were recorded as a current liability on our unaudited condensed consolidated balance sheet at October 3, 2025. Our assets that are earmarked to pay benefits under the plan are held in a rabbi trust and are subject to the claims of our creditors. As of October 3, 2025, invested amounts under the plan of $121,437,000 were recorded as a long-term asset on our unaudited condensed consolidated balance sheet. As of October 3, 2025, invested amounts under the plan of $19,252,000 were recorded as a current asset on our unaudited condensed consolidated balance sheet.

As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was, serving at our request in such capacity. The indemnification period covers all pertinent events and occurrences during the officer's or director's lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have director and officer insurance coverage that reduces our exposure and enables us to recover a portion of any future amounts paid. We believe the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal.

**Non-GAAP Financial Measures**

Regulation G, Conditions for Use of Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures, and other U.S. Securities and Exchange Commission ("SEC") rules and regulations define and prescribe the conditions for use of Non-GAAP financial information. Generally, a Non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We closely monitor two financial measures, EBITDA and EBITDAS, which meet the definition of Non-GAAP financial measures. We define EBITDA as net income before income taxes, net interest income, depreciation and amortization. We define EBITDAS as EBITDA before stock-based compensation. The Company regards EBITDA and EBITDAS as useful measures of operating performance to complement operating income, net income and other GAAP financial performance measures. Additionally, management believes that EBITDA and EBITDAS provide meaningful comparisons of past, present and future operating results. These measures are used to evaluate our financial results, develop budgets and determine employee compensation. These measures, however, should be considered in addition to, and not as a substitute for or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of the Non-GAAP measures to the nearest comparable GAAP measure is set forth below.

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The following table is a reconciliation of EBITDA and EBITDAS to the most comparable GAAP measure, net income, for the three and nine months ended October 3, 2025 and September 27, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| (in thousands, except percentages) | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Revenues before reimbursements | $137073 | $125085 | $407378 | $394726 |
| EBITDA | $38837 | $35767 | $113366 | $115825 |
| EBITDA as a % of revenues before<br> reimbursements | 28.3% | 28.6% | 27.8% | 29.3% |

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The decrease in EBITDA as a percentage of revenues before reimbursements during the third quarter of 2025 as compared to the same period last year was primarily due to an increase in travel and meals related to the company-wide managers' meeting held during the third quarter of 2025. We did not have any company-wide meetings during the third quarter of 2024. The decrease was partially offset by an increase in billing rates and an increase in utilization.

The decrease in EBITDA as a percentage of revenues before reimbursements during the first nine months of 2025 as compared to the same period last year was primarily due to an increase in payroll expense from annual salary adjustments, an increase in occupancy expense associated with the extension of our land lease with the State of Arizona and an increase in general and administrative expenses driven by higher travel and meals related to the company-wide managers' meeting held during the third quarter of 2025. We did not have any company-wide meetings during the first nine months of 2024.

The following table is a reconciliation of EBITDA and EBITDAS to the most comparable GAAP measure, net income, for the three and nine months ended October 3, 2025 and September 27, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| (in thousands) | October 3, <br>2025 | September 27, <br>2024 | October 3, <br>2025 | September 27, <br>2024 |
| Net income | $28044 | $26044 | $81247 | $85413 |
| Add back (subtract): |  |  |  |  |
| Income taxes | 10573 | 9893 | 31945 | 30629 |
| Interest income, net | (2312) | (2559) | (7370) | (7416) |
| Depreciation and amortization | 2532 | 2389 | 7544 | 7199 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 38837 | 35767 | 113366 | 115825 |
| Stock-based compensation | 5341 | 5465 | 18767 | 18382 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDAS | $44178 | $41232 | $132133 | $134207 |

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

We are exposed to interest rate risk associated with our balances of cash and cash equivalents. We manage our interest rate risk by maintaining an investment portfolio primarily consisting of debt instruments with high credit quality and relatively short average effective maturities in accordance with our investment policy. The maximum effective maturity of any issue in our portfolio is 3 years and the maximum average effective maturity of the portfolio cannot exceed 12 months. If interest rates were to instantaneously increase or decrease by 100 basis points, the change in the fair market value of our portfolio of cash equivalents would not have a material impact on our financial statements. We do not use derivative financial instruments in our portfolio. There have not been any material changes during the period covered by this Quarterly Report on Form 10-Q to our interest rate risk exposures, or how these exposures are managed. Notwithstanding our efforts to manage interest rate risk, there can be no assurances that we will be adequately protected against the risks associated with interest rate fluctuations.

We have foreign currency risk related to our revenues and expenses denominated in currencies other than the U.S. dollar, primarily the British Pound, the Euro, the Chinese Yuan, and the Hong Kong Dollar. Accordingly, changes in exchange rates may negatively affect the revenues and net income of our foreign subsidiaries as expressed in U.S. dollars.

At October 3, 2025, we had net assets of approximately $13.8 million with a functional currency of the British Pound, net assets of approximately $5.8 million with a functional currency of the Hong Kong Dollar, net assets of approximately $3.3 million with a functional currency of the Chinese Yuan and net assets of approximately $1.7 million with a functional currency of the Singapore Dollar associated with our operations in the United Kingdom, Hong Kong, China and Singapore, respectively.

We also have foreign currency risk related to foreign currency transactions and monetary assets and liabilities denominated in currencies that are not the functional currency. We have experienced and will continue to experience fluctuations in our net income as a result of gains (losses) on these foreign currency transactions and the remeasurement of monetary assets and liabilities. At October 3, 2025, we had net assets denominated in the non-functional currency of approximately $4.8 million.

We do not use foreign exchange contracts to hedge any foreign currency exposures. To date, the impacts of foreign currency exchange rate changes on our consolidated revenues and consolidated net income have not been significant. However, our continued international growth increases our exposure to exchange rate fluctuations and as a result such fluctuations could have a significant impact on our future results of operations.

**Item 4. Controls and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended, an evaluation was performed under the supervision and with the participation of the Company's management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this quarterly report. Based on that evaluation, the Company's management, including the Chief Executive Officer and the Chief Financial Officer, concluded that, as of October 3, 2025, the Company's disclosure controls and procedures were effective.

We review and evaluate the design and effectiveness of our disclosure controls and procedures on an ongoing basis, to improve our controls and procedures over time and to correct any deficiencies that we may discover in the future. Our goal is to ensure that our senior management has timely access to all material financial and non-financial information concerning our business. While we believe the present design of our disclosure controls and procedures is effective to achieve our goal, future events affecting our business may cause us to significantly modify our disclosure controls and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the three-month period ended October 3, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

Exponent is not engaged in any material legal proceedings.

**Item 1A. Risk Factors**

There have been no material changes from risk factors as previously discussed under the heading "Risk Factors" in the Company's 2024 Annual Report.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

The following table provides information on the Company's repurchases of the Company's common stock for the three months ended October 3, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands, except price per share) | Total<br>Number<br>of Shares<br>Purchased | Average<br>Price<br>Paid Per<br>Share | Total Number of Shares Purchased as <br>Part of Publicly Announced Programs | Approximate Dollar Value of Shares That <br>May Yet Be Purchased Under the Programs (1) |
| July 5 to August 1 | 500 | $64.96 | 500 | $61578 |
| August 2 to August 29 | - | $- | - | $61578 |
| August 30 to October 3 | 567723 | $70.46 | 567723 | $21578 |
| Total | 568223 |  | 568223 |  |

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(1)On February 1, 2024, the Company's Board of Directors announced $61,610,000 for repurchase of the Company's common stock. On October 30, 2025, the Company's Board of Directors announced an additional $100,000,000 for repurchase of the Company's common stock. These repurchase programs have no expiration date.

Repurchases of the Company's common stock were affected pursuant to a repurchase program authorized by the Company's Board of Directors.

**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

**Rule 10b5-1 Plans**

None of the Company's directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended October 3, 2025.

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# Item 6. E xhibits
(a)Exhibit Index

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;31.1 | [<u>Certification of Chief Executive Officer pursuant to Rule 13a – 14(a) under the Securities Exchange Act of 1934.</u>](expo-ex31_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.2 | [<u>Certification of Chief Financial Officer pursuant to Rule 13a – 14(a) under the Securities Exchange Act of 1934.</u>](expo-ex31_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.1 | [<u>Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350.</u>](expo-ex32_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.2 | [<u>Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350.</u>](expo-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101 |

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------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | |
|:---|:---|
|  | EXPONENT, INC. |
|  | (Registrant) |
| Date: November 7, 2025 |  |
|  | /s/ Catherine Ford Corrigan |
|  | Catherine Ford Corrigan, Ph.D., Chief Executive Officer |
|  | /s/ Richard L. Schlenker |
|  | Richard L. Schlenker, Chief Financial Officer |

---

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Catherine Ford Corrigan, Ph.D., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Exponent, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 7, 2025

---

| |
|:---|
| /s/ Catherine Ford Corrigan |
| Catherine Ford Corrigan, Ph.D. |
| Chief Executive Officer |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Richard L. Schlenker, Jr. certify that:

1. I have reviewed this quarterly report on Form 10-Q of Exponent, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 7, 2025

---

| |
|:---|
| /s/ Richard L. Schlenker, Jr. |
| Richard L. Schlenker, Jr. |
| Chief Financial Officer |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Exponent, Inc. (the "Company") on Form 10-Q for the fiscal period ending October 3, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Catherine Ford Corrigan, Ph.D., Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 7, 2025

---

| |
|:---|
| /s/ Catherine Ford Corrigan |
| Catherine Ford Corrigan, Ph.D. |
| Chief Executive Officer |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liability of that section. Such certification will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Exponent, Inc. (the "Company") on Form 10-Q for the fiscal period ending October 3, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard L. Schlenker, Jr., Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 7, 2025

---

| |
|:---|
| /s/ Richard L. Schlenker, Jr. |
| Richard L. Schlenker, Jr. |
| Chief Financial Officer |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liability of that section. Such certification will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

------