Forrester Research, Inc. · NASDAQ:FORR
Forrester Research — Q3 2026 Earnings Presentation
38 slides from Forrester Research's earnings presentation, Oct 29, 2026
Slide 1: Forrester Investor Summary Q3 2026
Forrester Investor Summary Q3 2026
Slide 2: Forward-Looking Statements & Non-GAAP Measures
Forward-Looking Statements & Non-GAAP Measures This presentation may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. These projections or statements are only predictions. Actual events or results may differ materiall
Slide 3: Why Forrester
Why Forrester We deliver visionary research, insights and data that the world’s largest organizations trust to make AI-driven decisions with confidence. Forrester is an independent research and advisory firm. Forrester is unique in the industry for our: Original ideas Proprietary data Human + AI and
Slide 4: Forrester is a leading global research and advisory firm
Forrester is a leading global research and advisory firm Functions served Top industries Geographic markets Unique insights • Technology • Business services • North America Annual surveys of • Security & Risk • Communication • Europe more than 500,000 • Data, AI, & Analytics • Consumer • Asia Pacifi
Slide 5: Why Invest in Forrester?
Why Invest in Forrester? 1. Massive market opportunity 2. Attractive recurring revenue business model 3. Focus on contract value growth 4. Differentiated research platform and unique continuous guidance engagement model 5. Market leader for AI innovation 6. Leadership team well-positioned to scale b
Slide 6: Massive untapped research market opportunity
Total Available Research Market Massive untapped research $78 MARKET MARKETOPPORTUNITY $115 market opportunity OPPORTUNITY BILLION BILLION Note: Forrester estimates © Forrester Research, Inc. All rights reserved. 5
Slide 7: Research, Consulting & Events: A System To Drive Contract Value
Research, Consulting & Events: A System To Drive Contract Value Consulting Forrester Consulting helps clients move fast to align and execute on a shared vision for growth. Our Consulting business includes Consulting advisory services and custom content 2025 revenue: $88.2M creation for demand genera
Slide 8: Growing Contract Value
Growing Contract Value Acquisitions provide an opportunity for accelerated growth Pricing Future CV Product Innovation Net Contract Value New Increase Business Current CV Enrichment Renewed CV © Forrester Research, Inc. All rights reserved. 7
Slide 9: The Forrester Contract Value Growth Engine
The Forrester Contract Value Growth Engine Invest in: 1. Sales & Marketing Grow CV Generate 2. Products & Platform Cash 3. Acquisitions © Forrester Research, Inc. All rights reserved. 8
Slide 10: How We Help
How We Help Events, Advisory, and Content Marketing Forrester Forrester Decisions Market Insights Forrester AI Access 9
Slide 11: Research Offering Components
Research Offering Components A seat-based license model empowers executives and their teams to deliver on enterprise and functional priorities based on proven research and data. Insights Tools Expertise Shape strategy, guide Drive your strategic initiatives with Validate next steps and accelerate tr
Slide 12: Research Product Portfolio: Engagement Depth Increases
Research Product Portfolio Expert Engagement Team Engagement Depth Increases Executive VIP Executive Forrester AI Team Leader Leader All licenses include unmetered access to trusted, Team Member* AI-powered insights and advice Team Supports integrations including Teams, AI Access Plus Copilot, Claud
Slide 13: Choose From Multiple Levels Of Service
Choose From Multiple Levels Of Service Team AI Access AI Access Team Team Leader Plus Member Executive Get self-service access Unlock access to Drive defined initiatives Benchmark and deliver Set strategy to create a to AI-powered insights human expertise forward with guidance business outcomes high
Slide 14: Why Forrester, Why Now?
Why Forrester, Why Now? Business Technology Challenges Challenges Complex buying decisions Scaling generative AI, agentic AI, AGI Disconnected customer journeys Securing Data & AI Agentic commerce & content Maximizing IT & investments © Forrester Research, Inc. All rights reserved. 13
Slide 15: We Serve Business and Technology Executives
We Serve Business and Technology Executives © Forrester Research, Inc. All rights reserved.
Slide 16: Forrester Research Offerings
Forrester Research Offerings Designed to accelerate your initiatives and de-risk your decisions. Deliver On Priorities Evaluate Tech & Services Decide With Data Accelerate enterprise and De-risk selection decisions with Bulletproof your strategy with functional initiatives with vision emerging techn
Slide 17: Forrester Where You Work
Forrester Where You Work Five ways Forrester AI embeds original ideas, proprietary data, and human expertise into clients’ daily workflows. Prompts Reports Apps Agents Connectors Ask Forrester AI on the Summarize a research Get the Forrester AI App Deploy the Forrester AI Use the Forrester MCP to Fo
Slide 18: Return On Your Forrester Investment
Return On Your Forrester Investment Go Faster Reduce Costs Win, Serve, and Retain The portfolio marketing team at The tech and operations team The CX team at a retail banking a $20B global design and at a global hospitality and travel organization used Forrester’s software company partnered company
Slide 19: Leadership Team Well-Positioned To Scale The Business
Leadership Team Well-Positioned To Scale The Business Deep experience accelerating growth at global SaaS and CV-oriented companies George F. Colony Andrew Cox Ryan Darrah Michael Facemire Christophe Favre Chairman of the Board, Chief Marketing Officer Chief Legal Officer Chief Technology Officer Chi
Slide 20: Financial Overview Q3 2026
Financial Overview Q3 2026 © Forrester Research, Inc. All rights reserved. 19
Slide 21: Q3 2026 Financial Summary
Q3 2026 Financial Summary Consolidated Revenue Research Revenue Consulting Revenue Event Revenue $86.1M -9% $70.1M -3% $14.7M -31% $1.2M +629% vs. PY vs. PY vs. PY vs. PY Adj. Operating Margin Adj. EPS Adj. EBITDA Margin Free Cash Flow 7.6% -298 bps $0.24 -35% 9.4% -280 bps $1.9M vs. PY vs. PY vs. P
Slide 22: Full Year 2025 Financial Summary
Full Year 2025 Financial Summary Consolidated Revenue Research Revenue Consulting Revenue Event Revenue $396.9M -8% $295.6M -7% $88.2M -9% $13.1M -29% vs. PY vs. PY vs. PY vs. PY Adj. Operating Margin Adj. EPS Adj. EBITDA Margin Free Cash Flow 7.6% -128 bps $1.16 -21% 9.1% -151 bps $18.1M vs. PY vs.
Slide 23: Research Revenue Trends
Research Revenue Trends Revenue by Quarter (millions) $100 $90 $77.1 $79.4 $77.9 $80 $76.6 $72.7 $71.7 $68.4 $70.1 $70 $66.9 $60 $50 $40 $30 $20 $10 $0 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 © Forrester Research, Inc. All rights reserved. 22
Slide 24: CV & Wallet Retention Trends
CV & Wallet Retention Trends Note: Figures have been restated for 2026 FX rates and the FeedbackNow divestiture in Q3-24. © Forrester Research, Inc. All rights reserved. 23
Slide 25: Client Count & Client Retention Trends
Client Count & Client Retention Trends Note: For comparative purposes, we have recast client count and retention for the FeedbackNow divestiture in Q3-24. © Forrester Research, Inc. All rights reserved. 24
Slide 26: Consulting & Event Revenue Trends
Consulting & Event Revenue Trends Consulting Events Revenue by Quarter Revenue by Quarter (millions) (millions) $25.9 $23.4 $23.5 $21.4 $21.5 $21.8 $20.0 $18.6 $10.2 $14.7 $8.5 $2.7 $2.7 $2.1 $1.2 $0.0 $0.2 $0.0 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'2
Slide 27: 2026 Full-Year Guidance
2026 Full-Year Guidance Revenue: $350M to $360M • Declining 9% to 12% compared to prior year Adjusted Operating Margin: 6.0% to 6.5% • Declining ~112 bps to ~162 bps compared to prior year Adjusted EPS: $0.77 to $0.82 • Declining 29% to 34% compared to prior year © Forrester Research, Inc. All right
Slide 28: Non-GAAP Reconciliations Q3 2026
Non-GAAP Reconciliations Q3 2026 © Forrester Research, Inc. All rights reserved. 27
Slide 29: Non-GAAP Reconciliation — Income From Operations & EBITDA
Non-GAAP Reconciliation — Income From Operations & EBITDA (dollars in millions) Q3-25 Q3-26 YTD 25 YTD 26 Income (loss) from operations - GAAP $4.5 $2.4 ($76.2) ($12.9) Amortization of intangible assets 2.2 2.1 6.7 6.2 Restructuring costs (credits) (0.1) (0.5) 1.9 3.7 Goodwill impairment -- -- 83.9
Slide 30: Non-GAAP Reconciliation — Income From Operations & EBITDA
Non-GAAP Reconciliation — Income From Operations & EBITDA (dollars in millions) FY25 Loss from operations - GAAP ($113.2) Amortization of intangible assets 8.7 Restructuring costs 11.7 Goodwill impairment 110.7 Stock-based compensation included in the following expense categories: Cost of services a
Slide 31: Non-GAAP Reconciliation — Net Income and EPS
Non-GAAP Reconciliation — Net Income and EPS (dollars in millions, except per share) Q3-25 Q3-26 YTD 25 YTD 26 Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net loss - GAAP ($2.1) ($0.11) ($4.4) ($0.23) ($85.5) ($4.49) ($11.0) ($0.57) Effect on GAAP net loss of diluted shares -
Slide 32: Non-GAAP Reconciliation — Net Income and EPS
Non-GAAP Reconciliation — Net Income and EPS (dollars in millions, except per share) FY25 Amount Per Share Net loss – GAAP ($119.4) ($6.28) Effect on GAAP net loss of diluted shares -- 0.03 Amortization of intangible assets 8.7 0.46 Restructuring costs 11.7 0.61 Goodwill impairment 110.7 5.80 Stock-
Slide 33: Non-GAAP Cash Flow Reconciliation
Non-GAAP Cash Flow Reconciliation YTD YTD YTD YTD (dollars in millions) Q3-23 Q3-24 Q3-25 Q3-26 Net cash provided by (used in) operating activities $9.8 ($2.0) $24.3 $33.4 Less: purchases of property and equipment (3.9) (2.7) (1.9) (24.8) Free cash flow $5.9 ($4.8) $22.4 $8.6 (dollars in millions) F
Slide 34: Non-GAAP Margin and EPS Full-Year 2026 Guidance Reconciliation
Non-GAAP Margin and EPS Full-Year 2026 Guidance Reconciliation Low End High End of Range of Range Per Share Per Share Low End High End of Range of Range GAAP - loss per share ($0.79) ($0.74) GAAP operating margin -3.3% -2.8% Amortization of intangible assets 0.43 0.43 Amortization of intangible asse
Slide 35: Metric Definitions
Metric Definitions © Forrester Research, Inc. All rights reserved. 34
Slide 36: Metric Definitions
Metric Definitions Contract Value (CV) represents the value attributable to all of our recurring research- related contracts. It is calculated as the annualized value of all contracts in effect at a specific point in time, without regard to how much revenue has already been recognized. Contract valu
Slide 37: Metric Definitions
Metric Definitions Client Retention represents the percentage of client companies (defined as all clients that buy a CV product) at the prior-year measurement date that have active contracts at the current-year measurement date. Client Count is the total of enterprise clients with an active CV contr
Slide 38: Thank You
Thank You © Forrester Research, Inc. All rights reserved. 37