October 23, 2025 07:30 ET

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FTI Consulting, Inc.

FTI Consulting, Inc.

WASHINGTON, Oct. 23, 2025 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today released financial results for the third quarter ended September 30, 2025.

Third quarter 2025 revenues of $956.2 million increased $30.1 million, or 3.3%, compared to revenues of $926.0 million in the prior year quarter. Excluding the estimated positive impact of foreign currency (“FX”) translation, revenues increased $19.8 million, or 2.1%, compared to the prior year quarter. The increase in revenues was driven by record quarterly revenues in the Corporate Finance & Restructuring and Forensic and Litigation Consulting segments, which was partially offset by lower revenues in the Economic Consulting and Technology segments. Net income of $82.8 million compared to $66.5 million in the prior year quarter. The increase in net income was primarily due to higher revenues, lower selling, general and administrative (“SG&A”) expenses and an FX remeasurement gain compared to a loss in the prior year quarter. This was partially offset by an increase in direct costs, which includes higher variable compensation and forgivable loan amortization, as well as an increase in income tax provision and interest expense compared to the prior year quarter. Adjusted EBITDA of $130.6 million, or 13.7% of revenues, compared to $102.9 million, or 11.1% of revenues, in the prior year quarter. Third quarter 2025 earnings per diluted share (“EPS”) of $2.60 compared to $1.85 in the prior year quarter.

Steven H. Gunby, CEO and Chairman of FTI Consulting, commented, “Notwithstanding major headwinds in a couple of our businesses, we delivered, yet again, record revenues and earnings this quarter. These tremendous results, to me, confirm once again the power of our team and the strength of our continued commitment to invest behind great professionals who help clients navigate their most significant opportunities and challenges.”

Net cash provided by operating activities of $201.9 million for the quarter ended September 30, 2025 compared to $219.4 million for the quarter ended September 30, 2024. The year-over-year decrease in net cash provided by operating activities was primarily due to lower cash collections and an increase in income tax payments, which was partially offset by lower operating expenses.

During the quarter ended September 30, 2025, the Company repurchased 1,425,644 shares of its common stock at an average price per share of $164.18 for a total cost of $234.1 million. As of September 30, 2025, approximately $75.3 million remained available for common stock repurchases under the Company’s stock repurchase program.

Cash and cash equivalents of $146.0 million at September 30, 2025 compared to $386.3 million at September 30, 2024 and $152.8 million at June 30, 2025. Total debt, net of cash, of $364.0 million at September 30, 2025 compared to $(386.3) million at September 30, 2024 and $317.2 million at June 30, 2025. The sequential increase in total debt, net of cash, was primarily due to share repurchases.

On October 21, 2025, the Company's Board of Directors authorized an additional $500.0 million to repurchase shares of FTI Consulting’s outstanding common stock pursuant to its stock repurchase program, for an aggregate authorization of $2.2 billion since the program was approved on June 2, 2016. As of October 21, 2025, FTI Consulting had repurchased 16,784,428 shares of its outstanding common stock under the program at an average price per share of $101.26 for an aggregate cost of approximately $1.7 billion. After giving effect to share repurchases through such date and the increased authorization, FTI Consulting has approximately $500.0 million remaining available for common stock repurchases under the program. No time limit was established for the completion of the program, and the program may be suspended, discontinued or replaced by the Board at any time without prior notice.

Corporate Finance & RestructuringRevenues in the Corporate Finance & Restructuring segment increased $63.4 million, or 18.6%, to $404.9 million in the quarter compared to $341.5 million in the prior year quarter. The increase in revenues was primarily due to increased demand for restructuring and transactions services and higher realized bill rates for transformation & strategy services. Segment operating income of $93.0 million compared to $54.5 million in the prior year quarter. Adjusted Segment EBITDA of $96.4 million, or 23.8% of segment revenues, compared to $57.9 million, or 17.0% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was primarily due to higher revenues, which was partially offset by an increase in variable compensation and SG&A expenses.

Forensic and Litigation ConsultingRevenues in the Forensic and Litigation Consulting segment increased $25.9 million, or 15.4%, to $194.7 million in the quarter compared to $168.8 million in the prior year quarter. The increase in revenues was primarily due to higher realized bill rates for risk and investigations, data & analytics and construction solutions services and higher demand for risk and investigations services. Segment operating income of $40.5 million compared to $18.1 million in the prior year quarter. Adjusted Segment EBITDA of $42.6 million, or 21.9% of segment revenues, compared to $20.0 million, or 11.8% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was primarily due to higher revenues and lower SG&A expenses, which was partially offset by an increase in variable compensation.