CRA International, Inc. reported a revenue increase of 10.5% for the fiscal quarter ending April 4, 2026, reaching $201.0 million compared to $181.9 million in the same period the previous year. However, net income decreased to $11.1 million, or $1.69 per diluted share, down from $18.0 million, or $2.62 per diluted share, in the prior year. The decline in profitability was attributed to increased costs of services, which rose by 20.4% to $145.0 million, driven by higher employee compensation and forgivable loan amortization. The company's effective tax rate also increased to 36.0% from 27.0%, primarily due to nondeductible executive compensation and a valuation allowance in a foreign jurisdiction.
In terms of operational metrics, CRA's consultant headcount grew to 971 from 947 year-over-year, and utilization rates improved slightly to 77%. The company also saw a shift in revenue sources, with fixed-price projects accounting for 18% of net revenues, up from 17% in the previous year. Geographic revenue distribution remained stable, with approximately 20% of revenues generated outside the U.S., compared to 18% in the prior year.
CRA's balance sheet showed total assets of $662.4 million as of April 4, 2026, an increase from $628.9 million at the beginning of the fiscal year. The company reported a significant rise in current liabilities, primarily due to increased borrowings under its revolving credit facility, which rose to $192.0 million from $34.0 million. This increase in debt was part of a strategic decision to enhance liquidity, with the company also amending its credit agreement to increase the revolving credit facility to $300.0 million.
The company has been actively managing its capital structure, including a share repurchase program that saw the retirement of 116,040 shares during the quarter at an average price of $184.96 per share. Additionally, CRA declared a quarterly cash dividend of $0.57 per share, reflecting its commitment to returning value to shareholders. Looking ahead, CRA anticipates that its current cash reserves, cash generated from operations, and available credit will be sufficient to meet its working capital and capital expenditure needs for at least the next 12 months. The company remains focused on strategic growth opportunities, including potential acquisitions and expanding its consulting services.
About CRA INTERNATIONAL, INC.
CRA International, Inc. is a global consulting firm providing economic, financial, and management advisory services. It specializes in litigation support, regulatory analysis, business strategy, and performance improvement across diverse industries. The company serves law firms, corporations, and government agencies worldwide, leveraging expert analysis, industry knowledge, and a network of top professionals to help clients navigate complex legal, regulatory, and strategic challenges.
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