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Consulting services · Industrials · Fiscal year ends Dec 31
Fti Consulting reported revenue of $3.8B in the fiscal year ended Dec 2025, up 2.4% from the year before. Operating income was $389M, an operating margin of 10.3%, and net income was $271M. Operating cash flow of $152M less capital expenditure of $59M left free cash flow of $94M. Net debt was $100M.
Ranks among the 10 consulting services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,776 | 3,029 | 3,489 | 3,699 | 3,789 |
| Cost of revenue | 1,916 | 2,066 | 2,354 | 2,517 | 2,571 |
| Gross profit | 861 | 963 | 1,135 | 1,182 | 1,217 |
| Selling, general & admin | 538 | 641 | 751 | 822 | 800 |
| Operating income | 312 | 304 | 378 | 347 | 389 |
| Net interest incomeBanks | 3.5 | 4.6 | 5.2 | – | – |
| Interest expense | 20.3 | 10.0 | 14.3 | 7.0 | 21.4 |
| Pre-tax income | 298 | 298 | 358 | 351 | 371 |
| Income tax | 63.0 | 62.2 | 83.5 | 70.7 | 100 |
| Net income | 235 | 236 | 275 | 280 | 271 |
| Diluted EPS | 6.65 | 6.58 | 7.71 | 7.81 | 8.24 |
| Diluted shares | 35.3 | 35.8 | 35.6 | 35.8 | 32.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 494 | 492 | 303 | 660 | 265 |
| Receivables | 754 | 896 | 1,102 | 1,020 | 1,038 |
| Current assets | 1,370 | 1,511 | 1,555 | 1,820 | 1,518 |
| Net PP&E | 142 | 153 | 160 | 150 | 169 |
| Goodwill | 1,233 | 1,228 | 1,235 | 1,227 | 1,243 |
| Total assets | 3,101 | 3,241 | 3,326 | 3,597 | 3,491 |
| Payables | 16.2 | 20.3 | 21.7 | 26.0 | 15.0 |
| Deferred revenue | 45.5 | 53.6 | 67.9 | 67.6 | 56.6 |
| Current liabilities | 718 | 769 | 893 | 932 | 975 |
| Short-term debt | 0.0 | 0.0 | 0.0 | – | 0.0 |
| Long-term debt | 297 | 315 | 0.0 | 0.0 | 365 |
| Total liabilities | 1,518 | 1,560 | 1,344 | 1,339 | 1,757 |
| Shareholders' equity | 1,583 | 1,682 | 1,981 | 2,258 | 1,734 |
| Backlog (remaining obligations) | – | – | – | 25.5 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 355 | 189 | 224 | 395 | 152 |
| Capital expenditure | 68.7 | 53.3 | 49.5 | 35.4 | 58.5 |
| Free cash flow | 287 | 135 | 175 | 360 | 93.6 |
| Depreciation & amortisation | 34.3 | 35.9 | 41.1 | 43.9 | 45.8 |
| Stock-based compensation | 23.1 | 25.4 | 29.5 | 38.4 | 39.3 |
| Acquisitions | 10.4 | 6.7 | 0.0 | 0.0 | – |
| Share buybacks | 46.1 | 85.4 | 21.0 | 10.2 | 859 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.1% | 15.2% | 6.0% | 2.4% |
| Operating income growth (YoY) | – | −2.6% | 24.2% | −8.0% | 12.0% |
| EPS growth (YoY) | – | −1.1% | 17.2% | 1.3% | 5.5% |
| Gross margin | 31.0% | 31.8% | 32.5% | 32.0% | 32.1% |
| Operating margin | 11.2% | 10.0% | 10.8% | 9.4% | 10.3% |
| Net margin | 8.5% | 7.8% | 7.9% | 7.6% | 7.1% |
| Return on equityBlank when equity is negative | 14.8% | 14.0% | 13.9% | 12.4% | 15.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.1% | 12.3% | 15.5% | 13.0% | 15.5% |
| Free cash flow margin | 10.3% | 4.5% | 5.0% | 9.7% | 2.5% |
| Cash conversion (CFO ÷ net income) | 1.51x | 0.80x | 0.82x | 1.41x | 0.56x |
| Receivable days | 99 | 108 | 115 | 101 | 100 |
| Payable days | 3 | 4 | 3 | 4 | 2 |
| Interest cover | 15.4x | 30.2x | 26.3x | 50.0x | 18.2x |
| Debt ÷ equity | 0.19x | 0.19x | 0.00x | 0.00x | 0.21x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −197 | −177 | −303 | −660 | 99.9 |
| Current ratio | 1.91x | 1.96x | 1.74x | 1.95x | 1.56x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.