CRAI earnings analysis
What we found in CRAI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Charles River Associates (CRA) reported Q1 2026 revenues of $201.0 million, a 10.5% increase from $181.9 million in Q1 2025, while diluted EPS was $1.69, a decline from $2.62 year-over-year. Operating income decreased to 9.0%, driven by higher service costs that increased by 20.4%. Management maintains a revenue guidance of $785 million to $805 million for FY 2026, emphasizing continued growth in international operations despite pandemic-related financial pressures.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth vs Prior Year
- Revenue increased by 10.5% to $201.0 million from $181.9 million in Q1 2025.
- Earnings Decline
- Diluted EPS fell to $1.69 from $2.62 in Q1 2025.
- Increase in Utilization Rate
- Utilization rose to 77% from 76% year-over-year.
- Strong International Growth
- International revenue grew 20.3%, making up 20% of total revenues.
- Numerous Shares Repurchased
- CRA repurchased 116,040 shares at an average price of $184.96.
- Positive Cash Flow from Financing
- Net cash provided by financing activities was $131.3 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Net Income
- Net income decreased by 38.2% to $11.1 million from $18.0 million in Q1 2025.
- Rising Costs Pressures Margins
- Costs of services increased to 72.2% of revenues from 66.2%, impacting operating margins.
- Increased Debt Levels
- Debt increased to $192.0 million from $34.0 million, indicating rising leverage.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.69
- Gross margin
- 27.8%
- Operating margin
- 9.0%
What they said about what is next.
Management has reaffirmed revenue guidance for FY 2026 between $785 million and $805 million.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 26, 2026
- CRA reported fiscal 2025 revenue of $751.6 million, up 9.3% year-over-year, driven by higher utilization (77% vs. 75%) and a 53-week year. Operating margin expanded to 11.1% and diluted earnings per share rose to $8.14,…
- 10-Q · October 30, 2025
- CRA International, Inc. displayed strong earnings in Q3 2025, with revenues increasing to $185.9 million from $167.7 million in the prior year, supported by both time-and-materials and fixed-price contracts. Gross…
- 10-Q · July 31, 2025
- CRA reported quarter-to-quarter revenue and margin improvement: revenues increased to $186,878 (Q2 2025) from $171,442 (Q2 2024) and operating income rose to $19,727 from $11,288. Diluted EPS improved to $1.79 from…
- 10-Q · May 1, 2025
- CRA International reported Q1 revenue of $181,851,000 (up $10,062,000 or ~5.9% year-over-year) and diluted EPS of $2.62 (up $0.67 or ~34% YoY). Gross margin expanded to 33.8% and operating margin to 14.1%, but operating…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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