Filing Flows › FiscalNote Holdings (NOTE) › Q1 2026 › vs Q1 2025
FiscalNote Holdings (NOTE) Q1 2026 vs Q1 2025 (year over year)
FiscalNote Holdings's revenue fell $7.5M (-27%) from $27.5M in Q1 2025 to $20.0M in Q1 2026. The biggest changes: Subscription −$6.2M (-24%); Non-Subscription −$1.3M (-57%).
FiscalNote Holdings, Q1 2026: revenue $20.0M (-27% year over year), operating margin -212.3%, net loss $43.6M, operating cash flow $3.0M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 6.8% | 4.7% | +2.1 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Other Revenue | $389K | $761K | −$372K | -49% |
| Advisory | $329K | $1.1M | −$734K | -69% |
| Advertising | $254K | $455K | −$201K | -44% |
| Non-Subscription | $972K | $2.3M | −$1.3M | -57% |
| Subscription | $19.1M | $25.2M | −$6.2M | -24% |
| Revenue | $20.0M | $27.5M | −$7.5M | -27% |
| Income tax benefit | $201K | $39K | $162K | +415% |
| Net loss | $43.6M | $4.2M | $39.4M | +926% |
| Costs & expenses | $63.8M | $41.3M | $22.6M | +55% |
| Operating costs | $62.5M | $41.3M | $21.3M | +52% |
| Interest & other, net | $1.3M | −$9.5M | $10.8M | — |
| Research & development | $2.0M | $3.1M | −$1.1M | -34% |
| Sales & marketing | $5.7M | $7.8M | −$2.0M | -26% |
| General & admin | $9.5M | $16.3M | −$6.8M | -42% |
| Other operating costs | $45.3M | $14.1M | $31.2M | +221% |
| Operating cash sources | $46.6M | $7.5M | $39.1M | +519% |
| Depreciation & amortization | $2.1M | $2.6M | −$455K | -18% |
| Share-based compensation | $3.0M | $3.4M | −$334K | -10% |
| Working capital & other | $41.5M | $1.6M | $39.9M | 26× |
| Net loss absorbed | $43.6M | $4.2M | $39.4M | +926% |
| Operating cash flow | $3.0M | $3.3M | −$266K | -8% |
| Free cash flow (OCF − capex) | $1.4M | $1.3M | $64K | +5% |
| Capital expenditures | $1.7M | $2.0M | −$330K | -17% |
Questions
How much did FiscalNote Holdings's revenue grow year over year in Q1 2026?
FiscalNote Holdings's revenue fell $7.5M (-27%) from $27.5M in Q1 2025 to $20.0M in Q1 2026.
What drove FiscalNote Holdings's revenue change in Q1 2026?
Subscription −$6.2M (-24%); Non-Subscription −$1.3M (-57%).