Filing Flows › FiscalNote Holdings (NOTE) › Q3 2025
FiscalNote Holdings (NOTE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
FiscalNote Holdings (NOTE) reported revenue of $22.4M for the third quarter 2025 (Q3 2025), -24% from a year earlier and -4% from the quarter before. Operating margin was -43.4%, net loss $24.9M (110.8% of revenue).
FiscalNote Holdings, Q3 2025: revenue $22.4M (-24% year over year), operating margin -43.4%, net loss $24.9M, operating cash flow −$8.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.4M | -4% | -24% |
| Operating profit | −$9.7M | — | — |
| Net earnings | −$24.9M | — | — |
| Operating cash flow | −$8.3M | — | — |
What changed
Revenue was $22.4M in Q3 2025, down 24% year over year and down 4% from the previous quarter. Subscription was the largest line at 94% of revenue. Subscription lost $6.1M year over year (down 22%), 86% of the total change.
Operating costs exceeded revenue by $9.7M, an operating margin of -43.4%. Total costs fell 11% while revenue fell 24%. The fastest-growing cost line was General & admin (+31%). The quarter ended with a net loss of $24.9M, wider than the previous quarter's $13.3M loss. Net interest and other expense of $15.4M was the main reason.
Operating cash flow was −$8.3M. Non-cash charges added back $2.2M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items added $10.8M. Capital expenditures of $2.1M exceeded it, leaving free cash flow of −$10.4M.
Questions
What was FiscalNote Holdings' revenue in the third quarter 2025?
FiscalNote Holdings (NOTE) reported revenue of $22.4M for the third quarter 2025 (Q3 2025), -24% from a year earlier and -4% from the quarter before.
Was FiscalNote Holdings profitable in the third quarter 2025?
Operating loss was $9.7M (-43.4% of revenue) and net loss $24.9M.