Huron Announces Third Quarter 2026 Financial Results and Raises 2026 Adjusted Diluted EPS Guidance

THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS

• Revenues before reimbursable expenses (RBR) increased $50.2 million, or 11.6%, to a record $482.5 million in Q3 2026 from $432.4 million in Q3 2025.
• Net income was $28.4 million, or 5.8% of total revenues, in Q3 2026, compared to $30.4 million, or 6.9% of total revenues, in Q3 2025. Results for Q3 2026 include a non-cash credit loss of $5.9 million related to the company's convertible debt investment in a third-party.
• Adjusted EBITDA⁽⁸⁾, a non-GAAP financial measure, increased $9.9 million, or 14.7%, to $77.3 million, or 16.0% of RBR⁽⁸⁾, in Q3 2026 from $67.4 million, or 15.6% of RBR⁽⁸⁾, in Q3 2025.
• Diluted earnings per share increased $0.04, or 2.3%, to $1.75 in Q3 2026 from $1.71 in Q3 2025. Results for Q3 2026 include the non-cash credit loss related to the company's convertible debt investment, which had an unfavorable $0.36 impact on diluted EPS for the period.
• Adjusted diluted earnings per share⁽⁸⁾, a non-GAAP financial measure, increased $0.52, or 24.8%, to $2.62 in Q3 2026 from $2.10 in Q3 2025.
• Huron returned $26.3 million to shareholders in Q3 2026 by repurchasing 0.2 million shares of the company's common stock.

YEAR-TO-DATE 2026 FINANCIAL HIGHLIGHTS

• Revenues before reimbursable expenses (RBR) increased $161.3 million, or 13.1%, to $1.39 billion for the first nine months of 2026 from $1.23 billion for the same prior year period.
• Net income increased $8.5 million, or 11.4%, to $82.9 million, or 5.8% of total revenues, for the first nine months of 2026, compared to $74.4 million, or 5.9% of total revenues, for the same prior year period.
• Adjusted EBITDA⁽⁸⁾, a non-GAAP measure, increased $31.1 million, or 18.3%, to $200.6 million, or 14.4% of RBR⁽⁸⁾, for the first nine months of 2026 from $169.5 million, or 13.8% of RBR⁽⁸⁾, for the same prior year period.
• Diluted earnings per share increased $0.83, or 20.1%, to $4.96 for the first nine months of 2026, compared to $4.13 for the same prior year period.
• Adjusted diluted earnings per share⁽⁸⁾, a non-GAAP measure, increased $1.09, or 19.2%, to $6.76 for the first nine months of 2026 from $5.67 for the same prior year period.
• Huron returned $234.9 million to shareholders by repurchasing 1.7 million shares of the company's common stock in the first nine months of 2026, representing 10.0% of the company's common stock outstanding as of December 31, 2025.

2026 GUIDANCE AND OTHER HIGHLIGHTS

• Huron raises the midpoint of its previous guidance for full year 2026 adjusted diluted earnings per share⁽⁸⁾ to $9.30, and affirms the midpoint and narrows its previous guidance for full year 2026 RBR expectations to a range of $1.855 billion to $1.885 billion.
• On October 29, 2026, Huron's board of directors authorized an increase to the company's share repurchase program from $900 million to $1.1 billion and an extension of the share repurchase program through December 31, 2028.
• Huron has been recognized by Consulting Magazine as a Best Firm to Work For for the 16th consecutive year.
• Huron was recognized by Fortune as one of its 2026 Best Workplaces in Consulting & Professional Services.

CHICAGO--(BUSINESS WIRE)--Global professional services firm Huron (Nasdaq: HURN) today announced financial results for the quarter ended September 30, 2026.

“We achieved record revenues before reimbursable expenses (RBR) in the third quarter of 2026, reflecting 12% growth over the third quarter of 2025. Our third quarter performance was driven by organic growth across all operating segments and double-digit percentage growth in our Consulting and Managed Services and Digital capabilities,” said Mark Hussey, chief executive officer and president of Huron.

“Our third quarter results continue our strong multi-year performance, further demonstrating the consistent execution by our highly talented global team and the differentiation of our industry focused, proprietary offerings. Combined with our year-to-date performance, our strong backlog and pipeline give us confidence to narrow our full-year RBR guidance range and raise our earnings guidance, which, at the midpoint, reflect double-digit percentage RBR growth for full year 2026 and continued margin expansion, while establishing a solid base for continued growth in 2027,” added Hussey.

THIRD QUARTER 2026 RESULTS

Revenues before reimbursable expenses (RBR) increased $50.2 million, or 11.6%, to $482.5 million for the third quarter of 2026, compared to $432.4 million for the third quarter of 2025. This growth reflects strength in demand across all three of the company's operating segments and across both the company's Consulting and Managed Services and Digital capabilities. The overall increase includes $21.1 million of incremental RBR from the company's acquisitions completed since June 30, 2025. Excluding the $21.1 million of incremental RBR from the company's acquisitions, RBR grew 6.7% organically.

Net income was $28.4 million, or 5.8% of total revenues, for the third quarter of 2026, compared to $30.4 million, or 6.9% of total revenues, for the same quarter last year. Results for Q3 2026 include a non-cash credit-related loss of $5.9 million resulting from an increase to the credit allowance recognized on the company's convertible debt investment in a third-party. Diluted earnings per share increased $0.04, or 2.3%, to $1.75 for the third quarter of 2026, compared to $1.71 for the third quarter of 2025. The non-cash credit-related loss had an unfavorable $0.36 impact on diluted earnings per share for the period.

Third quarter 2026 earnings before interest, taxes, depreciation and amortization (“EBITDA”)⁽⁸⁾ increased $3.0 million, or 4.7%, to $65.6 million compared to $62.6 million in the same prior year period.

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

Adjusted EBITDA⁽⁸⁾ increased $9.9 million, or 14.7%, to $77.3 million, or 16.0% of RBR⁽⁸⁾, in the third quarter of 2026, compared to $67.4 million, or 15.6% of RBR⁽⁸⁾, in the same quarter last year. Adjusted net income⁽⁸⁾ increased $5.3 million, or 14.1%, to $42.6 million, or $2.62 per diluted share⁽⁸⁾, for the third quarter of 2026, compared to $37.4 million, or $2.10 per diluted share⁽⁸⁾, for the same quarter in 2025.

The number of revenue-generating professionals⁽¹⁾, excluding Managed Services professionals, slightly increased 1.1% to 5,324 as of September 30, 2026 from 5,265 as of September 30, 2025. The utilization rate⁽⁷⁾ of the company's Consulting capability increased to 76.2% during the third quarter of 2026, compared to 73.7% during the same period last year. The utilization rate⁽⁷⁾ for the company's Digital capability increased to 81.2% during the third quarter of 2026, compared to 77.1% during the same period last year. The number of Managed Services professionals increased 103.7% to 4,216 as of September 30, 2026 from 2,070 as of September 30, 2025. This increase includes the company's acquisition of RelateCare in the second quarter of 2026, which added approximately 1,100 Managed Services professionals at the time of acquisition.

Huron returned $26.3 million to shareholders in Q3 2026 by repurchasing 172,865 shares of the company's common stock.

YEAR-TO-DATE 2026 RESULTS

Revenues before reimbursable expenses (RBR) increased $161.3 million, or 13.1%, to $1.39 billion for the first nine months of 2026 from $1.23 billion for the first nine months of 2025. This growth reflects strength in demand across all three of the company's operating segments and across both the company's Consulting and Managed Services and Digital capabilities. The overall increase includes $59.8 million of incremental RBR from the company's acquisitions completed since December 31, 2024. Excluding the $59.8 million of incremental RBR from the company's acquisitions, RBR grew 8.2% organically.

Net income increased $8.5 million, or 11.4%, to $82.9 million, or 5.8% of total revenues, for the first nine months of 2026, compared to $74.4 million, or 5.9% of total revenues, for the first nine months of 2025. Results for the first nine months of 2026 include a net non-cash credit-related loss of $4.9 million resulting from the overall increase to the credit allowance recognized on the company's convertible debt investment in a third-party. Results for the first nine months of 2025 include a non-cash credit-related loss, net of tax, of $8.2 million resulting from the establishment of the credit allowance on the company's convertible debt investment in a third-party. Diluted earnings per share increased $0.83, or 20.1%, to $4.96 for the first nine months of 2026, compared to $4.13 for the first nine months of 2025. The non-cash credit-related losses related to the company's convertible debt investment recognized in the first nine months of 2026 and 2025 had an unfavorable impact on diluted earnings per share of $0.29 and $0.46, respectively.

EBITDA⁽⁸⁾ increased $35.6 million, or 25.2%, to $176.7 million for the first nine months of 2026, compared to $141.2 million for the first nine months of 2025.

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

Adjusted EBITDA⁽⁸⁾, increased $31.1 million, or 18.3%, to $200.6 million, or 14.4% of RBR⁽⁸⁾, for the first nine months of 2026 from $169.5 million, or 13.8% of RBR⁽⁸⁾, for the same prior year period. Adjusted net income⁽⁸⁾ increased $10.8 million, or 10.5%, to $112.9 million, or $6.76 per diluted share⁽⁸⁾, for the first nine months of 2026, compared to $102.1 million, or $5.67 per diluted share⁽⁸⁾, for the same prior year period.

The number of revenue-generating professionals⁽¹⁾, excluding Managed Services professionals, slightly increased 1.1% to 5,324 as of September 30, 2026 from 5,265 as of September 30, 2025. The utilization rate⁽⁷⁾ of the company's Consulting capability increased to 77.3% during the first nine months of 2026, compared to 74.9% during the same period last year. The utilization rate⁽⁷⁾ for the company's Digital capability increased to 79.3% during the first nine months of 2026, compared to 77.7% during the same period last year. The number of Managed Services professionals increased 103.7% to 4,216 as of September 30, 2026 from 2,070 as of September 30, 2025. This increase includes the company's acquisition of RelateCare in the second quarter of 2026, which added approximately 1,100 Managed Services professionals at the time of acquisition.

Huron returned $234.9 million to shareholders during the first nine months of 2026 through repurchases of 1,726,127 shares of the company's common stock, representing 10.0% of the company's common stock outstanding as of December 31, 2025.

OPERATING INDUSTRIES

The company’s year-to-date 2026 revenues before reimbursable expenses (RBR) by operating segment as a percentage of total company RBR are as follows: Healthcare (51%); Education (29%); and Commercial (20%). 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 September 30, 2026.

OUTLOOK FOR 2026

Based on currently available information, the company is affirming the midpoint and narrowing guidance for full year 2026 revenues before reimbursable expenses (RBR) to a range of $1.855 billion to $1.885 billion. The company also anticipates adjusted EBITDA as a percentage of RBR⁽⁸⁾ in a range of 14.5% to 15.0%, and is raising the midpoint and narrowing adjusted diluted earnings per share⁽⁸⁾ guidance in a range of $9.20 to $9.40.

THIRD QUARTER 2026 WEBCAST

The company will host a webcast to discuss its financial results today, November 3, 2026, 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 http://ir.huronconsultinggroup.com. 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⁽⁸⁾

In evaluating the company’s financial performance and outlook, management uses EBITDA, adjusted EBITDA, adjusted EBITDA as a percentage of revenues before reimbursable expenses (RBR), adjusted net income, and adjusted diluted earnings per share, which are non-GAAP financial 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 the company's 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’s 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’s current financial results with Huron’s past financial results. Investors should recognize that these non-GAAP financial 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 RBR 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 collaborates with organizations to help solve their most complex challenges and achieve their most ambitious goals. Working across the private and public sectors, we partner closely with clients to improve performance, accelerate transformation, and unlock new opportunities for growth.

Our clients choose us because of our deep industry and technical expertise and proven track record of turning sound strategies into action. By combining practical experience, innovative thinking, and advanced analytics and technology, Huron helps organizations translate today’s ideas into tangible results and long-term value. Learn more at www.huronconsultinggroup.com.

Statements in this press release that are not historical in nature, including those concerning the company’s current expectations about its future results, are “forward-looking” 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 “may,” “should,” “expects,” “provides,” “anticipates,” “assumes,” “can,” “will,” “meets,” “could,” “likely,” “intends,” “might,” “predicts,” “seeks,” “would,” “believes,” “confidence,” “estimates,” “plans,” “positions,” “continues,” “goals,” “guidance,” or “outlook,” 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; our ability to realize the expected benefits and potential opportunities of artificial intelligence (AI); 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 “Item 1A. Risk Factors” in Huron's Annual Report on Form 10-K for the year ended December 31, 2025 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.

MEDIA CONTACT
Allie Bovis
abovis@hcg.com

INVESTOR CONTACT
John D. Kelly
investor@hcg.com