Recent news highlights CRA International's third-quarter 2026 revenue of $214.9 million and earnings surpassing expectations. Earnings call transcripts provide insights into business conditions and growth drivers such as AI, energy, and cybersecurity sectors.

• CRA International reported third-quarter 2026 revenue of $214.9 million [N1].
• The company’s Q3 2026 earnings and revenues surpassed estimates, indicating operational strength [N5].
• Earnings call transcripts and highlights from Q3 2026 provide detailed insights into performance and strategic focus areas [N2][N3].
• Recent reports note that AI, energy, and cybersecurity are fueling growth opportunities for the firm [N3].

CRA International benefits from increasing demand for specialized consulting services in areas such as AI, energy, and cybersecurity, as noted in recent earnings call highlights. The firm's growing utilization rates and consultant headcount support revenue growth. Its diversified revenue streams, including fixed-price and time-and-materials contracts, provide flexibility. The company's liquidity position and consistent profitability underpin operational stability.

The consulting industry is subject to competitive pressures and economic cycles that can impact client demand and utilization rates. Seasonal fluctuations and reliance on employee consultants' billable hours introduce variability in revenues. Rising costs, including employee compensation and administrative expenses, may pressure margins. Foreign currency fluctuations and international operations add complexity and risk. Maintaining consultant expertise and managing turnover are ongoing challenges.

CRA International's moat derives from its specialized expertise in economic, financial, and management consulting, supported by a skilled workforce of employee consultants. The firm's ability to apply advanced analytic techniques and in-depth industry knowledge to complex client engagements creates a competitive advantage. Its diversified client base and international presence further contribute to its market position. However, the consulting industry is competitive and dependent on maintaining high utilization and consultant expertise.

• Client Demand Variability: Demand for consulting services can fluctuate with economic conditions and client budgets, affecting utilization and revenues.
• Competitive Industry: The consulting sector is competitive, requiring continuous investment in talent and expertise to maintain market position.
• Cost Pressures: Increases in employee compensation, benefits, and administrative expenses may impact profitability.
• Seasonality: Seasonal effects such as vacations and holidays can reduce billable hours and revenue in certain quarters.
• Foreign Currency Risk: International operations expose the company to foreign currency translation risks that can affect reported results.

• CRA International, Inc. is a leading worldwide economic, financial, and management consulting firm applying advanced analytic techniques and in-depth industry knowledge to complex engagements for a broad range of clients [S1].
• The company derives revenues principally from professional services rendered by employee consultants, charging mostly on a time-and-materials basis with some fixed-price engagements [S1].
• Revenue recognition is based on hours worked at contractually agreed hourly rates or proportional performance for fixed-price contracts [S1].
• Revenues include reimbursements for costs incurred such as travel and outside consultants [S1].
• Costs of services include salaries, bonuses, share-based compensation, forgivable loan amortization, benefits of employee consultants, and reimbursable expenses [S1].
• Selling, general and administrative expenses include salaries, bonuses, share-based compensation for administrative staff, commissions to non-employee experts, rent, marketing, and other operating costs [S1].
• Utilization rates of employee consultants were 77% for fiscal 2025, 75% for fiscal 2024, and 70% for fiscal 2023 [S1].
• Seasonality affects revenue with lower billable hours in the third and fourth fiscal quarters due to vacations and holidays [S1].
• Approximately 20% of revenues come from outside the U.S. [S1].
• For fiscal 2025, revenues increased 9.3% to $751.6 million from $687.4 million in fiscal 2024, with utilization increasing and consultant headcount rising by 13 [S1].
• Costs of services increased by 8.2% to $519.3 million in fiscal 2025, primarily due to higher employee compensation and fringe benefits [S1].
• Selling, general and administrative expenses increased by 7.9% to $135.0 million in fiscal 2025 [S1].
• For the quarter ended October 3, 2026, revenues were $214.9 million, costs of services $152.4 million, selling, general and administrative expenses $35.4 million, and net income $13.9 million [S2].
• Liquidity ratios as of October 3, 2026, include a current ratio of 1.05 and a cash ratio of 0.06, with cash and cash equivalents of $20.4 million and current liabilities of $333.8 million [S2].
• The company had 6,277,118 shares outstanding as of October 30, 2026 [S2].
• Net income per share for the quarter ended October 3, 2026, was $2.21 basic and $2.20 diluted [S2].
• The company’s business model depends on the number and scope of client engagements, consultant headcount, billing rates, and hours worked [S1].
• Recent news reports confirm third-quarter 2026 revenue of $214.9 million and that earnings and revenues surpassed estimates [N1][N5].
• Recent earnings call transcripts and highlights provide insights into quarterly performance and business conditions [N2][N3].
• The company faces competition and operates in a consulting industry with demand influenced by sectors such as AI, energy, and cybersecurity [N3].