Fti Consulting, Inc. · NYSE:FCN
Fti Consulting — Q2 2026 Earnings Presentation
36 slides from Fti Consulting's earnings presentation, July 2026
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Slide 2: Cautionary Note about Forward-Looking Statements
Cautionary Note about Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical
Slide 3: FTI Consulting: Experts with Impact
FTI Consulting: Experts with Impact FTI Consulting is an independent global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes FCN $4.5B 1982 8,100+ Publicly Equity Market Year Employees Traded Capitalization (1) Founded Worldwide 850+ 84 18 S
Slide 4: Our Global Reach
Our Global Reach With offices in 84 cities and 32 countries and territories, FTI Consulting has a presence in every major financial center and every corner of the globe, and we successfully serve our clients wherever challenges and opportunities arise. Office Locations The Americas Europe, Middle As
Slide 5: Investment Thesis
Investment Thesis Leading global business advisory firm with strong people and strong positions: corporations, law firms and governments come to us when there is a critical need Organic growth strategy with an emphasis on profitable revenue growth Committed to building a profitable business with sus
Slide 6: Business Snapshot: Five Segments, One Purpose
Business Snapshot: Five Segments, One Purpose Forensic and Litigation Consulting ▪ Construction, Projects & Assets Corporate Finance and Environmental Solutions ▪ Transactions ▪ Data & Analytics ▪ Transformation ▪ Dispute Advisory Services ▪ Turnaround & Restructuring ▪ Healthcare Risk Management &
Slide 7: Revenues Snapshot: Segment Revenues and Total Adjusted Segment EBITDA
Revenues Snapshot: Segment Revenues and Total Adjusted Segment EBITDA Q2 2026 Segment Revenues Q2 2026 Total Adjusted Segment EBITDA (1) 10% 12% 10% 6% 41% 6% 1% 56% 19% 20% 20% Corporate Finance Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications (1) See accom
Slide 8: Corporate Finance
Corporate Finance Services ▪ Transactions – Diligence (Financial, Tax, HR, IT, Synergy and Regulatory) – Investment Banking – Merger Integration & Carve-Out – Valuation & Financial Advisory Services 26 ▪ Transformation countries and – Cost Transformation territories – Data & Technology Transformatio
Slide 9: Corporate Finance (continued)
Corporate Finance (continued) Segment Offering Q2 2026 Key Financial Commentary Our Corporate Finance segment focuses on ▪ Revenues increased $32.2 million, or 8.5%, to $411.4 million for the three months ended the strategic, operational, financial, June 30, 2026, primarily due to higher realized bi
Slide 10: Forensic and Litigation Consulting
Forensic and Litigation Consulting Services ▪ Construction, Projects & Assets and Environmental Solutions (“Construction Solutions”) – Environmental Cost & Damages Analyses – Expert Services in Delay, Disruption, Quantum & Damages – Project Delivery, Asset Management Advisory & Transformation 20 – T
Slide 11: Forensic and Litigation Consulting (continued)
Forensic and Litigation Consulting (continued) Segment Offering Q2 2026 Key Financial Commentary Our Forensic and Litigation Consulting segment provides law firms, companies, ▪ Revenues increased $7.7 million, or 4.1%, to $194.3 million for the three months ended boards of directors, government enti
Slide 12: Economic Consulting
Economic Consulting Services ▪ Antitrust & Competition Economics – M&A-related Antitrust 24 – Non-M&A-related Antitrust ▪ Financial Economics countries – Contractual Claims – Rate Setting – Securities Litigation & Risk Management – Transfer Pricing – Valuation ▪ International Arbitration – Business
Slide 13: Economic Consulting (continued)
Economic Consulting (continued) Segment Offering Q2 2026 Key Financial Commentary Our Economic Consulting segment, including subsidiary Compass Lexecon LLC, provides ▪ Revenues decreased $2.8 million, or 1.5%, to $188.8 million for the three months ended law firms, companies, government entities Jun
Slide 14: Technology
Technology Services ▪ Blockchain & Digital Assets – Blockchain Managed Services 16 – Cryptocurrency and Digital Asset Regulatory Compliance – Cryptocurrency Disputes and Investigations – Decentralized Due Diligence – Digital Asset Expert Services and Investigations ▪ – Enterprise Blockchain Innovati
Slide 15: Technology (continued)
Technology (continued) Segment Offering Q2 2026 Key Financial Commentary Our Technology segment provides companies, law firms, private equity firms ▪ Revenues increased $15.4 million, or 18.4%, to $99.0 million for the three months ended and government entities with a June 30, 2026, primarily due to
Slide 16: Strategic Communications
Strategic Communications Services ▪ Corporate Reputation – Crisis and Issues Management – Cybersecurity and Data Privacy 22 Communications countries – Digital, Analytics and Insights – Litigation Communications – People & Transformation ▪ Financial Communications – Corporate Governance & Shareholder
Slide 17: Strategic Communications (continued)
Strategic Communications (continued) Segment Offering Q2 2026 Key Financial Commentary Our Strategic Communications segment develops and executes communications ▪ Revenues decreased $2.7 million, or 2.6%, to $100.0 million for the three months ended strategies to help management teams, June 30, 2026
Slide 18: Second Quarter 2026 Select Awards & Accolades
Second Quarter 2026 Select Awards & Accolades 18
Slide 19: Financial Overview
Financial Overview im F. F usulrind
Slide 20: FY 2023 – Q2 2026 and FY 2026 Guidance: Revenues
FY 2023 – Q2 2026 and FY 2026 Guidance: Revenues $3,940 - $4,100 20
Slide 21: FY 2023 – Q2 2026: Net Income and Adjusted EBITDA
FY 2023 – Q2 2026: Net Income and Adjusted EBITDA Net income Adjusted EBITDA (1) (1) See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Financial Measures” for the reconciliation and definition of Adjusted EBITDA, which is a non-GAAP financial measure, to the most directly com
Slide 22: FY 2023 – Q2 2026 and FY 2026 Guidance: Earnings per Diluted Share
FY 2023 – Q2 2026 and FY 2026 Guidance: Earnings per Diluted Share and Adjusted Earnings per Diluted Share Earnings per Diluted Share $8.70 - $9.30 Adjusted Earnings per Diluted Share (1) $9.10 - $9.70 (1) See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Financial Measures”
Slide 23: Select Cash Position and Capital Allocation
Q2 2026, Q1 2026 and Q2 2025: Select Cash Position and Capital Allocation All numbers in thousands, except for DSO Q2 2026 Q1 2026 Q2 2025 Cash and cash equivalents $ 163,747 $ 198,276 $ 152,831 Accounts receivable, net $ 1,158,395 $ 1,148,084 $ 1,126,919 Days sales outstanding (“DSO”) (1) 99 98 100
Slide 24: Financial Tables: Reconciliations of Non-GAAP Financial Measures
Fe Financial Tables Reconciliations of Non-GAAP Financial Measures
Slide 25: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA (in thousands) Q2 2026 Q1 2026 FY 2025 FY 2024 FY 2023 Net income $ 57,810 $ 57,631 $ 270,871 $ 280,088 $ 274,892 Income tax provision 15,180 20,915 100,140 70,683 83,471 Interest income and other 401 (1,074) (3,330) (10,360) 4,867 Interest expense 11,
Slide 26: Reconciliations to Adjusted Segment EBITDA and Adjusted EBITDA
Reconciliations of Net Income and Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA Three Months Ended June 30, 2026 and March 31, 2026 All numbers in $000s Three Months Ended June 30, 2026 Forensic and Litigation Economic Strategic Unallocated Corporate Finance Technology Total
Slide 27: Reconciliations to Adjusted Segment EBITDA and Adjusted EBITDA
Reconciliations of Net Income and Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA Three Months Ended December 31, 2025 and September 30, 2025 All numbers in $000s Three Months Ended December 31, 2025 Forensic and Litigation Economic Strategic Unallocated Corporate Finance Tech
Slide 28: Reconciliations to Adjusted Segment EBITDA and Adjusted EBITDA
Reconciliations of Net Income and Operating Income to Adjusted Segment EBITDA and Adjusted EBITDA Three Months Ended June 30, 2025 and March 31, 2025 All numbers in $000s Three Months Ended June 30, 2025 Forensic and Litigation Economic Strategic Unallocated Corporate Finance Technology Total Consul
Slide 29: Reconciliations to Adjusted Segment EBITDA and Adjusted EBITDA
Reconciliations of Net Income and Operating Income to Adjusted Segment EBITDA and Adjusted EBITDA Years Ended December 31, 2025 and December 31, 2024 All numbers in $000s Year Ended December 31, 2025 Forensic and Litigation Economic Strategic Unallocated Corporate Finance Technology Total Consulting
Slide 30: Reconciliations to Adjusted Segment EBITDA and Adjusted EBITDA
Reconciliations of Net Income and Operating Income to Adjusted Segment EBITDA and Adjusted EBITDA Year Ended December 31, 2023 All numbers in $000s Year Ended December 31, 2023 Forensic and Litigation Economic Strategic Unallocated Corporate Finance Technology Total Consulting Consulting Communicati
Slide 31: Reconciliations of Net Income to Adjusted Net Income and Adjusted EPS
Reconciliations of Net Income to Adjusted Net Income and Earnings per Diluted Share to Adjusted Earnings per Diluted Share (in thousands, except for per share data) Q2 2026 Q1 2026 FY 2025 FY 2024 FY 2023 Net income $ 57,810 $ 57,631 $ 270,871 $ 280,088 $ 274,892 Add back: Special charges — — 25,295
Slide 32: Reconciliation of 2026 EPS Guidance to Adjusted EPS Guidance
Reconciliation of 2026 Earnings per Diluted Share Guidance to Adjusted Earnings per Diluted Share Guidance Year Ended December 31, 2026 Low High Guidance on estimated earnings per common share — diluted (GAAP) (1)(2) $ 8.70 $ 9.30 Extraordinary Litigation-Related Expenses (3) 0.54 0.54 Tax impact of
Slide 33: Reconciliation of Net Income to Total Adjusted Segment EBITDA
Reconciliation of Net Income to Total Adjusted Segment EBITDA (in thousands) Q2 2026 Net income $ 57,810 Add back: Income tax provision 15,180 Interest income and other 401 Interest expense 11,630 Unallocated corporate expenses 56,316 Segment depreciation expense 11,792 Amortization of intangible as
Slide 34: Reconciliation of Operating Cash Flow to Free Cash Flow
Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow (in thousands) Q2 2026 Q1 2026 Q2 2025 Net cash provided by (used in) operating activities $ 152,294 $ (310,023) $ 55,693 Purchases of property and equipment (11,267) (10,618) (17,425) Free Cash Flow (1) $ 141,02
Slide 35: End Notes: FTI Consulting Non-GAAP Financial Measures
End Notes: FTI Consulting Non-GAAP Financial Measures In this presentation, we sometimes use information derived from consolidated and segment financial information that may not be presented in our financial statements or prepared in accordance with generally accepted accounting principles in the Un
Slide 36: Experts with Impact
im F, TL CONSULTING Experts with Impact” 36