FTI Consulting, Inc. (FCN): Business Model Canvas [Dec-2025 Updated]

Honestly, when you look at a firm like FTI Consulting, Inc., you need to see past the billable rate and understand the engine driving that projected revenue guidance of $3.685 billion to $3.735 billion for 2025. Their business model is a tight integration of deploying over 8,100 specialized professionals globally to solve high-stakes corporate crises, from restructuring deals to complex litigation support, which requires deep partnerships with law firms and private equity sponsors. Plus, they are putting serious capital-between $70 million to $86 million this year-into proprietary tech, like AI and cloud tools, to keep their expert advice sharp and defensible. So, let's map out the nine core components of their Business Model Canvas below to see precisely how they capture value from these mission-critical engagements.

FTI Consulting, Inc. (FCN) - Canvas Business Model: Key Partnerships

You're looking at the network FTI Consulting, Inc. relies on to deliver its advisory services across the globe. It's a web of relationships that drives mandates, especially when stakes are high.

The firm reports having over 8,100 employees across 33 countries and territories as of September 30, 2025. The company generated $3.70 billion in revenues during fiscal year 2024. For the third quarter of 2025, FTI Consulting reported revenue of $956.2M.

Law firms for litigation and e-discovery referrals

The relationship with the legal community is deep. FTI Consulting serves as an advisor to all of the world's top 100 law firms.

In the e-discovery space, where costs are a major concern, the focus is on efficiency and provider consolidation. A recent FTI Technology study showed that:

• 72% of respondents cited legal review as the most expensive phase of e-discovery.
• 97% of in-house counsel view using fewer providers as an important selection consideration.
• Defensibility was a top factor for selecting e-discovery software by 62% and legal services by 52%.

Private equity sponsors and lenders for restructuring mandates

FTI Consulting, Inc. maintains significant ties with the private capital markets. The firm advises 71 of the world's top 100 Private Equity International firms. The firm continues to invest in its capabilities, announcing four senior hires in December 2025 to strengthen its global Private Equity and Financial Services practices.

The focus within PE is shifting. According to FTI Consulting's June 2025 Private Equity Value Creation Index, which surveyed over 500 decision-makers globally:

• M&A ranked last among ten value creation levers, with only 9% prioritizing it for 2025.
• The firm advises 90 of the Fortune Global 100 corporations.

Technology vendors for specialized software and data analytics tools

Partnerships with technology providers are critical for FTI Technology's offerings. In February 2025, the Technology segment entered a teaming agreement with iManage to support Corporate Legal Operations. This alliance focuses on providing cloud-based solutions for knowledge management and collaboration workflows.

The firm leverages expertise to forge alliances with providers across key areas:

• Contract lifecycle management
• Document management
• Legal process automation
• Artificial intelligence adoption

Strategic alliances with other advisory firms for joint client pursuits

FTI Consulting, Inc. works within a broader ecosystem, though specific joint pursuit revenue figures aren't public. The firm's multidisciplinary structure, spanning Corporate Finance & Restructuring, Forensic and Litigation Consulting, Economic Consulting, Technology, and Strategic Communications, allows it to serve clients across the business cycle.

Investment banks for M&A transaction support

While M&A was a lower priority for PE clients in mid-2025, FTI Consulting, Inc. supports transaction execution. The firm's Corporate Finance & Restructuring segment offers services across business transformation, strategy, transactions, and turnaround/restructuring.

The reach across major financial players can be seen in the client base served by the Forensic and Litigation Consulting segment:

The firm's FY 2025 guidance projects an EPS range of 8.200-8.70. Finance: draft 13-week cash view by Friday.

FTI Consulting, Inc. (FCN) - Canvas Business Model: Key Activities

You're looking at the core actions FTI Consulting, Inc. takes to generate revenue, and honestly, the numbers from the first three quarters of 2025 tell a very clear story about where the action is right now. The firm's total revenue for the third quarter ended September 30, 2025, hit a record of $956.2 million, which was up 3.3% year-over-year.

Delivering expert witness testimony and economic analysis

This activity falls primarily within the Economic Consulting segment, which is definitely feeling the pinch from the M&A slowdown. For the third quarter of 2025, revenues in this segment were $173.1 million, a significant drop of 22.0% compared to the prior year quarter. This decline was mainly due to lower demand for non-merger and acquisition (M&A)-related antitrust and M&A-related antitrust services. To be fair, the segment did see higher realized bill rates for non-M&A-related antitrust services and higher demand for financial economics services, but the overall trend reflects a contracting M&A environment.

Here's a look at how the segment's revenue has tracked recently:

Executing large-scale corporate restructuring and turnaround projects

The Corporate Finance & Restructuring segment is a powerhouse for FTI Consulting, Inc., contributing 38% of consolidated revenues for the full year 2024. This activity is clearly a key driver, as it delivered record quarterly revenues in Q3 2025. For the three months ended June 30, 2025 (Q2 2025), revenues in this segment reached $379.2 million, marking a solid increase of 9.0% over the same period in the prior year. That growth was primarily fueled by higher demand for restructuring and transactions services and better realized bill rates.

However, the firm is also managing its own transformation. In Q1 2025, FTI Consulting, Inc. embarked on an aggressive restructuring, cutting 5% of its 8,300-person workforce, which carried a special charge of $25.3 million in that quarter alone. The goal of this internal action is to generate $85 million in annualized cost savings by 2025.

Providing complex e-discovery and data investigation services

These services are bundled within the Forensic and Litigation Consulting (FLC) segment, which is showing strong momentum in 2025. FLC revenues for the third quarter of 2025 were $194.7 million, a jump of 15.4% compared to the prior year quarter. The increase was directly attributed to higher realized bill rates for risk and investigations, data & analytics, and construction solutions services, plus higher demand for risk and investigations services. This segment also reported Q1 2025 revenues of $190.6 million, up 8.3% year-over-year.

The key components driving this activity include:

• Higher realized bill rates for risk and investigations services.
• Increased demand for risk and investigations services.
• Data & analytics technology-enabled solutions.
• Electronic discovery (or "e-discovery") services and expertise.

Managing high-stakes strategic and financial communications

The Strategic Communications segment is another area that showed positive movement, partially offsetting declines elsewhere. In the first quarter of 2025, this segment delivered higher revenues, contributing to the overall firm revenue of $898.3 million for that quarter. While specific segment revenue figures for Q2 and Q3 2025 aren't broken out separately for Strategic Communications in the same detail as FLC or CFR, its positive contribution in Q1 2025 was noted.

Recruiting and retaining specialized, billable senior professionals

The ability to execute these activities depends entirely on talent. FTI Consulting, Inc. had more than 8,100 employees located in 32 countries as of September 30, 2025. The firm's CEO, Steven H. Gunby, confirmed a 'continued commitment to invest behind great professionals' in Q3 2025. The market reality for talent tenure is that 54% of surveyed respondents view the average tenure of a CFO at one company to be between three to five years. Also, outsourcing of finance functions has increased by 11% from 2024 to 2025, suggesting clients are increasingly relying on external expertise like that provided by FTI Consulting, Inc.

FTI Consulting, Inc. has a presence in 85 cities across 32 countries as of June 30, 2025, which speaks to the global scale of its professional deployment.

FTI Consulting, Inc. (FCN) - Canvas Business Model: Key Resources

You're looking at the core assets FTI Consulting, Inc. deploys to win mandates in high-stakes situations. These aren't just people; it's the structure and specialized knowledge that lets them step in when the risk is highest.

The human capital is substantial. FTI Consulting, Inc. fields over 8,100 billable professionals globally. This scale is necessary to manage multinational problems, as the firm has a global network of 33 offices across major financial centers. This physical footprint supports their multidisciplinary approach to complex challenges.

The firm's expertise is organized into five core segments, each aiming to be a global leader in its domain. This structure allows them to deliver integrated solutions, which is key when a crisis has financial, legal, and operational dimensions all at once.

The scale of this expertise is best seen through the numbers, even if the latest full-year segment breakdown is from the end of 2024. For instance, the firm generated $3.70 billion in revenues during fiscal year 2024. By the third quarter of 2025, the firm posted quarterly revenue of $956.17 million.

Here's a look at the structure of that expertise, based on the most recent available segment headcount data from the end of 2024, which gives you a sense of where the billable professionals are concentrated:

FTI Consulting, Inc. also relies on proprietary data analytics and e-discovery technology platforms to deliver its services, especially within the Technology segment, which handles e-discovery and managed review.

Finally, the strong brand reputation as a trusted crisis and transformation advisor is a resource in itself. This reputation is what allows FTI Consulting, Inc. to command premium rates and secure mandates in high-stakes situations, aligning with their core value of Achievement-delivering measurable results.

Finance: draft 13-week cash view by Friday.

FTI Consulting, Inc. (FCN) - Canvas Business Model: Value Propositions

You're looking at what FTI Consulting, Inc. actually delivers to its clients-the core reasons they pay the firm's fees. It boils down to specialized expertise applied at critical moments.

Multidisciplinary expertise for complex, high-stakes business issues

FTI Consulting, Inc. positions itself as an expert firm for organizations facing crisis and transformation. As of September 30, 2025, the firm had over 8,100 employees operating across 32 countries and territories, giving it a global footprint to address varied, complex situations. This scale supports the depth of knowledge required for high-stakes matters. For instance, in the third quarter of 2025, the firm generated total revenues of $956.2 million, showing consistent client engagement even amid market shifts. Management reconfirmed its full-year 2025 revenue guidance at approximately $3.71 billion. This breadth of service delivery across geographies and specialties is a key value proposition.

The firm's structure itself demonstrates this multidisciplinary approach, with performance varying across its five core segments, indicating where client demand is currently focused:

Integrated solutions across corporate finance, legal, and communications

The value here is the ability to connect the dots between financial distress, legal exposure, and public perception. You see this integration in recent strategic hires, such as the addition of senior leaders in London to bolster operational performance and transformation capabilities across Private Equity and Financial Services practices, specifically mentioning expertise in financial, operational, carve-out and technology due diligence. Furthermore, the Strategic Communications segment, which posted revenues of $102.7 million in the second quarter of 2025 (a 20.8% increase year-over-year), focuses on corporate reputation and financial communications, directly supporting the Corporate Finance & Restructuring segment's transaction work.

Rapid deployment of senior-level experts in crisis situations

When a crisis hits, speed matters more than almost anything else. FTI Consulting, Inc. emphasizes its ability to deploy senior talent quickly. The firm's ability to generate an Adjusted EBITDA of $130.6 million in Q3 2025, with an expanded margin of 13.7%, suggests operational efficiency that supports rapid resource allocation. The firm's focus on attracting seasoned professionals, like the Senior Managing Director hired in Sydney with over 25 years of experience in complex risk management, ensures that the deployed experts have immediate, relevant battle scars and knowledge to apply.

Technology-enabled solutions for massive data and regulatory compliance

This value proposition is about handling the sheer volume of information in modern disputes and investigations. The Forensic and Litigation Consulting segment's growth, with revenues up 15.4% in Q3 2025, is highlighted as being driven by demand for data & analytics and risk mitigation. The firm's 2024 10-K report noted an expansion of services in the Corporate Finance segment to include AI & Data Analytics, showing a commitment to technology integration. The firm's focus on regulatory compliance is also evident, with recent senior hires specializing in building compliance frameworks that stand up to regulatory scrutiny.

Independent, objective advice for boards and government entities

Objectivity is paramount when advising the highest levels of governance. The Forensic and Litigation Consulting segment explicitly provides services to law firms, companies, boards of directors, and government entities. This segment's operating income more than doubled to $40.5 million in Q3 2025, reflecting strong demand for independent investigation and dispute resolution services. The firm's 2025 Private Equity Value Creation Index, surveying over 500 decision-makers, positions FTI Consulting, Inc. as a thought leader providing objective insights on value creation levers, even when those insights challenge conventional wisdom, such as noting that M&A was the least prioritized lever for only 9% of leaders in 2025.

Finance: draft 13-week cash view by Friday.

FTI Consulting, Inc. (FCN) - Canvas Business Model: Customer Relationships

FTI Consulting, Inc. focuses on deep, specialized relationships with a high-caliber client base, reflecting the expert-driven nature of its service delivery.

Dedicated, high-touch, and long-term advisory engagements are central, evidenced by the firm's client roster. FTI Consulting, Inc. provides services to a diverse group that includes Fortune 500 companies and FTSE 100 companies. Furthermore, the firm is an advisor to 90 of the Fortune 100 companies and 71 of the top 100 private equity firms on the Private Equity International 300 list. The reach extends to legal matters, as FTI Consulting, Inc. advises all of the top 100 law firms as ranked by American Lawyer Global 100 Most Revenue List on multiple matters. This level of engagement suggests long-term, high-touch advisory relationships are the norm.

The expert-driven, customized service model is supported by the firm's scale and expertise. As of June 30, 2025, FTI Consulting, Inc. had more than 7,900 employees located in 32 countries and territories, enabling global reach for unique client challenges. The firm's Q3 2025 revenues reached $956.2 million, demonstrating the financial scale of these engagements.

While specific financial breakdowns for continuous engagement through retainer and project-based contracts are not publicly detailed, the reliance on high-value segments like Corporate Finance & Restructuring, which saw revenues increase 18.6% year-over-year to $404.9 million in Q3 2025, suggests a mix of both ongoing strategic advisory (often retainer-based) and discrete project work (like transactions).

Thought leadership is a key mechanism for initial and ongoing client engagement. The 2025 Global CFO Report, for instance, surveyed 655 finance executives globally. Key insights from this report show that 72% of CFOs expect revenue growth of 10% or more in the coming year. The report also highlighted that 87% of CFOs plan to adopt AI tools within the next year. Separately, FTI Consulting, Inc. research indicates that two thirds of senior leaders say they require support from social media experts to further drive their digital impact.

Relationship management by Senior Managing Directors is crucial for steering these complex, high-stakes client interactions. The firm's structure places senior leadership at the forefront of client solutions, as seen by Senior Managing Directors contributing to industry reports and client strategy. For example, in the context of the CFO report, a Senior Managing Director at FTI-Andersch commented on regional differences in CFO challenges. The depth of expertise required to serve clients like 90 of the Fortune 100 necessitates senior-level stewardship.

Here is a summary of the quantifiable elements related to FTI Consulting, Inc.'s customer relationships as of late 2025:

The firm's engagement model relies on deep subject matter expertise, which is why 2/3 of senior leaders say they require support from social media experts to further drive their digital impact. You're managing relationships with the world's largest entities, so the expectation for senior involvement is high.

FTI Consulting, Inc. is an advisor to 90 of the Fortune 100 companies. Finance: review Q4 2025 client pipeline against this penetration rate by end of month.

FTI Consulting, Inc. (FCN) - Canvas Business Model: Channels

You're looking at how FTI Consulting, Inc. gets its specialized expertise in front of clients facing crisis or transformation. The channels they use are deeply tied to their senior-level expertise and global footprint.

Direct sales force of Senior Managing Directors and practice leaders

The primary channel is the direct engagement by senior personnel. FTI Consulting, Inc. has grown its workforce to approximately 10K employees as of October 2025, up from over 8,100 employees across 33 countries as of March 31, 2025. These professionals, led by Senior Managing Directors and practice leaders, are the face of the firm in high-stakes engagements.

Global network of physical offices for local client service delivery

FTI Consulting, Inc. maintains a significant physical presence to deliver localized service. The firm operates offices in 84 cities across 31 countries. This structure supports their global reach while allowing for on-the-ground support for complex, often multi-jurisdictional matters. The geographic revenue distribution for Q3 2025 shows where this local service delivery is most impactful:

The firm's overall revenue for the twelve months ending September 30, 2025, was reported at $3.693B. The majority of revenue is still derived from the U.S., with 64% of consolidated revenue coming from U.S.-assigned professionals for the year ended December 31, 2024.

Digital platforms for technology and e-discovery service delivery

Digital platforms are a key channel, particularly within the Technology segment, which supports e-discovery and information governance needs. For the third quarter of 2025, the Technology segment generated revenues of $94.1 million. This segment has been growing its capacity, evidenced by a 13.7% increase in billable professionals in 2024, reflecting the demand for technology-enabled solutions in legal and regulatory matters.

The Technology segment's core offerings delivered through these platforms include:

• E-discovery & Managed Review
• Information Governance, Privacy & Security Services
• Data & Analytics

Referrals from law firms, banks, and former clients

A substantial portion of FTI Consulting, Inc.'s business flows through established professional relationships, acting as an embedded expert resource. The firm's deep penetration into the highest tiers of the legal and financial sectors serves as a powerful, indirect sales channel. As of the end of 2023, FTI Consulting, Inc. served:

• 98 of the world's top 100 law firms.
• 83 out of the Fortune 100 companies.
• 38 out of the world's top 50 bank holding companies.

This level of client engagement suggests that repeat business and formal referrals from these trusted partners are a critical, though not explicitly quantified, channel for new mandates across segments like Forensic and Litigation Consulting and Economic Consulting.

Industry conferences and proprietary client events

FTI Consulting, Inc. utilizes industry visibility to drive awareness and generate leads. The firm sponsors and presents at major industry conferences, and hosts proprietary events, such as their 2025 Global CFO Report release, which gathers insights from 655 finance executives globally. While specific revenue directly attributable to these activities is not broken out, they support the direct sales efforts of the Senior Managing Directors.

FTI Consulting, Inc. (FCN) - Canvas Business Model: Customer Segments

You're looking at who FTI Consulting, Inc. (FCN) actually serves right now, late in 2025. It's a B2B play, focusing on organizations facing their biggest financial, legal, or reputational inflection points. The firm's revenue for the third quarter ended September 30, 2025, hit $956.2 million, showing where the immediate demand is landing.

Global corporations facing crisis, transformation, or litigation are a core group. These are the big players needing help navigating complex risks, whether it's a major operational overhaul or a high-stakes dispute. FTI Consulting, Inc. is definitely positioned to handle this scale; as of December 31, 2023, their client roster included 83 out of the Fortune 100 companies. This type of client drives significant work in the Corporate Finance & Restructuring segment, which saw record quarterly revenues in Q3 2025 due to demand for restructuring and transactions services.

For law firms requiring expert testimony and forensic support, FTI Consulting, Inc. is a go-to resource. The firm's Forensic and Litigation Consulting segment saw revenues increase to $194.7 million in Q3 2025, driven by demand in risk and investigations services. To give you a sense of their reach in this area, as of the end of 2023, FTI Consulting, Inc. served 98 of the world's top 100 law firms as ranked by The American Lawyer Global 100 list.

When you look at Boards of directors and C-suite executives, you see clients who are highly focused on future performance amidst uncertainty. FTI Consulting, Inc.'s 2025 Global CFO Report suggests this group is optimistic, with over 75% of CFOs from larger companies-those with revenues greater than $5 billion-expecting revenue growth of 10% or more in the coming year. This points to a segment actively seeking strategic advice on growth and risk mitigation, aligning with the firm's overall mission to help clients manage change.

Serving government entities and regulatory bodies is another key segment, though specific revenue breakdowns aren't itemized. FTI Consulting, Inc. serves a range of federal, state, and local government agencies. The Economic Consulting segment, which often deals with regulatory and antitrust matters, faced headwinds, with revenues declining 22.0% year-over-year in Q3 2025. Still, the firm's ability to serve these entities remains a structural part of the business model.

The final major group involves private equity firms, lenders, and creditor groups. These clients are heavily served by the Corporate Finance & Restructuring segment, which is a powerhouse for FTI Consulting, Inc. As of late 2023, 64 of the top 100 private equity firms on the Private Equity International 300 list were clients. The strength of this segment is clear: its Q3 2025 revenues were a record high, indicating robust activity in transactions and turnaround situations.

Here's a quick look at the penetration data we have for these high-value client types, based on year-end 2023 figures:

Geographically, you see where the bulk of the $956.2 million Q3 2025 revenue originated:

• North America: Accounted for 64.6% of consolidated revenues, totaling $618.2 million.
• EMEA (Europe, Middle East, and Africa): Represented 28.7% of total revenues, at $274.2 million.
• Asia Pacific: Revenues declined 2.5% to $53.2 million.
• Latin America: Saw a more significant drop of 8.1% to $10.7 million.

The full-year 2025 revenue guidance is set between $3.66 billion and $3.81 billion. That's the landscape you're working with.

Finance: draft the Q4 2025 client engagement pipeline review by next Wednesday.

FTI Consulting, Inc. (FCN) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive FTI Consulting, Inc.'s operations as of late 2025. This cost structure is heavily weighted toward the talent that delivers the services.

High direct compensation and benefits for expert professionals form the largest component of direct costs. This reflects the premium paid for recognized expertise across their consulting segments.

• Direct costs include higher variable compensation and forgivable loan amortization expenses, as noted in Q3 2025 results.
• Compensation expense is a key driver in gross profit margin analysis, sometimes increasing as a percentage of revenues.
• Lower compensation, primarily driven by a 7.9% decline in billable headcount, was noted as a partial offset to lower Adjusted Segment EBITDA in the Economic Consulting segment for Q2 2025.

Selling, General & Administrative (SG&A) expenses are significant, covering the necessary infrastructure and outreach to support a global advisory firm. Office leases and marketing efforts fall into this bucket.

FTI Consulting, Inc. has made clear commitments to technology investment. You see this in the planned capital expenditures and ongoing operational spending for proprietary tools.

Capital expenditures for AI and cloud infrastructure development in 2025 are projected to be in the range of $70 million to $86 million. This reflects the strategic bet on technology supporting internal infrastructure and client solutions.

A specific, non-recurring cost event impacted the first quarter of 2025. The Company recorded a special charge of $25.3 million related to severance and other employee-related costs to align staffing with demand, which reduced Q1 2025 EPS by $0.55 per share. This charge is the variance between reported EPS and Adjusted EPS guidance for the full year 2025. Honestly, these one-time alignment costs are always something to watch for in consulting models.

Technology investment for proprietary software and data security is embedded in the cost structure, particularly within the Technology segment, which includes expenses related to software and licensing and data storage. FTI Consulting, Inc. continues to invest in machine learning and AI-related platforms to support its internal infrastructure.

FTI Consulting, Inc. (FCN) - Canvas Business Model: Revenue Streams

You're looking at the core engine of FTI Consulting, Inc.'s financial engine-how they actually bring in the money. The entire structure is built around fee-for-service consulting, which means revenue is directly tied to the time and expertise your people sell to clients. As of late 2025, the company's outlook suggests continued reliance on this model, with full-year 2025 revenue guidance set between $3.685 billion and $3.735 billion. That's the top-line target they are working toward, building on the $3.699 billion in revenue they posted for the full year 2024.

FTI Consulting, Inc. reports revenue across five primary operating segments, and the mix of those streams is always shifting based on market cycles. For instance, looking at the third quarter of 2025, you can see where the current demand is concentrated. The Corporate Finance & Restructuring segment, for example, benefited from strong restructuring and transaction services demand, while the Economic Consulting segment faced headwinds.

Here's a quick look at the revenue distribution based on the third quarter 2025 results, which gives you a snapshot of the current revenue mix:

The bread and butter for the time-and-materials segments is the combination of billable hours and realized bill rates for professional services. This is most evident in areas like Forensic and Litigation Consulting, where revenue growth in Q2 2025 was specifically attributed to higher realized bill rates for services like construction solutions. If onboarding takes 14+ days, churn risk rises, but for these segments, the focus is on maximizing the rate you charge per hour worked on client assignments, excluding things like success fees or pass-through costs.

Project-based fees are a huge component, especially for the Corporate Finance & Restructuring and Forensic and Litigation Consulting segments. Restructuring work is inherently project-based, often involving complex, time-intensive engagements that generate significant fees tied to project milestones or overall case success. Similarly, litigation support, risk, and investigations services fall squarely into this category. You see this when the Corporate Finance segment benefits from higher demand for transaction services; those are discrete projects with defined scopes.

Now, for the Technology segment, the revenue stream is structurally different. It's crucial to note that the majority of the Technology segment's revenues are not generated based on billable hours, unlike the core consulting practices. While specific subscription or usage fee amounts aren't always broken out, this difference suggests a revenue model that leans more toward recurring or fixed fees for access to their e-discovery tools, data and analytics platforms, or managed services, rather than purely time-and-effort billing. The Technology segment saw a revenue decline in Q2 2025 due to lower demand for M&A-related second request services, which shows even these non-billable streams are tied to transaction volumes.

To keep the pipeline full, FTI Consulting, Inc. is definitely focused on talent acquisition, as management highlighted ongoing investments in senior talent across segments like Economic Consulting and Technology to drive future revenue realization. Finance: draft 13-week cash view by Friday.