0000887936-26-000054 | 10-Q | XBRL Viewer

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Leases - Schedule of Cash Paid for Operating Leases and Noncash Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 14,158	$ 14,214
Operating lease assets obtained in exchange for lease liabilities	$ 2,841	$ 369
Weighted average remaining lease term (years), Operating leases	7 years 2 months 12 days	7 years 6 months
Weighted average discount rate, Operating leases	5.90%	6.00%

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The unaudited condensed consolidated financial statements of FTI Consulting, Inc., including its consolidated subsidiaries (collectively, the “Company,” “we,” “our” or “FTI Consulting”), presented herein, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and under the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Some of the information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and regulations. Certain prior period amounts have been reclassified to conform to the current period presentation. In management’s opinion, the interim financial statements reflect all adjustments that are necessary for a fair presentation of the results for the interim periods presented. All adjustments made were normal recurring accruals. The fair values of all financial instruments are estimated to be equal to their carrying values as of March 31, 2026 and December 31, 2025. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. Note 1 to the Consolidated Financial Statements included in Part II, Item 8, of our Annual Report on Form 10-K for the year ended December 31, 2025 describes the significant accounting policies and methods used in preparation of the Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q. We executed a forward contract to manage the foreign currency exposure of an intercompany loan during the three months ended March 31, 2026. This contract was not designated as a hedge for financial reporting purposes, but rather as a non-hedging derivative in accordance with Accounting Standards Codification Topic 815, Derivatives and Hedging. The immaterial change in fair value of the derivative is included in “Interest income and other” on the Condensed Consolidated Statements of Comprehensive Income. We had no outstanding derivative instruments as of March 31, 2026.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net income	$ 57,631	$ 61,824
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation of property and equipment	12,289	10,145
Amortization of intangible assets	612	1,017
Amortization of notes receivable	23,099	9,930
Provision for expected credit losses	7,283	7,214
Share-based compensation	10,608	9,753
Deferred income taxes	2,933	8,889
Other	232	275
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, billed and unbilled	(123,341)	(74,890)
Notes receivable, net of repayments	(22,564)	(162,003)
Prepaid expenses and other assets	5,275	(4,445)
Accounts payable, accrued expenses and other	36,268	7,653
Income taxes	7,922	(30,198)
Accrued compensation	(325,018)	(310,495)
Billings in excess of services provided	(3,252)	121
Net cash used in operating activities	(310,023)	(465,210)
Investing activities
Purchases of property and equipment and other	(10,618)	(17,803)
Net cash used in investing activities	(10,618)	(17,803)
Financing activities
Borrowings under revolving line of credit	590,000	235,000
Repayments under revolving line of credit	(500,000)	(75,000)
Proceeds from issuance of term loan	300,000	0
Purchase and retirement of common stock	(126,827)	(182,641)
Share-based compensation tax withholdings	(5,954)	(11,576)
Deposits and other	1,279	1,916
Net cash provided by (used in) financing activities	258,498	(32,301)
Effect of exchange rate changes on cash and cash equivalents	(4,672)	5,942
Net decrease in cash and cash equivalents	(66,815)	(509,372)
Cash and cash equivalents, beginning of period	265,091	660,493
Cash and cash equivalents, end of period	198,276	151,121
Supplemental cash flow disclosures
Cash paid for interest	4,772	461
Cash paid for income taxes and tax credits, net of refunds	10,059	40,066
Non-cash investing and financing activities:
Issuance of stock units under incentive compensation plans	3,587	4,369
Excise tax on purchase and retirement of common stock	1,375	1,526
Non-cash additions to property and equipment	$ 1,201	$ 4,843

Commitments and Contingencies (Details) - Payment Guarantee - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 18.3	$ 17.5
Guarantor obligations, facility	37.2	32.5
Guarantor obligations, remaining guarantor capacity available	$ 18.9	$ 15.0

Special Charges

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Special Charges

There were no special charges recorded during the three months ended March 31, 2026.

During the three months ended March 31, 2025, we recorded special charges of $25.3 million related to targeted headcount reductions in each segment and region where we realigned our workforce with current business demand for our consulting services.

The following table details the special charges by segment:


	Three Months Ended March 31, 2025
Corporate Finance		$	11,696
Forensic and Litigation Consulting (“FLC”)		5,475
Economic Consulting		983
Technology		1,928
Strategic Communications		3,268
Segment special charges		23,350
Unallocated Corporate		1,945
Total		$	25,295

Accounts Receivable and Allowance for Expected Credit Losses (Tables)

3 Months Ended

Mar. 31, 2026

Allowance for Doubtful Accounts and Unbilled Services [Abstract]

Schedule of Accounts Receivable

The following table summarizes the components of “Accounts receivable, net” as presented on the Condensed Consolidated Balance Sheets:


	March 31, 2026		December 31, 2025
Accounts receivable:
Billed receivables	$	823,863	$	764,217
Unbilled receivables	430,574		378,115
Allowance for expected credit losses	(106,353)		(104,654)
Accounts receivable, net	$	1,148,084	$	1,037,678

Schedule of Accounts Receivable, Writeoff

The following table summarizes the total provision for expected credit losses and write-offs:


	Three Months Ended March 31,
	2026		2025
Provision for expected credit losses	$	7,283	$	7,214
Write-offs	$	6,295	$	10,410

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense

Total share-based compensation expense, net of forfeitures, is detailed in the following table:


	Three Months Ended March 31,
Income Statement Classification	2026		2025
Direct cost of revenues	$	8,062	$	4,717
Selling, general and administrative expenses	3,702		4,589

Total share-based compensation expense	$	11,764	$	9,306

Debt - Schedule of Components of Debt Obligations (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 755,000,000	$ 365,000,000
Less: deferred debt issuance costs	743,000	0
Long-term debt	754,257,000	365,000,000
Current portion of long-term debt	0	0
Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	455,000,000	365,000,000
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 300,000,000	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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Accounts Receivable and Allowance for Expected Credit Losses - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts receivable:
Billed receivables	$ 823,863	$ 764,217
Unbilled receivables	430,574	378,115
Allowance for expected credit losses	(106,353)	(104,654)
Accounts receivable, net	$ 1,148,084	$ 1,037,678

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 24,046	$ 26,025
Accumulated Amortization	16,763	18,103
Net Carrying Amount	7,283	7,922
Gross carrying amount, non-amortizing intangible assets	5,625	5,625
Intangible assets, gross carrying amount	29,671	31,650
Intangible assets, Net Carrying Amount	$ 12,908	$ 13,547

Special Charges - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring and Related Activities [Abstract]
Special charges	$ 0	$ 25,295

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Accounts Receivable and Allowance for Expected Credit Losses - Schedule of Writeoff (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Allowance for Doubtful Accounts and Unbilled Services [Abstract]
Provision for expected credit losses	$ 7,283	$ 7,214
Write-offs	$ 6,295	$ 10,410

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2026
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	New Accounting Standards In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional, disaggregated disclosure around certain income statement expense line items. The amendments in this ASU are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs by increasing the operability of the recognition guidance to reflect neutrality toward different methods of software development. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2027 and can be applied prospectively, retrospectively, or with a modified transition approach. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

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-Section 65
-Paragraph 1
-Subparagraph (g)
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Revenues and Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization for Reportable Segments

The tables below summarize revenues, significant expenses and gross profit by reportable segment:


Three Months Ended March 31, 2026	Corporate Finance		FLC		Economic Consulting		Technology		Strategic Communications		Total
Revenues	$	409,502	$	192,878	$	175,648	$	102,323	$	102,994	$	983,345
Direct costs
Compensation expenses (1)	240,733		121,536		143,674		38,677		52,122		596,742
Other segment items (2)	21,702		5,877		11,401		30,339		10,457		79,776
	262,435		127,413		155,075		69,016		62,579		676,518
Segment gross profit	$	147,067	$	65,465	$	20,573	$	33,307	$	40,415	$	306,827









Three Months Ended March 31, 2025	Corporate Finance		FLC		Economic Consulting		Technology		Strategic Communications		Total
Revenues	$	343,645	$	190,602	$	179,861	$	97,156	$	87,018	$	898,282
Direct costs
Compensation expenses (1)	210,418		110,878		129,105		37,131		45,479		533,011
Other segment items (2)	21,154		7,083		9,340		27,127		11,213		75,917
	231,572		117,961		138,445		64,258		56,692		608,928
Segment gross profit	$	112,073	$	72,641	$	41,416	$	32,898	$	30,326	$	289,354

(1)The significant expense category and amounts align with the segment-level information that is regularly provided to the CODM.

(2)Other segment items include expenses for contractor fees and other costs. In our Technology segment, other segment items also include expenses related to software, licensing, data storage and depreciation.

Schedule of Reconciliation of Net Income to Adjusted Segment Earnings Before Interest, Taxes, Depreciation and Amortization

The table below reconciles income before income tax provision to total segment gross profit:


	Three Months Ended March 31,
	2026		2025
Income before income tax provision	$	78,546	$	80,581
Add back:
Interest expense	6,445		968
Interest income and other	(1,074)		(2,842)
Amortization of intangibles	612		1,017
Special charges	—		25,295
Selling, general and administrative expenses	222,298		184,335
Total segment gross profit	$	306,827	$	289,354

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of other intangible assets	$ 612	$ 1,017

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Leases - Schedule of Maturity Analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
2026 (remaining)	$ 42,914
2027	53,649
2028	45,376
2029	34,853
2030	29,534
Thereafter	107,542
Total future lease payments	313,868
Less: imputed interest	(61,134)
Total lease liabilities	$ 252,734	$ 261,721

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Carrying Amount of Operating Lease Assets and Liabilities

The table below summarizes the carrying amount of our operating lease assets and liabilities:


Leases	Classification	March 31, 2026		December 31, 2025
Assets
Operating lease assets	Operating lease assets	$	193,796	$	201,492
Total lease assets		$	193,796	$	201,492
Liabilities
Current
Operating lease liabilities	Accounts payable, accrued expenses and other	$	37,779	$	37,211
Noncurrent
Operating lease liabilities	Noncurrent operating lease liabilities	214,955		224,510
Total lease liabilities		$	252,734	$	261,721

Schedule of Lease Cost

The table below summarizes total lease costs:


	Three Months Ended March 31,
Lease Cost	2026		2025
Operating lease costs	$	12,836	$	12,608

Variable lease costs and other	4,534		4,755
Total lease cost, net	$	17,370	$	17,363

The table below includes cash paid for our operating lease liabilities, other non-cash information, our weighted average remaining lease term and weighted average discount rate:


	Three Months Ended March 31,
		2026			2025
Cash paid for amounts included in the measurement of operating lease liabilities		$	14,158		$	14,214

Operating lease assets obtained in exchange for lease liabilities		$	2,841		$	369

Weighted average remaining lease term (years)
Operating leases		7.2			7.5

Weighted average discount rate
Operating leases		5.9		%	6.0		%

Schedule of Future Minimum Lease Payments

The maturity analysis below summarizes the remaining future undiscounted cash flows for our operating leases and includes a reconciliation to operating lease liabilities reported on the Condensed Consolidated Balance Sheets:


	As of March 31, 2026
2026 (remaining)	$	42,914
2027	53,649
2028	45,376
2029	34,853
2030	29,534
Thereafter	107,542
Total future lease payments	313,868
Less: imputed interest	(61,134)
Total	$	252,734

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted


	Three Months Ended March 31,
	2026		2025
Numerator — basic and diluted
Net income	$	57,631	$	61,824
Denominator
Weighted average number of common shares outstanding — basic	29,984		35,053
Effect of dilutive share-based awards and stock options	345		447


Weighted average number of common shares outstanding — diluted	30,329		35,500
Earnings per common share — basic	$	1.92	$	1.76
Earnings per common share — diluted	$	1.90	$	1.74
Antidilutive share-based awards and stock options	73		222

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Goodwill [Roll Forward]
Goodwill beginning of period	$ 1,242,777
Foreign currency translation adjustment	(2,942)
Goodwill end of period	1,239,835
Corporate Finance
Goodwill [Roll Forward]
Goodwill beginning of period	543,243
Foreign currency translation adjustment	(848)
Goodwill end of period	542,395
Accumulated impairment loss	0	$ 0
FLC
Goodwill [Roll Forward]
Goodwill beginning of period	215,174
Foreign currency translation adjustment	(630)
Goodwill end of period	214,544
Accumulated impairment loss	0	0
Economic Consulting
Goodwill [Roll Forward]
Goodwill beginning of period	268,920
Foreign currency translation adjustment	(159)
Goodwill end of period	268,761
Accumulated impairment loss	0	0
Technology
Goodwill [Roll Forward]
Goodwill beginning of period	96,887
Foreign currency translation adjustment	(30)
Goodwill end of period	96,857
Accumulated impairment loss	0	0
Strategic Communications
Goodwill [Roll Forward]
Goodwill beginning of period	118,553
Foreign currency translation adjustment	(1,275)
Goodwill end of period	117,278
Accumulated impairment loss	194,100	194,100
Goodwill	$ 311,400	$ 312,700

Share-Based Compensation - Schedule Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 11,764	$ 9,306
Direct cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	8,062	4,717
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 3,702	$ 4,589

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

We lease office space and equipment under non-cancelable operating leases. The table below summarizes the carrying amount of our operating lease assets and liabilities:


Leases	Classification	March 31, 2026		December 31, 2025
Assets
Operating lease assets	Operating lease assets	$	193,796	$	201,492
Total lease assets		$	193,796	$	201,492
Liabilities
Current
Operating lease liabilities	Accounts payable, accrued expenses and other	$	37,779	$	37,211
Noncurrent
Operating lease liabilities	Noncurrent operating lease liabilities	214,955		224,510
Total lease liabilities		$	252,734	$	261,721

The table below summarizes total lease costs:


	Three Months Ended March 31,
Lease Cost	2026		2025
Operating lease costs	$	12,836	$	12,608

Variable lease costs and other	4,534		4,755
Total lease cost, net	$	17,370	$	17,363


	As of March 31, 2026
2026 (remaining)	$	42,914
2027	53,649
2028	45,376
2029	34,853
2030	29,534
Thereafter	107,542
Total future lease payments	313,868
Less: imputed interest	(61,134)
Total	$	252,734

The table below includes cash paid for our operating lease liabilities, other non-cash information, our weighted average remaining lease term and weighted average discount rate:


	Three Months Ended March 31,
		2026			2025
Cash paid for amounts included in the measurement of operating lease liabilities		$	14,158		$	14,214

Operating lease assets obtained in exchange for lease liabilities		$	2,841		$	369

Weighted average remaining lease term (years)
Operating leases		7.2			7.5

Weighted average discount rate
Operating leases		5.9		%	6.0		%

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Operating lease assets	$ 193,796	$ 201,492
Current operating lease liabilities	37,779	37,211
Noncurrent operating lease liabilities	214,955	224,510
Total lease liabilities	$ 252,734	$ 261,721
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable, accrued expenses and other	Accounts payable, accrued expenses and other

Segment Reporting - Schedule of Revenues and Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenues	$ 983,345	$ 898,282
Total segment gross profit	306,827	289,354
Operating Segments
Segment Reporting Information [Line Items]
Revenues	983,345	898,282
Compensation expenses	596,742	533,011
Other segment items	79,776	75,917
Direct costs	676,518	608,928
Corporate Finance
Segment Reporting Information [Line Items]
Total segment gross profit	147,067	112,073
Corporate Finance \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	409,502	343,645
Compensation expenses	240,733	210,418
Other segment items	21,702	21,154
Direct costs	262,435	231,572
FLC
Segment Reporting Information [Line Items]
Total segment gross profit	65,465	72,641
FLC \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	192,878	190,602
Compensation expenses	121,536	110,878
Other segment items	5,877	7,083
Direct costs	127,413	117,961
Economic Consulting
Segment Reporting Information [Line Items]
Total segment gross profit	20,573	41,416
Economic Consulting \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	175,648	179,861
Compensation expenses	143,674	129,105
Other segment items	11,401	9,340
Direct costs	155,075	138,445
Technology
Segment Reporting Information [Line Items]
Total segment gross profit	33,307	32,898
Technology \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	102,323	97,156
Compensation expenses	38,677	37,131
Other segment items	30,339	27,127
Direct costs	69,016	64,258
Strategic Communications
Segment Reporting Information [Line Items]
Total segment gross profit	40,415	30,326
Strategic Communications \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	102,994	87,018
Compensation expenses	52,122	45,479
Other segment items	10,457	11,213
Direct costs	$ 62,579	$ 56,692

Stockholders' Equity - Schedule of Stock Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stockholders Equity [Line Items]
Total cost	$ 128,202	$ 187,676
Excise tax	$ 1,375	$ 1,526
2016 Stock Repurchase Program
Stockholders Equity [Line Items]
Shares of common stock repurchased and retired (in shares)	787	1,127
Average price paid per share (in dollars per share)	$ 161.11	$ 165.15
Total cost	$ 126,811	$ 186,127
Excise tax	$ 1,400	$ 1,500

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Our second amended and restated credit agreement (the “Credit Agreement”) governing our senior unsecured bank revolving credit facility (the “Revolving Credit Facility”) has a revolving line of credit limit of $900.0 million and an incremental facility allowing for increases of up to $300.0 million, plus additional amounts, subject to certain conditions, which was exercised in connection with the Incremental Term Loan (as defined below). Our Revolving Credit Facility is unsecured, based on the Company’s investment grade credit rating, with only unsecured guarantees being provided by substantially all of our wholly owned domestic subsidiaries. On March 17, 2026, we entered into an incremental amendment to our Credit Agreement (the “Incremental Amendment”) which provides for a term loan in the aggregate amount of $300.0 million (the “Incremental Term Loan”). The Incremental Term Loan matures on March 17, 2029, and requires the Company to pay customary fees and expenses.

The table below presents the components of our debt:


	March 31, 2026		December 31, 2025
Revolving Credit Facility	$	455,000	$	365,000
Incremental Term Loan	300,000		—
Total debt	755,000		365,000
Less: deferred debt issuance costs	743		—
Long-term debt, net (1)	$	754,257	$	365,000

(1)There were no current portions of long-term debt as of March 31, 2026 and December 31, 2025. The Company classified the borrowings under the Revolving Credit Facility as long-term debt in the accompanying Condensed Consolidated Balance Sheets, as we have the intent and unilateral ability to refinance any borrowings on a continuous basis through the maturity of the Revolving Credit Facility on November 21, 2027.

Borrowings under the Revolving Credit Facility bear interest at a rate equal to, in the case of: (i) U.S. dollars (“USD”), at our option, Adjusted Term Secured Overnight Financing Rate (“SOFR”) or Adjusted Daily Simple SOFR, (ii) euros, Euro Interbank Offered Rate, (iii) British pounds, Sterling Overnight Index Average Reference Rate, (iv) Australian dollars, Bank Bill Swap Reference Bid Rate, (v) Canadian dollars, Canadian Dollar Offered Rate, (vi) Swiss francs, Swiss Average Rate Overnight, and (vii) Japanese yen, Tokyo Interbank Offered Rate, in each case, plus an applicable margin that will fluctuate between 1.25% per annum and 2.00% per annum based upon the Company’s Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) at such time or, in the case of USD borrowings, an alternative base rate plus an applicable margin that will fluctuate between 0.25% per annum and 1.00% per annum based upon the Company’s Consolidated Total Net Leverage Ratio at such time. The alternative base rate is a fluctuating rate per annum equal to the highest of (1) the Federal Funds rate (as defined in the Credit Agreement) plus the sum of 50 basis points, (2) the rate of interest in effect for such day as the prime rate announced by Bank of America, and (3) the one-month Adjusted Term SOFR plus 100 basis points.

Under the Revolving Credit Facility, we are required to pay a commitment fee rate that fluctuates between 0.20% and 0.35% per annum and a letter of credit fee rate that fluctuates between 1.25% and 2.00% per annum, in each case, based upon the Company’s Consolidated Total Net Leverage Ratio.

The Incremental Term Loan bears interest, at the Company’s option, at either the SOFR (plus a credit spread adjustment of 0.10%) or the “base rate,” (as defined in the Incremental Amendment) in each case, plus an applicable margin (at the ranges described above) based on the Company’s Consolidated Total Net Leverage Ratio.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 23, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-14875
Entity Registrant Name	FTI CONSULTING, INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1261113
Entity Address, Address Line One	555 12th Street NW
Entity Address, City or Town	Washington,
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20004
City Area Code	202
Local Phone Number	312-9100
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FCN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,144,043
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000887936
Current Fiscal Year End Date	--12-31

Share-Based Compensation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 shares
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards granted (in shares)	38,362
Restricted stock forfeited (in shares)	4,398
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards granted (in shares)	45,646
Restricted stock forfeited (in shares)	10,053
Performance-based Restricted Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards granted (in shares)	94,899
Award vesting rights, percentage	150.00%
Forfeited in period (in shares)	41,843

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

During the three months ended March 31, 2026, we granted equity awards of 38,362 restricted shares, 45,646 restricted stock units and 94,899 performance stock units under the FTI Consulting, Inc. 2017 Omnibus Incentive Compensation Plan, as amended, our employee equity compensation plan. Our performance stock units are presented at the maximum potential payout percentage of 150% of target shares granted. These awards are recorded as equity on the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2026, 4,398 shares of restricted stock and 10,053 restricted stock units were forfeited prior to the completion of the applicable vesting requirements. Additionally, 41,843 performance stock units were forfeited during the three months ended March 31, 2026, including award targets that were not achieved.

Total share-based compensation expense, net of forfeitures, is detailed in the following table:


	Three Months Ended March 31,
Income Statement Classification	2026		2025
Direct cost of revenues	$	8,062	$	4,717
Selling, general and administrative expenses	3,702		4,589

Total share-based compensation expense	$	11,764	$	9,306

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Oct. 21, 2025
Equity, Class of Treasury Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)	30,145	30,864
2016 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program additional amount authorized			$ 500.0
Stock repurchase program authorized amount			$ 2,200.0
Available amount under repurchase program	$ 364.9

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	The unaudited condensed consolidated financial statements of FTI Consulting, Inc., including its consolidated subsidiaries (collectively, the “Company,” “we,” “our” or “FTI Consulting”), presented herein, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and under the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Some of the information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and regulations. Certain prior period amounts have been reclassified to conform to the current period presentation. In management’s opinion, the interim financial statements reflect all adjustments that are necessary for a fair presentation of the results for the interim periods presented. All adjustments made were normal recurring accruals. The fair values of all financial instruments are estimated to be equal to their carrying values as of March 31, 2026 and December 31, 2025. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC.
New Accounting Standards	In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional, disaggregated disclosure around certain income statement expense line items. The amendments in this ASU are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs by increasing the operability of the recognition guidance to reflect neutrality toward different methods of software development. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2027 and can be applied prospectively, retrospectively, or with a modified transition approach. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.

Debt - Additional Information (Details) - Credit Facility - Line of Credit - USD ($)		3 Months Ended
	Mar. 17, 2026	Mar. 31, 2026
Debt Instrument [Line Items]
Senior secured revolving line of credit	$ 300,000,000.0	$ 300,000,000.0
Federal Funds Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)		0.50%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread (as a percent)		1.00%
Variable rate, adjustment (as a percent)	0.10%
Minimum
Debt Instrument [Line Items]
Commitment fee (as a percent)		0.20%
Fronting fees (as a percent)		1.25%
Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread (as a percent)		1.25%
Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)		0.25%
Maximum
Debt Instrument [Line Items]
Commitment fee (as a percent)		0.35%
Fronting fees (as a percent)		2.00%
Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread (as a percent)		2.00%
Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)		1.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Senior secured revolving line of credit		$ 900,000,000.0

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lease Cost
Operating lease costs	$ 12,836	$ 12,608
Variable lease costs and other	4,534	4,755
Total lease cost, net	$ 17,370	$ 17,363

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Repurchase Program

On June 2, 2016, our Board of Directors authorized a stock repurchase program (the “Repurchase Program”), which was most recently increased by $500.0 million to an aggregate authorization of $2.2 billion on October 21, 2025. No time limit has been established for the completion of the Repurchase Program, and the Repurchase Program may be suspended, discontinued or replaced by the Board of Directors at any time without prior notice. As of March 31, 2026, we had $364.9 million available under the Repurchase Program to repurchase additional shares of our common stock.

The following table details our stock repurchases under the Repurchase Program:


	Three Months Ended March 31,
	2026		2025
Shares of common stock repurchased and retired	787		1,127
Average price paid per share (1)	$	161.11	$	165.15
Total cost (1)	$	126,811	$	186,127

(1) Excludes commissions and excise tax of $1.4 million and $1.5 million incurred during the three months ended March 31, 2026 and 2025, respectively.

As we repurchase our common shares, we reduce stated capital on our Condensed Consolidated Balance Sheets for the $0.01 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction to additional paid-in capital. If additional paid-in capital is reduced to zero, we record the remainder of the excess purchase price over par value as a reduction of retained earnings.

Common Stock Outstanding

Common stock outstanding was approximately 30.1 million shares and 30.9 million shares as of March 31, 2026 and December 31, 2025, respectively. Common stock outstanding includes unvested restricted stock awards, which are considered issued and outstanding under the terms of the restricted stock award agreements.

- Definition

The entire disclosure for equity.

+ References

+ Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Stock Repurchases

The following table details our stock repurchases under the Repurchase Program:


	Three Months Ended March 31,
	2026		2025
Shares of common stock repurchased and retired	787		1,127
Average price paid per share (1)	$	161.11	$	165.15
Total cost (1)	$	126,811	$	186,127

(1) Excludes commissions and excise tax of $1.4 million and $1.5 million incurred during the three months ended March 31, 2026 and 2025, respectively.

Revenues	3 Months Ended
Revenues	Mar. 31, 2026
Revenue from Contract with Customer [Abstract]
Revenues	Revenues We generate the majority of our revenues by providing consulting services to our clients. Revenues are recognized when we satisfy a performance obligation by transferring services promised in a contract to a customer and in an amount that reflects the consideration that we expect to receive in exchange for those services. Performance obligations in our contracts represent distinct or separate services that we provide to our customers. If, at the outset of an arrangement, we determine that a contract with enforceable rights and obligations does not exist, revenues are deferred until all criteria for an enforceable contract are met. Revenues recognized during the current period may include revenues from performance obligations satisfied or partially satisfied in prior periods. This primarily occurs when the estimated transaction price has changed based on our current probability assessment over whether the agreed-upon outcome for our performance-based and contingent arrangements will be achieved. The aggregate amount of revenues recognized related to a change in the transaction price in the current period, which related to performance obligations satisfied or partially satisfied in a prior period, was $5.5 million and $10.8 million for the three months ended March 31, 2026 and 2025, respectively. Unfulfilled performance obligations primarily consist of fees not yet recognized on certain fixed-fee, performance-based and contingent arrangements. As of March 31, 2026 and December 31, 2025, the aggregate amount of the remaining contract transaction price allocated to unfulfilled performance obligations was $20.1 million and $27.3 million, respectively. We expect to recognize the majority of the related revenues over the next 12 months. We elected to utilize the optional exemption to exclude from this disclosure fixed-fee and performance-based and contingent arrangements with an original expected duration of one year or less and to exclude our time and expense arrangements for which revenues are recognized using the right-to-invoice practical expedient. Contract assets are defined as assets for which we have recorded revenues but are not yet entitled to receive our fees because certain events, such as completion of the measurement period or client approval, must occur. The contract asset balance was immaterial as of March 31, 2026 and December 31, 2025. Contract liabilities are defined as liabilities incurred when we have received consideration but have not yet performed the agreed-upon services. This may occur when clients pay fees before work begins. The contract liability balance was immaterial as of March 31, 2026 and December 31, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	5

Segment Reporting - Schedule of Reconciliation of Net Income to Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income before income tax provision	$ 78,546	$ 80,581
Interest expense	6,445	968
Interest income and other	(1,074)	(2,842)
Special charges	0	25,295
Selling, general and administrative expenses	222,298	184,335
Total segment gross profit	306,827	289,354
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income before income tax provision	78,546	80,581
Interest expense	6,445	968
Interest income and other	(1,074)	(2,842)
Amortization of intangibles	612	1,017
Special charges	0	25,295
Selling, general and administrative expenses	222,298	184,335
Total segment gross profit	$ 306,827	$ 289,354

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 198,276	$ 265,091
Accounts receivable, net	1,148,084	1,037,678
Current portion of notes receivable	91,370	87,861
Prepaid expenses and other current assets	119,159	126,997
Total current assets	1,556,889	1,517,627
Property and equipment, net	166,209	169,333
Operating lease assets	193,796	201,492
Goodwill	1,239,835	1,242,777
Intangible assets, net	12,908	13,547
Notes receivable, net	245,719	250,667
Other assets	91,174	95,085
Total assets	3,506,530	3,490,528
Current liabilities
Accounts payable, accrued expenses and other	254,298	206,247
Accrued compensation	369,346	712,335
Billings in excess of services provided	53,184	56,607
Total current liabilities	676,828	975,189
Long-term debt, net	754,257	365,000
Noncurrent operating lease liabilities	214,955	224,510
Deferred income taxes	103,251	99,611
Other liabilities	95,540	92,487
Total liabilities	1,844,831	1,756,797
Commitments and contingencies (Note 10)
Stockholders’ equity
Preferred stock, $0.01 par value; shares authorized — 5,000; none outstanding	0	0
Common stock, $0.01 par value; shares authorized — 75,000; shares issued and outstanding 30,145 (2026) and 30,864 (2025)	301	309
Additional paid-in capital	0	354
Retained earnings	1,801,055	1,862,672
Accumulated other comprehensive loss	(139,657)	(129,604)
Total stockholders’ equity	1,661,699	1,733,731
Total liabilities and stockholders’ equity	$ 3,506,530	$ 3,490,528

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenues	$ 983,345	$ 898,282
Operating expenses
Direct cost of revenues	676,518	608,928
Selling, general and administrative expenses	222,298	184,335
Special charges	0	25,295
Amortization of intangible assets	612	1,017
Costs and expenses	899,428	819,575
Operating income	83,917	78,707
Other income (expense)
Interest income and other	1,074	2,842
Interest expense	(6,445)	(968)
Other income (expense)	(5,371)	1,874
Income before income tax provision	78,546	80,581
Income tax provision	20,915	18,757
Net income	$ 57,631	$ 61,824
Earnings per common share — basic (in dollars per share)	$ 1.92	$ 1.76
Earnings per common share — diluted (in dollars per share)	$ 1.90	$ 1.74
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax expense of $0	$ (10,053)	$ 14,574
Total other comprehensive income (loss), net of tax	(10,053)	14,574
Comprehensive income	$ 47,578	$ 76,398

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The table below summarizes the changes in the carrying amount of goodwill by reportable segment:


	Corporate Finance (1)		FLC (1)		Economic Consulting (1)		Technology (1)		Strategic Communications (2)		Total
Balance at December 31, 2025	$	543,243	$	215,174	$	268,920	$	96,887	$	118,553	$	1,242,777

Foreign currency translation adjustment	(848)		(630)		(159)		(30)		(1,275)		(2,942)
Balance at March 31, 2026	$	542,395	$	214,544	$	268,761	$	96,857	$	117,278	$	1,239,835

(1) There were no accumulated impairment losses for the Corporate Finance, FLC, Economic Consulting or Technology segments as of March 31, 2026 and December 31, 2025.

(2) Amounts for our Strategic Communications segment include gross carrying values of $311.4 million and $312.7 million as of March 31, 2026 and December 31, 2025, respectively, and accumulated impairment losses of $194.1 million as of March 31, 2026 and December 31, 2025.

Intangible Assets

Intangible assets were as follows:


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets (1)	$	24,046	$	16,763	$	7,283	$	26,025	$	18,103	$	7,922




Non-amortizing intangible assets (2)	5,625		—		5,625		5,625		—		5,625

Total	$	29,671	$	16,763	$	12,908	$	31,650	$	18,103	$	13,547

(1) Amortizing intangible assets primarily include customer relationships as of March 31, 2026 and December 31, 2025.

(2) Non-amortizing intangible assets include trademarks as of March 31, 2026 and December 31, 2025.

Intangible assets with finite lives are amortized over their estimated useful lives. We recorded amortization expense of $0.6 million and $1.0 million during the three months ended March 31, 2026 and 2025, respectively

Accounts Receivable and Allowance for Expected Credit Losses

3 Months Ended

Mar. 31, 2026

Allowance for Doubtful Accounts and Unbilled Services [Abstract]

Accounts Receivable and Allowance for Expected Credit Losses

The following table summarizes the components of “Accounts receivable, net” as presented on the Condensed Consolidated Balance Sheets:


	March 31, 2026		December 31, 2025
Accounts receivable:
Billed receivables	$	823,863	$	764,217
Unbilled receivables	430,574		378,115
Allowance for expected credit losses	(106,353)		(104,654)
Accounts receivable, net	$	1,148,084	$	1,037,678

The following table summarizes the total provision for expected credit losses and write-offs:


	Three Months Ended March 31,
	2026		2025
Provision for expected credit losses	$	7,283	$	7,214
Write-offs	$	6,295	$	10,410

Our provision for expected credit losses includes recoveries, direct write-offs and charges to other accounts. Billed accounts receivables are written off when the potential for recovery is considered remote.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Special Charges - Schedule of Special Charges by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Special charges	$ 0	$ 25,295
Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		23,350
Unallocated Corporate
Restructuring Cost and Reserve [Line Items]
Special charges		1,945
Corporate Finance \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		11,696
Forensic and Litigation Consulting (“FLC”) \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		5,475
Economic Consulting \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		983
Technology \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		1,928
Strategic Communications \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		$ 3,268

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Performance obligations satisfied or partially satisfied in previous periods	$ 5.5	$ 10.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Unfulfilled performance obligations			$ 27.3
Performance obligation expected duration			12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Disaggregation of Revenue [Line Items]
Unfulfilled performance obligations	$ 20.1
Performance obligation expected duration	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Earnings per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings per Common Share

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of potentially dilutive common shares. Potentially dilutive common shares include the dilutive effects of shares issuable upon exercise or vesting of outstanding awards under our equity compensation plans, including stock options and share-based awards (restricted share awards, restricted stock units and performance stock units), each using the treasury stock method.


	Three Months Ended March 31,
	2026		2025
Numerator — basic and diluted
Net income	$	57,631	$	61,824
Denominator
Weighted average number of common shares outstanding — basic	29,984		35,053
Effect of dilutive share-based awards and stock options	345		447


Weighted average number of common shares outstanding — diluted	30,329		35,500
Earnings per common share — basic	$	1.92	$	1.76
Earnings per common share — diluted	$	1.90	$	1.74
Antidilutive share-based awards and stock options	73		222

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Net settled shares (in shares)	36	64

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 31, 2024		35,913
Beginning Balance at Dec. 31, 2024	$ 2,258,290	$ 359	$ 39,650	$ 2,394,853	$ (176,572)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,824			61,824
Other comprehensive (loss) income
Cumulative translation adjustment	14,574				14,574
Issuance of common stock in connection with:
Exercise of options (in shares)		2
Exercise of options	80		80
Restricted share grants, less net settled shares (in shares)		67
Restricted share grants, less net settled shares	(7,207)	$ 1	(7,208)
Purchase and retirement of common stock, including excise tax (in shares)		(1,127)
Purchase and retirement of common stock, including excise tax	(187,676)	$ (11)	(187,665)
Share-based compensation	9,753		9,753
Reclassification of negative additional paid-in capital	0		145,390	(145,390)
Ending Balance (in shares) at Mar. 31, 2025		34,855
Ending Balance at Mar. 31, 2025	$ 2,149,638	$ 349	0	2,311,287	(161,998)
Beginning Balance (in shares) at Dec. 31, 2025	30,864	30,864
Beginning Balance at Dec. 31, 2025	$ 1,733,731	$ 309	354	1,862,672	(129,604)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57,631			57,631
Other comprehensive (loss) income
Cumulative translation adjustment	(10,053)				(10,053)
Issuance of common stock in connection with:
Exercise of options (in shares)		9
Exercise of options	351		351
Restricted share grants, less net settled shares (in shares)		59
Restricted share grants, less net settled shares	(2,367)	$ 0	(2,367)
Purchase and retirement of common stock, including excise tax (in shares)		(787)
Purchase and retirement of common stock, including excise tax	(128,202)	$ (8)	(128,194)
Share-based compensation	10,608		10,608
Reclassification of negative additional paid-in capital	$ 0		119,248	(119,248)
Ending Balance (in shares) at Mar. 31, 2026	30,145	30,145
Ending Balance at Mar. 31, 2026	$ 1,661,699	$ 301	$ 0	$ 1,801,055	$ (139,657)

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	30,145,000	30,864,000
Common stock, shares outstanding (in shares)	30,145,000	30,864,000

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Components of Debt Obligations

The table below presents the components of our debt:


	March 31, 2026		December 31, 2025
Revolving Credit Facility	$	455,000	$	365,000
Incremental Term Loan	300,000		—
Total debt	755,000		365,000
Less: deferred debt issuance costs	743		—
Long-term debt, net (1)	$	754,257	$	365,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Special Charges (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Schedule of Special Charges by Segment

The following table details the special charges by segment:


	Three Months Ended March 31, 2025
Corporate Finance		$	11,696
Forensic and Litigation Consulting (“FLC”)		5,475
Economic Consulting		983
Technology		1,928
Strategic Communications		3,268
Segment special charges		23,350
Unallocated Corporate		1,945
Total		$	25,295

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are subject to legal actions arising in the ordinary course of business. In management’s opinion, we believe we have adequate legal defenses and/or insurance coverage with respect to the eventuality of such actions. We are not aware of any asserted or unasserted legal proceedings or claims that we believe would have a material adverse effect on our financial condition or our results of operations. During the three months ended March 31, 2025, the Company recognized gain contingencies at the conclusion of certain legal actions. These amounts are included as a gain in “Selling, general and administrative (“SG&A”) expenses” on our Condensed Consolidated Statements of Comprehensive Income. As of March 31, 2026 and December 31, 2025, we were contingently liable under bank guarantees issued in favor of third parties that totaled $18.3 million and $17.5 million, respectively. These bank guarantees primarily support bid and performance obligations and operating leases for office space. The amounts are guaranteed under guarantee facilities totaling $37.2 million and $32.5 million as of March 31, 2026 and December 31, 2025, respectively. We had $18.9 million and $15.0 million available under the guarantee facilities as of March 31, 2026 and December 31, 2025, respectively. These bank guarantees are issued separately from our Revolving Credit Facility and, as a result, do not affect available borrowing capacity under our Revolving Credit Facility.

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amounts of Goodwill by Operating Segment

The table below summarizes the changes in the carrying amount of goodwill by reportable segment:


	Corporate Finance (1)		FLC (1)		Economic Consulting (1)		Technology (1)		Strategic Communications (2)		Total
Balance at December 31, 2025	$	543,243	$	215,174	$	268,920	$	96,887	$	118,553	$	1,242,777

Foreign currency translation adjustment	(848)		(630)		(159)		(30)		(1,275)		(2,942)
Balance at March 31, 2026	$	542,395	$	214,544	$	268,761	$	96,857	$	117,278	$	1,239,835

(1) There were no accumulated impairment losses for the Corporate Finance, FLC, Economic Consulting or Technology segments as of March 31, 2026 and December 31, 2025.

Schedule of Other Intangible Assets Amortized Intangibles

Intangible assets were as follows:


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets (1)	$	24,046	$	16,763	$	7,283	$	26,025	$	18,103	$	7,922




Non-amortizing intangible assets (2)	5,625		—		5,625		5,625		—		5,625

Total	$	29,671	$	16,763	$	12,908	$	31,650	$	18,103	$	13,547

(1) Amortizing intangible assets primarily include customer relationships as of March 31, 2026 and December 31, 2025.

(2) Non-amortizing intangible assets include trademarks as of March 31, 2026 and December 31, 2025.

Schedule of Other Intangible Assets Unamortized Intangibles

Intangible assets were as follows:


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets (1)	$	24,046	$	16,763	$	7,283	$	26,025	$	18,103	$	7,922




Non-amortizing intangible assets (2)	5,625		—		5,625		5,625		—		5,625

Total	$	29,671	$	16,763	$	12,908	$	31,650	$	18,103	$	13,547

(1) Amortizing intangible assets primarily include customer relationships as of March 31, 2026 and December 31, 2025.

(2) Non-amortizing intangible assets include trademarks as of March 31, 2026 and December 31, 2025.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Foreign currency translation adjustments, tax expense	$ 0	$ 0

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator — basic and diluted
Net income — basic	$ 57,631	$ 61,824
Net income — diluted	$ 57,631	$ 61,824
Denominator
Weighted average number of common shares outstanding — basic (in shares)	29,984	35,053
Effect of dilutive share-based awards and stock options (in shares)	345	447
Weighted average number of common shares outstanding — diluted (in shares)	30,329	35,500
Earnings per common share — basic (in dollars per share)	$ 1.92	$ 1.76
Earnings per common share — diluted (in dollars per share)	$ 1.90	$ 1.74
Stock Options and Share-Based Awards
Denominator
Antidilutive share-based awards and stock options (in shares)	73	222

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

We manage our business in five reportable segments: Corporate Finance, FLC, Economic Consulting, Technology and Strategic Communications.

Our Corporate Finance segment focuses on the strategic, operational, financial, transactional and capital needs of our clients around the world. Our clients include companies, boards of directors, investors, private equity sponsors, lenders, and other financing sources and creditor groups, governments and other interested parties. We deliver a wide range of services centered around three core offerings: Transactions, Transformation and Turnaround & Restructuring.

Our FLC segment provides law firms, companies, boards of directors, government entities, private equity firms and other interested parties with a multidisciplinary and independent range of services across risk & investigations and disputes, supported by our data & analytics technology-enabled solutions, with a focus on highly regulated industries. Our services are centered around five core offerings: Construction, Projects & Assets and Environmental Solutions, Data & Analytics, Dispute Advisory Services, Healthcare Risk Management & Advisory and Risk & Investigations, which includes our cybersecurity and financial services-related offerings.

Our Economic Consulting segment, including subsidiary Compass Lexecon LLC, provides law firms, companies, government entities and other interested parties with analyses of complex economic issues for use in international arbitration, legal and regulatory proceedings and strategic decision making and public policy debates around the world. We deliver a wide range of services centered around three core offerings: Antitrust & Competition Economics, Financial Economics and International Arbitration.

Our Technology segment provides companies, law firms, private equity firms and government entities with a comprehensive global portfolio of digital insights and risk management, artificial intelligence (“AI”) and data services. Our professionals help organizations better address risk as the growing volume and variety of enterprise and emerging data intersects with legal, regulatory and compliance needs. We deliver a wide range of expert and AI-powered solutions driven by five core client needs: Blockchain & Digital Assets, Information Governance, Privacy & Security, Investigations, Litigation, and M&A, Antitrust and Competition.

Our Strategic Communications segment develops and executes communications strategies to help management teams, boards of directors, law firms, governments and regulators manage change and mitigate risk surrounding transformational and disruptive events, including crises, transactions, investigations, disputes, regulation and legislation. We deliver a wide range of services centered around three core offerings: Corporate Reputation, Financial Communications and Public Affairs.

We have considered information that is regularly provided to our Chief Executive Officer, who is our chief operating decision maker (“CODM”), for our segment reporting disclosure. Our CODM assesses the performance and allocates resources to each segment based on revenues and multiple measures of segment profit, including gross profit, which is the measure closest to GAAP reporting principles. Gross profit is defined as revenues less direct costs of revenues. Our CODM uses gross profit (i) to evaluate reportable segment performance against budgets, forecasts and strategies and (ii) to make strategic decisions regarding resource allocation, such as billable headcount and related compensation costs, as well as utilization and bill rates of our service offerings. Our CODM is not provided asset information by reportable segment.

The tables below summarize revenues, significant expenses and gross profit by reportable segment:


Three Months Ended March 31, 2026	Corporate Finance		FLC		Economic Consulting		Technology		Strategic Communications		Total
Revenues	$	409,502	$	192,878	$	175,648	$	102,323	$	102,994	$	983,345
Direct costs
Compensation expenses (1)	240,733		121,536		143,674		38,677		52,122		596,742
Other segment items (2)	21,702		5,877		11,401		30,339		10,457		79,776
	262,435		127,413		155,075		69,016		62,579		676,518
Segment gross profit	$	147,067	$	65,465	$	20,573	$	33,307	$	40,415	$	306,827









Three Months Ended March 31, 2025	Corporate Finance		FLC		Economic Consulting		Technology		Strategic Communications		Total
Revenues	$	343,645	$	190,602	$	179,861	$	97,156	$	87,018	$	898,282
Direct costs
Compensation expenses (1)	210,418		110,878		129,105		37,131		45,479		533,011
Other segment items (2)	21,154		7,083		9,340		27,127		11,213		75,917
	231,572		117,961		138,445		64,258		56,692		608,928
Segment gross profit	$	112,073	$	72,641	$	41,416	$	32,898	$	30,326	$	289,354

(1)The significant expense category and amounts align with the segment-level information that is regularly provided to the CODM.

The table below reconciles income before income tax provision to total segment gross profit:


	Three Months Ended March 31,
	2026		2025
Income before income tax provision	$	78,546	$	80,581
Add back:
Interest expense	6,445		968
Interest income and other	(1,074)		(2,842)
Amortization of intangibles	612		1,017
Special charges	—		25,295
Selling, general and administrative expenses	222,298		184,335
Total segment gross profit	$	306,827	$	289,354

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details