CRAI · CRA International, Inc.

CRA International delivered record first-quarter revenue of $201.0 million, a 10.5% increase year-over-year, driven by broad-based growth across eight practices. Four practices—Energy, Finance, Forensic Services, and Life Sciences—posted double-digit revenue growth, while the Antitrust & Competition Economics practice achieved a new quarterly high. Geographically, North American revenue grew 8.5% and international revenue expanded 20.3%. Despite the top-line strength, GAAP net income fell 38.2% to $11.1 million, primarily due to $1.6 million in cash severance and $1.0 million in non-cash charges associated with portfolio optimization actions. Non-GAAP net income decreased 14.1% to $13.1 million, and non-GAAP EBITDA margin contracted to 11.5% from 13.6% in the prior year. Utilization improved to 77% from 76%, and consultant headcount increased 2.5% year-over-year to 971. Management reaffirmed full-year fiscal 2026 guidance of revenue between $785 million and $805 million and non-GAAP EBITDA margin between 12.0% and 13.0%, both on a constant currency basis. The company also declared a quarterly dividend of $0.57 per share and repurchased $21.5 million of stock during the quarter. The results reflect strong operational momentum but highlight margin pressure from restructuring costs and investments.