FTI Consulting, Inc. Q2 2026 Earnings Call Summary
FTI Consulting reported Q2 2026 results with record revenues driven by demand in bankruptcy, antitrust, and investigations, but bottom-line results were pressured by U.K. timing gaps and Middle East geopolitical disruptions. The company reaffirmed full-year revenue guidance of $3.94B to $4.1B and lowered GAAP EPS to $8.70-$9.30, citing $0.40 of litigation-related costs. FTI expects lower SG&A in 2H 2026 and continued opportunistic share repurchases supported by a $1.5B revolver.
How this was made
The 30-second read
Why it matters
Reaffirmed revenue guidance with a lowered GAAP EPS range suggests investors will trade the balance between non-recurring litigation costs and expected operating expense normalization.
Market read
Traders can update expectations for FTI’s 2H 2026 margin trajectory using the disclosed GAAP EPS bridge, the planned Q3 SG&A drop, and the capital allocation plan.
What to watch
The guidance depends on a U.K. second-half rebound described as a temporary seasonal air pocket; if delays persist, revenue and margin could miss the implied trajectory.
Background
The piece summarizes FTI Consulting’s Q2 2026 earnings call, focusing on segment drivers, guidance assumptions, and capital allocation.
Ticker impact
FTI Consulting reaffirmed full-year revenue guidance of $3.94B to $4.1B while lowering GAAP EPS guidance to $8.70 to $9.30.
Choppy-to-soft reaction risk, with upside if investors focus on the reaffirmed revenue range and Econ inflection.
The article provides specific guidance ranges, a $0.40 GAAP EPS drag from extraordinary litigation expenses, and a planned $12M sequential SG&A drop in Q3, which can offset some margin concerns.
Market effects
Highlights consulting and advisory demand resilience in high-stakes legal and restructuring work, but with geopolitical execution risk.
Middle East operations face ongoing client purchase suspensions and assignment delays, implying uneven regional revenue cadence.
Reinforces that AI-driven litigation and regulatory work is becoming a measurable growth driver for professional services.
Counterpoint
Investors may underweight the GAAP EPS cut because the company frames it as non-recurring litigation expense and points to sequential SG&A normalization in Q3.
Key entities
- public_companyFTI Consulting, Inc.
Subject of the earnings call summary, providing reaffirmed revenue guidance, lowered GAAP EPS guidance, and capital allocation details.
- regionU.K. operations
Management attributes a Q2 shortfall to a temporary timing air pocket and expects a second-half rebound.
- regionMiddle East operations
Management cites more durable uncertainty from geopolitical instability causing purchase suspensions and delayed starts.
- business_segmentEconomic Consulting (Econ) segment
Management says Econ reached an inflection point and should no longer be a year-over-year drag on revenue or EBITDA in 2H 2026.
- financingRevolving credit facility
Newly upsized $1.5B revolver intended to extend maturity and improve financial flexibility.
