Forrester Research Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	392.47	396.89	432.47	480.78	537.79	494.32
Revenue Growth (YoY)	-7.06%	-8.23%	-10.05%	-10.60%	8.79%	10.10%
Cost of Revenue	169.75	170.72	182.53	204.48	223.77	201.82
Gross Profit	222.72	226.17	249.94	276.3	314.01	292.5
Selling, General & Admin	202.36	202.14	218.44	235.85	249.6	229.01
Depreciation & Amortization Expenses	14.59	14.77	17.21	20.41	22.43	24.52
Other Operating Expenses	49.98	122.43	13.55	13.27	9.34	0.33
Total Operating Expenses	266.93	339.34	249.2	269.53	281.36	253.86
Operating Income	-44.21	-113.17	0.74	6.77	32.65	38.64
Interest Expense	2.82	2.68	3.01	3.06	2.46	4.22
Other Non-Operating Income (Expense)	-2.8	-3.56	4.91	2.58	0.53	-1.23
Total Non-Operating Income (Expense)	0.02	-0.88	7.92	5.64	2.99	2.99
Pretax Income	-49.83	-119.41	2.64	6.29	30.72	33.19
Provision for Income Taxes	4.09	-0.05	8.38	3.24	8.92	8.35
Net Income	-53.91	-119.36	-5.75	3.05	21.81	24.84
Net Income to Common	-53.91	-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	19
Shares Outstanding (Diluted)	19	19	19	19	19	19
Shares Change (YoY)	0.43%	-0.40%	-0.85%	0.45%	-0.96%	2.23%
EPS (Basic)	-2.82	-6.28	-0.30	0.16	1.15	1.30
EPS (Diluted)	-2.83	-6.28	-0.30	0.16	1.14	1.28
EPS Growth	-	-	-	-85.97%	-10.94%	141.51%
Shares Outstanding	19.18	19.01	18.84	19.25	19.06	19.06
Free Cash Flow	11.4	18.09	-7.26	16.18	33.76	96.32
Free Cash Flow Growth	-37.00%	-	-	-52.08%	-64.95%	147.94%
Free Cash Flow Per Share	0.60	0.95	-0.38	0.84	1.76	4.98
Gross Margin	56.75%	56.99%	57.79%	57.47%	58.39%	59.17%
Operating Margin	-11.27%	-28.52%	0.17%	1.41%	6.07%	7.82%
Profit Margin	-13.74%	-30.07%	-1.33%	0.63%	4.05%	5.03%
FCF Margin	2.90%	4.56%	-1.68%	3.36%	6.28%	19.49%
EBITDA	-29.62	-98.4	17.95	27.17	55.08	63.16
EBITDA Margin	-7.55%	-24.79%	4.15%	5.65%	10.24%	12.78%
EBIT	-44.21	-113.17	0.74	6.77	32.65	38.64
EBIT Margin	-11.27%	-28.52%	0.17%	1.41%	6.07%	7.82%
Effective Tax Rate	-8.20%	0.04%	317.94%	51.47%	29.03%	25.15%

Updated May 8, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q