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Forrester Research (FORR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 13, 2026
Forrester Research (FORR) reported revenue of $101M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and +7% from the quarter before. Operating margin was -36.6%, net loss $33.9M (33.5% of revenue).
Forrester Research, Q4 2025: revenue $101M (-6% year over year), operating margin -36.6%, net loss $33.9M, operating cash flow −$3.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $101M | +7% | -6% |
| Operating profit | −$37.0M | -930% | — |
| Net earnings | −$33.9M | — | — |
| Operating cash flow | −$3.2M | -368% | — |
What changed
Revenue was $101.1M in Q4 2025, down 6% year over year and up 7% from the previous quarter. Research Services was the largest line at 76% of revenue.
Operating costs exceeded revenue by $37.0M, an operating margin of -36.6%. Total costs grew 27% against a revenue fall of 6%. The fastest-growing cost line was Other operating costs (+3641%). The quarter ended with a net loss of $33.9M, wider than the previous quarter's $2.1M loss.
Operating cash flow was −$3.2M. Non-cash charges added back $3.4M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items added $24.8M. Capital expenditures of $1.1M exceeded it, leaving free cash flow of −$4.3M.
Questions
What was Forrester Research's revenue in the fourth quarter 2025?
Forrester Research (FORR) reported revenue of $101M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and +7% from the quarter before.
Was Forrester Research profitable in the fourth quarter 2025?
Operating loss was $37.0M (-36.6% of revenue) and net loss $33.9M.
Source: Forrester Research 10-K on SEC EDGAR.