What happened?
Shares of business advisory firm FTI Consulting (NYSE: FCN) jumped 11.7% in the afternoon session after the company reported record third-quarter revenue and a 48% increase in adjusted earnings per share, and raised its full-year adjusted earnings per share guidance. According to a company press release, FTI Consulting reported third-quarter revenue of $1.013 billion, up 5.9% from $956.2 million, with growth in all five segments. Adjusted earnings per share rose to $3.84 from $2.60. GAAP earnings per share was $2.35, down from $2.60, after a $46.0 million staffing-related special charge and $4.5 million of litigation-related expenses reduced earnings per share by $1.36 and $0.13. Adjusted EBITDA was $153.7 million, or 15.2% of revenue, compared with $130.6 million, or 13.7%, a year earlier. The company reaffirmed full-year revenue guidance of $3.940 billion to $4.100 billion, raised adjusted earnings per share guidance to $9.50 to $10.00 from $9.10 to $9.70, and updated GAAP earnings per share guidance to $7.55 to $8.05 from $8.70 to $9.30.
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What is the market telling us
FTI Consulting’s shares are not very volatile and have only had 7 moves greater than 5% over the last year. Moves this big are rare for FTI Consulting and indicate this news significantly impacted the market’s perception of the business.
The biggest move we wrote about over the last year was 6 months ago when the stock dropped 5.2% on the news that the UAE intercepted Iranian missiles, marking the first major breach of the April ceasefire and sparking concerns that corporate clients will once again pull back on discretionary spending. Business services firms staffing, consulting, outsourcing, and professional services depend on robust client willingness to commission new projects and expand headcount engagements. When CFOs face a fresh oil shock and renewed inflation, the typical playbook is to delay non-essential project starts and tighten procurement. Investors are recalibrating expectations for backlog growth and book-to-bill ratios across the sector as the macro uncertainty extends.
FTI Consulting is up 4.2% since the beginning of the year, and at $177.48 per share, it is trading close to its 52-week high of $187.03 from April 2026. Investors who bought $1,000 worth of FTI Consulting’s shares 5 years ago would now be looking at an investment worth $1,233.
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