FORR on Nasdaq

Forrester

Logo: Forrester Research, Public domain, via Wikimedia Commons5

Research and advisory company

Forrester Research, Inc. is a research and advisory firm working in research, consulting and events.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1983Founded1

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  • TickerFORR on Nasdaq1
  • Industrymarket research1
  • HeadquartersCambridge1
  • Websitewww.forrester.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address60 Acorn Park Drive, Cambridge, Ma 021406
  • Filer categoryAccelerated filer, Smaller reporting company6
  • LEI549300UUSFXYLJ80Z8974
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 25935854
George Colony in 2011
Photo: Magnus Höij from Stockholm, Sweden, CC BY 2.0, via Wikimedia Commons8

Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-28.5%Operating margin9
-30.1%Net margin9
-8.2%Revenue growth, 20259
-94.3%Return on equity9
0.00×Debt to equity9
$18.1MFree cash flow9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Research Revenue brought in 43% of the revenue Forrester broke down this way in fiscal 2025.

  1. Research Revenue$295.6M943%down 7% from 2024
  2. Research Services$295.6M943%down 7% from 2024
  3. Consulting Services Revenue$88.2M913%down 9% from 2024
  4. Events Revenue$13.1M92%down 29% from 2024
Products and services by year
Products and services202320242025
Research Revenue$334.4M$316.7M$295.6M
Research Services$334.4M$316.7M$295.6M
Consulting Services Revenue$118.2M$97.3M$88.2M
Events Revenue$28.2M$18.5M$13.1M

Business segments

Research brought in 80% of the revenue Forrester broke down this way in fiscal 2025.

  1. Research$317.6M980%down 6% from 2024
  2. Consulting$66.2M917%down 13% from 2024
  3. Events$13.1M93%down 29% from 2024
Business segments by year
Business segments202320242025
Research$363.2M$337.8M$317.6M
Consulting$89.4M$76.2M$66.2M
Events$28.2M$18.5M$13.1M

Regions

United States brought in 77% of the revenue Forrester broke down this way in fiscal 2025.

  1. United States$304.2M977%down 9% from 2024
  2. Europe Excluding United Kingdom$37.0M99%down 2% from 2024
  3. Asia Pacific$21.8M95%up 5% from 2024
  4. United Kingdoms$15.7M94%down 17% from 2024
  5. CA [member]$10.9M93%down 11% from 2024
  6. Other Country$7.2M92%down 17% from 2024
Regions by year
Regions202320242025
United States$373.5M$334.1M$304.2M
Europe Excluding United Kingdom$37.9M$37.7M$37.0M
Asia Pacific$23.6M$20.8M$21.8M
United Kingdoms$21.3M$18.9M$15.7M
CA [member]$16.4M$12.2M$10.9M
Other Country$8.1M$8.7M$7.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue43¢$170.7M
  • Selling, general and admin55¢$218.4M
  • Other costs2¢$7.7M
  • Income tax0¢$49.0K

Out of $396.9M in revenue.9 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending14¢$3.0M
  • Share buybacks12¢$2.5M
  • Kept or used elsewhere74¢$15.6M

Out of $21.1M of cash from operations.9

Financial statements

Revenue101112139$396.9M in 2025−14% since 2019
0$200.0M$400.0M$600.0M2019: $461.7M$461.7M20192020: $449.0M$449.0M2020−3%2021: $494.3M$494.3M2021+10%2022: $537.8M$537.8M2022+9%2023: $480.8M$480.8M2023−11%2024: $432.5M$432.5M2024−10%2025: $396.9M$396.9M2025−8%
Operating income101112139-$113.2M in 2025
-$150.0M-$100.0M-$50.0M0$50.0M2019: $1.1M$1.1M20192020: -$16.2M-$16.2M20202021: $38.6M$38.6M20212022: $32.7M$32.7M2022−15%2023: $6.8M$6.8M2023−79%2024: $740.0K$740.0K2024−89%2025: -$113.2M-$113.2M2025
Net income101112139-$119.4M in 2025+1147% since 2019
-$150.0M-$100.0M-$50.0M0$50.0M2019: -$9.6M-$9.6M20192020: $10.0M$10.0M20202021: $24.8M$24.8M2021+149%2022: $21.8M$21.8M2022−12%2023: $3.0M$3.0M2023−86%2024: -$5.7M-$5.7M20242025: -$119.4M-$119.4M2025+1977%

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Total revenues$396.9M$432.5M$480.8M
Cost of services and fulfillment$170.7M$182.5M$204.5M
Selling and marketing$149.5M$159.6M$167.4M
General and administrative$52.7M$58.8M$68.5M
Depreciation$6.0M$7.6M$8.5M
Amortization of intangible assets$8.7M$9.6M$12.0M
Goodwill impairment$110.7M$0$0
Restructuring costs$11.7M$11.8M$13.3M
Loss from sale of divested operation$0$1.8M$0
Total operating expenses$510.1M$431.7M$474.0M
Income (loss) from operations-$113.2M$740.0K$6.8M
Interest expense-$2.7M-$3.0M-$3.1M
Other income, net$3.8M$4.1M$2.4M
Credit loss expense on note receivable-$7.3M$0$0
Gains on investments, net$2.0K$814.0K$208.0K
Income (loss) before income taxes-$119.4M$2.6M$6.3M
Income tax expense (benefit)-$49.0K$8.4M$3.2M
Net income (loss)-$119.4M-$5.7M$3.0M
Basic income (loss) per common share-$6.28-$0.30$0.16
Diluted income (loss) per common share-$6.28-$0.30$0.16
Basic weighted average common shares outstanding19.0M shares19.1M shares19.2M shares
Diluted weighted average common shares outstanding19.0M shares19.1M shares19.3M shares

Compare Forrester with another company

The story

Forrester was founded in July 1983 by George Forrester Colony in Cambridge, MA. In November 1996, Forrester announced its initial public offering on the Nasdaq Stock Market. The offering raised approximately $32 million through the sale of 2.3 million shares, providing capital for geographic and service expansion.

In November 1999, the company acquired Fletcher Research, a London-based internet research firm. In October 2000, it acquired FORIT GmbH, a technology research provider based in Frankfurt, Germany, further extending its presence in Europe.

Forrester launched its Wave reports in July 2002 as a new methodology for evaluating technology vendors.

Acquisitions

In March 2003, Forrester acquired Giga Information Group for $62 million in cash.

In July 2008, Forrester acquired JupiterResearch, a New York-based firm specializing in digital media, marketing, and consumer behavior analysis. In December 2009, it also acquired Strategic Oxygen, a firm providing marketing planning tools and analytics to global IT vendors.

Forrester acquired Springboard Research, a Singapore-based firm focused on emerging Asian technology markets, in May 2011.

In January 2019, Forrester acquired SiriusDecisions, a B2B research and advisory firm, for approximately $245 million.

In May 2021, Forrester launched their Forrester Decisions portfolio.

From Wikipedia’s article on Forrester Research, shared under CC BY-SA 4.0.7

Leadership

Who has led Forrester, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (42)

Former names

  • FORRESTER RESEARCH INCNov 26, 1996 to Mar 5, 20136

Timeline

  1. Feb 14, 2006New chief executive George F. Colony becomes CEO18
  2. 1983Founded Founded1

Filings

335 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 38 major events, 222 insider forms, 30 large holders, 25 other. The latest 20:

  1. Sep 2, 20264 EDGAR
  2. Aug 20, 20264 EDGAR
  3. Aug 20, 20264 EDGAR
  4. Aug 20, 2026144 EDGAR
  5. Aug 14, 20264 EDGAR
  6. Aug 6, 202610-Q EDGAR
  7. Aug 4, 20264 EDGAR
  8. Aug 4, 20264 EDGAR
  9. Aug 4, 20264 EDGAR
  10. Aug 4, 20264 EDGAR
  11. Jul 30, 20268-K EDGAR
  12. Jun 2, 20264 EDGAR
  13. Jun 2, 20264 EDGAR
  14. Jun 2, 20264 EDGAR
  15. May 15, 2026SCHEDULE 13G/A EDGAR
  16. May 13, 20268-K EDGAR
  17. May 13, 20264 EDGAR
  18. May 13, 20264 EDGAR
  19. May 13, 20264 EDGAR
  20. May 13, 20264 EDGAR

The 335 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

32 open-market trades by officers, directors and large owners since October 2021: 0 buys and 32 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 20, 2026Darrah RyanChief Legal OfficerSale5,000$11.78$58.9KForm 4
Aug 20, 2026Finn Leo ChristianChief Financial OfficerSale7,000$11.78$82.5KForm 4
Aug 13, 2026Johnson CarrieChief Product OfficerSale5,000$11.51$57.5KForm 4
Aug 5, 2024Facemire MichaelChief Technology OfficerSale719$18.76$13.5KForm 4
Aug 5, 2024Darrah RyanChief Legal OfficerSale3,895$18.26$71.1KForm 4
Aug 2, 2024Darrah RyanChief Legal OfficerSale761$19.07$14.5KForm 4
Feb 13, 2024Galford RobertDirectorSale13,000$20.73$269.5KForm 4
Aug 7, 2023Peltzman Steven P.CBTOSale1,200$32.05$38.5KForm 4
Aug 7, 2023Chouinard ScottChief Accounting OfficerSale100$31.78$3.2KForm 4
Aug 3, 2023Johnson CarrieChief Product OfficerSale1,117$32.01$35.8KForm 4
Aug 1, 2023Johnson CarrieChief Product OfficerSale3,890$32.21$125.3KForm 4
Aug 1, 2023Darrah RyanChief Legal OfficerSale2,835$31.94$90.5KForm 4
May 16, 2023Friscia Anthony JDirectorSale1,850$25.54$47.2KForm 4
Mar 7, 2023Peltzman Steven P.CBTOSale2,206$33.95$74.9KForm 4
Mar 3, 2023Chouinard ScottChief Accounting OfficerSale200$34.00$6.8KForm 4
Feb 13, 2023Galford RobertDirectorSale7,500$33.14$248.6KForm 4
Dec 15, 2022Lee AliciaChief Consulting OfficerSale1,000$34.54$34.5KForm 4
Nov 21, 2022Johnson CarrieChief Product OfficerSale2,000$34.75$69.5KForm 4
Nov 10, 2022Johnson CarrieChief Product OfficerSale3,253$35.85$116.6KForm 4
Nov 1, 2022Johnson CarrieChief Product OfficerSale223$42.40$9.5KForm 4

All 32 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 97. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Portolan Capital Management, LLC1,623,925$13.7M0.5%+82,649
Nantahala Capital Management, LLC1,526,892$12.8M0.4%+832,470
First Manhattan Co. Llc.750,000$6.3M0.0%No change
Pacific Ridge Capital Partners, LLC705,344$5.9M1.1%−5,503
Vanguard Capital Management LLC500,395$4.2M0.0%+13,473
Renaissance Technologies LLC418,206$3.5M0.0%−18,500
Hotchkis & Wiley Capital Management LLC366,689$3.1M0.0%−16,900
Aqr Capital Management LLC357,665$3.0M0.0%+171,743
Quantinno Capital Management LP289,195$2.4M0.0%+65,110
BlackRock, Inc.270,105$2.3M0.0%−637,272
Ancora Advisors LLC269,891$2.3M0.0%New
ArrowMark Colorado Holdings LLC231,808$1.9M0.1%−241,144
Dimensional Fund Advisors LP211,963$1.8M0.0%−54,426
Sei Investments Co200,406$1.7M0.0%−84,018
Russell Investments Group, Ltd.199,012$1.7M0.0%+194,285
Geode Capital Management, LLC169,088$1.4M0.0%−147,700
Jane Street Group, LLC168,333$1.4M0.0%+81,991
Morgan Stanley163,788$1.4M0.0%+61,715
Two Sigma Investments, LP132,202$1.1M0.0%+30,601
Nierenberg Investment Management Company, LLC131,110$1.1M0.5%No change
Bridgeway Capital Management, LLC123,617$1.0M0.0%−27,242
Kestrel Investment Management Corp91,500$769.5K0.4%No change
Trexquant Investment LP76,916$646.9K0.0%+43,296
Susquehanna International Group, Llp74,551$627.0K0.0%−314,703
Vanguard Fiduciary Trust Co70,016$588.8K0.0%−3,962

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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