Fti Consulting, IncFCN

FTI Consulting’s latest quarterly filing shows revenue of $983.3 million for the three months ended 31 March 2026, down from the full-year 2025 figure of $3.79 billion, reflecting the seasonal rhythm of professional services where the first half is often softer than the fourth. Net income attributable to parent came in at $57.6 million, operating income at $83.9 million, and diluted EPS at $1.90 on 30.3 million shares. The balance sheet remains sturdy: total assets of $3.51 billion against liabilities of $1.84 billion, leaving shareholders’ equity at $1.66 billion. Cash and equivalents stood at $198.3 million at quarter-end, while operating cash flow was negative $310 million-hardly a crisis, but a reminder that consultancy is labour-intensive before it’s cash-generative.

On the product side, FTI’s UK telecoms, media and technology practice trades on scale-“approximately 300 dedicated professionals on six continents,” according to the official rail-while the business transformation arm markets itself to corporates and private equity as a value-creation partner. The AI services page promises “tailored AI strategies to unlock growth & manage risk,” a line that sounds impressive until you notice FTI’s filings don’t break out AI revenue, leaving investors to trust the website copy rather than the XBRL facts. The firm’s strategy page promises “pragmatic, industry-specialized strategies that drive growth, resilience, and long-term value,” which, in consultant-speak, usually means billable hours and deliverables rather than a measurable product.

The company’s latest 10-Q is the most concrete source we have, and it shows: revenue $983.3M (10-Q, period ending 2026-03-31); net income $57.6M; operating income $83.9M; diluted EPS $1.90 on 30.3M shares; cash $198.3M; operating cash flow -$310.0M; capex $10.6M (10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/887936/000095012326000108/0000950123-26-000070-index.htm). The website language is polished, but the numbers are what they are: a large, cash-generative professional services firm with strong equity and decent margins, yet one that consumes more cash in operations than it generates in a quarter.

For investors hunting for granularity, FTI’s XBRL companyfacts feed is the primary source for structured data, while the SEC submissions JSON lists the filings but does not add colour (SEC companyfacts JSON: https://data.sec.gov/api/xbrl/companyfacts/CIK0000887936.json; SEC submissions JSON: https://data.sec.gov/submissions/CIK0000887936.json). If you want to see how FTI talks to clients, the product rails offer colour: telecoms, media and tech (https://www.fticonsulting.com/uk/industries/telecom-media-and-technology); business transformation (https://www.fticonsulting.com/uk/services/business-transformation-and-strategy); AI services (https://www.fticonsulting.com/services/ai); and strategy (https://www.fticonsulting.com/services/strategy). None of these pages substitute for the 10-Q, but they do explain what FTI sells when it isn’t selling itself in a filing.

The tension in this story isn’t drama; it’s the quiet gap between the polished pitch and the prosaic receipts. The company is profitable, solvent, and staffed by professionals, but its operating cash flow turns negative in a seasonally soft quarter while its website promises “moment’s notice” solutions. That’s not a scandal; it’s just the nature of a people-based business where the product walks out the door every evening. The next 10-Q will show whether the gap widens or narrows, and whether the AI strategy is merely a slide in the deck or an actual revenue line. Until then, the balance sheet is the boss, and the website is the brochure.