# EDGAR Filing Document

**Accession Number:** 0001053706
**File Stem:** 0001053706-25-000028
**Filing Date:** 2025-10
**Character Count:** 87538
**Document Hash:** 78dcb86ebaf61014437c7b39d7ede138
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001053706-25-000028.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001053706-25-000028

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CRA INTERNATIONAL, INC.
- **CENTRAL INDEX KEY:** 0001053706
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-LEGAL SERVICES [8111]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 042372210
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0103

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-24049
- **FILM NUMBER:** 251432329

**BUSINESS ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **STREET 2:** T-9
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 6174253000

**MAIL ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **STREET 2:** T-9
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHARLES RIVER ASSOCIATES INC
- **DATE OF NAME CHANGE:** 19980126

?xml version='1.0' encoding='ASCII'? crai-20251030

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549** 

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported): October 30, 2025

**CRA INTERNATIONAL, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Massachusetts** | **000-24049** | **04-2372210** |
| (State or other jurisdiction <br>of incorporation) | (Commission<br> file number) | (IRS employer <br>identification no.) |

---

---

| | | | |
|:---|:---|:---|:---|
| **200 Clarendon Street,** | **Boston,** | **Massachusetts** | **02116** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip code) |

---

---

| | | |
|:---|:---|:---|
| Registrant's telephone number, including area code: | **(617)** | **425-3000** |

---

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, no par value | CRAI | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition**

On October 30, 2025, we issued a press release reporting our financial results for our fiscal quarter ended September 27, 2025. A copy of the press release is set forth as Exhibit 99.1 and is incorporated by reference herein. On October 30, 2025, we also posted on our website supplemental financial information, including prepared CFO remarks. A copy of the supplemental financial information is set forth as Exhibit 99.2 and incorporated by reference herein.

The information contained in Item 2.02 of this report and Exhibits 99.1 and 99.2 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.

**Item 7.01 Regulation FD Disclosure**

On October 30, 2025, we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.57 per share to be paid on December 12, 2025 to all shareholders of record as of November 25, 2025. A copy of the press release is set forth as Exhibit 99.3 and is incorporated by reference herein.

The information contained in Item 7.01 of this report and Exhibit 99.3 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| <u>Number</u> | <u>Title</u> |
| <u>[99.1](craiq3-20258xkexx991xpress.htm)</u> | <u>[October 30, 2025 earnings press release](craiq3-20258xkexx991xpress.htm)</u> |
| <u>[99.2](craiq3-20258xkexx992xcfore.htm)</u> | <u>[Supplemental financial information (prepared CFO remarks)](craiq3-20258xkexx992xcfore.htm)</u> |
| <u>[99.3](craiq3-20258xkexx993xdivid.htm)</u> | <u>[October 30, 2025 dividend press release](craiq3-20258xkexx993xdivid.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **CRA INTERNATIONAL, INC.** | **CRA INTERNATIONAL, INC.** |
| Dated: October 30, 2025 | By: | /s/ ERIC NIERENBERG |
|  |  | Eric Nierenberg |
|  |  | *Executive Vice President, Chief Financial Officer and Treasurer* |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| *Contacts:* | |
| Eric Nierenberg | Nicholas Manganaro |
| Charles River Associates | Sharon Merrill Advisors |
| investor@crai.com | crai@investorrelations.com |
| 617-425-3020 | 617-542-5300 |

---

**CHARLES RIVER ASSOCIATES (CRA) REPORTS**

**FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2025**

*Broad-based Contributions Drive Strong Revenue and Profit Growth*

*Company Raises Revenue Guidance and Increases Lower End of Profit Guidance for Full-Year Fiscal 2025*

*Company Increases Quarterly Dividend by 16%*

BOSTON, October 30, 2025 – <u>Charles River Associates</u> (NASDAQ: CRAI), a worldwide leader in providing <u>economic, financial and management consulting services</u>, today announced financial results for the fiscal third quarter ended September 27, 2025.

"CRA continued its run of strong results into the third quarter of fiscal 2025 as revenue increased by 10.8% year over year to $185.9 million," said Paul Maleh, CRA's President and Chief Executive Officer. "Our performance during the quarter was broad-based, with seven of eleven practices growing year over year. Our Antitrust & Competition Economics, Energy, Finance, and Intellectual Property practices each posted double-digit revenue growth. We also generated growth across our geographies, with our North American operations increasing revenue by 6.8% and our international operations expanding 30.3% year over year."

**Highlights for Third Quarter Fiscal 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue grew 10.8% year over year to $185.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utilization was 77% and quarter-end headcount decreased 1.0% year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income increased 0.3% year over year to $11.5 million, or 6.2% of revenue, compared with $11.4 million, or 6.8% of revenue, in the third quarter of fiscal 2024; non-GAAP net income increased 12.7% year over year to $13.7 million, or 7.3% of revenue, compared with $12.1 million, or 7.2% of revenue, in the third quarter of fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings per diluted share increased 3.6% year over year to $1.73 from $1.67 in the third quarter of fiscal 2024; non-GAAP earnings per diluted share increased 16.4% year over year to $2.06 from $1.77 in the third quarter of fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP EBITDA increased 14.6% to $24.4 million, or 13.1% of revenue, compared with $21.3 million, or 12.7% of revenue, in the third quarter of fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a constant currency basis relative to the third quarter of fiscal 2024, revenue, net income, and earnings per diluted share would have been lower by $1.5 million, $0.3 million and $0.04 per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and EBITDA would have been lower by $0.3 million, $0.04 per diluted share and $0.4 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CRA returned $7.2 million of capital to its shareholders, consisting of $3.2 million of dividend payments and $4.0 million for share repurchases of approximately 22,000 shares.

**Management Commentary and Financial Guidance**

"Through the first three quarters of fiscal 2025, on a constant currency basis relative to fiscal 2024, CRA generated total revenue of $552.1 million and non-GAAP EBITDA of $71.8 million, achieving a margin of 13.0%," continued Maleh. "Reflecting the continued strength and quality of our business, we are raising our revenue guidance and increasing the lower end of our profit guidance. For full-year fiscal 2025, on a constant currency basis relative to fiscal 2024, we now expect revenue in the range of $740.0 million to $748.0 million and non-GAAP EBITDA margin in the range of 12.6% to 13.0%. This new guidance compares with a prior revenue range of $730.0 million to $745.0 million and a prior non-GAAP EBITDA margin range of 12.3% to 13.0%. As a reminder, our fiscal year ends on January 3, 2026, resulting in a 14th week in the fourth quarter of fiscal 2025. We remain confident in CRA's overall competitive position, which is reflected in our decision to raise our quarterly cash dividend by 16%, but we are mindful that uncertain global macroeconomic, business, and political conditions can affect our business and our clients."

------

CRA does not provide reconciliations of its annual non-GAAP EBITDA margin guidance to GAAP net income margin because the Company is unable to estimate with reasonable certainty and without unreasonable effort: (i) unusual gains or charges, foreign currency exchange rates and the resulting effect of these items on CRA's taxes and (ii) the impact of equity awards on CRA's taxes. These items are uncertain, depend on various factors, and may have a material effect on CRA's results computed in accordance with GAAP. A reconciliation between the historical GAAP and non-GAAP financial measures presented in this press release is provided in the financial tables at the end of this press release.

**Quarterly Dividend**

On October 30, 2025, CRA announced that it increased its quarterly cash dividend by 16% from $0.49 to $0.57 per common share. The dividend will be payable on December 12, 2025 to shareholders of record as of November 25, 2025. CRA expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA's Board of Directors.

**Conference Call Information and Prepared CFO Remarks** 

CRA will host a conference call today at 10:00 a.m. ET to discuss its third-quarter 2025 financial results. To listen to the live call, please visit the "<u>Investor Relations</u>" section of CRA's website at <u>http://www.crai.com</u>, or dial (877) 709-8155 or (201) 689-8881. An <u>archived</u> version of the webcast will be available on CRA's website for one year.

In combination with this press release, CRA has posted prepared remarks by its CFO, Eric Nierenberg, under "Quarterly Earnings" in the "<u>Investor Relations</u>" section on CRA's website at <u>http://www.crai.com</u>. These remarks are offered each quarter to provide the investment community with additional background on CRA's financial results prior to the start of the conference call.

**About Charles River Associates (CRA)**

Charles River Associates® is a leading global consulting firm specializing in <u>economic, financial, and management consulting services</u>. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at <u>www.crai.com</u>. Follow us on <u>LinkedIn</u>, <u>Instagram</u>, and <u>Facebook</u>.

**NON-GAAP FINANCIAL MEASURES** 

In this press release, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or "GAAP" with the following financial measures that are not calculated in accordance with GAAP: non-GAAP net income, non-GAAP earnings per diluted share and non-GAAP EBITDA. CRA believes that the non-GAAP financial measures described in this press release are important to management and investors because these measures supplement the understanding of CRA's ongoing operating results and financial condition. In addition, these non-GAAP measures are used by CRA in its budgeting process, and the non-GAAP adjustments are made to the performance measures for some of CRA's performance-based compensation.

As used herein, CRA defines non-GAAP EBITDA as net income before interest expense (net), provision for income taxes, and depreciation and amortization further adjusted for the impact of certain items that we do not consider indicative of our core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. Non-GAAP net income and non-GAAP earnings per diluted share also exclude non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. This press release also presents certain current fiscal period financial measures on a "constant currency" basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA's financial results. These constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period's foreign exchange rates. On a constant currency basis for the fiscal year-to-date period ended September 27, 2025 relative to the fiscal year-to-date period ended September 28, 2024, revenue and non-GAAP EBITDA would have been lower by $2.5 million and $0.7 million, respectively.

All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in this press release. EBITDA and the financial measures identified in this press release as "non-GAAP" are reconciled to their GAAP comparable measures in the financial tables appended to the end of this press release. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

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**SAFE HARBOR STATEMENT**

*Statements in this press release concerning our future business, operating results and financial condition, including those concerning guidance on future revenue and non-GAAP EBITDA margin, the impact of exchange rate fluctuations on our financial results, our expectations regarding continued growth, our expectations regarding the payment of any future quarterly dividends and the level and extent of any purchases under our expanded share repurchase program, and statements using the terms "outlook," "expect," or similar expressions, are "forward-looking" statements as defined in Section 21 of the Exchange Act. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. Our actual revenue and non-GAAP EBITDA margin in fiscal 2025 on a constant currency basis relative to fiscal 2024 could differ materially from the guidance presented herein, and our actual performance and results may differ materially from the performance and results contained in or implied by the forward-looking statements made herein, due to many important factors. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; foreign currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; professional and other legal liability or settlements; and the impact of the U.S. government shutdown on our business operations. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading "Risk Factors." The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.*

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**CRA INTERNATIONAL, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**FOR THE FISCAL QUARTERS ENDED**

**SEPTEMBER 27, 2025 COMPARED TO SEPTEMBER 28, 2024**

**(IN THOUSANDS, EXCEPT PER SHARE DATA)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** |
| | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** |
| Revenues | $185891 | 100.0% | $167748 | 100.0% | $554620 | 100.0% | $510979 | 100.0% |
| Costs of services (exclusive of depreciation and amortization) | 131468 | 70.7% | 115188 | 68.7% | 380364 | 68.6% | 359394 | 70.3% |
| Selling, general and administrative expenses | 33725 | 18.1% | 31269 | 18.6% | 101342 | 18.3% | 93784 | 18.4% |
| Depreciation and amortization | 3487 | 1.9% | 2900 | 1.7% | 10428 | 1.9% | 8503 | 1.7% |
| Income from operations | 17211 | 9.3% | 18391 | 11.0% | 62486 | 11.3% | 49298 | 9.6% |
| Interest expense, net | (1750) | -0.9% | (1457) | -0.9% | (3975) | -0.7% | (3405) | -0.7% |
| Foreign currency gains (losses), net | 763 | 0.4% | (904) | -0.5% | (527) | -0.1% | (1236) | -0.2% |
| Income before provision for income taxes | 16224 | 8.7% | 16030 | 9.6% | 57984 | 10.5% | 44657 | 8.7% |
| Provision for income taxes | 4751 | 2.6% | 4593 | 2.7% | 16387 | 3.0% | 12991 | 2.5% |
| Net income | $11473 | 6.2% | $11437 | 6.8% | $41597 | 7.5% | $31666 | 6.2% |
| Net income per share: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | $1.74 |  | $1.68 |  | $6.22 |  | $4.62 |  |
| &nbsp;&nbsp;&nbsp; Diluted | $1.73 |  | $1.67 |  | $6.16 |  | $4.57 |  |
| Weighted average number of shares outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | 6556 |  | 6760 |  | 6675 |  | 6840 |  |
| &nbsp;&nbsp;&nbsp; Diluted | 6621 |  | 6843 |  | 6745 |  | 6922 |  |

---

------

**CRA INTERNATIONAL, INC.**

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES**

**FOR THE FISCAL QUARTERS ENDED**

**SEPTEMBER 27, 2025 COMPARED TO SEPTEMBER 28, 2024**

**(IN THOUSANDS, EXCEPT PER SHARE DATA)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** |
| | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** |
| Revenues | $185891 | 100.0% | $167748 | 100.0% | $554620 | 100.0% | $510979 | 100.0% |
| Net income | $11473 | 6.2% | $11437 | 6.8% | $41597 | 7.5% | $31666 | 6.2% |
| Adjustments needed to reconcile GAAP net income to non-GAAP net income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other <sup>(1)(2)(3)</sup> | 3708 | 2.0% |  | —% | (462) | -0.1% | 8176 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency (gains) losses, net | (763) | -0.4% | 904 | 0.5% | 527 | 0.1% | 1236 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect on adjustments | (767) | -0.4% | (227) | -0.1% | (34) | —% | (2467) | -0.5% |
| Non-GAAP net income | $13651 | 7.3% | $12114 | 7.2% | $41628 | 7.5% | $38611 | 7.6% |
| Non-GAAP net income per share: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $2.07 |  | $1.78 |  | $6.22 |  | $5.63 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $2.06 |  | $1.77 |  | $6.16 |  | $5.57 |  |
| Weighted average number of shares outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 6556 |  | 6760 |  | 6675 |  | 6840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 6621 |  | 6843 |  | 6745 |  | 6922 |  |
| <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  |
| <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. |
| <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. |

---

------

**CRA INTERNATIONAL, INC.**

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES**

**FOR THE FISCAL QUARTERS ENDED**

**SEPTEMBER 27, 2025 COMPARED TO SEPTEMBER 28, 2024**

**(IN THOUSANDS)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** |
| | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** |
| Revenues | $185891 | 100.0% | $167748 | 100.0% | $554620 | 100.0% | $510979 | 100.0% |
| Net income | $11473 | 6.2% | $11437 | 6.8% | $41597 | 7.5% | $31666 | 6.2% |
| Adjustments needed to reconcile GAAP net income to non-GAAP net income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other <sup>(1)(2)(3)</sup> | 3708 | 2.0% |  | —% | (462) | -0.1% | 8176 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency (gains) losses, net | (763) | -0.4% | 904 | 0.5% | 527 | 0.1% | 1236 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect on adjustments | (767) | -0.4% | (227) | -0.1% | (34) | —% | (2467) | -0.5% |
| Non-GAAP net income | $13651 | 7.3% | $12114 | 7.2% | $41628 | 7.5% | $38611 | 7.6% |
| Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | $1750 | 0.9% | $1457 | 0.9% | $3975 | 0.7% | $3405 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 5518 | 3.0% | 4820 | 2.9% | 16421 | 3.0% | 15458 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3487 | 1.9% | 2900 | 1.7% | 10428 | 1.9% | 8503 | 1.7% |
| Non-GAAP EBITDA | $24406 | 13.1% | $21291 | 12.7% | $72452 | 13.1% | $65977 | 12.9% |
| <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  |
| <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. |
| <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. |

---

------

 **CRA INTERNATIONAL, INC.** 

 **CONDENSED CONSOLIDATED BALANCE SHEETS** 

 **(IN THOUSANDS)** 

---

| | | |
|:---|:---|:---|
| | **September 27,<br>2025** | **December 28,<br>2024** |
| **Assets** | | |
| Cash and cash equivalents | $22496 | $26711 |
| Accounts receivable and unbilled services, net | 243086 | 219548 |
| Other current assets | 40000 | 23104 |
| Total current assets | 305582 | 269363 |
| Property and equipment, net | 39450 | 45205 |
| Goodwill and intangible assets, net | 100703 | 100953 |
| Right-of-use assets | 79724 | 81157 |
| Other assets | 103582 | 74761 |
| Total assets | $629041 | $571439 |
| **Liabilities and Shareholders' Equity** |  |  |
| Accounts payable | $26390 | $28155 |
| Accrued expenses | 182675 | 181413 |
| Current portion of lease liabilities | 18665 | 18696 |
| Revolving line of credit | 95000 |  |
| Other current liabilities | 15873 | 23045 |
| Total current liabilities | 338603 | 251309 |
| Non-current portion of lease liabilities | 80668 | 84541 |
| Other non-current liabilities | 8115 | 23516 |
| Total liabilities | 427386 | 359366 |
| Total shareholders' equity | 201655 | 212073 |
| Total liabilities and shareholders' equity | $629041 | $571439 |

---

------

**CRA INTERNATIONAL, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(IN THOUSANDS)**

---

| | | |
|:---|:---|:---|
| | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** |
| | **September 27,<br>2025** | **September 28,<br>2024** |
| Operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $41597 | $31666 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Non-cash items, net | 26292 | 24425 |
| &nbsp;&nbsp;&nbsp;Accounts receivable and unbilled services | (20231) | (32321) |
| &nbsp;&nbsp;&nbsp;Working capital items, net | (85253) | (53459) |
| Net cash used in operating activities | (37595) | (29689) |
| Investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment, net | (2813) | (6032) |
| &nbsp;&nbsp;&nbsp;Consideration paid for acquisition, net |  | (1500) |
| Net cash used in investing activities | (2813) | (7532) |
| Financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings under revolving line of credit | 132000 | 95000 |
| &nbsp;&nbsp;&nbsp;Repayments under revolving line of credit | (37000) | (35000) |
| &nbsp;&nbsp;&nbsp;Tax withholding payments reimbursed by shares | (2862) | (2030) |
| &nbsp;&nbsp;&nbsp;Cash dividends paid | (10098) | (8850) |
| &nbsp;&nbsp;&nbsp;Repurchase of common stock | (47149) | (33348) |
| Net cash provided by financing activities | 34891 | 15772 |
| Effect of foreign exchange rates on cash and cash equivalents | 1302 | 344 |
| Net decrease in cash and cash equivalents | (4215) | (21105) |
| Cash and cash equivalents at beginning of period | 26711 | 45586 |
| Cash and cash equivalents at end of period | $22496 | $24481 |
| **Noncash investing and financing activities:** |  |  |
| Increase in accounts payable and accrued expenses for property and equipment | $84 | $1228 |
| Asset retirement obligations | $— | $191 |
| Excise tax on share repurchases | $(416) | $(284) |
| Right-of-use assets obtained in exchange for lease obligations | $8460 | $10627 |
| **Supplemental cash flow information:** |  |  |
| Cash paid for taxes | $20364 | $17085 |
| Cash paid for interest | $3585 | $3086 |
| Cash paid for amounts included in operating lease liabilities | $17395 | $15008 |

---

## Exhibit 99.2

**Exhibit 99.2**

![cralogo.jpg](cralogo.jpg)

**CHARLES RIVER ASSOCIATES (CRA)**

**THIRD QUARTER FISCAL YEAR 2025**

**EARNINGS ANNOUNCEMENT**

**PREPARED CFO REMARKS** 

CRA is providing these prepared remarks by CFO Eric Nierenberg in combination with its press release. These remarks are offered to provide the investment community with additional information on CRA's financial results prior to the start of the conference call.

As previously announced, the conference call will be held October 30, 2025 at 10:00 a.m. ET. These prepared remarks will not be read on the call.

**Q3 Fiscal 2025 Summary (Quarter ended September 27, 2025)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Revenue: $185.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income: $11.5 million, or 6.2% of revenue; non-GAAP net income: $13.7 million, or 7.3% of revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income per diluted share: $1.73; non-GAAP net income per diluted share: $2.06

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP operating margin: 9.3%; non-GAAP operating margin: 11.3%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP EBITDA: $24.4 million, or 13.1% of revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective tax rate: 29.3%; non-GAAP effective tax rate 28.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utilization: 77%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consultant headcount at the end of Q3 of fiscal 2025: 968, which consists of 164 officers, 567 other senior staff and 237 junior staff

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents: $22.5 million at September 27, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revolving credit facility borrowing capacity: $101.1 million at September 27, 2025

**Revenue**

For Q3 of fiscal 2025, revenue was $185.9 million, compared with revenue of $167.7 million for Q3 of fiscal 2024.

**Headcount**

The following table outlines CRA's consultant headcount at the end of the stated quarters:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q3<br>2025** | **Q2<br>2025** | **Q1<br>2025** | **Q4<br>2024** | **Q3<br>2024** |
| Officers | 164 | 159 | 156 | 151 | 156 |
| Other Senior Staff | 567 | 557 | 566 | 552 | 560 |
| Junior Staff | 237 | 221 | 225 | 243 | 262 |
| **Total** | **968** | **937** | **947** | **946** | **978** |

---

**Utilization**

For Q3 of fiscal 2025, companywide utilization was 77%, compared with 76% for Q3 of fiscal 2024.

**Client Reimbursables**

For Q3 of fiscal 2025, client reimbursables were $17.8 million, or 9.6% of revenue, compared with $16.1 million, or 9.6% of revenue, for Q3 of fiscal 2024.

**Selling, General and Administrative (SG&A) Expenses**

For Q3 of fiscal 2025, SG&A expenses were $33.7 million, or 18.1% of revenue, compared with $31.3 million, or 18.6% of revenue, for Q3 of fiscal 2024. Commissions to non-employee experts are included in SG&A expenses. These commissions represented approximately 1.8% of revenue for Q3 of fiscal 2025 and 2.4% for Q3 of fiscal 2024, respectively. Excluding these commissions, SG&A expenses were 16.3% of revenue for Q3 of fiscal 2025, compared with 16.2% in Q3 of fiscal 2024.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** |
| **$ in 000's** | **September 27,<br>2025** | **As a % of Revenue** | **September 28,<br>2024** | **As a % of Revenue** |
| SG&A expenses | $33725 | 18.1% | $31269 | 18.6% |
| Less: commissions to non-employee experts | 3424 | 1.8% | 3963 | 2.4% |
| SG&A expenses excluding commissions | $30301 | 16.3% | $27306 | 16.2% |

---

**Depreciation & Amortization**

For Q3 of fiscal 2025, depreciation and amortization expenses amounted to $3.5 million, or 1.9% of revenue, compared with $2.9 million, or 1.7% of revenue, for Q3 of fiscal 2024.

**Forgivable Loan Amortization**

For Q3 of fiscal 2025, forgivable loan amortization was $11.5 million, or 6.2% of revenue, compared with $9.2 million, or 5.5% of revenue, for Q3 of fiscal 2024.

**Share-Based Compensation Expense**

For Q3 of fiscal 2025, share-based compensation expense was approximately $1.6 million, or 0.8% of revenue, compared with $1.4 million, or 0.8% of revenue, for Q3 of fiscal 2024.

**Operating Income** 

For Q3 of fiscal 2025, operating income was $17.2 million, or 9.3% of revenue, compared with operating income of $18.4 million, or 11.0% of revenue, for Q3 of fiscal 2024. Non-GAAP operating income was $20.9 million, or 11.3% of revenue, for Q3 of fiscal 2025, compared with $18.4 million, or 11.0% of revenue, for Q3 of fiscal 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** |
| **$ in 000's** | **September 27,<br>2025** | **As a % of Revenue** | **September 28,<br>2024** | **As a % of Revenue** |
| Income from operations | $17211 | 9.3% | $18391 | 11.0% |
| Adjustments needed to reconcile GAAP income from operations to non-GAAP income from operations: |  |  |  |  |
| &nbsp;&nbsp;Restructuring and other <sup>(1)</sup> | 3708 | 2.0% |  | —% |
| Non-GAAP income from operations | $20919 | 11.3% | $18391 | 11.0% |
| <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M comprised of $2.6M in cash and $1.1M in non-cash charges.  |

---

**Interest Income (Expense), net** 

For Q3 of fiscal 2025, net interest expense was $1.8 million, or 0.9% of revenue, compared with net interest expense of $1.5 million, or 0.9% of revenue, for Q3 of fiscal 2024.

**Foreign Currency Gains (Losses), net**

For Q3 of fiscal 2025, net foreign currency gains were $0.8 million, or 0.4% of revenue, compared with net foreign currency losses of $0.9 million, or 0.5% of revenue, for Q3 of fiscal 2024.

Foreign currency gains (losses), net, is comprised of net gains and losses on foreign denominated transactions and the revaluation of working capital balances.

**Income Taxes**

The following table outlines CRA's income tax provision recorded and the resulting effective tax rates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GAAP** | **GAAP** | **Non-GAAP** | **Non-GAAP** |
| | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** |
| **$ in 000's** | **September 27,<br>2025** | **September 28,<br>2024** | **September 27,<br>2025** | **September 28,<br>2024** |
| Tax Provision | $4751 | $4593 | $5518 | $4820 |
| Effective Tax Rate | 29.3% | 28.7% | 28.8% | 28.5% |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** |
| **$ in 000's** | **September 27,<br>2025** | **As a % of Revenue** | **September 28,<br>2024** | **As a % of Revenue** |
| Income before provision for income taxes | $16224 | 8.7% | $16030 | 9.6% |
| Adjustments needed to reconcile GAAP income before provision for income taxes to non-GAAP income before provision for income taxes |  |  |  |  |
| &nbsp;&nbsp;Restructuring and other <sup>(1)</sup> | 3708 | 2.0% |  | —% |
| &nbsp;&nbsp;&nbsp;Foreign currency (gains) losses, net | (763) | -0.4% | 904 | 0.5% |
| Non-GAAP income before provision for income taxes | $19169 | 10.3% | $16934 | 10.1% |
| GAAP provision for income taxes | $4751 |  | $4593 |  |
| Tax effect on non-GAAP adjustments | 767 |  | 227 |  |
| Non-GAAP provision for income taxes | $5518 |  | $4820 |  |
| <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M comprised of $2.6M in cash and $1.1M in non-cash charges.  |

---

**Net Income** 

For Q3 of fiscal 2025, net income was $11.5 million, or 6.2% of revenue, or $1.73 per diluted share, compared with net income of $11.4 million, or 6.8% of revenue, or $1.67 per diluted share, for Q3 of fiscal 2024. Non-GAAP net income for Q3 of fiscal 2025 was $13.7 million, or 7.3% of revenue, or $2.06 per diluted share, compared with $12.1 million, or 7.2% of revenue, or $1.77 per diluted share, for Q3 of fiscal 2024.

**Non-GAAP EBITDA**

For Q3 of fiscal 2025, non-GAAP EBITDA was $24.4 million, or 13.1% of revenue, compared with $21.3 million, or 12.7% of revenue, for Q3 of fiscal 2024.

**Constant Currency Basis**

For Q3 of fiscal 2025, revenue was $185.9 million, and net income was $11.5 million, or 6.2% of revenue, or $1.73 per diluted share. On a constant currency basis relative to Q3 of fiscal 2024, Q3 of fiscal 2025 revenue would have been lower by $1.5 million to $184.4 million, GAAP net income would have been lower by $0.3 million to $11.2 million, or 6.1% of revenue, and earnings per diluted share would have decreased by $0.04 to $1.69 per diluted share.

For Q3 of fiscal 2025, revenue was $185.9 million, and non-GAAP net income was $13.7 million, or 7.3% of revenue, or $2.06 per diluted share. On a constant currency basis relative to Q3 of fiscal 2024, Q3 of fiscal 2025 revenue would have been lower by $1.5 million to $184.4 million, non-GAAP net income would have been lower by $0.3 million at $13.4 million, or 7.3% of revenue, non-GAAP earnings per diluted share would have decreased by $0.04 to $2.02 per diluted share, and non-GAAP EBITDA would have been lower by $0.4 million to $24.0 million, or 13.0% of revenue.

A description of the process for calculating the measures presented on a constant currency basis is contained under the heading "Non-GAAP Financial Measures" below.

**Key Balance Sheet Metrics**

Billed and unbilled receivables at September 27, 2025 were $243.1 million, compared with $232.9 million at September 28, 2024. Current liabilities at September 27, 2025 were $338.6 million, compared with $268.3 million at September 28, 2024.

Total Days Sales Outstanding, or DSO, for Q3 of fiscal 2025 was 115 days, consisting of 70 days of billed and 45 days of unbilled. This compares with 122 days reported for Q3 of fiscal 2024, consisting of 78 days of billed and 44 days of unbilled.

**Cash and Cash Flow**

Cash and cash equivalents was $22.5 million at September 27, 2025, compared with $24.5 million at September 28, 2024.

Net cash provided by operating activities for Q3 of fiscal 2025 was $36.5 million, compared with net cash provided by operating activities of $31.6 million for Q3 of fiscal 2024.

As of September 27, 2025, outstanding borrowings under CRA's revolving credit facility amounted to $95.0 million. At September 28, 2024, outstanding borrowings under CRA's revolving credit facility amounted to $60.0 million.

Capital expenditures totaled $0.7 million for Q3 of fiscal 2025, compared with $3.0 million for Q3 of fiscal 2024.

------

CRA repurchased approximately 22,000 shares of common stock during Q3 of fiscal 2025 for $4.0 million. During the fiscal quarter ended September 28, 2024, we did not repurchase any shares under this share repurchase program.

A quarterly cash dividend of $0.49 per common share, for total dividends and dividend equivalents of $3.2 million, was paid in Q3 of fiscal 2025, compared with a quarterly cash dividend of $0.42 per common share, for total dividends and dividend equivalents of $2.9 million paid in Q3 of fiscal 2024.

**GAAP Condensed Consolidated Statement of Cash Flows** 

CRA has derived the condensed consolidated statement of cash flow data for the years ended December 28, 2024 and December 30, 2023 from its audited financial statements appearing on Form 10-K for the fiscal year ended December 28, 2024, filed with the Securities and Exchange Commission on February 20, 2025. The condensed consolidated statement of cash flow data for the first, second, and third quarters of fiscal year 2024, and the first, second, and third quarters of fiscal year 2025 have been derived from CRA's unaudited financial statements appearing on Form 10-Q for each of the respective fiscal quarters as well as the consolidated statements of cash flows appearing on Form 10-K for the fiscal years ended December 28, 2024 and December 30, 2023 and have been prepared on the same basis as CRA's audited financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **GAAP Condensed Consolidated Statement of Cash Flows** | **LTM** | **Q3** | **Q2** | **Q1** | **Q4** |
| **($ in 000's)** | **Q3 2025** | **2025** | **2025** | **2025** | **2024** |
| Net cash provided by (used in) operating activities | $41829 | $36547 | $5852 | $(79994) | $79424 |
| Net cash used in investing activities | (13404) | (650) | (1189) | (974) | (10591) |
| Net cash provided by (used in) financing activities | (29738) | (32292) | (11875) | 79058 | (64629) |
| Effect of foreign exchange rates on cash and cash equivalents | (672) | (557) | 1062 | 797 | (1974) |
| Net increase (decrease) in cash and cash equivalents | $(1985) | $3048 | $(6150) | $(1113) | $2230 |
| Cash and cash equivalents at beginning of period | 24481 | 19448 | 25598 | 26711 | 24481 |
| Cash and cash equivalents at end of period | $22496 | $22496 | $19448 | $25598 | $26711 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **GAAP Condensed Consolidated Statement of Cash Flows** | **LTM** | **Q3** | **Q2** | **Q1** | **Q4** |
| **($ in 000's)** | **Q3 2024** | **2024** | **2024** | **2024** | **2023** |
| Net cash provided by (used in) operating activities | $30410 | $31584 | $1807 | $(63080) | $60099 |
| Net cash used in investing activities | (7890) | (2986) | (3816) | (730) | (358) |
| Net cash provided by (used in) financing activities | (27320) | (29927) | (10353) | 56052 | (43092) |
| Effect of foreign exchange rates on cash and cash equivalents | 1677 | 1161 | (111) | (706) | 1333 |
| Net increase (decrease) in cash and cash equivalents | $(3123) | $(168) | $(12473) | $(8464) | $17982 |
| Cash and cash equivalents at beginning of period | 27604 | 24649 | 37122 | 45586 | 27604 |
| Cash and cash equivalents at end of period | $24481 | $24481 | $24649 | $37122 | $45586 |

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**Adjusted Net Cash Flows from Operations** 

Below are the quarterly and last twelve-month reconciliations of GAAP net cash provided by (used in) operating activities for each of the periods presented to non-GAAP adjusted net cash flows from operations. The reconciling items are forgivable loan advances and repayments for each period, which are reported as a component of GAAP net cash provided by (used in) operating activities, along with other non-recurring cash items.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Adjusted Net Cash Flows from Operations** | **LTM** | **Q3** | **Q2** | **Q1** | **Q4** |
| **($ in 000's)** | **Q3 2025** | **2025** | **2025** | **2025** | **2024** |
| GAAP net cash provided by (used in) operating activities | $41829 | $36547 | $5852 | $(79994) | $79424 |
| Forgivable loan advances | 77444 | 29400 | 13507 | 27431 | 7106 |
| Forgivable loan repayments | (4406) | (1333) |  | (600) | (2473) |
| Adjusted net cash flows from operations | $114867 | $64614 | $19359 | $(53163) | $84057 |
| Net revenue | $731055 | $185891 | $186878 | $181851 | $176435 |
| GAAP net cash provided by (used in) operating activities as a percentage of net revenue | 5.7% | 19.7% | 3.1% | -44.0% | 45.0% |
| Adjusted net cash flows from operations as a percentage of net revenue | 15.7% | 34.8% | 10.4% | -29.2% | 47.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Adjusted Net Cash Flows from Operations** | **LTM** | **Q3** | **Q2** | **Q1** | **Q4** |
| **($ in 000's)** | **Q3 2024** | **2024** | **2024** | **2024** | **2023** |
| GAAP net cash provided by (used in) operating activities | $30410 | $31584 | $1807 | $(63080) | $60099 |
| Forgivable loan advances | 40388 | 14258 | 18880 | 5250 | 2000 |
| Forgivable loan repayments | (1488) |  | (288) |  | (1200) |
| Adjusted net cash flows from operations | $69310 | $45842 | $20399 | $(57830) | $60899 |
| Net revenue | $672592 | $167748 | $171442 | $171789 | $161613 |
| GAAP net cash provided by (used in) operating activities as a percentage of net revenue | 4.5% | 18.8% | 1.1% | -36.7% | 37.2% |
| Adjusted net cash flows from operations as a percentage of net revenue | 10.3% | 27.3% | 11.9% | -33.7% | 37.7% |

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**NON-GAAP FINANCIAL MEASURES** 

In these remarks, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or "GAAP" with the following financial measures that were not calculated in accordance with GAAP: non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP EBITDA, non-GAAP income from operations (and non-GAAP operating margin), non-GAAP provision for income taxes (and non-GAAP effective tax rate), SG&A expenses excluding commissions and adjusted net cash flows from operations. CRA believes that these non-GAAP financial measures are important to management and investors because these measures supplement the understanding of CRA's ongoing operating results, financial condition and cash flows. Non-GAAP adjusted net cash flows from operations is used by management to assess CRA's ability to fund items such as the acquisition of talent, office expansions, debt repayment and distributions to shareholders. In addition, non-GAAP net income and non-GAAP EBITDA are used by CRA in its budgeting process, and the non-GAAP adjustments described below are made to the performance measures for some of CRA's performance-based compensation.

As used herein, CRA defines non-GAAP EBITDA as net income before interest expense (net), provision for income taxes, and depreciation and amortization further adjusted for the impact of certain items that we do not consider indicative of its core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. Non-GAAP net income, non-GAAP income from operations and non-GAAP provision for income taxes also exclude non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. The adjustments made to non-GAAP adjusted net cash flows from operations add back forgivable loan issuances, net of repayments, along with other non-recurring cash items. These remarks also present certain current fiscal period financial measures on a "constant currency" basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA's financial results. These constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period's foreign exchange rates.

All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in these remarks. EBITDA and the financial measures identified in these remarks as "non-GAAP" are reconciled to their GAAP comparable measures either in these remarks or in the attached financial tables. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

------

**CRA INTERNATIONAL, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**FOR THE FISCAL QUARTERS ENDED**

**SEPTEMBER 27, 2025 COMPARED TO SEPTEMBER 28, 2024**

**(IN THOUSANDS, EXCEPT PER SHARE DATA)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** |
| | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** |
| Revenues | $185891 | 100.0% | $167748 | 100.0% | $554620 | 100.0% | $510979 | 100.0% |
| Costs of services (exclusive of depreciation and amortization) | 131468 | 70.7% | 115188 | 68.7% | 380364 | 68.6% | 359394 | 70.3% |
| Selling, general and administrative expenses | 33725 | 18.1% | 31269 | 18.6% | 101342 | 18.3% | 93784 | 18.4% |
| Depreciation and amortization | 3487 | 1.9% | 2900 | 1.7% | 10428 | 1.9% | 8503 | 1.7% |
| Income from operations | 17211 | 9.3% | 18391 | 11.0% | 62486 | 11.3% | 49298 | 9.6% |
| Interest expense, net | (1750) | -0.9% | (1457) | -0.9% | (3975) | -0.7% | (3405) | -0.7% |
| Foreign currency gains (losses), net | 763 | 0.4% | (904) | -0.5% | (527) | -0.1% | (1236) | -0.2% |
| Income before provision for income taxes | 16224 | 8.7% | 16030 | 9.6% | 57984 | 10.5% | 44657 | 8.7% |
| Provision for income taxes | 4751 | 2.6% | 4593 | 2.7% | 16387 | 3.0% | 12991 | 2.5% |
| Net income | $11473 | 6.2% | $11437 | 6.8% | $41597 | 7.5% | $31666 | 6.2% |
| Net income per share: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | $1.74 |  | $1.68 |  | $6.22 |  | $4.62 |  |
| &nbsp;&nbsp;&nbsp; Diluted | $1.73 |  | $1.67 |  | $6.16 |  | $4.57 |  |
| Weighted average number of shares outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | 6556 |  | 6760 |  | 6675 |  | 6840 |  |
| &nbsp;&nbsp;&nbsp; Diluted | 6621 |  | 6843 |  | 6745 |  | 6922 |  |

---

------

**CRA INTERNATIONAL, INC.**

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES**

**FOR THE FISCAL QUARTERS ENDED**

**SEPTEMBER 27, 2025 COMPARED TO SEPTEMBER 28, 2024**

**(IN THOUSANDS, EXCEPT PER SHARE DATA)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** |
| | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** |
| Revenues | $185891 | 100.0% | $167748 | 100.0% | $554620 | 100.0% | $510979 | 100.0% |
| Net income | $11473 | 6.2% | $11437 | 6.8% | $41597 | 7.5% | $31666 | 6.2% |
| Adjustments needed to reconcile GAAP net income to non-GAAP net income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other <sup>(1)(2)(3)</sup> | 3708 | 2.0% |  | —% | (462) | -0.1% | 8176 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency (gains) losses, net | (763) | -0.4% | 904 | 0.5% | 527 | 0.1% | 1236 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect on adjustments | (767) | -0.4% | (227) | -0.1% | (34) | —% | (2467) | -0.5% |
| Non-GAAP net income | $13651 | 7.3% | $12114 | 7.2% | $41628 | 7.5% | $38611 | 7.6% |
| Non-GAAP net income per share: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $2.07 |  | $1.78 |  | $6.22 |  | $5.63 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $2.06 |  | $1.77 |  | $6.16 |  | $5.57 |  |
| Weighted average number of shares outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 6556 |  | 6760 |  | 6675 |  | 6840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 6621 |  | 6843 |  | 6745 |  | 6922 |  |
| <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  |
| <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. |
| <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. |

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**CRA INTERNATIONAL, INC.**

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES**

**FOR THE FISCAL QUARTERS ENDED**

**SEPTEMBER 27, 2025 COMPARED TO SEPTEMBER 28, 2024**

**(IN THOUSANDS)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Quarter Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** |
| | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** | **September 27,<br>2025** | **As a % of<br> Revenue** | **September 28,<br>2024** | **As a % of<br> Revenue** |
| Revenues | $185891 | 100.0% | $167748 | 100.0% | $554620 | 100.0% | $510979 | 100.0% |
| Net income | $11473 | 6.2% | $11437 | 6.8% | $41597 | 7.5% | $31666 | 6.2% |
| Adjustments needed to reconcile GAAP net income to non-GAAP net income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other <sup>(1)(2)(3)</sup> | 3708 | 2.0% |  | —% | (462) | -0.1% | 8176 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency (gains) losses, net | (763) | -0.4% | 904 | 0.5% | 527 | 0.1% | 1236 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect on adjustments | (767) | -0.4% | (227) | -0.1% | (34) | —% | (2467) | -0.5% |
| Non-GAAP net income | $13651 | 7.3% | $12114 | 7.2% | $41628 | 7.5% | $38611 | 7.6% |
| Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | $1750 | 0.9% | $1457 | 0.9% | $3975 | 0.7% | $3405 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 5518 | 3.0% | 4820 | 2.9% | 16421 | 3.0% | 15458 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3487 | 1.9% | 2900 | 1.7% | 10428 | 1.9% | 8503 | 1.7% |
| Non-GAAP EBITDA | $24406 | 13.1% | $21291 | 12.7% | $72452 | 13.1% | $65977 | 12.9% |
| <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  | <sup>(1)</sup> Fiscal quarter ended September 27, 2025 includes restructuring and separation benefits totaling $3.7M, comprised of $2.6M in cash and $1.1M in non-cash charges.  |
| <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. | <sup>(2)</sup> Fiscal year-to-date period ended September 27, 2025 includes restructuring and separation benefits totaling $4.9M, comprised of $3.8M in cash and $1.1M in non-cash charges; net of the reversal of $5.4M of non-cash charges associated with a previously recorded performance award. |
| <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. | <sup>(3)</sup> Fiscal year-to-date period ended September 28, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions. |

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 **CRA INTERNATIONAL, INC.** 

 **CONDENSED CONSOLIDATED BALANCE SHEETS** 

 **(IN THOUSANDS)** 

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| | | |
|:---|:---|:---|
| | **September 27,<br>2025** | **December 28,<br>2024** |
| **Assets** | | |
| Cash and cash equivalents | $22496 | $26711 |
| Accounts receivable and unbilled services, net | 243086 | 219548 |
| Other current assets | 40000 | 23104 |
| Total current assets | 305582 | 269363 |
| Property and equipment, net | 39450 | 45205 |
| Goodwill and intangible assets, net | 100703 | 100953 |
| Right-of-use assets | 79724 | 81157 |
| Other assets | 103582 | 74761 |
| Total assets | $629041 | $571439 |
| **Liabilities and Shareholders' Equity** |  |  |
| Accounts payable | $26390 | $28155 |
| Accrued expenses | 182675 | 181413 |
| Current portion of lease liabilities | 18665 | 18696 |
| Revolving line of credit | 95000 |  |
| Other current liabilities | 15873 | 23045 |
| Total current liabilities | 338603 | 251309 |
| Non-current portion of lease liabilities | 80668 | 84541 |
| Other non-current liabilities | 8115 | 23516 |
| Total liabilities | 427386 | 359366 |
| Total shareholders' equity | 201655 | 212073 |
| Total liabilities and shareholders' equity | $629041 | $571439 |

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------

**CRA INTERNATIONAL, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(IN THOUSANDS)**

---

| | | |
|:---|:---|:---|
| | **Fiscal Year-to-Date Period Ended** | **Fiscal Year-to-Date Period Ended** |
| | **September 27,<br>2025** | **September 28,<br>2024** |
| Operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $41597 | $31666 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Non-cash items, net | 26292 | 24425 |
| &nbsp;&nbsp;&nbsp;Accounts receivable and unbilled services | (20231) | (32321) |
| &nbsp;&nbsp;&nbsp;Working capital items, net | (85253) | (53459) |
| Net cash used in operating activities | (37595) | (29689) |
| Investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment, net | (2813) | (6032) |
| &nbsp;&nbsp;&nbsp;Consideration paid for acquisition, net |  | (1500) |
| Net cash used in investing activities | (2813) | (7532) |
| Financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings under revolving line of credit | 132000 | 95000 |
| &nbsp;&nbsp;&nbsp;Repayments under revolving line of credit | (37000) | (35000) |
| &nbsp;&nbsp;&nbsp;Tax withholding payments reimbursed by shares | (2862) | (2030) |
| &nbsp;&nbsp;&nbsp;Cash dividends paid | (10098) | (8850) |
| &nbsp;&nbsp;&nbsp;Repurchase of common stock | (47149) | (33348) |
| Net cash provided by financing activities | 34891 | 15772 |
| Effect of foreign exchange rates on cash and cash equivalents | 1302 | 344 |
| Net decrease in cash and cash equivalents | (4215) | (21105) |
| Cash and cash equivalents at beginning of period | 26711 | 45586 |
| Cash and cash equivalents at end of period | $22496 | $24481 |
| **Noncash investing and financing activities:** |  |  |
| Increase in accounts payable and accrued expenses for property and equipment | $84 | $1228 |
| Asset retirement obligations | $— | $191 |
| Excise tax on share repurchases | $(416) | $(284) |
| Right-of-use assets obtained in exchange for lease obligations | $8460 | $10627 |
| **Supplemental cash flow information:** |  |  |
| Cash paid for taxes | $20364 | $17085 |
| Cash paid for interest | $3585 | $3086 |
| Cash paid for amounts included in operating lease liabilities | $17395 | $15008 |

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## Exhibit 99.3

**Exhibit 99.3**

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| | |
|:---|:---|
| *Contacts:* | |
| Eric Nierenberg | Nicholas Manganaro |
| Charles River Associates | Sharon Merrill Advisors |
| investor@crai.com | crai@investorrelations.com |
| 617-425-3020 | 617-542-5300 |

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**CHARLES RIVER ASSOCIATES (CRA) INCREASES QUARTERLY CASH DIVIDEND 16% TO $0.57 PER COMMON SHARE**

BOSTON, October 30, 2025 – <u>Charles River Associates</u> (NASDAQ: CRAI), a worldwide leader in providing <u>economic, financial and management consulting services</u>, today announced that its Board of Directors has declared a 16% increase in the quarterly cash dividend from $0.49 to $0.57 per common share to be paid on December 12, 2025 to shareholders of record of CRA's common stock as of the close of business on November 25, 2025. The Company expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA's Board of Directors.

**About Charles River Associates (CRA)**

Charles River Associates® is a leading global consulting firm specializing in <u>economic, financial and management consulting services</u>. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at <u>www.crai.com</u>. Follow us on <u>LinkedIn</u>, <u>Instagram</u>, and <u>Facebook</u>.

**SAFE HARBOR STATEMENT**

*Statements in this press release concerning our expectations regarding the payment of future quarterly dividends are "forward-looking" statements as defined in Section 21 of the Exchange Act. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; foreign currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; professional and other legal liability or settlements; and the impact of the U.S. government shutdown on our business. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading "Risk Factors." The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.*

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