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,…
Earnings analysis · 10-Q
CRAI earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.69
What stood out
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Revenue Growth vs Prior Year
Revenue increased by 10.5% to $201.0 million from $181.9 million in Q1 2025.
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Earnings Decline
Diluted EPS fell to $1.69 from $2.62 in Q1 2025.
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Increase in Utilization Rate
Utilization rose to 77% from 76% year-over-year.
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Strong International Growth
International revenue grew 20.3%, making up 20% of total revenues.
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Numerous Shares Repurchased
CRA repurchased 116,040 shares at an average price of $184.96.
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Positive Cash Flow from Financing
Net cash provided by financing activities was $131.3 million.
What to watch
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Declining Net Income
Net income decreased by 38.2% to $11.1 million from $18.0 million in Q1 2025.
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Rising Costs Pressures Margins
Costs of services increased to 72.2% of revenues from 66.2%, impacting operating margins.
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Increased Debt Levels
Debt increased to $192.0 million from $34.0 million, indicating rising leverage.
Management's outlook
Management has reaffirmed revenue guidance for FY 2026 between $785 million and $805 million.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.