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Forrester Research (FORR) investor relations material
Forrester Research Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $111.7M, down 8% year-over-year, with declines across research, consulting, and events; events revenue dropped 23%.
Net income for Q2 2025 was $3.9M, a 38% decrease; six-month net loss was $83.4M due to an $83.9M goodwill impairment.
Adjusted EPS for Q2 2025 was $0.51, down 25% year-over-year; adjusted net income was $9.8M.
Client retention improved to 74% quarter-over-quarter, while contract value and wallet retention declined.
Focus on AI research, product innovation, and sales transformation to drive contract value growth.
Financial highlights
Q2 2025 revenue: $111.7M (down 8% YoY); research $77.9M (down 7%), consulting $23.5M (down 5%), events $10.2M (down 23%).
Q2 2025 net income: $3.9M; adjusted EPS: $0.51; operating income: $7.0M; adjusted operating income: $13.7M.
Six-month revenue: $201.5M (down 9% YoY); six-month net loss: $83.4M, mainly from goodwill impairment.
Cash at quarter-end: $135M; debt: $35M–$40.24M; operating cash flow for six months: $23.1M.
Operating expenses and headcount declined year-over-year.
Outlook and guidance
Full-year 2025 revenue guidance: $400M–$410M, a 5–8% decline; adjusted EPS: $1.20–$1.35; adjusted operating margin: 8–9%.
GAAP operating margin expected to be negative 18.4% to negative 17.4%; diluted loss per share of $4.16 to $4.01.
Management expects sufficient liquidity and compliance with debt covenants for the next twelve months.
Stock repurchase program to be reinstated in the second half of the year; $80M remains authorized.
Effective tax rate for 2025 anticipated between negative 5% and 8%; adjusted tax rate 29%.
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