Forrester Research, Inc. reported a total revenue of $396.9 million for the fiscal year ending December 31, 2025, a decline of 8% from $432.5 million in 2024. The decrease was primarily driven by a 7% drop in research revenues, which totaled $295.6 million, and a 9% decline in consulting revenues, which amounted to $88.2 million. Events revenue also fell significantly by 29% to $13.1 million. The company's net loss for the year was $119.4 million, compared to a profit of $2.6 million in the previous year, largely due to substantial goodwill impairment charges totaling $110.7 million.
The company's contract value (CV) decreased by 6% to $292.4 million as of December 31, 2025, down from $311.9 million in 2024. This decline was attributed to lower wallet retention rates and insufficient new client acquisition to offset the losses. However, client retention improved by 4 percentage points to 77%, and wallet retention was reported at 87%. The number of clients also decreased to 1,797, down from 1,942 in the previous year.
Strategically, Forrester has made significant organizational changes, including a reduction in workforce by approximately 8% in February 2026, aimed at aligning its cost structure with revenue expectations. The company also launched its generative AI tool, Forrester AI, in the third quarter of 2025, which is expected to enhance its research offerings. Additionally, Forrester divested its FeedbackNow product line in August 2024, which contributed to the revenue decline in 2025.
Operationally, Forrester employed 1,474 individuals as of December 31, 2025, a decrease from 1,500 in 2024. The company continues to focus on enhancing its research and consulting services, with research revenues now constituting approximately 75% of total revenues. The firm has also extended its credit facility maturity to March 2029, providing additional financial flexibility. Looking ahead, Forrester anticipates continued challenges in consulting revenue and plans to focus on improving its core research offerings while managing costs effectively.
About FORRESTER RESEARCH, INC.
Forrester Research, Inc. is a global independent research and advisory firm specializing in technology, customer experience, digital, marketing, sales, and product strategies. It provides subscription-based research, consulting, and event services to help business and technology leaders drive growth through customer obsession. Its core value lies in objective insights, rigorous methodologies, and client-centric solutions that support strategic decision-making and competitive advantage.
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