FTI Consulting, Inc. (FCN) Income Statement

30Y historyFree accessUpdated daily

Revenue has grown to roughly $1.0B per quarter with gross margin rising to 34.6% and operating margin at 8.9% in 2026Q3, though EPS volatility and a 15.0% year-over-year EPS decline in 2026Q2 suggest earnings quality remains uneven.

Annual statement

FCN Income Statement

FTI Consulting, Inc. (FCN) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	3.98B	3.79B	3.7B	3.49B	3.03B	2.78B	2.46B	2.35B	2.03B	1.81B	1.81B	1.78B	1.76B	1.65B	1.58B	1.57B	1.4B	1.4B	1.29B	1B	707.93M	539.54M	427M	375.69M	224.11M	166.36M	134.76M	84.6M	58.6M	44.2M	30.6M
Revenue Growth %	7.77%	2.44%	6%	15.2%	9.1%	12.8%	4.61%	16.02%	12.18%	-0.15%	1.76%	1.31%	6.28%	4.79%	0.64%	11.8%	0.11%	8.26%	29.15%	41.44%	31.21%	26.36%	13.66%	67.64%	34.72%	23.44%	59.3%	44.37%	32.58%	44.44%	50.74%
Cost of Goods Sold	2.7B	2.57B	2.52B	2.35B	2.07B	1.92B	1.67B	1.53B	1.33B	1.22B	1.21B	1.17B	1.14B	1.04B	980.53M	956.91M	815.78M	767.39M	705.61M	548.41M	389.03M	291.59M	234.97M	176.35M	108.1M	83.45M	65.9M	41.6M	28.4M	21.8M	16.2M
COGS % of Revenue	-	67.87%	68.04%	67.47%	68.21%	69%	67.96%	65.24%	65.49%	67.24%	66.88%	65.84%	65.18%	63.06%	62.18%	61.08%	58.21%	54.82%	54.57%	54.77%	54.95%	54.04%	55.03%	46.94%	48.24%	50.16%	48.9%	49.17%	48.46%	49.32%	52.94%
Gross Profit	1.28B	1.22B	1.18B	1.14B	962.93M	860.72M	788.56M	817.82M	699.8M	592.17M	599.62M	607.71M	611.46M	610.37M	596.34M	609.86M	585.68M	632.56M	587.53M	452.86M	318.9M	247.95M	192.03M	199.34M	116.01M	82.91M	68.87M	43M	30.2M	22.4M	14.4M
Gross Margin %	32.17%	32.13%	31.96%	32.53%	31.79%	31%	32.04%	34.76%	34.51%	32.76%	33.12%	34.16%	34.82%	36.94%	37.82%	38.92%	41.79%	45.18%	45.43%	45.23%	45.05%	45.96%	44.97%	53.06%	51.76%	49.84%	51.1%	50.83%	51.54%	50.68%	47.06%
Gross Profit Growth %	-	3.01%	4.13%	17.87%	11.88%	9.15%	-3.58%	16.86%	18.18%	-1.24%	-1.33%	-0.61%	0.18%	2.35%	-2.22%	4.13%	-7.41%	7.66%	29.74%	42.01%	28.61%	29.12%	-3.67%	71.83%	39.92%	20.39%	60.15%	42.38%	34.82%	55.56%	26.32%
Operating Expenses	927.56M	803.1M	834.56M	757.47M	659.05M	548.67M	505.9M	512.23M	473.8M	483.46M	457.47M	443.19M	464.03M	528.93M	537.3M	404.41M	417.47M	369.02M	349.01M	265.85M	212.72M	134.26M	113.57M	85.52M	52.68M	37.32M	27.86M	33.7M	24.5M	16.9M	11.7M
OpEx % of Revenue	-	21.2%	22.56%	21.71%	21.76%	19.76%	20.55%	21.77%	23.36%	26.74%	25.27%	24.91%	26.42%	32.01%	34.07%	25.81%	29.79%	26.36%	26.99%	26.55%	30.05%	24.88%	26.6%	22.76%	23.51%	22.43%	20.67%	39.83%	41.81%	38.24%	38.24%
Selling, General & Admin	881.02M	799.62M	822.15M	751.31M	641.07M	537.84M	488.41M	504.07M	465.64M	432.01M	436.72M	432.67M	433.85M	394.68M	378.02M	373.3M	341.24M	344.32M	330.19M	255.24M	178.57M	127.73M	102.06M	78.78M	51.65M	33.09M	23.92M	28.8M	21.5M	15.2M	10.8M
SG&A % of Revenue	-	21.1%	22.23%	21.53%	21.17%	19.37%	19.84%	21.43%	22.96%	23.9%	24.12%	24.32%	24.7%	23.88%	23.97%	23.83%	24.35%	24.6%	25.53%	25.49%	25.22%	23.67%	23.9%	20.97%	23.05%	19.89%	17.75%	34.04%	36.69%	34.39%	35.29%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1000K	3.48M	12.41M	6.16M	17.98M	10.82M	17.49M	8.15M	8.16M	51.45M	20.75M	10.53M	30.18M	134.25M	159.29M	31.12M	76.23M	24.7M	18.82M	10.62M	34.15M	6.53M	11.51M	6.74M	1.03M	4.24M	3.94M	4.9M	3M	1.7M	900K
Operating Income	352.75M	414.37M	347.36M	377.56M	303.88M	312.05M	282.66M	305.6M	226M	108.71M	142.16M	164.51M	147.43M	81.44M	59.04M	205.45M	168.44M	263.54M	238.66M	187.01M	106.18M	113.69M	78.47M	113.83M	63.33M	32.27M	24.64M	9.3M	5.7M	5.5M	2.7M
Operating Margin %	8.86%	10.94%	9.39%	10.82%	10.03%	11.24%	11.48%	12.99%	11.14%	6.01%	7.85%	9.25%	8.39%	4.93%	3.74%	13.11%	12.02%	18.82%	18.46%	18.68%	15%	21.07%	18.38%	30.3%	28.26%	19.4%	18.29%	10.99%	9.73%	12.44%	8.82%
Operating Income Growth %	-	19.29%	-8%	24.25%	-2.62%	10.4%	-7.5%	35.22%	107.9%	-23.53%	-13.59%	11.59%	81.03%	37.95%	-71.26%	21.97%	-36.09%	10.43%	27.62%	76.12%	-6.61%	44.89%	-31.06%	79.74%	96.25%	30.96%	164.97%	63.16%	3.64%	103.7%	28.57%
EBITDA	404.6M	463.62M	395.45M	424.8M	349.42M	357.14M	325.71M	343.9M	265.7M	150.45M	191.16M	207.63M	198.07M	137.03M	115.54M	256.4M	247.44M	317.01M	283.52M	216.98M	130.55M	131.59M	94.42M	124.51M	69.31M	41.19M	32.13M	14.2M	8.7M	7.2M	3.6M
EBITDA Margin %	10.17%	12.24%	10.69%	12.17%	11.54%	12.86%	13.23%	14.62%	13.1%	8.32%	10.56%	11.67%	11.28%	8.29%	7.33%	16.36%	17.66%	22.64%	21.92%	21.67%	18.44%	24.39%	22.11%	33.14%	30.93%	24.76%	23.84%	16.78%	14.85%	16.29%	11.76%
EBITDA Growth %	-4.32%	17.24%	-6.91%	21.57%	-2.16%	9.65%	-5.29%	29.43%	76.6%	-21.3%	-7.93%	4.82%	44.55%	18.6%	-54.94%	3.62%	-21.94%	11.81%	30.67%	66.2%	-0.78%	39.37%	-24.17%	79.64%	68.28%	28.17%	126.3%	63.22%	20.83%	100%	33.33%
D&A (Non-Cash Add-back)	51.85M	49.24M	48.09M	47.24M	45.54M	45.09M	43.05M	38.3M	39.7M	41.74M	49.01M	43.12M	50.65M	55.59M	56.51M	50.95M	79M	53.47M	44.86M	29.97M	24.37M	17.89M	15.95M	10.68M	5.98M	8.92M	7.49M	4.9M	3M	1.7M	900K
EBIT	355.4M	392.41M	357.72M	372.69M	307.8M	318.24M	282.25M	307.66M	234.94M	112.46M	152.62M	148.15M	152.1M	83.19M	59.84M	211.75M	157.65M	271.95M	244.19M	193.65M	106.18M	113.69M	78.47M	113.83M	63.33M	25.92M	18.69M	9.3M	5.7M	5.5M	2.7M
Net Interest Income	-38.23M	-14.34M	1.52M	-9.12M	-5.43M	-17.87M	-16.07M	-14.45M	-21.7M	-21.39M	-20.4M	-37.77M	-44.83M	-45.94M	-50.38M	-52.42M	-44.82M	-39.28M	-33.6M	-35.32M	-26.83M	-13.19M	-5.61M	0	0	0	0	0	0	0	0
Interest Income	713K	7.06M	8.47M	5.21M	4.62M	2.43M	3.73M	4.76M	5.45M	3.97M	4.42M	5M	5.85M	5.44M	6.35M	6.2M	5.44M	5.64M	7.45M	8.17M	2.58M	1.88M	788K	0	0	0	0	0	0	0	0
Interest Expense	38.94M	21.4M	6.95M	14.33M	10.05M	20.29M	19.8M	19.21M	27.15M	25.36M	24.82M	42.77M	50.69M	51.38M	56.73M	58.62M	50.26M	44.92M	41.05M	43.49M	29.41M	15.06M	6.4M	0	0	0	0	0	0	0	0
Other Income/Expense	-37.23M	-43.36M	3.41M	-19.2M	-6.13M	-14.1M	-20.22M	-17.14M	-18.21M	-21.61M	-14.35M	-59.13M	-46.02M	-49.63M	-55.92M	-52.32M	-51M	-36.52M	-33.03M	-37.22M	-27.02M	-16.5M	-4.41M	-4.2M	-4.72M	-4.36M	-10.77M	-4M	-1.1M	100K	200K
Pretax Income	315.52M	371.01M	350.77M	358.36M	297.75M	297.95M	262.45M	288.45M	207.79M	87.11M	127.8M	105.39M	101.41M	31.81M	3.11M	153.13M	117.44M	227.03M	205.63M	149.79M	79.17M	97.19M	74.06M	109.63M	58.61M	27.91M	13.87M	5.3M	4.6M	5.6M	2.9M
Pretax Margin %	7.93%	9.79%	9.48%	10.27%	9.83%	10.73%	10.66%	12.26%	10.25%	4.82%	7.06%	5.92%	5.77%	1.93%	0.2%	9.77%	8.38%	16.22%	15.9%	14.96%	11.18%	18.01%	17.34%	29.18%	26.15%	16.78%	10.29%	6.26%	7.85%	12.67%	9.48%
Income Tax	82.1M	100.14M	70.68M	83.47M	62.23M	62.98M	51.76M	71.72M	57.18M	-20.86M	42.28M	39.33M	42.6M	42.41M	40.1M	49.22M	45.55M	84M	80.2M	57.67M	37.14M	40.82M	31.18M	44.84M	23.7M	11.45M	5.92M	2.3M	2M	2.3M	1.2M
Effective Tax Rate %	26.02%	26.99%	20.15%	23.29%	20.9%	21.14%	19.72%	24.87%	27.52%	-23.94%	33.08%	37.32%	42.01%	133.3%	1287.73%	32.15%	38.79%	37%	39%	38.5%	46.92%	42%	42.1%	40.9%	40.44%	41%	42.66%	43.4%	43.48%	41.07%	41.38%
Net Income	233.42M	270.87M	280.09M	274.89M	235.51M	234.97M	210.68M	216.73M	150.61M	107.96M	85.52M	66.05M	58.81M	-10.59M	-36.99M	103.9M	71.89M	143.03M	125.44M	92.12M	42.02M	56.37M	42.88M	59.47M	37.16M	16.47M	2.56M	3M	2.6M	3.3M	1.7M
Net Margin %	5.86%	7.15%	7.57%	7.88%	7.78%	8.46%	8.56%	9.21%	7.43%	5.97%	4.72%	3.71%	3.35%	-0.64%	-2.35%	6.63%	5.13%	10.22%	9.7%	9.2%	5.94%	10.45%	10.04%	15.83%	16.58%	9.9%	1.9%	3.55%	4.44%	7.47%	5.56%
Net Income Growth %	-12.26%	-3.29%	1.89%	16.72%	0.23%	11.53%	-2.79%	43.9%	39.5%	26.24%	29.47%	12.32%	655.1%	71.36%	-135.6%	44.53%	-49.74%	14.02%	36.16%	119.21%	-25.45%	31.46%	-27.9%	60.03%	125.65%	543.07%	-14.63%	15.38%	-21.21%	94.12%	142.86%
Net Income (Continuing)	233.42M	270.87M	280.09M	274.89M	235.51M	234.97M	210.68M	216.73M	150.61M	107.96M	85.52M	66.05M	58.81M	-10.59M	-36.99M	103.9M	65.98M	143.03M	125.44M	92.12M	42.02M	56.37M	42.88M	64.79M	34.91M	12.95M	4.66M	3M	2.6M	3.3M	1.7M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	8.65	8.24	7.81	7.71	6.58	6.65	5.67	5.69	3.93	2.75	2.05	1.58	1.44	-0.27	-0.92	2.39	1.38	2.70	2.34	2.00	1.04	1.35	1.01	1.41	1.09	0.56	-0.05	0.26	0.23	0.31	0.19
EPS Growth %	-0.13%	5.51%	1.3%	17.17%	-1.05%	17.28%	-0.35%	44.78%	42.91%	34.15%	29.75%	9.72%	633.33%	70.65%	-138.49%	73.19%	-48.89%	15.38%	17%	92.31%	-22.96%	33.66%	-28.37%	29.36%	94.64%	1220%	-119.23%	13.04%	-25.81%	63.16%	72.73%
EPS (Basic)	-	8.33	7.96	8.10	6.99	7.02	5.92	5.89	4.06	2.79	2.09	1.62	1.48	-0.27	-0.92	2.53	1.45	2.86	2.55	2.14	1.06	1.38	1.02	1.45	1.16	0.61	-0.05	0.27	0.24	0.32	0.20
Diluted Shares Outstanding	26.99M	32.88M	35.84M	35.65M	35.78M	35.34M	37.15M	38.11M	38.32M	39.19M	41.71M	41.73M	40.73M	39.19M	40.32M	43.47M	47.66M	53.04M	53.6M	45.97M	40.41M	41.75M	42.45M	42.18M	34.09M	29.41M	16.33M	11.43M	11.47M	10.61M	9.11M
Basic Shares Outstanding	26.74M	32.53M	35.21M	33.92M	33.69M	33.49M	35.6M	36.77M	37.1M	38.7M	40.94M	40.85M	39.73M	39.19M	40.2M	41.13M	45.56M	49.96M	49.19M	43.03M	39.65M	40.85M	42.04M	41.01M	32.04M	26.85M	14.03M	11.05M	10.83M	10.17M	8.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5.88%

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Talent-driven cost pressure and utilization risk

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Top-Line Momentum Fades Into Mid-Single Digits

Based on FCN's reported quarterly figures, revenue rose from $894.9M in 2024Q4 to roughly $1.0B in 2026Q3, but year-over-year growth of 5.3% in 2026Q2 and 5.9% in 2026Q3 suggests momentum has moderated from earlier levels.

The 9.8% growth in 2024Q2 and the 10.7% in 2025Q4 show that growth has been uneven, with several quarters near flat. The recent mid-single-digit pace appears more durable than the spikes, though it may indicate that demand is normalizing rather than accelerating. Investors should monitor whether utilization supports growth without requiring further headcount expansion.

Gross Margin Recovery Tied to Mix Shifts

As reported in the income statements, FCN's gross margin expanded from 30.2% in 2024Q4 to 34.6% in 2026Q3, a move that may reflect improved billing realization or a favorable segment mix rather than structural pricing power alone.

The consistency of margins in the low-30s across ten quarters suggests a talent-heavy cost base that caps upside. The recent expansion above 34% is notable, yet the Q2 2026 dip to 31.8% shows the margin remains sensitive to quarterly utilization swings. Gross margin of 32.13% sits within the range of peers such as Huron and CRA, implying no clear pricing advantage.

EPS Volatility Outpaces Revenue Stability

Based on FCN's reported figures, diluted EPS swung from $1.38 in 2024Q4 to $2.60 in 2025Q3 and back to $1.81 in 2026Q2, a range far wider than the modest revenue movements over the same period.

Net margin variation between 5.5% and 8.8% suggests that below-the-line items, tax effects, or contingent items may be contributing materially to earnings. Stock-based compensation remains relatively contained near $9M to $11M per quarter, so it does not appear to explain the volatility. Investors should investigate the drivers of the 2025Q3 spike before extrapolating that level.

Q2 2026 Miss Challenges Earnings Narrative

According to reported quarterly results, FCN's Q2 2026 diluted EPS of $1.81 fell 15.0% year-over-year, and the contraction in operating margin to 8.6% raises questions about whether the recent recovery is sustainable.

The reported EPS of $1.99 versus a $2.72 consensus indicates a meaningful gap that may signal demand softness or cost pressure. Operating margin has trended down from 12.3% in 2025Q3 to 8.5% in 2026Q1, which suggests compensation costs may be outpacing billing rates. Short-sellers would likely argue that the cyclical tailwind from restructuring has peaked and that current margins are not durable.

Talent Compensation Drives Cost Base

Based on FCN's income statement, SG&A ran between $199.5M and $230.7M per quarter, representing roughly 21% to 24% of revenue, which suggests overhead and talent costs absorb most of the gross profit.

With R&D reported as zero, the cost structure is effectively dominated by SG&A and cost of revenue. The 2026Q2 SG&A of $230.7M against revenue of $993.5M highlights how sensitive operating income is to small shifts in personnel expense. Investors should monitor whether SG&A growth continues to exceed revenue growth, which would indicate deteriorating operating leverage.

FCN — Frequently Asked Questions

Quick answers to the most common questions about buying FCN stock.

What was FTI Consulting, Inc.'s (FCN) revenue in 2025?

For fiscal year 2025, FTI Consulting, Inc. (FCN) reported total revenue of $3.79B. This represents a 12281.9% increase compared to $30.6M in 1996.

Is FTI Consulting, Inc. (FCN) profitable?

FTI Consulting, Inc. (FCN) is profitable, generating $270.9M in net income for the fiscal year ending 2025 with a net profit margin of 7.1%.

What is FTI Consulting, Inc.'s operating profit margin?

FTI Consulting, Inc. (FCN) reported an operating income of $414.4M, resulting in an operating profit margin of 10.9%. This margin reflects the operational efficiency of the business before interest and taxes.

What is FTI Consulting, Inc.'s gross profit and gross margin?

FTI Consulting, Inc. (FCN) generated $1.22B in gross profit for the year, representing a gross profit margin of 32.1%. This demonstrates the company's core pricing power and production efficiency.