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CRA INTERNATIONAL, INC. (CRAI) filed its fiscal 2026 10-K annual report with the SEC on Feb 26, 2026.
- Top risk flagged: Compliance risk with GDPR, UK equivalent, Brazil's privacy law, and California Consumer Protection Act, increasing data protection cost and potential fines
CRA INTERNATIONAL, INC. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global consulting in economic, financial, and management advisory for litigation, regulatory, and corporate strategy matters
- New emphasis on blockchain, cryptocurrency, and digital assets as a highlighted industry expertise
- Strategic integration of geographically dispersed offices enhancing cross-border collaboration and rapid post-acquisition integration
- Consultant headcount reached 959, with 79% of senior staff holding advanced degrees and 51% of those doctorates
- Approximately 17% of revenue from fixed-price contracts in fiscal 2025, indicating growth potential in management consulting pricing models
Management Discussion & Analysis
- Revenue driven by professional services, mainly time-and-materials basis; no specific $ or YoY change disclosed
- Utilization improved to 77% in fiscal 2025 from 75% in fiscal 2024 and 70% in fiscal 2023
- International revenue ~20% of total in 2025, up slightly from 19% in 2024, stable from 21% in 2023
- No explicit profitability margins or segment profitability figures provided
Risk Factors
- Compliance risk with GDPR, UK equivalent, Brazil's privacy law, and California Consumer Protection Act, increasing data protection cost and potential fines
- Global economic and geopolitical unrest impacting client demand, including effects from inflation and foreign conflicts on industries served
- Reliance on key employee consultants who can freely terminate, risking revenue loss and client retention without enforceable non-competition agreements
- Competitive pressure from firms able to offer higher compensation, limiting ability to recruit and retain qualified consultants
- Acquisition integration risk with potential goodwill impairment and increased amortization charges from purchase prices exceeding tangible asset values
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