Filing Flows › FiscalNote Holdings (NOTE) › Q4 2025
FiscalNote Holdings (NOTE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 24, 2026
FiscalNote Holdings (NOTE) reported revenue of $22.2M for the fourth quarter 2025 (Q4 2025), -25% from a year earlier and -1% from the quarter before. Operating margin was -83.7%, net loss $22.9M (103.0% of revenue).
FiscalNote Holdings, Q4 2025: revenue $22.2M (-25% year over year), operating margin -83.7%, net loss $22.9M, operating cash flow −$279K. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.2M | -1% | -25% |
| Operating profit | −$18.6M | — | — |
| Net earnings | −$22.9M | — | — |
| Operating cash flow | −$279K | — | — |
What changed
Revenue was $22.2M in Q4 2025, down 25% year over year and down 1% from the previous quarter. Subscription was the largest line at 95% of revenue.
Operating costs exceeded revenue by $18.6M, an operating margin of -83.7%. Total costs grew 16% against a revenue fall of 25%. The fastest-growing cost line was Other operating costs (+78%). The quarter ended with a net loss of $22.9M, narrower than the previous quarter's $24.9M loss.
Operating cash flow was −$279K. Non-cash charges added back $2.2M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items added $16.6M. Capital expenditures of $1.6M exceeded it, leaving free cash flow of −$1.9M.
Questions
What was FiscalNote Holdings' revenue in the fourth quarter 2025?
FiscalNote Holdings (NOTE) reported revenue of $22.2M for the fourth quarter 2025 (Q4 2025), -25% from a year earlier and -1% from the quarter before.
Was FiscalNote Holdings profitable in the fourth quarter 2025?
Operating loss was $18.6M (-83.7% of revenue) and net loss $22.9M.