In the fourth quarter, CRA reported an 11.6% revenue increase year-over-year, which Maleh described as the best quarterly revenue performance in the company’s history. He attributed the quarter’s strength in part to sales pipeline growth, noting weekly average project lead flow rose 9.3% and new project originations increased 7.7% versus the prior-year quarter.Maleh said seven practices grew their revenue in fiscal 2025, with Antitrust & Competition Economics, Energy, and Intellectual Property delivering do ...

CRA International (NasdaqGS:CRAI) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsChad Holmes - Executive Vice President and Chief Corporate Development OfficerEric Nierenberg - Executive Vice President, Chief Financial Officer, and TreasurerPaul Maleh - President and Chief Executive OfficerConference Call ParticipantsAndrew Nicholas - Equity Research AnalystKevin Steinke - Managing Director, Senior Research AnalystMarc Riddick - Senior Equity AnalystOperatorGood day, everyone, welco ...

CRA International (NasdaqGS:CRAI) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsChad Holmes - Executive Vice President and Chief Corporate Development OfficerEric Nierenberg - Executive Vice President, Chief Financial Officer, and TreasurerPaul Maleh - President and Chief Executive OfficerConference Call ParticipantsAndrew Nicholas - Equity Research AnalystKevin Steinke - Managing Director, Senior Research AnalystMarc Riddick - Senior Equity AnalystOperatorGood day, everyone, welco ...

Management attributes success to a unified go-to-market approach and the ability to deliver measurable ROI through a combination of strategy, technology, and people-focused change management.Digital capabilities, representing 41% of total RBR, serve as a critical differentiator by embedding AI and data modernization into core client processes.Education segment faced a challenging operating environment but saw a 10% increase in second-half bookings as universities seek business model sustainability amid regu ...

As the job market has tightened, many Gen Z college graduates have struggled to find stable footing—raising new questions about whether a degree is still worth the time and debt burden. But for many MBA students, the return on investment still looks hard to beat. Recent data from Harvard Business School found MBA alumni are raking in median salaries of about $260,000 three years after graduating. At the University of Pennsylvania’s Wharton School, alumni are earning $248,000, while MIT (Sloan) graduates ...

Core Insights - FTI Consulting has appointed Scott Davidson as a Senior Managing Director in the Aviation Business Transformation practice, enhancing its capabilities in the aviation sector [1][4] Group 1: Appointment and Expertise - Scott Davidson brings nearly two decades of experience in advising airlines, aviation service providers, and manufacturers on strategic and operational challenges [2] - His expertise includes airline technical operations, ground operations, crew management, fleet planning, network planning, procurement support, product development, and revenue management [2] Group 2: Role and Responsibilities - In his new role, Davidson will assist clients in implementing sustainable business plans through profit transformations, restructuring, and capital investment [3] - He will focus on enhancing operational resilience, financial performance, and customer experience by leveraging emerging technologies [3] Group 3: Company Overview - FTI Consulting is a leading global expert firm specializing in crisis and transformation, with over 8,100 employees in 32 countries as of September 30, 2025 [5] - The company generated $3.70 billion in revenues during fiscal year 2024 [5]

Core Insights - Sequoia Strategy achieved a return of 9% in Q4 2025, outperforming the S&P 500 Index which returned 2.7% during the same period [1] - For the full year 2025, Sequoia Strategy delivered a return of 21.9%, compared to 17.9% for the S&P 500 Index [1] - The Strategy focuses on investing in high-quality, fundamentally and financially strong businesses at reasonable prices, covering a wide range of sectors, business styles, and regions [1] Company Highlights - Accenture plc (NYSE:ACN) was highlighted as a recent addition to Sequoia Strategy's portfolio [2][3] - Accenture's one-month return was -14.36%, and its shares have decreased by 37.81% over the last 52 weeks [2] - As of February 6, 2026, Accenture's stock closed at $240.60 per share, with a market capitalization of $149.218 billion [2]

Core Insights - Middle managers face significant changes in their roles and are often expected to implement new organizational models without clear guidance, leading to uncertainty that affects team dynamics [3][4] - There is a disconnect between leadership expectations and employee execution, with leaders focusing on organizational design while neglecting the practical details of implementation [4] - The integration of artificial intelligence into organizational models will exacerbate these challenges [5] Recommendations - Bain suggests a 20/200/2000 framework for support: 20 senior leaders, 200 middle managers, and 2000 employees, emphasizing the need for structured support during transitions [6] - Effective leadership involves planning for practical work in new models and providing necessary support to employees during transitions [7] Survey Findings - After reorganizations, 88% of leaders believe their new structures will succeed, but only 36% of employees share this belief [8] - Only 22% of employees felt they received adequate support for adapting to new workflows, despite over 80% of leaders believing they communicated effectively [8]

Financial Data and Key Metrics Changes - Total revenue grew 10% to $27 billion, with underlying revenue growth of 4% [4] - Adjusted operating income increased 11% to $7.3 billion, following 11% growth in 2024 [4] - Adjusted EPS grew 9% [4] - Free cash flow increased by 25% [5] - Adjusted operating margin improved by 30 basis points, marking 18 consecutive years of margin expansion [4] Business Line Data and Key Metrics Changes - Risk and Insurance Services (RIS) revenue was $4 billion, up 9% year-over-year, with 2% underlying growth [18] - Marsh Risk revenue was $3.7 billion, up 10% from a year ago, or 3% on an underlying basis [18] - Guy Carpenter's revenue in the quarter was $215 million, up 7%, or 5% on an underlying basis [20] - Consulting segment revenue was $2.6 billion, up 8% or 5% on an underlying basis [20] - Mercer revenue was $1.6 billion, up 9% or 4% on an underlying basis [21] Market Data and Key Metrics Changes - Primary commercial insurance rates decreased 4% in Q4, following a 4% decline in Q3 [10] - Global property rates decreased 9% year-over-year [10] - Global financial and professional liability rates were down 4%, while cyber rates decreased 7% [10] - Global casualty rates increased 4%, with U.S. excess casualty up 19% [10] Company Strategy and Development Direction - The company aims to be the most impactful professional services firm globally, focusing on risk, reinsurance, capital, health, and management consulting [7] - The Thrive program is expected to provide greater financial flexibility and organizational agility over the next three years [7] - Investments are being made in digital infrastructure, healthcare, private capital, and energy [7][9] - The new Marsh brand was launched to simplify the value proposition for clients [8] Management's Comments on Operating Environment and Future Outlook - The management acknowledges a complex operating environment characterized by geopolitical tensions and economic challenges [15] - Despite headwinds from lower interest rates and decreasing insurance pricing, the company is well-positioned for solid growth in 2026 [14][26] - The company expects underlying revenue growth in 2026 to be similar to 2025 [14][26] Other Important Information - The company repurchased $2 billion in shares, the largest annual amount in its history [5] - Total debt at the end of the quarter was $19.6 billion [24] - The adjusted effective tax rate for 2025 was 25.3%, down from 25.9% in 2024 [23] Q&A Session Questions and Answers Question: Impact of AI and digital infrastructure investments on long-term revenue outlook - The company expects approximately $3 trillion of investment in digital infrastructure over the next five years, which is a significant focus area [30] Question: Reinsurance market rate reductions and organic revenue growth - Management acknowledges that while rate reductions in property cat pricing may pose challenges, there are still areas of demand and new business opportunities [44][50] Question: AI's impact on headcount and revenue in management consulting - Thrive will fuel efficiency and investment in market-facing talent, with ongoing development of productivity tools to enhance efficiency [54][56]

Core Insights - The report by Boston Consulting Group, Heidrick & Struggles, and INSEAD examines how boards in emerging markets are adapting governance practices amid increasing uncertainty and complexity [1][2] Governance Challenges - Boards in emerging markets face compounded pressures from global and local factors, including geopolitical tensions, trade disruptions, and technological changes, which intensify existing domestic challenges [3] - The nature of uncertainty has evolved, becoming broader, faster-moving, and driven by "unknown unknowns," making traditional risk management approaches less effective [2] Opportunities for Improvement - Despite the challenges, boards are enhancing foundational governance practices such as role clarity, risk oversight, and contingency planning, while also focusing on trust, culture, and collective behavior [4] - The report highlights the importance of board composition and quality of debate, suggesting that diversity and independence can improve the ability to anticipate risks and opportunities [6] Broader Impact - Boards in emerging markets can play a significant role beyond their companies by engaging with regulators and industry peers to strengthen governance standards and contribute to institutional resilience [5] - Effective governance is framed as a corporate responsibility that also supports broader economic and societal stability [5] Practical Framework - The report concludes with a framework for boards to assess their readiness for high uncertainty, focusing on hard levers (structure and process), soft levers (trust and behavior), and ecosystem stewardship [7]