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Forrester Research (FORR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Forrester Research (FORR) reported revenue of $94.3M for the third quarter 2025 (Q3 2025), -8% from a year earlier and -16% from the quarter before. Operating margin was 4.7%, net loss $2.1M (2.3% of revenue).
Forrester Research, Q3 2025: revenue $94.3M (-8% year over year), operating margin 4.7%, net loss $2.1M, operating cash flow $1.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $94.3M | -16% | -8% |
| Operating profit | $4.5M | -36% | — |
| Net earnings | −$2.1M | -154% | — |
| Operating cash flow | $1.2M | — | +353% |
| Free cash flow | $524K | — | — |
What changed
Revenue was $94.3M in Q3 2025, down 8% year over year and down 16% from the previous quarter. Research Services was the largest line at 77% of revenue. Research Services lost $4.4M year over year (down 6%), 54% of the total change.
Operating profit was $4.5M, a 4.7% margin (up 5.4 points year over year). Total costs fell 13% while revenue fell 8%. The quarter ended with a net loss of $2.1M, after a profit of $3.9M the previous quarter. Net interest and other expense of $6.1M was the main reason.
Operating cash flow was $1.2M (up 353% year over year). Non-cash charges added back $3.7M of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items used $3.8M. Capital expenditures of $673K left free cash flow of $524K.
Questions
What was Forrester Research's revenue in the third quarter 2025?
Forrester Research (FORR) reported revenue of $94.3M for the third quarter 2025 (Q3 2025), -8% from a year earlier and -16% from the quarter before.
Was Forrester Research profitable in the third quarter 2025?
Operating profit was $4.5M (4.7% of revenue) and net loss $2.1M.
Source: Forrester Research 10-Q on SEC EDGAR.