Gartner, Inc. · NYSE:IT
Gartner — Q4 2025 Earnings Presentation
33 slides from Gartner's earnings presentation, Feb 3, 2026
Slide 1: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results February 3, 2026 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. or its affiliates. This presentation, including all supporting materials, is proprietary to Gartner, Inc. and/or its affiliates and is for
Slide 2: Forward Looking Statement and Explanatory Note
Forward Looking Statement and Explanatory Note Statements contained in this presentation regarding the growth and prospects of the business, the Company’s projected 2026 financial results, long-term objectives and all other statements in this presentation other than recitation of historical facts ar
Slide 3: Contents
Contents Consolidated Financials and Guidance 4Q 2025 Financial Results Page 5 2026 Guidance Page 6 Segment Results Insights Page 7 - 9 Conferences Page 10 Consulting Page 11 Capital Allocation Capital Structure and Allocation Page 12 Free Cash Flow Page 13 GAAP Financial Statements 4Q 2025 GAAP Fin
Slide 4: Client Value Proposition
Client Value Proposition We help our clients save time, save money, manage risk and gain confidence on their journeys to address their strategic priorities. Client profile Objective, unbiased insights • We serve individual senior operating executives in • Human intelligence: 2,400+ former practition
Slide 5: 4Q 2025 Growth and Financial Results
4Q 2025 Growth and Financial Results Global Contract Value (CV) Consolidated Revenues Insights Revenues Free Cash Flow 0.8% $5.2B 2.2% $1.8B 2.9% $1.3B QTD: $271M FX Neutral: 0.3% FX Neutral: 1.1% LTM: $1.2B 67.3% Contribution Margin 77.1% Contribution Margin Global Technology Sales CV Adj. EBITDA C
Slide 6: Guidance
Guidance • Insights revenues are nearly 100% subscription-based. They reflect Q4 2025 contract value and CV growth accelerating over the 2026 Guidance course of 2026. $ millions, except per share amounts; shares in millions • Conferences revenues reflect 56 in-person destination conferences. Guidanc
Slide 7: Insights Metrics
Insights Metrics Global Technology Sales $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Contract Value 3,650 3,689 3,754 3,911 3,853 3,822 3,818 3,910 Y/Y FX Neutral Growth 5.3 % 6.0 % 5.9 % 6.5 % 5.5 % 3.6 % 1.7 % -0.0 % Quarterly NCVI -23 39 65 157 -58 -31 -4 93 Quota Bearing Head Count 3,602
Slide 8: Insights: Additional Metrics
Insights: Additional Metrics Global Technology Sales $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 LTM Net Contract Value Increase (NCVI) 183 208 210 238 203 133 63 0 Productivity ($ thousands) 50 57 58 65 56 37 17 0 Y/Y Growth -46.4% -22.1% -5.8% 11.0% 12.9% -34.6% -70.2% -100.2% Client Enterp
Slide 9: Insights Segment
Insights Segment Revenues $ millions Contribution Margin 1,283 1,264 1,271 1,256 1,247 77.1% 77.1% 76.9% 76.7% 1,210 76.4% 76.5% 1,183 1,189 76.2% 76.0% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Revenu
Slide 10: Conferences Segment
Conferences Segment Revenues $ millions Contribution Margin 286 58.1% 57.4% 251 211 51.3% 186 47.6% 40.2% 37.7% 36.6% 70 76 73 75 33.2% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Revenues 70 186 76 251
Slide 11: Consulting Segment
Consulting Segment Revenues $ millions Contribution Margin 153 156 40.3% 39.6% 37.6% 38.2% 143 35.1% 140 32.5% 135 134 28.5% 128 27.1% 124 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Revenues 135 143 128
Slide 12: Capital Structure and Allocation
Capital Structure and Allocation $ billions 12/31/2025 Rate Maturity Capital Structure Cash 1.7 nm nm • Optimizes financial leverage benefits and financial flexibility • Target 2-2.5x leverage1 2028 Bonds 0.8 4.50% 2028 • ~$500M cash is needed to run the business 2029 Bonds 0.6 3.63% 2029 2030 Bonds
Slide 13: Free Cash Flow Conversion (LTM)
Free Cash Flow Conversion (LTM) % of Revenue - LTM 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Our typical Adjusted EBITDA margin to Free Cash Adjusted EBITDA 24.9 25.0 24.8 24.8 24.6 24.7 24.7 24.8 Flow margin conversion is about 4-6 percentage Cash interest, net (0.9) (0.8) (0.7) (0.6) (0.5) (0.4) (0.
Slide 14: 4Q 2025 GAAP Financial Statements
4Q 2025 GAAP Financial Statements 14 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved.
Slide 15: Condensed Consolidated Statements of Operations
Three Months Ended Condensed 2025 December 31, 2024 Consolidated Revenues: Insights $ 1,282.8 $ 1,246.8 Conferences 286.2 251.3 Statements of Consulting Other 133.6 50.0 153.2 63.8 Total revenues 1,752.6 1,715.1 Operations Costs and expenses: Cost of services and product development 572.6 574.9 Unau
Slide 16: Condensed Consolidated Balance Sheet
December 31, December 31, Assets 2025 2024 Condensed Current assets: Cash and cash equivalents $ 1,722.5 $ 1,933.1 Consolidated Fees receivable Deferred commissions 1,684.5 400.7 1,696.2 413.9 Prepaid expenses and other current assets 152.2 153.3 Balance Assets held-for-sale Total current assets 106
Slide 17: Condensed Consolidated Statement of Cash Flows
Three Months Ended December 31, Condensed Operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: $ 2025 242.2 $ 2024 398.6 Consolidated Depreciation and amortization Stock-based compensation expense Deferred taxes 47.9 32.2 43.9 51.2 30.2 (
Slide 18: Appendix
Appendix 18 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved.
Slide 19: Consolidated Financial Summary
Consolidated Financial Summary $ and shares in millions except per share amounts 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Revenues 1,473 1,595 1,484 1,715 1,534 1,686 1,524 1,753 6,267 6,497 Y/Y Growth 4.5% 6.1% 5.4% 8.1% 4.2% 5.7% 2.7% 2.2% 6.1% 3.7% Y/Y FX Neutral Growth 4.6% 6.9% 5.6% 8.
Slide 20: Quarterly Financial Summary Charts
Quarterly Financial Summary Charts Contract Value $ millions @ '25 rates Quarterly Net Contract Value Increase (NCVI) $ millions 5,155 213 5,114 5,051 5,034 5,047 103 109 4,902 67 4,799 13 (10) (17) 4,732 (63) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Revenues $
Slide 21: Contract Value at 2026 FX Rates
Contract Value at 2026 FX Rates $ million 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 GTS 3,774 3,813 3,881 4,045 3,986 3,954 3,951 4,048 GBS 1,108 1,136 1,175 1,233 1,228 1,242 1,260 1,276 Global 4,882 4,949 5,056 5,278 5,214 5,196 5,211 5,324 21 © 2026 Gartner, Inc. and/or its affiliates. All rights r
Slide 22: Selected Results Excluding Digital Markets
Selected Results Excluding Digital Markets $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Consolidated - Excluding Digital Markets Adjusted Revenue 1,388 1,518 1,413 1,651 1,468 1,631 1,469 1,703 5,971 6,270 Adj. EBITDA Excluding Digital Markets 361 401 333 410 374 438 339 429 1,504 1,
Slide 23: Non-GAAP P&L
Non-GAAP P&L $ millions except per share amounts 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Revenues 1,473 1,595 1,484 1,715 1,534 1,686 1,524 1,753 6,267 6,497 Less Cost of Services 459 513 475 575 475 532 474 573 2,023 2,054 Contribution 1,013 1,082 1,009 1,140 1,059 1,155 1,050 1,180 4,244
Slide 24: Definitions
Definitions Adjusted Revenue: Represents GAAP revenue less revenue from Digital Markets. We believe Adjusted Revenue is an important measure of our recurring operations as it provides a more accurate period-over period comparison of trends in revenues. Adjusted EBITDA and Adjusted EBITDA Margin: Rep
Slide 25: Definitions
Definitions Return on Invested Capital: Represents NOPAT divided by Total Capital (Total Debt + Total Stockholders' Equity). We believe that ROIC is an important measure of the invested capital as it measures how effectively we deploy our capital base. ROIC is a profitability measure, not a measure
Slide 26: Definitions of Key Metrics/Calculations
Definitions of Key Metrics/Calculations Segment Business Measurements Insights Contract value represents the dollar value attributable to all of our subscription-related contracts. It is calculated as the annualized value of all contracts in effect at a specific point in time, without regard to the
Slide 27: Adjusted Working Capital and Non-Recurring Items
Adjusted Working Capital and Non-Recurring Items Adjusted working capital = Free Cash Flow - Adjusted EBITDA + Cash Taxes + Cash Interest Net of Interest income + Capex $ millions Non-Recurring Items Included in Free Cash Flow: 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Insurance Proceeds — — 300 — — —
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations 28 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved.
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Total Revenue 1,472.9 1,595.1 1,484.3 1,715.1 1,534.1 1,686.5 1,524.1 1,752.6 6,267.4 6,497.2 Less: Digital Markets revenue 84.8 76.6 71.4 63.8 66.3 55.9 55.2 50.0 296.6 227.4 Adjusted Revenue 1,557.7 1,671.7 1,555
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations In millions except per share amounts Reconciliations - GAAP Net Income to Adjusted Net Income: 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 GAAP net income 210.5 229.5 415.0 398.6 210.9 240.8 35.4 242.2 (a) Consists of non-cash amortization charges from acquired intangibles. Acqu
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ millions Reconciliation - Cash Provided by Operating Activities to Free Cash Flow: 2019 2020 2021 2022 2023 Cash provided by operating activities (1) 565.4 903.2 1,312.5 1,101.4 1,155.7 Less: cash paid for capital expenditures (149.0) (83.8) (59.8) (108.1) (103.2) Free Cas
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ millions Reconciliations - Return on Invested Capital (ROIC) 4Q25 LTM Operating Income 1,026 Effective tax rate 22 % NOPAT 800 Debt 3,005 Stockholders' Equity 320 Total Capital 3,325 Return on Invested Capital (ROIC) 24 % 32 © 2026 Gartner, Inc. and/or its affiliates. All
Slide 33: Non-GAAP Reconciliations - 2026 Guidance
Non-GAAP Reconciliations - 2026 Guidance Financial Outlook Reconciliation: GAAP Net Income to Adjusted EBITDA Financial Outlook Reconciliation: GAAP Diluted EPS to Adjusted EPS 2026 2026 (unaudited; $ in millions) Guidance (unaudited; $ in millions) Guidance GAAP net income ≥$ 809 GAAP Diluted EPS (