FORRESTER RESEARCH, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $396.9M | $432.5M | $480.8M | $537.8M | $494.3M |
| Cost of revenue | $170.7M | $182.5M | $204.5M | $223.8M | $201.8M |
| Selling, general & administrative | $218.4M | $232.7M | $253.9M | $278.5M | $257.6M |
| Operating income | -$113.2M | $740,000 | $6.8M | $32.7M | $38.6M |
| Interest expense | — | — | — | $2.5M | $4.2M |
| Pretax income | -$119.4M | $2.6M | $6.3M | $30.7M | $33.2M |
| Income tax expense | -$49,000 | $8.4M | $3.2M | $8.9M | $8.3M |
| Net income | -$119.4M | -$5.7M | $3.0M | $21.8M | $24.8M |
| Balance Sheet | |||||
| Cash and equivalents | $63.3M | $56.1M | $72.9M | $103.6M | $115.8M |
| Current assets | $212.7M | $201.4M | $216.0M | $235.3M | $269.5M |
| Total assets | $404.0M | $503.9M | $564.2M | $608.4M | $680.1M |
| Current liabilities | $240.1M | $204.0M | $240.1M | $269.4M | $312.3M |
| Total liabilities | $277.5M | $274.3M | $323.9M | $386.8M | $476.2M |
| Total debt | $35.0M | $35.0M | — | — | $75.0M |
| Stockholders' equity | $126.5M | $229.5M | $240.3M | $221.7M | $203.9M |
| Cash Flow Statement | |||||
| Cash from operations | $21.1M | -$3.9M | $21.7M | $39.4M | $107.1M |
| Depreciation and amortization | $6.0M | $7.6M | $8.5M | $9.3M | $9.4M |
| Stock-based compensation | $12.3M | $14.3M | $15.5M | $14.5M | $10.1M |
| Capital expenditure | $3.0M | $3.4M | $5.5M | $5.7M | $10.7M |
| Free cash flow | $18.1M | -$7.3M | $16.2M | $33.8M | $96.3M |
| Share repurchases | $2.5M | $15.9M | $4.1M | $15.1M | $20.1M |
| Impairments | $110.7M | $4.0M | $0 | $0 | $0 |
Shares outstanding 19.4M
Annual filing data through FY ended December 31, 2025; float as of July 11, 2026.