FTI Consulting (FCN) Q3 FY2025 earnings: revenue $956 million, up 3.3% on the year

FTI Consulting, Inc. (FCN) reported revenue of $956 million for Q3 FY2025, the quarter ended 30 September 2025, up 3.3% on the same quarter a year earlier. Net income was $83 million, up 24.6% on the year, and diluted earnings per share $2.60. The figures are the company's own, from the 10-Q it filed with the SEC on 23 October 2025.

Revenue$956 millionup 3.3%

Net income$83 millionup 24.6%

Diluted EPS$2.60

QuarterQ3 FY2025ended 30 September 2025

The quarter, against the one before and a year earlier

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Revenue	956	944	926	+3.3%
Cost of revenue	638	641	628	+1.6%
Gross profit	318	303	298	+6.7%
Gross margin	33.3%	32.1%	32.2%
Selling, general and administrative	199	202	206	-3.2%
Operating income	118	99.3	90.9	+29.5%
Operating margin	12.3%	10.5%	9.8%
Interest expense	7.6	5.3	1.2	+537.8%
Pre-tax income	112	91.9	88.8	+25.8%
Income tax	28.9	20.2	22.3	+29.5%
Effective tax rate	25.9%	22.0%	25.1%
Net income	82.8	71.7	66.5	+24.6%
Net margin	8.7%	7.6%	7.2%
Diluted EPS	$2.60	$2.13	$1.85	+40.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Operating cash flow	202	55.7	219	-8.0%
Capital expenditure	14.9	17.4	7.0	+112.2%
Free cash flow	187	38.3	212	-11.9%
Free cash flow margin	19.6%	4.1%	22.9%
Cash from investing	-14.9	-17.4	-7.0	n/a
Cash from financing	-193	-51.9	-63.2	n/a
Depreciation and amortisation	12.1	11.3	11.0	+10.2%
Share-based compensation	10.0	10.4	10.7	-6.9%
Buybacks	234	354	0.0	n/a
Diluted shares, weighted	32m	34m	36m	-11.3%
Shares outstanding at period end	31m	33m	36m	-12.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Shareholders' equity	1,750	1,900	2,252	-22.3%
Debt	510	470	n/a	n/a
Operating lease liabilities	226	217	217	+4.1%
Other liabilities	1,004	908	1,048	-4.2%
Total liabilities and equity	3,490	3,494	3,517	-0.8%
Fixed assets	171	169	150	+13.4%
Goodwill	1,241	1,243	1,240	+0.1%
Intangible assets	14.2	14.9	17.5	-19.2%
Cash and equivalents	146	153	386	-62.2%
Receivables	1,141	1,127	1,184	-3.7%
Other assets	777	788	538	+44.4%
Total assets	3,490	3,494	3,517	-0.8%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	893	925	929	949	926	895	898	944	956	991	983	993
Cost of revenue	599	614	626	638	628	625	609	641	638	683	677	677
Gross profit	294	311	303	311	298	270	289	303	318	308	307	316
Gross margin	33%	34%	33%	33%	32%	30%	32%	32%	33%	31%	31%	32%
SG&A	186	195	202	206	206	208	184	202	199	214	222	231
Operating income	107	115	99.6	104	90.9	52.7	78.7	99.3	118	93.4	83.9	85.0
Operating margin	12%	12%	11%	11%	10%	6%	9%	11%	12%	9%	9%	9%
Interest expense	4.5	3.9	1.7	3.3	1.2	0.7	1.0	5.3	7.6	7.5	6.4	11.6
Pre-tax income	108	103	99.5	103	88.8	59.8	80.6	91.9	112	86.8	78.5	73.0
Tax rate	23%	21%	20%	18%	25%	17%	23%	22%	26%	37%	27%	21%
Net income	83.3	81.6	80.0	83.9	66.5	49.7	61.8	71.7	82.8	54.5	57.6	57.8
Net margin	9%	9%	9%	9%	7%	6%	7%	8%	9%	6%	6%	6%
Diluted EPS	$2.34	$2.28	$2.23	$2.34	$1.85	$1.38	$1.74	$2.13	$2.60	$1.78	$1.90	$1.99
Operating cash flow	107	383	-275	135	219	315	-465	55.7	202	360	-310	152
Capital expenditure	14.2	6.3	4.6	10.1	7.0	13.7	17.8	17.4	14.9	8.4	10.6	11.3
Free cash flow	92.5	377	-279	125	212	302	-483	38.3	187	351	-321	141
Buybacks	0.0	0.0	0.0	0.0	0.0	10.2	183	354	234	87.8	127	393
Shares outstanding	36m	36m	36m	36m	36m	36m	35m	33m	31m	31m	30m	28m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2025, filed 23 October 2025, accession 0000887936-25-000108: the filing on EDGAR. All of FTI Consulting, Inc.'s filings: EDGAR company page.

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