CRA INTERNATIONAL (CRAI) Company Report

KBRA assigned a senior unsecured debt rating of BBB+ and a subordinated debt rating of BBB to Mechanics Bancorp, with a Stable outlook for all long-term ratings.
Following its merger with Mechanics on September 2, 2025, KBRA upgraded and subsequently withdrew all ratings for HomeStreet, Inc. and HomeStreet Bank.
Mechanics Bancorp has achieved a significant scale with approximately $23 billion in assets and reported a core Return on Assets (ROA) of approximately 1.2% in 3Q25, which is projected to increase to approximately 1.4% in 2026.
The company's pro forma CET1 ratio was 13.4% at 3Q25 and is projected to rise towards 14% by year-end 2026, even with targeted dividend payouts of 80%-90%.

Dec 10, 2025, 10:22 PM

Press Release

Charles River Associates (CRAI) Highlights Strong Performance and Shareholder Returns

CRAI

Guidance Update

Share Buyback

Dividends

Charles River Associates (CRAI) anticipates 2025 will be its eighth consecutive year of record performance, supported by broad-based contributions with seven of 11 practices growing year over year and five enjoying double-digit revenue growth.
The firm has returned nearly $200 million to shareholders over the past five years through share repurchases and dividend distributions, including a recent dividend increase to $0.57 per share. Share count has been reduced by more than 13% in the last five years.
CRAI's business is anchored by its legal and regulatory segment, comprising 80% of revenue, with the antitrust and competition economics practice contributing 40%-45% of total revenue. The company has served 85 of the Fortune 100 companies and 98 of the Am Law 100 law firms in the past two years, and notes M&A activity is gaining steam and Q3 litigation filings were robust.

Dec 10, 2025, 3:45 PM

Transcript

Charles River Associates (CRAI) Discusses Strong 2025 Performance and Growth Drivers

CRAI

Guidance Update

Revenue Acceleration/Inflection

Dividends

Charles River Associates (CRAI) reported strong financial performance, with revenue growing over 50% and EPS growing 142% over the past five years, and anticipates 2025 will be its eighth consecutive year of record performance based on updated guidance.
The firm's revenue is primarily derived from legal and regulatory (80%) and management consulting (20%), with key growth drivers including broad-based success across practices, notably in antitrust, life sciences, intellectual property, and energy.
CRAI actively returns capital to shareholders, having redistributed over $200 million in the past five years through share repurchases and a dividend that has grown fourfold since 2016, recently increasing to $0.57 per share.
The company is expanding its talent base, welcoming more than 20 new Vice Presidents in 2025, and notes gaining M&A activity and robust litigation filings as positive demand drivers.

Dec 10, 2025, 3:45 PM

Transcript

Charles River Associates Expects Eighth Consecutive Year of Record Performance in 2025

CRAI

Guidance Update

Revenue Acceleration/Inflection

Share Buyback

Charles River Associates (CRAI) anticipates 2025 to be its eighth consecutive year of record performance, driven by strong financial growth including a 142% increase in EPS over the past five years.
The company has returned nearly $200 million to shareholders through share repurchases and dividends, with its share price increasing almost nine-fold over the last 10 years.
CRAI's business is predominantly in legal and regulatory services (80% of revenue), with its antitrust and competition economics practice contributing 40%-45% of total revenue, and it has worked with 85 of the Fortune 100 companies in the past two years.
Recent growth is broad-based, with strong contributions from practices like antitrust, life sciences, intellectual property, and energy, supported by gaining momentum in M&A activity and robust Q3 litigation filings.

Dec 10, 2025, 3:45 PM

Transcript

Charles River Associates Discusses Strong Growth and AI Impact at UBS Conference

CRAI

Revenue Acceleration/Inflection

Guidance Update

New Projects/Investments

Charles River Associates (CRAI) is celebrating its 60th anniversary in 2025 and has achieved 9%-10% annual revenue growth since 2012, with profits growing at an even faster rate.
The company's business is primarily 80% legal regulatory and 20% traditional management consulting, serving 98 of the Am Law 100 law firms and 85 of the Fortune 100 companies.
CRAI expects 2025 to be its eighth consecutive record year for revenue and a record year for profits.
CEO Paul Maleh views AI as an opportunity to enhance efficiency and as a driver of new litigation demand, particularly in property rights disputes.
The firm maintains low voluntary attrition among its top revenue generators, with less than 10% over a five-year period for its top 55-60 individuals.

Dec 1, 2025, 7:15 PM

Transcript

CRAI Discusses Growth, AI Impact, and Market Position at UBS Conference

CRAI

Revenue Acceleration/Inflection

New Projects/Investments

Legal Proceedings

CRAI, celebrating its 60th anniversary in 2025, has achieved 9%-10% annual revenue growth since 2012, with approximately two-thirds organic, and anticipates record revenue and profits in 2025.
The company's business is primarily legal regulatory (80%) and management consulting (20%), serving 85 of the Fortune 100 and 98 of the Am Law 100 law firms.
CRAI views AI as an opportunity for efficiency but also notes limitations; however, it is a driver for new demand in legal regulatory services (e.g., property rights disputes) and energy consulting for data centers.
International operations contribute approximately 20% of revenue and present a significant growth opportunity, particularly in Europe, due to regulatory environments and multinational matters.

Dec 1, 2025, 7:15 PM

Transcript

Charles River (CRAI) Discusses 60th Anniversary, Growth Strategy, and AI Impact at UBS Conference

CRAI

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Charles River (CRAI) is celebrating its 60th anniversary in 2025, operating as a consulting company with approximately 1,000 professionals, with 80% of its business in legal regulatory and 20% in management consulting.
Since 2012, CRAI has achieved 9%-10% annual revenue growth, with profits growing even faster, and expects 2025 to be a record year for both revenue and profits.
The company serves a strong client base, working with 98 of the Am Law 100 law firms and 85 of the Fortune 100 companies.
AI is viewed as an opportunity to enhance efficiency and drive demand through increased litigation and energy sector needs, despite challenges related to accuracy and client data usage restrictions.
Approximately two-thirds of CRAI's growth is organic, with international business contributing about 20% of total revenue and offering significant growth opportunities, particularly in Europe.

Dec 1, 2025, 7:15 PM

Transcript

Rio Tinto Halts Jadar Lithium Project in Serbia

CRAI

New Projects/Investments

Management Change

Legal Proceedings

Rio Tinto has placed its $2.4 to $3 billion Jadar lithium project in Serbia into care and maintenance due to persistent regulatory setbacks, permitting delays, and strong local opposition.
The project, with an estimated production capacity of 58,000 tonnes of refined battery-grade lithium carbonate per year, was considered crucial for Europe's battery supply, potentially meeting about 90% of Europe's current lithium demand.
This decision aligns with new CEO Simon Trott's strategy to simplify operations and reduce costs, influenced by the project's uncertain regulatory future and environmental controversies.

Nov 13, 2025, 4:44 AM

Morningstar

Pet Valu Reports Q3 2025 Results and Updates 2025 Outlook

CRAI

Earnings

Guidance Update

Dividends

Pet Valu reported Q3 2025 revenue of $289.5 million, an increase of 4.9% compared to Q3 2024, with same-store sales growth of 2.3%.
Net income for Q3 2025 increased by 7.4% to $24.9 million, while Adjusted Net Income per Diluted Share was $0.40, compared to $0.41 in Q3 2024.
Adjusted EBITDA for Q3 2025 was $63.6 million, a decrease of 1.5% compared to Q3 2024.
The company opened 16 new stores in Q3 2025, ending the quarter with 849 stores across its network.
For the full fiscal year 2025, Pet Valu expects revenue between $1.175 and $1.185 billion, Adjusted EBITDA between $257 and $260 million, and Adjusted Net Income per Diluted Share between $1.63 and $1.66.

Nov 4, 2025, 11:30 AM

Press Release

CRAI Reports Strong Q3 2025 Results and Raises Full-Year Guidance

CRAI

Earnings

Guidance Update

Dividends

CRA reported strong Q3 2025 results, with revenue increasing by 10.8% year over year to $185.9 million and non-GAAP net income, earnings per diluted share, and EBITDA growing by 12.7%, 16.4%, and 14.6% respectively.
The company raised its full-year fiscal 2025 constant currency guidance, now expecting revenue in the range of $740 million to $748 million and non-GAAP EBITDA margin between 12.6% and 13.0%.
Growth was broad-based, with seven of eleven practices growing year over year, including double-digit revenue growth in antitrust and competition economics, energy, finance, and intellectual property practices, and international operations expanding 30.3%.
CRA returned $7.2 million to shareholders in Q3 2025 through $3.2 million in dividends and $4.0 million in share repurchases, and announced a 16% increase in its quarterly cash dividend to $0.57 per common share.