CRA International Raises Dividend 17.5% to $0.67

CRA International increased its quarterly dividend to $0.67 per share from $0.57, a 17.5% raise. CRAI shares trade ex-dividend on November 24, 2026, and the payment is due December 11, 2026.

Why the dividend changed

The consulting firm tied the increase to confidence in its competitive position after reporting record third-quarter revenue and profits. President and Chief Executive Officer Paul Maleh said the dividend decision reflected that confidence, while cautioning that global economic, business and political uncertainty could affect clients and the company. The board retains discretion over the timing and size of future payments, according to CRA’s dividend declaration.

The operating backdrop was favorable. Fiscal third-quarter revenue increased 15.6% from a year earlier to $214.9 million, while net income rose 21.2% to $13.9 million. Seven practices, representing about 95% of quarterly revenue, expanded from the prior year. Forensic Services, Life Sciences, and Risk, Investigations & Analytics each recorded double-digit growth, while Antitrust & Competition Economics reached a quarterly revenue high, CRA said in its third-quarter results.

Management raised its fiscal 2026 revenue guidance to $830 million to $840 million on a constant-currency basis and narrowed its non-GAAP EBITDA margin guidance to 12.2% to 12.8%. CRA is also investing in consultants through forgivable loans, an expense that weighed on year-to-date costs even as headcount and utilization increased. The dividend increase therefore accompanied stronger demand and higher earnings, but also continued spending to support growth.

Dividend track record

CRA paid $0.57 per share on each of the three ex-dividend dates in March, May and August 2026. That rate followed four consecutive $0.49 payments beginning with the November 26, 2024, ex-dividend date. The new $0.67 rate continues a pattern of annual step-ups rather than irregular changes within each quarterly cycle.

Full-year distributions rose from $0.95 per share in 2020 to $2.04 in 2025. Annual growth during the intervening period ranged from 14.7% to 18.4%, and the five-year dividend-growth rate was 16.3% annual growth. CRA’s results release calls this the tenth consecutive annual increase, marking the tenth anniversary of its inaugural dividend. The longer company-stated record reflects the sequence of yearly board increases, while the completed annual-payment history shows steadily rising cash distributions.

Is the dividend covered?

The dividend consumes 29% of earnings. That leaves most reported profit available for hiring, working capital, debt service, share repurchases and other corporate needs. A payout below one-third of earnings also provides room for business performance to vary without immediately absorbing all profit available to common shareholders.

SmarterDividends rates the dividend A with a safety score of 84. That grade means very safe, within the score range of 80-100. The assessment is supported by the 29% earnings payout ratio and the established pattern of increases, although CRA’s working-capital needs remain relevant. Its latest Form 10-Q showed that operating cash flow was affected by forgivable-loan advances, higher unbilled receivables and annual bonus payments.

Yield and valuation

At a share price of $197.66, the new annual dividend of $2.68 produces a forward yield of 1.36%. That is below the Industrials sector median forward yield of 1.62%. The increase raises CRAI’s cash income, but the stock’s price keeps its yield below the broader sector benchmark. An investor holding 100 shares would receive $268.00 in annual income at the new rate.

SmarterDividends estimates fair value at $144.17 and classifies the shares as overvalued, with 27% downside to that estimate. The valuation assessment is separate from dividend safety: the A grade addresses the payment’s coverage and durability, while the fair-value verdict compares the share price with the estimated value of the business.

What to watch

The immediate date is November 24, 2026, when CRAI trades ex-dividend. Investors who qualify for the distribution are scheduled to receive $0.67 per share on December 11, 2026. Future quarterly payments remain subject to board approval.

Operationally, the next results will show whether demand remains broad across CRA’s legal, regulatory and management-consulting practices. The company’s raised revenue guidance and narrowed margin range establish the benchmarks for the remainder of fiscal 2026. The effect of talent investments also merits attention because CRA said higher forgivable-loan amortization was pressuring costs.

Cash conversion is another concrete measure. CRA’s filing reported higher unbilled receivables and net cash used in operating activities through the third quarter, while management said existing cash, operating cash generation and revolving-credit availability were sufficient for anticipated working-capital and capital-spending needs over the following year. Those balances help frame how earnings translate into cash available for dividends and other capital returns.