Cash flow volatility is pronounced, highlighted by a $135.1 million working capital outflow in 2026Q1 that resulted in a negative free cash flow margin of 58.0%.
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 | Nov'01 | Nov'00 | Nov'99 | Nov'98 | Nov'97 |
|---|
| Cash from Operations | -11.47M | 22.42M | 49.73M | 60.07M | 25.12M | 75.7M | 54.66M | 27.83M | 36.19M | 45.86M | 48.16M | 20.42M | 30.15M | 18.45M | -8.53M | 30.03M | 21.16M | 21.73M | 45.38M | 30.88M | 47.43M | 41.92M | 31.84M | 22.39M | 13.42M | 5.86M | 2.89M | 3.1M | 13.7M | 3.6M |
| Operating CF Margin % | - | 2.98% | 7.24% | 9.63% | 4.25% | 13.38% | 10.75% | 6.17% | 8.67% | 12.39% | 14.83% | 6.73% | 9.84% | 6.63% | -3.15% | 9.84% | 6.83% | 7.2% | 12.05% | 7.82% | 13.56% | 14.19% | 14.69% | 13.7% | 10.27% | 5.33% | 3.5% | 4.19% | 25.85% | 8.04% |
| Operating CF Growth % | 172.76% | -54.91% | -17.21% | 139.13% | -66.81% | 38.48% | 96.4% | -23.09% | -21.08% | -4.79% | 135.82% | -32.26% | 63.43% | 316.4% | -128.39% | 41.94% | -2.62% | -52.13% | 46.99% | -34.9% | 13.15% | 31.64% | 42.24% | 66.84% | 129.15% | 102.63% | -6.77% | -77.37% | 280.56% | - |
| Net Income | 47.91M | 54.68M | 46.65M | 38.48M | 43.62M | 41.68M | 24.51M | 20.75M | 22.47M | 7.7M | 14.23M | 6.33M | 13.41M | 11.23M | -52.84M | 16.95M | 1.3M | 7.82M | 8.7M | 32.6M | 27.45M | 24.6M | 16.34M | 11.43M | 8.44M | 7.44M | 8.84M | 9M | 6.4M | 5M |
| Depreciation & Amortization | -163K | 29.51M | 26.82M | 25.84M | 25.75M | 25.78M | 24.88M | 21.27M | 9.94M | 8.86M | 7.88M | 6.54M | 6.44M | 6.46M | 5.84M | 5.1M | 6.36M | 7.83M | 9.39M | 10.16M | 10.28M | 8.12M | 5.13M | 3.76M | 2.97M | 3.37M | 2.14M | 2.1M | 900K | 700K |
| Stock-Based Compensation | -24K | 5.87M | 5.29M | 4.4M | 4.77M | 4.09M | 3.23M | 3.46M | 4.82M | 6.62M | 6.87M | 5.79M | 5.62M | 3.04M | 4.95M | 5.77M | 7.37M | 6.82M | 6.75M | 5.55M | 4.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.46M | -1.73M | -2.87M | -4.63M | 189K | 446K | 1.11M | -1.16M | -829K | 1.65M | 8.4M | -1.71M | -1.43M | 3.92M | -9.88M | -8.74M | 3.78M | 7.05M | -4.25M | 3.24M | 2.46M | 3.96M | 1.43M | -2.27M | -292K | -1.13M | 722K | -800K | -1.1M | 100K |
| Other Non-Cash Items | 34.65M | 1.43M | 66K | 594K | -223K | -631K | -90K | 206K | 1.98M | 6.59M | -301K | 10.09M | -3.14M | -8.95M | 71.1M | -1.63M | 2.49M | 2.19M | 8.05M | -2.57M | -829K | 7.72M | 719K | 381K | -905K | 739K | 265K | -200K | -200K | 100K |
| Working Capital Changes | -96.31M | -67.33M | -26.23M | -4.61M | -48.99M | 4.34M | 1.02M | -16.69M | -2.2M | 14.44M | 11.09M | -6.62M | 9.26M | 2.74M | -27.68M | 12.58M | -145K | -9.98M | 16.74M | -18.11M | 3.43M | -2.48M | 8.22M | 9.08M | 3.21M | -4.56M | -9.08M | -7M | 7.7M | -1.9M |
| Change in Receivables | -61.61M | -79.08M | -21.4M | 2.21M | -24.93M | -5.69M | -1.95M | -12.76M | -14.43M | -14.36M | -8.8M | -3.44M | 1.93M | 9.92M | 10.27M | -12.54M | 3.55M | 10.27M | 16.19M | -14.74M | -5.49M | -8.3M | -4.08M | -5.37M | -1.41M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -19.27M | -29.28M | -16.55M | -21.77M | -31.05M | -16.54M | -257K | -8.89M | -14.11M | 0 | -12.54M | 5.51M | 23.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 6.29M | 15.91M | 23.16M | 4.01M | 2.25M | 14.88M | 25.34M | 16.19M | 18.79M | 23.41M | 16.32M | -515K | 8.15M | 11.11M | -13.41M | 12.54M | -5.51M | -23.27M | 1.99M | 6.83M | 19.38M | 7.94M | 15.68M | 11.85M | 5.3M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.54M | -3.87M | -18.12M | -2.94M | -18.16M | -2.62M | -17.09M | -16.69M | -15.45M | -25.67M | -11.92M | -16.5M | -5.86M | -18.39M | 12.75M | -23.52M | 29.46M | -41.15M | -6.66M | -20.67M | -30.01M | -36.01M | -97.61M | -5.85M | -14.77M | -3.07M | -5.36M | -19.6M | -1.6M | -2.3M |
| Capital Expenditures | -5.54M | -3.87M | -16.62M | -2.37M | -3.81M | -2.62M | -17.09M | -16.69M | -15.45M | -9.76M | -13.02M | -17.98M | -4.19M | -2.82M | -2.73M | -8.25M | -4.49M | -2.23M | -9.15M | -11.09M | -6.06M | -13.89M | -8.72M | -6.16M | -3.93M | -3.65M | -3.44M | -10.9M | -1.6M | -2.3M |
| CapEx % of Revenue | 0.72% | 0.51% | 2.42% | 0.38% | 0.65% | 0.46% | 3.36% | 3.7% | 3.7% | 2.64% | 4.01% | 5.92% | 1.37% | 1.01% | 1.01% | 2.7% | 1.45% | 0.74% | 2.43% | 2.81% | 1.73% | 4.7% | 4.02% | 3.77% | 3.01% | 3.32% | 4.17% | 14.73% | 3.02% | 5.13% |
| Acquisitions | 0 | 0 | -1.5M | -577K | -14.35M | 0 | 0 | 0 | -43K | -15.91M | 1.1M | 0 | -1.78M | -15.59M | 0 | -844K | 10M | 0 | -1.73M | -7.23M | -19.14M | -24.32M | -91.88M | 0 | -10.52M | 0 | -4.84M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 250K | 1.1M | 1.48M | 114K | 14K | 989K | -780K | 10.09M | -15.59M | 613K | -2.35M | -4.82M | 0 | -2.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 22.38M | -29.84M | -48.86M | -44.48M | -38.95M | -51.99M | -19.5M | -23.82M | -35.75M | -21.85M | -19.19M | -13.04M | -25.88M | -4.53M | -10.34M | -31.78M | -46.05M | -17.73M | -19.39M | -41.63M | -1.57M | 43.69M | 70.69M | 24.83M | -1.96M | -1.14M | 2.75M | 4.6M | 17.9M | -700K |
| Debt Issued (Net) | 107M | 34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -75K | -300K | -26K | -1.82M | -650K | -334K | -700K | -489K | -226K | 0 | -972K | -720K | 88.96M | -983K | -320K | -1.24M | -536K | -300K | -300K | -400K |
| Equity Issued (Net) | -68.61M | -47.15M | -33.35M | -31.42M | -27.63M | -44.98M | -11.13M | -14.86M | -27.88M | -19.53M | -19.32M | -12.81M | -25.49M | -2.19M | -9.06M | -9.09M | -3.93M | 20K | -9.63M | -45.72M | -2.37M | 44.41M | -15.02M | 25.81M | -1.64M | 100K | 35K | 4.8M | 29.5M | 400K |
| Dividends Paid | -14.15M | -13.83M | -12.3M | -10.81M | -9.58M | -8.29M | -7.5M | -6.79M | -5.78M | -4.94M | -1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.7M | -1.6M |
| Share Repurchases | -68.61M | -47.15M | -33.35M | -31.42M | -27.63M | -44.98M | -13.37M | -18.07M | -27.88M | -19.53M | -19.32M | -12.81M | -25.49M | -2.19M | -9.06M | -9.09M | -4.94M | -93K | -11.82M | -57.47M | -12M | 0 | -20M | -300K | -2.34M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.86M | -2.86M | -3.21M | -2.26M | -1.74M | 1.27M | -862K | -2.18M | -1.82M | 2.62M | 1.37M | 62K | -361K | -516K | -632K | -22.36M | -41.42M | -17.26M | -9.53M | 4.09M | 1.77M | 0 | -3.25M | 0 | 0 | 0 | 3.25M | 100K | 400K | 900K |
| Net Change in Cash | 6.9M | -8.5M | -18.88M | 14.14M | -34.68M | 20.45M | 20.04M | -12.39M | -16.01M | 505K | 15.39M | -10.06M | -3.05M | -4.2M | -6.14M | -25.92M | 4.7M | -36.51M | 18.8M | -31.05M | 16.37M | 49.59M | 5.11M | 41.65M | -3.03M | 1.57M | 129K | -11.8M | 30M | 600K |
| Free Cash Flow | -17.01M | 18.56M | 33.11M | 57.71M | 21.31M | 73.08M | 37.57M | 11.14M | 20.74M | 36.1M | 35.14M | 2.45M | 25.96M | 15.63M | -11.26M | 21.79M | 16.67M | 19.5M | 36.23M | 19.79M | 41.37M | 28.03M | 23.12M | 16.23M | 9.48M | 2.21M | -554K | -7.8M | 12.1M | 1.3M |
| FCF Margin % | -2.21% | 2.47% | 4.82% | 9.25% | 3.61% | 12.91% | 7.39% | 2.47% | 4.97% | 9.75% | 10.82% | 0.81% | 8.47% | 5.61% | -4.16% | 7.14% | 5.38% | 6.46% | 9.62% | 5.01% | 11.82% | 9.49% | 10.67% | 9.93% | 7.26% | 2.01% | -0.67% | -10.54% | 22.83% | 2.9% |
| FCF Growth % | -206.64% | -43.96% | -42.62% | 170.82% | -70.84% | 94.51% | 237.27% | -46.3% | -42.54% | 2.73% | 1334.87% | -90.57% | 66.06% | 238.86% | -151.67% | 30.71% | -14.52% | -46.19% | 83.14% | -52.18% | 47.59% | 21.22% | 42.5% | 71.08% | 329.57% | 498.56% | 92.9% | -164.46% | 830.77% | - |
| FCF per Share | -2.58 | 2.76 | 4.79 | 8.11 | 2.90 | 9.59 | 4.73 | 1.36 | 2.42 | 4.25 | 4.09 | 0.27 | 2.62 | 1.54 | -1.11 | 2.03 | 1.55 | 1.82 | 3.32 | 1.63 | 3.37 | 2.42 | 2.20 | 1.65 | 1.02 | 0.24 | -0.06 | -0.91 | 1.59 | 0.20 |
| FCF Conversion (FCF/Net Income) | -0.36x | 0.41x | 1.07x | 1.56x | 0.58x | 1.82x | 2.23x | 1.34x | 1.61x | 6.01x | 3.74x | 2.67x | 2.21x | 1.62x | 0.16x | 1.78x | 10.79x | 2.78x | 5.21x | 0.95x | 1.73x | 1.70x | 1.95x | 1.96x | 1.59x | 0.79x | 0.33x | 0.34x | 2.14x | 0.72x |
| Interest Paid | 1.78M | 4.66M | 4.14M | 3.54M | 1.58M | 727K | 1.16M | 1.16M | 509K | 314K | 405K | 240K | 443K | 339K | 223K | 558K | 2.61M | 2.58M | 2.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.33M | 16.26M | 21.44M | 14.01M | 15.65M | 14.95M | 6.54M | 7.59M | 4.81M | 7.42M | 6.18M | 9.69M | 15.58M | 2.89M | 8.72M | 18.74M | 940K | 1.94M | 26.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital cycle volatility
As reported in recent financial statements, CRAI's operating cash flow to net income ratio has exhibited extreme volatility, swinging from a negative 10.23 in 2026Q1 to a positive 5.30 in 2024Q4, which highlights a significant disconnect between accounting profit and actual cash generation.
The wide variance between net income and operating cash flow suggests that accrual-based accounting significantly smooths the firm's underlying cash reality. Investors should interpret this as a signal that reported earnings may not be a reliable proxy for the firm's immediate liquidity position given the lumpy nature of litigation-related billings.
Based on the provided quarterly data, CRAI's free cash flow trajectory remains highly inconsistent, with margins fluctuating from a negative 58.0% in 2026Q1 to a positive 39.0% in 2024Q4, indicating that the firm's ability to generate surplus cash is heavily dependent on timing.
The erratic nature of these cash flows appears to be a structural byproduct of the firm's project-based consulting model. This inconsistency warrants further investigation into whether the firm's cash generation can reliably support its dividend and share repurchase programs without relying on external financing.
According to the company's cash flow statements, working capital changes have been the primary driver of liquidity fluctuations, with a massive $135.1 million outflow in 2026Q1 contrasting sharply with the $59.5 million inflow observed in 2024Q4, reflecting significant variability in client payment cycles.
The firm's reliance on large, multi-year litigation engagements likely creates these substantial swings in accounts receivable. This suggests that the firm's cash position is highly sensitive to the administrative and legal timelines of its clients, which may be outside of management's direct control.
As evidenced by the reported figures, CRAI has continued to prioritize share repurchases and dividends despite the underlying volatility in operating cash flow, with $21.5 million deployed toward buybacks in 2026Q1 alone, even as the firm experienced a significant cash outflow from operations.
This aggressive capital return strategy, despite inconsistent cash generation, suggests a high degree of management confidence in the firm's long-term liquidity. However, investors should monitor whether this deployment pace remains sustainable if the current working capital outflows persist over subsequent quarters.
Quick answers to the most common questions about buying CRAI stock.
CRA International, Inc. (CRAI) generated $22.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CRA International, Inc. (CRAI) generated $18.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CRA International, Inc. (CRAI) spent $3.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CRA International, Inc. (CRAI) returned $13.8M to shareholders via cash dividends and spent $47.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.