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Forrester Research (FORR) investor relations material
Forrester Research Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue was $94.3M, down 8% year-over-year, with research, consulting, and events all declining; contract value fell 7% to $288.1M.
Operating margin and adjusted EPS improved year-over-year, driven by cost controls and operational efficiencies.
AI Access, a self-service AI research product, was launched, generating significant early interest and a major government contract.
Wallet retention improved to 86%, client retention held steady at 74%.
Full year 2024 revenue was $432.5M, down 10% year-over-year, with negative free cash flow of $7.3M.
Financial highlights
Q3 2025 revenue: $94.3M (down from $102.5M in Q3 2024); research: $72.7M (-6% YoY), consulting: $21.5M (-8% YoY), events: $0.2M (-92% YoY).
Adjusted operating margin for Q3 2025 was 10.5%, up 253 bps year-over-year; adjusted EBITDA margin was 12.2%.
Adjusted EPS for Q3 2025 was $0.37 (up 28% YoY); GAAP net loss was $2.1M ($0.11 per share).
Net cash from operating activities for the first nine months of 2025 was $24.3M; cash at quarter-end was $132M.
Deferred revenue stood at $141.2M; debt outstanding was $35M.
Outlook and guidance
2025 revenue guidance is $395M–$405M, a 6–9% decline from 2024.
Adjusted operating margin expected at 7.5–8.5%; adjusted EPS guidance is $1.15–$1.25.
Research business expected to decline mid-single digits; consulting high single to low double digits; events high 20% decline.
GAAP operating margin expected at negative 19.3% to negative 18.3%; diluted loss per share of $4.50 to $4.40.
Anticipates Q4 improvement from AI Access pipeline, with CV expected to improve to a low single-digit decline for the year.
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