CRA International (CRAI) financial statements
CRA International reported revenue of $752M in fiscal 2025, up 9.8% a year over 9 years.
Net income was $55M and the operating margin 11.1%, against 5.8% in 2016.
Free cash flow was $19M, and the company returned $14M in dividends and $47M in net buybacks.
The diluted share count fell 22% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CRA International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $325M | $370M | $418M | $451M | $508M | $566M | $591M | $624M | $687M | $752M |
| Cost of revenue | $227M | $259M | $289M | $318M | $371M | $400M | $410M | $440M | $480M | $519M |
| Gross profit | $97M | $111M | $128M | $134M | $138M | $166M | $181M | $184M | $207M | $232M |
| Selling, general and admin | $71M | $87M | $90M | $94M | $90M | $97M | $110M | $115M | $125M | $135M |
| Operating income | $19M | $16M | $29M | $29M | $35M | $56M | $59M | $58M | $71M | $83M |
| Interest expense | $469,000 | $484,000 | $647,000 | $1M | $1M | $970,000 | $2M | $4M | $4M | $5M |
| Pre-tax income | $22M | $15M | $29M | $27M | $34M | $54M | $59M | $52M | $66M | $77M |
| Income tax | $8M | $7M | $6M | $6M | $9M | $13M | $15M | $14M | $20M | $22M |
| Net income | $13M | $8M | $22M | $21M | $25M | $42M | $44M | $38M | $47M | $55M |
| EPS (diluted) | — | — | — | — | $3.07 | $5.45 | $5.91 | $5.39 | $6.74 | $8.14 |
| Diluted shares | 9M | 8M | 9M | 8M | 8M | 8M | 7M | 7M | 7M | 7M |
| Gross margin | 30.0% | 30.1% | 30.8% | 29.6% | 27.1% | 29.3% | 30.6% | 29.5% | 30.2% | 30.9% |
| Operating margin | 5.8% | 4.3% | 6.9% | 6.5% | 6.8% | 9.8% | 9.9% | 9.2% | 10.3% | 11.1% |
| Net margin | 4.0% | 2.1% | 5.4% | 4.6% | 4.8% | 7.4% | 7.4% | 6.2% | 6.8% | 7.3% |
Balance sheet
Fiscal years, from CRA International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $54M | $54M | $38M | $26M | $46M | $66M | $31M | $46M | $27M | $18M |
| Receivables | $67M | $80M | $95M | $108M | $112M | $117M | $144M | $143M | $162M | $183M |
| Total current assets | $171M | $184M | $181M | $184M | $220M | $249M | $249M | $265M | $269M | $303M |
| Property, plant and equipment | $36M | $45M | $48M | $61M | $63M | $54M | $46M | $38M | $45M | $37M |
| Goodwill | $75M | $89M | $88M | $89M | $89M | $89M | $93M | $94M | $94M | $95M |
| Total assets | $324M | $362M | $371M | $533M | $559M | $555M | $551M | $553M | $571M | $629M |
| Total current liabilities | $94M | $122M | $142M | $171M | $200M | $213M | $217M | $236M | $251M | $330M |
| Total liabilities | $116M | $155M | $174M | $335M | $349M | $350M | $340M | $341M | $359M | $415M |
| Shareholders' equity | $207M | $207M | $196M | $198M | $209M | $206M | $211M | $212M | $212M | $214M |
| Net debt | -$54M | -$54M | -$38M | -$26M | -$46M | -$66M | -$31M | -$46M | -$27M | -$18M |
Cash flow
Fiscal years, from CRA International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $48M | $46M | $36M | $28M | $55M | $76M | $25M | $60M | $50M | $22M |
| Capital spending | $13M | $10M | $15M | $17M | $17M | $3M | $4M | $2M | $17M | $4M |
| Free cash flow | $35M | $36M | $21M | $11M | $38M | $73M | $21M | $58M | $33M | $19M |
| Stock-based compensation | $7M | $7M | $5M | $3M | $3M | $4M | $5M | $4M | $5M | $6M |
| Dividends paid | $1M | $5M | $6M | $7M | $8M | $8M | $10M | $11M | $12M | $14M |
| Share buybacks (net) | -$19M | -$20M | -$28M | -$18M | -$13M | -$45M | -$28M | -$31M | -$33M | -$47M |
| Free cash flow margin | 10.8% | 9.8% | 5.0% | 2.5% | 7.4% | 12.9% | 3.6% | 9.2% | 4.8% | 2.5% |
| Dividends per share | $0.14 | $0.58 | $0.67 | $0.83 | $0.94 | $1.09 | $1.30 | $1.52 | $1.78 | $2.06 |
Questions
What was CRA International's revenue in 2025?
$752M in fiscal 2025, from its 10-K filing.
How much free cash flow does CRA International generate?
$19M in fiscal 2025 (operating cash flow minus capital spending).
From CRA International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.