FTI Consulting (FCN) financial statements
FTI Consulting reported revenue of $3.8B in fiscal 2025, up 8.6% a year over 9 years.
Net income was $271M and the operating margin 10.3%, against 7.9% in 2016.
Free cash flow was $94M, and the company returned $859M in net buybacks.
The diluted share count fell 21% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from FTI Consulting's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $1.8B | $2.0B | $2.4B | $2.5B | $2.8B | $3.0B | $3.5B | $3.7B | $3.8B |
| Cost of revenue | $1.2B | $1.2B | $1.3B | $1.5B | $1.7B | $1.9B | $2.1B | $2.4B | $2.5B | $2.6B |
| Gross profit | $600M | $592M | $700M | $818M | $789M | $861M | $963M | $1.1B | $1.2B | $1.2B |
| Selling, general and admin | $437M | $432M | $466M | $504M | $488M | $538M | $641M | $751M | $822M | $800M |
| Operating income | $142M | $109M | $226M | $306M | $283M | $312M | $304M | $378M | $347M | $389M |
| Interest expense | $25M | $25M | $27M | $19M | $20M | $20M | $10M | $14M | $7M | $21M |
| Pre-tax income | $128M | $87M | $208M | $288M | $262M | $298M | $298M | $358M | $351M | $371M |
| Income tax | $42M | -$21M | $57M | $72M | $52M | $63M | $62M | $83M | $71M | $100M |
| Net income | $86M | $108M | $151M | $217M | $211M | $235M | $236M | $275M | $280M | $271M |
| EPS (diluted) | $2.05 | $2.75 | $3.93 | $5.69 | $5.67 | $6.65 | $6.58 | $7.71 | $7.81 | $8.24 |
| Diluted shares | 42M | 39M | 38M | 38M | 37M | 35M | 36M | 36M | 36M | 33M |
| Gross margin | 33.1% | 32.8% | 34.5% | 34.8% | 32.0% | 31.0% | 31.8% | 32.5% | 32.0% | 32.1% |
| Operating margin | 7.9% | 6.0% | 11.1% | 13.0% | 11.5% | 11.2% | 10.0% | 10.8% | 9.4% | 10.3% |
| Net margin | 4.7% | 6.0% | 7.4% | 9.2% | 8.6% | 8.5% | 7.8% | 7.9% | 7.6% | 7.1% |
Balance sheet
Fiscal years, from FTI Consulting's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $216M | $190M | $312M | $369M | $295M | $494M | $492M | $329M | $660M | $265M |
| Receivables | $475M | $523M | $555M | $693M | $711M | $754M | $896M | $1.1B | $1.0B | $1.0B |
| Total current assets | $783M | $794M | $965M | $1.2B | $1.1B | $1.4B | $1.5B | $1.6B | $1.8B | $1.5B |
| Property, plant and equipment | $62M | $75M | $85M | $94M | $102M | $142M | $153M | $160M | $150M | $169M |
| Goodwill | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B |
| Total assets | $2.2B | $2.3B | $2.4B | $2.8B | $2.8B | $3.1B | $3.2B | $3.3B | $3.6B | $3.5B |
| Total current liabilities | $378M | $410M | $483M | $613M | $670M | $718M | $769M | $893M | $932M | $975M |
| Long-term debt | $366M | $396M | $266M | $276M | $286M | $297M | $315M | $0 | $0 | $365M |
| Total liabilities | $1.0B | $1.1B | $1.0B | $1.3B | $1.4B | $1.5B | $1.6B | $1.3B | $1.3B | $1.8B |
| Shareholders' equity | $1.2B | $1.2B | $1.3B | $1.5B | $1.4B | $1.6B | $1.7B | $2.0B | $2.3B | $1.7B |
| Net debt | $149M | $206M | -$46M | -$94M | -$9M | -$197M | -$177M | -$303M | -$660M | $100M |
Cash flow
Fiscal years, from FTI Consulting's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $233M | $148M | $231M | $218M | $327M | $355M | $189M | $224M | $395M | $152M |
| Capital spending | $29M | $32M | $32M | $42M | $35M | $69M | $53M | $49M | $35M | $59M |
| Free cash flow | $205M | $116M | $198M | $176M | $292M | $287M | $135M | $175M | $360M | $94M |
| Stock-based compensation | $17M | $16M | $16M | $18M | $23M | $23M | $25M | $30M | $38M | $39M |
| Share buybacks (net) | -$21M | -$168M | -$56M | -$106M | -$354M | -$46M | -$85M | -$21M | -$10M | -$859M |
| Net borrowing | $0 | $0 | -$300M | $0 | $0 | — | — | — | — | — |
| Free cash flow margin | 11.3% | 6.4% | 9.8% | 7.5% | 11.9% | 10.3% | 4.5% | 5.0% | 9.7% | 2.5% |
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Open FCN in InvestinglyQuestions
What was FTI Consulting's revenue in 2025?
$3.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does FTI Consulting generate?
$94M in fiscal 2025 (operating cash flow minus capital spending).
From FTI Consulting's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.