International revenue is growing rapidly with international revenue rising 19.5% year over year versus 7.3% in North America, marking geographic diversification as a key driver of record results. Management highlighted underlying demand, practice breadth and international momentum as factors that position the firm well for 2026 and beyond.
Cyborg Score Rationale
CRA delivered fiscal 2025 revenue of $751.6 million, up 9.3% year over year and marking the firm's eighth straight year of record annual sales. Adjusted net cash from operations rose 17% to $108.4 million, allowing CRA to convert 112% of its non-GAAP EBITDA into adjusted operating cash. Strong fundamentals offset some market valuation skepticism.
Top Insights
CRA achieved a record Q4 revenue of $196.96 million and has consistently set new annual revenue records for eight consecutive years
For fiscal 2026, CRA guided to constant-currency revenue of $785 million to $805 million, implying continued growth despite the loss of the extra week
The sales pipeline strengthened further, with the fourth quarter's weekly average project lead flow up 9.3% year over year
CRA expanded its share repurchase authorization by $55 million, underscoring management's emphasis on returning capital while investing in growth areas such as artificial intelligence
Named Competitors
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Recent Developments
(February 2026) Record Q4 FY2025 revenue of $196.96 million, exceeding consensus estimate of $190.54 million
(February 2026) Raised FY2026 revenue guidance to $785-805 million constant-currency
(February 2026) Expanded share repurchase authorization by $55 million and reported strongest quarterly project lead flow growth in 9.3%
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