Core Insights - FTI Consulting, Inc. (FCN) reported strong second-quarter 2025 results with earnings and revenues exceeding the Zacks Consensus Estimate, but the stock price remained flat post-earnings release [1][7] - Adjusted EPS was $2.13, beating estimates by 14% but down 9% year over year; total revenues were $943.7 million, surpassing estimates by 3.6% but declining 0.6% year over year [1][7] Segment Performance - Technology revenues decreased by 27.9% year over year to $83.6 million, primarily due to lower demand for M&A-related "second request" services [3] - Economic Consulting revenues fell 17% year over year to $191.7 million, driven by reduced demand for M&A-related antitrust services, partially offset by higher realized bill rates [3] - Corporate Finance & Restructuring revenues increased by 9% year over year to $379.2 million, attributed to higher demand for restructuring services and increased bill rates [4] - Strategic Communications revenues rose by 20.8% year over year to $102.7 million, mainly due to an increase in pass-through revenues and demand for corporate reputation services [5] - Forensic and Litigation Consulting revenues grew by 10% year over year to $186.5 million, supported by higher realized bill rates for risk and investigations services [8] Financial Metrics - Adjusted EBITDA was $111.6 million, down 3.7% year over year, with an adjusted EBITDA margin declining by 410 basis points to 8.7% [9] - The company ended the quarter with cash and cash equivalents of $152.8 million, down from $226.4 million in the prior quarter, and generated $55.7 million from operating activities [10] Guidance - FCN projects full-year 2025 revenues between $3.66 billion and $3.76 billion, with EPS expected to range from $7.24 to $7.84 [11] - The company anticipates additional capital expenditures of $29 million to $36 million for the remainder of 2025 [12]