[Form 4] CRA International, Inc. Insider Trading Activity

Rhea-AI Filing Summary

FedEx Corporation’s FY25 Form 10-K outlines several structural and strategic shifts but provides limited current-year P&L detail. Key disclosures include:

• One FedEx integration: On 1 Jun 2024 FedEx Ground and FedEx Corporate Services were merged into Federal Express, creating a unified air-ground network now reported as two segments: Federal Express and FedEx Freight.
• Planned spin-off: In Dec 2024 the Board approved a tax-free spin-off of FedEx Freight, targeting completion by Jun 2026.
• Fiscal-year change: Effective 1 Jun 2026 the company will shift its year-end from 31 May to 31 Dec.
• Network 2.0 & DRIVE: Efficiency program now active in ~290 locations; Canada rollout finished and ~130 U.S. facilities converted.
• Pricing actions: U.S. domestic & international list rates rose 5.9% on 6 Jan 2025; most pandemic-era demand surcharges were suspended 31 May 2025.
• Fuel profile: Jet-fuel spend fell to $2.83 bn (3.2 % of revenue) from $3.60 bn in FY24; FedEx remains un-hedged.
• Capital structure: 235.9 m shares outstanding (17 Jul 2025); non-affiliate market value c.$66.8 bn.
• Labor: 440 k employees at Federal Express; pilot contract talks continue under NMB mediation after July 2023 vote.

No revenue, EPS or cash-flow figures are provided in the excerpt; investors must review the full financial statements in Item 8 for performance metrics.

Positive

• Board-approved spin-off of FedEx Freight targeted for completion by June 2026, potentially unlocking shareholder value.
• Network 2.0 and DRIVE rollout has reached ~290 sites, indicating traction on cost-efficiency initiatives.
• Jet-fuel expense declined 21 % YoY, easing cost pressure without hedging complexity.

Negative

• Filing excerpt lacks revenue, EPS and cash-flow figures, limiting immediate assessment of financial health.
• Pilot contract remains unresolved; mediation continues after failed ratification, carrying future labor-cost uncertainty.

Insights

Corporate Strategy Analyst

TL;DR: Filing signals portfolio reshaping via Freight spin-off and network optimization; absent financials keep immediate valuation impact neutral.

The Freight spin-off could unlock a pure-play LTL entity and let core express focus on margin recovery, yet timelines (FY26) limit near-term catalysts. One FedEx and Network 2.0 show execution progress—290 sites converted—but benefits hinge on parcel-volume recovery. Fuel and surcharge data confirm cost tailwinds versus FY24. The fiscal-year change will shorten the next reporting period, complicating YoY comparability. Ongoing pilot negotiations pose limited operational risk at present. Overall, strategic direction is positive but incremental, with valuation implications dependent on future earnings detail.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CONCANNON WILLIAM F

(Last) (First) (Middle)

200 CLARENDON STREET

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CRA INTERNATIONAL, INC. [ CRAI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/17/2025		A		696(1)	A	$0	15,595	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares vest in four equal annual installments beginning on the first anniversary of the date of grant.

	Delia J. Makhlouta, by power of attorney	07/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Why is FedEx (FDX) spinning off FedEx Freight?

The Board believes a separate publicly traded LTL company will enhance strategic focus and could unlock shareholder value; completion is targeted by June 2026.

What is FedEx’s new fiscal year end?

December 31; the change becomes effective for the period beginning June 1 2026.

How far along is the Network 2.0 optimization project?

FedEx reports implementation in ~290 locations, including full rollout in Canada and 130 U.S. sites.

How much did FedEx spend on jet fuel in FY25?

Jet fuel cost was $2.83 billion, representing 3.2 % of consolidated revenue, down from $3.60 billion in FY24.

What was FedEx’s market capitalization used in the filing?

Non-affiliate market value was approximately $66.8 billion based on the 30 Nov 2024 closing price.

Is there any change to FedEx’s rate structure for 2025?

Yes, average list prices for U.S. domestic and international services rose 5.9 % on 6 Jan 2025; most pandemic demand surcharges were later suspended.