HURN earnings analysis
What we found in HURN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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%.
- 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%.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.91
- Operating margin
- 10.8%
- Segment
- Healthcare RBR: $232.303 million, up 17.4% year over year
- Segment
- Education RBR: $139.375 million, up 7.8% year over year
- Segment
- Commercial RBR: $93.958 million, up 24.6% year over year
What they said about what is next.
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.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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