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Forrester Research (FORR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Forrester Research (FORR) reported revenue of $112M for the second quarter 2025 (Q2 2025), -8% from a year earlier and +24% from the quarter before. Operating margin was 6.2%, net earnings $3.9M (3.5% of revenue).
Forrester Research, Q2 2025: revenue $112M (-8% year over year), operating margin 6.2%, net earnings $3.9M, operating cash flow −$3.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $112M | +24% | -8% |
| Operating profit | $7.0M | — | -39% |
| Net earnings | $3.9M | — | -38% |
| Operating cash flow | −$3.6M | -114% | — |
What changed
Revenue was $111.7M in Q2 2025, down 8% year over year and up 24% from the previous quarter. Research Services was the largest line at 70% of revenue. Research Services lost $5.7M year over year (down 7%), 56% of the total change.
Operating profit was $7.0M, a 6.2% margin (down 3.1 points year over year). Total costs fell 5% while revenue fell 8%. Net earnings were $3.9M, down 38% year over year. The effective tax rate was 45.0%.
Operating cash flow was −$3.6M. Non-cash charges added back $3.9M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items used $15.4M. Capital expenditures of $602K exceeded it, leaving free cash flow of −$4.2M.
Questions
What was Forrester Research's revenue in the second quarter 2025?
Forrester Research (FORR) reported revenue of $112M for the second quarter 2025 (Q2 2025), -8% from a year earlier and +24% from the quarter before.
Was Forrester Research profitable in the second quarter 2025?
Operating profit was $7.0M (6.2% of revenue) and net earnings $3.9M.
Source: Forrester Research 10-Q on SEC EDGAR.