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A global expert firm, FTI Consulting helps companies and their lawyers navigate crises, court battles, bankruptcies, and big corporate changes—think advising through major restructurings and high-profile investigations. It was founded in 1982 by two engineers as Forensic Technologies International, built to help juries understand technical evidence with computer-animated courtroom visuals; the initials stuck even as it grew far beyond forensics. Its Economic Consulting arm, Compass Lexecon, lends its name to antitrust and arbitration cases worldwide.
Net income fell 19.4% to $57.8M in Q2 2026 as higher costs offset 5.3% revenue growth to $993.5M.
fell 19.4% even as rose. Revenue rose 5.3% to $993.5M and dropped 6.6% to $1.99 as Corporate Finance and Technology growth was outweighed by higher direct costs, SG&A, and a $6.4M increase. The company is profitable but carrying $1,019.3M of against falling equity.
Key takeaways
fell 19.4% to $57.8M as higher direct costs, SG&A, and a $6.4M increase outweighed the 5.3% rise to $993.5M.
rose 5.3% to $993.5M, led by Corporate Finance up 8.5% on higher bill rates and transformation demand and Technology up 18.4% on M&A-related second-request services.
fell 6.4% to $104.5M with margin contracting to 10.5% from 11.8%, pressured by higher compensation and $6.6M in .
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 5.3% to $993M driven by Corporate Finance and Technology, but net income fell 19.4% on higher costs and interest expense.
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Total revenues increased 5.3% to $993.5M, led by Corporate Finance (+8.5% on higher bill rates and transformation demand) and Technology (+18.4% on M&A-related 'second request' services).
rose 41.6% to $56.3M, driven by the $6.6M litigation expense and costs for an All SMD meeting not held in the prior year.
improved to a $152.3M inflow from $55.7M a year earlier on higher collections and lower ; the company repurchased $393.2M of stock in the quarter.
Economic Consulting dropped 99.5% for the six-month period to $0.1M as compressed on higher forgivable loan and lower utilization.
rose to $1,019.3M from $754.3M at Q1 end, a 35.1% quarter-over-quarter increase, after the new $300M drawn in Q1.
What changed
Economic Consulting and Technology : Technology reversed its prior declines, rising 18.4% in Q2 on second-request work, while Economic Consulting's six-month fell 99.5% to $0.1M after the 2.3% Q1 decline and -16.5% FY2025 drop.
: rose to $1,019.3M from $365.0M at FY2025 year-end and $754.3M in Q1, after the $300M and draws; the Credit Facility matures November 21, 2027.
: improved to $152.3M inflow in Q2 from $55.7M a year earlier and the $310.0M Q1 use, aided by lower and higher collections.
margin: contracted to 10.5% in Q2 from 12.8% in Q1 FY2025 and 9.8% in Q1 FY2026, pressured by litigation costs and absent prior-year legal gain.
Remaining program: $364.9M at Q1 end, with $393.2M deployed in Q2, continuing the elevated buyback pace from the $859M spent in FY2025.
What to watch
Economic Consulting and in Q3 after the six-month figure fell 99.5% to $0.1M.
level and any further term loan or draws in Q3 after the $1,019.3M balance at 5.81% weighted-average rate.
margin in Q3 after it contracted to 10.5% from 11.8% on litigation and compensation costs.
Remaining program pace after $393.2M was spent in Q2 on top of $126.8M in Q1.
decreased 19.4% to $57.8M, as higher direct costs, SG&A, and a $6.4M increase in outweighed growth and a lower tax provision.
fell 6.4% to $104.5M, with margin contracting to 10.5% from 11.8%, pressured by higher compensation and $6.6M in Extraordinary Litigation-Related Expenses.
Unallocated corporate expenses surged 41.6% to $56.3M, driven by the $6.6M litigation expense and costs for an All SMD meeting that did not occur in the prior year.
improved to a $152.3M inflow from $55.7M a year ago, aided by higher collections and lower issuances; the company repurchased $393.2M in stock during the quarter.
Economic Consulting nearly vanished, dropping 99.5% for the six-month period to $0.1M, as compressed sharply on higher and lower utilization.
Quantitative and Qualitative Disclosures About Market Risk
For information regarding our exposure to certain market risks, see “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A, of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes in our market risk ex…
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For information regarding our exposure to certain market risks, see “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A, of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes in our market risk exposure during the period covered by this Quarterly Report on Form 10-Q.
From time to time in the ordinary course of business, we are subject to claims, asserted or unasserted, or named as a party to lawsuits or investigations. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of legal proceedings cannot…
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From time to time in the ordinary course of business, we are subject to claims, asserted or unasserted, or named as a party to lawsuits or investigations. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of legal proceedings cannot be predicted with any certainty, and in the case of more complex legal proceedings the results are difficult to predict at all. We are not aware of any asserted or unasserted legal proceedings or claims that we believe would have a material adverse effect on our financial condition or our results of operations.
There have been no material changes in any risk factors previously disclosed in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. We may disclose changes to risk factors or disclose additional factors from time to time in…
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There have been no material changes in any risk factors previously disclosed in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. We may disclose changes to risk factors or disclose additional factors from time to time in our future filings with the SEC. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations.