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FTI Consulting cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$182M in Q3 2026 · $354M over twelve months

Operating cash flow$190M
Capital spending−$8.5M
Free cash flow+$182M
Cash / net income3.0×
Cash conversion cycle76 days

Analysis

In Q3 2026, FTI Consulting generated $190M of operating cash flow and spent $8.5M on capital projects, leaving free cash flow of $182M. That is $5.0M less than in Q3 2025 ($187M).

Over the twelve months to Sep 30, 2026, operating cash flow was $392M; the largest uses were buybacks ($693M), other investing ($42.1M), capital spending ($38.7M); besides operations, cash came from other financing ($297M), net borrowing (+) / repaid (−) ($42.0M); the cash balance fell by $57.9M.

Operating cash flow was $190M against net income of $63.4M — 3.0× profit, cash ran ahead of reported earnings. The largest differences: employee-related liabilities +$110M, receivables −$49.5M, payables +$19.8M.

Its cash conversion cycle was 76 days (receivables 107 + inventory 0 − payables 31).

Free cash flow

FTI Consulting: free cash flow by quarterFTI Consulting: free cash flow by quarter$302MQ4 2024−$483MQ1 2025$38.3MQ2 2025$187MQ3 2025$351MQ4 2025−$321MQ1 2026$141MQ2 2026$182MQ3 2026
Operating cash flow less capital spending.
FTI Consulting: operating cash flow against capital spendingFTI Consulting: operating cash flow against capital spendingOperating cash flowCapital spending$315M$13.7MQ4 2024−$465M$17.8MQ1 2025$55.7M$17.4MQ2 2025$202M$14.9MQ3 2025$360M$8.4MQ4 2025−$310M$10.6MQ1 2026$152M$11.3MQ2 2026$190M$8.5MQ3 2026
Latest (Q3 2026): Operating cash flow $190M, Capital spending $8.5M.

Capital allocation, year by year

FTI Consulting: where the cash came from (up) and went (down), by fiscal yearFTI Consulting: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $355MFY2021: Shares issued $2.7MFY2021: Capital spending −$68.7MFY2021: Acquisitions −$10.4MFY2021: Buybacks −$46.1M$358MFY2021FY2022: Operating cash flow $189MFY2022: Shares issued $2.6MFY2022: Capital spending −$53.3MFY2022: Acquisitions −$6.7MFY2022: Buybacks −$85.4M$191MFY2022FY2023: Operating cash flow $224MFY2023: Net borrowing −$316MFY2023: Shares issued $1.3MFY2023: Capital spending −$49.5MFY2023: Buybacks −$21.0M$226MFY2023FY2024: Operating cash flow $395MFY2024: Shares issued $10.9MFY2024: Capital spending −$35.4MFY2024: Buybacks −$10.2M$406MFY2024FY2025: Operating cash flow $152MFY2025: Net borrowing $365MFY2025: Shares issued $1.4MFY2025: Capital spending −$58.5MFY2025: Buybacks −$859M$519MFY2025
Over these 5 years operating cash flow totalled $1.3B; the largest uses were buybacks ($1.0B) and net borrowing ($316M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$88.1M
Debt$851M
Net debt$763M

FTI Consulting funds itself: free cash flow was $354M over the last twelve months, and $88.1M of cash and investments stands against $851M of debt.

Where the cash came from and went

FTI Consulting: sources (+) and uses (−) of cash, Q3 2026FTI Consulting: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$190MNet borrowing (+) / repaid (−)−$168MBuybacks−$85.2MCash drawn (+) / kept (−)$75.7MCapital spending−$8.5MTaxes on employees’ shares−$3.2MExchange rates−$879KOther financing−$272K
FTI Consulting: sources (+) and uses (−) of cash, TTM to Q3 2026FTI Consulting: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$693MOperating cash flow$392MOther financing$297MCash drawn (+) / kept (−)$57.9MOther investing−$42.1MNet borrowing (+) / repaid (−)$42.0MCapital spending−$38.7MTaxes on employees’ shares−$11.6MExchange rates−$4.1M

From profit to cash

FTI Consulting: net income to operating cash flow, Q3 2026FTI Consulting: net income to operating cash flow, Q3 2026Net income$63.4MDepreciation & amortization$12.8MStock-based pay$9.5MReceivables−$49.5MPayables$19.8MEmployee-related liabilities$110MPrepaid and other assets−$381KIncome taxes payable−$12.7MOperating cash flow$190M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026107—3176
Q2 2026106—3274
Q1 2026100—3169
Q3 2025109—2782
Q2 2025107—3077
Q1 2025106—3472

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$190M−$8.5M−$85.2M−$168M—$75.7M$182M
Q2 2026$152M−$11.3M−$393M$265M—$34.5M$141M
Q1 2026−$310M−$10.6M−$127M$390M—$66.8M−$321M
Q4 2025$360M−$8.4M−$87.8M−$145M—−$119M$351M
Q3 2025$202M−$14.9M−$234M$40.0M$610K$6.9M$187M
Q2 2025$55.7M−$17.4M−$354M$310M$697K−$1.7M$38.3M
Q1 2025−$465M−$17.8M−$183M$160M$85K$509M−$483M
Q4 2024$315M−$13.7M−$10.2M—$273K−$274M$302M

FTI Consulting: income statement and cash flow

FTI Consulting, Q3 2026: revenue $1.0B (+6% year over year), operating margin 8.9%. The chart follows the revenue to costs, profit and cash.

FTI Consulting: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.