Short answer
FORRESTER RESEARCH, INC. (FORR) filed its fiscal 2025 10-K annual report with the SEC on Mar 13, 2026. It reported revenue of $397M (−8.2% year over year) and net income of −$119M.
- Top risk flagged: Regulatory risk from compliance with GDPR, CCPA, and EU Artificial Intelligence Act effective starting 2025, incurring substantial costs and operational changes
FY2025 key financial metrics · XBRL
- Revenue
- $397M
- −8.2% YoY
- Net income
- −$119M
- −1976.9% YoY
- Operating margin
- -28.5%
- −28.7 pp YoY
- EPS (diluted)
- −$6.28
- −1993.3% YoY
- ROE
- -94.3%
- −91.8 pp YoY
- Operating cash flow
- $21M
- +646.0% YoY
Source: XBRL data from the FORRESTER RESEARCH, INC. (FORR) FY2025 10-K on SEC EDGAR. USD.
FORRESTER RESEARCH, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Independent global research and advisory firm driving growth through customer obsession using trusted human insights combined with AI
- New emphasis on generative AI capabilities and proprietary AI tool "Forrester AI" for immediate trusted guidance integrated into research services
- Strategic focus on expanding contract value (CV) growth engine despite 6% CV decline to $292.4M, highlighting reinvestment in go-to-market and product innovation
- Employee count decreased slightly to 1,474 in 2025 from prior year, with 553 sales personnel down from 580, indicating organizational adjustment
- Noteworthy competitive challenge from free internet and AI sources, including LLMs, intensifying market dynamics around trust and research accuracy
Management Discussion & Analysis
- Operating cash flow $21.1M in 2025 vs $(3.9M) in 2024, $25.0M increase driven by lower accrued expenses and incentive payments
- Investing cash flow used $14.1M in 2025 vs generated $5.0M in 2024, mainly $12.7M net marketable investments purchase and $3.0M capex
- Financing cash flow used $2.6M in 2025 vs $16.1M in 2024, including $2.5M stock repurchase and $1.3M tax on RSUs, offset by $1.3M stock issuance
- Cash, cash equivalents, marketable investments $127.7M at 2025 year-end, including $87.8M held offshore, intent to permanently reinvest funds outside U.S.
- Capital expenditures planned $28.0M in 1H 2026 for office renovation, with $17.2M tenant improvement allowance expected from landlord
- Credit facility amended March 2026: maturity extended to March 2029, size reduced to $50.0M, includes new minimum liquidity covenant
- No revenue, profitability, or segment financial data disclosed in the MD&A section provided
Risk Factors
- Regulatory risk from compliance with GDPR, CCPA, and EU Artificial Intelligence Act effective starting 2025, incurring substantial costs and operational changes
- Geopolitical exposure limited to 23% international revenues, with risks from Russia-Ukraine, Israel-Gaza, and US-Iran conflicts affecting global economy and demand
- Operational risk in reliance on local independent sales reps internationally; loss or replacement challenges could disrupt client relationships and new business
- Competitive threat from Gartner and free AI sources like Google reducing demand for Forrester’s subscription-based research services
- Financial risk from $35.0 million debt facility due March 2029, with covenants limiting financial flexibility and risk of acceleration if breached
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