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Forrester Research (FORR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
Forrester Research (FORR) reported revenue of $89.9M for the first quarter 2025 (Q1 2025), -10% from a year earlier and -17% from the quarter before. Operating margin was -97.5%, net loss $87.3M (97.1% of revenue).
Forrester Research, Q1 2025: revenue $89.9M (-10% year over year), operating margin -97.5%, net loss $87.3M, operating cash flow $26.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $89.9M | -17% | -10% |
| Operating profit | −$87.6M | — | — |
| Net earnings | −$87.3M | — | — |
| Operating cash flow | $26.7M | — | 44× |
| Free cash flow | $26.1M | — | — |
What changed
Revenue was $89.9M in Q1 2025, down 10% year over year and down 17% from the previous quarter. Research Services was the largest line at 76% of revenue. Research Services lost $8.2M year over year (down 11%), 80% of the total change.
Operating costs exceeded revenue by $87.6M, an operating margin of -97.5%. Total costs grew 62% against a revenue fall of 10%. The fastest-growing cost line was Other operating costs (+1003%). The quarter ended with a net loss of $87.3M, after a profit of $432K the previous quarter.
Operating cash flow was $26.7M (up 4274% year over year). Non-cash charges added back $3.7M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $107.8M. Capital expenditures of $648K left free cash flow of $26.1M.
Questions
What was Forrester Research's revenue in the first quarter 2025?
Forrester Research (FORR) reported revenue of $89.9M for the first quarter 2025 (Q1 2025), -10% from a year earlier and -17% from the quarter before.
Was Forrester Research profitable in the first quarter 2025?
Operating loss was $87.6M (-97.5% of revenue) and net loss $87.3M.
Source: Forrester Research 10-Q on SEC EDGAR.