CRA International reported fiscal third‑quarter 2025 revenue of $185.9 million, up 10.8% from $167.7 million in Q3 2024. Non‑GAAP EBITDA was $24.4 million, giving a margin of 13.1%. Non‑GAAP net income rose 12.7% to $13.7 million and diluted earnings per share increased 16.4% to $2.06. The firm’s utilization rate was 77% and consultant headcount reached 968.
Revenue growth was driven by double‑digit increases in the Antitrust & Competition Economics, Energy, Finance and Intellectual Property practices, while international operations grew 30.3% and accounted for 21% of total revenue.
The company lifted its full‑year revenue outlook to $740 million–$748 million, up from $730 million–$745 million, and raised the lower end of its non‑GAAP EBITDA margin guidance to 12.6%–13.0%. CRA also increased its quarterly cash dividend to $0.57 per share, a 16.3% jump from the $0.49 dividend paid in the prior quarter.
Operating margin fell to 9.3% from 11.0% in Q3 2024, while non‑GAAP operating margin was 11.3% versus 11.0% previously. SG&A expenses were 18.1% of revenue, down from 18.6% in Q3 2024. Capital expenditures were $0.7 million, a reduction from $3.0 million in Q3 2024, and the firm repurchased approximately 22,000 shares for $4.0 million.
CRA remains a small player in the business‑services market, but its recent results underscore strong demand for its economic, financial and management consulting services in high‑stakes litigation and regulatory matters. The raised guidance and dividend signal confidence in continued growth, particularly in key practice areas and international expansion.
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