Gartner, Inc.

Second-quarter revenue was $1.7 billion, up 3% year over year as reported and 2% FX neutral. EBITDA was $466 million, up 6% reported and 4% FX neutral. Adjusted EPS was $4.37, up 24% from Q2 last year. Free cash flow was $378 million, up 9% year over year. Total contribution margin was 71%, and Insights contribution margin was 77%, up about 140 basis points versus last year. Contract value ended at $5.3 billion, up 2% year over year, with ex-U.S. federal CV up 3.3%; the company said ex-Fed NCVI was about positive $4 million. For the full year 2026, Gartner now expects revenue at or above $6.375 billion, EBITDA at or above $1.57 billion, adjusted EPS at or above $14, and free cash flow at or above $1.185 billion. For Q3, it expects EBITDA at or above $315 million.

Gene Hall emphasized that Gartner’s value proposition remains strong because it helps executives identify blind spots, see around corners, fill information gaps, and prepare for the future. He framed AI as the largest demand driver for the company, saying clients are asking for help across AI strategy, cybersecurity, physical AI and robotics, and adoption best practices. His tone was confident but pragmatic: he acknowledged persistent macro and geopolitical pressure, especially budget scrutiny and delayed decisions, while saying Gartner is adapting through its Business and Technology Insights transformation and expects CV growth to keep accelerating.

Craig Safian focused on improving engagement, retention, and growth as evidence that Gartner’s model is resilient even in a difficult spending environment. He cited client engagement up 140 bps year over year, digital engagement up more than 110 bps, human interactions up more than 150 bps, and wallet retention improving as downsell stabilized; in-quarter retention also rose. He highlighted strong balance-sheet and capital returns metrics: $1.5 billion of cash, about $3 billion of debt, gross debt under 2x trailing EBITDA, $547 million of stock repurchased in Q2, and about $1.2 billion of buyback authorization after the board increase. He also noted rolling 4-quarter free cash flow of $1.3 billion and ROIC of 31%, and said the higher full-year guidance reflects better operating performance, a lower share count, and the stronger dollar.

Analysts focused on whether AI and macro uncertainty were changing demand, and management said AI is actually boosting demand rather than hurting it because Gartner helps clients decide how to reallocate spending. Questions also probed AskGartner, with management saying it is a useful digital tool but only one part of a broader effort to improve the user experience and engagement. Multiple questions centered on CV acceleration, especially ex-Fed growth, and management said ex-Fed CV should contribute to the reacceleration without needing a major macro turnaround. Analysts also asked about retention, headcount, pricing, and consulting backlog; management said downsell is stabilizing, headcount will be added as productivity improves, clients prefer seat-based pricing, and consulting backlog improved because of better execution and stronger bookings.