Filing Flows › FTI Consulting (FCN) › Q4 2025
FTI Consulting (FCN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
FTI Consulting (FCN) reported revenue of $991M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +4% from the quarter before. Operating margin was 9.4%, net earnings $54.5M (5.5% of revenue).
FTI Consulting, Q4 2025: revenue $991M (+11% year over year), operating margin 9.4%, net earnings $54.5M, operating cash flow $360M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $991M | +4% | +11% |
| Gross profit | $308M | -3% | +14% |
| Operating profit | $93.4M | -21% | +77% |
| Net earnings | $54.5M | -34% | +10% |
| Operating cash flow | $360M | +78% | +14% |
| Free cash flow | $351M | +88% | +16% |
What changed
Revenue was $990.7M in Q4 2025, up 11% year over year and up 4% from the previous quarter.
Gross margin was 31.1%, up 0.9 points from a year earlier. Operating profit was $93.4M, a 9.4% margin (up 3.5 points year over year). Of the extra revenue versus a year earlier, 42% reached operating profit, above the 6% margin then. Operating expenses fell 1% while revenue rose 11%. Net earnings were $54.5M, up 10% year over year. The effective tax rate was 37.1%.
Operating cash flow was $359.8M (up 14% year over year), 660% of net earnings. Non-cash charges added back $12.2M of depreciation and amortization and $10.6M of share-based compensation. Working capital and other items added $282.4M. Capital expenditures of $8.4M left free cash flow of $351.4M.
Questions
What was FTI Consulting's revenue in the fourth quarter 2025?
FTI Consulting (FCN) reported revenue of $991M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +4% from the quarter before.
Was FTI Consulting profitable in the fourth quarter 2025?
Operating profit was $93.4M (9.4% of revenue) and net earnings $54.5M.
Source: FTI Consulting 10-K on SEC EDGAR.