Gartner (IT) Corporate presentation summary

Business model and recurring revenue

• 2025 adjusted revenue exceeded $6B; Insights represented 81%, Conferences 10% and Consulting 9%.

• Insights serves a $200B TAM; ~75% of Insights contracts are multi-year, generally non-cancellable and average ~1.7 years.

• Recurring revenue, high renewal rates, contribution margins, upfront invoicing and low capital intensity support free cash flow generation.

Client retention and contribution margins

• Wallet retention declined from 108.8% in 2021 to 97.5% in 2025; client retention was 83.6% in 2025, down from 85.3% in 2024.

• 2025 consolidated contribution margin was 67.7%; Insights segment margin was 76.6%, excluding the divested Digital Markets operation.

• Pricing increases are generally in line with wage inflation; multi-year contracts include price escalators, with modest margin expansion potential from mix and operating leverage.

Cash generation and capital intensity

• Cash provided by operating activities was $1,290M in 2025, compared with $1,485M in 2024; upfront billing and collection timing make working capital a cash source.

• 2025 capex was $102M, or 1.6% of revenue; capex is expected to run ~2% of revenue.

• Free cash flow was $1,175M in 2025 versus $1,383M in 2024; 2021 and 2024 included $167M and $300M, respectively, of event-cancellation insurance proceeds.

• Free cash flow conversion has historically been ~70–80% of adjusted EBITDA, or 140–160% of GAAP net income; ~$500M cash is needed to run the business.