CRA International (CRAI) Q2 2026 Earnings Call Transcript
CRA International (CRAI) reported Q2 FY2026 revenue of $210.8 million, up 12.8%, and non-GAAP EPS of $2.16, up 14.9%. Non-GAAP EBITDA was $26.8 million. Management raised full-year 2026 revenue guidance to $805-$820 million and reaffirmed EBITDA margin of 12.0%-13.0%. The company repurchased shares and expanded its $400 million credit facility.
How this was made
The 30-second read
Why it matters
The key trading takeaway is the raised full-year 2026 revenue guidance range alongside reaffirmed EBITDA margin targets, supported by higher utilization, consultant headcount growth, and strong international expansion. Capital actions (buybacks, new dividend, expanded credit facility) add near-term shareholder-return and liquidity context.
Market read
Guidance raise plus record quarter metrics (revenue, utilization, international growth) are likely to drive revisions to FY estimates and near-term sentiment, while DSO and utilization seasonality remain key watch items.
What to watch
The transcript flags transitional friction that can pressure utilization in Q2 and Q3, which may offset some of the guidance optimism if hiring/onboarding delays persist.
Background
Charles River Associates (CRA International) held its Q2 2026 earnings call, covering quarterly performance, practice-level growth, guidance, capital allocation, and balance-sheet updates.
Ticker impact
CRA International reported Q2 2026 revenue of $210.8M, raised full-year 2026 revenue guidance to $805M-$820M, and expanded its $400M credit facility.
Near-term upside bias as guidance raise and utilization/headcount trends support earnings expectations; watch for any margin or DSO deterioration.
The article discloses multiple primary, decision-relevant datapoints: Q2 results, raised FY revenue guidance, reaffirmed EBITDA margin range, and a new dividend plus credit facility expansion.
Market effects
Strength in legal, regulatory, and forensic economics consulting demand may reinforce sentiment toward professional services tied to litigation, antitrust, and cyber incident response.
International revenue growth of 32.9% suggests non-US demand is a key driver, potentially supporting broader confidence in cross-border consulting demand.
Mentions DOJ merger-review changes and AI-driven complexity, which could affect demand for economic analysis and forensic/cyber services across jurisdictions.
Counterpoint
DSO rose to 113 days and SG&A as a share of revenue increased on a non-GAAP basis, which could signal working-capital pressure despite revenue growth.
Key entities
- companyCRA International, Inc.
Subject of the earnings call transcript; reported Q2 results, raised FY 2026 revenue guidance, and expanded its credit facility.
- executivePaul Maleh
CEO who discussed utilization risks from hiring transitions and AI as a demand amplifier.
- executiveEric Nierenberg
CFO who provided non-GAAP tax rate details and guidance-related commentary.
- customer/partnerPJM Interconnection
Selected CRA’s Energy practice for a multiyear engagement on data center load forecasting.
- regulatorDepartment of Justice
Management referenced intended changes to merger review processes that could increase early value of economic analysis.
