FTI Consulting, Inc. (FCN): History, Ownership, Mission, How It Works & Makes Money

When a crisis hits a major corporation-think restructuring, litigation, or a massive public relations firestorm-who does everyone call? FTI Consulting, Inc. (FCN) is the specialized global advisory firm that steps into those high-stakes situations, projecting a $3.69 Billion to $3.74 Billion full-year revenue range for 2025 as the market for complexity continues to grow. This isn't your average management consultancy; their business model thrives on helping clients navigate the toughest legal, financial, and reputational challenges, which is why their Forensic and Litigation Consulting segment alone saw a 10.0% revenue increase in Q2 2025. So, how does a firm that handles everything from corporate bankruptcies to global M&A (merger and acquisition) antitrust issues manage to keep its distinct five-segment structure profitable, and why does its unique ownership structure matter to you as an investor or strategist?

FTI Consulting, Inc. (FCN) History

You want to understand how FTI Consulting, Inc. became the global advisory powerhouse it is today, and the answer lies in a series of deliberate, transformative shifts away from its initial niche. The company's trajectory shows a clear pattern of strategically acquiring expertise to transition from a forensic engineering firm to a diversified, multi-billion dollar business advisor.

Given Company's Founding Timeline

Year established

The company was established in 1982, originally under the name Forensic Technologies International.

Original location

The firm began in Annapolis, Maryland, though its current headquarters is now in Washington, D.C.

Founding team members

The founding team members included Joseph E. Brulé, William T. restis, and Wayne P. Johnson, who initially focused on providing engineering and expert testimony for litigation.

Initial capital/funding

While the initial seed capital is not publicly available, a key early funding milestone was the company's Initial Public Offering (IPO) in May 1996, which raised $11.1 million.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The biggest change for FTI Consulting, Inc. was the strategic decision in the late 1990s to move beyond just forensic engineering and into the high-stakes world of corporate restructuring and financial advisory. This wasn't a small pivot; it was a full re-imagining of the business model.

This shift allowed the company to participate in massive, high-profile cases like the Lehman Brothers and General Motors bankruptcies, which defintely cemented its reputation as a go-to firm for crisis and change management. It's a classic example of using a core competency-deep, technical investigation-and applying it to a far more lucrative market.

• Broadened service lines: The company diversified into five main segments: Corporate Finance & Restructuring, Economic Consulting, Forensic and Litigation Consulting, Strategic Communications, and Technology.
• Aggressive M&A strategy: FTI Consulting used acquisitions to quickly build out its capabilities, such as expanding its financial advisory business in Australia and adding a real estate consulting firm in New York.
• Commitment to capital return: As of October 2025, the Board authorized an additional $500.0 million for its stock repurchase program, bringing the total authorization to $2.2 billion since 2016, a clear signal of confidence in its balance sheet.
• 2025 Financial Health: The firm reported record Q3 2025 revenues of $956.2 million, with Adjusted Earnings Per Share (EPS) for the full year 2025 projected to be between $8.20 and $8.70. You can dive deeper into the current financial performance in Breaking Down FTI Consulting, Inc. (FCN) Financial Health: Key Insights for Investors.

The company's current market capitalization is approximately $5.22 Billion USD as of November 2025, showing the long-term value created by these strategic pivots. That's a powerful result from a simple forensic engineering start.

FTI Consulting, Inc. (FCN) Ownership Structure

FTI Consulting, Inc. (FCN) is a publicly traded company on the New York Stock Exchange (NYSE), which means its ownership is widely distributed among institutional investors, company insiders, and the general public. This structure ensures a high degree of transparency and regulatory oversight, but it also means the company's strategic direction is heavily influenced by the large institutional blocks.

As of November 2025, FTI Consulting maintains a market capitalization (market cap) of approximately $4.88 billion, classifying it as a mid-cap stock. The high concentration of institutional ownership is a defintely key factor in its governance and stock price stability.

FTI Consulting's Current Status

FTI Consulting is a public entity, trading under the ticker FCN. This public status subjects the firm to rigorous financial reporting standards set by the Securities and Exchange Commission (SEC), providing investors with a clear, if complex, view into its operations and financial health. For a deeper dive into the numbers, you should check out Breaking Down FTI Consulting, Inc. (FCN) Financial Health: Key Insights for Investors.

The company's governance is primarily driven by its Board of Directors, but the sheer volume of shares held by major institutions gives them significant voting power on critical matters like executive compensation and mergers. It's a classic case of diffused ownership with concentrated voting influence.

FTI Consulting's Ownership Breakdown

Institutional investors-the large mutual funds, pension funds, and asset managers-hold the vast majority of FTI Consulting's shares. This high institutional stake, over 97%, suggests a belief in the company's long-term value proposition and a stable shareholder base, but it also means a few large players can sway shareholder votes.

For example, major asset managers like BlackRock, Inc. are among the largest shareholders, holding about 9.21% of the outstanding stock, which gives them a powerful voice. Insiders, meaning the executives and directors, hold a relatively small but meaningful stake, aligning their interests with overall shareholder returns.

FTI Consulting's Leadership

The company's strategic direction is steered by a seasoned executive team, led by Steven H. Gunby, who serves as both the Chief Executive Officer and Chairman. This dual role concentrates executive and board power, a structure common in US corporations but one that warrants investor scrutiny.

The leadership team, as of November 2025, is navigating a recent transition in the finance department. The CFO position is currently an interim role, which can create some uncertainty until a permanent replacement is named. Here's the quick math: a stable leadership team is critical for a consulting firm, so this transition is a near-term risk to watch.

• Steven H. Gunby: Chief Executive Officer (CEO) and Chairman.
• Paul Linton: Interim Chief Financial Officer (CFO) and Chief Strategy and Transformation Officer. He took on the interim CFO role after Ajay Sabherwal's departure on September 12, 2025.
• Matthew Pachman: Vice President, Chief Risk and Compliance Officer.

The core team's focus is on managing the firm's five main segments: Corporate Finance & Restructuring, Forensic and Litigation Consulting, Economic Consulting, Technology, and Strategic Communications.

FTI Consulting, Inc. (FCN) Mission and Values

FTI Consulting, Inc. operates on a core philosophy of being the essential partner when organizations face their toughest challenges, moving beyond simple advice to deliver integrated, expert solutions. This commitment is anchored by five non-negotiable values that shape every engagement, from a major restructuring to a complex litigation matter.

FTI Consulting's Core Purpose

You're not looking for a consultant who just tells you what you already know; you need an expert who can navigate the legal, financial, and reputational minefields that threaten your business. FTI Consulting's purpose is exactly that: to provide expert, multifaceted advice and support to clients navigating complex issues, often when the stakes are highest. This focus is why the firm's Forensic and Litigation Consulting segment, which deals with intricate client matters, generated $1.31 billion in revenue in 2024, showing the demand for their specialized, effective solutions.

Official mission statement

While FTI Consulting, Inc. does not publish a single, formally-worded mission statement, their actions defintely define their goal: to deliver comprehensive and strategic solutions by integrating expertise across various domains.

• Offer expert, multifaceted advice to clients facing critical legal, financial, and reputational issues.
• Provide integrated and tailored solutions, ensuring all facets of a challenge are addressed.
• Help organizations protect and enhance enterprise value in complex environments.

Vision statement

The company's vision is clear and aspirational, focusing on market leadership in a specific, high-stakes area. It's a simple goal: be the best at managing the worst-case scenarios and major shifts.

• To be the leading global expert firm for organizations facing crisis and transformation.

This vision is supported by a global platform with more than 8,100 employees as of March 31, 2025, ready to be deployed across 33 countries and territories.

FTI Consulting's Core Values

The firm's culture is built on five core values that drive employee behavior and client interactions. They aren't just words on a wall; they are the framework for how a firm can report Q3 2025 Adjusted EBITDA of $130.6 million while still adhering to ethical standards, even if it hurts short-term earnings.

• Integrity: Uphold the highest ethical standards in all dealings.
• Creativity: Develop innovative solutions tailored to client needs.
• Achievement: Focus on delivering tangible, decisive impact.
• Respect: Value diverse perspectives and foster a culture of inclusion.
• Empathy: Understand the client's unique situation and challenges.

FTI Consulting slogan/tagline

FTI Consulting, Inc. does not use a single, all-encompassing public tagline, preferring to emphasize their functional value proposition across segments, which makes sense for a diversified advisory firm. Their Strategic Communications segment, for instance, uses a direct, action-oriented phrase that captures the firm's overall impact.

• Manage Change.
• Mitigate Risk.
• Enhance Market Position.

Here's the quick math: Q1 2025 revenues were $898.3 million. That level of performance in a volatile market confirms clients are trusting the firm's ability to deliver on that promise of change management and risk mitigation. You can read more about how these principles guide their strategy here: Mission Statement, Vision, & Core Values of FTI Consulting, Inc. (FCN).

FTI Consulting, Inc. (FCN) How It Works

FTI Consulting, Inc. operates as a specialized, global business advisory firm, delivering expert-led, multidisciplinary solutions to organizations navigating high-stakes crises, complex disputes, and critical transformations.

The company generates its revenue by deploying over 8,100 professionals across five distinct, yet integrated, segments to address client challenges that often require a blend of financial, legal, economic, and communications expertise. For the first nine months of the 2025 fiscal year, FTI Consulting reported total revenues of approximately $2.798 billion, demonstrating the market's reliance on their specialized advice.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The operational model is built on a 'one-firm' approach, which means they can quickly assemble cross-segment teams to solve complex problems that no single consultant could handle alone. This is how they create value: by connecting the dots between, say, a financial restructuring challenge and the resulting legal and communication fallout.

The firm's global platform, with specialists in 33 countries as of March 31, 2025, allows them to manage multi-jurisdictional matters seamlessly. This scale is defintely necessary when a client needs to manage a global litigation case while simultaneously executing a corporate takeover. They also invest heavily in talent, welcoming hundreds of new graduates annually to maintain a deep bench of expertise.

• Deploy diverse expertise: Combine financial, technical, and communication specialists on a single engagement.
• Maintain high utilization: Billable headcount is managed to meet fluctuating demand for crisis-driven services.
• Invest in digital infrastructure: Prioritize AI and machine learning platforms for data-intensive services like e-discovery.

Given Company's Strategic Advantages

FTI Consulting's market success stems from two core advantages: the inherent resilience of its business model and its reputation as a trusted, independent expert. Honestly, their diverse service portfolio is their greatest hedge against economic cycles.

When the economy is strong, demand for M&A advisory and Economic Consulting may rise; but when a downturn hits, the Corporate Finance & Restructuring segment-which was the #1 Financial Advisor in the first half of 2025 Americas Restructuring Rankings-sees a surge in demand for bankruptcy and turnaround work.

• Counter-cyclical portfolio: Strength in restructuring offsets lower M&A-related demand in Economic and Technology segments.
• Unmatched credibility: Consistently ranked highly in litigation support and expert witness categories globally.
• Technology-enabled consulting: Leveraging AI to develop solutions for clients, particularly in the legal market, for over a decade.
• Deep industry focus: Expanding practices, like the Financial Services practice, by adding 15 senior leaders in 2025 to deepen regulatory and compliance capabilities.

If you want to understand the capital flows behind this advisory powerhouse, you should check out Exploring FTI Consulting, Inc. (FCN) Investor Profile: Who's Buying and Why?

FTI Consulting, Inc. (FCN) How It Makes Money

FTI Consulting, Inc. makes money by providing specialized, high-stakes business advisory services to clients facing significant change, risk, or disputes, essentially selling the expertise and time of its highly-skilled professionals on a project basis.

The firm operates a diversified, five-segment model, which means that when one area like mergers and acquisitions (M&A) slows down, another, like corporate restructuring, often picks up the slack, allowing the company to project full-year 2025 revenue between $3.685 billion and $3.735 billion. They are a classic human capital business; their product is their people.

FTI Consulting's Revenue Breakdown

The company's revenue is split across five distinct, global segments. The Q3 2025 results show a clear shift in revenue drivers, with Corporate Finance and Forensic & Litigation Consulting being the biggest engines, offsetting weakness in other areas.

Business Economics

The core economic engine of FTI Consulting, Inc. is its ability to command premium bill rates for specialized expertise, often in time-sensitive, high-stakes situations. The firm's business model is inherently counter-cyclical in some areas, which is a major strength.

For example, the Corporate Finance & Restructuring segment, which accounted for $404.9 million in Q3 2025 revenue, thrives when the economy faces headwinds, driving demand for corporate turnarounds and bankruptcy advisory. Conversely, the Economic Consulting segment, which was down 22.0% in Q3 2025, often slows down when M&A activity and non-M&A-related antitrust work decreases. That's segment diversification in action.

• Pricing strategy is based on realized bill rates, which are increasing in high-demand areas like risk and investigations and transformation services.
• The firm's gross profit margin was 33.2% in Q3 2025, reflecting the high value placed on their consultants' intellectual capital.
• Labor is the primary cost, so managing billable headcount-which was down 2.7% overall as of September 30, 2025, but with strategic senior hires-is defintely crucial for margin health.
• Significant investments are being made in AI and data analytics to enhance the Technology and Forensic and Litigation Consulting segments, positioning them for future growth in complex, data-intensive jobs.

FTI Consulting's Financial Performance

Financial performance in 2025 has been robust, driven by strong bottom-line growth despite mixed segment revenue performance. The company's Q3 2025 adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached $130.6 million, translating to a strong 13.7% margin.

The improved operational efficiency is clear: Q3 2025 operating margin expanded to 12.3%, up from 9.8% in the prior year quarter. This margin expansion, alongside a decrease in weighted average shares outstanding to 31.8 million due to share repurchases, helped push diluted earnings per share (EPS) to a record $2.60 for the quarter. The firm is committed to shareholder return, having repurchased 1.426 million shares for $234.1 million in Q3 2025 alone.

• Full-year 2025 Adjusted EPS guidance is projected to be between $8.20 and $8.70.
• The balance sheet remains strong, supporting continued strategic investments and share buybacks.
• The company's focus on high-margin, specialized services allows it to maintain a higher average operating margin than the broader business services sector.

To understand the strategic direction underpinning these numbers, you should review the firm's core values and long-term vision: Mission Statement, Vision, & Core Values of FTI Consulting, Inc. (FCN).

FTI Consulting, Inc. (FCN) Market Position & Future Outlook

FTI Consulting is positioned as a critical, counter-cyclical player in the global advisory market, with a strong outlook driven by corporate distress and regulatory complexity, despite facing headwinds in its Economic Consulting segment. The firm's strategic focus on high-margin, non-discretionary services like restructuring and forensic consulting has stabilized its performance, leading to a raised full-year 2025 adjusted earnings per share (EPS) guidance range of $8.20 to $8.70.

Competitive Landscape

In the vast, fragmented world of global consulting, FTI Consulting's overall market share is small, but its strength lies in its dominance within the niche, high-stakes advisory segments like corporate restructuring and litigation support. You can't compare its scale directly to the Big Four, but in a crisis, FTI is often the first call. Here is how FTI Consulting stacks up against its closest peers in the specialized advisory space, using their overall revenue for scale against the estimated $331.62 billion 2025 global consulting market.

Opportunities & Challenges

The firm is navigating a mixed economic environment in 2025, where certain segments are booming while others are contracting. The key is that the company is taking clear, decisive action to capitalize on the opportunities and mitigate the risks. For example, FTI is targeting $85 million in annualized cost savings from a workforce reduction, showing a commitment to margin control in a tough environment.

Industry Position

FTI Consulting holds a leading, defensible position in the non-discretionary, expert-driven segments of the consulting industry, which are often counter-cyclical to the broader economy. Their total TTM revenue as of Q3 2025 was $3.69 billion. That's a defintely solid foundation.

• Restructuring Leadership: The firm was ranked as the #1 Financial Advisor in the first half of 2025 Americas Restructuring Rankings, underscoring its market dominance in corporate distress work.
• Global Expertise: The company continues to invest heavily in its global Financial Services practice, adding 15 new Senior Managing Directors and Managing Directors in 2025 to reinforce its cross-segment offerings.
• Specialized Resilience: Unlike generalist strategy firms, FTI's business model is built to be resilient; when the economy is good, they advise on transactions and growth; when it's bad, they lead the bankruptcies and investigations.

To fully understand the foundational principles driving these strategic moves, you should review the Mission Statement, Vision, & Core Values of FTI Consulting, Inc. (FCN).