Forrester Research Stock Earnings Reports

Key points for investors: Forrester reported Q3 2025 revenue of $94.3M, down 8% year-over-year. Research revenue declined 6% (4% excluding the FeedbackNow divestiture), consulting revenue fell 8% driven by U.S. federal government cutbacks, and events revenue was materially impacted by the timing shift of a major event. Client retention held at 74% and wallet retention improved 1 point to 86%. Operating income improved (10.5% of revenue) and adjusted EPS of $0.37 topped prior-year results; management delivered operating margin and EPS above consensus for the quarter. The company launched AI Access (a self-service offering built on Forrester’s proprietary Izola model) in mid-September, secured a landmark government deal, and reports an early, fast-growing pipeline for the product. Sales execution metrics are improving (time-to-hire ~55 days, faster time-to-close for some teams, wider adoption of the FAST sales methodology) and management is focused on maintaining sales activity, retention lifecycle execution, and a $550k rolling pipeline per quota-bearing rep. Balance sheet highlights: cash ~$132M, debt ~$35M, $77M of buyback authorization remaining (about $2.4M repurchased in the quarter). Management modestly lowered 2025 guidance: revenue $395M–$405M (down ~6%–9%), operating margin 7.5%–8.5%, and EPS $1.15–$1.25. Management expects AI Access to contribute positively to Q4 and 2026 performance, while consulting and events face continued headwinds into next year.