Huron Consulting Group Inc. (HURN)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.8B

Revenue growth

13.6%

Net income, last twelve months

$115.6M

Earnings per share

$6.68

Gross margin

34.0%

Operating margin

10.3%

Net margin

6.4%

Free cash flow

$161.0M

Return on equity

30.0%

Market value

$3.1B

Price to earnings

29.0x

Cash

$31.2M

Debt

$832.8M

Debt to equity

2.16

Shares outstanding

15.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 28 July 2026.

• Quarterly RBR rose 15.7%. Second-quarter revenues before reimbursable expenses rose $63.1 million, or 15.7%, from $402.5 million a year earlier, to $465.6 million.
• Organic growth was 10.8%. Excluding $19.5 million of incremental RBR from acquisitions completed since March 31, 2025, quarterly RBR grew 10.8% organically.
• Six-month RBR rose 13.9%. Six-month RBR reached $909.3 million, including $38.7 million from acquisitions. Excluding acquisitions, six-month RBR grew 9.1% organically.
• Net income rose 60.8% in quarter. Net income was $31.2 million, or 6.6% of total revenues, against $19.4 million, or 4.7%. The prior-year quarter included an $8.2 million after-tax impairment, or $0.46 per diluted share.
• Adjusted diluted EPS rose 30.2%. Adjusted net income was $40.2 million, or $2.46 per diluted share, against $1.89 a year earlier. Diluted EPS was $1.91, against $1.09.
• Healthcare revenue rose 17.4%. Healthcare RBR rose to $232.3 million from $197.8 million. Segment operating income rose 17.2% to $69.9 million, with margin of 30.1% against 30.2%.
• Education revenue rose 7.8%. Education RBR reached $139.4 million, up from $129.3 million. Segment operating margin was 26.8%, against 25.0% a year earlier.
• Commercial margin rose to 21.0%. Commercial RBR rose 24.6% to $94.0 million. Segment operating income rose 57.9% to $19.8 million, with margin of 21.0% against 16.6%.
• Year-to-date RBR mix by segment. Year-to-date RBR split by segment was Healthcare 50%, Education 29% and Commercial 21%, with financial results by industry in the Form 10-Q.
• Reclassifications left totals unchanged. Offerings were moved between segments in the first quarter of 2026. Totals were not affected, and prior-period headcount was revised for consistent presentation.
• Consulting and Managed Services up 20.4%. Consulting and Managed Services RBR reached $275.9 million in the quarter, up from $229.1 million. Six-month RBR for this capability was $547.5 million, up 20.9%.
• Digital RBR up 9.4%. Digital RBR rose 9.4% to $189.7 million in the quarter, from $173.4 million. Six-month Digital RBR was $361.8 million, up 4.8%.
• RelateCare added about 1,100 staff. Managed Services professionals reached 3,913, up from 1,895. The RelateCare acquisition in the quarter accounted for about 1,100 of these professionals.
• Quarterly adjusted EBITDA margin 15.6%. Adjusted EBITDA rose 19.9% to $72.6 million, or 15.6% of RBR, against $60.6 million, or 15.1% of RBR, in the second quarter of 2025.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 221 held.

Every filing

The newest filings with the SEC of 425 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

314 funds held it at 30 Jun 2026: 106 added and 98 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Booz Allen Hamilton Holding Corp. (BAH): revenue $11.0B, market value $9.9B
• Genpact Ltd. (G): revenue $5.3B, market value $6.5B
• FTI Consulting, Inc. (FCN): revenue $3.9B, market value $4.4B
• Exponent Inc. (EXPO): revenue $632.5M, market value $3.7B
• Astrana Health, Inc. (ASTH): revenue $3.8B, market value $2.0B
• ICF International, Inc. (ICFI): revenue $1.8B, market value $1.7B

What the company does

Huron is a global professional services firm headquartered in Chicago, Illinois. It describes its work as creating strategies, optimizing operations and accelerating digital transformation for client organizations. It has additional locations in the United States and in Canada, France, India, Poland, Singapore, Switzerland and the United Kingdom. As of 31 December 2025 its workforce was approximately 8,610 full-time professionals, and in 2025 it served over 2,000 clients.

How the business is organised

Huron manages the business under three operating segments that follow industry lines: Healthcare, Education and Commercial. In 2025 they provided 50%, 30% and 20% of consolidated revenues before reimbursable expenses, respectively. The Commercial segment covers every industry outside healthcare and education. These include financial services, industrials and manufacturing, energy and utilities, and the public sector.

Revenue is also reported across two capabilities, Consulting and Managed Services and Digital. The filing describes these as the methods by which Huron delivers its services and products.

What it sells

Consulting and Managed Services covers management consulting, managed services other than technology-related ones, and outsourcing. Examples include revenue cycle management and research administration managed services. Digital covers technology and analytics services, technology-related managed services and software products. Its work spans systems of record such as ERP, supply chain management and industry-specific systems, as well as data, analytics, AI and automation.

Education offers research-focused consulting, strategy and operations consulting, and advancement and fundraising consulting.

Huron also sells proprietary software. Its portfolio includes Huron Research Suite, which the company calls the leading software suite for research administration. It also includes Huron Intelligence™ Rounding, which the filing says was the #1 ranked Digital Rounding solution in the 2025 Best in KLAS® report, and Huron Intelligence™ Analytic Suite in Healthcare.

The company has added to its offerings through acquisitions. It bought Eclipse Insights LLC in June 2025 and the consulting services division of AXIOM Systems Consulting Services, Inc. in November 2025. In the third quarter of 2025 it bought TVG-Treliant Holdings, LLC and Wilson Perumal and Company, Inc. In March 2025 it bought Advancement Resources and Halpin Parnership Limited, and in March 2024 it bought Grenzebach Glier and Associates. Huron works with more than 25 technology partners, including Oracle, Salesforce, Workday, Microsoft, Amazon Web Services, Informatica and SAP Concur.

How it earns revenue

Most revenue comes from professional services delivered by revenue-generating professionals. At 31 December 2025 there were 5,307 of these, excluding Managed Services professionals, plus 2,239 Managed Services professionals. Huron bills under four types of arrangement:

- Fixed-fee, where a pre-established fee covers a set of services. - Time-and-expense, where clients are invoiced for hours worked at agreed rates. - Performance-based, where fees depend on contractually defined objectives, such as acknowledged savings or a success fee. - Software support, maintenance and subscriptions, which are recognized over the support or subscription period.

Clients typically retain Huron engagement by engagement rather than under long-term recurring contracts. Demand can dip in the third and fourth quarters because client vacations defer work. The fourth quarter also usually has fewer business work days.

Who it buys from it

Clients include hospitals, health systems and academic medical centers. They also include colleges, universities and research institutes, banks, asset managers, insurance companies, private equity firms, oil and gas and utilities companies, manufacturers, not-for-profit organizations and the public sector.

In Commercial, professionals work primarily with seven buyers. These are the chief executive officer, chief financial officer, chief strategy officer, chief human resources officer, chief operating officer and chief risk officer, plus organizational advisors such as lenders and law firms.

New work comes mainly from the relationships of the 305 managing directors and principals with clients and technology partners, supported by marketing. Huron also has dedicated business development professionals.

Its people

Managing directors and principals lead sales and client service. Senior directors, directors, senior managers and managers run day-to-day client relationships and engagement teams. Associates and analysts gather data, run analyses and implement solutions. Functional professionals support the enterprise in areas such as finance, legal, human resources and information technology. Huron also uses temporary workers on an as-needed basis for specialized skills.

The company tracks an employee engagement score, which was 83 in 2025.

How it competes

The professional services industry is described as extremely competitive and highly fragmented. Competitors include strategy, operations, technology and financial advisory firms, the consulting practices of major accounting firms, technical and economic advisory firms, regional and specialty firms, consulting divisions of technology partners, and the internal resources of client organizations.

Huron says the main competitive factors are reputation, the ability to attract and retain talent, effective engagement management and measurable results. Price also matters, though to a lesser extent. The filing notes that some competitors have a greater geographic footprint and more resources.

*From Huron's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1289848/000162828026011093/hurn-20251231.htm)*

From the company's 10-K.