On the client side, CRA said it has worked with 88 of the Fortune 100 companies in the past two years, adding that this share has been consistent over time. The company also said it worked for 98 of the top 100 law firms globally over the same two-year period, and emphasized a strategy of increasing penetration with these “important, intermediary clients.”Management also identified its three largest practices by revenue—Antitrust & Competition Economics, Forensic Services, and Life Sciences—which together m ...

Core Insights - Charles River Associates (CRAI) reported strong fourth-quarter 2025 results, with earnings and revenues exceeding the Zacks Consensus Estimate, leading to a 3.1% increase in share price since the earnings release on February 26 [1] Financial Performance - Quarterly EPS was $2.06, slightly above the Zacks Consensus Estimate, and increased by 1.5% year-over-year [2] - Total revenues reached $197 million, surpassing the Zacks Consensus Estimate by 3.7% and growing 11.6% year-over-year [2][8] - The company achieved 78% utilization and a 1.4% increase in headcount year-over-year [3][8] - Non-GAAP EBITDA was $24.4 million, remaining relatively flat, with a non-GAAP EBITDA margin declining by 150 basis points year-over-year to 12.4% [3][8] Balance Sheet and Cash Flow - At the end of Q4 2025, CRAI had cash and cash equivalents of $18.21 million, down from $22.5 million at the end of Q3 2025 [4] - The company generated $60 million in cash from operating activities and paid out $3.73 million in dividends during the quarter [4] Future Guidance - CRAI provided 2026 revenue guidance in the range of $785-$805 million, with an expected non-GAAP EBITDA margin between 12% and 13% [5][8]

Core Insights - CRA reported an 11.6% revenue increase year-over-year in Q4, marking the best quarterly performance in the company's history, attributed to a 9.3% rise in project lead flow and a 7.7% increase in new project originations [1] - For fiscal 2025, CRA achieved a revenue of $751.6 million, a 9.3% increase year-over-year, with contributions from both legal and regulatory services and management consulting services [3][4] - The company expects fiscal 2026 revenue in the range of $785 million to $805 million, with a non-GAAP EBITDA margin of 12.0% to 13.0% [6][12] Revenue Growth - Seven practices experienced revenue growth in fiscal 2025, with Antitrust & Competition Economics, Energy, and Intellectual Property showing double-digit growth [2] - North American revenue increased by 7.3%, while international revenue rose by 19.5% [2] - In Q4, six practices grew revenue, with four achieving double-digit gains, particularly in Antitrust & Competition Economics and Forensic Services, which saw over 20% growth [7] Profitability and Utilization - CRA reported a full-year utilization rate of 77%, contributing to record profits as measured by net income, earnings per diluted share, and EBITDA [2] - Non-GAAP EBITDA for fiscal 2025 was $96.8 million, reflecting a 12.9% margin [11] Capital Allocation and Investments - The board expanded share repurchases by $55 million, with a remaining authorization of $65.9 million, after returning $61 million in FY25 [5][19] - Full-year spending on senior talent acquisition and retention totaled $87.9 million, with $17.6 million spent in Q4 [18] AI and Future Outlook - CRA views AI as a productivity and revenue enhancer, with investments in AI tools and governance [5][14] - An AI-driven resource adequacy model, CRA AdequacyX, was developed for the Energy practice [15] - Management anticipates a $15 million increase in non-cash forgivable loan amortization in fiscal 2026, linked to talent investments [13] Operational Metrics - Consultant headcount at year-end was 959, a 1.4% increase from the previous year [20] - Days Sales Outstanding (DSO) improved to 108 days, down from 115 days in the previous quarter [20]

分组1 - CRA International (CRAI) reported quarterly earnings of $2.06 per share, exceeding the Zacks Consensus Estimate of $2.05 per share, and showing an increase from $2.03 per share a year ago, representing an earnings surprise of +0.37% [1] - The company achieved revenues of $196.96 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.66%, and an increase from $176.43 million year-over-year [2] - CRA has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] 分组2 - The stock has underperformed, losing about 20.2% since the beginning of the year, while the S&P 500 has gained 1.5% [3] - The current consensus EPS estimate for the upcoming quarter is $2.24 on revenues of $181.24 million, and for the current fiscal year, it is $8.82 on revenues of $766.7 million [7] - The Consulting Services industry, to which CRA belongs, is currently ranked in the bottom 34% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Data and Key Metrics Changes - Revenue for fiscal 2025 increased by 9.3% to $751.6 million, marking the eighth consecutive year of record annual revenue [5] - Non-GAAP EBITDA for fiscal 2025 was $96.8 million, producing a non-GAAP EBITDA margin of 12.9% [13] - Full-year utilization was 77%, contributing to record profits in net income and earnings per diluted share [6] Business Line Data and Key Metrics Changes - Legal and regulatory services revenue increased by 10.3% year-over-year, while management consulting services expanded by 6.4% [5] - In Q4, legal and regulatory services revenue rose by 14.3%, with Antitrust & Competition Economics and Forensic Services practices each delivering over 20% revenue growth [8][7] - Six practices grew their top line in Q4, with four practices achieving double-digit revenue growth [7] Market Data and Key Metrics Changes - North American operations contributed to a 7.3% revenue increase, while international operations saw a 19.5% increase [5] - Worldwide M&A activity in 2025 totaled $4.6 trillion, a 49% increase compared to 2024, indicating a strong market for consulting services [8] Company Strategy and Development Direction - The company is focusing on expanding its leadership ranks and investing in talent, promoting eight colleagues to vice president and hiring 19 new vice presidents [15] - AI is viewed as a catalyst for improved productivity and revenue growth, with the company moving towards disciplined enablement of AI across its operations [18][20] - The company expects revenue for fiscal 2026 to be in the range of $785 million to $805 million, with a non-GAAP EBITDA margin of 12.0% to 13.0% [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite market volatility and external disruptions [14][21] - The company anticipates continued strong performance in 2026, with no signs of slowing in key practices [39][65] - Management highlighted the importance of maintaining high-quality service delivery and client relationships to support pricing power [41] Other Important Information - Adjusted net cash flows from operations increased by 17% year-over-year to $108.4 million, with a conversion rate of 112% of non-GAAP EBITDA into adjusted net cash flows [21] - The company repaid $61 million of net borrowings, ending the year with a cash balance of $18.2 million [22] - The effective tax rate for fiscal 2025 was 28.4%, down from 29.2% in fiscal 2024, with projections for fiscal 2026 in the range of 31% to 32% [27] Q&A Session Summary Question: Thoughts on revenue guidance and consultant count - Management acknowledged strong fiscal 2025 performance and expressed bullishness for fiscal 2026, indicating that headcount growth would increase [34][35] Question: Update on litigation activity - Management reported strong performance in Antitrust & Competition Economics and Forensic Services practices, with expectations for continued growth [39] Question: Pricing dynamics and revenue growth - Management indicated that pricing increases were in the 3% range for 2025, with expectations for low single-digit increases in 2026 [41][42] Question: AI initiatives and margin expansion - Management sees AI as a revenue enhancement opportunity rather than a direct margin expansion driver, emphasizing the importance of coordinated efforts in AI deployment [49] Question: Forensic Services practice growth sustainability - Management expressed optimism about the Forensic Services practice, citing robust lead flow and consistent project opportunities [51] Question: Share repurchase plans - Management confirmed intentions to be active in share repurchases, especially given the recent stock price dislocation [59][60]

Financial Data and Key Metrics Changes - Revenue for fiscal 2025 increased by 9.3% to $751.6 million, marking the eighth consecutive year of record annual revenue [5] - Non-GAAP EBITDA for fiscal 2025 was $96.8 million, producing a non-GAAP EBITDA margin of 12.9% [13] - Full-year utilization was 77%, contributing to record profits as measured by net income and earnings per diluted share [6] Business Line Data and Key Metrics Changes - Legal and regulatory services revenue increased by 10.3% year-over-year, while management consulting services expanded by 6.4% [5] - In Q4, legal and regulatory services revenue rose by 14.3%, with Antitrust & Competition Economics and Forensic Services practices each delivering over 20% revenue growth [8][7] - The Energy practice also saw revenue growth of more than 20% in Q4, driven by strong activity in data center-driven load growth [12] Market Data and Key Metrics Changes - North American operations contributed to a 7.3% revenue increase, while international operations saw a 19.5% increase [5] - Worldwide M&A activity in 2025 totaled $4.6 trillion, a 49% increase compared to 2024, indicating a strong market for CRA's services [8] Company Strategy and Development Direction - The company is focusing on expanding its leadership ranks and investing in talent, promoting eight colleagues to vice president and hiring 19 new vice presidents [15] - CRA is integrating AI into its operations to enhance productivity and revenue growth, with a disciplined approach to AI adoption [20][18] - The company expects revenue for fiscal 2026 to be in the range of $785 million to $805 million, with a non-GAAP EBITDA margin of 12.0% to 13.0% [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite market volatility and external disruptions [14][21] - The company views AI as a catalyst for improved productivity and revenue growth, with ongoing investments in AI capabilities [20][18] - Management noted strong lead flow and project opportunities, particularly in the Antitrust & Competition Economics and Forensic Services practices, indicating a positive outlook for 2026 [51][39] Other Important Information - Adjusted net cash flows from operations increased by 17% year-over-year to $108.4 million, with CRA converting 112% of its non-GAAP EBITDA into adjusted net cash flows [21] - The company repaid $61 million of net borrowings under its revolving line of credit, ending the year with a cash balance of $18.2 million [22] - CRA's board authorized an expansion of its share repurchase program by $55 million, reflecting confidence in long-term prospects [24] Q&A Session Summary Question: Thoughts on revenue guidance and consultant count - Management indicated strong fiscal 2025 performance and expressed bullishness for fiscal 2026, noting that headcount growth should align with revenue growth [34][35] Question: Update on litigation activity - Management highlighted strong performance in Antitrust & Competition Economics and Forensic Services practices, with no signs of slowing down [38][39] Question: Pricing dynamics - Management reported a 3% rate increase for 2025, with expectations for low single-digit increases in 2026, indicating strong value delivery to clients [41][42] Question: AI initiatives and margin expansion - Management sees AI as a revenue enhancement opportunity rather than a direct margin expansion driver, emphasizing the importance of coordinated efforts in AI deployment [49][50] Question: Forensic Services practice growth sustainability - Management noted robust lead flow in the Forensic practice and expressed optimism for continued growth, albeit at a potentially lower rate than 20% [51] Question: Share repurchases - Management confirmed intentions to be active in share repurchases, especially given the recent stock price dislocation [59][60]

Financial Data and Key Metrics Changes - Revenue for fiscal 2025 increased by 9.3% to $751.6 million, marking the eighth consecutive year of record annual revenue [4] - Non-GAAP EBITDA for fiscal 2025 was $96.8 million, producing a non-GAAP EBITDA margin of 12.9% [12] - Adjusted net cash flows from operations increased 17% year-over-year to $108.4 million, converting 112% of non-GAAP EBITDA into adjusted net cash flows [20][21] Business Line Data and Key Metrics Changes - Legal and regulatory services revenue increased by 10.3% year-over-year, while management consulting services expanded by 6.4% [4] - In Q4, legal and regulatory services revenue increased by 14.3%, with Antitrust & Competition Economics and Forensic Services practices each delivering over 20% growth [6] - The Energy practice saw revenue growth of more than 20% in Q4, driven by strong activity around data center-driven load growth [11] Market Data and Key Metrics Changes - North American operations contributed to revenue growth with a 7.3% increase, while international operations grew by 19.5% [4] - Worldwide M&A activity in 2025 totaled $4.6 trillion, a 49% increase compared to 2024, indicating a strong market for consulting services related to mergers and acquisitions [7] Company Strategy and Development Direction - The company is focusing on expanding its leadership ranks and investing in talent, promoting eight colleagues to vice president and hiring 19 new vice presidents [13] - The strategy includes disciplined AI deployment to enhance productivity and revenue growth, with a focus on maintaining quality and governance [19] - The company aims to return half of its adjusted cash flows from operations to shareholders while investing in profitable growth [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in fiscal 2026, expecting revenue in the range of $785 million to $805 million, with a non-GAAP EBITDA margin of 12.0% to 13.0% [15] - The management noted that AI is viewed as a catalyst for improved productivity and revenue growth, with ongoing investments in AI capabilities [17] - There are no near-term signs of slowing demand, particularly in the Antitrust & Competition Economics and Forensic Services practices [38] Other Important Information - The effective tax rate for fiscal 2025 was 28.4%, down from 29.2% in fiscal 2024, with projections for fiscal 2026 in the range of 31% to 32% [27] - The company ended fiscal 2025 with $18.2 million in cash and cash equivalents, and a total liquidity of $180.4 million [28] Q&A Session Summary Question: Thoughts on revenue guidance and consultant count - Management acknowledged strong fiscal 2025 performance and expressed bullishness for fiscal 2026, indicating that headcount growth would likely increase [34][35] Question: Update on litigation activity - The Antitrust & Competition Economics and Forensic Services practices showed exceptional performance in Q4, with strong growth expected to continue [37][38] Question: Pricing dynamics - Pricing increased by approximately 3% in 2025, with expectations for low single-digit increases in 2026, while maintaining high collectibility rates [40][41] Question: AI initiatives and margin expansion - AI is seen as a revenue enhancement opportunity rather than a direct margin expansion driver, with a focus on coordinated internal efforts [49] Question: Forensic Services practice growth sustainability - The lead flow in the Forensic practice remains robust, with management optimistic about continued growth in 2026 [51] Question: Share repurchases - Management confirmed intentions to be active in share repurchases, especially given the recent stock price dislocation [59]

An Overview of Charles River Associates Q4 FY2025 This presentation is subject to and should be read in conjunction with the disclaimers and other statements contained under the heading "Safe Harbor Disclaimer." 1 Safe Harbor Disclaimer Statements included in this presentation which are not historical in nature, including those concerning the company's future business, operating and financial condition, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forwar ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 3, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-24049 CRA International, Inc. (Exact name of registrant as specified in its charter) Massachusetts (State or other jurisdiction ...

Exhibit 99.2 CHARLES RIVER ASSOCIATES (CRA) FOURTH QUARTER AND FISCAL YEAR 2025 EARNINGS ANNOUNCEMENT PREPARED CFO REMARKS CRA is providing these prepared remarks by CFO Eric Nierenberg in combination with its press release. These remarks are offered to provide the investment community with additional information on CRA's financial results prior to the start of the conference call. As previously announced, the conference call will be held February 26, 2026 at 10:00 a.m. ET. These prepared remarks will not b ...