Huron Consulting Group (HURN) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenues before reimbursable expenses of $432.4M, up 16.8% year-over-year, with 10.2% organic growth driven by robust demand and recent acquisitions across all segments.

• Net income for Q3 2025 was $30.4M ($1.71 per diluted share), up 12.0% year-over-year; adjusted diluted EPS rose 25.0% to $2.10.

• Adjusted EBITDA for Q3 2025 was $67.4M (15.6% of RVR), up 22.9% year-over-year.

• Returned $152.5M to shareholders via repurchase of 1.1M shares, representing 6.1% of shares outstanding in the first nine months of 2025.

• Margin expansion and EPS growth continued, supported by strong execution and integration of recent acquisitions.

Financial highlights

• Q3 2025 total revenues: $441.3M, up from $378.1M in Q3 2024.

• Net income margin for Q3 2025 was 6.9%, down from 7.2% year-over-year.

• Adjusted net income for Q3 2025 was $37.4M, up 20.3% year-over-year; adjusted EBITDA margin was 15.6%.

• Free cash flow for Q3 was $85.3M; full-year free cash flow expected between $165M and $185M.

• Cash and cash equivalents at September 30, 2025 were $23.9M.

Outlook and guidance

• Raised midpoint of 2025 adjusted diluted EPS guidance to $7.60 and narrowed full-year revenue guidance to $1.65B–$1.67B.

• Affirmed adjusted EBITDA margin guidance at 14%–14.5% of RVR.

• Strong demand and pipeline across all segments expected to support continued growth into 2026.

• Management expects further margin improvement through operational efficiency.

• Capital deployment will focus on share repurchases and strategic acquisitions.