• FTI Consulting is like **the crisis management and restructuring division of a large professional services firm like Deloitte or PwC.**
• FTI Consulting is like **McKinsey, but specializing in helping companies navigate financial distress, disputes, and complex investigations.**

• Corporate Finance & Restructuring: Provides advisory services to companies, creditors, and other stakeholders in financially distressed situations, turnarounds, and transactions.
• Forensic and Litigation Consulting: Offers investigative, dispute resolution, and expert testimony services related to fraud, financial investigations, and complex litigation.
• Economic Consulting: Delivers economic analysis and expert testimony for legal, regulatory, and strategic matters, including antitrust, intellectual property, and valuation.
• Strategic Communications: Advises clients on investor relations, public affairs, corporate reputation, and crisis communications to manage stakeholder perceptions.
• Technology: Specializes in e-discovery, information governance, data analytics, and digital forensics to address complex legal and regulatory challenges.

FTI Consulting (FCN) - Major Customers

• Corporations: Public and private companies of various sizes, spanning diverse industries such as energy, healthcare, technology, retail, real estate, and manufacturing. They engage FTI for services related to corporate finance & restructuring, litigation support, strategic communications, and more.
• Law Firms: Legal practices frequently hire FTI Consulting for their expertise in areas like forensic investigations, economic analysis, expert testimony, and e-discovery technology, particularly in complex litigation, arbitration, and regulatory matters.
• Financial Institutions: This category includes banks, investment funds, private equity firms, and hedge funds. They utilize FTI's services for due diligence, distressed asset management, M&A advisory, and other financial and restructuring consulting needs.
• Governmental Agencies: Public sector entities engage FTI Consulting for advice on policy, regulatory compliance, investigations, and other specialized consulting services.
• Boards of Directors and Special Committees: These governing bodies often seek independent advice from FTI Consulting on matters such as corporate governance, internal investigations, M&A transactions, and shareholder activism.

Steven H. Gunby, President & Chief Executive Officer

Steven H. Gunby has served as President and Chief Executive Officer of FTI Consulting since January 2014. He also serves as a member of the company's Board of Directors. Before joining FTI Consulting, Mr. Gunby had a distinguished 30-year career at The Boston Consulting Group (BCG), a prominent business strategy consulting firm. His roles at BCG included Senior Partner and Managing Director, Global Leader in Transformation (from 2011 to 2014), and Chairman for North and South America (from 2003 to 2009). He was also a member of BCG's Executive Committee. Mr. Gunby is also on the board of Arrow Electronics, Inc.

Paul Linton, Chief Strategy & Transformation Officer and Interim Chief Financial Officer

Paul Linton currently holds the position of Chief Strategy & Transformation Officer at FTI Consulting. As of September 12, 2025, he assumed the role of Interim Chief Financial Officer. Mr. Linton brings 25 years of experience in strategy, operations, organization, and large-scale transformation to his roles. He joined FTI Consulting in 2014. Prior to his tenure at FTI, Mr. Linton spent 14 years with The Boston Consulting Group, where he served as a partner and managing director.

Ajay Sabherwal, Former Chief Financial Officer

Ajay Sabherwal served as Chief Financial Officer of FTI Consulting from 2016 until his departure on September 12, 2025, for a role outside the consulting industry. Before joining FTI, he held several CFO positions, including Executive Vice President and CFO of FairPoint Communications, Inc. from 2010 to 2016. At FairPoint, he played a key role in guiding the company through a Chapter 11 bankruptcy restructuring and its subsequent relisting on NASDAQ. Mr. Sabherwal also served as CFO of Mendel Biotechnology, Inc., a company that was acquired by Koch Industries in 2014. His past experience also includes CFO roles at Aventine Renewable Energy, Inc. and Choice One Communications, Inc. He began his career in telecommunications, working in business planning, consulting, and equity analysis at firms such as Deloitte, Barclays de Zoete Wedd, and Canadian Imperial Bank of Commerce (CIBC) World Markets.

Holly Paul, Chief Human Resources Officer

Holly Paul is the Chief Human Resources Officer at FTI Consulting, a role she has held since July 2014. She is responsible for attracting, engaging, hiring, developing, and retaining professionals. Prior to FTI Consulting, Ms. Paul served as CHRO of Vocus, a PR software company that was later sold. She also spent nearly 12 years with PricewaterhouseCoopers (PwC) in various roles, including US Talent Acquisition Leader and National Human Resource Leader.

Matthew Pachman, Vice President, Chief Ethics & Compliance Officer & Chief Risk Officer

Matthew Pachman serves as Vice President, Chief Ethics & Compliance Officer, and Chief Risk Officer at FTI Consulting, roles he has held since July 2012, March 2017, and 2010, respectively. He is responsible for overseeing the firm's global ethics and compliance programs, as well as all aspects of its risk management functions. Before joining FTI Consulting in 2012, Mr. Pachman was the Vice President and Chief Compliance Officer at Altegrity Inc. He also served as Vice President of Compliance – Ethics and Business Practices at Freddie Mac, where he led enterprise-wide ethics and compliance functions. Earlier in his career, Mr. Pachman was a lawyer with MCI WorldCom, Inc.

Sophie Ross, Global Chief Executive Officer, Technology Segment

Sophie Ross is the Global Chief Executive Officer of the Technology segment at FTI Consulting and a member of the firm's Executive Committee. She has over 20 years of experience in company management and operations across the United States, Europe, and Asia. Ms. Ross joined FTI Consulting through its 2008 acquisition of Strategic Discovery, a leader in the litigation discovery industry, where she served as Chief Operating Officer. Prior to Strategic Discovery, she was Executive Vice President of Global Delivery & Operations at Freeborders Inc., and also held strategic and operational leadership roles at Revlon Inc./MacAndrews & Forbes and The Boston Consulting Group.

The clear emerging threat for FTI Consulting is the rapid advancement and adoption of **Artificial Intelligence (AI) and advanced automation** within professional services.

This technology has the potential to:

• Automate and commoditize core advisory tasks: AI can perform data analysis, document review, e-discovery, financial modeling, legal research, and market analysis with greater speed, accuracy, and lower cost than traditional human-intensive methods. This could significantly reduce the demand for FTI's current service delivery model or pressure its pricing.
• Enable new, lean competitors: Specialized AI-first consulting firms or technology vendors focused on AI-powered solutions could emerge, offering targeted services (e.g., AI-driven forensic accounting, automated compliance solutions, AI-powered litigation support) that directly compete with FTI's offerings at potentially lower price points or with superior efficiency.
• Empower client self-service: As sophisticated AI tools become more accessible and user-friendly, corporate clients may develop stronger in-house capabilities for tasks they previously outsourced to FTI, particularly in areas like e-discovery, data analytics, and routine compliance.

This threat is analogous to how Netflix's streaming model disrupted Blockbuster's physical rental business or how Uber's app-based network challenged traditional taxi services, by fundamentally altering the delivery mechanism, cost structure, and competitive landscape of the industry.

FTI Consulting (symbol: FCN) is expected to drive future revenue growth over the next 2-3 years through several key areas:

1. Sustained Demand in Corporate Finance & Restructuring Services: FTI Consulting anticipates continued revenue growth from its Corporate Finance & Restructuring segment, propelled by increased demand for restructuring and transactions services. Additionally, higher realized bill rates for transformation and strategy services are expected to contribute to this growth.
2. Expansion of Forensic and Litigation Consulting Services: The Forensic and Litigation Consulting segment is poised for continued expansion, driven by higher realized bill rates across risk and investigations, data & analytics, and construction solutions services. The firm also anticipates increased demand for its risk and investigations services.
3. Growth in Strategic Communications, Particularly Crisis and Transformation Services: The Strategic Communications segment is experiencing increased demand for corporate reputation services, with particular strength noted in crisis, people, and transformation services. This reflects a growing need for FTI Consulting's expertise during periods of disruption and change, which is expected to continue to drive revenue.
4. Strategic Investments in Cybersecurity: FTI Consulting has a strategic focus and continues to invest in cybersecurity. This ongoing investment and the evolving landscape of cybersecurity threats suggest that this area will be a driver of future revenue as the company enhances and expands its offerings to meet market demands.

Share Repurchases

• On October 21, 2025, FTI Consulting's Board of Directors authorized an additional $500.0 million for share repurchases, bringing the aggregate authorization since June 2, 2016, to $2.2 billion. Approximately $500.0 million remained available under the program after this authorization.
• In April 2025, FTI Consulting increased its stock repurchase authorization by $400 million, bringing the total authorization to $1.7 billion.
• The company repurchased $354.9 million of its common stock in the second quarter of 2025.
• FTI Consulting repurchased shares worth $10.2 million in 2024, $21 million in 2023, $85.4 million in 2022, and $46.1 million in 2021.

Capital Expenditures

• FTI Consulting's capital expenditures were $35 million in 2024, $49 million in 2023, $53 million in 2022, $69 million in 2021, and $35 million in 2020.
• For the second quarter of 2025, capital expenditure was $35.2 million.
• Expected capital expenditures for the remainder of 2025 are projected to be between $29 million and $36 million, to support the organization.
• The decrease in capital expenditures in 2024 was primarily due to lower spending on cloud computing costs and leasehold improvements.