FTI Consulting’s second quarter results drew a positive market response as the company delivered solid performance despite flat year-over-year sales and notable headwinds. Management cited ongoing challenges in the Technology and Economic Consulting segments, with CEO Steven Gunby highlighting the impact of fewer large M&A deals and regulatory shifts affecting antitrust work. Conversely, Corporate Finance & Restructuring and Strategic Communications reached new highs, buoyed by increased demand for restructuring services and corporate reputation work. Gunby emphasized, “We are having a solid year, not only while fighting off the headwinds but while reinvesting in our businesses that we believe in.”

Is now the time to buy FCN? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions FTI Consulting’s Q2 Earnings Call

• Andrew Owen Nicholas (William Blair) asked about the divergence between Economic Consulting and Technology. CFO Ajay Sabherwal clarified that recent strength in Economic Consulting was due to non-M&A work, and not expected to continue at the same pace.
• Andrew Owen Nicholas (William Blair) inquired about the timeline for new academic hires in Economic Consulting to become commercially productive. CEO Steven Gunby explained that results may become clearer in a year, as new hires develop client relationships and testifying experience.
• Andrew Owen Nicholas (William Blair) questioned drivers of record restructuring growth. Sabherwal credited global expertise and an uptick in bankruptcy cases tied to tariff impacts and liability management exercises.
• Tobey O'Brien Sommer (Truist) asked about the pace of senior hiring and future expectations. Gunby emphasized that hiring is opportunistic and driven by available talent, particularly in regions with competitor disruptions.
• James Edwin Yaro (Goldman Sachs) pressed for detail on persistent weakness in transformation and strategy services. Sabherwal pointed to tougher prior-year comparisons, regional softness, and a business mix shift toward longer-term, success-fee engagements.

Catalysts in Upcoming Quarters

Looking ahead, our analyst team will be monitoring (1) the pace at which new senior and academic hires contribute to revenue growth, (2) stabilization or recovery in Technology and Economic Consulting as regulatory and market dynamics evolve, and (3) sustained strength in restructuring and strategic communications demand amid ongoing macroeconomic uncertainty. The impact of regulatory trends and talent investments on margins will remain key indicators of execution.

FTI Consulting currently trades at $168.58, in line with $167.53 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).

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