FORRESTER RESEARCH, INC.

EDGAR

Annual consolidated revenue for 2025: about USD 396.9M, using the latest reported figures. The previous period, 2024, was about USD 432.5M.

Watchlist

Latest quarter

Revenue

100 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating margin

3.39%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: 3398000 USD Source
  • Revenue: 100233000 USD Source

Operating cash flow

-555 thousand USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 25023000 USD Source
  • Operating Cash Flow: 25578000 USD Source

Free cash flow

-12.6 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 25023000 USD Source
  • Operating Cash Flow: 25578000 USD Source
  • Capital Expenditure: 18238000 USD Source
  • Capital Expenditure: 6198000 USD Source
Cash and cash equivalents
59.5 million USD Source
Exact value

59515000 USD

Long-term debt including current maturities
75 million USD Source
Exact value

75000000 USD

Shares outstanding
19.3 million shares Source
Exact value

19284000 shares

Reported share-count change

1.07% · 204 thousand shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 19080000 shares · 2025-06-30· Source
  • 19284000 shares · 2026-06-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

381 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Revenue: 94295000 USD · 2025-07-01 – 2025-09-30 Source
  • Revenue: 396888000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 295830000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 85454000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 100233000 USD · 2026-04-01 – 2026-06-30 Source

Net income

-42.6 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Net income: -2126000 USD · 2025-07-01 – 2025-09-30 Source
  • Net income: -119360000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: -85485000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: -21825000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 15253000 USD · 2026-04-01 – 2026-06-30 Source

Operating cash flow

23 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: 24293000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 23096000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 21081000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 24293000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 25578000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 25023000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 25578000 USD · 2026-01-01 – 2026-03-31 Source

Capital expenditure

20 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Capital expenditure: 1923000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 1250000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 2987000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 1923000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 6198000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 18238000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 6198000 USD · 2026-01-01 – 2026-03-31 Source

Free cash flow

3.03 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: 24293000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 23096000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 21081000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 24293000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 25578000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 25023000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 25578000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 1923000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 1250000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 2987000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 1923000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 6198000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 18238000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 6198000 USD · 2026-01-01 – 2026-03-31 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-29.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 10 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 11 of 11 periods available· newest 2025-12-31
  • Total assets: 10 of 11 periods available· newest 2025-12-31
  • Total liabilities: 10 of 11 periods available· newest 2025-12-31
  • Current assets: 10 of 11 periods available· newest 2025-12-31
  • Current liabilities: 10 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 10 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 3 of 11 periods available· newest 2021-12-31
  • Shares outstanding: 10 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    -8.2%

    Prior period

    USD 432.47 million

    –

    Current period

    USD 396.89 million

    –

    Exact inputs and evidence

    396888000 − 432470000 = -35582000 USD

    432470000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    396888000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    −USD 113.61 million

    Prior period

    −USD 5.75 million

    –

    Current period

    −USD 119.36 million

    –

    Exact inputs and evidence

    -119360000 − -5747000 = -113613000 USD

    -5747000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -119360000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    +USD 24.94 million

    Prior period

    −USD 3.86 million

    –

    Current period

    USD 21.08 million

    –

    Exact inputs and evidence

    21081000 − -3861000 = 24942000 USD

    -3861000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    21081000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    -12.1%

    Prior period

    USD 3.4 million

    –

    Current period

    USD 2.99 million

    –

    Exact inputs and evidence

    2987000 − 3400000 = -413000 USD

    3400000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    2987000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 396.89 million 100% of revenue
  • Operating costs Derived USD 510.06 million 129% of revenue
  • Operating income −USD 113.17 million −29% of revenue
  • Tax, interest and other Derived USD 6.19 million 1.6% of revenue
  • Net income −USD 119.36 million −30% of revenue

Cash

  • Operating cash flow USD 21.08 million 5.3% of revenue
  • Capital expenditure USD 2.99 million 0.8% of revenue
  • Free cash flow Derived USD 18.09 million 4.6% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 91%
  • 2017 92%
  • 2018 94%
  • 2019 Net loss: net income was −2.1% of revenue.
  • 2020 Operating loss: operating costs were 104% of revenue.
  • 2021 92%
  • 2022 94%
  • 2023 99%
  • 2024 Net loss: net income was −1.3% of revenue.
  • 2025 Operating loss: operating costs were 129% of revenue.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-31326095000 295321000 Derived 30774000 13123000 Derived 17651000 40337000 Derived
Source
2017 2017-01-01 – 2017-12-31337673000 310124000 Derived 27549000 12409000 Derived 15140000 29632000 Derived
Source
2018 2018-01-01 – 2018-12-31357575000 335150000 Derived 22425000 7045000 Derived 15380000 33369000 Derived
Source
2019 2019-01-01 – 2019-12-31461697000 460622000 Derived 1075000 10645000 Derived -9570000 36516000 Derived
Source
2020 2020-01-01 – 2020-12-31448984000 465159000 Derived -16175000 -26165000 Derived 9990000 38849000 Derived
Source
2021 2021-01-01 – 2021-12-31494315000 455673000 Derived 38642000 13798000 Derived 24844000 96322000 Derived
Source
2022 2022-01-01 – 2022-12-31537787000 505133000 Derived 32654000 10848000 Derived 21806000 33762000 Derived
Source
2023 2023-01-01 – 2023-12-31480779000 474013000 Derived 6766000 3716000 Derived 3050000 16178000 Derived
Source
2024 2024-01-01 – 2024-12-31432470000 431730000 Derived 740000 6487000 Derived -5747000 -7261000 Derived
Source
2025 2025-01-01 – 2025-12-31396888000 510061000 Derived -113173000 6187000 Derived -119360000 18094000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 396.9M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.580.8M435.6M290.4M145.2M0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue326095000
2017Revenue337673000
2018Revenue357575000
2019Revenue461697000
2020Revenue448984000
2021Revenue494315000
2022Revenue537787000
2023Revenue480779000
2024Revenue432470000
2025Revenue396888000

Revenue growth

Change in revenue from the same financial period one year earlier.

-8.2% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.32%21%9%-2%-14%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over yearNo prior comparable period
2017Year over year3.6%
2018Year over year5.9%
2019Year over year29.1%
2020Year over year-2.8%
2021Year over year10.1%
2022Year over year8.8%
2023Year over year-10.6%
2024Year over year-10%
2025Year over year-8.2%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin -28.5% 2025
Net margin -30.1% 2025
Free cash flow margin 4.6% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.23%9%-5%-20%-34%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin9.4%
2017Operating margin8.2%
2018Operating margin6.3%
2019Operating margin0.2%
2020Operating margin-3.6%
2021Operating margin7.8%
2022Operating margin6.1%
2023Operating margin1.4%
2024Operating margin0.2%
2025Operating margin-28.5%
2016Net margin5.4%
2017Net margin4.5%
2018Net margin4.3%
2019Net margin-2.1%
2020Net margin2.2%
2021Net margin5%
2022Net margin4.1%
2023Net margin0.6%
2024Net margin-1.3%
2025Net margin-30.1%
2016Free cash flow margin12.4%
2017Free cash flow margin8.8%
2018Free cash flow margin9.3%
2019Free cash flow margin7.9%
2020Free cash flow margin8.7%
2021Free cash flow margin19.5%
2022Free cash flow margin6.3%
2023Free cash flow margin3.4%
2024Free cash flow margin-1.7%
2025Free cash flow margin4.6%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 21.1M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.115.9M83.8M51.6M19.4M-12.7M201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow44477000
2017Operating cash flow37493000
2018Operating cash flow38418000
2019Operating cash flow48406000
2020Operating cash flow47754000
2021Operating cash flow107067000
2022Operating cash flow39425000
2023Operating cash flow21673000
2024Operating cash flow-3861000
2025Operating cash flow21081000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 18.1M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.104.6M74.6M44.5M14.5M-15.5M201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow40337000
2017Free cash flow29632000
2018Free cash flow33369000
2019Free cash flow36516000
2020Free cash flow38849000
2021Free cash flow96322000
2022Free cash flow33762000
2023Free cash flow16178000
2024Free cash flow-7261000
2025Free cash flow18094000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

68.7% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.81%61%41%20%0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets55.3%
2017Liabilities / assets59.1%
2018Liabilities / assets57.1%
2019Liabilities / assets75.3%
2020Liabilities / assets71.2%
2021Liabilities / assets70%
2022Liabilities / assets63.6%
2023Liabilities / assets57.4%
2024Liabilities / assets54.4%
2025Liabilities / assets68.7%

Current assets to current liabilities

Current assets divided by current liabilities.

0.89× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.36×1.02×0.68×0.34×0.00×201620212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016Current assets / current liabilities1.26×
2017Current assets / current liabilities1.21×
2018Current assets / current liabilities1.24×
2019Current assets / current liabilities0.71×
2020Current assets / current liabilities0.81×
2021Current assets / current liabilities0.86×
2022Current assets / current liabilities0.87×
2023Current assets / current liabilities0.9×
2024Current assets / current liabilities0.99×
2025Current assets / current liabilities0.89×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 17.65 million
Exact value

Exact value: 17651000 USD

2016-01-01 – 2016-12-31: 17651000 USD Inspect Net Income Open source
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USD 44.48 million
Exact value

Exact value: 44477000 USD

2016-01-01 – 2016-12-31: 44477000 USD Inspect Operating Cash Flow Open source
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USD 4.14 million
Exact value

Exact value: 4140000 USD

2016-01-01 – 2016-12-31: 4140000 USD Inspect Capital Expenditure Open source
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USD 40.34 million
Calculation and evidence

44477000 − 4140000 USD

Exact free cash flow: 40337000 USD

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2017 2017-01-01 – 2017-12-31
USD 15.14 million
Exact value

Exact value: 15140000 USD

2017-01-01 – 2017-12-31: 15140000 USD Inspect Net Income Open source
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USD 37.49 million
Exact value

Exact value: 37493000 USD

2017-01-01 – 2017-12-31: 37493000 USD Inspect Operating Cash Flow Open source
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USD 7.86 million
Exact value

Exact value: 7861000 USD

2017-01-01 – 2017-12-31: 7861000 USD Inspect Capital Expenditure Open source
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USD 29.63 million
Calculation and evidence

37493000 − 7861000 USD

Exact free cash flow: 29632000 USD

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2018 2018-01-01 – 2018-12-31
USD 15.38 million
Exact value

Exact value: 15380000 USD

2018-01-01 – 2018-12-31: 15380000 USD Inspect Net Income Open source
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USD 38.42 million
Exact value

Exact value: 38418000 USD

2018-01-01 – 2018-12-31: 38418000 USD Inspect Operating Cash Flow Open source
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USD 5.05 million
Exact value

Exact value: 5049000 USD

2018-01-01 – 2018-12-31: 5049000 USD Inspect Capital Expenditure Open source
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USD 33.37 million
Calculation and evidence

38418000 − 5049000 USD

Exact free cash flow: 33369000 USD

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2019 2019-01-01 – 2019-12-31
−USD 9.57 million
Exact value

Exact value: -9570000 USD

2019-01-01 – 2019-12-31: -9570000 USD Inspect Net Income Open source
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USD 48.41 million
Exact value

Exact value: 48406000 USD

2019-01-01 – 2019-12-31: 48406000 USD Inspect Operating Cash Flow Open source
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USD 11.89 million
Exact value

Exact value: 11890000 USD

2019-01-01 – 2019-12-31: 11890000 USD Inspect Capital Expenditure Open source
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USD 36.52 million
Calculation and evidence

48406000 − 11890000 USD

Exact free cash flow: 36516000 USD

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2020 2020-01-01 – 2020-12-31
USD 9.99 million
Exact value

Exact value: 9990000 USD

2020-01-01 – 2020-12-31: 9990000 USD Inspect Net Income Open source
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USD 47.75 million
Exact value

Exact value: 47754000 USD

2020-01-01 – 2020-12-31: 47754000 USD Inspect Operating Cash Flow Open source
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USD 8.91 million
Exact value

Exact value: 8905000 USD

2020-01-01 – 2020-12-31: 8905000 USD Inspect Capital Expenditure Open source
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USD 38.85 million
Calculation and evidence

47754000 − 8905000 USD

Exact free cash flow: 38849000 USD

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2021 2021-01-01 – 2021-12-31
USD 24.84 million
Exact value

Exact value: 24844000 USD

2021-01-01 – 2021-12-31: 24844000 USD Inspect Net Income Open source
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USD 107.07 million
Exact value

Exact value: 107067000 USD

2021-01-01 – 2021-12-31: 107067000 USD Inspect Operating Cash Flow Open source
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USD 10.75 million
Exact value

Exact value: 10745000 USD

2021-01-01 – 2021-12-31: 10745000 USD Inspect Capital Expenditure Open source
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USD 96.32 million
Calculation and evidence

107067000 − 10745000 USD

Exact free cash flow: 96322000 USD

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2022 2022-01-01 – 2022-12-31
USD 21.81 million
Exact value

Exact value: 21806000 USD

2022-01-01 – 2022-12-31: 21806000 USD Inspect Net Income Open source
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USD 39.43 million
Exact value

Exact value: 39425000 USD

2022-01-01 – 2022-12-31: 39425000 USD Inspect Operating Cash Flow Open source
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USD 5.66 million
Exact value

Exact value: 5663000 USD

2022-01-01 – 2022-12-31: 5663000 USD Inspect Capital Expenditure Open source
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USD 33.76 million
Calculation and evidence

39425000 − 5663000 USD

Exact free cash flow: 33762000 USD

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2023 2023-01-01 – 2023-12-31
USD 3.05 million
Exact value

Exact value: 3050000 USD

2023-01-01 – 2023-12-31: 3050000 USD Inspect Net Income Open source
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USD 21.67 million
Exact value

Exact value: 21673000 USD

2023-01-01 – 2023-12-31: 21673000 USD Inspect Operating Cash Flow Open source
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USD 5.5 million
Exact value

Exact value: 5495000 USD

2023-01-01 – 2023-12-31: 5495000 USD Inspect Capital Expenditure Open source
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USD 16.18 million
Calculation and evidence

21673000 − 5495000 USD

Exact free cash flow: 16178000 USD

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2024 2024-01-01 – 2024-12-31
−USD 5.75 million
Exact value

Exact value: -5747000 USD

2024-01-01 – 2024-12-31: -5747000 USD Inspect Net Income Open source
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−USD 3.86 million
Exact value

Exact value: -3861000 USD

2024-01-01 – 2024-12-31: -3861000 USD Inspect Operating Cash Flow Open source
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USD 3.4 million
Exact value

Exact value: 3400000 USD

2024-01-01 – 2024-12-31: 3400000 USD Inspect Capital Expenditure Open source
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−USD 7.26 million
Calculation and evidence

-3861000 − 3400000 USD

Exact free cash flow: -7261000 USD

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2025 2025-01-01 – 2025-12-31
−USD 119.36 million
Exact value

Exact value: -119360000 USD

2025-01-01 – 2025-12-31: -119360000 USD Inspect Net Income Open source
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USD 21.08 million
Exact value

Exact value: 21081000 USD

2025-01-01 – 2025-12-31: 21081000 USD Inspect Operating Cash Flow Open source
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USD 2.99 million
Exact value

Exact value: 2987000 USD

2025-01-01 – 2025-12-31: 2987000 USD Inspect Capital Expenditure Open source
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USD 18.09 million
Calculation and evidence

21081000 − 2987000 USD

Exact free cash flow: 18094000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

198 filings · 9,670 latest values · 9,670 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001023313, 1023313, FORR, edgar:1023313

Also known as FORRESTER RESEARCH INC, FORRESTER RESEARCH, INC., Forrester Research, Inc.