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What changed in FORRESTER RESEARCH, INC.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of FORRESTER RESEARCH, INC.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+180 added−163 removedSource: 10-K (2026-03-13) vs 10-K (2025-03-07)

Top changes in FORRESTER RESEARCH, INC.'s 2025 10-K

180 paragraphs added · 163 removed · 120 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeMulti-year CV product relationships enable us to help our clients formulate their vision for the future and then translate those plans into implementation and outcomes over time. For our investors, we believe that CV growth will result in predictable and profitable revenue streams.
Biggest changeOur CV products primarily consist of our subscription research products, while our non-CV businesses, consulting and events, play critical complementary roles in driving our CV growth. With respect to our clients, multi-year CV product relationships enable us to help our clients formulate their vision for the future and then translate those plans into implementation and outcomes over time.
Our business model is built on the premise that an increase in CV generates more cash which can then be invested in improving our go-to-market structure (activities including sales, product, marketing and acquisitions) and creating CV products that clients renew year after year—repeating the cycle and driving the model forward.
Our business model is built on the premise that an increase in CV generates more cash which can then be invested in improving our go-to-market structure (activities including sales, product, and marketing) and creating CV products that clients renew year after year—repeating the cycle and driving the model forward.
We adhere to rigorous, unbiased research methodologies that are transparent and publicly available to ensure consistent research quality across markets, technologies, and geographies. Our primary subscription research service is Forrester Decisions. This portfolio of research services is designed to provide business and technology leaders with a proven path to growth through customer obsession.
We adhere to rigorous, unbiased research methodologies that are transparent and publicly accessible to ensure consistent research quality across markets, technologies, and geographies. Our primary subscription research service is Forrester Decisions. This portfolio of research services is designed to provide business and technology leaders with a proven path to growth through customer obsession.
In addition, our indirect competitors include the internal planning and marketing staffs of our current and prospective clients, as well as other information providers such as electronic and print publishing companies. We also face competition from free sources of information available on the Internet, such as Google and artificial intelligence services.
In addition, our indirect competitors include the internal planning and marketing staffs of our current and prospective clients, as well as other information providers such as electronic and print publishing companies. We also face competition from free sources of information available on the Internet, such as Google and artificial intelligence services (including LLMs).
As of December 31, 2024, our products and services were delivered to more than 1,900 client companies. No single client company accounted for more than 3% of our 2024 revenues. Pricing and Contracts We report our revenue from client contracts in three categories of revenue: (1) research, (2) consulting, and (3) events.
As of December 31, 2025, our products and services were delivered to more than 1,700 client companies. No single client company accounted for more than 3% of our 2025 revenues. Pricing and Contracts We report our revenue from client contracts in three categories of revenue: (1) research, (2) consulting, and (3) events.
Contract value decreased 5% to $307.6 million at December 31, 2024 from $323.6 million at December 31, 2023. Competition We believe our focus on helping business and technology leaders use customer obsession to drive growth sets us apart from our competition.
Contract value decreased 6% to $292.4 million at December 31, 2025 from $311.9 million at December 31, 2024. Competition We believe our focus on helping business and technology leaders use customer obsession to drive growth sets us apart from our competition.
We refer to this model as our "CV growth engine." 3 Our Products and Services We strive to be an indispensable source that business and technology leaders and their teams across functions, including technology, customer experience, digital, marketing, sales, and product, worldwide turn to for ongoing guidance to plan and operate more effectively.
We refer to this model as our "CV growth engine" and to the difference in CV between two points in time as net contract value increase, or "NCVI." 3 Our Products and Services We strive to be an indispensable source that business and technology leaders and their teams across functions, including technology, customer experience, digital, marketing, sales, and product, worldwide turn to for ongoing guidance to plan and operate more effectively.
We also sell select Research products directly online through our website. Our marketing activities are designed to elevate the Forrester brand, differentiate and promote Forrester’s products and services, improve the client experience, and drive growth.
We employed 553 sales personnel as of December 31, 2025 compared to 580 sales personnel employed as of December 31, 2024. We also sell select Research products directly online through our website. 4 Our marketing activities are designed to elevate the Forrester brand, differentiate and promote Forrester’s products and services, improve the client experience, and drive growth.
Forrester Events are thoughtfully designed and curated experiences to provide clients with insights and actionable advice to achieve accelerated business growth. Forrester Events focus on business imperatives of significant interest to clients, including business-to-business marketing, sales and product leadership, customer experience, security and risk, and technology and innovation.
Forrester Events focus on business imperatives of significant interest to clients, including business-to-business marketing, sales and product leadership, customer experience, security and risk, and technology and innovation.
Item 1. Busi ness General Forrester Research, Inc. is a global independent research and advisory firm. We empower leaders in technology, customer experience, digital, marketing, sales, and product functions to be bold at work and accelerate growth through customer obsession.
Item 1. Busi ness General Forrester Research, Inc. is a global independent research and advisory firm. We empower leaders in technology, customer experience, digital, marketing, sales, and product functions to accelerate growth through customer obsession. Forrester’s unique research and continuance guidance model helps executives and their teams achieve their initiatives and outcomes faster and with confidence.
Our culture emphasizes certain key values — including client, courage, collaboration, integrity, and quality — that we believe are critical to deliver Forrester’s unique value proposition of helping business and technology leaders use customer obsession to drive growth.
Of these employees, 1,034 were in the United States and Canada; 224 in Europe, Middle East and Africa (“EMEA”); and 216 in the Asia Pacific region. 5 Our culture emphasizes certain key values — including client, courage, collaboration, integrity, and quality — that we believe are critical to deliver Forrester’s unique value proposition of helping business and technology leaders use customer obsession to drive growth.
Our common stock is listed on Nasdaq Global Select Market under the symbol "FORR". Market Overview We believe that market dynamics — from empowered customers to the emergence of new technologies like generative AI — have fundamentally changed business and technology. These dynamics continue to change stakeholder expectations. Consumers and business buyers have new demands and requirements.
Our common stock is listed on Nasdaq Global Select Market under the symbol "FORR". Market Overview We believe that market dynamics — from empowered customers and changing business-to-business buying behaviors to rapid advancements in AI — have fundamentally changed the business and technology landscape. These dynamics demand that leaders architect change rather than react to disruption.
We rely on a combination of copyright, trademark, trade secret, confidentiality, and other contractual provisions to protect our intellectual property.
We rely on a combination of copyright, trademark, trade secret, confidentiality, and other contractual provisions to protect our intellectual property. We actively monitor compliance by our employees, clients and third parties with our policies and agreements relating to confidentiality, ownership, and the use and protection of Forrester’s intellectual property.
Our research services also include on-going support from, and time with, Forrester analysts who provide guidance on how to apply Forrester research insights, best practices, tools, frameworks and data to advance key business initiatives. As of December 31, 2024, approximately 80% of our CV was composed of Forrester Decisions products. Consulting Our Consulting business includes consulting projects and advisory services.
Our research is available to clients through our proprietary generative AI tool, Forrester AI, to provide immediate, trusted guidance. Our research services also include on-going support from, and time with, Forrester analysts who provide guidance on how to apply Forrester research insights, best practices, tools, frameworks and data to advance key business initiatives.
We believe that there is an increasing need for objective external sources of this guidance and analysis, fueling what we call the “golden age of research.” Forrester’s Strategy and Business Model The foundation of our business model is our ability to help business and technology leaders and their teams tackle their most pressing priorities and drive growth through customer obsession.
We believe that Forrester is well positioned to address this need through its complementary combination of trusted human intelligence ("HI") and AI. Forrester’s Strategy and Business Model The foundation of our business model is our ability to help business and technology leaders and their teams tackle their most pressing priorities and drive growth through customer obsession.
Our International Business Development group sells our products and services through independent sales representatives in select international locations. We also have teams focused on new business, revenue development, and event sales. 4 We employed 580 sales personnel as of December 31, 2024 compared to 601 sales personnel employed as of December 31, 2023.
Our European and Asia Pacific groups focus on both end user and vendor clients in their respective geographies. Our International Business Development group sells our products and services through independent sales representatives in select international locations. We also have teams focused on new business, revenue development, and event sales.
Generally speaking, we define CV products as those services that our clients use over a year’s time and that are renewable periodically, usually on an annual basis. Our CV products primarily consist of our subscription research products, while our non-CV businesses, consulting and events, play critical complementary roles in driving our CV growth.
This, in turn, creates a system to expand contract value (“CV”), which we view as our most significant business metric. Generally speaking, we define CV products as those services that our clients use over a year’s time and that are renewable periodically, usually on an annual basis.
Sales and Marketing We believe we have a strong alignment across our sales, marketing and product functions. We sell our products and services through our direct sales force in various locations in North America, Europe and the Asia Pacific region. Our sales organization is organized into groups based on client size, geography, and market potential.
Additionally, we have found that prospects that attend our events become clients at higher rates than those that do not attend events. Sales and Marketing We believe we have a strong alignment across our sales, marketing and product functions. We sell our products and services through our direct sales force across North America, Europe and the Asia Pacific region.
We actively monitor compliance by our employees, clients and third parties with our policies and agreements relating to confidentiality, ownership, and the use and protection of Forrester’s intellectual property. 5 Employees Attracting, retaining, and developing the best and brightest talent around the globe is critical to the ongoing success of our company.
Employees Attracting, retaining, and developing the best and brightest talent around the globe is critical to the ongoing success of our company. As of December 31, 2025, we employed a total of 1,474 persons.
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Forrester’s proprietary research, consulting and continuance guidance model, and events help executives and their teams achieve their initiatives and outcomes faster and with confidence. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide, rigorous and objective research methodologies, and the shared wisdom of our clients.
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In this era of continuous disruption, AI and public large language models ("LLMs") are increasingly positioned as decision support partners, despite lacking the accuracy, the human judgment, and the reliability needed to make confident business decisions.
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To win, serve, and retain customers in this environment, we believe that companies require a higher level of customer obsession. Customer obsessed firms put their customers at the center of their leadership, strategy, and operations. Our research has shown that customer-obsessed firms grow faster and are more profitable.
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To win, serve, and retain customers in this environment, we believe that organizations and their leaders have an increasing need for trusted guidance and insights grounded in objective sources, and rigorous data and research analysis, to help them make confident decisions that put customer value first.
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Organizations and leaders require a continuous stream of guidance and analysis to adapt to these ever-changing behaviors and realities.
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Forrester’s offerings are rooted in rigorous methodologies, extensive surveys, proprietary data, and trusted human insights. Our proprietary research, consulting, and events portfolio, combined with our generative AI capabilities, equip clients with trusted insights and advice to help them to go faster, to win, serve and retain customers, and to reduce risk and costs.
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Forrester helps clients solve problems, make decisions, and take action to deliver results. With our proprietary research, consulting, and events, our business model provides multiple sources of value to our clients and creates a system to expand contract value ("CV"), which we view as our most significant business metric.
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For our investors, we believe that CV growth will result in predictable and profitable revenue streams.
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With respect to our clients, we believe that it has become difficult for large companies to run multi-year strategy and change management projects on their own as customers are changing faster and competitors are increasingly aggressive.
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Consulting Forrester Consulting helps clients implement customer obsessed strategies that drive growth. Our consulting business includes consulting projects, content marketing, and advisory services. Events We host multiple events across North America, Europe, and the Asia-Pacific region throughout the year. Forrester Events are thoughtfully designed and curated experiences to provide clients with insights and actionable advice to achieve accelerated business growth.
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We deliver focused insights and recommendations to assist clients in developing and executing their technology and business strategies. Our consulting projects help clients with challenges addressed in our published research. Applying Forrester’s customer-obsessed business and technology research, rich insights, and proven frameworks, our consultants work with leaders to design and implement strategies that drive growth, increase performance, and optimize costs.
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Our sales organization is organized into groups based on industry, geography, and account potential. Our Hi-Tech groups focus on North American technology vendors, segmented into global, strategic, and mid-size companies, and our North American End User group focuses on companies in five industries, as well as federal, state and local U.S. government clients.
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Our consulting projects include conducting maturity assessments, prioritizing best practices, developing strategies, building business cases, selecting technology vendors, structuring organizations, and developing content marketing strategies and collateral, and sales tools.
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Consulting plays an important role in supporting our CV growth, as we have found that clients that purchase consulting projects from us renew their CV contracts at higher rates compared to clients that do not purchase consulting. Events We host multiple events across North America, Europe, and the Asia-Pacific region throughout the year.
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Our Premier groups focus on our largest vendor and end user clients across the globe while our Emerging and Mid-Size Tech group focuses on small to mid-sized vendor clients. Our European and Asia Pacific groups focus on both end user and vendor clients in their respective geographies.
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As of December 31, 2024, we employed a total of 1,571 persons. Of these employees, 1,122 were in the United States and Canada; 249 in Europe, Middle East and Africa (“EMEA”); and 200 in the Asia Pacific region.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeSection 404 of the Sarbanes-Oxley Act of 2002 requires that companies evaluate and report on their systems of internal control over financial reporting. In addition, our independent registered public accounting firm must report on its evaluation of those controls.
Biggest changeAny Weakness Identified in Our System of Internal Controls by Us and Our Independent Registered Public Accounting Firm Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 Could Have an Adverse Effect on Our Business. Section 404 of the Sarbanes-Oxley Act of 2002 requires that companies evaluate and report on their systems of internal control over financial reporting.
Concentration of Ownership . Our largest stockholder is our Chairman and CEO, George F. Colony, who owns approximately 39% of our outstanding stock. This concentration of ownership enables Mr.
Our largest stockholder is our Chairman and CEO, George F. Colony, who owns approximately 39% of our outstanding stock. This concentration of ownership enables Mr.
These factors include, but are not limited to: • Trends in technology and research and advisory services spending in the marketplace and general economic conditions. • The timing and size of new and renewal subscriptions for our products and services from clients. 8 • The utilization of our advisory services by our clients. • The timing of revenue-generating events sponsored by us. • The introduction and marketing of new products and services by us and our competitors. • The hiring and training of new research professionals, consultants, and sales personnel. • Changes in demand for our research and advisory services. • Fluctuations in currency exchange rates. • An increase in the interest rates applicable to our outstanding debt obligations.
These factors include, but are not limited to: • Trends in technology and research and advisory services spending in the marketplace and general economic conditions. • The timing and size of new and renewal subscriptions for our products and services from clients. • The utilization of our advisory services by our clients. • The timing of revenue-generating events sponsored by us. • The introduction and marketing of new products and services by us and our competitors. • The hiring and training of new research professionals, consultants, and sales personnel. • Changes in demand for our research and advisory services. • Fluctuations in currency exchange rates. • An increase in the interest rates applicable to our outstanding debt obligations.
Our future success will depend in large part upon the continued services of a number of our key management employees. The loss of any one of them, in particular George F. Colony, our founder, Chairman of the Board and Chief Executive Officer, could adversely affect our business. 7 The Ability to Attract and Retain Qualified Professional Staff.
Our future success will depend in large part upon the continued services of a number of our key management employees. The loss of any one of them, in particular George F. Colony, our founder, Chairman of the Board and Chief Executive Officer, could adversely affect our business. The Ability to Attract and Retain Qualified Professional Staff.
In addition, if we were charged with wrongdoing with respect to a U.S. government contract, the U.S. government could suspend us from bidding on or receiving awards of new government contracts pending the completion of legal proceedings, and if we are found liable, we could subject us to fines, penalties, repayments and treble and other damages, and/or debarment from bidding on or receiving new awards of U.S. government contracts.
In addition, if we were charged with wrongdoing with respect to a U.S. government contract, the U.S. government could suspend us from bidding on or receiving awards of new government contracts pending the completion of legal proceedings, and if we are found liable, it could subject us to fines, penalties, repayments and treble and other damages, and/or debarment from bidding on or receiving new awards of U.S. government contracts.
In addition, third parties may be able to use generative AI to compete with and reduce demand for our products and services or may load our proprietary research into large language models in violation of our terms of use, which could reduce the value of our services and our ability to protect our intellectual property. Loss of Key Management .
In addition, third parties may be able to use generative AI to compete with and reduce demand for our products and services or may load our proprietary research into large language models in violation of our terms of use, which could reduce the value of our services and our ability to protect our intellectual property. 7 Loss of Key Management .
This need is accentuated by actions we have taken to reduce our overall employee population, as announced in January and May 2023, February 2024 and January 2025. Our future success will also depend in part upon the effectiveness of our sales leadership in hiring and retaining sales personnel and in improving sales productivity.
This need is accentuated by actions we have taken to reduce our overall employee population, as announced in January and May 2023, February 2024, January 2025, and February 2026. Our future success will also depend in part upon the effectiveness of our sales leadership in hiring and retaining sales personnel and in improving sales productivity.
Factors such as announcements of new products, services, offices, acquisitions or strategic alliances by us, our competitors, or in the research and professional services industries generally, may have a significant impact on the market price of our common stock. The market price for our common stock may also be affected by movements in prices of stocks in general.
Factors such as announcements of new products, services, acquisitions or strategic alliances by us, our competitors, or in the research and professional services industries generally, may have a significant impact on the market price of our common stock. The market price for our common stock may also be affected by movements in prices of stocks in general.
Increased competition could adversely affect our operating results through pricing pressure and loss of market share. There can be no assurance that we will be able to continue to compete successfully against existing or new competitors. Fluctuations in Our Operating Results.
Increased competition could adversely affect our operating results through pricing pressure and loss of market share. There can be no assurance that we will be able to continue to compete successfully against existing or new competitors. 8 Fluctuations in Our Operating Results.
Our business is in part dependent on technology spending and is impacted by economic conditions such as inflation, slowing growth, rising interest rates, trade policies and tariffs, threat of recession and supply chain issues that may impact us and our customers. The economic environment may materially and adversely affect demand for our products and services.
Our business is in part dependent on technology spending and is impacted by economic conditions such as inflation, slowing growth, changes in interest rates, trade policies and tariffs, threat of recession and supply chain issues that may impact us and our customers. The economic environment may materially and adversely affect demand for our products and services.
In October of 2023, we introduced Izola, a generative AI tool that allows our clients to query our research database. We are also in the process of implementing various other generative AI initiatives within our company.
In October of 2023, we introduced Forrester AI (formerly Izola), a generative AI tool that allows our clients to query our research database. We are also in the process of implementing various other generative AI initiatives within our company.
Although we do not have any employees or material client relationships in Russia or Ukraine and only a limited presence in the Middle East, the conflict between Russia and Ukraine and between Israel and Gaza may cause negative effects on both the United States and the global economy that could materially and adversely affect our business.
Although we do not have any employees or material client relationships in Russia or Ukraine and only a limited presence in the Middle East, the conflicts between Russia and Ukraine, between Israel and Gaza, and between United States and Iran, may cause negative effects on both the United States and the global economy that could materially and adversely affect our business.
Failure to Enforce and Protect our Intellectual Property Rights. We rely on a combination of copyright, trademark, trade secret, confidentiality, and other contractual provisions to protect our intellectual property. Unauthorized third parties may obtain or use our proprietary information despite our efforts to protect it.
We rely on a combination of copyright, trademark, trade secret, confidentiality, and other contractual provisions to protect our intellectual property. Unauthorized third parties may obtain or use our proprietary information despite our efforts to protect it.
Regardless of cause, our results of operations and financial condition would be adversely impacted if we are not able to retain existing subscriptions or generate demand for and new sales of our subscription-based products and services. Demand for Our Consulting Services. Consulting revenues comprised 23% of our total revenues in 2024 and 25% of our total revenues in 2023.
Regardless of cause, our results of operations and financial condition would be adversely impacted if we are not able to retain existing subscriptions or generate demand for and new sales of our subscription-based products and services. Demand for Our Consulting Services. Consulting revenues comprised 22% of our total revenues in 2025 and 23% of our total revenues in 2024.
Our International Operations Expose Us to a Variety of Operational Risks which Could Negatively Impact Our Results of Operations. As of December 31, 2024, we have clients in approximately 73 countries and approximately 23% of our revenues come from international sales.
Our International Operations Expose Us to a Variety of Operational Risks which Could Negatively Impact Our Results of Operations. As of December 31, 2025, we have clients in approximately 68 countries and approximately 23% of our revenues come from international sales.
Any such compromise of our information security could result in the unauthorized publication of our confidential business or proprietary information, cause an interruption in our operations, result in the unauthorized release of customer or employee data, result in a violation of privacy or other laws, expose us to a risk of litigation, or damage our reputation, which could harm our business and operating results.
Any such compromise of our information security could result in the unauthorized publication of our confidential business or proprietary information, cause an interruption in our operations, result in the unauthorized release of customer or employee data, result in a violation of privacy or other laws, expose us to a risk of litigation, or damage our reputation, which could harm our business and operating results. 9 Failure to Enforce and Protect our Intellectual Property Rights.
Some U.S. state data privacy laws, including the CCPA, also provide consumers with additional causes of action. In 2023, Europe finalized the first-ever comprehensive legal framework for governance of the development and use of artificial intelligence, the European Union Artificial Intelligence Act, with rolling effective dates beginning in 2025, and is moving forward with finalizing applicable regulations.
Some U.S. state data privacy laws, including the CCPA, also provide consumers with additional causes of action. In 2023, Europe finalized the first-ever comprehensive legal framework for governance of the development and use of artificial intelligence, the European Union Artificial Intelligence Act, with rolling effective dates that began in 2025.
In addition, the affirmative, negative, and financial covenants of the Facility could limit our future financial flexibility. A failure to comply with these covenants could result in acceleration of all amounts outstanding, which could materially impact our financial condition unless accommodations could be negotiated with our lenders.
A failure to comply with these covenants could result in acceleration of all amounts outstanding, which could materially impact our financial condition unless accommodations could be negotiated with our lenders.
These risks include the potential for factual errors or inaccuracies, unintentional distribution of confidential information, ethical concerns, data privacy or security risks, and risks related to intellectual property rights.
These risks include the potential for factual errors or inaccuracies, unintentional distribution of confidential information, ethical concerns, data privacy or security risks, customers not accepting our AI solution or the technologies we use in connection with our AI solution, and risks related to intellectual property rights.
Our effective tax rate in the future, and accordingly our results of operations and financial position, could be adversely affected by changes in applicable tax law or if more of our income becomes taxable in jurisdictions with higher tax rates. 9 Any Weakness Identified in Our System of Internal Controls by Us and Our Independent Registered Public Accounting Firm Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 Could Have an Adverse Effect on Our Business.
Our effective tax rate in the future, and accordingly our results of operations and financial position, could be adversely affected by changes in applicable tax law or if more of our income becomes taxable in jurisdictions with higher tax rates.
As of December 31, 2024, we had outstanding debt of $35.0 million under the Facility (refer to Note 5 – Debt in the Notes to Consolidated Financial Statements for further information). The obligations incurred under this Facility could impair our future financial condition and operating results.
The obligations incurred under this Facility could impair our future financial condition and operating results. In addition, the affirmative, negative, and financial covenants of the Facility could limit our future financial flexibility.
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In December of 2021, we entered into an amendment of our existing credit agreement to eliminate our term loan facility, increase the available amount of our revolving credit facility to $150.0 million, and extend the maturity date to December 2026 (as so amended, “the Facility”).
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As of December 31, 2025, we had outstanding debt of $35.0 million under our revolving credit facility.
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On March 12, 2026, we executed a third amendment of our credit facility that, among other changes, extended the maturity date from December 2026 to March 2029 (refer to Note 5 – Debt and Note 17 – Subsequent Event in the Notes to Consolidated Financial Statements for further information).
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We have recently recorded substantial impairment charges. Any future impairments of our assets could negatively impact our results of operations. We test goodwill for impairment annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
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An impairment test is also required for other long-lived assets if events or changes in circumstances indicate that the carrying value may not be recoverable.
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Examples of events or changes in circumstances indicating that the carrying value of such long-lived assets may not be recoverable could be a significant decline in our stock price for a sustained period; significant negative industry or economic trends; our overall financial performance, such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; other relevant entity-specific events including changes in management, key personnel, strategy, or customers; and other events affecting our reporting units.
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During the three months ended March 31, 2025, we recorded an impairment of goodwill in the amount of $83.9 million related to our Research reporting unit as a result of a triggering event arising from a sustained decline in our share price and our overall market capitalization from mid-February 2025 through March 31, 2025, along with other qualitative considerations, including the continued impact from the conditions in the macroeconomic environment, uncertainty created by changes in the United States’ trade policies, and the larger than expected decline in contract bookings during the first quarter of 2025.
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We performed our annual impairment test as of November 30, 2025 utilizing a quantitative assessment to determine if the fair values of each of our reporting units was less than their respective carrying values.
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We determined goodwill was impaired for our Research reporting unit and recorded an additional goodwill impairment charge of $26.8 million during the three months ended December 31, 2025. Any future impairment of goodwill or other long-lived assets could have a negative impact on our profitability and financial results. Concentration of Ownership .
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In addition, our independent registered public accounting firm must report on its evaluation of those controls.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeAmong their responsibilities, our technology management security team is responsible for conducting due diligence on software, hardware or services vendors where access to systems or data of Forrester or our clients is contemplated. The security team assesses whether these vendors have appropriate privacy and security controls and whether there are adequate contractual protections in place.
Biggest changeAs part of our risk management program, we maintain a technology management security team, led by our Information Security Officer (ISO). Among their responsibilities, our technology management security team is responsible for conducting due diligence on software, hardware or services vendors where access to systems or data of Forrester or our clients is contemplated.
Additional information on cybersecurity risks we face can be found in “Item 1A, Risk Factors” under the heading “We face risks from network disruptions or security breaches that could damage our reputation and harm our business and operating results.” 10 Governance Related to Cybersecurity Risks Our board has final oversight responsibility over cybersecurity-related matters.
Additional information on cybersecurity risks we face can be found in “Item 1A, Risk Factors” under the heading “We face risks from network disruptions or security breaches that could damage our reputation and harm our business and operating results.” Governance Related to Cybersecurity Risks Our board has final oversight responsibility over cybersecurity-related matters.
With respect to management, our CTO, who reports directly to our chief executive officer, has over 12 years of experience with our company, including more than 6 years serving in technology-based leadership roles.
With respect to management, our CTO, who reports directly to our chief executive officer, has over 13 years of experience with our company, including more than 7 years serving in technology-based leadership roles.
Our cybersecurity program is generally aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework. Our risk management program is documented in our written Information Security Policy. We periodically update our Information Security Policy, along with other policies and procedures, to adapt to evolving business conditions and threats.
Our cybersecurity program is generally aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework. Our risk management program is documented in our written Information Security Policy.
We also engage external security assessment vendors from time to time to conduct penetration testing and vulnerability assessments and to report findings to management. All new Forrester employees and contractors receive a copy of the Information Security Policy and are required to undergo information security and privacy training both as part of their onboarding and on an annual basis.
All new Forrester employees and contractors receive a copy of the Information Security Policy and are required to undergo information security and privacy training both as part of their onboarding and on an annual basis. We currently also maintain cybersecurity insurance covering the company and its subsidiaries.
Included in our Information Security Policy is a documented incident response plan to identify, assess, manage and mitigate cybersecurity incidents. As part of our risk management program, we maintain a technology management security team, led by our Information Security Officer (ISO).
We periodically update our Information Security Policy, along with other policies and procedures, to adapt to evolving business conditions and threats. 10 Included in our Information Security Policy is a documented incident response plan to identify, assess, manage and mitigate cybersecurity incidents.
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We currently also maintain cybersecurity insurance covering the company and its subsidiaries.
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The security team assesses whether these vendors have appropriate privacy and security controls and whether there are adequate contractual protections in place. We also engage external security assessment vendors from time to time to conduct penetration testing and vulnerability assessments and to report findings to management.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeItem 2. P roperties Our corporate headquarters building is comprised of approximately 190,000 square feet of office space in Cambridge, Massachusetts, substantially all of which is currently occupied by the Company. This facility accommodates research, marketing, sales, consulting, technology, and operations personnel. The lease term of this facility expires February 28, 2027.
Biggest changeItem 2. P roperties Our corporate headquarters building is comprised of approximately 190,000 square feet of office space in Cambridge, Massachusetts, substantially all of which is currently occupied by the Company. This facility accommodates research, marketing, sales, consulting, technology, and operations personnel.
We also rent office space in New York City, Norwalk (CT), London, New Delhi, Singapore, and Sydney. In addition, we lease office space on a relatively short-term basis in various other locations in North America, Europe, and Asia.
We also rent office space in New York City, Norwalk (CT), London, New Delhi, and Sydney. In addition, we lease office space on a relatively short-term basis in various other locations in North America, Europe, and Asia.
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On April 11, 2025, we entered into a third amendment of our lease, and a new lease, for our principal headquarters located in Cambridge, Massachusetts.
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The effect of these agreements was to early terminate the original lease with respect to the first, second and third floors of the facility by the end of the second quarter of 2026, while also extending the lease term with respect to the fourth, fifth and six floors of the facility through June 30, 2039.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeIt is our policy to record accruals for legal contingencies to the extent that we have concluded that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated, and to expense costs associated with loss contingencies, including any related legal fees, as they are incurred.
Biggest changeIt is our policy to record accruals for legal contingencies to the extent that we have concluded that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated, and to expense costs associated with loss contingencies, including any related legal fees, as they are incurred. 11 We believe that we have meritorious defenses in connection with our current lawsuits and material claims and disputes and intend to vigorously contest each of them.
Item 4. Mine Saf ety Disclosures Not applicable. 11 PART II
Item 4. Mine Saf ety Disclosures Not applicable. 12 PART II
We believe that we have meritorious defenses in connection with our current lawsuits and material claims and disputes and intend to vigorously contest each of them. Regardless of the outcome, litigation can have a material adverse effect on us because of defense and settlement costs, diversion of management resources, and other factors.
Regardless of the outcome, litigation can have a material adverse effect on us because of defense and settlement costs, diversion of management resources, and other factors.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe following graph contains the cumulative stockholder return on our common stock during the period from December 31, 2019 through December 31, 2024 with the cumulative return during the same period for the Russell 2000 and the S&P 600 Small Cap Information Technology Index, and assumes that the dividends, if any, were reinvested. 12 Item 6. [Reserved] 13
Biggest changeSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ” for information on our equity compensation plans. 13 The following graph contains the cumulative stockholder return on our common stock during the period from December 31, 2020 through December 31, 2025 with the cumulative return during the same period for the Russell 2000 and the S&P 600 Small Cap Information Technology Index, and assumes that the dividends, if any, were reinvested.
Item 5. Market For Registrant’s Common Equity, Related Stoc kholder Matters, and Issuer Purchases of Equity Securities Our common stock is listed on the Nasdaq Global Select Market under the symbol “FORR”. We did not declare or pay any dividends during the years ended December 31, 2023 and 2024.
Item 5. Market For Registrant’s Common Equity, Related Stoc kholder Matters, and Issuer Purchases of Equity Securities Our common stock is listed on the Nasdaq Global Select Market under the symbol “FORR”. We did not declare or pay any dividends during the years ended December 31, 2024 and 2025.
The actual declaration of any potential future dividends, and the establishment of the per share amount and payment dates for any such future dividends, are subject to the discretion of the Board of Directors. As of March 3, 2025 there were approximately 24 stockholders of record of our common stock.
The actual declaration of any potential future dividends, and the establishment of the per share amount and payment dates for any such future dividends, are subject to the discretion of the Board of Directors. As of March 6, 2026 there were approximately 26 stockholders of record of our common stock.
On March 3, 2025 the closing price of our common stock was $10.79 per share. As of December 31, 2024, our Board of Directors has authorized an aggregate $610.0 million to purchase common stock under the Company’s stock repurchase program, which includes an additional $25.0 million authorized in April 2024.
On March 6, 2026 the closing price of our common stock was $6.46 per share. As of December 31, 2025, our Board of Directors has authorized an aggregate $610.0 million to purchase common stock under the company’s stock repurchase program.
As of December 31, 2024, we had repurchased approximately 18.0 million shares of common stock at an aggregate cost of $530.0 million.
As of December 31, 2025, we had repurchased approximately 18.2 million shares of common stock at an aggregate cost of $532.5 million. During the quarter ended December 31, 2025, we did not purchase any shares of our common stock under the stock repurchase program. See “Item 12.
Removed
During the quarter ended December 31, 2024, we repurchased the following shares of our common stock under the stock repurchase program: Maximum Approximate Dollar Total Number of Shares Value of Shares that May Total Number of Average Price Purchased as Part of Publicly Yet be Purchased Shares Purchased Paid per Share Announced Plans or Programs Under the Plans or Programs Period (#) ($) (#) (In thousands) October 1 - October 31 — $ — — $ 82,901 November 1 - November 30 82,500 $ 16.96 82,500 $ 81,501 December 1 - December 31 90,483 $ 16.99 90,483 $ 79,964 Total for the quarter 172,983 172,983 See “Item 12.
Removed
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ” for information on our equity compensation plans.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeYears Ended December 31, 2024 2023 Revenues: Research revenues 73.2 % 69.6 % Consulting revenues 22.5 24.6 Events revenues 4.3 5.8 Total revenues 100.0 100.0 Operating expenses: Cost of services and fulfillment 42.2 42.5 Selling and marketing 36.9 34.8 General and administrative 13.6 14.2 Depreciation 1.8 1.8 Amortization of intangible assets 2.2 2.5 Restructuring costs 2.7 2.8 Loss from sale of divested operation 0.4 — Income from operations 0.2 1.4 Interest expense (0.7 ) (0.6 ) Other income, net 0.9 0.5 Gains on investments, net 0.2 — Income before income taxes 0.6 1.3 Income tax expense 1.9 0.7 Net income (loss) (1.3 %) 0.6 % 2024 compared to 2023 Revenues Absolute Percentage Increase Increase 2024 2023 (Decrease) (Decrease) (dollars in millions) Total revenues $ 432.5 $ 480.8 $ (48.3 ) (10 %) Research revenues $ 316.7 $ 334.4 $ (17.7 ) (5 %) Consulting revenues $ 97.3 $ 118.2 $ (21.0 ) (18 %) Events revenues $ 18.5 $ 28.2 $ (9.7 ) (34 %) Revenues attributable to customers outside of the U.S. $ 98.4 $ 107.3 $ (8.9 ) (8 %) Percentage of revenue attributable to customers outside of the U.S. 23 % 22 % 1 point Research revenues are recognized as revenue primarily on a ratable basis over the term of the contracts, which are generally 12 or 24-month periods.
Biggest changeYears Ended December 31, 2025 2024 Revenues: Research revenues 74.5 % 73.2 % Consulting revenues 22.2 22.5 Events revenues 3.3 4.3 Total revenues 100.0 100.0 Operating expenses: Cost of services and fulfillment 43.0 42.2 Selling and marketing 37.7 36.9 General and administrative 13.3 13.6 Depreciation 1.5 1.8 Amortization of intangible assets 2.2 2.2 Goodwill impairment 27.8 — Restructuring costs 3.0 2.7 Loss from sale of divested operation — 0.4 Income (loss) from operations (28.5 ) 0.2 Interest expense (0.7 ) (0.7 ) Other income, net 0.9 0.9 Credit loss expense on note receivable (1.8 ) — Gains on investments, net — 0.2 Income (loss) before income taxes (30.1 ) 0.6 Income tax expense — 1.9 Net loss (30.1 %) (1.3 %) 2025 compared to 2024 Revenues Absolute Percentage Increase Increase 2025 2024 (Decrease) (Decrease) (dollars in millions) Total revenues $ 396.9 $ 432.5 $ (35.6 ) (8 %) Research revenues $ 295.6 $ 316.7 $ (21.1 ) (7 %) Consulting revenues $ 88.2 $ 97.3 $ (9.1 ) (9 %) Events revenues $ 13.1 $ 18.5 $ (5.4 ) (29 %) Research revenues are recognized primarily on a ratable basis over the term of the contracts, which are generally 12 or 24-month periods.
During 2024, we generated cash from investing activities of $5.0 million primarily from $6.0 million in proceeds from the sale of the FeedbackNow product line and $2.5 million in net maturities and sales of marketable investments, partially offset by $3.4 million of purchases of property and equipment, primarily consisting of computer software.
During 2024, we generated cash from investing activities of $5.0 million primarily from $6.0 million of proceeds from the sale of the FeedbackNow product line and $2.5 million of net maturities and sales of marketable investments, partially offset by $3.4 million of purchases of property and equipment, primarily consisting of computer software.
Wallet retention is calculated on a percentage basis by dividing the annualized contract value of our current clients, who were also clients a year ago, by the total annualized contract value from a year ago. • Clients — is calculated at the enterprise level as all clients that have an active CV contract. 14 Client retention and wallet retention are not necessarily indicative of the rate of future retention of our revenue base.
Wallet retention is calculated on a percentage basis by dividing the annualized contract value of our current clients, who were also clients a year ago, by the total annualized contract value from a year ago. • Clients — is calculated at the enterprise level as all clients that have an active CV contract. 15 Client retention and wallet retention are not necessarily indicative of the rate of future retention of our revenue base.
During 2024, we used $16.1 million of cash from financing activities primarily due $15.9 million for purchases of our common stock and $2.6 million in taxes paid related to net share settlements of restricted stock units, partially offset by $2.4 million of net proceeds from the issuance of common stock under our stock-based incentive plans.
During 2024, we used $16.1 million of cash from financing activities primarily from $15.9 million for purchases of our common stock and $2.6 million of taxes paid related to net share settlements of restricted stock units, partially offset by $2.4 million of net proceeds from the issuance of common stock under our stock-based incentive plans.
We were in full compliance with the covenants as of December 31, 2024 and expect to continue to be in compliance through the next 12 months. Additional future contractual cash obligations extending over the next 12 months and beyond primarily consist of operating lease payments.
We were in full compliance with the covenants as of December 31, 2025 and expect to continue to be in compliance through the next 12 months. Additional future contractual cash obligations extending over the next 12 months and beyond primarily consist of operating lease payments.
We lease office space under non-cancelable operating lease agreements (refer to Note 6 – Leases in the Notes to Consolidated Financial Statements for additional information). The remaining duration of non-cancelable office space leases ranges from less than 1 year to 7 years.
We lease office space under non-cancelable operating lease agreements (refer to Note 6 – Leases in the Notes to Consolidated Financial Statements for additional information). The remaining duration of non-cancelable office space leases ranges from less than 1 year to 14 years.
Recent Accounting Pronouncements See Note 1 – Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for a full description of recent accounting pronouncements, including the expected dates of adoption and effects on results of operations and financial condition. 22
Recent Accounting Pronouncements See Note 1 – Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for a full description of recent accounting pronouncements, including the expected dates of adoption and effects on results of operations and financial condition. 24
We believe that our current cash balance and cash flows from operations will satisfy working capital, financing activities, and capital expenditure requirements for the next twelve months and to meet our known long-term cash requirements. As of December 31, 2024, we did not have any significant unrecognized tax benefits for uncertain tax positions.
We believe that our current cash balance and cash flows from operations will satisfy working capital, financing activities, and capital expenditure requirements for the next twelve months and to meet our known long-term cash requirements. 23 As of December 31, 2025, we did not have any significant unrecognized tax benefits for uncertain tax positions.
If our stock price remains at the current level for a sustained period, and after considering other qualitative factors, there may be a triggering event indicating goodwill may be impaired in our Research reporting unit. Accordingly, management may need to perform a quantitative impairment test during our interim period ended March 31, 2025.
If our stock price remains at the current level, and after considering other qualitative factors, there may be a triggering event indicating goodwill may be impaired in our Research reporting unit. Accordingly, management may need to perform a quantitative impairment test during our interim period ended March 31, 2026.
Our CV products make up essentially all of our research revenues, and research revenues as a percentage of total revenues increased from approximately 70% in 2023 to approximately 73% in 2024. We calculate CV at the foreign currency rates used for internal planning purposes each year.
Our CV products make up essentially all of our research revenues, and research revenues as a percentage of total revenues increased from approximately 73% in 2024 to approximately 75% in 2025. We calculate CV at the foreign currency rates used for internal planning purposes each year.
Segment expenses include the direct expenses of each segment organization and exclude selling and marketing expenses, general and administrative expenses, stock-based compensation expense, depreciation expense, adjustments to incentive bonus compensation from target amounts, amortization of intangible assets, restructuring costs, loss from sale of divested operation, interest expense, other income, and gains on investments.
Segment expenses include the direct expenses of each segment organization and exclude selling and marketing expenses, general and administrative expenses, stock-based compensation expense, depreciation expense, adjustments to incentive bonus compensation from target amounts, amortization of intangible assets, goodwill impairment, restructuring costs, loss from sale of divested operation, interest expense, credit loss expense on note receivable, other income, and gains on investments.
In January 2025, we implemented a reduction in force of approximately 6% of our workforce across various geographies and functions to better align our cost structure with our revenue outlook for 2025. Approximately $4.2 million of severance and related costs for this action were recorded during the fourth quarter of 2024.
In January 2025, we implemented a reduction in our workforce of approximately 6% across various geographies and functions to better align our cost structure with the revenue outlook for the year. We recorded $4.2 million of severance and related costs for this action during the fourth quarter of 2024 and $1.8 million during 2025.
Interest Expense Interest expense consists of interest on our borrowings. The fluctuation for interest expense was immaterial in 2024 compared to 2023. Other Income, Net Other income, net primarily consists of interest income, gains and losses on foreign currency, and gains and losses on foreign currency forward contracts.
The fluctuation for interest expense was immaterial in 2025 compared to 2024. Other Income, Net Other income, net primarily consists of interest income, gains and losses on foreign currency, and gains and losses on foreign currency forward contracts. The fluctuation for other income, net was immaterial in 2025 compared to 2024.
Although write-offs of customer receivables have not been significant during the last three years ($0.7 million each year during 2024, 2023, and 2022), if our customers' financial condition were to deteriorate unexpectedly, we could experience a significant increase in our expense.
Although write-offs of customer receivables have not been significant during the last three years ($0.2 million during 2025 and $0.7 million during both 2024 and 2023), if our customers' financial condition were to deteriorate unexpectedly, we could experience a significant increase in our expense.
The decrease in revenues was due to a decrease in delivery of consulting services due to lower client bookings. Consulting segment expenses decreased 16% during 2024 compared to 2023.
Consulting segment revenues decreased 13% during 2025 compared to 2024. The decrease in revenues was due to a decrease in delivery of consulting services due to lower client bookings. Consulting segment expenses decreased 5% during 2025 compared to 2024.
We used $3.9 million of cash in operating activities during the year ended December 31, 2024 and generated $21.7 million of cash from operating activities during the year ended December 31, 2023.
We generated cash from 22 operating activities of $21.1 million during the year ended December 31, 2025 and used cash in operating activities of $3.9 million during the year ended December 31, 2024.
All of the severance and related costs for this plan were paid during 2024. During the third quarter of 2024, we recorded an additional restructuring charge of $0.7 million related to the closure of our offices in California, of which $0.4 million related to an impairment of the right-of-use assets and $0.3 million related to an impairment of leasehold improvements.
During the third quarter of 2024, we recorded an additional restructuring charge of $0.7 million related to the closure of our offices in California, of which $0.4 million related to an impairment of the right-of-use assets and $0.3 million related to an impairment of leasehold improvements.
The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including but not limited to, those related to our revenue recognition, goodwill, intangible and other long-lived assets, and income taxes.
The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including but not limited to, those related to our revenue recognition, credit loss on note receivable, and goodwill.
The credit facility contains certain customary restrictive loan covenants, including among others, financial covenants that apply a maximum leverage ratio, minimum interest coverage ratio, and maximum annual capital expenditures.
The credit facility contains certain customary restrictive loan covenants, including among others, financial covenants that apply a maximum leverage ratio, minimum interest coverage ratio, maximum annual capital expenditures, and with the execution of the third amendment of the credit facility, a minimum liquidity amount.
A summary of our key metrics is as follows (dollars in millions): As of Absolute Percentage December 31, Increase Increase 2024 2023 (Decrease) (Decrease) Contract value $ 307.6 $ 323.6 $ (16.0 ) (5 %) Client retention 73 % 73 % — Wallet retention 89 % 87 % 2 points Number of clients 1,942 2,257 (315 ) (14 %) Contract value during 2024 decreased by 5% compared to 2023 due to wallet retention being at 89% for the period (representing retention and enrichment of the prior year CV base) and new client acquisition not fully offsetting the net retention loss.
A summary of our key metrics is as follows (dollars in millions): As of Absolute Percentage December 31, Increase Increase 2025 2024 (Decrease) (Decrease) Contract value $ 292.4 $ 311.9 $ (19.5 ) (6 %) Client retention 77 % 73 % 4 points Wallet retention 87 % 89 % (2) points Number of clients 1,797 1,942 (145 ) (7 %) Contract value during 2025 decreased by 6% compared to 2024 due to wallet retention being at 87% for the period (representing retention and enrichment of the prior year CV base) and new client acquisition not fully offsetting the net retention loss.
As of December 31, 2024, we had cash, cash equivalents, and marketable investments of $104.7 million. This balance includes $70.7 million held outside of the U.S.
As of December 31, 2025, we had cash, cash equivalents, and marketable investments of $127.7 million. This balance includes $87.8 million held outside of the U.S.
When there is an insufficient history of standalone sales, we use judgment to estimate the standalone selling price, taking into consideration available market conditions, factors used to set list prices, pricing of similar products, and 15 internal pricing objectives. Standalone selling prices are typically analyzed and updated on an annual basis, or as business conditions change.
When there is an insufficient history of standalone sales, we use judgment to estimate the standalone selling price, taking into consideration available market conditions, factors used to set list prices, pricing of similar products, and internal pricing objectives.
We recorded $0.7 million of severance and related costs for this action during the fourth quarter of 2023, and $2.8 million during the first quarter of 2024. We recorded a restructuring charge of $3.8 million during the first quarter of 2024 related to closing one floor of our offices in California.
We recorded a restructuring charge of $3.8 million during the first quarter of 2024 related to closing one floor of our offices in California. All of the severance and related costs for this plan were paid during 2024.
During 2023, we used $18.3 million of cash from financing activities primarily due to $15.0 million of discretionary repayments of our revolving credit facility, $4.1 million for purchases of our common stock, and $2.7 million in taxes paid related to net share settlements of restricted stock units, partially offset by $3.5 million of net proceeds from the issuance of common stock under our stock-based incentive plans.
During 2025, we used $2.6 million of cash from financing activities primarily from $2.5 million for purchases of our common stock and $1.3 million of taxes paid related to net share settlements of restricted stock units, partially offset by $1.3 million of net proceeds from the issuance of common stock under our stock-based incentive plans.
Cost of Services and Fulfillment Absolute Percentage Increase Increase 2024 2023 (Decrease) (Decrease) Cost of services and fulfillment (dollars in millions) $ 182.5 $ 204.5 $ (22.0 ) (11 %) Cost of services and fulfillment as a percentage of total revenues 42 % 43 % (1) point Service and fulfillment employees (at end of period) 680 781 (101 ) (13 %) Cost of services and fulfillment expenses decreased 11% in 2024 compared to 2023.
Cost of Services and Fulfillment Absolute Percentage Increase Increase 2025 2024 (Decrease) (Decrease) Cost of services and fulfillment (dollars in millions) $ 170.7 $ 182.5 $ (11.8 ) (6 %) Cost of services and fulfillment as a percentage of total revenues 43 % 42 % 1 point Service and fulfillment employees (at end of period) 643 680 (37 ) (5 %) Cost of services and fulfillment expenses decreased 6% in 2025 compared to 2024.
We define these metrics as follows: • Contract value (CV) — is defined as the value attributable to all of our recurring research-related contracts. Contract value 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 value 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.
Judgment is required in determining the use of a qualitative or quantitative assessment, as well as in determining each reporting unit’s estimated fair value as it requires us to make estimates of market conditions and operational performance, including projected financial results, discount rates, control premium, and valuation multiples for key financial metrics.
Judgment is required in determining the use of a qualitative or quantitative assessment, as well as in determining each reporting unit’s estimated fair value as it requires us to make estimates of market conditions and operational performance, including forecasted revenues and operating expenses, terminal rate, discount rate, market participant acquisition premium, and valuation earnings multiples.
Remaining lease payments within one year, within two to three years, within four to five years, and after five years from December 31, 2024 are $13.9 million, $18.0 million, $5.7 million, and $3.2 million, respectively.
Remaining lease payments within one year, within two to three years, within four to five years, and after five years from December 31, 2025 are $7.6 million, $14.8 million, $13.2 million, and $37.7 million, respectively.
As a result of closing the offices, we recorded restructuring costs of $2.3 million. We also incurred $0.7 million in contract termination costs. In February 2024, we implemented a reduction in our workforce of approximately 3% across various geographies and functions to better align our cost structure with the revenue outlook for the year.
Restructuring In February 2024, we implemented a reduction in our workforce of approximately 3% across various geographies and functions to better align our cost structure with the revenue outlook for the year. We recorded $0.7 million of severance and related costs for this action during the fourth quarter of 2023, and $2.8 million during the first quarter of 2024.
General and Administrative Absolute Percentage Increase Increase 2024 2023 (Decrease) (Decrease) General and administrative expenses (dollars in millions) $ 58.8 $ 68.5 $ (9.7 ) (14 %) General and administrative expenses as a percentage of total revenues 14 % 14 % — General and administrative employees (at end of period) 253 281 (28 ) (10 %) General and administrative expenses decreased 14% in 2024 compared to 2023.
General and Administrative Absolute Percentage Increase Increase 2025 2024 (Decrease) (Decrease) General and administrative expenses (dollars in millions) $ 52.7 $ 58.8 $ (6.2 ) (10 %) General and administrative expenses as a percentage of total revenues 13 % 14 % (1) point General and administrative employees (at end of period) 224 253 (29 ) (11 %) General and administrative expenses decreased 10% in 2025 compared to 2024.
As of December 31, 2024, our remaining stock repurchase authorization was approximately $80.0 million. The Company has a credit facility that provides up to $150.0 million of revolving credit commitments. The amount outstanding under the credit facility was $35.0 million at December 31, 2024 and the facility expires in December of 2026.
As of December 31, 2025, our remaining stock repurchase authorization was approximately $77.5 million. We have a credit facility that provides us with revolving credit commitments. The amount outstanding under the credit facility was $35.0 million at December 31, 2025 and the facility was set to expire in December of 2026.
Results of Operations for the years ended December 31, 2024 and 2023 The following table sets forth our Consolidated Statements of Operations as a percentage of total revenues for the years noted.
Any resulting impairment loss could have a material adverse impact on our results of operations. 17 Results of Operations for the years ended December 31, 2025 and 2024 The following table sets forth our Consolidated Statements of Operations as a percentage of total revenues for the years noted.
Selling and Marketing Absolute Percentage Increase Increase 2024 2023 (Decrease) (Decrease) Selling and marketing expenses (dollars in millions) $ 159.6 $ 167.4 $ (7.7 ) (5 %) Selling and marketing expenses as a percentage of total revenues 37 % 35 % 2 points Selling and marketing employees (at end of period) 638 682 (44 ) (6 %) Selling and marketing expenses decreased 5% in 2024 compared to 2023.
Selling and Marketing Absolute Percentage Increase Increase 2025 2024 (Decrease) (Decrease) Selling and marketing expenses (dollars in millions) $ 149.5 $ 159.6 $ (10.1 ) (6 %) Selling and marketing expenses as a percentage of total revenues 38 % 37 % 1 point Selling and marketing employees (at end of period) 607 638 (31 ) (5 %) Selling and marketing expenses decreased 6% in 2025 compared to 2024.
We expect a majority of the severance and related costs for this plan to be paid during 2025. See Note 17 - Subsequent Events , for additional details of this action. Loss From Sale of Divested Operation Loss from sale of divested operation of $1.8 million was attributable to the sale of our FeedbackNow product line in August 2024.
We expect a majority of the severance and related costs for this plan to be paid during 2026. 20 Loss From Sale of Divested Operation Loss from sale of divested operation of $1.8 million was attributable to the sale of our FeedbackNow product line during the third quarter of 2024. Interest Expense Interest expense consists of interest on our borrowings.
Income Tax Expense Absolute Percentage Increase Increase 2024 2023 (Decrease) (Decrease) Provision for income taxes (dollars in millions) $ 8.4 $ 3.2 $ 5.1 159 % Effective tax rate 318 % 51 % 267 points The significant items impacting the effective tax rate during 2024 as compared to 2023 are primarily due to 1) tax expense from the non-deductible goodwill related to the sale of the FeedbackNow product line of $2.5 million, 2) tax expense from the settlement of share-based awards of $1.8 million, 3) foreign withholding taxes of $0.8 million, and 4) state tax expense of $0.6 million related to the write-off of non-realizable state NOL carryforwards due to the dissolution of a domestic subsidiary.
Income Tax Expense (Benefit) Absolute Percentage Increase Increase 2025 2024 (Decrease) (Decrease) Provision for (benefit from) income taxes (dollars in millions) $ — $ 8.4 $ (8.4 ) (100 %) Effective tax rate — 318 % (318) points The significant items impacting the effective tax rate during 2025 as compared to 2024 are primarily the goodwill impairment charges in 2025, which are not deductible for tax purposes, in addition to transactions in 2024 that increased our tax expense and effective tax rate, including the divestiture of the FeedbackNow product line, foreign withholding taxes due to the dissolution of a foreign subsidiary, and a valuation allowance recorded against non-realizable state NOL carryforwards due to the dissolution of a domestic subsidiary.
We have included the recast metrics below for the period ended December 31, 2023, and we have also provided recast metrics dating back to the fourth quarter of 2022, on the investor relations section of our website. Contract value, client retention, wallet retention, and number of clients are metrics that we believe are important to understanding our research business.
For comparative purposes, we have recast historical CV and wallet retention at the planned 2026 foreign currency rates. We have included the recast metrics below for the period ended December 31, 2024, and we have also provided recast metrics dating back to the fourth quarter of 2023 on the investor relations section of our website.
Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023. Liquidity and Capital Resources We have historically financed our operations primarily through funds generated from operations. Research revenues, which constituted 73% of our revenues during 2024, are generally renewable and are typically payable in advance.
Liquidity and Capital Resources We have historically financed our operations primarily through funds generated from operations. Research revenues, which constituted 75% of our revenues during 2025, are generally renewable and are typically payable in advance.
The decrease in revenues was due to a decrease in delivery of consulting services due to lower client bookings. Events revenues decreased 34% during 2024 compared to 2023. The decrease in revenues was due to decreases in both sponsorship revenues and event ticket revenues. Refer to the “Segment Results” section below for a discussion of revenue and expenses by segment.
The decrease in revenues was primarily due to a decrease in sponsorship revenues. 18 Refer to the “Segment Results” section below for a discussion of revenue and expenses by segment.
Other income, net increased by $1.7 million in 2024 compared to 2023 primarily due to a $2.1 million increase in interest income, partially offset by a $0.5 million increase in foreign currency exchange losses. 19 Gains on Investments, Net Gains on investments, net primarily represents our share of equity method investment gains and losses from our technology-related investment funds.
Gains on Investments, Net Gains on investments, net primarily represents our share of equity method investment gains and losses from our technology-related investment funds. Gain on investments, net decreased by $0.8 million in 2025 compared to 2024 due to a decrease in investment gains generated by the underlying funds.
Amortization of Intangible Assets Amortization expense decreased by $2.3 million in 2024 compared to 2023 primarily due to a decrease in the amortization of trademark and technology intangible assets. We expect amortization expense related to our intangible assets to be approximately $8.7 million for the year ending December 31, 2025.
We expect amortization expense related to our intangible assets to be approximately $8.3 million for the year ending December 31, 2026.
Absent an event that indicates a specific impairment may exist, we have selected November 30th as the date to perform the annual goodwill impairment test. We completed the annual goodwill impairment testing as of November 30, 2024 utilizing a qualitative assessment to determine if the fair values of each of our reporting units was less than their respective carrying values.
We performed our annual impairment test as of November 30, 2025 utilizing a quantitative assessment to determine if the fair values of our Research and Consulting reporting units was less than their respective carrying values.
We evaluate reportable segment performance and allocate resources based on segment operating income (loss).
The Events segment includes the revenues and the costs of the organization responsible for developing and hosting our events. 21 We evaluate reportable segment performance and allocate resources based on segment operating income (loss).
The decrease in expenses was primarily due to (1) a $6.5 million decrease in compensation and benefit costs primarily due to a decrease in headcount and (2) a $0.5 million decrease in professional services primarily due to a decrease in contractor costs. Event segment revenues decreased 34% during 2024 compared to 2023.
These decreases were partially offset by a $1.7 million increase in professional services due primarily to an increase in contractor costs. Event segment revenues decreased 29% during 2025 compared to 2024. The decrease in revenues was primarily due to a decrease in sponsorship revenues. Event segment expenses were consistent during 2025 compared to 2024.
Research product revenues within this segment decreased 5% primarily due to the decrease in CV, as discussed above. Consulting product revenues within this segment decreased 27% primarily due to decreased delivery of consulting and advisory services by our research analysts due primarily to lower client bookings for these services. Research segment expenses decreased 8% during 2024 compared to 2023.
Consulting product revenues within this segment increased 4% primarily due to increased delivery of consulting services by our research analysts. Research segment expenses decreased 11% during 2025 compared to 2024.
The decrease in expenses was primarily due to (1) an $8.4 million decrease in compensation and benefit costs primarily due to a decrease in headcount and (2) a $1.0 million decrease in professional services primarily due to a decrease in survey costs. Consulting segment revenues decreased 15% during 2024 compared to 2023.
The decrease was primarily due to (1) a $7.2 million decrease in compensation and benefit costs due to a decrease in headcount and commissions expense, (2) a $1.3 million decrease in stock compensation expense, (3) a $1.2 million decrease in professional services costs primarily due to a decrease in consulting fees, and (4) a $1.1 million decrease in facilities costs primarily due to a decrease in lease expense.
The decrease in expenses was primarily due to (1) a $0.9 million decrease in event costs and (2) a $0.5 million decrease in compensation and benefit costs primarily due to a decrease in headcount. A detailed description and analysis of the fiscal year 2022 year-over-year changes can be found in Item 7.
The decrease in expenses was primarily due to (1) a $2.0 million decrease in compensation and benefit costs primarily due to a decrease in headcount and (2) a $1.9 million decrease in billable fees related to delivery of consulting engagements.
The decrease was primarily due to (1) a $18.1 million decrease in compensation and benefit costs due to a decrease in headcount and incentive bonus costs, partially offset by an increase in benefit costs (mainly due to a benefit during 2023 resulting from the introduction of the flexible vacation and personal paid time off policy in the United States), (2) a $1.6 million decrease in professional services costs primarily due to a decrease in survey costs and contractor costs, (3) a $1.0 million decrease in facilities costs, and (4) a $0.8 million decrease in event expenses.
The decrease in expenses was primarily due to (1) a $8.5 million decrease in compensation and benefit costs primarily due to a decrease in headcount and (2) a $3.6 million decrease in professional services due to a decrease in consulting fees and the effect of the divestiture of the FeedbackNow product line, partially offset by an increase in contractor costs.
Goodwill is required to be assessed for impairment at least annually or whenever events or circumstances indicate that there may be an impairment.
When acquiring a business, as of the acquisition date, we determine the estimated fair values of the assets acquired and liabilities assumed, which may include a significant amount of goodwill. Goodwill is required to be assessed for impairment at least annually or whenever events or circumstances indicate that there may be an impairment.
During 2023, we used cash in investing activities of $36.8 million, which consisted of $31.3 million in net purchases of marketable investments and $5.5 million of purchases of property and equipment, primarily consisting of computer software.
During 2025, we used cash in investing activities of $14.1 million primarily from $12.7 million of net purchases of marketable investments and $3.0 million of purchases of property and equipment, primarily consisting of computer software, partially offset by a $1.4 million distribution received from an equity method investment.
In addition, revenue from our subscription research products declined 1% 17 during 2024 compared to 2023, as revenue growth from our Forrester Decisions products was offset by revenue declines from our heritage research products. Consulting revenues decreased 18% during 2024 compared to 2023.
Revenue from subscription products, including our subscription reprint product that was launched in the third quarter of 2024, declined 4% primarily due to a decline from our heritage research products being only partially offset by revenue growth from our Forrester Decisions and subscription reprint products. Consulting revenues decreased 9% during 2025 compared to 2024.
In May 2023, we implemented a reduction in our workforce of approximately 8% across various geographies and functions to better align our cost structure with our revised revenue outlook for the year, and to streamline our sales and consulting organizations to more efficiently go to market in support of driving contract value growth in the future.
Essentially all of the severance and related costs for this plan were paid during 2025. In February 2026, we implemented a reduction in our workforce of approximately 8% across various geographies and functions to better align our cost structure with our revenue outlook for 2026.
Research revenues decreased 5% during 2024 compared to 2023 primarily due to the decrease in CV, as discussed above. From a product perspective, the decrease in revenues was primarily due to a decline in revenue from our reprint product and our other smaller and discontinued products.
Research revenues decreased 7% during 2025 compared to 2024 primarily due to the decrease in CV, as discussed above, and the divestiture of the FeedbackNow product line in the third quarter of 2024, which resulted in an approximate 1% decline in revenue.
During the third quarter of 2024, we realigned our technology teams and as such certain technology costs are no longer reported within the Research segment, and are now reported within the line selling, marketing, administrative and other expenses. Prior period amounts have been recast to conform to the current presentation.
As of January 1, 2025, we realigned our citations team costs such that these costs are now reported as a direct expense of the Research segment in the tables below. Prior period amounts have been recast to conform to the current presentation. The Consulting segment includes the revenues and the related costs of our project consulting organization.
Restructuring In January 2023, we implemented a reduction in our workforce of approximately 4% across various geographies and functions to streamline operations. We recorded $4.3 million of severance and related costs for this action during the fourth quarter of 2022, and $0.6 million during the first quarter of 2023.
Approximately $8.8 million of severance and related costs for this action were recorded during the fourth quarter of 2025. In addition, we incurred approximately $1.1 million for contract termination costs during the fourth quarter of 2025. We expect to incur an additional $3.5 million to $4.0 million of costs during 2026 related to this action.
The decrease was primarily due to (1) a $5.6 million decrease in legal costs, due primarily to a $4.8 million provision for a legal settlement recorded in 2023 for a wage-related matter and (2) a $3.8 million decrease in compensation and benefit costs due to a decrease in headcount and incentive bonus costs, partially offset by an increase in benefit costs (mainly due to a benefit during 2023 resulting from the introduction of the flexible vacation and personal paid time off policy in the United States). 18 Depreciation Depreciation expense decreased by $0.9 million in 2024 compared to 2023 primarily due to certain software assets becoming fully depreciated.
The decrease was primarily due to (1) a $5.9 million decrease in compensation and benefit costs due to a decrease in headcount, partially offset by an increase in incentive bonus costs, (2) a $3.6 million decrease in professional services costs primarily due to a decrease in billable fees (related to delivery of consulting projects), consulting fees, and the effect of the divestiture of the FeedbackNow product line, partially offset by an increase in contractor costs, (3) a $1.7 million decrease in facilities costs primarily due to a decrease in lease expense, and (4) a $0.6 million decrease in software costs.
These decreases were partially offset by a $1.4 million increase in professional services costs primarily due to an increase in consulting fees, partially offset by a decrease in advertising costs.
These decreases were partially offset by a $1.2 million increase in travel and entertainment expenses.
Client retention was flat compared to the prior year period, however wallet retention improved by 2 percentage points.
Wallet retention decreased by 2 percentage points compared to the prior year period, however it increased by 1 percentage point compared to the prior quarter. The decline in wallet retention compared to the prior year period was primarily due to lower enrichment of contracts as they renewed during the current year period.
Research Segment Consulting Segment Events Segment Consolidated Year Ended December 31, 2024 (In thousands, except percentages) Research revenues $ 316,739 $ — $ — $ 316,739 Consulting revenues 21,095 76,159 — 97,254 Events revenues — — 18,477 18,477 Total segment revenues 337,834 76,159 18,477 432,470 Segment expenses (115,651 ) (37,828 ) (19,250 ) (172,729 ) Segment operating income (loss) 222,183 38,331 (773 ) 259,741 Year over year revenue change (7 %) (15 %) (34 %) (10 %) Year over year expense change (8 %) (16 %) (6 %) (10 %) 20 Research Segment Consulting Segment Events Segment Consolidated Year Ended December 31, 2023 (In thousands) Research revenues $ 334,396 $ — $ — $ 334,396 Consulting revenues 28,826 89,402 — 118,228 Events revenues — — 28,155 28,155 Total segment revenues 363,222 89,402 28,155 480,779 Segment expenses (125,392 ) (45,028 ) (20,557 ) (190,977 ) Segment operating income 237,830 44,374 7,598 289,802 Research segment revenues decreased 7% during 2024 compared to 2023.
Research Segment Consulting Segment Events Segment Consolidated Year Ended December 31, 2025 (In thousands, except percentages) Research revenues $ 295,607 $ — $ — $ 295,607 Consulting revenues 21,963 66,229 — 88,192 Events revenues — — 13,089 13,089 Total segment revenues 317,570 66,229 13,089 396,888 Segment expenses (103,261 ) (38,409 ) (18,829 ) (160,499 ) Segment operating income (loss) 214,309 27,820 (5,740 ) 236,389 Year over year revenue change (6 %) (13 %) (29 %) (8 %) Year over year expense change (11 %) (5 %) (2 %) (9 %) Research Segment Consulting Segment Events Segment Consolidated Year Ended December 31, 2024 (In thousands) Research revenues $ 316,739 $ — $ — $ 316,739 Consulting revenues 21,095 76,159 — 97,254 Events revenues — — 18,477 18,477 Total segment revenues 337,834 76,159 18,477 432,470 Segment expenses (116,024 ) (40,513 ) (19,250 ) (175,787 ) Segment operating income (loss) 221,810 35,646 (773 ) 256,683 Research segment revenues decreased 6% during 2025 compared to 2024.
Removed
For comparative purposes, we have recast historical CV and wallet retention at the planned 2025 foreign currency rates. In addition, due to the divestiture of the FeedbackNow product line in the third quarter of 2024, we have recast our historical metrics to exclude FeedbackNow products and clients. In addition, the recast metrics reflect the correction of an insignificant error.
Added
Contract value, client retention, wallet retention, and number of clients are metrics that we believe are important to understanding our research business. We define these metrics as follows: • Contract value (CV) — is defined as the value attributable to all of our recurring research-related contracts.
Removed
The decrease in the number of clients from the prior year period is primarily attributable to 1) macroeconomic conditions affecting our client base including a) funding and budget pressure on our smaller technology clients and the technology industry in general, and b) the uncertain economic conditions during the past year caused by inflation, high interest rates, and geopolitical turbulence, and 2) the transition of our client base to our Forrester Decisions product platform that was launched in August 2021.
Added
Client retention increased by 4 percentage points compared to the prior year period, and increased by 3 percentage points compared to the prior quarter. We attribute the increase in client retention to our ongoing retention initiatives and to the launch of our AI Access product in the third quarter of 2025.
Removed
As of December 31, 2024, approximately 80% of our overall CV was in our Forrester Decisions product platform compared to 62% at December 31, 2023. The remaining CV at December 31, 2024 represents our reprints products at approximately 12% of CV, and our heritage research products at approximately 8% of CV.
Added
Standalone selling prices are typically analyzed and updated on an annual basis, or as business conditions change. 16 • Allowance for Credit Losses on Note Receivable As part of the proceeds from the sale of a non-core product line in August 2024, we received a note receivable with an original face value of $9.0 million.
Removed
Consulting project revenues are recognized over time as the services are provided, based on an input method that calculates the total hours expended compared to the estimated hours required to satisfy the performance obligation. This method requires the use of judgement in determining the required number of hours to complete the project.
Added
We measure the note receivable on an amortized cost basis and record an estimate of any expected credit losses on the note receivable as an allowance for credit losses each reporting period. The allowance represents our best estimate of credit losses over the contractual life of the note and is calculated using the loss given default method.
Removed
We are required to estimate the amount of prepaid performance obligations that will expire unused and recognize revenue for that estimate over the same period the related rights are exercised by our customers.
Added
This method involves estimating the likelihood that the borrower will default on its obligations and the expected losses from such default. Our estimates under the loss given default method reflect the borrower’s liquidity position and our judgments about their risk of default and expected financial performance as of the balance sheet date.
Removed
This assessment requires judgment, including estimating the percentage of prepaid rights that will go unexercised and anticipating the impact that future changes to products, pricing, and customer engagement will have on actual expirations. We update the estimates used to recognize unexercised rights on a quarterly basis. • Goodwill, Intangible Assets, and Other Long-Lived Assets .
Added
The allowance for credit losses is reported as a valuation account on the balance sheet that is deducted from the note receivable’s amortized cost basis and is included in credit loss expense on note receivable in the Consolidated Statement of Operations.
Removed
As of December 31, 2024, we had $255.4 million of goodwill and intangible assets with finite lives recorded in our Consolidated Balance Sheets. When acquiring a business, as of the acquisition date, we determine the estimated fair values of the assets acquired and liabilities assumed, which may include a significant amount of intangible assets and goodwill.
Added
As of December 31, 2025, the balance of the note receivable, inclusive of capitalized interest at the stated rate of 8%, is $9.9 million. The carrying value of the note, net of the cumulative allowance for credit losses, is $2.6 million.
Removed
We considered a variety of factors including the impacts of the uncertain economic conditions and the transition of our client base to our Forrester Decisions product platform on our long-term forecast and stock price. Based on those assessments, we concluded that no impairments existed.
Added
We will update our assessment of expected credit loss each quarter and if the borrower’s financial condition worsens in the future, we could be required to record an additional allowance for credit loss.
Removed
We will continue to monitor these factors and other future events, and will perform interim impairments tests, if necessary. Any resulting impairment loss could have a material adverse impact on our results of operations. During February 2025 and into early March 2025, we did observe a substantial decline in the price of our stock.
Added
If any amount of the note is determined by us to be uncollectible due to the borrower’s failure to meet repayment terms or due to the borrower's deteriorating financial condition, the write-off amount, reduced by any previously recorded allowances, would also be recorded as a credit loss expense on note receivable.
Removed
Any resulting impairment loss could have a material adverse impact on our results of operations. Intangible assets with finite lives as of December 31, 2024 consist of acquired customer relationships, acquired technology, and acquired trademarks and were valued using the future cash flows they were estimated to produce or the estimated costs to replace the assets.
Added
Alternatively, if the borrower’s financial condition improves, we could be required to reverse all or a portion of the previously recorded allowance for credit loss. • Goodwill . As of December 31, 2025, we had $120.4 million of goodwill recorded in our Consolidated Balance Sheets.
Removed
These assigned values are amortized on a basis which best matches the periods in which the economic benefits are expected to be realized. Tangible assets with finite lives consist of property and equipment, which are depreciated over their estimated useful lives.
Added
As a result of the substantial and sustained decline in our stock price and our overall market capitalization from mid-February 2025 through March 31, 2025, along with other qualitative considerations, including the continued impact from the conditions in the macroeconomic environment, uncertainty created by changes in the United States’ trade policies, and the larger than expected decline in contract bookings during the first quarter of 2025, it was determined that a triggering event occurred, indicating goodwill may be impaired.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeFor investment securities, the table presents principal cash flows and related weighted-average interest rates by maturity date (dollars in thousands): Years Ended December 31, 2025 2026 2027 Corporate obligations $ 6,083 $ 4,688 $ 1,409 Weighted average interest rates 3.28 % 4.67 % 5.19 % 23
Biggest changeFor investment securities, the table presents principal cash flows and related weighted-average interest rates by maturity date (dollars in thousands): Years Ended December 31, 2026 2027 2028 Corporate obligations $ 8,060 $ 4,802 $ 3,860 Weighted average interest rates 4.14 % 4.10 % 4.16 % 25
During 2024, we entered into several foreign currency forward contracts to mitigate the effects of adverse fluctuations in foreign currency exchange rates and we may continue to enter into hedging agreements in the future. In addition, transactions and account balances between our U.S. and foreign subsidiaries expose us to currency exchange risk.
During 2025, we entered into several foreign currency forward contracts to mitigate the effects of adverse fluctuations in foreign currency exchange rates and we may continue to enter into hedging agreements in the future. In addition, transactions and account balances between our U.S. and foreign subsidiaries expose us to currency exchange risk.
In addition, given the short maturities and investment grade quality of the portfolio holdings at December 31, 2024, a hypothetical 10% change in interest rates would not materially affect the fair value of our cash equivalents and investments.
In addition, given the short maturities and investment grade quality of the portfolio holdings at December 31, 2025, a hypothetical 10% change in interest rates would not materially affect the fair value of our cash equivalents and investments.
As of December 31, 2024, we had $35.0 million in total debt principal outstanding. See Note 5 — Debt in the Notes to Consolidated Financial Statements for additional information regarding our outstanding debt obligations.
As of December 31, 2025, we had $35.0 million in total debt principal outstanding. See Note 5 — Debt in the Notes to Consolidated Financial Statements for additional information regarding our outstanding debt obligations.
All of our debt outstanding as of December 31, 2024 was based on a floating base rate of interest, which exposes us to increases in interest rates.
All of our debt outstanding as of December 31, 2025 was based on a floating base rate of interest, which exposes us to increases in interest rates.
This exposure may change over time as business practices evolve and could have a material adverse effect on our results of operations. We incurred foreign currency exchange losses of $0.8 million, $0.3 million, and $0.2 million during the years ended December 31, 2024, 2023, and 2022, respectively. Interest Rate Risk .
This exposure may change over time as business practices evolve and could have a material adverse effect on our results of operations. We incurred foreign currency exchange losses of $0.7 million, $0.8 million, and $0.3 million during the years ended December 31, 2025, 2024, and 2023, respectively. Interest Rate Risk .

Other FORR 10-K year-over-year comparisons