Earnings

Forrester Raises Low End of 2026 Adjusted EPS Outlook

The Tip Desk · November 10, 2026 · 3 min read

Adjusted net income was $4.7 million, or $0.24 a share, as the research firm lifted the floor of its 2026 adjusted earnings range to $0.77.

Forrester Research (FORR), the technology research and advisory firm, reported third-quarter revenue of $86.1 million and raised the low end of its 2026 adjusted earnings-per-share outlook after what it described as results above consensus, a stock buyback program, and expense management.

Total revenues were $86.1 million in the quarter ended September 30, 2026, down from $94.3 million a year earlier. Contract value was $281.9 million, down 3.5% versus the prior year.

On a GAAP basis, net loss was $4.4 million, or $0.23 a diluted share, compared with a net loss of $2.1 million, or $0.11 a share, in the year-ago quarter. Adjusted net income was $4.7 million, or $0.24 a share, versus $7.2 million, or $0.37 a share, a year earlier. Adjusted results excluded stock-based compensation of $2.6 million, amortization of acquisition-related intangible assets of $2.1 million, and a restructuring credit of $0.5 million.

Research revenue was $70.1 million. Consulting revenue was $14.7 million. Events revenue was $1.2 million. GAAP income from operations was $2.4 million; adjusted income from operations was $6.5 million.

Chief Executive George F. Colony said the company is raising the low end of 2026 earnings-per-share guidance. Full-year 2026 adjusted diluted earnings guidance is now approximately $0.77 to $0.82, with the low end up from $0.72 in the July outlook and the high end unchanged. GAAP diluted loss guidance moved to approximately $0.79 to $0.74 a share. Full-year revenue guidance remained approximately $350.0 million to $360.0 million, a decline of 11.8% to 9.3% versus the prior year. GAAP operating-margin guidance was approximately negative 3.3% to negative 2.8%. Adjusted operating-margin guidance remained 6.0% to 6.5%. Adjusted restructuring-costs guidance was approximately $3.7 million.

Colony said the company unveiled AI Access Plus, Team Solutions, and an integration with Claude, and that it believes those enhancements will help deliver improved results for the remainder of 2026 and into next year.

Client retention was 78% as of September 30, 2026, versus 74% a year earlier. Wallet retention was 89%. The number of clients was 1,761. Total headcount was 1,337, with a sales force of 504.

Cash, cash equivalents and marketable investments were $117.6 million. Accounts receivable were $30.0 million. Deferred revenue was $135.0 million. Debt outstanding was $30.0 million. In the three months ended September 30, net cash provided by operating activities was $33.4 million. Purchases of property and equipment were $24.8 million. Common-stock repurchases were $11.3 million.

The company said adjusted guidance excludes a $10.8 million goodwill impairment charge, stock-based compensation of $10.0 million to $11.0 million, amortization of acquisition-related intangible assets of approximately $8.3 million, restructuring costs of approximately $3.7 million, a credit loss on a 2024 product-line note of $0.9 million, and any investment gains or losses.

More on FORR

September 28, 2026 QBook Stronger demand supports expansion as pricing diverges

FORR — all coverage and financials