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CRA International
CRA International (CRAI) investor relations material
CRA International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Fiscal 2025 marked the eighth consecutive year of record annual revenue, reaching $751.6 million, with broad-based growth across service lines and geographies.
Celebrated 60th anniversary and over 27 years as a public company in 2025.
Legal & Regulatory Consulting (~80% of revenue) and Management Consulting (~20%) both contributed to growth, with legal/regulatory up 10.3% and management consulting up 6.4% year-over-year.
Q4 revenue increased 11.6% year-over-year to $197.0 million, the highest quarterly revenue in company history, driven by strong sales pipeline and project origination.
Serves a diverse client base, including 88 of the Fortune 100 and 98 of the top 100 law firms over the past two years.
Financial highlights
Fiscal 2025 revenue rose 9.3% to $751.6 million, with non-GAAP EBITDA of $97 million (12.9% margin) and adjusted net cash flows from operations of $108.4 million, converting 112% of non-GAAP EBITDA.
Full-year GAAP net income was $54.8 million (7.3% of revenue); non-GAAP net income was $55.3 million (7.4% of revenue).
EPS (non-GAAP, diluted) was $8.23 in 2025, with 8% growth year-over-year and 146% growth over 2021–2025.
Ended Q4 with $18.2 million in cash and $162.2 million in available credit, totaling $180.4 million in liquidity.
Record-breaking revenue achieved for eight consecutive fiscal years.
Outlook and guidance
Fiscal 2026 revenue expected between $785 million and $805 million, with non-GAAP EBITDA margin of 12.0%-13.0% on a constant currency basis.
Currency effects projected to reduce reported revenue by $5 million and EBITDA by less than $1 million.
Non-cash forgivable loan amortization expense to increase by over 30% in 2026 due to prior talent investments.
Effective tax rate for 2026 projected at 31%-32% due to legislative changes.
Capital expenditures for 2026 expected in the $4 million-$5 million range.
Elaborate on AI's effect on staffing leverage
Drivers of increased forgivable loan amortization
M&A-related Antitrust work outlook for 2026
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Next CRA International earnings date
Q1 202630 Apr, 2026
CRA International
Next CRA International earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
CRA International Inc., operating as Charles River Associates, provides economic, financial, and management consulting services to clients across various industries. The company supports businesses, law firms, and government agencies by delivering expertise in areas such as litigation, regulatory compliance, business strategy, and market analytics. CRA's services are utilized for addressing complex challenges, including antitrust cases, corporate strategy development, and valuation analysis. The company operates through a global network of consultants and industry specialists. The company is headquartered in Boston, Massachusetts, and its shares are listed on the NASDAQ.
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