Forrester Research Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	396.89	432.47	480.78	537.79	494.32
Revenue Growth (YoY)	-8.23%	-10.05%	-10.60%	8.79%	10.10%
Cost of Revenue	170.72	182.53	204.48	223.77	201.82
Gross Profit	226.17	249.94	276.3	314.01	292.5
Selling, General & Admin	202.14	218.44	235.85	249.6	229.01
Depreciation & Amortization Expenses	14.77	17.21	20.41	22.43	24.52
Other Operating Expenses	122.43	13.55	13.27	9.34	0.33
Total Operating Expenses	339.34	249.2	269.53	281.36	253.86
Operating Income	-113.17	0.74	6.77	32.65	38.64
Interest Expense	2.68	3.01	3.06	2.46	4.22
Other Non-Operating Income (Expense)	-3.56	4.91	2.58	0.53	-1.23
Total Non-Operating Income (Expense)	-0.88	7.92	5.64	2.99	2.99
Pretax Income	-119.41	2.64	6.29	30.72	33.19
Provision for Income Taxes	-0.05	8.38	3.24	8.92	8.35
Net Income	-119.36	-5.75	3.05	21.81	24.84
Net Income to Common	-119.36	-5.75	3.05	21.81	24.84
Net Income Growth	-	-	-86.01%	-12.23%	148.69%
Shares Outstanding (Basic)	19	19	19	19	19
Shares Outstanding (Diluted)	19	19	19	19	19
Shares Change (YoY)	-0.40%	-0.85%	0.45%	-0.96%	2.23%
EPS (Basic)	-6.28	-0.30	0.16	1.15	1.30
EPS (Diluted)	-6.28	-0.30	0.16	1.14	1.28
EPS Growth	-	-	-85.97%	-10.94%	141.51%
Free Cash Flow	0	-7.26	16.18	33.76	96.32
Free Cash Flow Growth	-	-	-52.08%	-64.95%	147.94%
Free Cash Flow Per Share	-	-0.38	0.84	1.76	4.98
Gross Margin	56.99%	57.79%	57.47%	58.39%	59.17%
Operating Margin	-28.52%	0.17%	1.41%	6.07%	7.82%
Profit Margin	-30.07%	-1.33%	0.63%	4.05%	5.03%
FCF Margin	0.00%	-1.68%	3.36%	6.28%	19.49%
EBITDA	-113.17	17.95	27.17	55.08	63.16
EBITDA Margin	-28.52%	4.15%	5.65%	10.24%	12.78%
EBIT	-113.17	0.74	6.77	32.65	38.64
EBIT Margin	-28.52%	0.17%	1.41%	6.07%	7.82%
Effective Tax Rate	0.04%	317.94%	51.47%	29.03%	25.15%

Updated Feb 12, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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