Charles River Associates Raises Fiscal 2026 Revenue Outlook

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue reached a record $214.9 million as the consulting firm lifted its constant-currency full-year range to $830 million to $840 million.

Charles River Associates (CRAI), a worldwide provider of economic, financial and management consulting, reported third-quarter revenue of $214.9 million, up 15.6% from a year earlier, as year-over-year growth accelerated for a second consecutive quarter.

That pace followed 12.8% growth to $210.8 million in the second quarter and 10.5% growth to $201.0 million in the first quarter. President and Chief Executive Officer Paul Maleh said the record top line produced the highest third-quarter profits in the company’s history as measured by net income, earnings per diluted share and EBITDA.

GAAP net income rose 21.2% to $13.9 million, or 6.5% of revenue, from $11.5 million, or 6.2% of revenue, a year earlier. Diluted earnings were $2.20 a share. Non-GAAP net income was $13.9 million, or 6.4% of revenue, and non-GAAP diluted earnings were $2.19 a share. Non-GAAP EBITDA was $27.1 million, or 12.6% of revenue.

Operating income was $23.9 million, or 11.1% of revenue, versus 9.3% a year earlier. Selling, general and administrative expenses were $35.4 million, or 16.5% of revenue, down from 18.1%. Excluding commissions to non-employee experts, SG&A was 14.9% of revenue. Forgivable loan amortization, including performance awards, was $15.1 million, or 7.0% of revenue.

Maleh said seven practices grew year over year and represented about 95% of total revenue. Forensic Services, Life Sciences, and Risk, Investigations & Analytics each posted double-digit growth, and Antitrust & Competition Economics set a new quarterly revenue high. Legal & Regulatory offerings grew 15.7% year over year. Management Consulting services increased 9.8%.

North American operations increased revenue 18.0% year over year. International operations grew 6.2%. Utilization was 78%. Quarter-end consultant headcount was 1,028, up 6.2% year over year. Client reimbursables were $21.2 million, or 9.9% of revenue.

For the fiscal year-to-date period ended October 3, 2026, revenue was $626.7 million and non-GAAP EBITDA was $77.1 million, or 12.3% of revenue. Maleh said that represented the best first three quarters of revenue and non-GAAP EBITDA in CRA’s history. On a constant currency basis relative to fiscal 2025, year-to-date revenue was $624.0 million and non-GAAP EBITDA was $76.8 million, a 12.3% margin.

The company raised full-year fiscal 2026 constant-currency revenue guidance to a range of $830 million to $840 million from $805 million to $820 million. It narrowed the non-GAAP EBITDA margin range to 12.2% to 12.8% from 12.0% to 13.0%. Maleh said the company is increasing revenue guidance and narrowing the profit margin range given strong results and a healthy sales pipeline. CRA said the constant-currency adjustment is expected to decrease reported annual revenue by approximately $2.9 million and reported annual EBITDA by approximately $0.4 million. Non-cash forgivable loan amortization is expected to increase in fiscal 2026 by approximately $15 million, of which about $14 million has been booked through the first three quarters.

CRA returned $3.6 million of capital to shareholders via dividend payments in the quarter. On November 5, 2026, it increased its quarterly cash dividend 17.5% from $0.57 to $0.67 a share, payable December 11, 2026, marking the tenth consecutive annual increase. Cash and cash equivalents were $20.4 million at October 3, 2026. Revolving credit facility borrowing capacity was $171.9 million.