fcn-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-14875

FTI CONSULTING, INC.

(Exact Name of Registrant as Specified in its Charter)


Maryland									52-1261113
(State or Other Jurisdiction of Incorporation or Organization)									(I.R.S. Employer Identification No.)

555 12th Street NW
Washington,
DC									20004
(Address of Principal Executive Offices)									(Zip Code)

(202) 312-9100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value

FCN

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class			Outstanding at April 23, 2026
Common Stock, $0.01 par value			30,144,043

FTI CONSULTING, INC. AND SUBSIDIARIES

INDEX


		Page
PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements	3

	Condensed Consolidated Balance Sheets—March 3 1 , 202 6 and December 31, 202 5	3

	Condensed Consolidated Statements of Comprehensive Income—Three Months Ended Ma rch 31 , 202 6 and 202 5	4

	Condensed Consolidated Statements of Stockholders’ Equity—Three Months Ended March 3 1 , 202 6 and 202 5	5

	Condensed Consolidated Statements of Cash Flows—Three Months Ended March 3 1 , 202 6 and 202 5	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36

Item 4.	Controls and Procedures	36

PART II—OTHER INFORMATION

Item 1.	Legal Proceedings	37

Item 1A.	Risk Factors	37

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37

Item 3.	Defaults Upon Senior Securities	38

Item 4.	Mine Safety Disclosures	38

Item 5.	Other Information	38

Item 6.	Exhibits	39

SIGNATURES		40

PART I—FINANCIAL INFORMATION

FTI Consulting, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except per share data)


Item 1.			Financial Statements


	March 31,		December 31,
	2026		2025
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	198,276	$	265,091




Accounts receivable, net	1,148,084		1,037,678
Current portion of notes receivable	91,370		87,861
Prepaid expenses and other current assets	119,159		126,997
Total current assets	1,556,889		1,517,627
Property and equipment, net	166,209		169,333
Operating lease assets	193,796		201,492
Goodwill	1,239,835		1,242,777
Intangible assets, net	12,908		13,547
Notes receivable, net	245,719		250,667
Other assets	91,174		95,085
Total assets	$	3,506,530	$	3,490,528
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable, accrued expenses and other	$	254,298	$	206,247
Accrued compensation	369,346		712,335
Billings in excess of services provided	53,184		56,607

Total current liabilities	676,828		975,189
Long-term debt, net	754,257		365,000
Noncurrent operating lease liabilities	214,955		224,510
Deferred income taxes	103,251		99,611
Other liabilities	95,540		92,487
Total liabilities	1,844,831		1,756,797
Commitments and contingencies (Note 10)
Stockholders’ equity
Preferred stock, $0.01 par value; shares authorized — 5,000; none outstanding	—		—
Common stock, $0.01 par value; shares authorized — 75,000; shares issued and outstanding 30,145 (2026) and 30,864 (2025)	301		309
Additional paid-in capital	—		354
Retained earnings	1,801,055		1,862,672
Accumulated other comprehensive loss	(139,657)		(129,604)
Total stockholders’ equity	1,661,699		1,733,731
Total liabilities and stockholders’ equity	$	3,506,530	$	3,490,528

See accompanying notes to condensed consolidated financial statements

FTI Consulting, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(in thousands, except per share data)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Revenues	$	983,345	$	898,282
Operating expenses
Direct cost of revenues	676,518		608,928
Selling, general and administrative expenses	222,298		184,335
Special charges	—		25,295

Amortization of intangible assets	612		1,017
	899,428		819,575
Operating income	83,917		78,707
Other income (expense)
Interest income and other	1,074		2,842
Interest expense	(6,445)		(968)

	(5,371)		1,874
Income before income tax provision	78,546		80,581
Income tax provision	20,915		18,757
Net income	$	57,631	$	61,824
Earnings per common share — basic	$	1.92	$	1.76
Earnings per common share — diluted	$	1.90	$	1.74
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax expense of $0	$	(10,053)	$	14,574
Total other comprehensive income (loss), net of tax	(10,053)		14,574
Comprehensive income	$	47,578	$	76,398

See accompanying notes to condensed consolidated financial statements

FTI Consulting, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

(Unaudited)


								Accumulated Other Comprehensive Loss
	Common Stock			Additional Paid-in Capital		Retained Earnings
	Shares	Amount							Total
Balance at December 31, 2025	30,864	$	309	$	354	$	1,862,672

SEC Form 10-Q filed by FTI Consulting Inc.