FORRESTER RESEARCH, INC.

Listed Company

FORRCIK 0001023313NasdaqAcceleratedServices-Engineering, Accounting, Research, ManagementDelawareFY ends Dec 31

Period

FY 2025

Revenue

$396.90M

Net Income

$-119.36M

Total Assets

$404.03M

Equity

$126.53M

Shares Out

19.18M

Op. Cash Flow

$21.08M

Business

FORRESTER RESEARCH, INC. is a global independent research and advisory firm that empowers business and technology leaders to drive growth through customer obsession. It provides proprietary research, consulting, advisory guidance, analyst support, and events that deliver insights, best practices, benchmarking, and vendor evaluations. Its operations are organized into three business segments—Research (subscription research and analyst access), Consulting (projects and advisory services), and Events (conferences and curated experiences). Forrester delivers products and services worldwide through a direct sales force, online channels, independent representatives, and regional sales teams in North America, Europe, and Asia Pacific.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	397	432	481	538	494
Cost of services and fulfillment	171	183	204	224	202
Selling and marketing	149	160	167	182	171
General and administrative	53	59	68	68	58
Depreciation	6	8	8	9	9
Amortization of intangible assets	9	10	12	13	15
Goodwill impairment	111	0	0	—	—
Restructuring costs	12	12	13	9	0
Loss from sale of divested operation	0	2	0	0	—
Total operating expenses	510	432	474	505	456
Income (loss) from operations	−113	740,000	7	33	39
Interest expense	−3	−3	−3	−2	−4
Other income, net	4	4	2	222,000	−1
Credit loss expense on note receivable	−7	0	0	—	—
Gains on investments, net	2,000	814,000	208,000	309,000	0
Income (loss) before income taxes	−119	3	6	31	33
Income tax expense (benefit)	−49,000	8	3	9	8
Net income (loss)	−119	−6	3	22	25
Basic income (loss) per common share	−6.28	−0.3	0.16	1.15	1.3
Diluted income (loss) per common share	−6.28	−0.3	0.16	1.14	1.28
Basic weighted average common shares outstanding	19	19	19	19	19
Diluted weighted average common shares outstanding	19	19	19	19	19

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	63	56	73	104	116
Marketable investments	64	49	52	20	19
Accounts receivable, net of allowance for expected credit losses of $360 and $434 as of December 31, 2025 and 2024, respectively	51	55	59	73	87
Deferred commissions	22	23	23	25	30
Prepaid expenses and other current assets	12	18	9	14	19
Total current assets	213	201	216	235	269
Property and equipment, net	11	12	19	23	28
Operating lease right-of-use assets	31	27	40	50	65
Goodwill	120	228	244	242	245
Intangible assets, net	19	27	38	50	63
Other assets	10	8	7	8	10
Total assets	404	504	564	608	680
Accounts payable	832,000	965,000	2	361,000	840,000
Accrued expenses and other current liabilities	62	58	81	91	98
Current portion of long-term debt	35	0	—	—	0
Deferred revenue	142	145	157	178	214
Total current liabilities	240	204	240	269	312
Long-term debt	0	35	35	50	75
Non-current operating lease liabilities	30	25	38	51	65
Other non-current liabilities	8	11	11	17	24
Total liabilities	278	274	324	387	476
Commitments and contingencies (Note16)	—	—	—	—	—
Preferred stock, $0.01 par value Authorized - 500 shares; issued and outstanding - none	0	0	0	0	0
Common stock, $0.01 par value Authorized - 125,000 shares Issued - 25,535 and 25,119 shares as of December 31, 2025 and 2024, respectively Outstanding - 19,013 and 18,838 shares as of December 31, 2025 and 2024, respectively	255,000	251,000	247,000	244,000	241,000
Additional paid-in capital	304	292	278	262	246
Retained earnings	53	172	178	175	153
Treasury stock - 6,522 and 6,282 shares as of December 31, 2025 and 2024, respectively	−230	−227	−211	−207	−192
Accumulated other comprehensive loss	−1	−8	−5	−8	−3
Total stockholders equity	127	230	240	222	204
Total liabilities and stockholders equity	404	504	564	608	680

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	−119	−6	3	22	25
Impairment of property and equipment	67,000	967,000	726,000	1	—
Deferred income taxes	−4	−58,000	−5	−7	−275,000
Stock-based compensation	12	14	15	15	10
Operating lease right-of-use assets amortization and impairments	7	13	12	15	11
Loss from sale of divested operation	0	2	0	0	—
Other, net	904,000	174,000	192,000	370,000	—
Accounts receivable	5	−9,000	15	13	−4
Deferred commissions	882,000	63,000	1	5	−6
Prepaid expenses and other current assets	−3	−197,000	6	4	−1
Accounts payable	−144,000	−814,000	1	−461,000	201,000
Accrued expenses and other liabilities	7	−21	−11	−6	20
Deferred revenue	−6	−9	−23	−32	36
Operating lease liabilities	−11	−15	−14	−13	−11
Net cash provided by (used in) operating activities	21	−4	22	39	107
Purchases of property and equipment	−3	−3	−5	−6	−11
Purchases of marketable investments	−33	−59	−61	−29	−22
Proceeds from maturities of marketable investments	15	52	28	27	2
Proceeds from sales of marketable investments	6	10	1	0	1
Proceeds from sale of divested operation	0	6	0	0	—
Other investing activity	2	−62,000	13,000	201,000	56,000
Net cash provided by (used in) investing activities	−14	5	−37	−7	−29
Payments on borrowings	0	0	−15	−25	−34
Payment of debt issuance costs	0	0	−25,000	0	−494,000
Repurchases of common stock	−3	−16	−4	−15	−20
Proceeds from issuance of common stock under employee equity incentive plans	1	2	3	4	9
Taxes paid for net share settlements of stock-based compensation awards	−1	−3	−3	−3	−3
Net cash used in financing activities	−3	−16	−18	−39	−49
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3	−2	3	−6	−1
Net increase (decrease) in cash, cash equivalents and restricted cash	7	−17	−31	−12	27
Cash paid for interest	2	3	3	2	3
Cash paid for income taxes	7	9	11	9	10
Additions to property, plant and equipment included in accounts payable and accrued expenses	3	0	0	—	—

Filings

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