FTI sulting(FCN) - 2025 Q4 - Annual Results

Revenue Performance - Full year 2025 revenues reached $3.789 billion, an increase of $90.2 million or 2.4% compared to $3.699 billion in 2024[3] - Fourth quarter 2025 revenues were $990.7 million, up 11% from $894.9 million in the prior year quarter[6] - Revenues for Q4 2025 reached $990,746, an increase of 10.7% compared to $894,924 in Q4 2024[31] - For the year ended December 31, 2025, revenues totaled $3,788,857, a slight increase of 2.4% from $3,698,652 in 2024[33] Income and Earnings - Full year 2025 net income was $270.9 million, down from $280.1 million in the prior year, primarily due to higher direct costs[3] - Full year 2025 earnings per diluted share (EPS) was $8.24, up 6% from $7.81 in the prior year, with adjusted EPS of $8.83, an 11% increase[4] - Net income for Q4 2025 was $54,531, compared to $49,710 in Q4 2024, reflecting an increase of 9.1%[31] - Earnings per share (EPS) for Q4 2025 was $1.78, up from $1.38 in Q4 2024, marking a growth of 29.0%[34] - Adjusted net income for Q4 2025 was $54,531, compared to $56,083 in Q4 2024, a decrease of 2.8%[34] EBITDA and Margins - Adjusted EBITDA for full year 2025 was $463.6 million, or 12.2% of revenues, compared to $403.7 million, or 10.9% of revenues, in the prior year[3] - Adjusted EBITDA for the year ended December 31, 2025 was $463,615, compared to $463,615 in 2024, indicating stable performance[35] - Adjusted EBITDA for the year ended December 31, 2024, was $403,685,000, reflecting a margin of 10.9%[38] - Corporate Finance segment revenue for the year ended December 31, 2024, was $1,391,206,000, with an adjusted EBITDA of $244,356,000, representing a margin of 17.6%[38] - Forensic and Litigation Consulting segment achieved an adjusted EBITDA of $86,717,000 for the year ended December 31, 2024, with a margin of 12.6%[38] - Economic Consulting segment reported an adjusted EBITDA of $109,498,000 for the year ended December 31, 2024, with a margin of 12.7%[38] Segment Performance - The Corporate Finance segment saw a revenue increase of $87.5 million, or 26.1%, to $423.2 million in Q4 2025[12] - The Forensic and Litigation Consulting segment's revenues increased by $17.0 million, or 9.7%, to $192.9 million in Q4 2025[13] - The Economic Consulting segment experienced a revenue decline of $29.9 million, or 14.5%, to $176.2 million in Q4 2025[14] Shareholder Actions - The company repurchased 5,264,916 shares of common stock for a total cost of $858.6 million in full year 2025[9] Future Projections - For 2026, the company estimates revenues will range between $3.940 billion and $4.100 billion, with EPS expected between $8.90 and $9.60[17] Assets and Liabilities - Total assets decreased to $3,490,528 in 2025 from $3,596,830 in 2024, a decline of 2.9%[29] - Total liabilities increased to $1,756,797 in 2025 from $1,338,540 in 2024, an increase of 31.2%[29] Cash Flow - Net cash provided by operating activities for the year ended December 31, 2024, was $395,097,000[40] - Cash and cash equivalents at the end of the period for December 31, 2024, were $660,493,000[40] - The company reported a net increase in cash and cash equivalents of $357,271,000 for the year ended December 31, 2024[40] Headcount - The Corporate Finance segment had a billable headcount of 2,286 at the end of the period[38]