Economic consulting firm CRA International (NASDAQ: CRAI) beat Wall Street’s revenue expectations in Q2 CY2026, with sales up 12.8% year on year to $210.8 million. Its non-GAAP profit of $2.16 per share was 0.6% above analysts’ consensus estimates.

Is now the time to buy CRAI? Find out in our full research report (it’s free for active Edge members).

StockStory’s Take

CRA International’s second quarter saw revenue and non-GAAP earnings per share both surpass Wall Street expectations, but the market responded with some caution. Management attributed the company’s performance to double-digit growth across several core practices, including Energy, Life Sciences, and Forensic Services, as well as strong contributions from Antitrust & Competition Economics. CEO Paul Maleh pointed out that both North American and international operations contributed to the top-line growth, stating that “eight practices grew year-over-year, representing 95% of the company’s total revenue for the second quarter.”

Looking ahead, management’s guidance is largely anchored by continued strength in the sales pipeline and robust demand in high-growth practices. CEO Paul Maleh noted, “We are experiencing peak levels of new project opportunities and historically high conversion rates,” particularly in Life Sciences and Energy. However, Maleh also highlighted the challenges of forecasting off record results, acknowledging, “We remain mindful that evolving geopolitical, global macroeconomic and business conditions can affect our business.” The company expects recent talent investments and expanded credit capacity to support ongoing growth.

Key Insights from Management’s Remarks

Management highlighted that broad-based growth across multiple practices, driven by demand for antitrust, forensic, and management consulting services, was a key factor in the quarter’s performance.

• Practice diversification: Six practices—Energy, Finance, Forensic Services, Intellectual Property, Life Sciences, and Risk, Investigations & Analytics—achieved double-digit growth, while Antitrust & Competition Economics set a new quarterly revenue high, underscoring the value of a diversified client portfolio.
• International expansion: International revenues rose 32.9% year-over-year, with notable strength in Life Sciences and Antitrust practices, all achieved organically without acquisitions or group hires.
• Consultant capacity and utilization: The company increased consultant headcount by 3.3%, while utilization ticked up to 77%, reflecting improved project flow and successful integration of new hires, including nearly 30 vice presidents added during 2025.
• Market trends boost demand: Rising legal case filings and record M&A activity fueled demand for economic consulting, particularly in antitrust and regulatory advisory, as evidenced by ongoing merger-related assignments and high-profile client engagements.
• AI’s dual impact: AI is viewed as both a productivity enhancer and a demand amplifier, especially in Forensic Services, where the complexity introduced by AI-driven cyber incidents has increased the volume and sophistication of client assignments.

Drivers of Future Performance

Management’s outlook centers on sustained pipeline momentum, expansion in key practices, and ongoing talent investments, tempered by external economic uncertainty.

• Sales pipeline strength: Management highlighted continued double-digit growth in project leads and conversions, with Life Sciences and Energy practices expected to maintain strong demand due to industry transformation and healthcare innovation.
• Talent ramp and integration: Recent senior-level hires, particularly new vice presidents, are expected to further boost revenue as they ramp up, with historical evidence suggesting that integration onto CRA’s platform enables higher productivity than previous firms.
• External risks and variability: CEO Paul Maleh cautioned that forecasting remains challenging at current record levels, and that shifting macroeconomic and geopolitical conditions could impact demand, especially given CRA’s exposure to global markets and regulatory cycles.

Catalysts in Upcoming Quarters

In the coming quarters, our team will monitor (1) whether Life Sciences and Energy practices can sustain their high double-digit growth rates, (2) the pace at which recently hired senior consultants become significant contributors, and (3) the impact of ongoing regulatory changes and global M&A activity on antitrust advisory demand. Execution on pipeline conversion and managing talent ramp will also be important markers of success.

CRA currently trades at $175.76, in line with $176.60 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

Our Favorite Stocks Right Now

WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don’t just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses.

But our AI platform says the party isn’t over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE.

Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.