CRA International (CRAI) investor relations material

Executive summary

• Revenue for Q3 2025 rose 10.8% year-over-year to $185.9 million, with year-to-date revenue up 8.5% to $554.6 million and broad-based growth across practices and geographies.

• Net income for Q3 2025 was $11.5 million, nearly unchanged year-over-year, while year-to-date net income rose 31% to $41.6 million.

• Seven of eleven practices grew year-over-year, with Antitrust, Energy, Finance, and IP practices posting double-digit growth.

• North American revenue increased 6.8%, while international revenue surged 30.3% year-over-year, driven by antitrust and life sciences.

• Legal and regulatory services revenue grew 11.5%, supported by increased case filings and court judgments.

Financial highlights

• Non-GAAP net income, EPS, and EBITDA increased 12.7%, 16.4%, and 14.6% year-over-year, respectively.

• Q3 2025 diluted EPS was $1.73, up from $1.67 in Q3 2024; non-GAAP EPS was $2.06.

• Operating income for Q3 2025 was $17.2 million, down from $18.4 million in Q3 2024; year-to-date operating income was $62.5 million, up from $49.3 million.

• Gross margin for Q3 2025 was 29.3%, down from 31.3% a year ago; year-to-date gross margin improved to 31.4% from 29.7%.

• Utilization reached 77% in Q3 2025, up from 76% a year ago, despite a slight decrease in consultant headcount.

Outlook and guidance

• FY2025 revenue guidance raised to $740–$748 million (previously $730–$745 million).

• Non-GAAP EBITDA margin guidance increased to 12.6%–13.0% (previously 12.3%–13.0%).

• Fiscal year ends January 3, 2026, with a 14th week in Q4 2025.

• Management expects current cash, cash equivalents, and available credit to be sufficient for at least the next 12 months.

• Regular quarterly dividends are anticipated to continue, subject to board discretion.