Forrester Research, Inc.
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About the company
Forrester Research, Inc. operates as an autonomous provider of research and advisory solutions. The company's business activities are structured into three primary divisions: Research, Consulting, and Events.
- CEO
- George F. Colony
- IPO
- 1996
- Employees
- 1,361
- HQ
- Cambridge, MA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $228.87M
- P/E
- -5.26
- Fwd P/E
- 15.21
- PEG
- -0.31
- P/S
- 0.60
- P/B
- 1.88
- EV/EBITDA
- -7.97
- Div Yield
- 0.00%
- Gross Margin
- 57.01%
- Op Margin
- -1.23%
- Net Margin
- -11.17%
- ROE
- -33.27%
- ROIC
- -1.78%
Latest fiscal year · YoY change
- Revenue
- $396.89M-8.2%
- Gross Profit
- $226.17M-46.5%
- Op Income
- $1.95M
- Net Income
- $-119,360,000-1976.9%
- EPS
- $-6.28-1993.3%
- OCF Growth
- +646.0%
- FCF Growth
- +349.2%
- 52W High
- $12.33
- 52W Low
- $4.88
- 50D MA
- $9.51
- 200D MA
- $7.47
- Beta
- 0.93
- RSI (14)
- 62
- Avg Volume
- 139.61K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Forrester said Q2 met expectations, with revenue down 10% year over year but improved confidence in second-half CV growth, continued AI adoption, and full-year guidance reaffirmed.· July 30, 2026
- Total revenue was $100.2 million, down 10% from $111.7 million a year ago; adjusted operating income was $10.4 million, or 10.4% of revenue.
- Adjusted EPS was $0.40 versus $0.51 last year; net income was $7.7 million versus $9.8 million last year.
- CV declined 3%, wallet retention was flat, and client retention was 77%, up 3 points year over year; client count rose by 10 to 1,770.
- Management said AI access and embedded products are gaining traction, with AI access bookings totaling about $10 million since launch nine months ago.
- Full-year 2026 guidance was reiterated: revenue of $350 million to $360 million, operating margin of 6% to 6.5%, and EPS of $0.72 to $0.82.
Q2 2026 revenue was $100.2 million, down 10% from $111.7 million in Q2 2025. Adjusted operating income was $10.4 million, or 10.4% of revenue, versus $13.7 million, or 12.2% last year; net income was $7.7 million versus $9.8 million, and adjusted EPS was $0.40 versus $0.51. Research revenue fell 8%, consulting revenue was $20 million and down 15%, and events revenue was $8.5 million and down 17%. CV declined 3%, wallet retention was flat, client retention was 77%, and client count increased to 1,770. For 2026, Forrester reaffirmed revenue guidance of $350 million to $360 million, down 9% to 12%; operating margin guidance of 6% to 6.5%; interest expense of $2.3 million; a 29% tax rate; and EPS of $0.72 to $0.82.
George Colony framed the quarter as in line with expectations and emphasized that trends from Q1 continued, with pressure in consulting and events offset by confidence in the CV plan. He highlighted Forrester’s AI research and product strategy as a major opportunity, saying the company is helping clients make high-stakes decisions in an AI era and is embedding research into workflows through Microsoft Teams and Copilot. His tone was optimistic but measured, repeatedly stressing discipline, objectivity, and an expectation of CV growth by year-end.
Leo Christian Finn focused on stability in the CV business, saying the decline and wallet retention were consistent with Q1 and in line with expectations, while bookings growth and improving retention supported confidence in a second-half improvement. He noted that operating expenses fell 8% on lower compensation costs, headcount was down 7%, and the company restarted its stock buyback program, repurchasing about $1 million of shares with over $76 million of authorization remaining. He also cited cash of over $130 million, debt of $35 million, first-half operating cash flow of $25 million, capex of $18.2 million, and free cash flow of approximately $20.7 million excluding the headquarters buildout.
Analysts focused on how much visibility management has for CV growth by year-end, and management pointed to better retention, a rising pipeline, and new products launching in Q3 as reasons for confidence. Christophe Favre said Q2 showed CV bookings growth year over year, with strength in tech research, EMEA, and APAC, while the North American government segment remained challenged but may turn in Q3 as federal clients ‘get back to business.’ He also said the sales organization has been reorganized by verticals and is being held more accountable through a balanced scorecard, while Carrie Johnson Fanlo said Forrester is first in its competitive set to have a presence in Microsoft Teams and a Copilot AI agent.
The bullish case is that Forrester believes the worst of the CV pressure may be easing, with bookings growth, improving retention, and a pipeline that management says is building into the second half. AI access and embedded delivery are showing traction, including about $10 million of bookings since launch and strong usage growth, while the company sees itself as an early mover in Microsoft workflows.
The bear case is that the quarter still showed broad top-line contraction, with revenue down 10%, consulting down 15%, events down 17%, and CV still declining 3%. Management also acknowledged ongoing weakness in the North American government segment and said some improvement depends on better sales execution, product launches, and a turnaround later in the year rather than results already in hand.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 52.0%
- Shares Outstanding
- 19.41M
- Float Shares
- 10.10M
of shares held by institutions
103 13F filers
Buy/sell ratio 0.40. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Portolan Capital Management, LLC | 1.62M | ▲ 82.65K |
| Nantahala Capital Management, LLC | 763.45K | ▲ 69.02K |
| Tieton Capital Management, LLC | 757.48K | ▲ 198.44K |
| First Manhattan Co. LLC. | 750.00K | 0 |
| Pacific Ridge Capital Partners, LLC | 705.34K | ▼ 5.50K |
| Vanguard Group Inc | 659.06K | ▲ 9.30K |
| Vanguard Capital Management LLC | 500.39K | ▲ 13.47K |
| Acadian Asset Management LLC | 429.61K | ▲ 6.27K |
| Renaissance Technologies LLC | 418.21K | ▼ 18.50K |
| Hotchkis & Wiley Capital Management LLC | 366.69K | ▼ 16.90K |
| Aqr Capital Management LLC | 357.67K | ▲ 171.74K |
| Quantinno Capital Management LP | 289.19K | ▲ 65.11K |
Held by 48 ETFs
Biggest fund positions in FORR by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 13, 26 | Johnson Carrie | sell | 5,000 |
| Aug 1, 26 | Favre Christophe | other | 634 |
| Aug 1, 26 | Favre Christophe | other | 301 |
| Aug 1, 26 | Favre Christophe | other | 634 |
| Aug 1, 26 | Chouinard Scott | other | 925 |
| Aug 1, 26 | Chouinard Scott | other | 271 |
| Aug 1, 26 | Chouinard Scott | other | 925 |
| Aug 1, 26 | Facemire Michael | other | 2,605 |
| Aug 1, 26 | Facemire Michael | other | 1,102 |
| Aug 1, 26 | Facemire Michael | other | 1,971 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our FORR coverage
Recent articles, reports, and earnings notes.
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The United States Department Of The Air Force Selects Forrester To Expand Enterprise Access To Research, Advisory Services, And AI-Enabled Insights
gurufocus.com · Aug 6
The United States Department Of The Air Force Selects Forrester To Expand Enterprise Access To Research, Advisory Services, And AI-Enabled Insights
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Forrester Research, Inc. (FORR) Q2 2026 Earnings Call Transcript
seekingalpha.com · Jul 31
Forrester Research Q2 Earnings Call Highlights
marketbeat.com · Jul 30
Forrester Research (FORR) Surpasses Q2 Earnings and Revenue Estimates
zacks.com · Jul 30
Forrester Research Reports 2026 Second-Quarter Financial Results
businesswire.com · Jul 30
Forrester Unveils Agenda For Its 2026 Security & Risk Forum
businesswire.com · Jul 27
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