Forrester Research, Inc. · NASDAQ:FORR

Forrester Research — Q1 2026 Earnings Presentation

43 slides from Forrester Research's earnings presentation, May 6, 2026

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 ~1,400 57% Forrester to acc
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
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 projec
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.
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.
Slide 10: Forrester Research
Forrester Decisions, sold to enterprise buyers and Forrester Market Insights, sold Forrester Research to technology vendors, via a portfolio of services that support different functions Business and technology leaders rely across the business on Forrester Research to tackle their initiatives and del
Slide 11: Research Offering Components
Research Offering Components A seat-based license model empowers executives and their teams to deliver on enterprise and functional priorities based on proven research and data. Insights Tools Expertise Shape strategy, guide Drive your strategic initiatives with Validate next steps and accelerate tr
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.
Slide 14: Forrester's Unique Positioning
Forrester’s Unique Positioning AI Forrester is uniquely positioned to meet business and technology needs in this AI moment. Business Technology © Forrester Research, Inc. All rights reserved.
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.
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.
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. Enable for members of the Expand access down Create cross- org from executives to into the organization functional alignment early-career professionals Chief VIP AI VIP VP AI AI AI Leader Leader Lead
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 • H
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 that 259% $2.54M $1.83M 26% more likely organizations may realize by investing in Three-Year Benefits For
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 26: Q1 2026 Financial Summary
Q1 2026 Financial Summary Consolidated Revenue Research Revenue Consulting Revenue Event Revenue $85.5M -5% $66.9M -2% $18.6M -13% $0.0M NM vs. PY vs. PY vs. PY vs. PY Adj. Operating Margin Adj. EPS Adj. EBITDA Margin Free Cash Flow -1.0% -382 bps -$0.04 -136% 0.6% -378 bps $19.4M vs. PY vs. PY vs.
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 $83.7 $77.1 $79.4 $77.9 $80 $76.6 $76.6 $72.7 $68.4 $66.9 $70 $60 $50 $40 $30 $20 $10 $0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 © Forrester Research, Inc. All rights reserved.
Slide 29: CV & Wallet Retention Trends
CV & Wallet Retention Trends $350 105% $300 100% $250 95% $200 90% $150 85% $100 80% $50 $- 75% Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 CV (in $MM) 316.9 316.1 314.0 311.9 295.0 292.8 292.2 292.4 285.3 Wallet Retention 87% 88% 88% 89% 86% 85% 86% 87% 89% Note: Figures have been restate
Slide 30: Client Count & Client Retention Trends
Client Count & Client Retention Trends 2,500 85% 83% 2,000 81% 79% 1,500 77% 75% 1,000 73% 71% 500 69% 67% 0 65% Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Clients 2,122 2,052 2,002 1,942 1,822 1,805 1,774 1,797 1,760 Client Retention 72% 72% 73% 73% 73% 74% 74% 77% 78% Note: For comparat
Slide 31: Consulting & Event Revenue Trends
Consulting & Event Revenue Trends Consulting Events Revenue by Quarter Revenue by Quarter (millions) (millions) $25.9 $24.8 $23.1 $23.4 $23.5 $21.4 $21.5 $21.8 $13.4 $18.6 $10.2 $2.7 $2.7 $2.1 $0.4 $0.0 $0.2 $0.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'
Slide 32: 2026 Full-Year Guidance
2026 Full-Year Guidance Revenue: $350M to $360M • Declining 9% to 12% 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 34: Non-GAAP Reconciliation — Income From Operations & EBITDA
Non-GAAP Reconciliation — Income From Operations & EBITDA (dollars in millions) Q1-25 Q1-26 Loss from operations - GAAP ($87.6) ($18.6) Amortization of intangible assets 2.2 2.1 Restructuring costs 1.5 2.1 Goodwill impairment 83.9 10.8 Stock-based compensation included in the following expense categ
Slide 35: Non-GAAP Reconciliation — Income From Operations & EBITDA
Non-GAAP Reconciliation — Income From Operations & EBITDA (dollars in millions) FY25 Loss from operations - GAAP ($113.2) Amortization of intangible assets 8.7 Restructuring costs 11.7 Goodwill impairment 110.7 Stock-based compensation included in the following expense categories: Cost of services a
Slide 36: Non-GAAP Reconciliation — Net Income and EPS
Non-GAAP Reconciliation — Net Income and EPS (dollars in millions, except per share) Q1-25 Q1-26 Amount Per Share Amount Per Share Net loss - GAAP ($87.3) ($4.62) ($21.8) ($1.14) Amortization of intangible assets 2.2 0.12 2.1 0.11 Restructuring costs 1.5 0.08 2.1 0.11 Goodwill impairment 83.9 4.44 1
Slide 37: Non-GAAP Reconciliation — Net Income and EPS
Non-GAAP Reconciliation — Net Income and EPS (dollars in millions, except per share) FY25 Amount Per Share Net loss – GAAP ($119.4) ($6.28) Effect on GAAP net loss of diluted shares -- 0.03 Amortization of intangible assets 8.7 0.46 Restructuring costs 11.7 0.61 Goodwill impairment 110.7 5.80 Stock-
Slide 38: Non-GAAP Cash Flow Reconciliation
Non-GAAP Cash Flow Reconciliation (dollars in millions) Q1-23 Q1-24 Q1-25 Q1-26 Net cash provided by operating activities $12.3 $0.6 $26.7 $25.6 Less: purchases of property and equipment (1.6) (1.4) (0.6) (6.2) Free cash flow $10.7 ($0.8) $26.1 $19.4 (dollars in millions) FY22 FY23 FY24 FY25 Net cas
Slide 39: 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 -3.3% -2.8% GAAP - loss per share ($0.73) ($0.63) Amortization of intangible assets 2.3% 2.3% Amortization of intangible asse
Slide 41: 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 42: 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

Forrester Research — Q1 2026 Earnings Presentation on 6ix

Forrester Research — Q1 2026 Earnings Presentation

Slide 1: Forrester Investor Summary Q1 2026

Slide 2: Forward-Looking Statements & Non-GAAP Measures

Slide 3: Forrester At A Glance

Slide 4: Why Invest In Forrester?

Slide 5: Total Available Research Market

Slide 6: Research, Consulting, & Events: A System To Drive Contract Value

Slide 7: Growing Contract Value

Slide 8: The Forrester Contract Value Growth Engine

Slide 9: How We Help

Slide 10: Forrester Research

Slide 11: Research Offering Components

Slide 12: Why Forrester, Why Now?

Slide 13: We Align Your Organization To Drive Outcomes

Slide 14: Forrester's Unique Positioning

Slide 15: Forrester Is On Your Side And By Your Side

Slide 16: Forrester = Trust

Slide 17: Differentiating Forrester From Mainstream AI Tools

Slide 18: Forrester AI Access

Slide 19: Forrester AI Access

Slide 20: Forrester AI Access

Slide 21: Forrester AI Access

Slide 22: Forrester Delivers Results For Our Clients

Slide 23: The Value And ROI Of Investing In Forrester Decisions

Slide 24: Leadership Team Well Positioned To Scale The Business

Slide 25: Financial Overview

Slide 26: Q1 2026 Financial Summary

Slide 27: Full-Year 2025 Financial Summary

Slide 28: Research Revenue Trends

Slide 29: CV & Wallet Retention Trends

Slide 30: Client Count & Client Retention Trends

Slide 31: Consulting & Event Revenue Trends

Slide 32: 2026 Full-Year Guidance

Slide 33: Non-GAAP Reconciliations

Slide 34: Non-GAAP Reconciliation — Income From Operations & EBITDA

Slide 35: Non-GAAP Reconciliation — Income From Operations & EBITDA

Slide 36: Non-GAAP Reconciliation — Net Income and EPS

Slide 37: Non-GAAP Reconciliation — Net Income and EPS

Slide 38: Non-GAAP Cash Flow Reconciliation

Slide 39: Non-GAAP Margin and EPS Full-Year 2026 Guidance Reconciliation

Slide 40: Metric Definitions

Slide 41: Metric Definitions

Slide 42: Metric Definitions

Slide 43: Thank You.