Charles River Associates (NASDAQ: CRAI) raised its quarterly dividend 17.5 percent to $0.67 per share on November 5, 2026, pairing the increase with record fiscal third-quarter revenue of $214.9 million. The Boston-based consulting firm also lifted its full-year revenue outlook. Shareholders of record on November 24 will receive the payment on December 11.
What Charles River Associates announced
The board lifted the quarterly payout from $0.57 to $0.67 per share, the company’s seventh consecutive annual increase. The announcement arrived on the same day the firm reported results for its fiscal third quarter, which ended October 3, 2026.
Revenue grew 15.6 percent from a year ago to $214.9 million, a third-quarter record that came in ahead of consensus estimates. Chief Executive Paul Maleh said the quarter delivered the highest third-quarter net income, earnings per share, and adjusted EBITDA in the company’s history.
Management raised full-year constant-currency revenue guidance to a range of $830 million to $840 million, up from $805 million to $820 million, with an adjusted EBITDA margin target of 12.2 to 12.8 percent.
Key numbers from the third quarter
| Metric | Q3 FY2026 | Change |
| Revenue | $214.9 million | +15.6% |
| Net income | $13.9 million | +21.2% |
| GAAP diluted EPS | $2.20 | +27.2% |
| Non-GAAP diluted EPS | $2.19 | +6.3% |
| Non-GAAP EBITDA | $27.1 million | +11.2% |
| Quarterly dividend | $0.67 per share | +17.5% |
Growth was broad across practices. Forensic Services, Life Sciences, and Risk, Investigations & Analytics each grew at double-digit rates, while the Antitrust & Competition Economics practice posted a record quarter. North American revenue rose 18.0 percent, and international revenue grew 6.2 percent on a constant-currency basis.
What the increase means for income investors
The new payout annualizes to $2.68 per share. At the November 6 closing price of $197.66, that works out to a forward yield of about 1.4 percent, up from roughly 1.2 percent on the old payout.
The increase is well covered. The payout consumes roughly 34 percent of trailing earnings, leaving room for further raises even if consulting demand cools. Shares have traded between $132.17 and $227.29 over the past year, and the stock closed at $197.66 on November 6, down 2.6 percent on the day.
Charles River Associates is not a high-yielder, and it does not pretend to be. The case for the stock is a modest payout that has grown every year, backed by a litigation- and disputes-heavy consulting model with a $1.24 billion market capitalization.
Income math for a $100,000 position
| Position detail | Value |
| Shares per $100,000 at $197.66 | About 506 shares |
| Annual income at old $2.28 rate | About $1,154 |
| Annual income at new $2.68 rate | About $1,356 |
| Raise per $100,000 invested | About $202 per year |
A retiree holding 500 shares would collect roughly $1,340 a year at the new rate, up from about $1,140. The bump is modest in dollar terms, but it follows a pattern: seven straight years of payout growth.
Risks to watch
Margin direction deserves attention. Non-GAAP EBITDA margin ran at 12.6 percent of revenue, down about half a percentage point from a year ago, as hiring continued ahead of demand. Headcount grew 6.2 percent year over year, and utilization sat at 78 percent.
Consulting revenue is cyclical. Economic downturns can swell disputes and forensic work while shrinking corporate engagements, so results do not move in a straight line. The stock’s 24.8 trailing earnings multiple leaves less cushion for a revenue miss than it did at $132.
The dividend yield near 1.4 percent will not carry an income portfolio alone. Investors who need current cash should treat CRAI as a growth-of-income holding rather than a yield holding.
What to watch from here
Investors must own shares before the November 24 record date to receive the December 11 payment. The next earnings report is expected in early March 2027, where management will show whether the raised guidance is on track.
Watch two numbers above all: constant-currency revenue growth against the new $830 million to $840 million range, and the EBITDA margin trend inside the 12.2 to 12.8 percent target.
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