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Huron Announces Second Quarter 2025 Financial Results and Increases 2025 Guidance

SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS

• Revenues before reimbursable expenses increased $30.9 million, or 8.3%, to a record $402.5 million in Q2 2025 from $371.7 million in Q2 2024.
  
  

• Net income was $19.4 million in Q2 2025, compared to $37.5 million in Q2 2024. Results for Q2 2025 include an $8.2 million non-cash impairment charge, net of tax, related to the company's convertible debt investment in a third-party. Results for Q2 2024 include an $11.1 million litigation settlement gain, net of tax, related to a completed legal matter in which Huron was the plaintiff.
  
  

• Adjusted EBITDA⁽⁶⁾, a non-GAAP measure, increased $4.9 million, or 8.8%, to $60.6 million in Q2 2025 from $55.7 million in Q2 2024.
  
  

• Diluted earnings per share was $1.09 in Q2 2025, compared to $2.03 in Q2 2024. Results for Q2 2025 include the non-cash impairment charge on the company's convertible debt investment in a third-party, which had an unfavorable $0.46 impact on diluted earnings per share for the period. Results for Q2 2024 include the litigation settlement gain related to a completed legal matter in which Huron was the plaintiff, which had a favorable $0.60 impact on diluted earnings per share for the period.
  
  

• Adjusted diluted earnings per share⁽⁶⁾, a non-GAAP measure, increased $0.21, or 12.5%, to $1.89 in Q2 2025 from $1.68 in Q2 2024.

YEAR-TO-DATE 2025 FINANCIAL HIGHLIGHTS

• Revenues before reimbursable expenses increased $70.6 million, or 9.7%, to $798.2 million for the first six months of 2025 from $727.6 million for the same prior year period.
  
  

• Net income was $44.0 million for the first six months of 2025, compared to $55.5 million for the same prior year period. Results for the first six months of 2025 include an $8.2 million non-cash impairment charge, net of tax, related to the company's convertible debt investment in a third-party. Results for the first six months of 2024 include an $11.1 million litigation settlement gain, net of tax, related to a completed legal matter in which Huron was the plaintiff.
  
  

• Adjusted EBITDA⁽⁶⁾, a non-GAAP measure, increased $12.6 million, or 14.0%, to $102.1 million for the first six months of 2025 from $89.5 million for the same prior year period.
  
  

• Diluted earnings per share was $2.42 for the first six months of 2025, compared to $2.96 for the same prior year period. Results for the first six months of 2025 include the non-cash impairment charge related to the company's convertible debt investment in a third-party, which had an unfavorable $0.45 impact on diluted earnings per share for the period. Results for the first six months of 2024 include the litigation settlement gain related to a completed legal matter in which Huron was the plaintiff, which had a favorable $0.59 impact on diluted earnings per share for the period.
  
  

• Adjusted diluted earnings per share⁽⁶⁾, a non-GAAP measure, increased $0.68, or 23.5%, to $3.57 for the first six months of 2025 from $2.89 for the same prior year period.
  
  

• Huron returned $133.9 million to shareholders by repurchasing 0.9 million shares of the company's common stock for the first six months of 2025, representing 5.3% of the company's common stock outstanding as of December 31, 2024.
  
  

• Huron increases its previous guidance for full year 2025, including increasing revenues before reimbursable expenses expectations to a range of $1.64 billion to $1.68 billion and adjusted diluted earnings per share⁽⁶⁾ expectations to a range of $7.30 to $7.70.

OTHER HIGHLIGHTS

• Huron on July 30, 2025, to, among other items, extend the maturity date to July 30, 2030, improve all-in pricing, and increase its total borrowing capacity to $1.1 billion to support continued return to shareholders and investment in the business.
  
  

• Huron was named one of America's Best Mid-size Companies by Time magazine and a Best Firm to Work For in 2025 by Consulting Magazine.

CHICAGO--(BUSINESS WIRE)-- Global professional services firm Huron (Nasdaq: HURN) today announced financial results for the quarter ended June 30, 2025.

鈥淩evenues before reimbursable expenses (RBR) in the quarter grew 8% compared to the second quarter of 2024, including organic RBR growth across all three operating segments,鈥� said , chief executive officer and president of .

鈥淲e remain confident in our prospects for continued growth in 2025 as reflected in our updated annual guidance. Our core end markets continue to face significant market disruption as health systems, universities and commercial businesses adapt to regulatory or macroeconomic pressures while evolving their business models for the future. Our clients continue to seek our deep industry and institutional expertise, breadth of capabilities, and proven track record of delivering results to help them achieve a more sustainable path forward,鈥� added .

SECOND QUARTER 2025 RESULTS

Revenues before reimbursable expenses increased $30.9 million, or 8.3%, to $402.5 million for the second quarter of 2025, compared to $371.7 million for the second quarter of 2024. This growth, which includes $13.1 million of incremental revenues before reimbursable expenses from the company's acquisition of AXIA Consulting in December 2024, reflects continued strength in demand for the company's Digital capabilities within the Commercial and Education segments and the company's Consulting and Managed Services capabilities within the Healthcare and Education segments. These increases were partially offset by decreases in demand for the company's Consulting and Managed Services capability within the Commercial segment and the company's Digital capability within the Healthcare segment.

Net income was $19.4 million, or 4.7% of total revenues, for the second quarter of 2025, compared to $37.5 million, or 9.8% of total revenues, for the same quarter last year. Results for Q2 2025 include an $8.2 million non-cash impairment charge, net of tax, related to the company's convertible debt investment in a third-party. Results for Q2 2024 include an $11.1 million litigation settlement gain, net of tax, related to a completed legal matter in which Huron was the plaintiff. Diluted earnings per share was $1.09 for the second quarter of 2025, compared to $2.03 for the second quarter of 2024. The non-cash impairment charge related to the company's convertible debt investment in a third-party had an unfavorable $0.46 impact on diluted earnings per share for the period. The litigation settlement gain recognized in the second quarter of 2024 had a favorable $0.60 impact on diluted earnings per share in the prior year period.

Second quarter 2025 earnings before interest, taxes, depreciation and amortization (鈥淓BITDA鈥�)⁽⁶⁾ was $44.3 million compared to $66.3 million in the same prior year period. Results for the second quarter of 2025 include a pre-tax $11.1 million non-cash impairment charge related to the company's convertible debt investment in a third-party. Results for the second quarter of 2024 include a pre-tax $15.0 million litigation settlement gain related to the completed legal matter in which Huron was the plaintiff.

In addition to using EBITDA to evaluate the company鈥檚 financial performance, management uses other non-GAAP financial measures, which exclude the effect of the following items (in thousands).

Adjusted EBITDA⁽⁶⁾ increased $4.9 million, or 8.8%, to $60.6 million, or 15.1% of revenues before reimbursable expenses⁽⁶⁾, in the second quarter of 2025, compared to $55.7 million, or 15.0% of revenues before reimbursable expenses⁽⁶⁾, in the same quarter last year. Adjusted net income⁽⁶⁾ increased $2.7 million, or 8.8%, to $33.7 million, or $1.89 per diluted share, for the second quarter of 2025, compared to $30.9 million, or $1.68 per diluted share, for the same quarter in 2024.

The number of revenue-generating professionals⁽¹⁾, excluding Managed Services professionals, increased 7.8% to 4,963 as of June 30, 2025 from 4,604 as of June 30, 2024. The utilization rate⁽⁵⁾ of the company's Consulting capability increased to 77.0% during the second quarter of 2025, compared to 73.7% during the same period last year. The utilization rate⁽⁵⁾ for the company's Digital capability increased to 77.8% during the second quarter of 2025, compared to 75.0% during the same period last year. The number of Managed Services professionals increased 54.2% to 1,918 as of June 30, 2025 from 1,244 as of June 30, 2024.

YEAR-TO-DATE 2025 RESULTS

Revenues before reimbursable expenses increased $70.6 million, or 9.7%, to $798.2 million for the first six months of 2025, compared to $727.6 million for the first six months of 2024. This growth, which includes $24.9 million of incremental revenues before reimbursable expenses from the company's acquisition of AXIA Consulting in December 2024, reflects continued strength in demand for the company's Digital capabilities within the Commercial and Education segments and the company's Consulting and Managed Services capabilities within the Healthcare and Education segments. These increases were partially offset by decreases in demand for the company's Consulting and Managed Services capability within the Commercial segment and the company's Digital capability within the Healthcare segment.

Net income was $44.0 million, or 5.4% of total revenues, for the first six months of 2025, compared to $55.5 million, or 7.5% of total revenues, in the same prior year period. Results for the first six months of 2025 include an $8.2 million non-cash impairment charge, net of tax, related to the company's convertible debt investment in a third-party. Results for the first six months of 2024 include an $11.1 million litigation settlement gain, net of tax, related to a completed legal matter in which Huron was the plaintiff. Diluted earnings per share was $2.42 for the first six months of 2025, compared to $2.96 in the same prior year period. The non-cash impairment charge related to the company's convertible debt investment in a third-party had an unfavorable $0.45 impact on diluted earnings per share for the period. The litigation settlement gain recognized in the second quarter of 2024 had a favorable impact of $0.59 on diluted earnings per share for the first six months of 2024.

EBITDA⁽⁶⁾ for the first six months of 2025 was $78.6 million, compared to $95.2 million in the same prior year period. Results for the first six months of 2025 include a pre-tax $11.1 million non-cash impairment charge related to the company's convertible debt investment in a third-party. Results for the first six months of 2024 include a pre-tax $15.0 million litigation settlement gain related to the completed legal matter in which Huron was the plaintiff.

In addition to using EBITDA⁽⁶⁾ to evaluate the company鈥檚 financial performance, management uses other non-GAAP financial measures, which exclude the effect of the following items (in thousands):

Adjusted EBITDA⁽⁶⁾ increased $12.6 million, or 14.0%, to $102.1 million, or 12.8% of revenues before reimbursable expenses⁽⁶⁾, for the first six months of 2025, compared to $89.5 million, or 12.3% of revenues before reimbursable expenses⁽⁶⁾, in the same prior year period. Adjusted net income⁽⁶⁾ increased $10.6 million, or 19.5%, to $64.8 million, or $3.57 per diluted share, for the first six months of 2025, compared to $54.2 million, or $2.89 per diluted share, for the same prior year period.

The number of revenue-generating professionals⁽¹⁾, excluding Managed Services professionals, increased 7.8% to 4,963 as of June 30, 2025 from 4,604 as of June 30, 2024. The utilization rate⁽⁵⁾ of the company's Consulting capability increased to 75.6% for the first six months of 2025, compared to 72.0% during the same period last year. The utilization rate⁽⁵⁾ for the company's Digital capability increased to 78.0% for the first six months of 2025, compared to 74.6% during the same period last year. The number of Managed Services professionals increased 54.2% to 1,918 as of June 30, 2025 from 1,244 as of June 30, 2024.

Additionally, Huron returned $133.9 million to shareholders in 2025 through repurchases of 938,280 shares of the company's common stock, representing 5.3% of the company's common stock outstanding as of December 31, 2024.

OPERATING INDUSTRIES

The company鈥檚 year-to-date 2025 revenues before reimbursable expenses by operating segment as a percentage of total company revenues before reimbursable expenses are as follows: Healthcare (50%); Education (32%); and Commercial (18%). Financial results by operating industry are included in the attached schedules and in Huron's forthcoming Quarterly Report on Form 10-Q filing for the quarter ended June 30, 2025.

OUTLOOK FOR 2025

Based on currently available information, the company increased guidance for full year 2025 revenues before reimbursable expenses in a range of $1.64 billion to $1.68 billion. The company also anticipates adjusted EBITDA as a percentage of revenues before reimbursable expenses⁽⁶⁾ in a range of 14.0% to 14.5%, and adjusted diluted earnings per share⁽⁶⁾ guidance in a range of $7.30 to $7.70.

SECOND QUARTER 2025 WEBCAST

The company will host a webcast to discuss its financial results today, July 31, 2025, at 5:00 p.m. Eastern Time, 4:00 p.m. Central Time. The conference call is being webcast by Notified and can be accessed from Huron's website at . A replay will be available approximately two hours after the conclusion of the webcast and for 90 days thereafter.

USE OF NON-GAAP FINANCIAL MEASURES⁽⁶⁾

In evaluating the company鈥檚 financial performance and outlook, management uses EBITDA, adjusted EBITDA, adjusted EBITDA as a percentage of revenues before reimbursable expenses, adjusted net income, and adjusted diluted earnings per share, which are non-GAAP measures. Management uses these non-GAAP financial measures to gain an understanding of the company's comparative operating performance (when comparing such results with previous periods or forecasts). These non-GAAP financial measures are used by management in their financial and operating decision making because management believes they reflect the company's ongoing business in a manner that allows for meaningful period-to-period comparisons. Management also uses these non-GAAP financial measures when publicly providing their business outlook, for internal management purposes, and as a basis for evaluating potential acquisitions and dispositions. Management believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Huron鈥檚 current operating performance and future prospects in the same manner as management does, if they so choose, and in comparing in a consistent manner Huron鈥檚 current financial results with Huron鈥檚 past financial results. Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flows or liquidity prepared in accordance with accounting principles generally accepted in the United States.

Management has provided its outlook regarding adjusted EBITDA as a percentage of revenues before reimbursable expenses and adjusted diluted earnings per share, both of which are non-GAAP financial measures and exclude certain charges. Management has not reconciled these non-GAAP financial measures to the corresponding GAAP financial measures because guidance for the various reconciling items is not provided. Management is unable to provide guidance for these reconciling items because they cannot determine their probable significance, as certain items are outside of the company's control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measures are not available without unreasonable effort.

ABOUT HURON

Huron is a global professional services firm that partners with clients to put possible into practice by creating sound strategies, optimizing operations, accelerating digital transformation, and empowering businesses to own their future. By embracing diverse perspectives, encouraging new ideas and challenging the status quo, we create sustainable results for the organizations we serve. Learn more at .

Statements in this press release that are not historical in nature, including those concerning the company鈥檚 current expectations about its future results, are 鈥渇orward-looking鈥� statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by words such as 鈥渕ay,鈥� 鈥渟hould,鈥� 鈥渆xpects,鈥� 鈥減rovides,鈥� 鈥渁nticipates,鈥� 鈥渁ssumes,鈥� 鈥渃an,鈥� 鈥渨ill,鈥� 鈥渕eets,鈥� 鈥渃ould,鈥� 鈥渓ikely,鈥� 鈥渋ntends,鈥� 鈥渕ight,鈥� 鈥減redicts,鈥� 鈥渟eeks,鈥� 鈥渨ould,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥減lans,鈥� 鈥渃ontinues,鈥� 鈥済oals,鈥� 鈥済uidance,鈥� or 鈥渙utlook,鈥� or similar expressions. These forward-looking statements reflect the company's current expectations about future requirements and needs, results, levels of activity, performance, or achievements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: failure to achieve expected utilization rates, billing rates, and the necessary number of revenue-generating professionals; inability to expand or adjust our service offerings in response to market demands; our dependence on renewal of client-based services; dependence on new business and retention of current clients and qualified personnel; failure to maintain third-party provider relationships and strategic alliances; inability to license technology to and from third parties; the impairment of goodwill; various factors related to income and other taxes; difficulties in successfully integrating the businesses we acquire and achieving expected benefits from such acquisitions; risks relating to privacy, information security, and related laws and standards; and a general downturn or volatility in market conditions, including as a result of current global trade tensions and/or tariffs. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, including, among others, those described under 鈥淚tem 1A. Risk Factors鈥� in Huron's Annual Report on Form 10-K for the year ended December 31, 2024 that may cause actual results, levels of activity, performance or achievements to be materially different from any anticipated results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. The company disclaims any obligation to update or revise any forward-looking statements as a result of new information or future events, or for any other reason.

Please note that information contained in any referenced website is not incorporated by reference in this press release or considered to be part of this document. Such website references are intended to be inactive textual references only.

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MEDIA CONTACT

Allie Bovis

[email protected]

INVESTOR CONTACT

John D. Kelly

[email protected]

Source: Huron