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FTI CONSULTING, INC

FCN Clue Score60
United States Fiscal year ends December CIK 0000887936
$136.16 -3.09% Close, 9 Oct 2026
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Price $136.16 −2.47% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,810.4Operating income142.2Net income85.5EPS, diluted2.05Fiscal year 2017Revenue1,807.7 −0.1%Operating income108.7Net income108.0 +26.2%EPS, diluted2.75 +34.1%Fiscal year 2018Revenue2,027.9 +12.2%Operating income226.0Net income150.6 +39.5%EPS, diluted3.93 +42.9%Fiscal year 2019Revenue2,352.7 +16.0%Operating income305.6Net income216.7 +43.9%EPS, diluted5.69 +44.8%Fiscal year 2020Revenue2,461.3 +4.6%Operating income282.7Net income210.7 −2.8%EPS, diluted5.67 −0.4%Fiscal year 2021Revenue2,776.2 +12.8%Operating income312.0Net income235.0 +11.5%EPS, diluted6.65 +17.3%Fiscal year 2022Revenue3,028.9 +9.1%Operating income303.9Net income235.5 +0.2%EPS, diluted6.58 −1.1%Fiscal year 2023Revenue3,489.2 +15.2%Operating income377.6Net income274.9 +16.7%EPS, diluted7.71 +17.2%Fiscal year 2024Revenue3,698.7 +6.0%Operating income347.4Net income280.1 +1.9%EPS, diluted7.81 +1.3%Fiscal year 2025Revenue3,788.9 +2.4%Operating income389.1Net income270.9 −3.3%EPS, diluted8.24 +5.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,810.4 1,807.7 2,027.9 2,352.7 2,461.3 2,776.2 3,028.9 3,489.2 3,698.7 3,788.9
Growth −0.1% +12.2% +16.0% +4.6% +12.8% +9.1% +15.2% +6.0% +2.4%
Operating income 142.2 108.7 226.0 305.6 282.7 312.0 303.9 377.6 347.4 389.1
Net income 85.5 108.0 150.6 216.7 210.7 235.0 235.5 274.9 280.1 270.9
Growth +26.2% +39.5% +43.9% −2.8% +11.5% +0.2% +16.7% +1.9% −3.3%
EPS, diluted 2.05 2.75 3.93 5.69 5.67 6.65 6.58 7.71 7.81 8.24
Growth +34.1% +42.9% +44.8% −0.4% +17.3% −1.1% +17.2% +1.3% +5.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Operating margin7.9%Net margin4.7%Free cash flow margin11.3%Fiscal year 2017Operating margin6.0%Net margin6.0%Free cash flow margin6.4%Fiscal year 2018Operating margin11.1%Net margin7.4%Free cash flow margin9.8%Fiscal year 2019Operating margin13.0%Net margin9.2%Free cash flow margin7.5%Fiscal year 2020Operating margin11.5%Net margin8.6%Free cash flow margin11.9%Fiscal year 2021Operating margin11.2%Net margin8.5%Free cash flow margin10.3%Fiscal year 2022Gross margin31.8%Operating margin10.0%Net margin7.8%Free cash flow margin4.5%Fiscal year 2023Gross margin32.5%Operating margin10.8%Net margin7.9%Free cash flow margin5.0%Fiscal year 2024Gross margin32.0%Operating margin9.4%Net margin7.6%Free cash flow margin9.7%Fiscal year 2025Gross margin32.1%Operating margin10.3%Net margin7.1%Free cash flow margin2.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a n/a n/a n/a n/a 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%
Free cash flow margin 11.3% 6.4% 9.8% 7.5% 11.9% 10.3% 4.5% 5.0% 9.7% 2.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow233.5Capital expenditure−28.9Free cash flow204.6Buybacks−21.5Fiscal year 2017Operating cash flow147.6Capital expenditure−32.0Free cash flow115.6 −43.5%Buybacks−168.1Fiscal year 2018Operating cash flow230.7Capital expenditure−32.3Free cash flow198.4 +71.6%Buybacks−55.7Fiscal year 2019Operating cash flow217.9Capital expenditure−41.8Free cash flow176.1 −11.3%Buybacks−105.8Fiscal year 2020Operating cash flow327.1Capital expenditure−34.8Free cash flow292.2 +66.0%Buybacks−353.6Fiscal year 2021Operating cash flow355.5Capital expenditure−68.7Free cash flow286.8 −1.8%Buybacks−46.1Fiscal year 2022Operating cash flow188.8Capital expenditure−53.3Free cash flow135.5 −52.8%Buybacks−85.4Fiscal year 2023Operating cash flow224.5Capital expenditure−49.5Free cash flow175.0 +29.2%Buybacks−21.0Fiscal year 2024Operating cash flow395.1Capital expenditure−35.4Free cash flow359.7 +105.6%Buybacks−10.2Fiscal year 2025Operating cash flow152.1Capital expenditure−58.5Free cash flow93.6 −74.0%Buybacks−858.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 233.5 147.6 230.7 217.9 327.1 355.5 188.8 224.5 395.1 152.1
Capital expenditure −28.9 −32.0 −32.3 −41.8 −34.8 −68.7 −53.3 −49.5 −35.4 −58.5
Free cash flow 204.6 115.6 198.4 176.1 292.2 286.8 135.5 175.0 359.7 93.6
Growth −43.5% +71.6% −11.3% +66.0% −1.8% −52.8% +29.2% +105.6% −74.0%
Buybacks −21.5 −168.1 −55.7 −105.8 −353.6 −46.1 −85.4 −21.0 −10.2 −858.7

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash216.2Total debt365.5Net cash (debt)−149.4Shareholders’ equity1,207.4Debt to equity0.30Fiscal year 2017Cash190.0Total debt396.3Net cash (debt)−206.3Shareholders’ equity1,192.0Debt to equity0.33Fiscal year 2018Cash312.1Total debt265.6Net cash (debt)46.5Shareholders’ equity1,348.8Debt to equity0.20Fiscal year 2019Cash369.4Total debt275.6Net cash (debt)93.8Shareholders’ equity1,489.1Debt to equity0.19Fiscal year 2020Cash295.0Total debt286.1Net cash (debt)8.8Shareholders’ equity1,400.2Debt to equity0.20Fiscal year 2021Cash494.5Total debt297.2Net cash (debt)197.3Shareholders’ equity1,583.3Debt to equity0.19Fiscal year 2022Cash491.7Total debt315.2Net cash (debt)176.5Shareholders’ equity1,681.7Debt to equity0.19Fiscal year 2023Cash303.2Total debt0.0Net cash (debt)303.2Shareholders’ equity1,981.4Debt to equity0.00Fiscal year 2024Cash660.5Total debt0.0Net cash (debt)660.5Shareholders’ equity2,258.3Debt to equity0.00Fiscal year 2025Cash265.1Total debt365.0Net cash (debt)−99.9Shareholders’ equity1,733.7Debt to equity0.21
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 216.2 190.0 312.1 369.4 295.0 494.5 491.7 303.2 660.5 265.1
Total debt 365.5 396.3 265.6 275.6 286.1 297.2 315.2 0.0 0.0 365.0
Net cash (debt) −149.4 −206.3 46.5 93.8 8.8 197.3 176.5 303.2 660.5 −99.9
Shareholders’ equity 1,207.4 1,192.0 1,348.8 1,489.1 1,400.2 1,583.3 1,681.7 1,981.4 2,258.3 1,733.7
Debt to equity 0.30 0.33 0.20 0.19 0.20 0.19 0.19 0.00 0.00 0.21

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1,810.4 1,807.7 2,027.9 2,352.7 2,461.3 2,776.2 3,028.9 3,489.2 3,698.7 3,788.9
Growth −0.1% +12.2% +16.0% +4.6% +12.8% +9.1% +15.2% +6.0% +2.4%
1,210.8 1,215.6 1,328.1 1,534.9 1,672.7 1,915.5 2,066.0 2,354.2 2,516.7 2,571.4
n/a n/a n/a n/a n/a n/a 962.9 1,135.0 1,181.9 1,217.5
Growth +17.9% +4.1% +3.0%
436.7 432.0 465.6 504.1 488.4 537.8 641.1 751.3 822.2 799.6
142.2 108.7 226.0 305.6 282.7 312.0 303.9 377.6 347.4 389.1
Growth −23.5% +107.9% +35.2% −7.5% +10.4% −2.6% +24.2% −8.0% +12.0%
127.8 87.1 207.8 288.5 262.4 297.9 297.7 358.4 350.8 371.0
42.3 −20.9 57.2 71.7 51.8 63.0 62.2 83.5 70.7 100.1
85.5 108.0 150.6 216.7 210.7 235.0 235.5 274.9 280.1 270.9
Growth +26.2% +39.5% +43.9% −2.8% +11.5% +0.2% +16.7% +1.9% −3.3%
Per share
2.09 2.79 4.06 5.89 5.92 7.02 6.99 8.10 7.96 8.33
2.05 2.75 3.93 5.69 5.67 6.65 6.58 7.71 7.81 8.24
Growth +34.1% +42.9% +44.8% −0.4% +17.3% −1.1% +17.2% +1.3% +5.5%
40.9 38.7 37.1 36.8 35.6 33.5 33.7 33.9 35.2 32.5
41.7 39.2 38.3 38.1 37.1 35.3 35.8 35.6 35.8 32.9
Growth −6.0% −2.2% −0.5% −2.5% −4.9% +1.3% −0.4% +0.6% −8.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 9.0% a year over five years, and earnings per share grew 7.8% a year.
  • The diluted share count fell 11.5% in five years, so buybacks did some of the work per share.
  • Operating margin is down 1.2 points on five years ago, at 10.3%.
  • Profitable in every one of the 10 years on file.