Company: CRAI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001053706-25-000029
Chunk: 35

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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2025 was higher than the third quarter of fiscal 2024 primarily due to a decreased benefit related to share-based compensation, a remeasurement of deferred tax assets related to changes in current-year state apportionment, and an increase to a prior year tax reserve. The increase was partially offset by the impact of state tax law changes effective for fiscal 2025. The ETR for the third quarter of fiscal 2025 and 2024 were both higher than the combined federal and state statutory tax rate primarily due to nondeductible executive compensation and nondeductible meals and entertainment expenses, partially offset by the tax benefit related to share-based compensation and the Foreign-Derived Intangible Income (“FDII”) deduction.

Net Income. Net income remained relatively unchanged at $11.5 million for the third quarter of fiscal 2025 compared to the third quarter of fiscal 2024. The net income per diluted share was $1.73 per share for the third quarter of fiscal 2025, compared to $1.67 of net income per diluted share for the third quarter of fiscal 2024. Weighted average diluted shares outstanding decreased by approximately 222,000 shares to approximately 6,621,000 shares for the third quarter of fiscal 2025 from approximately 6,843,000 shares for the third quarter of fiscal 2024. The decrease in weighted average diluted shares outstanding was primarily due to the repurchase of shares of our common stock since September 28, 2024, offset in part by the vesting of shares of restricted stock and time-vesting restricted stock units since September 28, 2024.

Fiscal Year-to-Date Period Ended September 27, 2025, Compared to the Fiscal Year-to-Date Period Ended September 28, 2024

Revenues. Revenues increased by $43.6 million, or 8.5%, to $554.6 million for the fiscal year-to-date period ended September 27, 2025 from $511.0 million for the fiscal year-to-date period ended September 28, 2024. Utilization increased to 76% for the fiscal year-to-date period ended September 27, 2025 from 75% for the fiscal year-to-date period ended September 28, 2024, while consultant headcount decreased from 978 at the end of the third quarter of fiscal 2024 to 968 at the end of the third quarter of fiscal 2025. 

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Overall