CRA International (CRAI) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $210.8 million, up 12.8% year-over-year, with highest quarterly profits as measured by net income, EPS, and EBITDA.

• Eight practices grew year-over-year, with six posting double-digit revenue growth; Antitrust & Competition Economics set a new quarterly record.

• Legal & Regulatory offerings grew 10.1% year-over-year, Management Consulting services rose 25.5%, and North American and international revenues increased 8.7% and 32.9%, respectively.

• Consultant headcount rose 3.3% year-over-year to 968, with utilization improving to 77%.

• Serves 88 of the Fortune 100 and 98 of the top 100 law firms over the past two years.

Financial highlights

• Q2 2026 revenue: $210.8 million, up 12.8% year-over-year; H1 revenue: $411.8 million.

• Net income: $13.5 million (6.4% margin), up 11.4% year-over-year; non-GAAP net income: $13.9 million (6.6% margin), up 9.0%.

• Diluted EPS: $2.10, up 17.3% year-over-year; non-GAAP diluted EPS: $2.16, up 14.9%.

• Non-GAAP EBITDA: $26.8 million (12.7% margin), up 15.3% year-over-year.

• Cash and cash equivalents at quarter-end: $21.4 million; total liquidity: $98.7 million.

Outlook and guidance

• Raised annual revenue guidance to $805–$820 million (prior: $785–$805 million) on a constant currency basis; non-GAAP EBITDA margin reaffirmed at 12.0%–13.0%.

• Constant currency adjustment expected to decrease reported annual revenue by ~$2.5 million and EBITDA by <$250,000.

• Management expects current cash, cash flow from operations, and credit facility availability to be sufficient for at least the next 12 months.

• Fiscal 2026 returns to a typical 52-week year, compared to 53 weeks in fiscal 2025.

• Regular quarterly dividends are anticipated, subject to board discretion.