Forrester Research, Inc. (FORR) Financial Statements
Industry: Engineering, Accounting, Research, Management (Services)
In fiscal 2025, Forrester Research reported revenue of $396.9M, down 8.2% from $432.5M the year before. Net income was -$119.4M (a -30.1% net margin), or -$6.28 per diluted share. Gross margin was 57.0% and operating margin was -28.5%. Operating activities generated $21.1M of cash, leaving $18.1M of free cash flow. At fiscal year end, Forrester Research held $404.0M in total assets against $277.5M in total liabilities, including $63.3M of cash and equivalents.
Open the full interactive Forrester Research financials → Quarterly statements, key ratios, valuation history and price charts.
Forrester Research Key Stats
| Share Price | $11.87 |
|---|---|
| Market Cap | $230.9M |
| Revenue YoY Growth | -8.2% |
| 52-Week Range | $5.05 – $12.65 |
| Shares Outstanding | 19.4 million (basic, 2026 Q2) |
Forrester Research Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $449.0M | $494.3M | $537.8M | $480.8M | $432.5M | $396.9M |
| Cost of Goods Sold | $432.8M | $455.7M | $505.1M | $204.5M | $182.5M | $170.7M |
| Gross Profit | $289.7M | $315.9M | $325.5M | $282.8M | $249.9M | $226.2M |
| Operating Income | $16.2M | $38.6M | $32.7M | $6.8M | $740,000 | -$113.2M |
| Pre-Tax Income | $12.9M | $33.2M | $30.7M | $6.3M | $2.6M | -$119.4M |
| Income Tax | $2.9M | $8.3M | $8.9M | $3.2M | $8.4M | -$49,000 |
| Net Income | $10.0M | $24.8M | $21.8M | $3.0M | -$5.7M | -$119.4M |
| Diluted EPS | $0.53 | $1.28 | $1.14 | $0.16 | -$0.30 | -$6.28 |
Forrester Research Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $94.3M | $101.1M | $85.5M | $100.2M |
| Net Income | -$2.1M | -$33.9M | -$21.8M | $15.3M |
| Diluted EPS | -$0.11 | -$1.78 | -$1.14 | $0.78 |
Forrester Research Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $90.3M | $115.8M | $103.6M | $72.9M | $56.1M | $63.3M |
| Current Assets | $217.2M | $269.5M | $235.3M | $216.0M | $201.4M | $212.7M |
| Total Assets | $644.2M | $680.1M | $608.4M | $564.2M | $503.9M | $404.0M |
| Current Liabilities | $269.7M | $312.3M | $269.4M | $240.1M | $204.0M | $240.1M |
| Total Long-Term Debt | $107.8M | $75.0M | $50.0M | $35.0M | $35.0M | $35.0M |
| Total Liabilities | $458.5M | $476.2M | $386.8M | $323.9M | $274.3M | $277.5M |
| Shareholders' Equity | $185.8M | $203.9M | $221.7M | $240.3M | $229.5M | $126.5M |
Forrester Research Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $47.8M | $107.1M | $39.4M | $21.7M | -$3.9M | $21.1M |
| Cash From Investing | -$4.6M | -$29.3M | -$6.8M | -$36.8M | $5.0M | -$14.1M |
| Cash From Financing | -$23.7M | -$49.1M | -$38.9M | -$18.3M | -$16.1M | -$2.6M |
| Free Cash Flow | $38.8M | $96.3M | $33.8M | $16.2M | -$7.3M | $18.1M |
Figures from Forrester Research's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Forrester Research financials page for every line item.
Forrester Research Company Profile
| Ticker | FORR |
|---|---|
| Exchange | Nasdaq |
| Industry | Engineering, Accounting, Research, Management (Services) |
| Headquarters | Cambridge, Massachusetts |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer, smaller reporting company |
| SEC CIK | 0001023313 |
Frequently Asked Questions
What was Forrester Research's revenue in fiscal 2025?
Forrester Research (FORR) reported revenue of $396.9M for fiscal 2025.
What is Forrester Research's annual revenue history?
Forrester Research's annual revenue by fiscal year: 2020: $449.0M; 2021: $494.3M; 2022: $537.8M; 2023: $480.8M; 2024: $432.5M; 2025: $396.9M.
What was Forrester Research's net income in fiscal 2025?
Forrester Research reported net income of -$119.4M for fiscal 2025.
What was Forrester Research's earnings per share (EPS) in fiscal 2025?
Forrester Research's diluted EPS was -$6.28 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Forrester Research generate in fiscal 2025?
Forrester Research generated $18.1M of free cash flow in fiscal 2025.
What was Forrester Research's revenue last quarter?
In its most recent reported quarter (2026 Q2), Forrester Research reported revenue of $100.2M.
How much debt does Forrester Research have?
Forrester Research reported $35.0M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Forrester Research are outstanding?
Forrester Research reported a weighted average of 19.4 million basic shares outstanding in 2026 Q2.
What is Forrester Research's market cap?
Based on its latest closing price, Forrester Research (FORR) has a market capitalization of about $230.9M.
When does Forrester Research's fiscal year end?
Forrester Research's fiscal year end, as registered with the SEC, is December 31.
Where is Forrester Research headquartered?
Forrester Research lists its business address in Cambridge, Massachusetts in its SEC filings.