Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.3Wikipedia text CC BY-SA 4.0
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1112131410$396.9M in 2025−14% since 2019Operating income1112131410-$113.2M in 2025Net income1112131410-$119.4M in 2025+1147% since 2019
Revenue1617$100.2M in Q2 FY2026+17% since Q1 FY2026Operating income1617$3.4M in Q2 FY2026Net income1617$15.3M in Q2 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenues
$396.9M
$432.5M
$480.8M
Cost of services and fulfillment
$170.7M
$182.5M
$204.5M
Selling and marketing
$149.5M
$159.6M
$167.4M
General and administrative
$52.7M
$58.8M
$68.5M
Depreciation
$6.0M
$7.6M
$8.5M
Amortization of intangible assets
$8.7M
$9.6M
$12.0M
Goodwill impairment
$110.7M
$0
$0
Restructuring costs
$11.7M
$11.8M
$13.3M
Loss from sale of divested operation
$0
$1.8M
$0
Total operating expenses
$510.1M
$431.7M
$474.0M
Income (loss) from operations
-$113.2M
$740.0K
$6.8M
Interest expense
-$2.7M
-$3.0M
-$3.1M
Other income, net
$3.8M
$4.1M
$2.4M
Credit loss expense on note receivable
-$7.3M
$0
$0
Gains on investments, net
$2.0K
$814.0K
$208.0K
Income (loss) before income taxes
-$119.4M
$2.6M
$6.3M
Income tax expense (benefit)
-$49.0K
$8.4M
$3.2M
Net income (loss)
-$119.4M
-$5.7M
$3.0M
Basic income (loss) per common share
-$6.28
-$0.30
$0.16
Diluted income (loss) per common share
-$6.28
-$0.30
$0.16
Basic weighted average common shares outstanding
19.0M shares
19.1M shares
19.2M shares
Diluted weighted average common shares outstanding
19.0M shares
19.1M shares
19.3M shares
No quarter-by-quarter statement was filed.
Total assets181112131410$404.0M in 2025−37% since 2019Total liabilities181112131410$277.5M in 2025−42% since 2019Shareholders’ equity12131410$126.5M in 2025−20% since 2019Cash181112131410$63.3M in 2025−7% since 2019Long-term debt181112131410$0 in 2025
Total assets1617$416.5M in Q2 FY2026+3% since Q1 FY2025Total liabilities1617$294.9M in Q2 FY2026+6% since Q1 FY2025Shareholders’ equity1617$121.6M in Q2 FY2026−4% since Q1 FY2025Cash1617$59.5M in Q2 FY2026−6% since Q1 FY2025Long-term debt1617$35.0M in Q2 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$63.3M
$56.1M
Marketable investments
$64.3M
$48.6M
Accounts receivable, net of allowance for expected credit losses of $360 and $434 as of December 31, 2025 and 2024, respectively
$50.9M
$55.5M
Deferred commissions
$22.1M
$22.9M
Prepaid expenses and other current assets
$12.1M
$18.3M
Total current assets
$212.7M
$201.4M
Property and equipment, net
$11.2M
$11.7M
Operating lease right-of-use assets
$30.7M
$27.0M
Goodwill
$120.4M
$228.0M
$244.3M
Intangible assets, net
$18.7M
$27.5M
Other assets
$10.4M
$8.3M
Total assets
$404.0M
$503.9M
Accounts payable
$832.0K
$965.0K
Accrued expenses and other current liabilities
$62.4M
$57.6M
Current portion of long-term debt
$35.0M
$0
Deferred revenue
$141.8M
$145.4M
Total current liabilities
$240.1M
$204.0M
Long-term debt
$0
$35.0M
Non-current operating lease liabilities
$29.5M
$24.8M
Other non-current liabilities
$7.9M
$10.5M
Total liabilities
$277.5M
$274.3M
Preferred stock, $0.01 par value Authorized - 500 shares; issued and outstanding - none
$0
$0
Common stock, $0.01 par value Authorized - 125,000 shares Issued - 25,535 and 25,119 shares as of December 31, 2025 and 2024, respectively Outstanding - 19,013 and 18,838 shares as of December 31, 2025 and 2024, respectively
$255.0K
$251.0K
Additional paid-in capital
$304.4M
$292.2M
Retained earnings
$52.6M
$171.9M
Treasury stock - 6,522 and 6,282 shares as of December 31, 2025 and 2024, respectively
-$229.6M
-$227.1M
Accumulated other comprehensive loss
-$1.1M
-$7.7M
Total stockholders equity
$126.5M
$229.5M
$240.3M
$221.7M
Total liabilities and stockholders equity
$404.0M
$503.9M
Accounts receivable, allowance for expected credit losses
$360.0K
$434.0K
Preferred stock, par value
$0.01
$0.01
Preferred stock, shares authorized
500.0K shares
500.0K shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.01
$0.01
Common stock, shares authorized
125.0M shares
125.0M shares
Common stock, shares issued
25.5M shares
25.1M shares
Common stock, shares outstanding
19.0M shares
18.8M shares
Treasury stock, shares
6.5M shares
6.3M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$63.3M
$56.1M
Marketable investments
$64.3M
$48.6M
Accounts receivable, net of allowance for expected credit losses of $360 and $434 as of December 31, 2025 and 2024, respectively
$50.9M
$55.5M
Deferred commissions
$22.1M
$22.9M
Prepaid expenses and other current assets
$12.1M
$18.3M
Total current assets
$212.7M
$201.4M
Property and equipment, net
$11.2M
$11.7M
Operating lease right-of-use assets
$30.7M
$27.0M
Goodwill
$120.4M
$228.0M
$244.3M
Intangible assets, net
$18.7M
$27.5M
Other assets
$10.4M
$8.3M
Total assets
$404.0M
$503.9M
Accounts payable
$832.0K
$965.0K
Accrued expenses and other current liabilities
$62.4M
$57.6M
Current portion of long-term debt
$35.0M
$0
Deferred revenue
$141.8M
$145.4M
Total current liabilities
$240.1M
$204.0M
Long-term debt
$0
$35.0M
Non-current operating lease liabilities
$29.5M
$24.8M
Other non-current liabilities
$7.9M
$10.5M
Total liabilities
$277.5M
$274.3M
Preferred stock, $0.01 par value Authorized - 500 shares; issued and outstanding - none
$0
$0
Common stock, $0.01 par value Authorized - 125,000 shares Issued - 25,535 and 25,119 shares as of December 31, 2025 and 2024, respectively Outstanding - 19,013 and 18,838 shares as of December 31, 2025 and 2024, respectively
$255.0K
$251.0K
Additional paid-in capital
$304.4M
$292.2M
Retained earnings
$52.6M
$171.9M
Treasury stock - 6,522 and 6,282 shares as of December 31, 2025 and 2024, respectively
-$229.6M
-$227.1M
Accumulated other comprehensive loss
-$1.1M
-$7.7M
Total stockholders equity
$126.5M
$229.5M
$240.3M
$221.7M
Total liabilities and stockholders equity
$404.0M
$503.9M
Accounts receivable, allowance for expected credit losses
$360.0K
$434.0K
Preferred stock, par value
$0.01
$0.01
Preferred stock, shares authorized
500.0K shares
500.0K shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.01
$0.01
Common stock, shares authorized
125.0M shares
125.0M shares
Common stock, shares issued
25.5M shares
25.1M shares
Common stock, shares outstanding
19.0M shares
18.8M shares
Treasury stock, shares
6.5M shares
6.3M shares
Cash from operations1112131410$21.1M in 2025−56% since 2019Capital spending1112131410$3.0M in 2025−75% since 2019Free cash flow1112131410$18.1M in 2025−50% since 2019Share buybacks1112131410$2.5M in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
-$119.4M
-$5.7M
$3.0M
Depreciation
$6.0M
$7.6M
$8.5M
Impairment of property and equipment
$67.0K
$967.0K
$726.0K
Amortization of intangible assets
$8.7M
$9.6M
$12.0M
Deferred income taxes
-$3.9M
-$58.0K
-$5.5M
Stock-based compensation
$12.3M
$14.3M
$15.5M
Credit losses on note receivable
$7.3M
$0
$0
Goodwill impairment
$110.7M
$0
$0
Operating lease right-of-use assets amortization and impairments
$6.7M
$13.0M
$11.7M
Loss from sale of divested operation
$0
$1.8M
$0
Other, net
$904.0K
$174.0K
$192.0K
Accounts receivable
$4.8M
-$9.0K
$14.7M
Deferred commissions
$882.0K
$63.0K
$1.4M
Prepaid expenses and other current assets
-$3.4M
-$197.0K
$6.0M
Accounts payable
-$144.0K
-$814.0K
$1.4M
Accrued expenses and other liabilities
$6.7M
-$20.9M
-$10.6M
Deferred revenue
-$6.2M
-$9.1M
-$23.3M
Operating lease liabilities
-$11.0M
-$14.6M
-$14.0M
Net cash provided by (used in) operating activities
$21.1M
-$3.9M
$21.7M
Purchases of property and equipment
-$3.0M
-$3.4M
-$5.5M
Purchases of marketable investments
-$33.5M
-$59.4M
-$61.1M
Proceeds from maturities of marketable investments
$15.2M
$51.7M
$28.3M
Proceeds from sales of marketable investments
$5.6M
$10.1M
$1.5M
Proceeds from sale of divested operation
$0
$6.0M
$0
Other investing activity
$1.6M
-$62.0K
$13.0K
Net cash provided by (used in) investing activities
-$14.1M
$5.0M
-$36.8M
Payments on borrowings
$0
$0
-$15.0M
Payment of debt issuance costs
$0
$0
-$25.0K
Repurchases of common stock
-$2.5M
-$15.9M
-$4.1M
Proceeds from issuance of common stock under employee equity incentive plans
$1.3M
$2.4M
$3.5M
Taxes paid for net share settlements of stock-based compensation awards
-$1.3M
-$2.6M
-$2.7M
Net cash used in financing activities
-$2.6M
-$16.1M
-$18.3M
Effect of exchange rate changes on cash, cash equivalents and restricted cash
$3.0M
-$1.9M
$2.8M
Net increase (decrease) in cash, cash equivalents and restricted cash
$7.4M
-$16.9M
-$30.6M
Cash paid for interest
$2.2M
$2.6M
$2.6M
Cash paid for income taxes
$7.2M
$9.3M
$10.6M
Additions to property, plant and equipment included in accounts payable and accrued expenses
Forrester sits at the top of its group. 14 entities, 11 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Whitcomb Investments, Inc. Subsidiary · Massachusetts, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Forrester reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters building is comprised of approximately 190,000 square feet of office space in Cambridge, Massachusetts, substantially all of which is currently occupied by the Company. This facility accommodates research, marketing, sales, consulting, technology, and operations personnel. On April 11, 2025, we entered into a third amendment of our lease, and a new lease, for our principal headquarters located in Cambridge, Massachusetts. The effect of these agreements was to early terminate the original lease with respect to the first, second and third floors of the facility by the end of the second quarter of 2026, while also extending the lease term with respect to the fourth, fifth and six floors of the facility through June 30, 2039.
We also rent office space in New York City, Norwalk (CT), London, New Delhi, and Sydney. In addition, we lease office space on a relatively short-term basis in various other locations in North America, Europe, and Asia.
The rest of Item 2
We believe that our existing facilities are adequate for our current needs and that additional facilities are available for lease to meet future needs.
Forrester was founded in July 1983 by George Forrester Colony in Cambridge, MA. In November 1996, Forrester announced its initial public offering on the Nasdaq Stock Market. The offering raised approximately $32 million through the sale of 2.3 million shares, providing capital for geographic and service expansion.
In November 1999, the company acquired Fletcher Research, a London-based internet research firm. In October 2000, it acquired FORIT GmbH, a technology research provider based in Frankfurt, Germany, further extending its presence in Europe.
Forrester launched its Wave reports in July 2002 as a new methodology for evaluating technology vendors.
Acquisitions
In March 2003, Forrester acquired Giga Information Group for $62 million in cash.
In July 2008, Forrester acquired JupiterResearch, a New York-based firm specializing in digital media, marketing, and consumer behavior analysis. In December 2009, it also acquired Strategic Oxygen, a firm providing marketing planning tools and analytics to global IT vendors.
Forrester acquired Springboard Research, a Singapore-based firm focused on emerging Asian technology markets, in May 2011.
In January 2019, Forrester acquired SiriusDecisions, a B2B research and advisory firm, for approximately $245 million.
In May 2021, Forrester launched their Forrester Decisions portfolio.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
335 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 38 major events, 222 insider forms, 30 large holders, 25 other. The latest 20:
32 open-market trades by officers, directors and large owners since October 2021: 0 buys and 32 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 97. Change is in shares since the quarter before.
From the cover page of the 10-K filed Mar 13, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks Forrester names in Item 1A of its 10-K filed Mar 13, 2026: 15 risks under these headings, as written.19
A Decline in Renewals or Demand for Our Subscription-Based Research Services.
Demand for Our Consulting Services.
Our Business May be Adversely Affected by the Economic Environment.
Our International Operations Expose Us to a Variety of Operational Risks which Could Negatively Impact Our Results of Operations.
Ability to Develop and Offer New Products and Services.
The Use of Generative AI in our Business and by Our Clients and Competitors Could Negatively Affect our Business and Reputation.
The Ability to Attract and Retain Qualified Professional Staff.
Failure to Anticipate and Respond to Market Trends.
Our Business With the U.S. Government is Subject to Government Contracting Risks.
We Have Outstanding Debt Which Could Materially Restrict our Business and Adversely Affect our Financial Condition, Liquidity, and Results of Operations.
Fluctuations in Our Operating Results.
We have recently recorded substantial impairment charges. Any future impairments of our assets could negatively impact our results of operations.
The other 3 risks
General Risk Factors
We Face Risks from Network Disruptions or Security Breaches that Could Damage Our Reputation and Harm Our Business and Operating Results.
Failure to Enforce and Protect our Intellectual Property Rights.
Any Weakness Identified in Our System of Internal Controls by Us and Our Independent Registered Public Accounting Firm Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 Could Have an Adverse Effect on Our Business.
Legal proceedings
From time to time, we may be subject to legal proceedings and civil and regulatory claims that arise in the ordinary course of our business activities. It is our policy to record accruals for legal contingencies to the extent that we have concluded that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated, and to expense costs associated with loss contingencies, including any related legal fees, as they are incurred.
We believe that we have meritorious defenses in connection with our current lawsuits and material claims and disputes and intend to vigorously contest each of them. Regardless of the outcome, litigation can have a material adverse effect on us because of defense and settlement costs, diversion of management resources, and other factors.
In our opinion based upon information currently available to us, while the outcome of these legal proceedings and claims is uncertain, the likely results of these lawsuits, claims and disputes are not expected, either individually or in the aggregate, to have a material adverse effect on our financial position, results of operations or cash flows, although the effect could be material to our consolidated results of operations or consolidated cash flows for any interim reporting period.
