Forrester Research (FORR) financial statements
Forrester Research reported revenue of $397M in fiscal 2025, up 2.2% a year over 9 years.
Net income was -$119M and the operating margin -28.5%, against 9.4% in 2016.
Free cash flow was $18M, and the company returned $3M in net buybacks.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Forrester Research's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $326M | $338M | $358M | $462M | $449M | $494M | $538M | $481M | $432M | $397M |
| Cost of revenue | $128M | $137M | $129M | $178M | $162M | $202M | $224M | $204M | $183M | $171M |
| Gross profit | $214M | $219M | $229M | $279M | — | $292M | $314M | $276M | $250M | $226M |
| Selling, general and admin | $181M | $191M | $201M | $253M | $245M | $258M | $279M | $254M | $233M | $218M |
| Operating income | $31M | $28M | $22M | $1M | -$16M | $39M | $33M | $7M | $740,000 | -$113M |
| Interest expense | — | — | — | $8M | $5M | $4M | $2M | — | — | — |
| Pre-tax income | $31M | $27M | $24M | -$10M | $13M | $33M | $31M | $6M | $3M | -$119M |
| Income tax | $13M | $12M | $8M | -$29,000 | $3M | $8M | $9M | $3M | $8M | -$49,000 |
| Net income | $18M | $15M | $15M | -$10M | $10M | $25M | $22M | $3M | -$6M | -$119M |
| EPS (diluted) | $0.97 | $0.83 | $0.84 | $0.52 | $0.53 | $1.28 | $1.14 | $0.16 | -$0.30 | -$6.28 |
| Diluted shares | 18M | 18M | 18M | 18M | 19M | 19M | 19M | 19M | 19M | 19M |
| Gross margin | 65.6% | 64.8% | 64.1% | 60.5% | — | 59.2% | 58.4% | 57.5% | 57.8% | 57.0% |
| Operating margin | 9.4% | 8.2% | 6.3% | 0.2% | -3.6% | 7.8% | 6.1% | 1.4% | 0.2% | -28.5% |
| Net margin | 5.4% | 4.5% | 4.3% | -2.1% | 2.2% | 5.0% | 4.1% | 0.6% | -1.3% | -30.1% |
Balance sheet
Fiscal years, from Forrester Research's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $138M | $134M | $140M | $68M | $90M | $116M | $104M | $73M | $56M | $63M |
| Receivables | $59M | $70M | $67M | $85M | $85M | $87M | $73M | $59M | $55M | $51M |
| Total current assets | $223M | $237M | $236M | $192M | $217M | $269M | $235M | $216M | $201M | $213M |
| Property, plant and equipment | $24M | $25M | $22M | $30M | $27M | $28M | $23M | $19M | $12M | $11M |
| Goodwill | $73M | $76M | $85M | $244M | $247M | $245M | $242M | $244M | $228M | $120M |
| Total assets | $336M | $345M | $354M | $639M | $644M | $680M | $608M | $564M | $504M | $404M |
| Total current liabilities | $177M | $195M | $190M | $269M | $270M | $312M | $269M | $240M | $204M | $240M |
| Long-term debt | — | — | — | $121M | $95M | $75M | $50M | $35M | $35M | $0 |
| Total liabilities | $186M | $204M | $202M | $481M | $458M | $476M | $387M | $324M | $274M | $278M |
| Shareholders' equity | $150M | $141M | $152M | $158M | $186M | $204M | $222M | $240M | $230M | $127M |
| Net debt | -$77M | -$80M | -$140M | $63M | $18M | -$41M | -$54M | -$38M | -$21M | -$28M |
Cash flow
Fiscal years, from Forrester Research's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $44M | $37M | $38M | $48M | $48M | $107M | $39M | $22M | -$4M | $21M |
| Capital spending | $4M | $8M | $5M | $12M | $9M | $11M | $6M | $5M | $3M | $3M |
| Free cash flow | $40M | $30M | $33M | $37M | $39M | $96M | $34M | $16M | -$7M | $18M |
| Stock-based compensation | $8M | $8M | $8M | $12M | $11M | $10M | $15M | $15M | $14M | $12M |
| Dividends paid | $13M | $14M | $15M | — | — | — | — | — | — | — |
| Share buybacks (net) | -$2M | -$40M | -$10M | $0 | $0 | -$20M | -$15M | -$4M | -$16M | -$3M |
| Net borrowing | — | — | — | -$42M | -$23M | -$34M | -$25M | -$15M | $0 | $0 |
| Free cash flow margin | 12.4% | 8.8% | 9.3% | 7.9% | 8.7% | 19.5% | 6.3% | 3.4% | -1.7% | 4.6% |
| Dividends per share | $0.71 | $0.75 | $0.79 | — | — | — | — | — | — | — |
Questions
What was Forrester Research's revenue in 2025?
$397M in fiscal 2025, from its 10-K filing.
How much free cash flow does Forrester Research generate?
$18M in fiscal 2025 (operating cash flow minus capital spending).
From Forrester Research's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.