Business advisory firm FTI Consulting (NYSE: FCN) reported Q4 CY2025 results topping the market’s revenue expectations, with sales up 10.7% year on year to $990.7 million. The company’s full-year revenue guidance of $4.02 billion at the midpoint came in 1.4% above analysts’ estimates. Its non-GAAP profit of $1.78 per share was 21.6% above analysts’ consensus estimates.
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FTI Consulting (FCN) Q4 CY2025 Highlights:
- Revenue: $990.7 million vs analyst estimates of $918.6 million (10.7% year-on-year growth, 7.9% beat)
- Adjusted EPS: $1.78 vs analyst estimates of $1.46 (21.6% beat)
- Adjusted EBITDA: $106.2 million vs analyst estimates of $74.5 million (10.7% margin, 42.6% beat)
- Operating Margin: 9.4%, up from 5.9% in the same quarter last year
- Free Cash Flow Margin: 35.5%, up from 33.7% in the same quarter last year
- Market Capitalization: $4.84 billion
Company Overview
With a team of experts deployed across 30+ countries to tackle complex business challenges, FTI Consulting (NYSE: FCN) is a global business advisory firm that helps organizations manage change, mitigate risk, and resolve disputes across financial, legal, operational, and regulatory matters.
Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul.
With $3.79 billion in revenue over the past 12 months, FTI Consulting is one of the larger companies in the business services industry and benefits from a well-known brand that influences purchasing decisions.
As you can see below, FTI Consulting’s sales grew at an impressive 9% compounded annual growth rate over the last five years. This shows it had high demand, a useful starting point for our analysis.
Long-term growth is the most important, but within business services, a half-decade historical view may miss new innovations or demand cycles. FTI Consulting’s recent performance shows its demand has slowed significantly as its annualized revenue growth of 4.2% over the last two years was well below its five-year trend. 
This quarter, FTI Consulting reported year-on-year revenue growth of 10.7%, and its $990.7 million of revenue exceeded Wall Street’s estimates by 7.9%.
Looking ahead, sell-side analysts expect revenue to grow 4.6% over the next 12 months, similar to its two-year rate. This projection doesn't excite us and indicates its newer products and services will not catalyze better top-line performance yet.
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Operating Margin
FTI Consulting’s operating margin might fluctuated slightly over the last 12 months but has generally stayed the same, averaging 10.3% over the last five years. This profitability was higher than the broader business services sector, showing it did a decent job managing its expenses.
Looking at the trend in its profitability, FTI Consulting’s operating margin might fluctuated slightly but has generally stayed the same over the last five years. This raises questions about the company’s expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability.
This quarter, FTI Consulting generated an operating margin profit margin of 9.4%, up 3.5 percentage points year on year. This increase was a welcome development and shows it was more efficient.
Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
FTI Consulting’s decent 8% annual EPS growth over the last five years aligns with its revenue performance. This tells us it maintained its per-share profitability as it expanded.
Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business.
Although it wasn’t great, FTI Consulting’s two-year annual EPS growth of 6.8% topped its 4.2% two-year revenue growth.
We can take a deeper look into FTI Consulting’s earnings to better understand the drivers of its performance. A two-year view shows that FTI Consulting has repurchased its stock, shrinking its share count by 14.3%. This tells us its EPS outperformed its revenue not because of increased operational efficiency but financial engineering, as buybacks boost per share earnings. 
In Q4, FTI Consulting reported adjusted EPS of $1.78, up from $1.56 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects FTI Consulting’s full-year EPS of $8.80 to grow 6.6%.
Key Takeaways from FTI Consulting’s Q4 Results
It was good to see FTI Consulting beat analysts’ EPS expectations this quarter. We were also excited its revenue outperformed Wall Street’s estimates by a wide margin. Zooming out, we think this was a good print with some key areas of upside. The stock remained flat at $161.50 immediately following the results.
FTI Consulting had an encouraging quarter, but one earnings result doesn’t necessarily make the stock a buy. Let’s see if this is a good investment. We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
