Andrew Nicholas

Kevin Steinke

Marc Riddick

- 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.  **[0001053706_2216455_1]** 
- 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%**.  **[0001053706_2216455_3]** 
- 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%**.  **[0001053706_2216455_1]** 
- 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.  **[0001053706_2216455_4]**

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

- Charles River Associates (CRA) reported **third-quarter fiscal 2025 revenue** of **$185.9 million**, marking a **10.8%** increase year over year.  **[1053706_147f8b6ca93848239ef7e3d2dcbfe608_0]** 
- GAAP net income for Q3 2025 grew **0.3%** year over year to **$11.5 million**, with diluted earnings per share increasing **3.6%** to **$1.73**.  **[1053706_147f8b6ca93848239ef7e3d2dcbfe608_0]**  Non-GAAP diluted earnings per share rose **16.4%** year over year to **$2.06**.  **[1053706_147f8b6ca93848239ef7e3d2dcbfe608_0]** 
- The company **raised its full-year fiscal 2025 revenue guidance** to a range of **$740.0 million to $748.0 million** and increased the lower end of its non-GAAP EBITDA margin guidance to **12.6% to 13.0%**.  **[1053706_147f8b6ca93848239ef7e3d2dcbfe608_1]** 
- CRA increased its quarterly cash dividend by **16%**, from **$0.49 to $0.57** per common share.  **[1053706_147f8b6ca93848239ef7e3d2dcbfe608_1]** 
- During the quarter, CRA returned **$7.2 million** of capital to shareholders, comprising **$3.2 million** in dividend payments and **$4.0 million** for share repurchases of approximately **22,000 shares**.  **[1053706_147f8b6ca93848239ef7e3d2dcbfe608_0]**

CRA Reports Third Quarter Fiscal 2025 Financial Results

- **CRA International, Inc. (CRAI) reported strong financial results for the third quarter of fiscal 2025**, which ended September 27, 2025. Revenue increased by **10.8% year over year to $185.9 million**, and non-GAAP earnings per diluted share rose **16.4% year over year to $2.06**.  **[1053706_0001053706-25-000028_craiq3-20258xkexx991xpress.htm:0]** 
- The company **raised its full-year fiscal 2025 revenue guidance** to a range of **$740.0 million to $748.0 million** and increased the lower end of its non-GAAP EBITDA margin guidance to a range of **12.6% to 13.0%** on a constant currency basis.  **[1053706_0001053706-25-000028_craiq3-20258xkexx991xpress.htm:0]** **[1053706_0001053706-25-000028_craiq3-20258xkexx991xpress.htm:1]** 
- CRAI's Board of Directors declared a **16% increase in the quarterly cash dividend**, raising it from **$0.49 to $0.57 per common share**, payable on December 12, 2025.  **[1053706_0001053706-25-000028_craiq3-20258xkexx991xpress.htm:0]** **[1053706_0001053706-25-000028_craiq3-20258xkexx993xdivid.htm:0]** **[1053706_0001053706-25-000028_craiq3-20258xkexx991xpress.htm:1]** 
- During Q3 2025, CRAI returned **$7.2 million of capital to shareholders**, consisting of **$3.2 million** in dividend payments and **$4.0 million** for the repurchase of approximately **22,000 shares**.  **[1053706_0001053706-25-000028_craiq3-20258xkexx991xpress.htm:0]** **[1053706_0001053706-25-000028_craiq3-20258xkexx992xcfore.htm:2]**

CRA International, Inc. Reports Strong Q3 2025 Results, Raises Guidance, and Increases Dividend

- CRA International (CRAI) has achieved **seven consecutive record quarters/years**, with revenue growing around **8% over the past five years** and similar guidance for 2025, indicating a **bullish outlook** for the second half of 2025.  **[0001053706_2172407_3]** **[0001053706_2172407_6]** 
- The company operates with **no debt** and prioritizes returning capital to shareholders, aiming to redistribute approximately **half of its adjusted cash flows**.  **[0001053706_2172407_2]** **[0001053706_2172407_3]**  This is primarily done through **stock repurchases**, which have reduced shares outstanding by **13% over the past five years** and **more than 30% over the past dozen years**.  **[0001053706_2172407_4]** 
- CRAI serves a strong client base, having worked for **85 of Fortune 100 companies** and **98 of the top 100 AMLAW law firms** in the last two years.  **[0001053706_2172407_2]**  Key practices like antitrust and competition economics, life sciences, and forensic services contribute **70-75% of total revenue**.  **[0001053706_2172407_2]** 
- The firm actively seeks inorganic growth opportunities aligned with its existing services and geographies, with about **one-third of total revenue growth being inorganic**.  **[0001053706_2172407_3]** **[0001053706_2172407_5]** **[0001053706_2172407_6]**  Current AI investments are also driving incremental demand for its antitrust, energy, and intellectual property services.  **[0001053706_2172407_5]**

CRA International Reports Consistent Growth and Strategic Capital Allocation

- KBRA has assigned a **BBB- rating** with a **Stable Outlook** to BlackRock Private Credit Fund's (BDEBT) **$200 million senior unsecured notes**, consisting of **$50 million due 2028** and **$150 million due 2030**.  **[1053706_8cc2756d4d8c423482e75df692abb85a_0]** 
- The rating is supported by BDEBT's ties to BlackRock, Inc. and its **$360 billion Private Financing Solutions platform**, along with a **diversified $1.7 billion investment portfolio** that is **99.8% senior secured first lien loans**.  **[1053706_8cc2756d4d8c423482e75df692abb85a_0]** 
- As of June 30, 2025, BDEBT maintained low non-accruals (**0.3% at cost**), strong asset coverage of **214%**, and solid liquidity with **$336 million in available credit lines**.  **[1053706_8cc2756d4d8c423482e75df692abb85a_0]** **[1053706_8cc2756d4d8c423482e75df692abb85a_1]** 
- The new issuance will increase **pro forma unsecured debt to total debt to 35%-40%**, enhancing financial flexibility, while gross and net leverage were low at **0.87x** and **0.83x**, respectively.  **[1053706_8cc2756d4d8c423482e75df692abb85a_1]**

BlackRock Private Credit Fund Receives BBB- Rating for Senior Unsecured Notes

- CRA International has achieved **8% to 10% annual revenue growth** for the past 15 years, with profitability growing even faster, and operates with **no debt**, being **100% financed through operations**.  **[1053706_2146197_1]** **[1053706_2146197_2]** 
- The company aggressively returns capital to shareholders, primarily through **stock repurchases (75%)** and a **cash dividend**, resulting in a **13% reduction in share count over the last five years** and a **35% reduction over the last decade**.  **[1053706_2146197_1]** **[1053706_2146197_3]** 
- CRA has demonstrated strong pricing power, achieving approximately **2% to 4% annual price increases**, including in **2025**, without significant rejections or increased write-offs.  **[1053706_2146197_5]** 
- The company serves a high-quality client base, having worked with **85 of the Fortune 100 companies** and **98 of the AMLA top 100 law firms** in the last two years.  **[1053706_2146197_1]** 
- Management anticipates **continued top-line growth** consistent with historical performance and expects **further profit margin expansion** in the coming years.  **[1053706_2146197_3]**

CRA INTERNATIONAL (CRAI)