FORR · Forrester Research, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $85.45M | - | $94.30M | $111.66M | $89.88M | - | $102.53M | $121.83M | $100.08M | - |
| Cost of Revenue | $38.63M | - | $37.71M | $49.65M | $39.60M | - | $40.51M | $51.99M | $45.10M | - |
| Gross Profit | $46.82M | - | $56.58M | $62.01M | $50.27M | - | $62.02M | $69.83M | $54.98M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $52.04M | - | $51.29M | $55.72M | $54.05M | - | $57.63M | $55.92M | $55.13M | - |
| Total Operating Expenses | $104.08M | - | $89.84M | $104.70M | $177.47M | - | $103.26M | $110.51M | $109.37M | - |
| D&A | $1.44M | - | $1.53M | $1.66M | $1.48M | - | $1.96M | $2.06M | $2.06M | - |
| Operating Income | ($18.63M) | - | $4.46M | $6.96M | ($87.59M) | - | ($731.0K) | $11.31M | ($9.29M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $3.10M | - | $437.0K | $3.20M | ($1.03M) | - | $4.72M | $5.27M | ($2.11M) | - |
| Net Income | ($21.82M) | - | ($2.13M) | $3.91M | ($87.27M) | - | ($5.80M) | $6.29M | ($6.67M) | - |
| EPS - Basic | ($1.14) | - | ($0.11) | $0.21 | ($4.62) | - | ($0.30) | $0.33 | ($0.35) | - |
| EPS - Diluted | ($1.14) | - | ($0.11) | $0.20 | ($4.62) | - | ($0.30) | $0.33 | ($0.35) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $73.90M | $63.34M | $65.12M | $67.77M | $75.59M | $56.09M | $62.75M | $58.85M | $61.38M | $72.91M |
| Accounts Receivable | $40.90M | $50.85M | $33.59M | $40.24M | $43.25M | $55.49M | $39.16M | $47.70M | $54.72M | $59.00M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $1.08M | $832.0K | $1.82M | $1.80M | $422.0K | $965.0K | $1.57M | $2.33M | $2.75M | $1.80M |
| Current Assets | $218.37M | $212.69M | $193.64M | $214.20M | $218.50M | $201.36M | $193.87M | $193.43M | $218.58M | $216.00M |
| Total Assets | $409.07M | $404.03M | $414.18M | $436.04M | $439.81M | $503.86M | $505.26M | $524.17M | $555.67M | $564.17M |
| Current Liabilities | $237.89M | $240.06M | $182.10M | $197.23M | $223.69M | $203.97M | $198.00M | $211.59M | $241.11M | $240.08M |
| Long-term Debt | $35.00M | $0 | $35.00M | $35.00M | $35.00M | $35.00M | $35.00M | $35.00M | $35.00M | $35.00M |
| Total Liabilities | $303.01M | $277.51M | $256.51M | $276.50M | $292.37M | $274.32M | $270.93M | $287.11M | $324.74M | $323.91M |
| Stockholders' Equity | $106.05M | $126.53M | $157.67M | $159.54M | $147.43M | $229.54M | $234.33M | $237.05M | $230.93M | $240.26M |
| Retained Earnings | $30.75M | $52.57M | $86.45M | $88.58M | $84.66M | $171.93M | $171.50M | $177.30M | $171.01M | $177.68M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $25.58M | - | - | - | $26.72M | - | - | - | $611.0K | - |
| Investing Cash Flow | ($14.07M) | - | - | - | ($8.47M) | - | - | - | ($7.24M) | - |
| Financing Cash Flow | $148.0K | - | - | - | $235.0K | - | - | - | ($4.27M) | - |
| CapEx | $6.20M | - | - | - | $648.0K | - | - | - | $1.43M | - |
| Free Cash Flow | $19.38M | - | - | - | $26.07M | - | - | - | ($815.0K) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 54.8% | - | 60.0% | 55.5% | 55.9% | - | 60.5% | 57.3% | 54.9% | - |
| Operating margin | -21.8% | - | 4.7% | 6.2% | -97.5% | - | -0.7% | 9.3% | -9.3% | - |
| EBITDA margin | -20.1% | - | 6.4% | 7.7% | -95.8% | - | 1.2% | 11.0% | -7.2% | - |
| Net margin | -25.5% | - | -2.3% | 3.5% | -97.1% | - | -5.7% | 5.2% | -6.7% | - |
| Free cash flow margin | 22.7% | - | - | - | 29.0% | - | - | - | -0.8% | - |
| FCF / Net income | -0.89 | - | - | - | -0.30 | - | - | - | 0.12 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 60.9% | - | 54.4% | 49.9% | 60.1% | - | 56.2% | 45.9% | 55.1% | - |
| Effective tax rate | - | - | - | 45.0% | - | - | - | 45.6% | - | - |
| Return on assets | -5.3% | - | -0.5% | 0.9% | -19.8% | - | -1.1% | 1.2% | -1.2% | - |
| Return on equity | -20.6% | - | -1.3% | 2.5% | -59.2% | - | -2.5% | 2.7% | -2.9% | - |
| Return on invested capital | -10.4% | - | 1.8% | 2.0% | -37.9% | - | -0.2% | 2.3% | -2.8% | - |
| Liquidity | ||||||||||
| Current ratio | 0.92 | 0.89 | 1.06 | 1.09 | 0.98 | 0.99 | 0.98 | 0.91 | 0.91 | 0.90 |
| Quick ratio | 0.92 | 0.89 | 1.06 | 1.09 | 0.98 | 0.99 | 0.98 | 0.91 | 0.91 | 0.90 |
| Cash ratio | 0.31 | 0.26 | 0.36 | 0.34 | 0.34 | 0.27 | 0.32 | 0.28 | 0.25 | 0.30 |
| Leverage | ||||||||||
| Debt / Equity | 0.33 | 0.00 | 0.22 | 0.22 | 0.24 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| Debt / Assets | 0.09 | 0.00 | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 | 0.07 | 0.06 | 0.06 |
| Debt / EBITDA | - | - | 5.84 | 4.06 | - | - | 28.55 | 2.62 | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 3.86 | 3.19 | 2.63 | 2.73 | 2.98 | 2.20 | 2.16 | 2.21 | 2.41 | 2.35 |
| Liabilities / Assets | 0.74 | 0.69 | 0.62 | 0.63 | 0.66 | 0.54 | 0.54 | 0.55 | 0.58 | 0.57 |
| Efficiency | ||||||||||
| Asset turnover | 0.21 | - | 0.23 | 0.26 | 0.20 | - | 0.20 | 0.23 | 0.18 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 175d | - | 130d | 132d | 176d | - | 139d | 143d | 200d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 10d | - | 18d | 13d | 4d | - | 14d | 16d | 22d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | 49.5x | - | - | - | 51.8x | - | - |
| P / B | 1.0x | - | 1.3x | 1.2x | 1.2x | - | 1.5x | 1.4x | 1.8x | - |
| P / S | 1.3x | - | 2.1x | 1.7x | 1.9x | - | 3.3x | 2.7x | 4.2x | - |
| EV / EBITDA | - | - | 28.8x | 18.2x | - | - | 257.4x | 22.6x | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -4.9% | - | -8.0% | -8.3% | -10.2% | - | -9.6% | -10.2% | -12.0% | - |
| Revenue CAGR (3y) | -9.1% | - | -9.6% | -9.0% | -10.4% | - | -4.6% | -1.8% | -4.2% | - |
| Revenue CAGR (5y) | -5.6% | - | -2.8% | -0.3% | -3.3% | - | -1.1% | -1.0% | -0.1% | - |
| Gross profit growth (YoY) | -6.9% | - | -8.8% | -11.2% | -8.6% | - | -7.3% | -13.9% | -14.3% | - |
| Operating income growth (YoY) | 78.7% | - | - | -38.5% | -842.6% | - | - | 36.5% | -80.8% | - |
| Net income growth (YoY) | 75.0% | - | 63.3% | -37.8% | -1207.8% | - | - | 18.6% | -63.8% | - |
| EPS growth (YoY) | 75.3% | - | 63.3% | -39.4% | -1220.0% | - | - | 17.9% | -66.7% | - |
| EPS CAGR (3y) | - | - | - | -34.8% | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | -20.5% | - | - | - | 32.8% | - | - |
| FCF growth (YoY) | -25.7% | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | -13.1% | - | - | - | 6.1% | - | - | - | - | - |
| Book value growth (YoY) | -28.1% | -44.9% | -32.7% | -32.7% | -36.2% | -4.5% | 0.6% | 2.3% | 3.7% | 8.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$396.89M totalResearch Segment$317.57M · 80.0%
Consulting Segment$66.23M · 16.7%
Events Segment$13.09M · 3.3%
Product / service
$692.50M totalResearch Revenue$295.61M · 42.7%
Research Services$295.61M · 42.7%
Consulting Services Revenue$88.19M · 12.7%
Events Revenue$13.09M · 1.9%
Geographic
$396.89M totalUS$304.17M · 76.6%
Europe Excluding United Kingdom$37.03M · 9.3%
Asia Pacific$21.77M · 5.5%
GB$15.75M · 4.0%
CA$10.92M · 2.8%
Other Country$7.25M · 1.8%
Peer comparison
Same SIC group: Services-Engineering, Accounting, Research, Management
Comparing FORRESTER RESEARCH against the 2 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Dec 11, 2018 | $0.2000 |
| Sep 11, 2018 | $0.2000 |
| Jun 12, 2018 | $0.2000 |
| Mar 6, 2018 | $0.2000 |
| Dec 5, 2017 | $0.1900 |
| Sep 1, 2017 | $0.1900 |
| Jun 5, 2017 | $0.1900 |
| Feb 27, 2017 | $0.1900 |
| Dec 5, 2016 | $0.1800 |
| Sep 2, 2016 | $0.1800 |
| Jun 6, 2016 | $0.1800 |
| Feb 29, 2016 | $0.1800 |
| Nov 30, 2015 | $0.1700 |
| Aug 31, 2015 | $0.1700 |
| Jun 8, 2015 | $0.1700 |
| Mar 2, 2015 | $0.1700 |
| Dec 1, 2014 | $0.1600 |
| Aug 29, 2014 | $0.1600 |
| Jun 2, 2014 | $0.1600 |
| Mar 3, 2014 | $0.1600 |
| Dec 2, 2013 | $0.1500 |
| Aug 30, 2013 | $0.1500 |
| Jun 3, 2013 | $0.1500 |
| Mar 4, 2013 | $0.1500 |