Forrester Research, Inc. · NASDAQ:FORR
Forrester Research — Q4 2025 Earnings Presentation
41 slides from Forrester Research's earnings presentation, Feb 12, 2026
Slide 1: Forrester Investor Summary Q4 2025
Forrester Investor Summary Q4 2025
Slide 2: Forward-Looking Statements & Non-GAAP Measures
Forward-Looking Statements & Non-GAAP Measures This presentation may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. These projections or statements are only predictions. Actual events or results may differ materiall
Slide 3: Forrester At A Glance
Global reach with offices & operations across Asia Pacific, Europe, Forrester At A Glance and North America Forrester is one of the most influential research and advisory firms in the world. * * Number of employees Fortune 100 Clients Business and technology leaders rely on ~1,500 61% Forrester to a
Slide 4: Why Invest in Forrester?
1. Massive market opportunity Why Invest in Forrester? 2. Attractive recurring revenue business model 3. Focus on contract value growth 4. Differentiated research platform and unique continuous guidance engagement model 5. Market leader for AI innovation 6. Leadership team well-positioned to scale b
Slide 5: Total Available Research Market
Total Available Research Market MARKET OPPORTUNITY $78 MARKET OPPORTUNITY $115 Massive untapped research market opportunity BILLION BILLION © Forrester Research, Inc. All rights reserved. Note: Forrester estimates. 5
Slide 6: Research, Consulting & Events: A System To Drive Contract Value
Research, Consulting & Events: A System To Drive Contract Value Consulting: Forrester Consulting helps clients implement modern strategies that align and empower teams to deliver on a shared vision for growth. Consulting 2025 revenue: $88.2 million Our Consulting business includes consulting project
Slide 7: Growing Contract Value
Growing Contract Value Acquisitions provide an opportunity for accelerated growth Pricing Future CV Product Innovation Net Contract Value New Increase Business Current CV Enrichment Renewed CV © Forrester Research, Inc. All rights reserved. 7
Slide 8: The Forrester Contract Value Growth Engine
The Forrester Contract Value Growth Engine Invest in: 1. Sales & Marketing Grow CV Generate 2. Products & Platform Cash 3. Acquisitions © Forrester Research, Inc. All rights reserved. 8
Slide 9: Forrester Decisions
Forrester Decisions sold to enterprise buyers and Forrester Market Insights sold Forrester Decisions to technology vendors, via a portfolio of services that support different functions Business and technology leaders rely across the business on Forrester Decisions to tackle their initiatives and del
Slide 10: Forrester Decisions: What's Inside?
Forrester Decisions: What’s Inside? Insights Tools Guidance Shape strategy, guide Drive your strategic initiatives with Validate next steps and accelerate transformational change, and stay proven approaches, curated tools, your success with expert advice ahead of the curve with leading and plug-and-
Slide 11: Forrester Market Insights: What's Inside?
Forrester Market Insights: What’s Inside? © Forrester Research, Inc. All rights reserved. 11
Slide 12: Why Forrester, Why Now?
Why Forrester, Why Now? Business Technology Challenges Challenges Complex buying decisions Scaling generative AI, agentic AI, AGI Disconnected customer journeys Securing Data & AI Agentic commerce & content Maximizing IT & investments © Forrester Research, Inc. All rights reserved. 12
Slide 13: We Align Your Organization to Drive Outcomes
We Align Your Organization to Drive Outcomes O R G A N I Z AT I O N BUSINESS TECHNOLOGY © Forrester Research, Inc. All rights reserved. 13
Slide 14: Forrester's Unique Positioning
Forrester's Unique Positioning AI Forrester is uniquely positioned to meet business & technology needs in this AI moment. Business Technology © Forrester Research, Inc. All rights reserved. 14
Slide 15: Forrester Is On Your Side And By Your Side
Forrester Is On Your Side And By Your Side We help you unlock growth and deliver outcomes with confidence across three dimensions. Enterprise Functional Individual Align to accelerate impact Drive outcomes faster Advance your career © Forrester Research, Inc. All rights reserved. 15
Slide 16: Forrester = Trust
Forrester = Trust Trust Proprietary Ideas Proprietary Data Human Experts © Forrester Research, Inc. All rights reserved. 16
Slide 17: Differentiating Forrester From Mainstream AI Tools
Differentiating Forrester From Mainstream AI Tools Unlike mainstream AI tools, Forrester’s AI is a private model, grounded in proprietary research, data, and ideas you can’t get anywhere else. Add guidance or advisory to your license to engage the people behind the research for perspective. It all a
Slide 18: Forrester AI Access
Forrester AI Access A new self-service offering that uses our generative AI capabilities to equip clients with trusted insights and advice, enabling them to validate ideas, align on best practices, and make smarter decisions faster. © Forrester Research, Inc. All rights reserved. 18
Slide 19: Forrester AI Access
Forrester AI Access Get trusted advice fast. © Forrester Research, Inc. All rights reserved. 19
Slide 20: Forrester AI Access
Forrester AI Access Get synthesized insights and advice from across Forrester's reports and data. Take action fast • Ask for advice about your top initiatives • Get instant insights and advice from research • See sources to learn more • Copy answers for internal presentations • Rate the value of res
Slide 21: Forrester AI Access
Forrester AI Access AI Access gives clients the flexibility to meet the needs of their organization. Expand access down Enable up to executives and Create cross- into the organization early career professionals functional alignment Chief VIP AI VIP VP AI AI AI Leader Leader Leader Leader Leader AI A
Slide 22: Forrester Delivers Results For Our Clients
Forrester Delivers Results For Our Clients 12% increase in digitally active banking clients over two years Top customer industries — A consumer bank undergoing digital transformation to differentiate the business and accelerate growth • Business services Revenue was 140% over target projections. •
Slide 23: The Value and ROI of Investing in Forrester Decisions
The Value and ROI of Investing in Forrester Decisions Forrester conducted a Total Economic Impact (TEI) study to examine the potential return on ROI BENEFITS PV NPV INITIATIVE SUCCESS investment (ROI) 259% $2.54M $1.83M 26% more likely organizations may realize by investing in Three-Year Benefits Fo
Slide 24: Leadership Team Well-Positioned To Scale The Business
Leadership Team Well-Positioned To Scale The Business Deep experience accelerating growth at global SaaS and CV-oriented companies George F. Colony Andrew Cox Ryan Darrah Michael Facemire Christophe Favre Chairman of the Chief Marketing Chief Legal Chief Technology Chief Sales Board, Chief Officer O
Slide 25: Financial Overview Q4 2025
Financial Overview Q4 2025 © Forrester Research, Inc. All rights reserved. 25
Slide 26: Q4 2025 Financial Summary
Q4 2025 Financial Summary Consolidated Revenue Research Revenue Consulting Revenue Event Revenue $101.1M -6% $76.6M -4% $21.8M -16% $2.7M -1% vs. PY vs. PY vs. PY vs. PY Adj. Operating Margin Adj. EPS Adj. EBITDA Margin Free Cash Flow 4.1% -414 bps $0.17 -53% 5.5% -418 bps -$4.3M vs. PY vs. PY vs. P
Slide 27: Full Year 2025 Financial Summary
Full Year 2025 Financial Summary Consolidated Revenue Research Revenue Consulting Revenue Event Revenue $396.9M -8% $295.6M -7% $88.2M -9% $13.1M -29% vs. PY vs. PY vs. PY vs. PY Adj. Operating Margin Adj. EPS Adj. EBITDA Margin Free Cash Flow 7.6% -128 bps $1.16 -21% 9.1% -151 bps $18.1M vs. PY vs.
Slide 28: Research Revenue Trends
Research Revenue Trends Revenue by Quarter (millions) $100 $90 $85.2 $83.7 $77.1 $79.4 $77.9 $80 $76.6 $76.6 $72.7 $68.4 $70 $60 $50 $40 $30 $20 $10 $0 Q4 '23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 © Forrester Research, Inc. All rights reserved. 28
Slide 29: CV & Wallet Retention Trends
CV & Wallet Retention Trends $350 105% $300 100% $250 95% $200 90% $150 85% $100 80% $50 $- 75% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 CV (in $MM) 327.9 316.9 316.1 314.0 311.9 295.0 292.8 292.2 292.4 Wallet Retention 87% 87% 88% 88% 89% 86% 85% 86% 87% Note: Figures have been restate
Slide 30: Client Count & Client Retention Trends
Client Count & Client Retention Trends 2,500 77% 76% 2,000 75% 1,500 74% 73% 1,000 72% 500 71% 0 70% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Clients 2,257 2,122 2,052 2,002 1,942 1,822 1,805 1,774 1,797 Client Retention 73% 72% 72% 73% 73% 73% 74% 74% 77% Note: For comparative purposes
Slide 31: Consulting and Event Revenue Trends
Consulting and Event Revenue Trends Consulting Events Revenue by Quarter Revenue by Quarter (millions) (millions) $28.3 $25.9 $24.8 $23.1 $23.4 $23.5 $21.4 $21.5 $21.8 $13.4 $10.2 $4.6 $2.7 $2.7 $2.1 $0.4 $0.0 $0.2 Q4 '23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4 '23 Q1'24 Q2'24 Q3'24 Q4'24
Slide 32: 2026 Full Year Guidance
2026 Full Year Guidance Revenue: $345M to $360M • Declining 9% to 13% compared to prior year Adjusted Operating Margin: 6.0% to 6.5% • Declining ~112 bps to ~162 bps compared to prior year Adjusted EPS: $0.72 to $0.82 • Declining 29% to 38% compared to prior year © Forrester Research, Inc. All right
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations © Forrester Research, Inc. All rights reserved. 33
Slide 34: Non-GAAP Reconciliation – Income From Operations and EBITDA
Non-GAAP Reconciliation – Income From Operations and EBITDA (dollars in millions) Q4-24 Q4-25 FY24 FY25 Income (loss) from operations - GAAP ($0.6) ($37.0) $0.7 ($113.2) Amortization of intangible assets 2.2 2.1 9.6 8.7 Restructuring costs 4.1 9.8 11.8 11.7 Goodwill impairment -- 26.8 -- 110.7 Loss
Slide 35: Non-GAAP Reconciliation – Net Income and EPS
Non-GAAP Reconciliation – Net Income and EPS (dollars in millions, except per share) Q4-24 Q4-25 FY24 FY25 Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net income (loss) – GAAP $0.4 $0.02 ($33.9) ($1.78) ($5.7) ($0.30) ($119.4) ($6.28) Effect on GAAP net loss of diluted shares
Slide 36: Non-GAAP Cash Flow Reconciliation
Non-GAAP Cash Flow Reconciliation (dollars in millions) FY22 FY23 FY24 FY25 Net cash provided by (used in) operating activities $39.4 $21.7 ($3.9) $21.1 Less: purchases of property and equipment (5.7) (5.5) (3.4) (3.0) Free cash flow $33.8 $16.2 ($7.3) $18.1 Note: Amounts might not total due to roun
Slide 37: Non-GAAP Margin and EPS Full Year 2026 Guidance Reconciliation
Non-GAAP Margin and EPS Full Year 2026 Guidance Reconciliation Low End High End Low End High End of Range of Range of Range of Range Per Share Per Share GAAP operating margin -0.8% -0.3% GAAP - earnings per share ($0.20) ($0.10) Amortization of intangible assets 2.4% 2.4% Amortization of intangible
Slide 38: Metric Definitions
Metric Definitions © Forrester Research, Inc. All rights reserved. 38
Slide 39: Metric Definitions
Metric Definitions Contract Value (CV) represents the value attributable to all of our recurring research- related contracts. It is calculated as the annualized value of all contracts in effect at a specific point in time, without regard to how much revenue has already been recognized. Contract valu
Slide 40: Metric Definitions
Metric Definitions Client Retention represents the percentage of client companies (defined as all clients that buy a CV product) at the prior year measurement date that have active contracts at the current year measurement date. Client Count is the total of enterprise clients with an active CV contr
Slide 41: Thank You.
Thank You. © Forrester Research, Inc. All rights reserved.