FTI Consulting’s Q2 2026: Revenue Hits a Record, EPS Guidance Gets a Lift

FTI Consulting, Inc. (NYSE: FCN) delivered a second-quarter 2026 showcase of continuing top-line momentum, tempered by a cost environment that kept margins honest but not especially generous. Revenue climbed to a record $993.5 million, up 5.3% from the prior year, while net income was $57.8 million and GAAP earnings per share (EPS) reached $1.99. The firm also reported Adjusted EPS of $2.16 and Adjusted EBITDA of $104.5 million, or 10.5% of revenue. The quarter arrives with a refreshed lens on the full-year path, as FTI raises its EPS guidance and maintains its revenue forecast.

Key numbers at a glance

• Ticker: FCN; Exchange: NYSE
• Revenue: $993.5 million; Year-over-year growth: 5.3%
• Net income: $57.8 million
• GAAP EPS: $1.99; Adjusted EPS: $2.16
• Adjusted EBITDA: $104.5 million (10.5% of revenue)
• Extraordinary Litigation-Related Expenses: $6.6 million
• EPS guidance: $8.70–$9.30 for the year; Adjusted EPS guidance: $9.10–$9.70
• Revenue forecast: reaffirmed

What the numbers imply for FCN and its peers

The top-line performance isn’t a fluke, but the margin story is nuanced. Growth stemmed from strong contributions in Corporate Finance, Technology, and Forensic & Litigation Consulting, while pass-through revenues declined by roughly $9.2 million. In practical terms: FTI is selling more advisory work and tangible project outcomes, rather than simply passing costs through to clients through third-party charges. That shift tends to boost realized profitability when the demand mix stays constructive.

Yet the margin math isn’t without friction. Direct costs, SG&A, and interest expense rose, nudging margins lower versus the prior year. Adjusted EBITDA held at a healthy level on a dollars-and-cents basis, but the percentage of revenue it represents ticked down as the base expanded and certain costs persisted. The company’s ability to translate revenue expansion into earnings growth will hinge on cost discipline and the sustainability of the sector’s demand drivers.

From a sentiment standpoint, the absence of a disclosed EPS consensus in the release leaves analysts to map the quarter against expectations externally. The reported EPS of $1.99 and adjusted metric of $2.16 will be weighed against street forecasts to determine whether there was an earnings surprise or a miss. Management’s decision to raise the EPS range while reaffirming the revenue forecast signals confidence in a durable earnings path, even if the quarter’s incremental improvements came with a weathered cost backdrop.

One item in the weeds worth noting: $6.6 million of Extraordinary Litigation-Related Expenses. While labeled “extraordinary,” these charges are a reminder that litigation and investigations remain a recurring feature of a firm deeply embedded in governance, corporate finance, and investigations. In other words, the headline EBITDA line can ride up or down with litigation tides, even as underlying demand holds steady.

Outlook and implications for the sector

FTI reaffirmed its revenue forecast and updated its annual EPS guidance to a band of $8.70–$9.30, with Adjusted EPS guided between $9.10 and $9.70. Those numbers suggest the management team sees a durable earnings runway—not a one-quarter mirage—supported by ongoing demand for corporate finance advisory, technology-related services, and forensics/litigation consulting. Investors will parse those ranges against consensus estimates to gauge whether the second-half trajectory aligns with expectations.

For sector peers in professional services and financial advisory, FCN’s quarter underscores a broader narrative: growth is increasingly being driven by high-value, problem-solving engagements rather than volume-based or pass-through revenue. If the second half of 2026 unfolds as anticipated, the market could shift from viewing this cycle as a return to growth to treating it as a platform for steady expansion. The primary caveats remain the cost environment—direct costs, SG&A, and interest expense—and the recurring influence of litigation-related charges on EBITDA metrics.

Takeaways for readers modeling the stock and its sector

• Revenue growth remains intact and diversified across core practice areas, a positive signal for the durability of consulting demand.
• EPS growth is plausible if costs stabilize and the revenue mix remains favorable, but investors should watch the sensitivity of Adjusted EBITDA to litigation-related and other non-operational costs.
• The absence of a concrete EPS consensus in the release means a potential earnings surprise could hinge on how street estimates compare to the revised ranges and the company’s ability to sustain margins in the back half.
• Reaffirmed revenue forecast combined with higher EPS guidance hints at confidence in sustained revenue growth—an encouraging sign for FCN and for its sector peers if macro conditions remain favorable.
• Watch the cost line: if direct costs and interest expense persist at a higher level, margin expansion will require continued gains in high-value advisory work or improved utilization of resources.

Bottom line

FTI’s Q2 2026 results lay out a credible path: record revenues, a solid EPS print, and a recalibrated but positive full-year outlook. The takeaway isn’t merely “the quarter was good”—it’s that the firm is steering toward a steady earnings trajectory in a environment where demand for specialized advisory services remains resilient. For FCN and its peers, the critical question is whether this momentum sticks through the second half of 2026 and into 2027, or whether costs reassert themselves as a headwind. Either way, investors should keep the revenue forecast and EPS guidance under close review as a proxy for confidence in the sector’s staying power.

And if you’re keeping a notebook on the morality of quarterly reports, note this: the quarter did not merely exist; it presented a case where growth and costs danced a careful tango. FCN’s challenge is to keep the music playing at a tempo that translates into tangible, long-run earnings power for the equity story.