CRA INTERNATIONAL, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CRA INTERNATIONAL, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	325	370	418	451	508	566	591	624	687	752
Cost of revenue	227	259	289	318	371	400	410	440	480	519
Gross profit	97.4	111	128	134	138	166	181	184	207	232
Selling, general and administrative	70.6	86.5	89.5	93.6	90	97.4	110	115	125	135
Operating income	18.9	15.8	28.9	29.3	34.8	55.7	58.7	57.5	70.8	83.1
Interest expense	0.47	0.48	0.65	1.25	1.22	0.97	1.83	3.81	4.42	5.36
Other non-operating income	-0.4	-0.37	0.39
Pre-tax income	21.9	15.2	28.9	26.8	33.6	54.3	58.8	52.3	66.2	76.6
Income tax	7.66	7.46	6.46	6.05	9.12	12.6	15.2	13.8	19.6	21.8
Net income to minority interests	1.35	0.08	-0.02	0	0
Net income	12.9	7.62	22.5	20.7	24.5	41.7	43.6	38.5	46.7	54.8
EBITDA	26.8	24.6	38.9	40	47.6	68.5	70.7	69.1	82.4	97.3
EPS, basic					3.14	5.59	6.02	5.48	6.82	8.23
EPS, diluted					3.07	5.45	5.91	5.39	6.74	8.14
Shares, basic (weighted)	8.5	8.29	8.11	7.87	7.77	7.42	7.22	7.01	6.82	6.64
Shares, diluted (weighted)	8.6	8.5	8.57	8.17	7.95	7.62	7.36	7.12	6.91	6.71
Dividend per share	0.14	0.59	0.71	0.83	0.95	1.09	1.29	1.50	1.75	2.04

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	53.5	54	38	25.6	45.7	66.1	31.4	45.6	26.7	18.2
Receivables	66.9	79.8	94.5	108	112	117	144	143	162	183
Other current assets	19.3	11.4	6.42	7.28	7.07	10.6	12.8	11.6	16.6	19.3
Total current assets	171	184	181	184	220	249	249	265	269	303
Property, plant and equipment	36.4	44.6	48.1	61.3	62.9	53.6	45.6	38.2	45.2	36.7
Lease right-of-use assets				130	122	110	96.7	86.9	81.2	76.1
Goodwill	74.8	89	88.2	88.5	89.2	88.9	92.9	94	93.7	94.7
Intangible assets	2.69	9.21	7.85	6.48	5.11	4.18	8.59	7.2	7.22	5.69
Other non-current assets	1.19	2.82	2.04	3.66	2.69	1.47	2.29	2.42	9.16	4.27
Total assets	324	362	371	533	559	555	551	553	571	629
Accounts payable	13.7	18.5	21.9	26.1	19.4	23.5	27.6	28.7	28.2	30.2
Accrued liabilities	75.3	94.6	108	121	136	156	156	171	181	223
Deferred revenue		3.29	5.45	4.01	5.53	8.81	6.98	6.04	7.34	9.01
Total current liabilities	94.1	122	142	171	200	213	217	236	251	330
Lease liabilities				147	139	124	106	92.3	84.5	76
Total liabilities	116	155	174	335	349	350	340	341	359	415
Retained earnings	167	169	186	200	217	216	224	224	225	221
Other comprehensive income	-13.8	-9.9	-12.6	-11.8	-8.48	-9.95	-15	-12.2	-15.1	-9.94
Shareholders' equity	207	207	196	198	209	206	211	212	212	214
Minority interests	0.66	0.32
Total equity	208	207	196	198	209	206	211	212	212	214
Total liabilities and equity	324	362	371	533	559	555	551	553	571	629
Shares outstanding	8.33	8.3	8.01	7.81	7.69	7.36	7.15	6.93	6.77	6.55

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	14.2	7.7	22.5	20.7	24.5	41.7	43.6	38.5	46.7	54.8
Depreciation and amortization	7.88	8.86	10	10.6	12.8	12.8	12	11.6	11.7	14.1
Stock-based compensation	6.87	6.62	4.82	3.46	3.24	4.09	4.77	4.4	5.29	5.87
Deferred income tax	8.4	1.65	-0.83	-1.16	1.11	0.45	0.19	-4.63	-2.87	-1.73
Change in receivables	-8.67	-13	-14.4	-12.8	-2.65	-6.05	-24.9	2.21	-21.4	-18.3
Change in payables					-4.75	0.01	-0.27	-0.09	0.6	-0.45
Cash from operations	48.2	45.9	36.2	27.8	54.7	75.7	25.1	60.1	49.7	22.4
Capital expenditures	-13	-9.76	-15.4	-16.7	-17.1	-2.62	-3.81	-2.37	-16.6	-3.87
Acquisitions		-16.2			0	0	-14.4	-0.58	-1.5	0
Cash from investing	-11.9	-25.7	-15.4	-16.7	-17.1	-2.62	-18.2	-2.94	-18.1	-3.87
Stock issued	2.9	6.4
Share buybacks	-19.3	-19.5	-27.9	-18.1	-13.4	-45	-27.6	-31.4	-33.3	-47.1
Dividends paid	-1.17	-4.94	-5.78	-6.79	-7.5	-8.29	-9.58	-10.8	-12.3	-13.8
Cash from financing	-19.2	-21.9	-35.7	-23.8	-19.5	-52	-39	-44.5	-48.9	-29.8
Exchange rate effect	-1.66	2.17	-1	0.29	1.97	-0.63	-2.69	1.49	-1.63	2.79
Net change in cash	15.4	0.51	-16	-12.4	20	20.5	-34.7	14.1	-18.9	-8.5
Free cash flow	35.1	36.1	20.7	11.1	37.6	73.1	21.3	57.7	33.1	18.6
Interest paid	0.41	0.31	0.51	1.16	1.16	0.73	1.58	3.54	4.15	4.66
Income taxes paid	6.18	7.42	4.81	7.59	6.54	15	15.6	14	21.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $162.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.0%	Gross profit / revenue.
Operating margin	10.0%	Operating income / revenue.
EBITDA margin	11.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.1%	Pre-tax income / revenue.
Net margin	6.2%	Net income / revenue.
FCF margin	-3.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-2.7%	Cash from operations / revenue.
Effective tax rate	31.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.3%	Net income / average total assets.
Return on invested capital (ROIC)	33.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	17.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	17.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	19.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	20.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	11.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	21.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-54.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-16.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-44.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-4.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-13.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	16.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	16.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	16.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.82x	Current assets / current liabilities.
Quick ratio	0.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	73.2%	Total liabilities / total assets.
Working capital	-$76.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$82.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.17x	Revenue / average total assets.
Fixed asset turnover	22.8x	Revenue / average property, plant and equipment.
Receivables turnover	4.73x	Revenue / average receivables.
Days sales outstanding	77 days	365 x average receivables / revenue.
Days payables	16 days	365 x average accounts payable / cost of revenue.
FCF conversion	-56.3%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.69	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$124.03	Revenue / diluted weighted shares.
FCF per share	-$4.33	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$3.39	Cash from operations / diluted weighted shares.
Book value per share	$29.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.16	Tangible book value / shares outstanding.
Cash per share	$3.43	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.02B	Share price x shares outstanding.
Enterprise value	$995.8M	Market cap + total debt - cash - short-term investments.
P/E	20.6x	Market cap / net income. Only when net income is positive.
P/S	1.28x	Market cap / revenue.
P/B	5.59x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.4x	Market cap / tangible book value, when positive.
EV/Sales	1.25x	Enterprise value / revenue.
EV/EBIT	12.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.7x	Enterprise value / EBITDA, when both are positive.
FCF yield	-2.7%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	6.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.83x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CRA INTERNATIONAL, INC.'s revenue in fiscal 2025?

CRA INTERNATIONAL, INC. reported revenue of $751.6M for fiscal 2025, 9.3% higher than the year before.

Was CRA INTERNATIONAL, INC. profitable in fiscal 2025?

Yes. Net income was $54.8M, a net margin of 7.3%.

How much free cash flow did CRA INTERNATIONAL, INC. generate in fiscal 2025?

Cash from operations of $22.4M minus capital expenditures of $3.9M left free cash flow of $18.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to CRA INTERNATIONAL, INC.