Charles River Associates Reports Record Q4 and Fiscal 2025 Results

Consulting firm cites broad-based practice growth, strong utilization, and growing sales pipeline as key drivers

Published on Feb. 26, 2026

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Charles River Associates NASDAQ: CRAI reported record results for fiscal 2025, including its strongest quarter in company history. Management cited broad-based practice contributions, strong utilization, and a growing sales pipeline as key drivers. The company also outlined fiscal 2026 guidance, discussed capital allocation priorities, and addressed investor concerns about artificial intelligence and its potential impact on the consulting industry.

Why it matters

As a leading global consulting firm, Charles River Associates' strong performance and growth across its key practice areas, including antitrust, forensics, and energy, provides insights into the broader trends and demand drivers in the professional services industry. The company's approach to talent investments, capital allocation, and leveraging emerging technologies like AI also offer a window into how top consulting firms are adapting to evolving market conditions.

The details

In fiscal 2025, CRA reported record revenue of $751.6 million, up 9.3% year-over-year, with both major lines of business contributing. The company cited seven practices that grew revenue, including double-digit gains in Antitrust & Competition Economics, Energy, and Intellectual Property. Geographically, North American revenue increased 7.3% while international revenue climbed 19.5%. CRA reported full-year utilization of 77%, helping drive record profits. In Q4, CRA reported an 11.6% revenue increase, its best quarterly performance ever, attributed to sales pipeline growth and new project originations. The Antitrust & Competition Economics, Forensic Services, Energy, and Labor & Employment practices all delivered double-digit quarterly revenue gains.

  • CRA reported fiscal 2025 results, marking its eighth consecutive year of record annual revenue.
  • In Q4 2025, CRA reported its best quarterly revenue performance in the company's history.

The players

Charles River Associates

A global consulting firm specializing in economic, financial and management advisory services.

Paul Maleh

President and CEO of Charles River Associates.

Eric Nierenberg

Chief Financial Officer of Charles River Associates.

Chad Holmes

Chief Corporate Development Officer of Charles River Associates.

The Hershey Company

A client of Charles River Associates, advised on competition and regulatory compliance aspects of its acquisition of LesserEvil.

Boeing

A client of Charles River Associates, advised on submissions to competition authorities in connection with its acquisition of Spirit AeroSystems.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.