NOTE · Fiscalnote Holdings, 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 | $20.02M | - | $22.43M | $23.26M | $27.51M | - | $29.44M | $29.25M | $32.11M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $2.04M | - | $2.08M | $2.27M | $3.10M | - | $3.25M | $3.21M | $3.48M | - |
| SG&A | $9.50M | - | $13.90M | $11.38M | $16.30M | - | $10.62M | $11.26M | $16.08M | - |
| Total Operating Expenses | $62.53M | - | $32.17M | $30.69M | $41.27M | - | $36.25M | $37.20M | $43.56M | - |
| D&A | $238.0K | - | - | - | $255.0K | - | - | - | $304.0K | - |
| Operating Income | ($42.51M) | - | ($9.74M) | ($7.43M) | ($13.76M) | - | ($6.81M) | ($7.96M) | ($11.44M) | - |
| Interest Expense | $3.36M | - | $3.69M | $4.34M | $5.13M | - | $5.58M | $5.32M | $7.36M | - |
| Income Tax | ($201.0K) | - | ($237.0K) | ($795.0K) | ($39.0K) | - | ($621.0K) | $324.0K | $1.43M | - |
| Net Income | ($43.61M) | - | ($24.86M) | ($13.27M) | ($4.25M) | - | ($14.94M) | ($12.76M) | $50.60M | - |
| EPS - Basic | ($2.39) | - | ($1.73) | ($0.96) | ($0.36) | - | ($1.32) | ($1.08) | $4.68 | - |
| EPS - Diluted | ($2.39) | - | ($1.73) | ($0.96) | ($0.36) | - | ($1.32) | ($1.08) | $4.44 | - |
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 | $23.84M | $24.32M | $26.68M | $34.01M | $41.73M | $28.81M | $25.69M | $30.65M | $36.46M | $16.45M |
| Accounts Receivable | $9.33M | $11.95M | $9.71M | $9.36M | $11.12M | $13.46M | $11.25M | $13.55M | $14.38M | $16.93M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $43.09M | $45.55M | $49.07M | $56.67M | $65.45M | $57.19M | $54.36M | $61.95M | $69.67M | $49.80M |
| Total Assets | $213.44M | $255.14M | $273.87M | $288.35M | $299.69M | $326.20M | $337.95M | $346.26M | $357.76M | $370.56M |
| Current Liabilities | $155.60M | $44.43M | $48.55M | $45.43M | $51.02M | $51.25M | $66.79M | $61.37M | $63.76M | $65.65M |
| Long-term Debt | $11.54M | $125.64M | $125.16M | $116.75M | $117.95M | $147.04M | $142.15M | $145.82M | $152.96M | $222.31M |
| Total Liabilities | $188.64M | $193.19M | $198.37M | $190.53M | $198.27M | $228.37M | $239.43M | $239.37M | $251.66M | $327.10M |
| Stockholders' Equity | $24.80M | $61.95M | $75.50M | $95.09M | $98.70M | $97.83M | $98.52M | $106.89M | $106.10M | $43.46M |
| Retained Earnings | ($915.76M) | ($872.15M) | ($849.27M) | ($824.42M) | ($811.15M) | ($806.90M) | ($793.52M) | ($778.58M) | ($765.82M) | ($816.42M) |
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 | $3.02M | - | - | - | $3.29M | - | - | - | $2.74M | - |
| Investing Cash Flow | ($1.65M) | - | - | - | $38.29M | - | - | - | $89.19M | - |
| Financing Cash Flow | ($1.83M) | - | - | - | ($28.81M) | - | - | - | ($71.80M) | - |
| CapEx | $1.65M | - | - | - | $1.98M | - | - | - | $1.69M | - |
| Free Cash Flow | $1.37M | - | - | - | $1.30M | - | - | - | $1.05M | - |
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 | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -212.3% | - | -43.4% | -31.9% | -50.0% | - | -23.1% | -27.2% | -35.6% | - |
| EBITDA margin | -211.1% | - | - | - | -49.1% | - | - | - | -34.7% | - |
| Net margin | -217.8% | - | -110.8% | -57.0% | -15.4% | - | -50.7% | -43.6% | 157.6% | - |
| Free cash flow margin | 6.8% | - | - | - | 4.7% | - | - | - | 3.3% | - |
| FCF / Net income | -0.03 | - | - | - | -0.31 | - | - | - | 0.02 | - |
| R&D / Revenue | 10.2% | - | 9.3% | 9.7% | 11.3% | - | 11.0% | 11.0% | 10.8% | - |
| SG&A / Revenue | 47.5% | - | 62.0% | 48.9% | 59.2% | - | 36.1% | 38.5% | 50.1% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | 2.7% | - |
| Return on assets | -20.4% | - | -9.1% | -4.6% | -1.4% | - | -4.4% | -3.7% | 14.1% | - |
| Return on equity | -175.9% | - | -32.9% | -14.0% | -4.3% | - | -15.2% | -11.9% | 47.7% | - |
| Return on invested capital | -92.4% | - | -3.8% | -2.8% | -5.0% | - | -2.2% | -2.5% | -4.3% | - |
| Liquidity | ||||||||||
| Current ratio | 0.28 | 1.03 | 1.01 | 1.25 | 1.28 | 1.12 | 0.81 | 1.01 | 1.09 | 0.76 |
| Quick ratio | 0.28 | 1.03 | 1.01 | 1.25 | 1.28 | 1.12 | 0.81 | 1.01 | 1.09 | 0.76 |
| Cash ratio | 0.15 | 0.55 | 0.55 | 0.75 | 0.82 | 0.56 | 0.38 | 0.50 | 0.57 | 0.25 |
| Leverage | ||||||||||
| Debt / Equity | 0.47 | 2.03 | 1.66 | 1.23 | 1.20 | 1.50 | 1.44 | 1.36 | 1.44 | 5.12 |
| Debt / Assets | 0.05 | 0.49 | 0.46 | 0.40 | 0.39 | 0.45 | 0.42 | 0.42 | 0.43 | 0.60 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -12.7x | - | -2.6x | -1.7x | -2.7x | - | -1.2x | -1.5x | -1.6x | - |
| Equity multiplier | 8.61 | 4.12 | 3.63 | 3.03 | 3.04 | 3.33 | 3.43 | 3.24 | 3.37 | 8.53 |
| Liabilities / Assets | 0.88 | 0.76 | 0.72 | 0.66 | 0.66 | 0.70 | 0.71 | 0.69 | 0.70 | 0.88 |
| Efficiency | ||||||||||
| Asset turnover | 0.09 | - | 0.08 | 0.08 | 0.09 | - | 0.09 | 0.08 | 0.09 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 170d | - | 158d | 147d | 148d | - | 139d | 169d | 163d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | 3.6x | - |
| P / B | 0.2x | - | 0.9x | 10.8x | 14.9x | - | 21.1x | 22.0x | 22.0x | - |
| P / S | 0.2x | - | 3.0x | 44.2x | 53.3x | - | 70.5x | 80.5x | 72.6x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -27.2% | - | -23.8% | -20.5% | -14.3% | - | -13.4% | 7.6% | 23.2% | - |
| Revenue CAGR (3y) | -8.4% | - | 1.0% | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -208.9% | - | -43.0% | 6.6% | -20.3% | - | 49.4% | 53.1% | 58.2% | - |
| Net income growth (YoY) | -926.2% | - | -66.4% | -4.0% | - | - | -3.2% | 58.8% | - | - |
| EPS growth (YoY) | -563.9% | - | -31.1% | 11.1% | - | - | -1100.0% | -369.6% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 4.9% | - | - | - | 24.3% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -74.9% | -36.7% | -23.4% | -11.0% | -7.0% | 125.1% | 17.9% | 14.1% | -24.5% | -70.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$101.83M totalSubscription$88.98M · 87.4%
Advisory Advertising And Other$6.42M · 6.3%
Other Revenue$2.84M · 2.8%
Advisory$2.08M · 2.0%
Advertising$1.49M · 1.5%
Books$10.0K · 0.0%
Geographic
$95.41M totalNorth America$85.60M · 89.7%
Europe$9.19M · 9.6%
AU$614.0K · 0.6%
Peer comparison
Same SIC group: Services-Business Services, NEC
Comparing FiscalNote Holdings against the 5 most active filers in the same SIC group.