10-Q · May 5, 2026
Huron Consulting Group's Q1 2026 performance marked a robust growth, with revenues rising to $443.7 million, a 12.1% increase year-over-year, exceeding estimates. EPS came in at $1.73, beating expectations and…
Earnings analysis · 10-Q
HURN earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Huron delivered strong Q2 growth, with total revenue up 15.4% year over year to $475.042 million and GAAP diluted EPS up 75.2% to $1.91; adjusted EPS was $2.46. Segment growth was broad based, led by Commercial RBR…
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Huron delivered strong Q2 growth, with total revenue up 15.4% year over year to $475.042 million and GAAP diluted EPS up 75.2% to $1.91; adjusted EPS was $2.46. Segment growth was broad based, led by Commercial RBR growth of 24.6%, while adjusted EBITDA margin expanded to 15.6%, although GAAP operating margin declined 50 basis points year over year to 10.8%. The principal offset is a more leveraged and cash-consuming first half: borrowings increased to $834.0 million and operating cash flow was a $41.702 million outflow.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.91
- Operating margin
- 10.8%
What stood out
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Double-digit revenue growth continued
Total revenue was $475.042 million, up from $411.755 million in Q2 2025 (+15.4%) and up from an implied $451.767 million in Q1 2026 (+5.2%). RBR, management's principal operating revenue measure, rose $63.131 million (+15.7%) to $465.636 million, including $19.5 million from acquisitions and 10.8% organic growth.
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EPS and adjusted EBITDA expanded
GAAP diluted EPS increased 75.2% year over year to $1.91 from $1.09; adjusted diluted EPS rose 30.2% to $2.46 from $1.89. Net income increased $11.804 million (+60.8%) to $31.234 million, while Q2 operating margin was 10.8% and adjusted EBITDA margin expanded 50 basis points to 15.6%.
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Every segment delivered RBR growth
All operating segments grew: Healthcare RBR increased $34.481 million (+17.4%) to $232.303 million, Education increased $10.074 million (+7.8%) to $139.375 million, and Commercial increased $18.576 million (+24.6%) to $93.958 million. Commercial segment margin expanded to 21.0% from 16.6%, while Education reached 26.8% from 25.0%.
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Demand and utilization strengthened
Utilization improved materially, with Consulting utilization at 81.3% versus 77.0% and Digital at 81.8% versus 77.8% a year earlier. Management attributed growth to demand across both Consulting and Managed Services and Digital, although acquired businesses supplied $19.5 million of Q2 RBR.
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Capital returns remained substantial
Cash increased to $31.2 million at June 30, 2026 from $24.5 million at year-end despite $206.7 million of six-month share-repurchase settlements. The company repurchased 438,456 shares for $53.1 million in Q2, and $92.0 million remained under the $900 million authorization.
What to watch
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First-half operating cash flow remained negative
Net cash used in operating activities was $41.702 million for the first six months of 2026, worsening from a $26.780 million use a year earlier. Management attributed the outflow principally to higher salary, SG&A and annual-bonus payments, despite higher collections.
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Borrowing and interest burden increased
Credit-facility borrowings rose to $834.0 million at June 30, 2026 from $511.0 million at December 31, 2025, increasing the leverage ratio to 2.82x from 1.93x. Net interest expense increased to $11.939 million in Q2 from $9.281 million; a hypothetical 100-basis-point rate move would affect annual pretax income by $5.8 million.
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Acquisition and investment valuation charges
Q2 included $3.850 million of losses from upward remeasurement of acquisition contingent-consideration liabilities, versus a $0.071 million gain a year ago. The company also recorded a $2.2 million non-cash impairment on its hospital-at-home equity investment during Q2.
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No material risk-factor updates
Item 1A states there have been no material changes to risk factors since the 2025 Form 10-K. Existing disclosed exposures nevertheless include utilization, billing rates, client renewal, acquisition integration, AI execution, privacy/security, and global trade tensions or tariffs.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance in MD&A; the filing discusses growth strategy and liquidity expectations but defers formal outlook figures to contemporaneous earnings communications.
Earlier filings 4
10-K · February 24, 2026
Huron positions itself as a specialized professional services firm focused on Healthcare (50% of 2025 revenue), Education (30%) and Commercial (20%), and is investing in digital, data and AI capabilities while pursuing…
10-Q · October 28, 2025
Huron reported a solid Q3 with revenue of $441.3M (up $63.2M or ~16.7% YoY) and net income of $30.4M, supporting diluted EPS of $1.71 (vs $1.47 prior-year). Operating income improved to $50.0M (operating margin ~11.3%),…
10-Q · July 31, 2025
Huron reported total revenues of $411,755 for the quarter ended June 30, 2025 (up from $381,017 in Q2 2024) but operating income and diluted EPS declined materially year-over-year. The company increased leverage to fund…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.