Description

FTI Consulting’s $390.9 Million Buyback: Is Wall Street Missing The Bigger Story?

FTI Consulting reported record revenues for the second quarter of 2026, marking a 5.3% year-over-year increase, or 6.5% excluding pass-through revenues. This growth was driven by strong performances in the Corporate Finance (Corp Fin), Technology (Tech), and Forensic and Litigation Consulting (FLC) segments, though certain international markets such as the Middle East and the U.K. faced challenges. Despite top-line growth, adjusted EBITDA declined year-over-year to $104.5 million (10.5% of revenues) from $111.6 million (11.8% of revenues), primarily due to higher direct costs and increased selling, general, and administrative (SG&A) expenses. The SG&A rose to $230.7 million from $202.2 million a year prior, influenced by elevated compensation costs, one-time expenses, higher travel and entertainment outlays related to a full senior managing director meeting, and increased litigation-related charges totaling $6.6 million. Segment-wise, Corp Fin saw 8.5% revenue growth, bolstered by turnover in turnaround, transactions, and transformation practices.