CRA International (CRAI) Cash Flow: Operating & Free Cash Flow

CRA International (CRAI) Cash Flow Statement

In fiscal 2025 (fiscal year ended Jan 3, 2026), CRA International generated $22.42M of operating cash flow and spent $3.87M on capital expenditures. That left free cash flow of $18.56M, down 44.0% from $33.11M a year earlier, or 2.5% of revenue. It returned $60.98M to shareholders through $13.83M in dividends and $47.15M in share buybacks.

CRA International Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for CRA International, Inc. (CRAI) - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2021	FY 2020	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Jan 2026	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Jan 2022	Dec 2021	Jan 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	54.78	54.68	46.65	38.48	43.62	41.68	41.68	24.51	24.51	20.75	22.47	7.70
Depreciation & Amortization	14.14	29.51	26.82	25.84	12.00	12.77	25.78	24.88	24.88	21.27	9.94	8.86
Deferred Income Tax	-	-1.73	-2.87	-4.63	0.19	-	0.45	-	1.11	-1.16	-0.83	1.65
Stock Based Compensation	5.87	5.87	5.29	4.40	4.77	4.09	4.09	3.24	3.24	3.46	4.82	6.62
Change in Working Capital	-	-67.33	-26.23	-4.61	-48.99	3.98	3.98	0.46	1.02	-16.69	-2.20	14.44
Change in Accounts Receivable	-25.67	-79.08	-21.40	2.21	-30.31	-10.45	-5.69	-6.59	-1.95	-12.76	-14.43	-14.36
Change in Inventory	-	0.00	0.00	0.00	0.00	-	-19.27	-	-29.28	-16.55	-21.77	-31.06
Change in Accounts Payable	-	15.91	23.16	4.01	2.25	14.88	14.88	25.48	25.34	16.19	18.79	23.42
Change in Other Working Capital	-41.66	-4.16	-27.99	-10.82	-18.68	14.43	14.43	-18.43	6.91	-3.58	15.22	36.44
Other Operating Activities	14.97	1.43	0.07	0.59	13.72	13.19	-0.63	1.36	-0.09	0.21	1.98	6.59
Net Cash from Operating Activities	22.42	22.42	49.74	60.07	25.12	75.70	75.70	54.66	54.66	27.83	36.19	45.86
Investing Activities
Capital Expenditures	-3.87	-3.87	-16.62	-2.37	-3.81	-2.62	-2.62	-17.09	-17.09	-16.69	-15.45	-9.76
Acquisitions	-	0.00	-1.50	-0.58	-14.35	-	0.00	-	0.00	0.00	-0.04	-15.91
Sales/Maturities of Investments	-	0.00	0.00	0.00	0.00	-	0.00	-	0.00	0.00	0.00	0.25
Other Investing Activities	-	0.00	0.00	0.00	0.00	-	0.00	-	0.00	0.00	0.00	0.25
Net Cash from Investing Activities	-3.87	-3.87	-18.12	-2.94	-18.17	-2.62	-2.62	-17.09	-17.09	-16.69	-15.45	-25.67
Financing Activities
Debt Repayment	-	-98.00	-102.00	-105.00	-126.00	-74.00	-74.00	-77.00	0.00	0.00	0.00	0.00
Common Stock Issued	-	0.00	0.00	0.00	1.41	5.16	0.00	2.24	0.00	0.00	0.00	6.42
Common Stock Repurchased	-47.15	-47.15	-33.35	-31.42	-27.63	-44.98	-44.98	-14.23	-13.37	-18.07	-27.88	-19.53
Dividends Paid	-13.83	-13.83	-12.30	-10.81	-9.58	-8.29	-8.29	-7.50	-7.50	-6.79	-5.78	-4.94
Other Financing Activities	-2.86	-2.86	-3.21	-3.06	-1.01	-2.36	-3.89	-	1.37	1.04	-1.82	2.62
Net Cash from Financing Activities	-29.84	-29.84	-48.86	-44.48	-38.95	-51.99	-51.99	-19.50	-19.50	-23.82	-35.75	-21.85
Summary
Effect of Forex Changes on Cash	2.79	2.79	-1.63	1.49	-2.69	-0.63	-0.63	-	1.97	0.29	-1.00	2.17
Net Change in Cash	-8.50	-8.50	-18.88	14.14	-34.68	20.45	21.08	20.04	20.04	-12.39	-16.01	0.51
Cash at Beginning of Period	-	26.71	45.59	31.45	66.13	-	45.68	-	25.64	38.03	54.04	53.53
Cash at End of Period	-	18.21	26.71	45.59	31.45	-	66.13	-	45.68	25.64	38.03	54.04
Free Cash Flow	18.56	18.56	33.11	57.71	21.31	73.08	73.08	37.57	37.57	11.14	20.74	36.10
Supplemental Disclosures
Interest Paid	-	-	4.15	3.54	1.58	0.73	-	1.16	-	-	-	-
Income Taxes Paid	-	-	21.44	14.01	15.65	14.95	-	6.54	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 4, 2026. Data sources and methodology

Frequently Asked Questions About CRA International Cash Flow

What is CRA International's free cash flow?

CRA International generated free cash flow of $18.56M in fiscal 2025 (fiscal year ended Jan 3, 2026), operating cash flow of $22.42M minus $3.87M of capital expenditures. That was down 44.0% from $33.11M a year earlier. Free cash flow equaled 2.5% of revenue.

How much does CRA International spend on capital expenditures?

CRA International spent $3.87M on capital expenditures in fiscal 2025, compared with $16.62M a year earlier. That equals 17.2% of operating cash flow.

Does CRA International pay dividends or buy back shares?

Yes. In fiscal 2025 CRA International returned $13.83M in dividends and $47.15M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition