FTI Consulting
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FTI Consulting (FCN) investor relations material

FTI Consulting Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved record full-year 2025 revenues of $3.79 billion, up 2.4% year-over-year, with double-digit organic growth in Corporate Finance, Forensic & Litigation Consulting, and Strategic Communications segments.

  • Delivered record adjusted EBITDA of $463.6 million (12.2% margin), up 14.8% year-over-year, and record GAAP and adjusted EPS of $8.24 and $8.83, respectively.

  • Q4 2025 revenues were $990.7 million, up 10.7% year-over-year, with net income of $54.5 million, up 9.7% year-over-year.

  • Overcame significant headwinds in Economic Consulting and Technology, with strong performances in other segments offsetting declines.

  • Maintained 11 consecutive years of adjusted EPS growth and 8 years of record revenues.

Financial highlights

  • Q4 2025 adjusted EBITDA was $106.2 million (10.7% margin), up from $73.7 million (8.2%) in Q4 2024.

  • Q4 2025 net income was $54.5 million, up from $49.7 million in Q4 2024; GAAP EPS of $1.78, up 29% year-over-year.

  • Net cash from operating activities for 2025 was $152.1 million, down from $395.1 million in 2024, mainly due to higher forgivable loan issuances.

  • Repurchased 5.26 million shares (about 15% of outstanding) for $858.6 million in 2025.

  • Special charges in 2025 totaled $25.3 million, reducing EPS by $0.59.

Outlook and guidance

  • 2026 revenue guidance: $3.94–$4.1 billion; GAAP and adjusted EPS guidance: $8.90–$9.60.

  • Guidance reflects continued AI-driven demand, multi-year rebuild in Economic Consulting, and ongoing investment in talent.

  • SG&A expected to rise by $45 million in 2026; effective tax rate projected at 22–24%.

Address Economic Consulting's demand headwinds.
Capital allocation strategy given cash flow changes?
How do segment trends inform 2026 revenue guidance?
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Frequently asked questions

FTI Consulting Inc is a global business advisory firm that provides services in corporate finance, restructuring, litigation support, strategic communications, and economic consulting. The company serves corporations, law firms, and government agencies. Its operations span North America, Europe, Asia Pacific, and Latin America. FTI Consulting Inc is headquartered in Washington, D.C., and its shares are listed on the NYSE.

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