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Forrester Research cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.9M in Q3 2026 · $4.4M over twelve months

Operating cash flow$8.4M
Capital spending−$6.5M
Free cash flow+$1.9M
Cash conversion cycle33 days

Analysis

In Q3 2026, Forrester Research generated $8.4M of operating cash flow and spent $6.5M on capital projects, leaving free cash flow of $1.9M. That is $1.3M more than in Q3 2025 ($524K).

Over the twelve months to Sep 30, 2026, operating cash flow was $30.2M; the largest uses were net borrowing (+) / repaid (−) ($26.0M), capital spending ($25.8M), buybacks ($11.4M); besides operations, cash came from other financing ($20.7M), other investing ($3.4M); the cash balance fell by $11.1M.

Operating cash flow was $8.4M against net income of −$4.4M. The largest differences: prepaid and other assets +$17.4M, deferred revenue −$12.8M, deferred taxes −$9.7M.

Its cash conversion cycle was 33 days (receivables 35 + inventory 0 − payables 2).

Free cash flow

Forrester Research: free cash flow by quarterForrester Research: free cash flow by quarter−$2.5MQ4 2024$26.1MQ1 2025−$4.2MQ2 2025$524KQ3 2025−$4.3MQ4 2025$19.4MQ1 2026−$12.6MQ2 2026$1.9MQ3 2026
Operating cash flow less capital spending.
Forrester Research: operating cash flow against capital spendingForrester Research: operating cash flow against capital spendingOperating cash flowCapital spending−$1.8M$657KQ4 2024$26.7M$648KQ1 2025−$3.6M$602KQ2 2025$1.2M$673KQ3 2025−$3.2M$1.1MQ4 2025$25.6M$6.2MQ1 2026−$555K$12.0MQ2 2026$8.4M$6.5MQ3 2026
Latest (Q3 2026): Operating cash flow $8.4M, Capital spending $6.5M.

Capital allocation, year by year

Forrester Research: where the cash came from (up) and went (down), by fiscal yearForrester Research: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $107MFY2021: Net borrowing −$34.4MFY2021: Shares issued $9.2MFY2021: Capital spending −$10.7MFY2021: Buybacks −$20.1M$116MFY2021FY2022: Operating cash flow $39.4MFY2022: Net borrowing −$25.0MFY2022: Shares issued $4.4MFY2022: Capital spending −$5.7MFY2022: Buybacks −$15.1M$43.8MFY2022FY2023: Operating cash flow $21.7MFY2023: Net borrowing −$15.0MFY2023: Shares issued $3.5MFY2023: Capital spending −$5.5MFY2023: Buybacks −$4.1M$25.2MFY2023FY2024: Operating cash flow −$3.9MFY2024: Shares issued $2.4MFY2024: Asset sales $6.0MFY2024: Capital spending −$3.4MFY2024: Buybacks −$15.9M$8.4MFY2024FY2025: Operating cash flow $21.1MFY2025: Shares issued $1.3MFY2025: Capital spending −$3.0MFY2025: Buybacks −$2.5M$22.3MFY2025
Over these 5 years operating cash flow totalled $185M; the largest uses were net borrowing ($74.4M) and buybacks ($57.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$54.1M
Debt$30.0M
Net cash$24.1M

Forrester Research funds itself: free cash flow was $4.4M over the last twelve months, and $54.1M of cash and investments stands against $30.0M of debt.

Where the cash came from and went

Forrester Research: sources (+) and uses (−) of cash, Q3 2026Forrester Research: sources (+) and uses (−) of cash, Q3 2026Buybacks−$10.3MOperating cash flow$8.4MOther investing$8.4MCapital spending−$6.5MCash drawn (+) / kept (−)$5.4MNet borrowing (+) / repaid (−)−$5.0MShares issued$477KExchange rates−$329KTaxes on employees’ shares−$244KOther financing−$196K
Forrester Research: sources (+) and uses (−) of cash, TTM to Q3 2026Forrester Research: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$30.2MNet borrowing (+) / repaid (−)−$26.0MCapital spending−$25.8MOther financing$20.7MBuybacks−$11.4MCash drawn (+) / kept (−)$11.1MOther investing$3.4MExchange rates−$1.8MTaxes on employees’ shares−$1.2MShares issued$966K

From profit to cash

Forrester Research: net income to operating cash flow, Q3 2026Forrester Research: net income to operating cash flow, Q3 2026Net income−$4.4MDepreciation & amortization$3.6MStock-based pay$2.6MDeferred taxes−$9.7MOther non-cash$292KReceivables$6.0MPayables−$1.0MAccrued liabilities−$8.7MDeferred revenue−$12.8MPrepaid and other assets$17.4MOperating cash flow$8.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202635—233
Q2 202635—232
Q1 202648—246
Q4 202538—336
Q3 202536—432
Q2 202534—232
Q1 202549—248
Q4 202440—338

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$8.4M−$6.5M−$10.3M−$5.0M$477K$5.4M$1.9M
Q2 2026−$555K−$12.0M———$14.4M−$12.6M
Q1 2026$25.6M−$6.2M——$488K−$10.5M$19.4M
Q4 2025−$3.2M−$1.1M−$133K—$1K$1.8M−$4.3M
Q3 2025$1.2M−$673K−$2.4M—$601K$2.7M$524K
Q2 2025−$3.6M−$602K−$44K—−$1K$7.7M−$4.2M
Q1 2025$26.7M−$648K——$664K−$19.6M$26.1M
Q4 2024−$1.8M−$657K−$2.9M——$6.8M−$2.5M

Forrester Research: income statement and cash flow

Forrester Research, Q3 2026: revenue $86.1M (-9% year over year), operating margin 2.8%. The chart follows the revenue to costs, profit and cash.

Forrester Research: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.