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Consulting services · Industrials · Fiscal year ends Dec 31
Huron Consulting reported revenue of $1.7B in the fiscal year ended Dec 2025, up 11.7% from the year before. Operating income was $179M, an operating margin of 10.5%, and net income was $105M. Operating cash flow of $193M less capital expenditure of $10M left free cash flow of $183M. Net debt was $485M.
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 | 927 | 1,159 | 1,399 | 1,522 | 1,699 |
| Cost of revenue | 662 | 786 | 943 | 1,010 | 1,122 |
| Gross profit | 265 | 373 | 456 | 512 | 577 |
| Selling, general & admin | 178 | 210 | 258 | 287 | 318 |
| Operating income | 52.8 | 99.8 | 125 | 169 | 179 |
| Pre-tax income | 80.0 | 109 | 83.9 | 154 | 135 |
| Income tax | 17.0 | 33.0 | 21.4 | 37.4 | 30.0 |
| Net income | 63.0 | 75.6 | 62.5 | 117 | 105 |
| Diluted EPS | 2.89 | 3.64 | 3.19 | 6.27 | 5.84 |
| Diluted shares | 21.8 | 20.7 | 19.6 | 18.6 | 18.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 20.8 | 11.8 | 12.1 | 21.9 | 24.5 |
| Receivables | 122 | 148 | 163 | 198 | 187 |
| Current assets | 258 | 328 | 400 | 409 | 449 |
| Net PP&E | 31.0 | 26.1 | 23.7 | 21.7 | 23.5 |
| Goodwill | 621 | 625 | 626 | 679 | 787 |
| Total assets | 1,119 | 1,199 | 1,262 | 1,344 | 1,527 |
| Payables | 13.6 | 14.3 | 10.1 | 11.5 | 12.4 |
| Deferred revenue | 19.2 | 21.9 | 22.5 | 26.9 | 31.7 |
| Current liabilities | 205 | 246 | 303 | 339 | 383 |
| Short-term debt | 0.6 | 0.0 | 0.0 | 13.8 | 20.0 |
| Long-term debt | 232 | 290 | 324 | 343 | 490 |
| Total liabilities | 547 | 647 | 729 | 782 | 998 |
| Shareholders' equity | 572 | 552 | 533 | 561 | 529 |
| Backlog (remaining obligations) | 100 | 151 | 228 | 188 | 294 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 18.0 | 85.4 | 135 | 201 | 193 |
| Capital expenditure | 10.9 | 12.5 | 9.4 | 8.7 | 10.4 |
| Free cash flow | 7.1 | 72.9 | 126 | 193 | 183 |
| Depreciation & amortisation | 26.0 | 27.4 | 24.9 | 25.3 | 32.4 |
| Stock-based compensation | 25.9 | 31.0 | 45.7 | 45.1 | 46.5 |
| Acquisitions | 44.8 | 3.4 | 1.6 | 49.5 | 112 |
| Share buybacks | 64.6 | 120 | 123 | 123 | 167 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.0% | 20.7% | 8.8% | 11.7% |
| Operating income growth (YoY) | – | 88.8% | 25.6% | 34.7% | 5.8% |
| EPS growth (YoY) | – | 26.0% | −12.4% | 96.6% | −6.9% |
| Gross margin | 28.6% | 32.2% | 32.6% | 33.6% | 33.9% |
| Operating margin | 5.7% | 8.6% | 9.0% | 11.1% | 10.5% |
| Net margin | 6.8% | 6.5% | 4.5% | 7.7% | 6.2% |
| Return on equityBlank when equity is negative | 11.0% | 13.7% | 11.7% | 20.8% | 19.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.8% | 10.5% | 13.1% | 16.8% | 15.6% |
| Free cash flow margin | 0.8% | 6.3% | 9.0% | 12.7% | 10.8% |
| Cash conversion (CFO ÷ net income) | 0.29x | 1.13x | 2.16x | 1.73x | 1.84x |
| Receivable days | 48 | 47 | 42 | 47 | 40 |
| Payable days | 8 | 7 | 4 | 4 | 4 |
| Debt ÷ equity | 0.41x | 0.53x | 0.61x | 0.64x | 0.96x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 212 | 278 | 312 | 335 | 485 |
| Current ratio | 1.26x | 1.34x | 1.32x | 1.21x | 1.17x |
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.