FTI Consulting Reports Second Quarter 2026 Financial Results

(Moderate)

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Rhea-AI Summary

Market Context

News_id 1048396 recorded a -0.02% reaction. That earnings precedent adds comparison context, while r...

Analysis

News_id 1048396 recorded a -0.02% reaction. That earnings precedent adds comparison context, while recent Net Buying by insiders provides separate ownership context. Low short positioning remained a risk factor to watch.

Key Figures

Revenue: $993.5 million EPS: $1.99 Adjusted EPS: $2.16 +5 more

8 metrics

Revenue $993.5 million Second quarter 2026; up 5.3% year over year

EPS $1.99 Second quarter 2026; compared with $2.13 prior-year quarter

Adjusted EPS $2.16 Second quarter 2026; compared with $2.13 prior-year quarter

Net Income $57.8 million Second quarter 2026; compared with $71.7 million prior-year quarter

Adjusted EBITDA $104.5 million, or 10.5% of revenues Second quarter 2026

Revenue Guidance $3.940 billion to $4.100 billion Full year 2026; reaffirmed

EPS Guidance $8.70 to $9.30 Full year 2026; updated from $8.90 to $9.60

Adjusted EPS Guidance $9.10 to $9.70 Full year 2026; newly introduced

Previous Earnings Reports

5 past events · Latest: Apr 30 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 30	First-quarter earnings	Positive	-0.0%	Revenue and GAAP EPS rose, but adjusted EBITDA and operating cash flow declined.
Feb 26	Fourth-quarter earnings	Positive	+5.1%	Record annual revenue, improved adjusted EBITDA, and new 2026 guidance supported the release.
Oct 23	Third-quarter earnings	Positive	-1.3%	Record revenue and EPS growth contrasted with segment declines and lower-than-expected market reaction.
Jul 24	Second-quarter earnings	Negative	+3.5%	Revenue, net income, and EPS declined year over year despite substantial share repurchases.
Apr 24	First-quarter earnings	Negative	-3.9%	Revenue, net income, and GAAP EPS declined alongside a special severance charge.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Across five tag-matched earnings events, reactions aligned with the event assessment twice and diverged three times.

Key Terms

adjusted ebitda, adjusted eps, non-gaap financial measures, sg&a

4 terms

adjusted ebitda financial

"Adjusted EBITDA of $104.5 million, or 10.5% of revenues"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted eps financial

"Second quarter Adjusted EPS of $2.16 compared to $2.13"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

non-gaap financial measures financial

"Certain of these financial measures are considered not in conformity with GAAP"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

sg&a financial

"higher direct costs, selling, general and administrative (“SG&A”) expenses"

SG&A stands for Selling, General, and Administrative expenses. It includes the costs a company spends on selling products, running the business day-to-day, and managing staff, like advertising, rent, and salaries. These expenses matter because they affect how much profit a company can make from its sales.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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07/30/2026 - 07:30 AM

Record Second Quarter 2026 Revenues of $993.5 Million, Up 5.3% Compared to $943.7 Million in Prior Year Quarter
Second Quarter 2026 EPS of $1.99 and Adjusted EPS of $2.16, Compared to EPS and Adjusted EPS of $2.13 in Prior Year Quarter
Company Reaffirms Revenue Guidance, Updates EPS Guidance Range to Between $8.70 and $9.30 and Introduces Adjusted EPS Guidance Range of Between $9.10 and $9.70

WASHINGTON, July 30, 2026 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today released financial results for the second quarter ended June 30, 2026.

Second quarter 2026 record revenues of $993.5 million increased $49.8 million, or 5.3%, compared to revenues of $943.7 million in the prior year quarter. The increase was primarily driven by revenue growth in the Corporate Finance, Technology and Forensic and Litigation Consulting segments, which was partially offset by a $9.2 million decline in pass-through revenues. Net income of $57.8 million compared to $71.7 million in the prior year quarter. The decrease in net income was primarily due to higher direct costs, selling, general and administrative (“SG&A”) expenses and interest expense, which was partially offset by the increase in revenues and a lower income tax provision. Adjusted EBITDA of $104.5 million, or 10.5% of revenues, compared to $111.6 million, or 11.8% of revenues, in the prior year quarter. Second quarter 2026 Adjusted EBITDA excludes $6.6 million of Extraordinary Litigation-Related Expenses.¹ Second quarter 2026 EPS of $1.99 compared to $2.13 in the prior year quarter. Second quarter 2026 EPS included the aforementioned Extraordinary Litigation-Related Expenses, which reduced EPS by $0.17. Second quarter Adjusted EPS of $2.16 compared to $2.13 in the prior year quarter.

Steven H. Gunby, CEO and Chairman of FTI Consulting, commented, “Our performance this quarter demonstrates, once again, the underlying power of this institution and the resilience created by our sustained, multiyear investments in great talent. As clients face ever more complicated and disrupted environments, the depth and breadth of our capabilities across our global platform are increasingly relevant. Though the event-driven nature of our business means we will always have zigs and zags someplace around the world, we continue to feel confident and excited about our multiyear trajectory.”

Cash Position and Capital Allocation

Net cash provided by operating activities of $152.3 million for the quarter ended June 30, 2026 compared to $55.7 million for the quarter ended June 30, 2025. The year-over-year increase in net cash provided by operating activities was primarily due to higher cash collections and a decrease in forgivable loan issuances and income tax payments, which was partially offset by an increase in operating expense and compensation payments.

On June 3, 2026, FTI Consulting’s Board of Directors authorized the additional amount of $370.0 million to repurchase its outstanding shares of common stock under its stock repurchase program. During the quarter ended June 30, 2026, the Company repurchased 2,591,133 shares of its common stock at an average price per share of $150.84 for a total cost of $390.9 million. As of June 30, 2026, approximately $344.0 million remained available for common stock repurchases under the Company’s stock repurchase program.

Cash and cash equivalents of $163.7 million at June 30, 2026 compared to $152.8 million at June 30, 2025 and $198.3 million at March 31, 2026. Total debt, net of cash, of $856.3 million at June 30, 2026 compared to $317.2 million at June 30, 2025 and $556.7 million at March 31, 2026. The sequential increase in total debt, net of cash, was primarily due to share repurchases.

Second Quarter 2026 Segment Results

Corporate Finance
Revenues in the Corporate Finance segment increased $32.2 million, or 8.5%, to $411.4 million in the quarter compared to $379.2 million in the prior year quarter. The increase in revenues was primarily due to higher realized bill rates for transactions, transformation and turnaround & restructuring services, an increase in demand for transformation services, and higher success fees, which was partially offset by lower demand for turnaround & restructuring services. Segment operating income of $82.5 million compared to $78.1 million in the prior year quarter. Adjusted Segment EBITDA of $86.0 million, or 20.9% of segment revenues, compared to $81.7 million, or 21.5% 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 compensation, which includes the impact of a 7.8% increase in billable headcount, and higher SG&A expenses.

Forensic and Litigation Consulting
Revenues in the Forensic and Litigation Consulting segment increased $7.7 million, or 4.1%, to $194.3 million in the quarter compared to $186.5 million in the prior year quarter. The increase in revenues was primarily due to higher realized bill rates and demand for risk & investigations services, which was partially offset by lower demand for dispute advisory services. Segment operating income of $29.2 million compared to $29.1 million in the prior year quarter. Adjusted Segment EBITDA of $31.4 million, or 16.1% of segment revenues, compared to $31.2 million, or 16.7% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was primarily due to higher revenues, which was nearly offset by an increase in compensation, which includes the impact of a 3.0% increase in billable headcount, and higher SG&A expenses.

Economic Consulting
Revenues in the Economic Consulting segment decreased $2.8 million, or 1.5%, to $188.8 million in the quarter compared to $191.7 million in the prior year quarter. The decrease in revenues was primarily due to lower demand for non-merger and acquisition (“M&A”)-related antitrust and international arbitration services, which was partially offset by higher demand for M&A-related antitrust services and higher realized bill rates for financial economics services. Segment operating income of $7.4 million compared to $12.8 million in the prior year quarter. Adjusted Segment EBITDA of $8.8 million, or 4.7% of segment revenues, compared to $14.2 million, or 7.4% of segment revenues, in the prior year quarter. The decrease in Adjusted Segment EBITDA was primarily due to lower revenues and higher compensation.

Technology
Revenues in the Technology segment increased $15.4 million, or 18.4%, to $99.0 million in the quarter compared to $83.6 million in the prior year quarter. The increase in revenues was primarily due to higher demand for M&A-related “second request” services, which was partially offset by lower demand for investigations services. Segment operating income of $4.8 million compared to $1.6 million in the prior year quarter. Adjusted Segment EBITDA of $9.1 million, or 9.1% of segment revenues, compared to $5.3 million, or 6.3% 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 compensation, which includes higher as-needed consultant costs, and higher SG&A expenses.

Strategic Communications
Revenues in the Strategic Communications segment decreased $2.7 million, or 2.6%, to $100.0 million in the quarter compared to $102.7 million in the prior year quarter. The decrease in revenues was primarily due to a $7.4 million decline in pass-through revenues. Excluding pass-through revenues, revenues increased $4.7 million, or 5.4%, primarily due to higher demand for corporate reputation services. Segment operating income of $17.4 million compared to $17.5 million in the prior year quarter. Adjusted Segment EBITDA of $18.5 million, or 18.5% of segment revenues, compared to $18.5 million, or 18.0% of segment revenues, in the prior year quarter.

2026 Guidance
The Company is reaffirming its full year 2026 revenue guidance range of between $3.940 billion and $4.100 billion. The Company now estimates EPS for full year 2026 will range between $8.70 and $9.30, which compares to the prior range of between $8.90 and $9.60. The Company estimates Adjusted EPS will range between $9.10 and $9.70. The variance between EPS and Adjusted EPS guidance for full year 2026 includes an estimated $0.40 of Extraordinary Litigation-Related Expenses.

Second Quarter 2026 Conference Call
FTI Consulting will host a conference call for analysts and investors to discuss second quarter 2026 financial results at 9:00 a.m. Eastern Time on Thursday, July 30, 2026. The call can be accessed live and will be available for replay over the internet for 90 days by logging onto the Company’s investor relations website here.

About FTI Consulting
FTI Consulting, Inc. is a leading global expert firm for organizations facing crisis and transformation, with more than 8,100 employees located in 32 countries and territories as of June 30, 2026. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalized and independently managed. The Company generated $3.8 billion in revenues during fiscal year 2025. More information can be found at www.fticonsulting.com.

Non-GAAP Financial Measures
In the accompanying analysis of financial information, we sometimes use information derived from consolidated and segment financial information that may not be presented in our financial statements or prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Certain of these financial measures are considered not in conformity with GAAP ("non-GAAP financial measures") under the United States Securities and Exchange Commission ("SEC") rules. Specifically, we have referred to the following non-GAAP financial measures:

Adjusted Segment EBITDA
Adjusted EBITDA
Adjusted EBITDA Margin
Adjusted Net Income
Adjusted Earnings per Diluted Share

We have included the definition of Segment Operating Income, which is a GAAP financial measure, below in order to more fully define the components of certain non-GAAP financial measures in the accompanying analysis of financial information. We define Segment Operating Income as a segment’s share of consolidated operating income. We use Segment Operating Income for the purpose of calculating Adjusted Segment EBITDA, which is a non-GAAP financial measure. We define Adjusted Segment EBITDA as Segment Operating Income before depreciation, amortization of intangible assets, remeasurement of acquisition-related contingent consideration, special charges and goodwill impairment charges. We use Adjusted Segment EBITDA as a basis to internally evaluate the financial performance of our segments because we believe it reflects core operating performance and provides an indicator of the segment’s ability to generate cash.

We define Adjusted EBITDA, which is a non-GAAP financial measure, as consolidated net income before income tax provision, other non-operating income (expense), depreciation, amortization of intangible assets, remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges, gain or loss on sale of a business, losses on early extinguishment of debt and Extraordinary Litigation-Related Expenses (as defined below). We define Adjusted EBITDA Margin, which is a non-GAAP financial measure, as Adjusted EBITDA as a percentage of total revenues. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with a more complete understanding of our operating results, including underlying trends. Many of our competitors use alternative measures of operating performance. Non-GAAP financial measures are used by investors, financial analysts, rating agencies and others to value and compare the financial performance of companies in our industry. Therefore, we also believe that our non-GAAP financial measures, considered along with corresponding GAAP financial measures, provide management and investors with useful supplemental information.

We define Adjusted Net Income and Adjusted Earnings per Diluted Share ("Adjusted EPS"), which are non-GAAP financial measures, as net income and EPS, respectively, excluding the impact of remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges, the gain or loss on sale of a business, losses on early extinguishment of debt and Extraordinary Litigation-Related Expenses (as defined below). We use Adjusted Net Income for the purpose of calculating Adjusted EPS. Management uses Adjusted EPS to assess total Company operating performance on a consistent basis. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with useful supplemental information on our business operating results, including underlying trends.

“Extraordinary Litigation-Related Expenses” represent expenses related to the Company’s litigation in the case captioned FTI Consulting, Inc. et al., v. Jonathan M. Orszag et al., 8:23-cv-03200-BAH-AAQ (D.Md.) (together with ancillary proceedings, “FTI vs. Orszag, et al”). In May 2026, the United States District Court for the District of Maryland (the “Court”) allowed the Company to file a third amended complaint to an existing proceeding against Jonathan Orszag, adding Econic Partners LLC, a competitor of the Company, and Dr. Mark Israel, a former Company employee, as defendants. The third amended complaint also added additional claims, including for theft of Company trade secrets and conspiracy to unlawfully compete. This litigation was originally filed in November 2023 against Mr. Orszag, a former Company employee, to enforce the terms of his employment agreement. As a result of the Court’s allowance of the third amended complaint, in the Company’s judgment, beginning in the second quarter of 2026, FTI vs Orszag, et al became non-recurring and outside of the ordinary course of business based on the following considerations: (i) the magnitude of the proceedings, (ii) the complexity of the proceedings, (iii) the counterparties involved and (iv) the Company’s overall litigation strategy. No non-GAAP financial measures for prior periods presented have been adjusted for litigation expenses related to FTI vs. Orszag, et al because the proceedings did not become extraordinary until the second quarter of 2026.

Non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable with other similarly titled measures of other companies. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Consolidated Statements of Comprehensive Income. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.

Safe Harbor Statement

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact, including among other things, statements about future events, anticipated growth, industry prospects, business trends, our future results of operations and financial position, business strategy and plans, future revenues or performance, financing needs, and objectives of management for future operations, are forward-looking statements. Forward-looking statements often contain words such as “may,” “might,” “will,” “should,” “could,” “would,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “commits,” “aspires,” “forecasts,” “future,” “goal,” “seeks” and variations of such words or similar expressions. There are a number of risks, uncertainties and other factors that could cause our actual results or outcomes, and the timing of our results or outcomes, to differ materially from the forward-looking statements expressed or implied by this press release. Although we believe that the expectations and assumptions reflected in these forward-looking statements are reasonable, we can provide no assurance that these expectations and assumptions will prove to be correct. Forward-looking statements relate to future events, results and outcomes and are inherently uncertain. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements. Important factors that could cause our actual results or outcomes, and the timing of our results and outcomes, to differ materially from the forward-looking statements we make in this press release include those set forth under the heading “Risk Factors” in Part I, Item 1A in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026 as well as in other information that we file with the SEC from time to time. All forward-looking statements are presented as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included herein. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statement for any reason.

Investor & Media Contact:
Mollie Hawkes
+1.617.747.1791
mollie.hawkes@fticonsulting.com

FINANCIAL TABLES FOLLOW


FTI CONSULTING, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts)

	June 30,			December 31,
		2026			2025
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	163,747		$	265,091
Accounts receivable, net		1,158,395			1,037,678
Current portion of notes receivable		93,867			87,861
Prepaid expenses and other current assets		170,660			126,997
Total current assets		1,586,669			1,517,627
Property and equipment, net		163,781			169,333
Operating lease assets		190,444			201,492
Goodwill		1,239,753			1,242,777
Intangible assets, net		12,376			13,547
Notes receivable, net		241,628			250,667
Other assets		100,074			95,085
Total assets	$	3,534,725		$	3,490,528
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable, accrued expenses and other	$	219,316		$	206,247
Accrued compensation		505,269			712,335
Billings in excess of services provided		57,802			56,607
Total current liabilities		782,387			975,189
Long-term debt, net		1,019,320			365,000
Noncurrent operating lease liabilities		208,661			224,510
Deferred income taxes		98,913			99,611
Other liabilities		91,494			92,487
Total liabilities		2,200,775			1,756,797
Stockholders’ equity
Preferred stock, $0.01 par value; shares authorized — 5,000; none outstanding		—			—
Common stock, $0.01 par value; shares authorized — 75,000; shares issued and outstanding — 27,711 (2026) and 30,864 (2025)		277			309
Additional paid-in capital		—			354
Retained earnings		1,473,529			1,862,672
Accumulated other comprehensive loss		(139,856	)		(129,604	)
Total stockholders’ equity		1,333,950			1,733,731
Total liabilities and stockholders’ equity	$	3,534,725		$	3,490,528

FTI CONSULTING, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands, except per share data)

	Three Months Ended June 30,
	Three Months Ended June 30,
		2026			2025
	(Unaudited)
Revenues	$	993,464		$	943,662
Operating expenses
Direct cost of revenues		677,191			641,141
Selling, general and administrative expenses		230,713			202,204
Amortization of intangible assets		539			1,053
		908,443			844,398
Operating income		85,021			99,264
Other income (expense)
Interest income and other		(401	)		(2,068	)
Interest expense		(11,630	)		(5,257	)
		(12,031	)		(7,325	)
Income before income tax provision		72,990			91,939
Income tax provision		15,180			20,241
Net income	$	57,810		$	71,698
Earnings per common share ― basic	$	2.01		$	2.16
Weighted average common shares outstanding ― basic		28,739			33,261
Earnings per common share ― diluted	$	1.99		$	2.13
Weighted average common shares outstanding ― diluted		29,038			33,591
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax expense of $0	$	(199	)	$	33,773
Total other comprehensive income (loss), net of tax		(199	)		33,773
Comprehensive income	$	57,611		$	105,471

FTI CONSULTING, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands, except per share data)

	Six Months Ended June 30,
	Six Months Ended June 30,
		2026			2025
	(Unaudited)
Revenues	$	1,976,809		$	1,841,944
Operating expenses
Direct cost of revenues		1,353,709			1,250,069
Selling, general and administrative expenses		453,011			386,539
Special charges		—			25,295
Amortization of intangible assets		1,151			2,070
		1,807,871			1,663,973
Operating income		168,938			177,971
Other income (expense)
Interest income and other		673			774
Interest expense		(18,075	)		(6,225	)
		(17,402	)		(5,451	)
Income before income tax provision		151,536			172,520
Income tax provision		36,095			38,998
Net income	$	115,441		$	133,522
Earnings per common share ― basic	$	3.93		$	3.91
Weighted average common shares outstanding ― basic		29,358			34,152
Earnings per common share ― diluted	$	3.89		$	3.87
Weighted average common shares outstanding ― diluted		29,680			34,541
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax expense of $0	$	(10,252	)	$	48,347
Total other comprehensive income (loss), net of tax		(10,252	)		48,347
Comprehensive income	$	105,189		$	181,869

FTI CONSULTING, INC. RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND EPS TO ADJUSTED EPS (in thousands, except per share data)

	Three Months Ended June 30,					Six Months Ended June 30,
	Three Months Ended June 30,					Six Months Ended June 30,
		2026			2025		2026			2025
	(Unaudited)					(Unaudited)
Net income	$	57,810		$	71,698	$	115,441		$	133,522
Add back:
Special charges		—			—		—			25,295
Tax impact of special charges		—			—		—			(5,799	)
Extraordinary Litigation-Related Expenses⁽¹⁾		6,623			—		6,623			—
Tax impact of Extraordinary Litigation-Related Expenses⁽¹⁾		(1,694	)		—		(1,694	)		—
Adjusted Net Income	$	62,739		$	71,698	$	120,370		$	153,018
EPS	$	1.99		$	2.13	$	3.89		$	3.87
Add back:
Special charges		—			—		—			0.73
Tax impact of special charges		—			—		—			(0.17	)
Extraordinary Litigation-Related Expenses⁽¹⁾		0.23			—		0.23			—
Tax impact of Extraordinary Litigation-Related Expenses⁽¹⁾		(0.06	)		—		(0.06	)		—
Adjusted EPS	$	2.16		$	2.13	$	4.06		$	4.43
Weighted average number of common shares outstanding ― diluted		29,038			33,591		29,680			34,541
_______________
_{⁽¹⁾ Refer to “Non-GAAP Financial Measures” in this Press Release for the definition of “Extraordinary Litigation-Related Expenses.”}

FTI CONSULTING, INC. RECONCILIATION OF EPS GUIDANCE TO ADJUSTED EPS GUIDANCE

	Year Ended December 31, 2026
	Low			High
Guidance on estimated earnings per common share—diluted (GAAP)⁽¹⁾	$	8.70		$	9.30
Extraordinary Litigation-Related Expenses⁽²⁾		0.54			0.54
Tax impact of Extraordinary Litigation-Related Expenses⁽²⁾		(0.14	)		(0.14	)
Guidance on estimated adjusted earnings per common share (non-GAAP)⁽¹⁾	$	9.10		$	9.70
_______________
_{⁽¹⁾The forward-looking guidance on estimated 2026 EPS and Adjusted EPS does not reflect other gains and losses (all of which would be excluded from Adjusted EPS) related to the future impact of remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges, the gain or loss on sale of a business or losses on early extinguishment of debt, as these items are dependent on future events that are uncertain and difficult to predict.}
_{⁽²⁾ Refer to “Non-GAAP Financial Measures” in this Press Release for the definition of “Extraordinary Litigation-Related Expenses.”}

FTI CONSULTING, INC. RECONCILIATION OF NET INCOME AND OPERATING INCOME TO ADJUSTED SEGMENT EBITDA AND ADJUSTED EBITDA (in thousands)

Three Months Ended June 30, 2026 (Unaudited)	Corporate Finance		Forensic and Litigation Consulting		Economic Consulting		Technology		Strategic Communications		Unallocated Corporate			Total
Net income														$	57,810
Interest income and other															401
Interest expense															11,630
Income tax provision															15,180
Operating income	$	82,475	$	29,215	$	7,444	$	4,813	$	17,390	$	(56,316	)	$	85,021
Depreciation of property and equipment		3,208		1,949		1,360		4,237		1,038		487			12,279
Amortization of intangible assets		280		190		—		—		69		—			539
Extraordinary Litigation-Related Expenses⁽¹⁾		—		—		—		—		—		6,623			6,623
Adjusted EBITDA	$	85,963	$	31,354	$	8,804	$	9,050	$	18,497	$	(49,206	)	$	104,462

Six Months EndedJune 30, 2026 (Unaudited)	Corporate Finance		Forensic and Litigation Consulting		Economic Consulting		Technology		Strategic Communications		Unallocated Corporate			Total
Net income														$	115,441
Interest income and other															(673	)
Interest expense															18,075
Income tax provision															36,095
Operating income	$	167,705	$	52,300	$	113	$	12,516	$	38,228	$	(101,924	)	$	168,938
Depreciation of property and equipment		6,313		3,899		2,809		8,367		2,022		1,158			24,568
Amortization of intangible assets		595		419		—		—		137		—			1,151
Extraordinary Litigation-Related Expenses⁽¹⁾		—		—		—		—		—		6,623			6,623
Adjusted EBITDA	$	174,613	$	56,618	$	2,922	$	20,883	$	40,387	$	(94,143	)	$	201,280
_______________
_{⁽¹⁾Refer to “Non-GAAP Financial Measures” in this Press Release for the definition of “Extraordinary Litigation-Related Expenses.”}

FTI CONSULTING, INC. RECONCILIATION OF NET INCOME AND OPERATING INCOME TO ADJUSTED SEGMENT EBITDA AND ADJUSTED EBITDA (in thousands)

Three Months Ended June 30, 2025 (Unaudited)	Corporate Finance		Forensic and Litigation Consulting		Economic Consulting		Technology		Strategic Communications		Unallocated Corporate			Total
Net income														$	71,698
Interest income and other															2,068
Interest expense															5,257
Income tax provision															20,241
Operating income	$	78,128	$	29,071	$	12,807	$	1,560	$	17,474	$	(39,776	)	$	99,264
Depreciation of property and equipment		2,768		1,889		1,376		3,724		938		628			11,323
Amortization of intangible assets		756		228		—		—		69		—			1,053
Adjusted EBITDA	$	81,652	$	31,188	$	14,183	$	5,284	$	18,481	$	(39,148	)	$	111,640

Six Months EndedJune 30, 2025 (Unaudited)	Corporate Finance		Forensic and Litigation Consulting		Economic Consulting		Technology		Strategic Communications		Unallocated Corporate			Total
Net income														$	133,522
Interest income and other															(774	)
Interest expense															6,225
Income tax provision															38,998
Operating income	$	119,078	$	59,177	$	24,896	$	8,154	$	26,199	$	(59,533	)	$	177,971
Depreciation of property and equipment		5,350		3,602		2,735		6,794		1,779		1,208			21,468
Amortization of intangible assets		1,475		457		—		—		138		—			2,070
Special charges		11,696		5,475		983		1,928		3,268		1,945			25,295
Adjusted EBITDA	$	137,599	$	68,711	$	28,614	$	16,876	$	31,384	$	(56,380	)	$	226,804

FTI CONSULTING, INC. OPERATING RESULTS BY BUSINESS SEGMENT

	Segment Revenues		Adjusted EBITDA			Adjusted EBITDA Margin		Utilization		Average Billable Rate		Billable Headcount
	(in thousands)											(at period end)
Three Months Ended June 30, 2026 (Unaudited)
Corporate Finance	$	411,399	$	85,963		20.9	%	59	%	$	553	2,358
Forensic and Litigation Consulting		194,254		31,354		16.1	%	54	%	$	465	1,527
Economic Consulting		188,812		8,804		4.7	%	61	%	$	633	970
Technology⁽¹⁾		99,017		9,050		9.1	%	N/M		N/M		641
Strategic Communications⁽¹⁾		99,982		18,497		18.5	%	N/M		N/M		913
	$	993,464	$	153,668		15.5	%					6,409
Unallocated Corporate				(49,206	)
Adjusted EBITDA			$	104,462		10.5	%

Six Months EndedJune 30, 2026 (Unaudited)
Corporate Finance	$	820,901	$	174,613		21.3	%	60	%	$	549	2,358
Forensic and Litigation Consulting		387,132		56,618		14.6	%	56	%	$	458	1,527
Economic Consulting		364,460		2,922		0.8	%	61	%	$	605	970
Technology⁽¹⁾		201,340		20,883		10.4	%	N/M		N/M		641
Strategic Communications⁽¹⁾		202,976		40,387		19.9	%	N/M		N/M		913
	$	1,976,809	$	295,423		14.9	%					6,409
Unallocated Corporate				(94,143	)
Adjusted EBITDA			$	201,280		10.2	%

Three Months Ended June 30, 2025 (Unaudited)
Corporate Finance	$	379,239	$	81,652		21.5	%	61	%	$	532	2,188
Forensic and Litigation Consulting		186,517		31,188		16.7	%	57	%	$	439	1,482
Economic Consulting		191,657		14,183		7.4	%	64	%	$	593	991
Technology⁽¹⁾		83,599		5,284		6.3	%	N/M		N/M		655
Strategic Communications⁽¹⁾		102,650		18,481		18.0	%	N/M		N/M		892
	$	943,662	$	150,788		16.0	%					6,208
Unallocated Corporate				(39,148	)
Adjusted EBITDA			$	111,640		11.8	%

Six Months EndedJune 30, 2025 (Unaudited)
Corporate Finance	$	722,884	$	137,599		19.0	%	59	%	$	513	2,188
Forensic and Litigation Consulting		377,119		68,711		18.2	%	58	%	$	434	1,482
Economic Consulting		371,518		28,614		7.7	%	63	%	$	566	991
Technology⁽¹⁾		180,755		16,876		9.3	%	N/M		N/M		655
Strategic Communications⁽¹⁾		189,668		31,384		16.5	%	N/M		N/M		892
	$	1,841,944	$	283,184		15.4	%					6,208
Unallocated Corporate				(56,380	)
Adjusted EBITDA			$	226,804		12.3	%
_______________
^{N/M Not meaningful}
_{⁽¹⁾ The majority of the Technology and Strategic Communications segments' revenues are not generated based on billable hours. Accordingly, utilization and average billable rate metrics are not presented as they are not meaningful as a segment-wide metric.}

FTI CONSULTING, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

	Six Months Ended June 30,
	Six Months Ended June 30,
		2026			2025
	(Unaudited)
Operating activities
Net income	$	115,441		$	133,522
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation of property and equipment		24,568			21,468
Amortization of intangible assets		1,151			2,070
Amortization of notes receivable		46,039			30,445
Amortization of tax equity investment		16,881			—
Provision for expected credit losses		14,111			11,909
Share-based compensation		22,051			19,671
Deferred income taxes		4,976			17,506
Other		1,677			159
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, billed and unbilled		(141,633	)		(91,734	)
Notes receivable, net of repayments		(44,010	)		(234,081	)
Prepaid expenses and other assets		(6,579	)		(13,224	)
Accounts payable, accrued expenses and other		(2,488	)		(11,623	)
Income taxes		(14,256	)		(84,105	)
Accrued compensation		(197,047	)		(204,284	)
Billings in excess of services provided		1,389			(7,216	)
Net cash used in operating activities		(157,729	)		(409,517	)
Investing activities
Purchases of property and equipment and other		(21,885	)		(35,228	)
Payment for tax equity investment		(42,101	)		—
Net cash used in investing activities		(63,986	)		(35,228	)
Financing activities
Borrowings under revolving line of credit		1,085,000			745,000
Repayments under revolving line of credit		(730,000	)		(275,000	)
Proceeds from issuance of term loan		300,000			—
Payments of debt issuance costs		(5,401	)		—
Purchase and retirement of common stock, including excise tax		(520,037	)		(536,678	)
Share-based compensation tax withholdings		(8,103	)		(16,880	)
Deposits and other		3,053			(636	)
Net cash provided by (used in) financing activities		124,512			(84,194	)
Effect of exchange rate changes on cash and cash equivalents		(4,141	)		21,277
Net decrease in cash and cash equivalents		(101,344	)		(507,662	)
Cash and cash equivalents, beginning of period		265,091			660,493
Cash and cash equivalents, end of period	$	163,747		$	152,831

¹Refer to “Non-GAAP Financial Measures” in this Press Release for the definition of “Extraordinary Litigation-Related Expenses.”

FTI Consulting Reports Second Quarter 2026 Financial Results

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