Adjusted EBITDA was $111.6 million or 11.8% of revenue, down from $115.9 million or 12.2% in the prior year quarter.
Billable headcount decreased 2% year-over-year and 2.9% sequentially, with declines in Economic Consulting and Strategic Communications partially offset by growth in FLC and Corporate Finance & Restructuring.
Earnings per share were $2.13 compared to $2.34 in the prior year quarter and $1.74 in Q1 2025, with sequential EPS growth driven by a $0.55 special charge in Q1.
Free cash flow was $38.3 million compared to $125.2 million in the prior year quarter.
FTI Consulting reported second quarter 2025 revenues of $943.7 million, slightly down from $949.2 million in the prior year quarter but up 5.1% sequentially from Q1 2025.
Net cash provided by operating activities was $55.7 million, down from $135.2 million in Q2 2024, impacted by increased forgivable loan issuances and tax payments.
Net income decreased to $71.7 million from $83.9 million year-over-year, primarily due to lower revenue, increased direct costs including forgivable loan amortization, FX losses, and a higher effective tax rate.
Segment highlights included record revenues and adjusted EBITDA in Corporate Finance & Restructuring and Strategic Communications, strong performance in Forensic and Litigation Consulting despite regulatory headwinds, and declines in Economic Consulting and Technology segments.
SG&A expenses decreased slightly year-over-year to $202.2 million or 21.4% of revenues, but increased sequentially due to non-recurring legal settlements in Q1.
Total debt net of cash increased to $317.2 million from negative $166.4 million a year ago, primarily due to share repurchases and forgivable loan issuances.
Century Aluminum reported adjusted EBITDA of $74 million in Q2 2025, a $4 million decrease from Q1, driven by a $247 per tonne increase in U.S. Midwest premiums offset by lower LME and European premiums.
Century completed refinancing $250 million of 7.5% senior secured notes with $400 million of 6.875% notes, lowering interest costs and extending maturity to 2032.
Liquidity improved to $363 million with a cash balance of $41 million; net debt remained flat at $446 million.
Net sales were $628 million, down $6 million primarily due to lower third-party alumina sales, partially offset by higher shipments and metal pricing.
The company reported a net loss of $5 million or $0.05 per share, but adjusted net income was $30 million or $0.30 per share excluding exceptional items.
Adjusted EBITDA was $65 million versus $98 million in the prior year quarter.
Adjusted pretax earnings were $15 million compared to $45 million in Q2 2024.
Agribusiness segment adjusted pretax income was $17 million, down from $33 million in Q2 2024, with improved fertilizer volumes and margins but weak grain merchandising.
Gross profit declined due to challenging agricultural fundamentals and a strong comparative quarter in Renewables last year.
Renewables segment pretax income was $10 million compared to $23 million in Q2 2024, with record ethanol yields but offset by lower board crush and higher input costs.
Revenues increased slightly due to the addition of Skyland despite lower commodity prices overall.
The Andersons reported adjusted net income of $8 million and adjusted EPS of $0.24 in Q2 2025, down from $39 million and $1.15 in Q2 2024.
Dafinchi