Filing Flows › FiscalNote Holdings (NOTE) › Q1 2026 › vs Q4 2025
FiscalNote Holdings (NOTE) Q1 2026 vs Q4 2025 (quarter over quarter)
FiscalNote Holdings's revenue fell $2.2M (-10%) from $22.2M in Q4 2025 to $20.0M in Q1 2026. The biggest changes: Subscription −$2.1M (-10%); Non-Subscription −$40K (-4%).
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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 6.8% | -8.7% | +15.5 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Other Revenue | $389K | $395K | −$6K | -2% |
| Advisory | $329K | $360K | −$31K | -9% |
| Advertising | $254K | $257K | −$3K | -1% |
| Non-Subscription | $972K | $1.0M | −$40K | -4% |
| Subscription | $19.1M | $21.2M | −$2.1M | -10% |
| Revenue | $20.0M | $22.2M | −$2.2M | -10% |
| Income tax benefit | $201K | $179K | $22K | +12% |
| Net loss | $43.6M | $22.9M | $20.7M | +91% |
| Costs & expenses | $63.8M | $45.3M | $18.6M | +41% |
| Operating costs | $62.5M | $40.8M | $21.8M | +53% |
| Interest & other, net | $1.3M | $4.5M | −$3.2M | -71% |
| Research & development | $2.0M | $2.1M | −$78K | -4% |
| Sales & marketing | $5.7M | $5.9M | −$192K | -3% |
| General & admin | $9.5M | $10.6M | −$1.1M | -10% |
| Other operating costs | $45.3M | $22.2M | $23.1M | +104% |
| Operating cash sources | $46.6M | $22.6M | $24.0M | +106% |
| Depreciation & amortization | $2.1M | $2.2M | −$21K | -1% |
| Share-based compensation | $3.0M | $3.8M | −$769K | -20% |
| Working capital & other | $41.5M | $16.6M | $24.8M | +149% |
| Net loss absorbed | $43.6M | $22.9M | $20.7M | +91% |
| Operating cash flow | $3.0M | −$279K | $3.3M | — |
| Free cash flow (OCF − capex) | $1.4M | −$1.9M | $3.3M | — |
| Capital expenditures | $1.7M | $1.6M | $10K | +0.6% |
Questions
How much did FiscalNote Holdings's revenue grow quarter over quarter in Q1 2026?
FiscalNote Holdings's revenue fell $2.2M (-10%) from $22.2M in Q4 2025 to $20.0M in Q1 2026.
What drove FiscalNote Holdings's revenue change in Q1 2026?
Subscription −$2.1M (-10%); Non-Subscription −$40K (-4%).