FTI CONSULTING, INCFCN
FTI CONSULTING, INC Segments Disclosure
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:
Year Ended December 31, 2025 | Corporate Finance | FLC | Economic Consulting | Technology | Strategic Communications | Total | ||||||||||||||||||||||||||||||||
| Revenues | $ | 1,550,969 | $ | 764,687 | $ | 720,829 | $ | 373,883 | $ | 378,489 | $ | 3,788,857 | ||||||||||||||||||||||||||
| Direct costs | ||||||||||||||||||||||||||||||||||||||
Compensation expenses (1) | 919,921 | 465,896 | 527,598 | 148,234 | 191,252 | 2,252,901 | ||||||||||||||||||||||||||||||||
Other segment items (2) | 93,945 | 24,718 | 50,875 | 101,712 | 47,231 | 318,481 | ||||||||||||||||||||||||||||||||
| 1,013,866 | 490,614 | 578,473 | 249,946 | 238,483 | 2,571,382 | |||||||||||||||||||||||||||||||||
Segment gross profit (3) | $ | 537,103 | $ | 274,073 | $ | 142,356 | $ | 123,937 | $ | 140,006 | $ | 1,217,475 | ||||||||||||||||||||||||||
Year Ended December 31, 2024 | Corporate Finance | FLC | Economic Consulting | Technology | Strategic Communications | Total | ||||||||||||||||||||||||||||||||
| Revenues | $ | 1,391,206 | $ | 690,211 | $ | 863,557 | $ | 417,637 | $ | 336,041 | $ | 3,698,652 | ||||||||||||||||||||||||||
| Direct costs | ||||||||||||||||||||||||||||||||||||||
Compensation expenses (1) | 850,959 | 432,157 | 568,286 | 152,107 | 182,227 | 2,185,736 | ||||||||||||||||||||||||||||||||
Other segment items (2) | 86,497 | 32,869 | 60,138 | 120,412 | 31,074 | 330,990 | ||||||||||||||||||||||||||||||||
| 937,456 | 465,026 | 628,424 | 272,519 | 213,301 | 2,516,726 | |||||||||||||||||||||||||||||||||
Segment gross profit (3) | $ | 453,750 | $ | 225,185 | $ | 235,133 | $ | 145,118 | $ | 122,740 | $ | 1,181,926 | ||||||||||||||||||||||||||
Year Ended December 31, 2023 | Corporate Finance | FLC | Economic Consulting | Technology | Strategic Communications | Total | ||||||||||||||||||||||||||||||||
| Revenues | $ | 1,346,678 | $ | 654,105 | $ | 771,374 | $ | 387,855 | $ | 329,230 | $ | 3,489,242 | ||||||||||||||||||||||||||
| Direct costs | ||||||||||||||||||||||||||||||||||||||
Compensation expenses (1) | 826,228 | 400,457 | 509,100 | 134,576 | 179,485 | 2,049,846 | ||||||||||||||||||||||||||||||||
Other segment items (2) | 88,479 | 36,861 | 43,597 | 104,767 | 30,666 | 304,370 | ||||||||||||||||||||||||||||||||
| 914,707 | 437,318 | 552,697 | 239,343 | 210,151 | 2,354,216 | |||||||||||||||||||||||||||||||||
Segment gross profit (3) | $ | 431,971 | $ | 216,787 | $ | 218,677 | $ | 148,512 | $ | 119,079 | $ | 1,135,026 | ||||||||||||||||||||||||||
(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, depreciation and other costs. In our Technology segment, other segment items also include expenses related to software, licensing and data storage.
(3)Includes internal cost recovery for work performed on corporate projects of $17.2 million, $15.3 million and $2.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. Costs associated with billable work performed on corporate projects are included in unallocated corporate expenses as SG&A expenses in the Consolidated Statements of Comprehensive Income.
The table below reconciles income before tax provision to total segment gross profit:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Income before tax provision | $ | 371,011 | $ | 350,771 | $ | 358,363 | |||||||||||
| Add back: | |||||||||||||||||
| Interest expense | 21,396 | 6,951 | 14,331 | ||||||||||||||
| Interest income and other | (3,330) | (10,360) | 4,867 | ||||||||||||||
| Amortization of intangibles | 3,479 | 4,183 | 6,159 | ||||||||||||||
| Special charges | 25,295 | 8,230 | — | ||||||||||||||
| SG&A expenses | 799,624 | 822,151 | 751,306 | ||||||||||||||
| Total segment gross profit | $ | 1,217,475 | $ | 1,181,926 | $ | 1,135,026 | |||||||||||
The table below details total revenues by country. Revenues have been attributed to locations based on the location of the legal entity generating the revenues.
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| U.S. | $ | 2,385,397 | $ | 2,368,527 | $ | 2,209,276 | |||||||||||
| UK | 515,102 | 485,291 | 471,134 | ||||||||||||||
All other foreign countries (1) | 888,358 | 844,834 | 808,832 | ||||||||||||||
| Total revenues | $ | 3,788,857 | $ | 3,698,652 | $ | 3,489,242 | |||||||||||
(1) There are no countries included in these amounts that individually represented more than 10 percent of total revenues for the years ended December 31, 2025, 2024 and 2023.
We do not have a single customer that represents 10% or more of our consolidated revenues.
The table below details information on our long-lived assets, which include property and equipment, net and non-current operating lease assets, by country. Long-lived assets have been attributed to locations based on the location of the legal entity holding the assets.
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| U.S. | $ | 224,512 | $ | 209,946 | |||||||
All other foreign countries (1) | 146,313 | 138,667 | |||||||||
| Total long-lived assets | $ | 370,825 | $ | 348,613 | |||||||
(1) There are no countries included in these amounts that individually represented more than 10 percent of long-lived assets as of December 31, 2025 and 2024.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2020 | Feb 25, 2021 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.