FTI CONSULTING, INC (FCN) Business

ITEM 1.    BUSINESS

Unless otherwise indicated or required by the context, when we use the terms “Company,” “FTI Consulting,” “we,” “us” and “our,” we mean FTI Consulting, Inc., a Maryland corporation, and its consolidated subsidiaries.

Company Overview

General

FTI Consulting is a leading global expert firm for organizations facing crisis and transformation. Individually, each of our segments and practices is staffed with experts recognized for the depth of their knowledge and a track record of making an impact.

We report financial results for the following five reportable segments:

•Corporate Finance;

•Forensic and Litigation Consulting (“FLC”);

•Economic Consulting;

•Technology; and

•Strategic Communications.

The Company renamed its Corporate Finance & Restructuring segment to Corporate Finance to better align with the segment’s business activities, structure and strategy, as of December 31, 2025. The segment name change did not result in any change to the composition of the segment and has no impact on previously reported financial information.

We work closely with our clients to help them anticipate and overcome complex business challenges and make the most of opportunities arising from factors such as the economy, financial and credit markets, governmental legislation and regulation, and litigation. We provide our clients with expert advice and solutions involving transactions, transformation,

1

turnaround & restructuring, construction, projects, assets & environmental solutions, data & analytics, dispute advisory services, healthcare risk management & advisory, risk & investigations, antitrust & competition economics, financial economics, international arbitration, blockchain & digital assets, information governance, privacy & security, investigations, litigation, M&A, antitrust and competition, corporate reputation, financial communications and public affairs. Our experienced professionals are recognized leaders in their chosen field not only for their level of knowledge and understanding, but for their ability to structure practical, workable solutions to complex issues and real-world problems. Our clients include Fortune 500 corporations, FTSE 100 companies, major law firms, leading private equity firms, global banks and local, state and national governments and agencies around the globe. In addition, major United States (“U.S.”) and international law firms refer us or engage us directly or on behalf of their clients. We believe clients retain us because of our recognized expertise and capabilities in highly specialized areas, as well as our reputation for successfully meeting our clients’ needs.

Our operations span the globe encompassing locations within: (i) the Americas, including 37 U.S. offices located in 21 states and Washington, D.C., and four offices located in Canada; (ii) Latin America, including seven offices located in Argentina, Brazil, Colombia, Mexico, and the British Overseas Territories of the Cayman Islands and the Virgin Islands; (iii) Asia Pacific, including 19 offices located in Australia, China (including Hong Kong), India, Japan, Singapore and South Korea; and (iv) Europe, Middle East and Africa (“EMEA”), including 37 offices located in Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Lebanon, Netherlands, Portugal, Qatar, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, United Arab Emirates and the United Kingdom (“UK”). In certain jurisdictions, our segments and practices are operated through one or more direct or indirect subsidiaries.

We derive the majority of our revenues from providing professional services to clients in the U.S. For the year ended December 31, 2025, we derived approximately 63% of our revenues from the work of professionals assigned to locations in the U.S. and 37% from the work of professionals assigned to international locations. Seasonal factors, such as the timing of our employees’ and clients’ vacations and holidays, may impact the timing of our revenues across our segments.

Summary Financial and Other Information

The following table sets forth the percentage of consolidated revenues for the last two years contributed by each of our five reportable segments.

The following table sets forth the number of offices and countries in which each segment operates, as well as the number of billable professionals in each of our reportable segments.

(1)“Countries” include the British Overseas Territories of the Cayman Islands and Virgin Islands

2

Our Reportable Segments

The Company is organized into five reportable segments, each of which seeks to be a global leader in its own right by serving as a trusted advisor when our clients are presented with challenging issues and the risks are high.

Corporate Finance

Our Corporate Finance segment focuses on the strategic, operational, financial, transactional and capital needs of our clients around the world. Our clients include companies, boards of directors, investors, private equity sponsors, lenders, and other financing sources and creditor groups, governments and other interested parties. We deliver a wide range of services centered around three core offerings: Transactions, Transformation and Turnaround & Restructuring.

In 2025, our Corporate Finance segment offered the following services:

Transactions. We provide services that help clients strategize, structure, diligence, integrate, carve-out, value and communicate around business transactions, including the following offerings:

•Diligence (Financial, Tax, HR, IT, Synergy and Regulatory)

•Investment Banking

•Merger Integration & Carve-Out

•Valuation & Financial Advisory Services

Transformation. We provide independent transformation expertise to deliver end-to-end value from strategy to execution, and drive change across the enterprise, enhance performance, build sustainable growth and foster a culture of excellence, including the following offerings:

•Cost Transformation

•Data & Technology Transformation

•HR Transformation

•Office of the Chief Financial Officer Solutions & Finance Transformation

•Operations & Supply Chain Transformation

•Revenue Transformation

•Strategy

Turnaround & Restructuring. We provide advisory services to help our clients stabilize finances and operations to reassure debtors, creditors and other stakeholders that proactive steps are being taken to preserve and enhance value, including the following offerings:

•Company Advisory

•Creditor Advisory

•Dispute Advisory & Litigation Support

•Insolvency

•Interim Management

3

Forensic and Litigation Consulting

Our FLC segment provides law firms, companies, boards of directors, government entities, private equity firms and other interested parties with a multidisciplinary and independent range of services across risk & investigations and disputes, supported by our data & analytics technology-enabled solutions, with a focus on highly regulated industries. Our services are centered around five core offerings: Construction, Projects & Assets and Environmental Solutions, Data & Analytics, Dispute Advisory Services, Healthcare Risk Management & Advisory and Risk & Investigations, which includes our cybersecurity and financial services-related offerings.

In 2025, our FLC segment offered the following services:

Construction, Projects & Assets and Environmental Solutions (“Construction Solutions”). We provide dispute resolution, advisory and transformation services that address the strategic, financial, operational, regulatory and capital needs of complex construction and environmental projects, programs, liabilities and physical asset management for organizations across multiple industries, and help organizations address environmental programmatic challenges and liability-related issues. Our key services include the following offerings:

•Environmental Cost & Damages Analyses

•Expert Services in Delay, Disruption, Quantum & Damages

•Project Delivery and Asset Management Advisory & Transformation

•Technology Enablement, Data Intelligence & Construction Analytics

Data & Analytics. We provide in-depth analysis of large, disparate sets of financial, operational and transactional data, often when our clients are faced with a regulatory inquiry, investigation or a dispute. We provide strategic business solutions, including custom application and software development, to solve critical client needs. Our professionals, who include computer scientists, Ph.D. data scientists, mathematicians, business and finance experts, work together with industry, regulatory, legal and other experts. Our key services include the following offerings:

•Data Strategy, Governance and Reconciliation

•Data Visualization, Process Improvement and Business Intelligence Solutions

•Machine Learning and Other Artificial Intelligence (“AI”) Solutions

•Remediation and Settlement Administration

Dispute Advisory Services. We provide courts and tribunals, parties to disputes and their legal counsel clear, reliable and objective advice on matters within our expertise, from discovery and investigation to privileged consulting and expert witness testimony. In addition, we provide graphic demonstratives and associated technology offerings for presentation in evidentiary hearings. We support our global clients with disputes of all kinds, including the following offerings:

•Claims in International Public Law

•Complex Commercial and Regulatory Disputes

•Energy-related Disputes

•Environmental Dispute Resolution

•Financial Products and Broker-dealer Disputes

•Insurance-related Disputes

•Intellectual Property

•Labor and Employment

Healthcare Risk Management & Advisory. We work with healthcare providers, healthcare payers, life sciences companies and law firms to discern solutions that address business risks and advise and prepare our clients for both

4

short-term and future strategic, operational, data and technological, financial and legal challenges. Our key services include the following offerings:

•Disputes and Investigations

•Financial Advisory

•Managed Care & Value-based Care

•Risk, Regulatory and Quality

Risk & Investigations. We provide compliance, risk assessment, investigative, litigation consulting and remediation expertise on a wide range of investigations to boards of directors, executive management, in-house counsel and their outside legal advisors at law firms. Our experts conduct investigations over a wide scope of issues and allegations, including the following offerings:

•Accounting Advisory & Restatements

•Anti-bribery & Corruption Investigations

•Anti-money Laundering Investigations

•Cybersecurity Investigations

•Export Controls, Sanctions & Trade

•Financial Regulatory Investigations

•Forensic Accounting & Fraud Investigations

•Geopolitical and Related Security Risk

•Monitorships

Economic Consulting

Our Economic Consulting segment, including subsidiary Compass Lexecon LLC (“Compass Lexecon”), provides law firms, companies, government entities and other interested parties with analyses of complex economic issues for use in international arbitration, legal and regulatory proceedings and strategic decision making and public policy debates around the world. We deliver a wide range of services centered around three core offerings: Antitrust & Competition Economics, Financial Economics and International Arbitration.

In 2025, our Economic Consulting segment offered the following services:

Antitrust & Competition Economics. We perform sophisticated economic analyses and provide expert testimony on international and regulatory antitrust and competition proceedings, practices and litigation, including the following offerings:

•M&A-related Antitrust

•Non-M&A-related Antitrust

Financial Economics. We perform sophisticated economic analysis and modeling of issues and provide expert testimony relating to transactions, commercial disputes, regulatory proceedings and a wide range of securities litigation to regulated and unregulated industries and government regulators, including the following offerings:

•Contractual Claims

•Rate Setting

•Securities Litigation & Risk Management

•Transfer Pricing

•Valuation

5

International Arbitration. We work with companies, governments and members of the international bar to provide independent advice and expert testimony relating to business valuations and economic damages in a wide variety of commercial and treaty disputes before international arbitration tribunals, including the following offerings:

•Business Valuations

•Commercial and Treaty Disputes

•Economic Damages

•Litigation Support

Technology

Our Technology segment provides companies, law firms, private equity firms and government entities with a comprehensive global portfolio of digital insights and risk management, AI and data services. Our professionals help organizations better address risk as the growing volume and variety of enterprise and emerging data intersects with legal, regulatory and compliance needs. We deliver a wide range of expert and AI-powered solutions driven by five core client needs: Blockchain & Digital Assets, Information Governance, Privacy & Security, Investigations, Litigation, and M&A, Antitrust and Competition.

Our expert team, comprising data scientists, technologists and lawyers, delivers defensible and proven solutions and is sought out for large-scale, novel and complex matters involving the intersection of AI with the legal landscape, including intellectual property and copyright infringement. Our IQ.AI solutions provide clients with access to advanced tools tailored to solve specific client centric needs such as for legal review (IQ.AI for Review), investigations (IQ.AI for Investigations), data breach (IQ.AI for Data Breach), antitrust (IQ.AI for Antitrust), disputes (IQ.AI for Litigation) and contracts (IQ.AI for Contracts).

In 2025, our Technology segment offered the following solutions:

Blockchain & Digital Assets. We provide solutions that help companies innovate using blockchain technology and digital assets, while mitigating risks and meeting compliance obligations, including the following offerings:

•Blockchain Managed Services

•Cryptocurrency and Digital Asset Regulatory Compliance

•Cryptocurrency Disputes and Investigations

•Decentralized Due Diligence

•Digital Asset Expert Services and Investigations

•Enterprise Blockchain Innovation

Information Governance, Privacy & Security. We help clients manage emerging data, navigate evolving regulatory and privacy obligations, prepare for and respond to external threats, decrease storage costs, remediate and secure corporate data, enable faster and deeper insight into data, and provide expert testimony to defend corporate data management processes, including the following offerings:

•Advisory on Governance, Policy, Standards & Execution, including for AI

•Compliance and Risk Technology, including Governance, Risk and Compliance

•Data Privacy Program Development, Implementation & Data Subject Access Requests

•Data Migration, Remediation, Disposition and Protection

•Legal Department Operations and Technology

•Microsoft 365 and Copilot Readiness, Governance, Data Protection and Risk Management

•Pixel, Ad Tracker and AdTech Advisory & Services

•Post-data Breach Privacy Analysis & Response

6

Investigations. We assist organizations in a range of high-stakes investigations, including fraud, bribery, IP theft, antitrust violations, workplace misconduct and white-collar crime. These matters often extend across international borders and require unique processes and expertise for uncovering evidence. Offerings include:

•Digital Forensics & Collection

•E-Discovery

•Emerging Data Solutions

•Expert Witness Testimony

•Find Facts Fast Solutions

Litigation. We provide technology-forward solutions that help in-house legal departments and their law firms respond to rising litigation and disputes challenges, including the following offerings:

•End-to-end E-discovery Software and Solutions

•Legal Hold & Preservation

•Managed Review

M&A, Antitrust and Competition. We combine our full portfolio of investigative, discovery and data capabilities with our global regulatory expertise to help companies and their law firms manage the data and legal requirements of M&A, antitrust and competition matters. This includes:

•Contracts for Pre- and Post-M&A Analysis and Repapering

•Dawn Raids

•Phase II Merger Investigations (EMEA)

•Pre- and Post-M&A Data Separation and Remediation

•“Second Request” Investigations under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (U.S.)

•“Secondary Information Request” Investigations (Canada)

Strategic Communications

Our Strategic Communications segment develops and executes communications strategies to help management teams, boards of directors, law firms, governments and regulators manage change and mitigate risk surrounding transformational and disruptive events, including crises, transactions, investigations, disputes, regulation and legislation. We deliver a wide range of services centered around three core offerings: Corporate Reputation, Financial Communications and Public Affairs.

In 2025, our Strategic Communications segment offered the following services:

Corporate Reputation. We design and provide communications to protect and enhance business reputations, build organizations’ public profiles and support their business outcomes, including the following offerings:

•Crisis and Issues Management

•Cybersecurity and Data Privacy Communications

•Digital, Analytics and Insights

•Litigation Communications

•People & Transformation

7

Financial Communications. We design and provide communications strategies to help business leaders deliver consistent and credible narratives to raise capital, engage with investors and navigate transitional business events, including the following offerings:

•Corporate Governance & Shareholder Activism

•Environmental, Social and Governance & Sustainability

•M&A Communications

•Restructuring and Financial Issues

Public Affairs. We combine public policy, capital markets and sector-specific expertise to offer unique insights for clients operating at the critical intersection between business and government, including the following offerings:

•Government Investigations

•Government Relations

•Public Affairs Research & Opinion Polling

•Public Affairs Strategy

•Public Policy Advocacy

Our Industry Specializations

We employ experts across our segments and practices who are qualified to provide our core services plus a range of specialized consulting services and solutions that address the strategic, reputational, operational, financial, regulatory, legal and other needs of specific industries. The major industry groups that we service include:

•Aerospace & Defense

•Airlines & Aviation

•Automotive & Industrials

•Blockchain & Digital Assets

•Chemicals

•Construction & Environmental

•Energy, Power & Products

•Financial Services

•Food & Agribusiness

•Healthcare & Life Sciences

•Hospitality, Gaming & Leisure

•Insurance

•Mining

•Public Sector & Government Contracts

•Real Estate

•Retail & Consumer Products

•Telecom, Media & Technology

•Transportation & Logistics

8

Our Business Drivers

Material factors that drive demand for our business offerings include:

•AI and Emerging Technologies. We have been leveraging AI to develop solutions for our clients for over a decade, building a leading position in the legal market. We continue to invest in machine learning and AI-related platforms to support our internal infrastructure. We help our clients adapt to the changing technological, regulatory and ethical landscape and actively partner with them to integrate these new technologies into their organizations, including embedding these technologies into our transformation and dispute advisory services offerings, among others. Our AI experts craft tailored AI strategies that align with our clients’ business objectives, leveraging AI and other technologies in their organizations to respond to the market, unlock growth opportunities and manage risk. We continue to invest in our open-source approach while making judicious investments in new and emerging technologies, adapting and refining our strategy by embracing new ways of working to develop services, identify commercial opportunities, improve our performance, increase internal efficiencies and otherwise add value for our clients. We have seen, and continue to believe, that the demand for AI and other technology-enabled consulting services will continue to grow as these capabilities advance in sophistication.

•Cybersecurity Risk. The evolving cybersecurity risk landscape, characterized by increasingly sophisticated threats and rising incidents of data breaches, drives demand for cybersecurity preparedness, post-breach investigations, crisis communications and related services, particularly in our FLC, Technology and Strategic Communications segments. Our global team of cybersecurity experts, incident response experts, developers and data scientists provides cyber incident response solutions across the event lifecycle, including preparedness and response planning, analysis, identification, containment, eradication, mitigation and system refinements. Additionally, we provide strategic communications services such as crisis management, corporate reputation and public affairs support for our clients during high-stakes cybersecurity breaches, as they work to manage stakeholder communications with investors, clients, employees, business partners and regulators, among other key stakeholders.

•Developing Markets. The growth and continuation of multinational companies and global consolidation can precipitate antitrust and competition scrutiny and the international spread of issues and practices that historically have been more common in the U.S., such as increased and complex litigation, corporate restructuring and bankruptcy activities, and antitrust and competition scrutiny. Additionally, shifts in trade and tariff policies can create significant challenges for companies operating in developed and emerging markets, often impacting supply chains, market access and cost structures. Companies in the developing world and multinational companies can benefit from our expert advice to access capital and business markets, comply with the regulatory, trade and other requirements of multiple countries, structure transactions and conduct due diligence, which drives demand for services across all of our segments.

•Emerging Data, Including Cloud-Based Collaboration and Communications Platforms. New and disparate communication systems, built on the cloud to enable easier access for global and mobile workforces, present new challenges for organizations to control, understand, manage and remediate their data. These emerging data systems were not designed to support discovery or investigations, yet regulators and the courts have made clear that if emerging data contains relevant information, it should be collected and produced or the company is at risk of spoliation and fines. Organizations need a broad range of services like ours to ensure that emerging data is governed in accordance with global regulations and security best practices, and incorporated into normal legal and regulatory processes.

•Financial Markets. Financial market factors, including credit and financing availability, terms and conditions, the willingness of financial institutions to provide debt modifications or relief, corporate debt levels, default rates, bankruptcies and restructuring, capital markets transactions, increased consolidation and the growth of emerging currencies, including digital assets and related exchanges, are significant drivers of demand for our business offerings.

•Litigation and Disputes. Litigation and business disputes, the complexity of the issues presented, and the amount of potential damages and penalties drive demand for the services offered by many of our segments, particularly our FLC, Economic Consulting and Technology segments. Law firms and their clients, as well as government regulators and other interested third parties, rely on independent outside resources to evaluate claims and data, facilitate discovery, assess damages, provide expert reports and testimony, manage the pre-trial and in-trial process, and effectively present evidence.

9

•M&A Activity. M&A activity is an important driver for all of our segments. We offer services across all phases of the M&A life cycle. Our services during the pre-transaction phase include government competition advice and pre-transaction analysis. Our services during the negotiation phase include due diligence, negotiation and other transaction advisory services, government competition, dawn raid and antitrust regulation services, expert witness testimony, asset valuations and financial communications advice. Our services following the close of a transaction include post-M&A integration, transformation and disputes services.

•Operational Challenges and Opportunities. Operational challenges and opportunities drive demand for services across all of our segments. Businesses facing challenges require the evaluation and re-evaluation of strategy, risks and opportunities. Businesses seek our enterprise transformation services when they want expert advice and execution in moments of significant change, stress, opportunity and other events that arise in the course of business; where the business model, cost structure, operations, or strategy need to materially shift to sustain or accelerate performance. Our transformation services address challenges related to enterprise risk management, reputational scrutiny, global expansion, competition from established companies, emerging businesses and technologies, doing business in emerging markets, and new and changing regulatory requirements and legislation. Management, companies and their boards need outside help to recognize, understand and evaluate such events and effect change, which drives demand for independent transformation services that combine functional and technical specialization and industry expertise.

•Regulatory Complexity, Public Scrutiny and Investigations. Regulatory complexity, public scrutiny and investigations drive demand for services across all of our segments. The uncertain and shifting regulatory environment, complex global regulations and legislation, greater scrutiny of corporate governance, instances of corporate malfeasance, including fraud, and evolving reporting requirements drive demand for our service offerings. The need to understand and address the impact of new or changing regulation and legislation, as well as the increasing costs of doing business, including the growing number of differing data sources maintained throughout the enterprise, has prompted companies to focus on better assessing and managing risks and opportunities. In addition, boards of directors, audit committees and independent board committees have been increasingly tasked with conducting internal investigations of financial wrongdoing, regulatory non-compliance and other issues. These factors and laws, such as the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act in the U.S., have contributed to the demand for independent consultants and experts to investigate and provide analyses to support the work of outside legal counsel, accountants and other advisors. These types of investigations also increasingly demand the use of multiple disciplinary service offerings like ours, which combine skills and capabilities across segments and practices with industry expertise.

Our Competitive Strengths

We compete primarily on the basis of the breadth of our services, the quality of our work, the prominence of our professionals, our geographic reach, our reputation and performance record, our specialized industry expertise and our strong client relationships. We believe our success is driven by a combination of long-standing competitive strengths, including:

•Pre-eminent Positions and Professionals. As a leading global expert firm for crises and transformation, we believe that we have pre-eminent market positions and experts. During 2025, awards and recognitions received by the Company include the following:

•FTI Consulting recognized as Consulting Firm of the Year, Energy Experts Firm of the Year, Insurance Expert Witnesses Firm of the Year, Investigations Digital Forensics Firm of the Year and Restructuring & Insolvency Advisers Firm of the Year at the 2025 Lexology Index Awards.

•FTI Consulting recognized as a top global investigations consultancy firm on the Global Investigations Review GIR 100 2025 list.

•FTI Consulting recognized as “Global Turnaround Consulting Firm of the Year” at the Turnaround Atlas Awards, the 10th time receiving this recognition.

•FTI Consulting subsidiary Compass Lexecon recognized as Competition Economics Firm of the Year at the 2025 Lexology Index Awards.

•FTI Consulting and Compass Lexecon led the Lexology Index Arbitration: Expert Witnesses list for the 16th consecutive year with 73 experts recognized.

•FTI Consulting and Compass Lexecon led the Lexology Index Consulting Experts list for the 10th consecutive year, with 183 professionals recognized globally.

10

•FTI Consulting named a Top Consulting Firm of 2025 by Management Consulted.

•Compass Lexecon ranked the Top Economic Consulting Firm on the Lexology Index: Competition 2025 list with 66 professionals named.

•FTI Consulting recognized as a leading firm in the Chambers Litigation Support 2025, Chambers Crisis and Risk Management 2025, Chambers NewLaw 2025 and Chambers FinTech 2025 guides.

•FTI Consulting recognized as one of the World's Best Public Relations Agencies by CEOWorld magazine

•Diversified Service Offerings. Our five reportable segments offer a diversified portfolio of practices providing services globally. Our broad range of practices and services, our specialized industry expertise and our global reach distinguish us from our competitors. This diversity helps to mitigate the impact on our financial results of economic cycles, crises, events and changes in a particular practice, industry or country.

•Diversified Portfolio of Elite Clients. We provide services to a diverse group of clients, including Fortune 500 companies, FTSE 100 companies, global financial institutions, banks, private equity funds and local, state and national governments and agencies in the U.S. and other countries. Additionally, 99 of the top 100 law firms as ranked by American Lawyer Global 100 Most Revenue List refer or engage us directly or on behalf of numerous clients on multiple matters. We are also an advisor to 95 of the Fortune 100 companies and 82 of the top 100 private equity firms on the Private Equity International 300 list.

•Demand for Integrated Solutions and a Consultative Approach. Our breadth and depth of practice and service offerings combined with our deep industry expertise and global footprint drive demand from clients that seek our unique cross-segment and cross-region client solutions as a leading global expert firm for crises and transformation: both event-driven and well-planned situations, including mergers and acquisitions, reputational issues, antitrust issues, liquidity issues, investigations and disputes, and long-term transformation and strategy events across different jurisdictions.

•Strong Cash Flows. Our business model has several characteristics that produce consistent cash flows. Our strong cash flows support business operations, capital expenditures and our ability to service our indebtedness and pursue our growth and other strategies.

Our Business Strategy

We build client relationships based on the quality of our services, our brand and the reputation of our professionals. We provide diverse complementary services to meet our clients’ needs around the world. We emphasize client service and satisfaction. We aim to build strong brand recognition. The following are key elements of our business strategy:

•Leverage Our Practitioners’ and Businesses’ Expertise, Geographic Reach, Diverse Service Offerings and Client Relationships. We work hard to maintain and strengthen our core practices and competencies. We believe that our recognized expertise, geographic reach, diverse service offerings and client relationships, coupled with our successful track record of serving as a trusted advisor for our clients when they are facing their greatest challenges and opportunities, are the most critical elements in a decision to retain us. Many of our professionals are recognized experts in their respective fields.

•Grow Organically. Our strategy is to identify where we are best positioned to help our clients solve their most complex issues, invest behind those positions and leverage that success to grow organically.

•Profitable Growth. We endeavor to leverage our investments to build positions that will support profitable growth on a sustained basis through a variety of economic conditions.

•Enhance Value through Capital Allocation. The strength of our balance sheet gives us the flexibility to allocate capital and create shareholder value in numerous ways, including investments in organic growth, share repurchases and acquisitions, among other capital allocation vehicles.

•Strategic Acquisitions. We consider strategic and opportunistic acquisition opportunities on a selective basis. We seek to integrate completed acquisitions and manage investments in a way that fosters organic growth, expands our geographic presence or complements our segments, services and industry positions. We typically structure our acquisitions to retain the services of key individuals from the acquired companies.

11

•Marketing. We rely primarily on our senior professionals to identify and pursue business opportunities. Referrals from clients, law firms and other intermediaries and our reputation from prior engagements are also key factors in securing new business. Our professionals often learn about new business opportunities from their frequent contact and close working relationships with clients. In marketing our services, we emphasize our experience, the quality of our services and our professionals’ particular areas of expertise, as well as our ability to quickly staff large engagements across multiple jurisdictions. While we aggressively seek new business opportunities, we maintain high professional standards and carefully evaluate potential new client relationships and engagements before accepting them.

Human Capital Resources

At FTI Consulting, we seek to provide the highest quality services to our clients. We do this by attracting and retaining experts in their fields, empowering an inclusive global workforce, providing opportunities for advancement and personal growth, and supporting the communities in which we do business. As of December 31, 2025, we employed 8,118 employees, of which 6,421 were billable professionals. We also engage independent contractors who provide services to us to supplement our professionals on client engagements as needed.

We aim to advance the best interests of all our stakeholders through:

•Attracting and Retaining Highly Qualified Professionals. Our professionals are crucial to delivering our services to clients and generating new business. Through our staff of highly qualified professionals, we can handle a large number of complex global assignments simultaneously. To attract and retain highly qualified professionals, we offer various compensation opportunities, including sign-on bonuses, incentive pay opportunities, and retention bonuses (including forgivable and repayable loans), along with a competitive benefits package and the opportunity to work on challenging global engagements with highly skilled peers.

•Expert-Driven Model. Our professionals include Ph.D.s, MBAs, JDs, CPAs, CPA-ABVs (CPAs accredited in business valuations), CPA-CFFs (CPAs certified in financial forensics), CRAs (certified risk analysts), Certified Turnaround Professionals, Certified Insolvency and Reorganization Advisors, Certified Fraud Examiners, ASAs (accredited senior appraisers), construction engineers and former senior government officials.

•Inclusive and High-Performing Culture. We work to foster an inclusive and high-performing culture where our professionals can grow their careers and achieve their full potential. We are dedicated to recruiting, employing and maintaining an inclusive workforce. We believe that a workforce reflecting the diverse backgrounds, perspectives and experiences of our clients, vendors, stakeholders, and the communities in which we operate enhances the quality of our services, drives employee engagement and retention, attracts top talent and elevates the overall value of our business.

•Talent Development. We support the development of our professionals at all levels of their careers. Our robust Talent Development program includes onboarding programs for new hires, training programs to prepare promotes for success in their new roles and leadership readiness programs to help our people build the skills needed to advance to our most senior positions. These training programs are supplemented by self-directed e-learning programs, among other segment-level talent development and training opportunities.

•Corporate Citizenship. We practice responsible corporate citizenship to drive positive change in the communities in which we do business. All full-time FTI Consulting employees are eligible to participate in our Corporate Citizenship program, which includes charitable gift matching, paid time off for volunteering and corporate-sponsored pro bono engagements.

Employment Agreements, Incentive, Retention and Sign-on Payments

We have written employment agreements with substantially all of our 798 Senior Managing Directors and equivalent personnel (collectively, “SMDs”) that set forth their compensation opportunities and the terms and conditions of their service. These written employment agreements may include incentive compensation opportunities that can take the form of cash, equity or loans (including forgivable and repayable loans). Incentive-based opportunities are subject to financial or individual performance criteria. We may also impose meaningful time-based service requirements. In the case of incentive pay that is subject to vesting or loans that are subject to forgiveness conditions, we generally limit accelerated vesting or loan forgiveness protection to qualifying termination of employment and corporate events.

12

We also administer other incentive compensation programs that include cash, equity awards, loans or some combination thereof, depending on the jurisdiction in which the participant is employed. Cash awards generally provide for fixed payments at some future date. In most cases, equity awards granted by the Company take the form of shares of restricted stock or restricted stock units that are subject to fixed vesting schedules ranging over two to nine years, depending on the value of such awards on the grant date. Forgivable loans provide that the principal amount and accrued interest will be forgiven over a period ranging from two to nine years, subject to continued service. Repayments for repayable loans are funded through an additional cash bonus payment, subject to continued service. Participants in non-U.S. jurisdictions may receive other forms of compensation under similar programs with substantially equivalent values and subject to comparable conditions. In substantially all cases, incentive compensation opportunities are subject to continued employment.

The compensation opportunities that we offer differ depending on the professional’s title, level, individual expertise and other qualifications, as well as across the jurisdictions in which we operate. We believe the compensation opportunities that we offer are competitive with our peers in terms of mix and magnitude and are designed to comply with the laws and regulations of the jurisdictions in which we conduct business. The value of our incentive-based opportunities, in the aggregate, as well as on an individual basis, has been and is expected to continue to be significant.

Clients

During the year ended December 31, 2025, no single client accounted for more than 10% of our consolidated revenues and no reportable segment had a single client that accounted for more than 10% of its respective total segment revenues. In some cases, we may have engagements through law firms that represent a larger percentage of our consolidated revenues or the revenues of a segment; however, in these situations, each law firm engages us on behalf of multiple clients.

Competition

We compete with different companies or business segments within companies depending on the nature of a proposed engagement and the requested types of service(s) or the location of the client or delivery of the service(s) or product(s). Our competitors include large organizations, such as the global accounting firms and large management and financial consulting companies that offer a broad range of consulting services; investment banking firms; information technology consulting and software companies that offer niche services that are the same or similar to services or products offered by one or more of our segments and small firms and independent contractors that provide one or more specialized services.

We compete primarily on the basis of the breadth of our services, the quality of our work, the prominence of our professionals, our geographic reach, our reputation and performance record, our specific industry expertise, our ability to staff multiple significant engagements across disciplines and industries in multiple locations, and our strong client relationships. Our Technology segment, particularly with respect to hosting and e-discovery services, and to a lesser extent our other segments, may also compete on price. Since our businesses depend in large part on professional relationships, there are low barriers of entry for professionals, including our professionals, electing to work independently, start their own firms or change employers.

Our Corporate Finance segment primarily competes with specialty boutiques and publicly traded companies providing restructuring, bankruptcy and M&A services and, to a lesser extent, large investment banks, management consulting firms and global accounting firms.

Our FLC segment primarily competes with other large consulting companies, specialty boutiques and global accounting firms with service offerings similar to ours.

Our Economic Consulting segment primarily competes with individually recognized economists, specialty boutiques and large consulting companies with service offerings similar to ours.

Our Technology segment primarily competes with consulting and/or software providers specializing in e-discovery, electronically stored information and the management of electronic content.

Our Strategic Communications segment competes with large public relations firms, as well as boutique M&A, crisis communications and public affairs firms.

Some service providers are larger than we are and, on certain engagements, may have an advantage over us with respect to one or more competitive factors. Specialty boutiques or smaller local or regional firms, while not offering the range of services we provide, may compete with us on the basis of geographic proximity, specialty services or price. In addition, some segments compete in industries subject to significant and rapid innovation. Larger competitors may be able to react more quickly to new regulatory or legal requirements and other changes.

13

Corporate Information

Our common stock is listed on the New York Stock Exchange (the “NYSE”) under the symbol FCN. Our executive offices are located at 555 12th Street NW, Suite 700, Washington, D.C. 20004. Our telephone number is 202-312-9100. Our website is http://www.fticonsulting.com.

Available Information

We make available, free of charge, on or through our website at http://www.fticonsulting.com, our annual, quarterly and current reports and any amendments to those reports, our proxy statements, as well as our other filings with the SEC, as soon as reasonably practicable after electronically filing them with the SEC. Information posted on our website is not part of this Annual Report or any other report filed with the SEC in satisfaction of the requirements of the Exchange Act. Copies of this Annual Report, as well as other periodic reports filed with the SEC, may also be requested at no charge from our Corporate Secretary at FTI Consulting, Inc., 555 12th Street NW, Suite 700, Washington, D.C. 20004, email address: mike.rosenthall@fticonsulting.com.