CRA International Inc
NASDAQ:CRAI
CRA International Inc
CRA International Inc., known in the industry as Charles River Associates, plays a crucial role in the intricate world of management consulting through its specialization in economic, financial, and management consultation services. Born out of the scholarly tradition, CRA's foundation lies in its deep analytical expertise, essentially bridging the gap between complex theoretical understanding and practical business applications. The company excels by providing clients with strategic consulting and expert testimony in high-stakes legal and regulatory processes. Its clientele, comprising corporate executives, law firms, and government agencies, seeks CRA's counsel when navigating economic matters such as competition issues, intellectual property rights, and corporate financial transactions. By leveraging the sophisticated insights of its experienced consultants, CRA guides clients through challenging scenarios, helping them make informed decisions that could critically influence their operations and outcomes.
Not just limited to theoretical advice, CRA International Inc. ensures its services directly translate into financial gains for both itself and its clients through its comprehensive project engagements and long-term collaborations. Armed with a globally diverse team, CRA draws from its vast knowledge base to deliver customized insights tailored to client needs across various industries, from healthcare and energy to financial services. This client-centric approach allows CRA to charge high-value fees for their expert analysis and recommendations. The continuous demand for their specialized services, particularly in dynamic and complex environments where stakes are high, empowers CRA to maintain a steady revenue stream. By positioning itself at the intersection of academia and business, Charles River Associates cements its role not just as a consultant but as a critical partner in driving substantial economic and strategic value for its clientele.
CRA International Inc., known in the industry as Charles River Associates, plays a crucial role in the intricate world of management consulting through its specialization in economic, financial, and management consultation services. Born out of the scholarly tradition, CRA's foundation lies in its deep analytical expertise, essentially bridging the gap between complex theoretical understanding and practical business applications. The company excels by providing clients with strategic consulting and expert testimony in high-stakes legal and regulatory processes. Its clientele, comprising corporate executives, law firms, and government agencies, seeks CRA's counsel when navigating economic matters such as competition issues, intellectual property rights, and corporate financial transactions. By leveraging the sophisticated insights of its experienced consultants, CRA guides clients through challenging scenarios, helping them make informed decisions that could critically influence their operations and outcomes.
Not just limited to theoretical advice, CRA International Inc. ensures its services directly translate into financial gains for both itself and its clients through its comprehensive project engagements and long-term collaborations. Armed with a globally diverse team, CRA draws from its vast knowledge base to deliver customized insights tailored to client needs across various industries, from healthcare and energy to financial services. This client-centric approach allows CRA to charge high-value fees for their expert analysis and recommendations. The continuous demand for their specialized services, particularly in dynamic and complex environments where stakes are high, empowers CRA to maintain a steady revenue stream. By positioning itself at the intersection of academia and business, Charles River Associates cements its role not just as a consultant but as a critical partner in driving substantial economic and strategic value for its clientele.
Record Results: CRA reported record annual revenue of $751.6 million in fiscal 2025, up 9.3%, marking its eighth consecutive year of record revenues.
Strong Q4: Fourth quarter revenue grew 11.6% year-over-year, the highest quarterly revenue in the company's history, driven by broad-based practice and geographic contributions.
Profitability: The company achieved record profits in net income, EPS, and EBITDA, with non-GAAP EBITDA of $96.8 million and a margin of 12.9%.
Practice Outperformance: Antitrust & Competition Economics and Forensic Services practices each delivered over 20% revenue growth in Q4, setting new records.
Cash Flow: Adjusted net cash flows from operations increased 17% to $108.4 million, with 112% conversion of EBITDA to cash flow.
2026 Guidance: For fiscal 2026, CRA expects revenue of $785–805 million and EBITDA margin of 12.0–13.0%; headcount growth expected to pick up.
AI Adoption: Management sees AI as a revenue enhancement tool and is ramping up disciplined, governance-focused integration, not expecting negative margin impact.
Capital Returns: $61 million was returned to shareholders in 2025; the share repurchase program was expanded, with $65.9 million now authorized.
