Revenue growth reached 14.2% in 2026Q1, yet operating margins remain constrained at 8.1% due to the human-capital-intensive nature of the business model.
| 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 |
|---|
| Sales/Revenue | 1.74B | 1.7B | 1.49B | 1.36B | 1.13B | 905.64M | 844.13M | 876.76M | 795.13M | 732.57M | 726.27M | 699.01M | 627.69M | 538.13M | 625.96M | 657.89M | 604.6M | 679.54M | 615.48M | 547.95M | 321.92M | 225.96M | 173.91M | 110.29M | 38.02M |
| Revenue Growth % | 13.87% | 14.34% | 9.11% | 20.28% | 25.04% | 7.29% | -3.72% | 10.27% | 8.54% | 0.87% | 3.9% | 11.36% | 16.64% | -14.03% | -4.85% | 8.81% | -11.03% | 10.41% | 12.32% | 70.22% | 42.47% | 29.93% | 57.68% | 190.08% | - |
| Cost of Goods Sold | 880.55M | 1.19B | 1.01B | 942.7M | 785.88M | 636.78M | 592.43M | 575.6M | 521.54M | 454.81M | 437.56M | 401.92M | 384.28M | 323.4M | 384.88M | 433.12M | 399.21M | 451.41M | 423.75M | 344.83M | 197.07M | 136.75M | 107.53M | 78.33M | 28.98M |
| COGS % of Revenue | - | 70.06% | 67.97% | 69.21% | 69.4% | 70.31% | 70.18% | 65.65% | 65.59% | 62.08% | 60.25% | 57.5% | 61.22% | 60.1% | 61.49% | 65.83% | 66.03% | 66.43% | 68.85% | 62.93% | 61.22% | 60.52% | 61.83% | 71.02% | 76.21% |
| Gross Profit | 405.21M | 508.79M | 476.01M | 419.36M | 346.57M | 268.86M | 251.7M | 301.15M | 273.59M | 277.76M | 288.72M | 297.1M | 243.41M | 214.73M | 241.08M | 224.77M | 205.39M | 228.13M | 191.73M | 203.12M | 124.84M | 89.21M | 66.38M | 31.96M | 9.05M |
| Gross Margin % | 23.32% | 29.94% | 32.03% | 30.79% | 30.6% | 29.69% | 29.82% | 34.35% | 34.41% | 37.92% | 39.75% | 42.5% | 38.78% | 39.9% | 38.51% | 34.17% | 33.97% | 33.57% | 31.15% | 37.07% | 38.78% | 39.48% | 38.17% | 28.98% | 23.79% |
| Gross Profit Growth % | - | 6.89% | 13.51% | 21% | 28.9% | 6.82% | -16.42% | 10.08% | -1.5% | -3.79% | -2.82% | 22.06% | 13.36% | -10.93% | 7.25% | 9.44% | -9.97% | 18.99% | -5.61% | 62.7% | 39.94% | 34.39% | 107.67% | 253.35% | - |
| Operating Expenses | 660.54M | 309.49M | 307.19M | 294.01M | 246.81M | 216.03M | 280.55M | 237.45M | 221.49M | 485.22M | 214.48M | 193.6M | 155.07M | 124.48M | 167.21M | 143.52M | 141.06M | 165.34M | 154.44M | 119.38M | 77.33M | 57.63M | 43.22M | 32.18M | 15.58M |
| OpEx % of Revenue | - | 18.21% | 20.67% | 21.59% | 21.79% | 23.85% | 33.24% | 27.08% | 27.86% | 66.24% | 29.53% | 27.7% | 24.7% | 23.13% | 26.71% | 21.82% | 23.33% | 24.33% | 25.09% | 21.79% | 24.02% | 25.5% | 24.85% | 29.18% | 40.97% |
| Selling, General & Admin | 324.81M | 309.49M | 283.79M | 253.57M | 207.52M | 176.3M | 169.4M | 200.39M | 180.98M | 173.66M | 160.2M | 156.7M | 131.9M | 116.98M | 125.27M | 125M | 122.45M | 143.15M | 131.15M | 102.18M | 65.93M | 51.03M | 40.86M | 25.18M | 8.81M |
| SG&A % of Revenue | - | 18.21% | 19.1% | 18.62% | 18.33% | 19.47% | 20.07% | 22.86% | 22.76% | 23.71% | 22.06% | 22.42% | 21.01% | 21.74% | 20.01% | 19% | 20.25% | 21.07% | 21.31% | 18.65% | 20.48% | 22.59% | 23.49% | 22.83% | 23.18% |
| Research & Development | 0 | 0 | 7.6M | 6.5M | 5.9M | 5.2M | 4.7M | 3M | 1.4M | 800K | 1.1M | 1M | 800K | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.51% | 0.48% | 0.52% | 0.57% | 0.56% | 0.34% | 0.18% | 0.11% | 0.15% | 0.14% | 0.13% | 0.04% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 15.79M | 33.94M | 33.39M | 34.52M | 106.45M | 34.06M | 39.11M | 310.76M | 53.18M | 35.9M | 22.37M | 0 | 0 | 18.52M | 18.61M | 22.19M | 23.29M | 17.21M | 11.41M | 6.6M | 2.37M | 32.18M | 15.58M |
| Operating Income | 196.44M | 199.3M | 168.82M | 125.35M | 99.76M | 52.84M | -28.85M | 63.71M | 52.1M | -207.46M | 74.23M | 103.5M | 88.34M | 84.33M | 93.47M | 55.45M | 42.95M | -2.59M | 91.64M | 83.74M | 47.51M | 31.58M | 19.68M | -216.67K | -6.53M |
| Operating Margin % | 11.31% | 11.73% | 11.36% | 9.2% | 8.81% | 5.83% | -3.42% | 7.27% | 6.55% | -28.32% | 10.22% | 14.81% | 14.07% | 15.67% | 14.93% | 8.43% | 7.1% | -0.38% | 14.89% | 15.28% | 14.76% | 13.98% | 11.32% | -0.2% | -17.17% |
| Operating Income Growth % | - | 18.05% | 34.68% | 25.65% | 88.8% | 283.14% | -145.29% | 22.29% | 125.11% | -379.46% | -28.27% | 17.16% | 4.76% | -9.77% | 68.57% | 29.08% | 1760.42% | -102.82% | 9.44% | 76.26% | 50.44% | 60.44% | 9184.83% | 96.68% | - |
| EBITDA | 230.98M | 231.73M | 186.52M | 143.79M | 121.22M | 73.62M | -3.33M | 94.91M | 90.01M | -158.17M | 119.95M | 144.58M | 117.63M | 107.74M | 115.82M | 73.97M | 65.82M | 25.75M | 121.56M | 108.94M | 58.92M | 38.18M | 22.05M | 5.11M | -3.48M |
| EBITDA Margin % | 13.29% | 13.64% | 12.55% | 10.56% | 10.7% | 8.13% | -0.39% | 10.83% | 11.32% | -21.59% | 16.52% | 20.68% | 18.74% | 20.02% | 18.5% | 11.24% | 10.89% | 3.79% | 19.75% | 19.88% | 18.3% | 16.9% | 12.68% | 4.63% | -9.16% |
| EBITDA Growth % | 12.48% | 24.24% | 29.72% | 18.62% | 64.66% | 2310.72% | -103.51% | 5.45% | 156.91% | -231.86% | -17.03% | 22.91% | 9.18% | -6.97% | 56.57% | 12.39% | 155.64% | -78.82% | 11.59% | 84.91% | 54.33% | 73.15% | 331.33% | 246.8% | - |
| D&A (Non-Cash Add-back) | 34.54M | 32.43M | 17.7M | 18.44M | 21.46M | 20.78M | 25.52M | 31.2M | 37.91M | 49.29M | 45.72M | 41.08M | 29.29M | 23.41M | 22.35M | 18.52M | 22.86M | 28.33M | 29.92M | 25.2M | 11.41M | 6.6M | 2.37M | 5.33M | 3.05M |
| EBIT | 151.33M | 169.28M | 166.59M | 141.25M | 111.72M | 67.02M | 52.62M | 67.05M | 53.63M | 54.69M | 81.84M | 98.53M | 91.46M | 84.33M | 93.47M | 86.92M | 64.74M | -11.09M | 88.91M | 83.74M | 47.51M | 31.58M | 23.16M | -217K | -6.53M |
| Net Interest Income | -28.55M | -34.2M | -25.35M | -19.57M | -11.88M | -8.15M | -9.29M | -15.65M | -19.01M | -18.61M | -16.27M | -18.14M | -8.68M | -6.47M | -8.22M | -12.26M | -14.4M | -12.26M | -13.77M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69K | 242K | 480K | 582K | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 19.66M | 34.2M | 25.35M | 19.57M | 11.88M | 8.15M | 9.29M | 15.65M | 19.01M | 18.68M | 16.52M | 18.62M | 9.26M | 7.08M | 8.22M | 12.26M | 14.4M | 12.26M | 13.77M | 0 | 0 | 0 | 692K | 0 | 0 |
| Other Income/Expense | -55.74M | -64.22M | -14.8M | -41.45M | 8.82M | 27.2M | -5.02M | -11.21M | -26.88M | -15.05M | -15.08M | -19.93M | -8.28M | -552K | -27.82M | -12.34M | -14.14M | -10.37M | -16.5M | -8.24M | -687K | 435K | -692K | 33K | -332.9K |
| Pretax Income | 140.69M | 135.08M | 154.02M | 83.89M | 108.58M | 80.04M | -33.87M | 52.49M | 25.22M | -222.5M | 59.16M | 83.56M | 114.61M | 113.64M | 65.65M | 43.11M | 28.82M | -12.96M | 75.14M | 75.5M | 46.82M | 32.02M | 18.99M | -184.43K | -6.86M |
| Pretax Margin % | 8.1% | 7.95% | 10.36% | 6.16% | 9.59% | 8.84% | -4.01% | 5.99% | 3.17% | -30.37% | 8.15% | 11.95% | 18.26% | 21.12% | 10.49% | 6.55% | 4.77% | -1.91% | 12.21% | 13.78% | 14.54% | 14.17% | 10.92% | -0.17% | -18.05% |
| Income Tax | 36.94M | 30.04M | 37.39M | 21.42M | 33.02M | 17.05M | -10.15M | 10.51M | 11.28M | -52M | 19.68M | 21.67M | 35.56M | 47.18M | 29.7M | 21.63M | 16.43M | 1.53M | 34.49M | 33.6M | 20.13M | 14.25M | 8.13M | -122.02K | -2.7M |
| Effective Tax Rate % | 26.26% | 22.24% | 24.28% | 25.53% | 30.42% | 21.3% | 29.98% | 20.03% | 44.71% | 23.37% | 33.26% | 25.93% | 31.02% | 41.51% | 45.23% | 50.17% | 57.03% | -11.8% | 45.9% | 44.5% | 43% | 44.5% | 42.8% | 66.16% | 39.3% |
| Net Income | 103.75M | 105.04M | 116.63M | 62.48M | 75.55M | 62.99M | -23.72M | 41.74M | 13.65M | -170.12M | 37.62M | 59.05M | 79.05M | 66.43M | 36.43M | 20.52M | 8.53M | -32.87M | 40.65M | 41.9M | 26.69M | 17.77M | 10.86M | -1.06M | -4.17M |
| Net Margin % | 5.97% | 6.18% | 7.85% | 4.59% | 6.67% | 6.96% | -2.81% | 4.76% | 1.72% | -23.22% | 5.18% | 8.45% | 12.59% | 12.35% | 5.82% | 3.12% | 1.41% | -4.84% | 6.6% | 7.65% | 8.29% | 7.86% | 6.25% | -0.96% | -10.96% |
| Net Income Growth % | -15.76% | -9.93% | 86.66% | -17.3% | 19.95% | 365.57% | -156.82% | 205.9% | 108.02% | -552.23% | -36.3% | -25.3% | 18.99% | 82.37% | 77.53% | 140.69% | 125.93% | -180.87% | -2.98% | 57% | 50.2% | 63.56% | 1122.57% | 74.5% | - |
| Net Income (Continuing) | 103.75M | 105.04M | 116.63M | 62.48M | 75.55M | 62.99M | -23.72M | 41.98M | 13.94M | -170.5M | 39.48M | 61.9M | 79.05M | 66.46M | 35.95M | 21.48M | 12.38M | -14.49M | 40.65M | 41.9M | 26.69M | 17.77M | 10.86M | -1.06M | -4.17M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30K | 475K | 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 |
| EPS (Diluted) | 5.96 | 5.84 | 6.27 | 3.19 | 3.64 | 2.89 | -1.08 | 1.85 | 0.62 | -7.93 | 1.76 | 2.61 | 3.45 | 2.92 | 1.63 | 0.95 | 0.41 | -1.63 | 2.13 | 2.32 | 1.54 | 1.05 | 0.72 | -0.09 | -0.35 |
| EPS Growth % | -12.14% | -6.86% | 96.55% | -12.36% | 25.95% | 367.59% | -158.38% | 198.39% | 107.82% | -550.57% | -32.57% | -24.35% | 18.15% | 79.14% | 71.58% | 131.71% | 125.15% | -176.53% | -8.19% | 50.65% | 46.67% | 45.83% | 904.47% | 74.43% | - |
| EPS (Basic) | - | 6.02 | 6.52 | 3.32 | 3.73 | 2.94 | -1.08 | 1.90 | 0.63 | -7.93 | 1.78 | 2.67 | 3.52 | 2.98 | 1.66 | 0.96 | 0.41 | -1.63 | 2.23 | 2.47 | 1.63 | 1.13 | 0.77 | -0.09 | -0.35 |
| Diluted Shares Outstanding | 17.41M | 17.99M | 18.61M | 19.6M | 20.75M | 21.81M | 21.88M | 22.51M | 22.06M | 21.44M | 21.42M | 22.6M | 22.93M | 22.78M | 22.29M | 21.68M | 20.77M | 20.11M | 19.08M | 18.03M | 17.32M | 16.86M | 13.77M | 11.87M | 11.8M |
| Basic Shares Outstanding | 16.98M | 17.45M | 17.89M | 18.83M | 20.25M | 21.44M | 21.88M | 21.99M | 21.71M | 21.44M | 21.08M | 22.14M | 22.43M | 22.32M | 21.91M | 21.32M | 20.55M | 20.11M | 18.26M | 16.94M | 16.36M | 15.74M | 12.82M | 11.87M | 11.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 11.51% | - | - |
Professional labor wage inflation
According to recent financial disclosures, HURN has demonstrated consistent top-line expansion, with revenue growth reaching 14.2% in 2026Q1, suggesting that the firm's strategic pivot toward managed services and digital transformation is successfully capturing demand within the complex academic medical center and higher education institutional markets.
The firm's ability to maintain double-digit revenue growth indicates that its specialized consulting services remain essential despite broader economic uncertainty. Investors should monitor whether this growth trajectory remains durable as the company shifts from project-based advisory to more recurring, albeit potentially lower-margin, managed services contracts.
As reported in quarterly filings, HURN's gross margin has fluctuated near the 30% level, reflecting the human-capital-intensive nature of its business model where professional compensation remains the primary cost driver, limiting the firm's ability to achieve the high-margin scalability typically associated with pure-play software or technology firms.
The variability in gross margins suggests that the firm's transition toward digital implementation work may be introducing structural headwinds. Without a shift toward proprietary tools that decouple revenue from billable hours, margin expansion appears likely to remain tethered to the firm's ability to optimize consultant utilization rates.
Based on the provided income statement data, HURN's operating margin of 11.73% suggests that the firm currently lacks significant operating leverage, as SG&A expenses continue to scale in relative proportion to revenue growth, preventing a meaningful expansion of profitability during periods of increased top-line performance.
The lack of clear operating leverage implies that the firm's administrative and overhead costs are rising alongside its revenue, which may indicate that the business requires constant reinvestment in talent and infrastructure to support its growth. This warrants further investigation into whether management can eventually achieve economies of scale as its digital segment matures.
Analysis of recent income statements reveals that stock-based compensation remains a significant recurring expense, with $15.7M recorded in 2026Q1, which serves as a critical tool for talent retention but simultaneously exerts persistent downward pressure on the quality of reported net income and diluted earnings per share.
Investors should interpret the firm's net income figures with caution, as the reliance on equity-based incentives is a necessary cost to maintain the specialized human capital that forms the company's competitive moat. The volatility in quarterly EPS, as seen in the sharp swings between periods, suggests that non-operating items and compensation adjustments may be obscuring the underlying operational run-rate.
While HURN maintains a specialized market position, the potential for margin compression remains a primary concern, as the firm's reliance on high-cost professional labor makes it uniquely vulnerable to white-collar wage inflation that may not be fully recoverable through billable rate increases in the current environment.
Short-term performance may be bolstered by project-based demand, but the long-term risk lies in the firm's ability to defend its pricing power against larger, more diversified integrators. If the market begins to view Huron as a commodity service provider rather than a specialized advisor, the current valuation premium may face significant downward pressure.
Quick answers to the most common questions about buying HURN stock.
For fiscal year 2025, Huron Consulting Group Inc. (HURN) reported total revenue of $1.70B. This represents a 4368.8% increase compared to $38.0M in 2002.
Huron Consulting Group Inc. (HURN) is profitable, generating $105.0M in net income for the fiscal year ending 2025 with a net profit margin of 6.2%.
Huron Consulting Group Inc. (HURN) reported an operating income of $199.3M, resulting in an operating profit margin of 11.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Huron Consulting Group Inc. (HURN) generated $508.8M in gross profit for the year, representing a gross profit margin of 29.9%. This demonstrates the company's core pricing power and production efficiency.