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FiscalNote Holdings vs Heritage Global: NOTE and HGBL compared
FiscalNote Holdings is the larger company: $19.6M of revenue in its latest quarter (Q2 2026) against $14.6M for Heritage Global (Q3 2026). Heritage Global is growing faster (+28% against -16% a year earlier). Heritage Global is more profitable, with an operating margin of 7.2% against -123.0%.
Where the money goes: NOTE and HGBL
FiscalNote Holdings (NOTE) · Q2 2026
FiscalNote Holdings, Q2 2026: revenue $19.6M (-16% year over year), operating margin -123.0%, net loss $27.8M, operating cash flow −$2.1M. The chart follows the revenue to costs, profit and cash.
Heritage Global (HGBL) · Q3 2026
Heritage Global, Q3 2026: revenue $14.6M (+28% year over year), operating margin 7.2%, net earnings $1.0M, operating cash flow $3.4M. The chart follows the revenue to costs, profit and cash.
| FiscalNote Holdings (NOTE) | Heritage Global (HGBL) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $19.6M | $14.6M |
| Revenue growth, Y/Y | -16% | +28% |
| Operating margin | -123.0% | 7.2% |
| Net earnings | −$27.8M | $1.0M |
| Net margin | -142.1% | 7.1% |
| Operating cash flow | −$2.1M | $3.4M |
| Free cash flow | — | $2.6M |
Where the revenue comes from
FiscalNote Holdings
- Subscription: $18.8M (96%)
- Non-Subscription: $781K (4%)
Heritage Global
- Service: $9.8M (67%)
- Product: $4.8M (33%)
Questions
Which is bigger, FiscalNote Holdings or Heritage Global?
FiscalNote Holdings is the larger company: $19.6M of revenue in its latest quarter (Q2 2026) against $14.6M for Heritage Global (Q3 2026).
Is FiscalNote Holdings or Heritage Global growing faster?
Heritage Global is growing faster (+28% against -16% a year earlier).
Which is more profitable, FiscalNote Holdings or Heritage Global?
Heritage Global is more profitable, with an operating margin of 7.2% against -123.0%.
More: FiscalNote Holdings earnings · how FiscalNote Holdings makes money · Heritage Global earnings · how Heritage Global makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 10, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.