CRA INTERNATIONAL (CRAI) Company Report

CRA International achieved record annual revenue of $751.6 million for fiscal 2025, representing a 9.3% increase year-over-year, with 77% utilization and $96.8 million in non-GAAP EBITDA. The fourth quarter of 2025 also marked the best quarterly revenue in CRA's history, increasing 11.6% year-over-year.
For fiscal 2026, the company expects revenue in the range of $785 million-$805 million and a non-GAAP EBITDA margin between 12.0%-13.0% on a constant currency basis. This guidance anticipates an approximate $15 million increase in non-cash forgivable loan amortization due to talent investments made in fiscal 2025.
CRA generated $108.4 million in adjusted net cash flows from operations in fiscal 2025, converting 112% of non-GAAP EBITDA, and returned $61 million to shareholders through dividends and share repurchases. The board authorized a $55 million expansion to the share repurchase program, bringing the total available to $65.9 million.
The company is actively adopting Artificial Intelligence, having hired a Vice President of AI to coordinate initiatives, viewing it as a catalyst for improved productivity and revenue growth rather than a threat to staffing leverage.

Feb 26, 2026, 3:00 PM

Transcript

CRA International Reports Record FY 2025 Revenue and Provides FY 2026 Guidance

CRAI

Earnings

Guidance Update

Share Buyback

CRA International achieved record annual revenue of $751.6 million for fiscal 2025, a 9.3% increase year-over-year, marking its eighth consecutive year of record revenue. This performance resulted in record profits, with non-GAAP EBITDA of $96.8 million and a 12.9% margin.
For Q4 2025, revenue increased 11.6% year-over-year, representing the best quarterly revenue in CRA's history. This growth was driven by strong performance in legal and regulatory services (up 14.3%) and management consulting, with Antitrust & Competition Economics, Forensic Services, and Energy practices all delivering over 20% quarterly revenue growth.
The company provided fiscal 2026 guidance, expecting constant currency revenue in the range of $785 million to $805 million and a non-GAAP EBITDA margin between 12.0% and 13.0%. This guidance considers fiscal 2026 as a 52-week year, unlike the 53-week fiscal 2025.
CRA generated $108.4 million in adjusted net cash flows from operations in fiscal 2025, converting 112% of its non-GAAP EBITDA. The company returned $61 million to shareholders in 2025 and expanded its share repurchase program by $55 million, bringing the total available to $65.9 million.

Feb 26, 2026, 3:00 PM

Transcript

CRA International Reports Record FY2025 Revenue and Provides FY2026 Guidance

CRAI

Earnings

Guidance Update

Share Buyback

CRA International reported record-breaking revenue of $751.6 million for fiscal year 2025.
For fiscal year 2025, the company achieved non-GAAP EBITDA of $96.8 million and diluted earnings per share of $8.14.
The company provided FY2026 guidance with a revenue range of $785-$805 million and a non-GAAP EBITDA margin range of 12.0% - 13.0%.
During FY2021-25, CRA International returned capital to shareholders through $184 million in share repurchases and $55 million in dividend payments, which contributed to a 15% reduction in net shares outstanding.

Feb 26, 2026, 3:00 PM

Presentation

CRA International Reports Record Fiscal 2025 Results and Provides 2026 Guidance

CRAI

Earnings

Guidance Update

Share Buyback

CRA International achieved record annual revenue of $751.6 million in fiscal 2025, a 9.3% increase, and record profits with non-GAAP EBITDA of $96.8 million and a 12.9% margin.
For fiscal 2026, the company expects revenue between $785 million-$805 million and a non-GAAP EBITDA margin of 12.0%-13.0% on a constant currency basis.
Adjusted net cash flows from operations for fiscal 2025 increased 17% year-over-year to $108.4 million, with $61 million returned to shareholders through repurchases and dividends.
The board authorized a $55 million expansion to the share repurchase program, bringing the total available to $65.9 million, and the company anticipates being an active repurchaser.
Consultant headcount grew 1.4% to 959 by the end of fiscal 2025, and non-cash forgivable loan amortization is expected to increase by approximately $15 million in fiscal 2026 due to talent investments.

Feb 26, 2026, 3:00 PM

Transcript

CRA International, Inc. Reports Record Q4 and Full-Year 2025 Results, Expands Share Repurchase, and Declares Dividend

CRAI

Earnings

Share Buyback

Dividends

Charles River Associates (CRA) announced record annual revenue of $751.6 million for fiscal year 2025, marking a 9.3% increase year over year, with fourth-quarter revenue growing 11.6% to $197.0 million.
The company achieved record profitability in fiscal 2025, reporting GAAP diluted EPS of $8.14 and non-GAAP diluted EPS of $8.23.
CRA's Board expanded the share repurchase authorization by $55 million, adding to the $10.9 million remaining under the existing program, and declared a quarterly cash dividend of $0.57 per common share payable on March 20, 2026.
For fiscal year 2026, CRA anticipates constant-currency revenue between $785 million and $805 million and a non-GAAP EBITDA margin in the range of 12.0% to 13.0%.

Feb 26, 2026, 1:10 PM

8-K

CRA International Reports Record Full-Year 2025 Results and Provides 2026 Guidance

CRAI

Earnings

Guidance Update

Share Buyback

Charles River Associates (CRA) reported record annual revenue of $751.6 million for fiscal year 2025, an increase of 9.3% year over year, with GAAP net income increasing 17.4% to $54.8 million. For the fourth quarter of fiscal 2025, revenue grew 11.6% year over year to $197.0 million.
For fiscal year 2026, CRA expects constant-currency revenue in the range of $785 million to $805 million and a non-GAAP EBITDA margin in the range of 12.0% to 13.0%.
The company returned $60.9 million to shareholders in fiscal 2025, consisting of $13.8 million in dividend payments and $47.1 million in share repurchases. The Board also authorized a $55.0 million expansion of its share repurchase program and declared a quarterly cash dividend of $0.57 per common share.

Feb 26, 2026, 1:05 PM

Press Release

Rio Tinto and Chalco Acquire CBA Stake

CRAI

M&A

New Projects/Investments

Rio Tinto and Aluminum Corporation of China (Chalco/Chinalco) have formed a joint venture (67% Chalco, 33% Rio Tinto) to acquire Votorantim's 68.596% stake in Companhia Brasileira de Alumínio (CBA) for approximately R$4.69 billion (roughly $900 million), implying roughly a 21% premium to recent trading.
The acquisition provides the partners with an integrated, low-carbon aluminum platform in Brazil, which includes bauxite mines, an alumina refinery, smelter, downstream facilities, and approximately 1.6 GW of renewable power from hydropower and wind assets.
Rio Tinto is contributing approximately USD 297.8 million on a pro-rata basis toward the joint purchase.
The deal, which is subject to regulatory approvals, strengthens Atlantic-region bauxite and alumina access for Rio Tinto and adds processing scale for Chalco, reflecting a broader industry shift toward ESG-compliant supply chains.

Jan 29, 2026, 10:52 PM

Bloomberg

Mechanics Bancorp Ratings Update

CRAI

M&A

Debt Issuance

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.