Huron Consulting Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Huron Consulting Group Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	798	808	878	965	871	927	1,159	1,399	1,522	1,699
Cost of revenue	524	541	609	670	625	662	786	943	1,010	1,122
Gross profit	274	267	269	296	246	265	373	456	512	577
Selling, general and administrative	160	175	181	203	171	178	210	258	287	318
Selling and marketing	7.1	6.6	7.9	8.4	4.1	4.3	6.3	7.3	10.2	11.5
Operating expenses	199	474	217	232	275	212
Operating income	74.2	-207	52.1	63.7	-28.9	52.8	99.8	125	169	179
Other non-operating income	-15.1	-15	-26.9	-11.2	-5.02	27.2	8.82	-41.5	-14.8	-43.5
Pre-tax income	59.2	-223	25.2	52.5	-33.9	80	109	83.9	154	135
Income tax	19.7	-52	11.3	10.5	-10.2	17	33	21.4	37.4	30
Income from continuing operations	39.5	-171	13.9	42	-23.7	63	75.6
Net income	37.6	-170	13.6	41.7	-23.8	63	75.6	62.5	117	105
EBITDA	121	-157	91.4	98.1	1.37	78.8	127	150	194	211
EPS, basic	1.78	-7.93	0.63	1.90	-1.09	2.94	3.73	3.32	6.52	6.02
EPS, diluted	1.76	-7.93	0.62	1.85	-1.09	2.89	3.64	3.19	6.27	5.84
Shares, basic (weighted)	21.1	21.4	21.7	22	21.9	21.4	20.2	18.8	17.9	17.4
Shares, diluted (weighted)	21.4	21.4	22.1	22.5	21.9	21.8	20.7	19.6	18.6	18

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	17	16.9	33.1	11.6	67.2	20.8	11.8	12.1	21.9	24.5
Receivables	94.2	102	110	117	87.7	122	148	163	198	187
Other current assets	13.3	11	13.9	14.2	16.6	15.2	26.1	28.5	28.1	33.7
Total current assets	180	191	233	225	231	258	328	400	409	449
Property, plant and equipment	32.4	45.5	40.4	38.4	29.1	31	26.1	23.7	21.7	23.5
Lease right-of-use assets			0	55	39.4	35.3	30.3	24.1	19.2	20
Goodwill	800	646	645	647	594	621	625	626	679	787
Intangible assets	81.3	72.3	47.9	31.6	20.5	31.9	23.4	18.1	26.1	72.9
Long-term investments	34.7	39.9	50.4	54.5	71	72.6	91.2	75.4	69.7	36.4
Other non-current assets	24.8	25.4	30.5	52.2	62.1	68.2	73	92.3	117	135
Total assets	1,153	1,037	1,050	1,104	1,051	1,119	1,199	1,262	1,344	1,527
Accounts payable	7.27	9.19	10	7.94	0.65	13.6	14.3	10.1	11.5	12.4
Accrued liabilities	19.8	19.6	17.2	18.6	14.9	22.5	27.3	33.1	26.8	38.1
Deferred revenue	24.1	27.9	28.1	28.4	28.2	19.2	21.9	22.5	26.9	31.7
Short-term debt		0.5	243	0.53	0.5	0.56	0	0	13.8	20
Total current liabilities	136	139	418	205	187	205	246	303	339	383
Long-term debt	292	343	53.9	208	203	232	290	324	343	490
Lease liabilities			0	69.2	61.8	54.3	45.6	38.9	29.7	24.4
Total liabilities	505	534	509	519	499	547	647	729	782	998
Total debt	292	343	297	209	203	233	290	324	357	510
Paid-in capital	406	434	453	461	455	414	319	237	178	87.9
Retained earnings	351	180	196	238	214	277	353	415	532	637
Treasury stock	-113	-122	-125	-128	-130	-136	-138	-142	-160	-190
Other comprehensive income	3.62	10.4	16.5	14.9	13.1	16.8	18.1	22.8	11.9	-6.17
Shareholders' equity	648	503	541	585	552	572	552	533	561	529
Total equity	648	503	541	585	552	572	552	533	561	529
Total liabilities and equity	1,153	1,037	1,050	1,104	1,051	1,119	1,199	1,262	1,344	1,527

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	37.6	-170	13.6	41.7	-23.8	63	75.6	62.5	117	105
Depreciation and amortization	46.8	50.1	39.3	34.4	30.2	26	27.4	24.9	25.3	32.4
Stock-based compensation	16.6	14.8	18.8	24.2	24.1	25.9	31	45.7	45.1	46.5
Deferred income tax	1.31	-53.9	10.7	8.8	-9.86	12.5	18.8	-6.18	2.61	10.9
Change in receivables	1.44	1.65	-10.5	-10.1	33.1	-39.8	-25.8	-15	-30.5	16.9
Change in payables	-3.14	3.73	-8.21	-6.88	-7.79	10.4	-13.5	-6.95	-12.2	-6.25
Cash from operations	129	99.8	102	132	137	18	85.4	135	201	193
Capital expenditures	-13.9	-24.4	-8.94	-13.2	-8.13	-10.9	-12.5	-9.44	-8.65	-10.4
Acquisitions	-69.1	-107	-0.22	-2.5	-8.7	-44.8	-3.45	-1.61	-49.5	-112
Purchases of investments	0	0	0	-5	-13	0	0
Cash from investing	-86.6	-129	-18.6	-35	-42	-20.1	-20.1	-36.7	-79.7	-146
Debt repaid	-224	-241	-260	-193	-289	-205	-257	-320	-710	-955
Stock issued	0.12	0	0.94	1.24	1	0.8	1.42	2.52	1.83	5.09
Share buybacks			0	-13	-27.1	-64.6	-120	-123	-123	-167
Cash from financing	-84.1	28.8	-66.7	-119	-39.6	-44.4	-74.1	-98.3	-112	-45
Exchange rate effect	0.08	0.21	-0.21	0.12	0.48	0.17	-0.11	0.03	-0.17	-0.02
Net change in cash	-41.4	-0.12	16.2	-21.5	55.6	-46.4	-8.95	0.32	9.76	2.6
Free cash flow	115	75.4	92.7	119	129	7.12	72.9	126	193	183
Interest paid	6.47	9.07	8.89	7.97	8.31	7.98	12.2	27	33.3	34.3
Income taxes paid	24.6	5.4	3.35	1.43	4.72	8.45	13.5	33.5	29.7	27

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $157.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.0%	Gross profit / revenue.
Operating margin	10.4%	Operating income / revenue.
EBITDA margin	12.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.1%	Pre-tax income / revenue.
Net margin	5.9%	Net income / revenue.
FCF margin	7.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.9%	Cash from operations / revenue.
Effective tax rate	26.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	26.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.5%	Net income / average total assets.
Return on invested capital (ROIC)	11.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	18.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	21.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	8.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	173.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-9.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-6.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	31.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-5.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	35.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.22x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.15x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	53.8%	Total debt / total assets.
Liabilities / assets	75.0%	Total liabilities / total assets.
Net debt	$828.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.82x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$282.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	53.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$458.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.10x	Revenue / average total assets.
Fixed asset turnover	73.3x	Revenue / average property, plant and equipment.
Receivables turnover	8.36x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.
Days payables	4 days	365 x average accounts payable / cost of revenue.
FCF conversion	119.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.96	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$100.35	Revenue / diluted weighted shares.
FCF per share	$7.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.93	Cash from operations / diluted weighted shares.
Book value per share	$22.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$26.34	Tangible book value / shares outstanding.
Cash per share	$1.52	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	205.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.51B	Share price x shares outstanding.
Enterprise value	$3.34B	Market cap + total debt - cash - short-term investments.
P/E	24.2x	Market cap / net income. Only when net income is positive.
P/S	1.44x	Market cap / revenue.
P/B	6.32x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	20.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.2x	Market cap / cash from operations, when positive.
EV/Sales	1.91x	Enterprise value / revenue.
EV/EBIT	18.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.9%	Free cash flow / market cap.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	10.1%	(Dividends paid + share buybacks) / market cap.
PEG	1.42x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Huron Consulting Group Inc.'s revenue in fiscal 2025?

Huron Consulting Group Inc. reported revenue of $1.70B for fiscal 2025, 11.7% higher than the year before.

Was Huron Consulting Group Inc. profitable in fiscal 2025?

Yes. Net income was $105.0M, a net margin of 6.2%.

How much free cash flow did Huron Consulting Group Inc. generate in fiscal 2025?

Cash from operations of $193.4M minus capital expenditures of $10.4M left free cash flow of $183.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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