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Forrester Research Reports 2025 Second-Quarter Financial Results

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Forrester Research, Inc. (Nasdaq: FORR) today announced financial results for the second quarter ended June 30, 2025, with contract value at $288.7 million, down 7% compared with the prior year.

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Second-Quarter Consolidated Results

Total revenues for the second quarter of 2025 were $111.7 million, compared with $121.8 million for the comparable quarter in 2024.

On a GAAP basis, net income was $3.9 million, or $0.20 per diluted share, for the second quarter of 2025, compared with net income of $6.3 million, or $0.33 per diluted share, for the same period in 2024.

On an adjusted basis, net income was $9.8 million, or $0.51 per diluted share, for the second quarter of 2025, reflecting an adjusted effective tax rate of 29%. Adjusted net income excludes stock-based compensation of $4.0 million, amortization of acquisition-related intangible assets of $2.2 million, and restructuring costs of $0.5 million. This compares with adjusted net income of $12.9 million, or $0.68 per diluted share, for the same period in 2024, which reflects an adjusted tax rate of 29%. Adjusted net income for the second quarter of 2024 excludes stock-based compensation of $4.0 million, amortization of acquisition-related intangible assets of $2.5 million, and restructuring costs of $0.1 million.

Additional details regarding key metrics can be found in the investor presentation on the investor relations section of the company鈥檚 website.

A reconciliation of GAAP results to adjusted results can be found in the attached financial tables.

Forrester is providing guidance for 2025 as follows:

Full-Year 2025 (GAAP):

• Total revenues of approximately $400.0 million to $410.0 million, or a decline of 7.5% to 5.2% versus the prior year
• Operating margin of approximately negative 18.4% to negative 17.4%
• Interest expense of approximately $2.7 million
• An effective tax rate of negative 5% to negative 8%
• Diluted loss per share of approximately $4.16 to $4.01

Full-Year 2025 (Adjusted):

Adjusted financial guidance for full-year 2025 excludes the goodwill impairment charge of $83.9 million, stock-based compensation expense of $12.0 million to $13.0 million, amortization of acquisition-related intangible assets of approximately $8.7 million, restructuring costs of approximately $2.0 million, and any investment gains or losses.

• Adjusted operating margin of approximately 8.0% to 9.0%
• Adjusted effective tax rate of 29%
• Adjusted diluted earnings per share of approximately $1.20 to $1.35

About Forrester

Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We empower leaders in technology, customer experience, digital, marketing, sales, and product functions to be bold at work and accelerate growth through customer obsession. Our unique research and continuous guidance model helps executives and their teams achieve their initiatives and outcomes faster and with confidence. To learn more, visit .

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, Forrester鈥檚 financial guidance for the full-year 2025 and Forrester鈥檚 future financial performance and financial condition. These statements are based on Forrester鈥檚 current plans and expectations and involve risks and uncertainties that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual future activities and results to differ include, among others, Forrester鈥檚 ability to retain and enrich memberships for its research products and services, including the migration of its existing clients into its Forrester Decisions portfolio of services; Forrester鈥檚 ability to fulfill existing or generate new consulting engagements and advisory services; any adverse economic conditions that result in a reduction in technology spending or demand for Forrester鈥檚 products or services; the risks and challenges inherent in international business activities; the use of generative AI in Forrester鈥檚 business and by Forrester鈥檚 clients and competitors; Forrester鈥檚 ability to offer new products and services; Forrester鈥檚 dependence on key personnel; Forrester鈥檚 ability to attract and retain professional staff; Forrester鈥檚 ability to respond to business and economic conditions and market trends; Forrester鈥檚 business with the US government; the impact of Forrester鈥檚 outstanding debt obligations; competition and industry consolidation; possible variations in Forrester鈥檚 quarterly operating results; concentration of ownership of Forrester; the possibility of network disruptions and security breaches; any failure to enforce and protect Forrester鈥檚 intellectual property rights; compliance with privacy laws; taxation risks; any weakness in Forrester鈥檚 system of internal controls; and any future impairment charge Forrester incurs. Forrester undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information, please refer to Forrester鈥檚 reports and filings with the Securities and Exchange Commission.

The consolidated statements of operations and the table of key financial data are attached.

漏 2025, Forrester Research, Inc. All rights reserved. Forrester is a trademark of Forrester Research, Inc.

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Ed Bryce Morris

VP, Corporate Development & Investor Relations

Forrester Research, Inc.

+1 617-613-6565

[email protected]

Shweta Agarwal

VP, Corporate Communications

Forrester Research, Inc.

+1 617-613-6805

[email protected]

Source: Forrester Research, Inc.