Revenue: As of FY2027 Q1, the actual value is USD 200.98 M.

EPS: As of FY2027 Q1, the actual value is USD 1.69, missing the estimate of USD 2.45.

EBIT: As of FY2027 Q1, the actual value is USD 19.04 M.

CRA International, Inc. ([CRA 国际]) operates as a single business segment, “professional and consulting services” .

Revenue

Total revenues for the fiscal quarter ended April 4, 2026, increased by $19.1 million, or 10.5%, to $201.0 million, up from $181.9 million in the prior year’s first fiscal quarter .

• Revenue by Type of Contract:

  • Fixed-price contracts generated $35.820 million in revenue for the fiscal quarter ended April 4, 2026, compared to $30.329 million for the fiscal quarter ended March 29, 2025 . These contracts represented 18% of net revenues for the fiscal quarter ended April 4, 2026, an increase from 17% in the prior year’s first fiscal quarter .
  • Time-and-materials contracts contributed $165.155 million for the fiscal quarter ended April 4, 2026, compared to $151.522 million for the fiscal quarter ended March 29, 2025 .

• Revenue by Geographic Location:

  • United States revenues were $160.013 million for the fiscal quarter ended April 4, 2026, compared to $149.714 million for the fiscal quarter ended March 29, 2025 .
  • United Kingdom revenues were $28.025 million for the fiscal quarter ended April 4, 2026, compared to $23.124 million for the fiscal quarter ended March 29, 2025 .
  • Other countries generated $12.937 million in revenue for the fiscal quarter ended April 4, 2026, compared to $9.013 million for the fiscal quarter ended March 29, 2025 .
  • Overall, revenues from outside the U.S. accounted for approximately 20% of net revenues for the fiscal quarter ended April 4, 2026, up from 18% in the first fiscal quarter of 2025 .

Operational Costs and Profitability

• Costs of Services (exclusive of depreciation and amortization): Increased by $24.6 million, or 20.4%, to $145.0 million for the fiscal quarter ended April 4, 2026, from $120.4 million for the first fiscal quarter of 2025 . As a percentage of revenues, costs of services rose to 72.2% from 66.2% year-over-year, primarily due to an $11.8 million rise in employee and incentive compensation, a $10.2 million increase in forgivable loan amortization, and a $2.6 million increase in indirect project expenses .
• Selling, General and Administrative Expenses: Increased by $2.0 million, or 6.2%, to $34.5 million for the fiscal quarter ended April 4, 2026, from $32.5 million for the first fiscal quarter of 2025 . As a percentage of revenues, these expenses decreased to 17.2% from 17.9% . Key changes included a $1.0 million increase in employee and incentive compensation, a $0.7 million increase in travel and entertainment, and a $0.5 million increase in legal and professional service fees, partially offset by a $0.8 million decrease in commissions to non-employee experts . Commissions to non-employee experts decreased to 1.5% of revenues from 2.0% .
• Income from Operations: Decreased to $18.0 million for the fiscal quarter ended April 4, 2026, from $25.5 million for the first fiscal quarter of 2025 . As a percentage of revenues, income from operations was 9.0% for the fiscal quarter ended April 4, 2026, down from 14.0% for the first fiscal quarter of 2025 .
• Net Income: Decreased to $11.1 million for the fiscal quarter ended April 4, 2026, from $18.0 million for the first fiscal quarter of 2025 . As a percentage of revenues, net income was 5.5% for the fiscal quarter ended April 4, 2026, down from 9.9% for the first fiscal quarter of 2025 .
• Effective Income Tax Rate (ETR): The ETR was 36.0% for the fiscal quarter ended April 4, 2026, compared to 27.0% for the first fiscal quarter of 2025 . This increase was mainly due to higher nondeductible executive compensation, the recording of a valuation allowance in a foreign jurisdiction, and a decrease in tax benefits from share-based compensation, partially offset by a reduction in a prior year tax reserve .
• Bad Debt Expense (Recovery), Net: The company reported a net recovery of -$107 thousand for the fiscal quarter ended April 4, 2026, compared to a net expense of $433 thousand for the first fiscal quarter of 2025 .

Cash Flow

• Net Cash Used in Operating Activities: Totaled -$113.9 million for the fiscal quarter ended April 4, 2026, compared to -$79.994 million for the first fiscal quarter of 2025 . This was primarily due to a $91.2 million decrease in accounts payable, accrued expenses, and other liabilities, a $52.6 million increase in forgivable loans, a $27.0 million increase in unbilled receivables, and a $4.8 million decrease in lease liabilities, partially offset by other changes .
• Net Cash Used in Investing Activities: Amounted to -$2.6 million for the fiscal quarter ended April 4, 2026, primarily for capital expenditures on computer equipment, compared to -$974 thousand for the first fiscal quarter of 2025 .
• Net Cash Provided by Financing Activities: Was $131.3 million for the fiscal quarter ended April 4, 2026, mainly driven by $158.0 million in net borrowings under the revolving credit facility, partially offset by common stock repurchases, cash dividends, and tax withholding payments .
• Cash and Cash Equivalents: Increased by $14.3 million during the fiscal quarter ended April 4, 2026, ending the period with $32.5 million .

Unique Metrics

• Utilization: Increased to 77% for the fiscal quarter ended April 4, 2026, from 76% for the first fiscal quarter of 2025 .
• Consultant Headcount: Increased to 971 at the end of the fiscal quarter ended April 4, 2026, from 947 at the end of the first fiscal quarter of 2025 .
• Forgivable Loans: The ending balance was $143.885 million as of April 4, 2026, compared to $106.997 million as of January 3, 2026 . Amortization expense for forgivable loans was $9.685 million for the fiscal quarter ended April 4, 2026, compared to $6.652 million for the first fiscal quarter of 2025 .
• Reimbursable Expenses: Totaled $19.057 million for the fiscal quarter ended April 4, 2026, compared to $16.506 million for the first fiscal quarter of 2025 .

Future Outlook and Strategy

[CRA 国际] expects its current cash, cash equivalents, cash generated from operations, and available amounts under its revolving credit facility to be sufficient for anticipated working capital and capital expenditure requirements for at least the next 12 months . The company plans to finance future share repurchases with available cash, future operations, and borrowings from its revolving credit facility . On May 4, 2026, the revolving credit facility was increased by $50.0 million to $300.0 million, providing additional financial flexibility .