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Financials · FORR

Forrester Research Inc. (FORR) financials

For the twelve months ended Sep 30, 2026, Forrester Research Inc. reported $372.85M of revenue and -$44.87M of net income.

Revenue, TTM
$372.85M
Revenue growth, YoY
-7.7%
Net income, TTM
-$44.87M
Net margin
-12.0%
Free cash flow, TTM
$4.36M
EPS, diluted, TTM
-$2.34
Cash
$54.09M
Total debt
$30.00M
P/S
0.45
Market cap
$168.1M
Annual revenue$396.89M
FY2016FY2025
Annual net income-$119.36M
FY2016FY2025
Annual free cash flow$18.09M
FY2016FY2025

FORR revenue and earnings growth

FORR revenueQ3 2026$86.11M

Quarter YoY
-8.7%
QoQ
-14.1%
FY YoY
-8.2%
5Y CAGR
-2.4%

FORR revenue was $86.11M in fiscal Q3 2026 (ended Sep 30, 2026), down 8.7% from a year earlier and down 14.1% from the prior quarter. For the full fiscal 2025 it was $396.89M, down 8.2% from fiscal 2024. Compound annual growth was -2.4% over 5 years. It rose in 5 of the last 9 fiscal years.

FORR net incomeQ3 2026-$4.42M

FORR net income was -$4.42M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$2.13M a year earlier. For the full fiscal 2025 it was -$119.36M, compared with -$5.75M in fiscal 2024.

FORR EPSQ3 2026-$0.23

FORR diluted EPS was -$0.23 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.11 a year earlier. For the full fiscal 2025 it was -$6.28, compared with -$0.30 in fiscal 2024.

FORR free cash flowQ3 2026$1.85M

Quarter YoY
+253.4%
5Y CAGR
-14.2%
10Y CAGR
-4.9%

FORR free cash flow was $1.85M in fiscal Q3 2026 (ended Sep 30, 2026), up 253.4% from a year earlier. For the full fiscal 2025 it was $18.09M, compared with -$7.26M in fiscal 2024. Compound annual growth was -14.2% over 5 years and -4.9% over 10 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$396.89M$432.47M$480.78M$537.79M$494.31M$448.98M$461.70M$357.57M$337.67M$326.10M
Cost of revenue$170.72M$182.53M$204.48M$223.77M$182.63M$162.23M$178.04M$129.07M$118.71M$112.17M
Gross profit$226.17M$249.94M$276.30M$314.01M$311.68M$286.75M$279.11M$229.21M$218.96M$213.93M
Selling, general and admin$218.39M$232.75M$253.88M$278.52M$257.58M$245.12M$253.16M$201.13M$190.63M$181.30M
Operating income-$113.17M$740.0K$6.77M$32.65M$38.64M-$16.18M$1.07M$22.43M$27.55M$30.77M
Interest expense---$2.46M$4.22M$5.34M$8.05M---
Pre-tax income-$119.41M$2.64M$6.29M$30.72M$33.19M$12.93M-$9.60M$23.52M$27.37M$30.71M
Income tax-$49.0K$8.38M$3.23M$8.92M$8.35M$2.94M-$29.0K$8.14M$12.23M$13.06M
Net income-$119.36M-$5.75M$3.05M$21.81M$24.84M$9.99M-$9.57M$15.38M$15.14M$17.65M
EPS, basic-$6.28-$0.30$0.16$1.15$1.30-$0.53$0.52$0.85$0.84$0.98
EPS, diluted-$6.28-$0.30$0.16$1.14$1.28$0.53$0.52$0.84$0.83$0.97
Diluted shares19.0M19.1M19.3M19.2M19.4M18.9M18.5M18.4M18.2M18.3M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$63.34M$56.09M$72.91M$103.63M$115.77M$90.26M$67.90M$140.30M$79.79M$76.96M
Receivables$50.85M$55.49M$59.00M$73.34M$86.97M$84.69M$84.61M$67.32M$70.02M$58.81M
Current assets$212.69M$201.36M$216.00M$235.29M$269.49M$217.16M$192.04M$236.09M$236.82M$223.44M
Goodwill$120.38M$227.96M$244.26M$242.15M$244.99M$247.21M$243.83M$85.17M$76.17M$73.19M
Total assets$404.03M$503.86M$564.17M$608.44M$680.13M$644.22M$639.16M$353.52M$345.20M$335.79M
Current liabilities$240.06M$203.97M$240.08M$269.39M$312.34M$269.75M$268.93M$189.99M$195.05M$177.47M
Short-term debt$35.00M$0--$0$12.50M$9.38M---
Long-term debt$0$35.00M$35.00M$50.00M$75.00M$95.30M$121.17M---
Total debt$35.00M$35.00M$35.00M$50.00M$75.00M$107.80M$130.54M---
Total liabilities$277.51M$274.32M$323.91M$386.78M$476.22M$458.45M$481.07M$201.92M$204.01M$185.75M
Shareholders' equity$126.53M$229.54M$240.26M$221.66M$203.91M$185.77M$158.09M$151.60M$141.19M$150.04M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$21.08M-$3.86M$21.67M$39.42M$107.07M$47.75M$48.41M$38.42M$37.49M$44.48M
Capital expenditures$2.99M$3.40M$5.50M$5.66M$10.74M$8.90M$11.89M$5.05M$7.86M$4.14M
Free cash flow$18.09M-$7.26M$16.18M$33.76M$96.32M$38.85M$36.52M$33.37M$29.63M$40.34M
Investing cash flow-$14.07M$5.02M-$36.76M-$6.81M-$29.30M-$4.57M$249.54M$40.09M-$970.0K-$17.86M
Financing cash flow-$2.57M-$16.10M-$18.30M-$38.87M-$49.14M-$23.69M$129.44M-$13.95M-$37.62M-$113.0K
Dividends paid-------$14.50M$13.63M$12.99M
Share repurchases$2.54M$15.92M$4.08M$15.11M$20.07M$0$0$9.95M$39.97M$1.79M
Stock-based compensation$12.26M$14.34M$15.49M$14.54M$10.07M$10.88M$11.68M$8.30M$8.49M$7.98M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-8.2%-10.0%-10.6%8.8%10.1%-2.8%29.1%5.9%3.6%-
Net income growth, YoY---86.0%-12.2%148.7%--1.6%-14.2%47.1%
EPS growth, YoY---86.0%-10.9%141.5%1.9%-38.1%1.2%-14.4%47.0%
Gross margin57.0%57.8%57.5%58.4%63.1%63.9%60.5%64.1%64.8%65.6%
Operating margin-28.5%0.2%1.4%6.1%7.8%-3.6%0.2%6.3%8.2%9.4%
Net margin-30.1%-1.3%0.6%4.1%5.0%2.2%-2.1%4.3%4.5%5.4%
Free cash flow margin4.6%-1.7%3.4%6.3%19.5%8.7%7.9%9.3%8.8%12.4%
Return on equity-94.3%-2.5%1.3%9.8%12.2%5.4%-6.1%10.1%10.7%11.8%
Return on assets-29.5%-1.1%0.5%3.6%3.7%1.6%-1.5%4.4%4.4%5.3%
Current ratio0.890.990.900.870.860.810.711.241.211.26
Debt to equity0.280.150.150.230.370.580.83---

Source: XBRL data Forrester Research Inc. files with the SEC, latest filing dated Nov 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

FORR peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
FORR$372.85M-7.7%-$44.87M-12.0%$168.1M
ABNB$13.93B+16.7%$3.21B23.0%$113.76B
URI$17.50B+9.4%$2.86B16.3%$65.36B
PYPL$34.30B+4.4%$4.73B13.8%$49.20B
PAYX$6.60B+14.0%$1.81B27.4%$41.67B
SUNB$11.47B-$1.39B12.1%$31.57B
AER$8.52B+6.5%$3.75B44.0%$26.20B
ROL$3.99B+8.3%$526.12M13.2%$18.14B
APG$8.91B+16.4%$367.00M4.1%$17.38B

FORR FAQ

9 questions
  • What is FORR revenue?
    Forrester Research Inc. (FORR) reported $372.85M of revenue for the twelve months ended Sep 30, 2026. That is down 7.7% from the year before. Revenue for fiscal 2025 was $396.89M.
  • Is FORR profitable?
    No. Forrester Research Inc. reported a net loss of $44.87M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does FORR have?
    Forrester Research Inc. reported $54.09M in cash and cash equivalents and $30.00M of debt on its most recent balance sheet in SEC filings.
  • How fast is FORR revenue growing?
    Forrester Research Inc.'s revenue changed -8.2% in fiscal 2025, to $396.89M. Its compound annual growth rate was -2.4% over 5 years.
  • What is FORR gross margin?
    Forrester Research Inc.'s gross profit was $212.26M on $372.85M of revenue for the twelve months ended Sep 30, 2026, a gross margin of 56.9%.
  • What is FORR free cash flow?
    Forrester Research Inc. generated $4.36M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $30.20M less capital expenditures.
  • What is FORR earnings per share?
    Diluted earnings per share were -$2.34 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did FORR last report financial results?
    The latest statements here come from Forrester Research Inc.'s 10-Q filed on Nov 6, 2026, covering the period ended Sep 30, 2026.
  • Where does this FORR financial data come from?
    Quantisnow builds these statements from the structured XBRL data Forrester Research Inc. files with the SEC. It is provided for information only and is not investment advice.