FORRESTER RESEARCH, INC. (FORR) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — FORR

Balance Sheet

(in millions USD)

Metric	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	73.90	65.12	67.77	75.59	62.75	58.85	61.38	101.71	109.95	104.22	98.74	103.23	112.50	129.33	146.39	125.60
Accounts Receivable	40.90	33.59	40.24	43.25	39.17	47.70	54.72	41.02	46.28	58.92	50.60	59.01	70.26	52.32	63.40	68.82
Total Current Assets	218.37	193.64	214.20	218.50	193.87	193.43	218.58	184.89	210.22	225.84	204.28	222.55	249.37	238.12	244.95	236.27
Property, Plant & Equipment	19.83	9.70	10.10	11.00	12.69	16.61	17.79	19.69	20.71	22.42	25.05	26.16	27.06	29.74	28.65	26.51
Goodwill	109.12	147.20	147.38	145.27	230.25	242.92	243.03	242.06	243.29	242.85	238.95	241.47	244.07	245.21	246.24	245.69
Intangible Assets	16.65	20.82	23.04	25.26	29.69	32.56	35.07	40.34	43.41	46.45	52.50	55.90	59.34	66.26	69.99	73.90
Total Non-current Assets*	190.70	220.54	221.84	221.31	311.39	330.74	337.09	351.17	360.45	368.04	380.96	392.38	402.54	416.67	423.50	427.45
Total Assets	409.07	414.18	436.04	439.81	505.26	524.17	555.67	536.06	570.67	593.89	585.24	614.93	651.90	654.79	668.45	663.72
Accounts Payable	1.08	1.82	1.80	0.42	1.58	2.33	2.75	0.76	1.14	0.43	1.07	0.10	0.89	0.70	1.04	0.38
Total Current Liabilities	237.89	182.10	197.23	223.69	198.00	211.59	241.11	215.64	243.53	269.31	247.07	277.04	305.48	276.85	287.56	284.15
Long-term Debt	35.00	35.00	35.00	35.00	35.00	35.00	35.00	35.00	35.00	35.00	50.00	50.00	60.00	98.86	101.84	104.82
Total Non-current Liabilities*	65.13	74.41	79.27	68.69	72.93	75.52	83.63	87.52	95.50	101.84	124.28	127.79	143.99	176.79	179.39	187.33
Total Liabilities	303.02	256.51	276.50	292.37	270.93	287.11	324.74	303.17	339.03	371.14	371.35	404.83	449.47	453.64	466.95	471.48
Retained Earnings	30.75	86.45	88.58	84.66	171.50	177.30	171.01	178.34	175.86	170.56	176.26	170.85	156.97	144.80	140.28	131.94
Total Stockholder Equity	106.05	157.67	159.54	147.43	234.33	237.05	230.93	232.89	231.65	222.75	213.89	210.10	202.43	201.15	201.50	192.24

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Total Revenue	85.45	101.06	94.30	111.66	89.88	108.04	102.53	121.83	100.08	118.09	113.43	135.59	113.67	136.89	127.68	148.25	124.97	133.73	118.14	128.67
Cost of Revenue	38.63	43.75	37.71	49.65	39.60	44.51	42.17	51.16	44.69	52.60	47.98	54.49	49.49	52.82	51.18	58.01	50.25	45.70	43.68	45.30
Gross Profit	46.82	57.31	56.58	62.01	50.28	63.11	62.02	69.83	54.98	70.56	66.91	81.10	64.18	84.07	76.50	90.24	74.72	88.03	74.45	83.37
Selling, General & Admin	14.38	13.76	12.48	13.37	13.06	14.58	15.74	14.44	14.06	16.85	15.11	15.32	21.23	19.76	16.45	15.93	15.52	16.16	14.38	14.33
Total Operating Expenses	65.45	94.30	52.13	55.05	137.87	63.66	62.75	58.52	64.27	72.00	61.86	72.81	69.32	87.15	67.94	69.54	68.25	50.38	67.91	96.45
Operating Income	(18.63)	(36.99)	4.46	6.96	(87.59)	(0.55)	(0.73)	11.31	(9.29)	(1.44)	5.06	8.29	(5.14)	(3.08)	8.56	20.70	6.47	37.65	6.54	(13.08)
Interest Expense	--	--	--	--	--	--	--	--	--	--	--	--	--	0.73	0.58	0.54	0.61	0.97	1.06	1.07
Pretax Income	(18.72)	(36.53)	(1.69)	7.12	(88.30)	0.93	(1.07)	11.57	(8.78)	(1.26)	4.86	8.07	(5.38)	(3.89)	8.32	20.27	6.03	10.15	5.29	11.82
Tax Provision	3.10	(2.66)	0.44	3.20	(1.03)	0.49	4.72	5.27	(2.11)	(0.60)	2.38	2.77	(1.31)	(2.26)	2.91	6.40	1.88	2.13	0.77	3.47
Net Income	(21.82)	(33.87)	(2.13)	3.91	(87.27)	0.43	(5.80)	6.29	(6.67)	(0.66)	2.48	5.30	(4.07)	(1.63)	5.41	13.87	4.15	8.02	4.52	8.34
Basic EPS	(1.14)	(1.76)	(0.11)	0.21	(4.62)	0.02	(0.30)	0.33	(0.35)	(0.04)	0.13	0.28	(0.21)	(0.10)	0.29	0.74	0.22	1.29	0.24	(0.44)
Diluted EPS	(1.14)	(1.75)	(0.11)	0.20	(4.62)	0.02	(0.30)	0.33	(0.35)	(0.04)	0.13	0.28	(0.21)	(0.08)	0.28	0.72	0.22	1.27	0.23	(0.43)

Cash Flow Statement

(in millions USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Operating Cash Flow	25.58	(3.21)	1.20	(3.63)	26.72	(1.83)	0.26	(2.91)	0.61	11.88	(6.00)	3.51	12.28	1.62	3.05	12.09	22.67	22.08	14.90	29.54
Capital Expenditures	6.20	1.06	0.67	0.60	0.65	0.66	0.49	0.83	1.43	1.59	1.24	1.03	1.63	1.44	1.53	1.44	1.26	0.90	4.60	3.78
Free Cash Flow*	19.38	(4.28)	0.52	(4.23)	26.08	(2.49)	(0.22)	(3.74)	(0.81)	10.29	(7.24)	2.47	10.65	0.19	1.52	10.65	21.40	21.18	10.30	25.77
Investing Cash Flow	(14.07)	1.64	(0.96)	(6.28)	(8.47)	0.25	7.45	4.56	(7.24)	(43.06)	2.86	2.10	1.34	(1.09)	(2.13)	(1.68)	(1.91)	(2.45)	(21.61)	(3.77)
Financing Cash Flow	0.15	(0.19)	(2.12)	(0.48)	0.24	(3.05)	(4.77)	(4.00)	(4.27)	(0.06)	(3.00)	(1.00)	(14.24)	(0.08)	(0.50)	(15.55)	(22.74)	(33.61)	(9.07)	(5.46)

* Derived from reported values

Dividends Per Share

(USD)

Metric	Q1 2021	Q4 2018	Q3 2018	Q2 2018	Q1 2018	Q4 2017	Q3 2017	Q2 2017	Q1 2017	Q4 2016	Q3 2016	Q2 2016	Q1 2016	Q4 2015	Q3 2015	Q2 2015	Q1 2015	Q4 2014	Q3 2014	Q2 2014
Dividends Per Share	0.00	0.20	0.20	0.20	0.20	0.19	0.19	0.19	0.19	0.18	0.18	0.18	0.18	0.17	0.17	0.17	0.17	0.15	0.16	0.16