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Forrester Research
Forrester Research (FORR) investor relations material
Forrester Research Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
2025 saw continued revenue and contract value (CV) declines, prompting restructuring to focus on higher-margin research, sunsetting strategy consulting, and revamping events to smaller, regional formats.
The business model is weighted toward recurring research revenue (74%), with consulting and events contributing 22% and 3%, respectively.
Four key initiatives for 2026: retention lifecycle execution, expanded product options (notably AI), sales culture transformation, and more actionable research.
Leadership emphasizes contract value growth, proprietary AI-driven insights, and a differentiated research platform.
Launch of AI Access in September 2025 contributed to momentum in cash flow, client retention, and bookings.
Financial highlights
Q4 2025 revenue was $101.1M, down from $108.0M in Q4 2024; full-year 2025 revenue was $396.9M, down from $432.5M in 2024.
Q4 operating income fell 53% to $4.2M; full-year operating income down 21% to $30.3M.
Q4 2025 GAAP net loss was $33.9M ($1.78/share); full-year GAAP net loss was $119.4M ($6.28/share).
Adjusted EBITDA for 2025 was $36.3M; free cash flow for the year was $18.1M.
Cash and equivalents at year-end 2025 were $127.7M, with $35M in debt outstanding.
Outlook and guidance
2026 revenue guidance is $345M–$360M, a 9%–13% decline from 2025, reflecting consulting and events restructuring.
Adjusted operating margin expected between 6.0% and 6.5%; adjusted EPS between $0.72 and $0.82.
2026 GAAP operating margin expected between -0.8% and -0.3%; diluted loss per share of $0.20–$0.10.
CV expected to show modest growth by year-end 2026, with research approaching 80% of total revenue.
Implications of goodwill impairment?
Reconcile client retention vs client count decline.
AI Access contribution to 2026 guidance?
How does AI Access improve sales velocity?
What is the strategic rationale for consulting exit?
What are the new CSO's key sales initiatives?
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Next Forrester Research earnings date
Q1 20265 May, 2026
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Next Forrester Research earnings date
Q1 20265 May, 2026
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Forrester Research Inc provides research, advisory, and consulting services that support business and technology decision-making. The company serves corporate and public sector clients with insights on customer experience, digital transformation, and market trends. The company is headquartered in Cambridge, Massachusetts, and its shares are listed on the NASDAQ.
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