FTI Consulting Raises Full-Year Forecast on Strong Corporate Finance and Forensic Performance

FTI Consulting posted record third-quarter results and raised full-year guidance, as strength in Corporate Finance & Restructuring and Forensic & Litigation Consulting offset continued weakness in its Economic Consulting and Technology units. For the quarter ended Sept. 30, revenue rose 3.3% to $956.2 million. Earnings per share climbed 41% to $2.60, helped by one-time items that management said tilted positive. Adjusted Ebitda increased to $130.6 million, or 13.7% of revenue, from 11.1% a year earlier.

Corporate Finance led the way with revenue up 18.6% to $404.9 million, driven by restructuring and deal advisory; segment Ebitda margin expanded to 23.8%. Forensic & Litigation Consulting revenue rose 15.4% to $194.7 million, with stronger pricing in risk and investigations and data analytics pushing margins to 21.9%. Strategic Communications grew 7.4% to $89.4 million, reflecting demand for crisis, transformation, and cyber counsel.

Economic Consulting—dominated by Compass Lexecon—fell 22% to $173.1 million and posted a $4.6 million adjusted Ebitda loss amid softer antitrust work and higher retention and hiring costs. Management said costs have stabilized but cautioned that a revenue inflection will take multiple quarters as new hires ramp. Technology revenue declined 14.8% to $94.1 million on fewer second-request matters, though activity improved sequentially.

Chief Executive Steve Gunby framed the quarter as a payoff from years of organic investment and talent bets across geographies and adjacencies, while reaffirming continued spend on AI capabilities and senior recruiting despite near-term pressure in weaker segments. FTI now expects 2025 revenue of $3.685 billion to $3.735 billion, EPS of $7.62 to $8.12, and adjusted EPS of $8.20 to $8.70, assuming a 22%–24% tax rate.

The firm repurchased 1.426 million shares in the quarter at an average $164.18 and another 469,610 shares post-quarter at $160.23; the board added $500 million to buyback authorization. Cash stood at $146 million with net debt of $364 million. Management flagged typical fourth-quarter seasonality but said 2025 would mark an 11th straight year of adjusted EPS growth absent unforeseen disruption.