FTI Consulting (FCN) Q4 2025 earnings summary

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%.