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What changed in Gartner's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Gartner'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.

+269 added−235 removedSource: 10-K (2026-02-12) vs 10-K (2025-02-13)

Top changes in Gartner's 2025 10-K

269 paragraphs added · 235 removed · 212 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeIn 2024, we introduced an enhanced offering with proven on-demand self-care resources, as well as easy access to quality mental health coaches and therapists. We believe our total rewards programs facilitate associate retention and also encourage high performance. Talent Development, Retention and Training Gartner aims to foster a culture of lifelong learning, getting feedback and evolving.
Biggest changeWe believe our total rewards programs facilitate associate retention and also encourage high performance. Talent Development, Retention and Training Gartner aims to foster a culture of lifelong learning, getting feedback and evolving. In addition to helping employees unlock their full potential through mechanisms like continuous feedback and performance appraisals, we have dedicated programs designed to develop effective leaders.
Our proprietary research content, presented in the form of reports, briefings, updates and related tools, is delivered directly to the client’s computer or mobile device via our website and/or product-specific portals. Clients normally sign subscription contracts that provide access to our research content and advisory services for individual users over a defined period.
Our proprietary content, presented in the form of reports, briefings, updates and related tools, is delivered directly to the client’s computer or mobile device via our website and/or product-specific portals. Clients normally sign subscription contracts that provide access to our content and advisory services for individual users over a defined period.
Attendees experience sessions led by Gartner research experts, and the sessions include cutting-edge technology solutions, peer exchange workshops, one-on-one analyst and advisor meetings, consulting diagnostic workshops, keynotes and more. Our conferences also provide attendees with an opportunity to interact with IT and business executives from the world’s leading companies.
Attendees experience sessions led by Gartner business and technology experts, and the sessions include cutting-edge technology solutions, peer exchange workshops, one-on-one analyst and advisor meetings, consulting diagnostic workshops, keynotes and more. Our conferences also provide attendees with an opportunity to interact with IT and business executives from the world’s leading companies.
From our Gartner Symposium/Xpo series, to industry-leading conferences focused on specific business roles and topics, to peer-driven sessions, our offerings enable attendees to experience the best of Gartner insight and guidance. Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insight.
From our Gartner Symposium/Xpo series, to industry-leading conferences focused on specific business roles and topics, to peer-driven sessions, our offerings enable attendees to experience the best of Gartner insights and guidance. Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insight.
The foundation of our business model is our ability to create and distribute our proprietary research content as broadly as possible via published reports, interactive tools, facilitated peer networking, briefings and direct communications with executives and their teams; our conferences, including the Gartner Symposium/Xpo series; and consulting and advisory services.
The foundation of our business model is our ability to create and distribute our proprietary content as broadly as possible via published reports, interactive tools, facilitated peer networking, briefings and direct communications with executives and their teams; our conferences, including the Gartner Symposium/Xpo series; and consulting and advisory services.
We also seek to extend the Gartner brand name to develop new client relationships, augment our sales capacity and expand into new markets around the world. These initiatives have created additional revenue streams through more effective packaging, campaigning and cross- 3 selling of our products and services.
We also seek to extend the Gartner brand name to develop new client relationships, augment our sales capacity and expand into new markets around the world. These initiatives have created additional revenue streams through more effective packaging, campaigning and cross-selling of our products and services.
Our research experts are located in more than 30 countries and territories, enabling us to cover vast aspects of business and technology on a global basis. Notwithstanding these differentiating factors, we face competition from a significant number of independent providers of information products and services.
Our experts are located in more than 30 countries and territories, enabling us to cover vast aspects of business and technology on a global basis. Notwithstanding these differentiating factors, we face competition from a significant number of independent providers of information products and services.
Certain of these contracts may be terminated at any time by the government entity without cause or penalty. AVAILABLE INFORMATION Our internet address is gartner.com and the Investor Relations section of our website is at investor.gartner.com .
Certain of these contracts may be terminated at any time by the government entity without cause or penalty. 6 AVAILABLE INFORMATION Our internet address is gartner.com and the Investor Relations section of our website is at investor.gartner.com .
Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission critical priorities. The fiscal year of Gartner is the twelve-month period from January 1 through December 31. All references to 2024, 2023 and 2022 herein refer to the fiscal year unless otherwise indicated.
Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission-critical priorities. The fiscal year of Gartner is the twelve-month period from January 1 through December 31. All references to 2025, 2024 and 2023 herein refer to the fiscal year unless otherwise indicated.
OUR SOLUTION We believe our combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions and actions on the issues that matter most. Organizations are overrun with data and information. Gartner helps eliminate this information chaos and provides clarity with actionable, objective insight.
OUR SOLUTION We believe our combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions and actions on the issues that matter most. Organizations are overrun with data and information. Gartner helps eliminate this information chaos and provides clarity with actionable, objective insights.
Within the Research segment, Global Technology Sales (“GTS”) sells products and services to users and providers of technology, while Global Business Sales (“GBS”) sells products and services to all other functional leaders, such as human resources, supply chain, finance, and marketing.
Within the Insights segment, Global Technology Sales (“GTS”) sells products and services to users and providers of technology, while Global Business Sales (“GBS”) sells products and services to all other functional leaders, such as human resources, supply chain, finance, and marketing.
In addition, we seek to increase our revenue and operating cash flow through more effective pricing of our products and services. Our principal products and services are delivered through our three business segments, as described below. • RESEARCH.
In addition, we seek to increase our revenue and operating cash flow through more effective pricing of our products and services. Our principal products and services are delivered through our three business segments, as described below. • INSIGHTS.
Consulting solutions capitalize on Gartner assets that are invaluable to IT decision-making, including: (1) our extensive research, which ensures that our consulting analyses and advice are based on a deep understanding of the IT environment and the business of IT; (2) our market independence, which keeps our consultants focused on our clients’ success; and (3) our market-leading benchmarking capabilities, which provide relevant comparisons and best practices to assess and improve performance.
Consulting solutions capitalize on Gartner assets that are invaluable to IT decision-making, including: (1) our extensive insights, which ensure that our consulting analyses and advice are based on a deep understanding of the IT environment and the business of IT; (2) our market independence, which keeps our consultants focused on our clients’ success; and (3) our market-leading benchmarking capabilities, which provide relevant comparisons and best practices to assess and improve performance.
Our size and scale enable us to commit vast resources toward broader and deeper research coverage and to deliver insight to our clients based on what they need and where they are.
Our size and scale enable us to commit vast resources toward broader and deeper research coverage and to deliver insights to our clients based on what they need and where they are.
COMPETITION We believe that the principal factors that differentiate us from our competitors are as follows: • Superior research content - We believe that we create the broadest, highest-quality and most relevant research coverage across all major functional roles in an enterprise.
COMPETITION 4 We believe that the principal factors that differentiate us from our competitors are as follows: • Superior content - We believe that we create the broadest, highest-quality and most relevant insights coverage across all major functional roles in an enterprise.
Our independent operating model and research analysis generates 4 unbiased insight that we believe is timely, thought-provoking and comprehensive, and that is known for its high quality, independence and objectivity. • Our leading brand name - We have provided critical, trusted insight under the Gartner name for more than 40 years. • Our global footprint and established customer base - We have a global presence with clients in approximately 90 countries and territories on six continents.
Our independent operating model and research analysis generates unbiased insights that we believe are timely, thought-provoking, comprehensive and actionable, and that is known for its high quality, independence and objectivity. • Our leading brand name - We have provided critical, trusted insights under the Gartner name for more than 40 years. • Our global footprint and established customer base - We have a global presence with clients in approximately 90 countries and territories on six continents.
ERGs play an important role in enabling associate success, cultivating a culture of inclusion and creating a sense of belonging for all our associates by supporting development, recognizing life stages, inspiring associates through storytelling and driving engagement through a sense of belonging. In 2024, over 6,500 Gartner associates were members of at least one ERG.
ERGs play an important role in enabling associate success, cultivating a culture of inclusion and creating a sense of belonging for all our associates by supporting development, recognizing life stages, inspiring associates through storytelling and driving engagement through a sense of belonging. In 2025, over 6,400 Gartner associates were members of at least one ERG.
A critical part of our long-term strategy is to increase business volume and penetration with our most valuable clients, identifying relationships with the greatest sales potential and expanding those relationships by offering strategically relevant research and insight.
A critical part of our long-term strategy is to increase business volume and penetration with our most valuable clients, identifying relationships with the greatest sales potential and expanding those relationships by offering strategically relevant insights.
In addition, during 2024 we hosted 200+ peer networking meetings and 400+ exclusive local C-level meetings with more than 200 in-person. • CONSULTING. Through its experienced consultants, Gartner Consulting serves chief information officers and other senior executives who are driving technology-related strategic initiatives to optimize technology investments and drive business impact.
In addition, during 2025 we hosted 100+ peer networking meetings and 380+ exclusive local C-level meetings with more than 200 in-person. • CONSULTING. Through its experienced consultants, Gartner Consulting serves chief information officers and other senior executives who are driving technology-related strategic initiatives to optimize technology investments and drive business impact.
This requirement affects all executives in every major function, enterprise size, geography, industry and market sector. Executives and their teams turn to Gartner for actionable, objective insight that drives smarter decisions and stronger performance on their mission-critical priorities.
This requirement affects all executives in every major function, enterprise size, geography, industry and market sector. Executives and their teams turn to Gartner for actionable, objective insights that drive smarter decisions and stronger performance on their mission-critical priorities.
Gartner Consulting combines the power of Gartner’s market-leading research with custom analysis and on-the-ground support to help clients to turn insight and advice into action and impact.
Gartner Consulting combines the power of Gartner’s market-leading insights with custom analysis and on-the-ground support to help clients to turn insights and advice into action and impact.
The ongoing interaction of our research experts with our clients enables us to identify the most pertinent topics to them and develop relevant product and service enhancements to meet the evolving needs of users of our research.
The ongoing interaction of our business and technology experts with our clients enables us to identify the most pertinent topics to them and develop relevant product and service enhancements to meet the evolving needs of users of our insights.
PRODUCTS AND SERVICES Our diversified business model provides multiple entry points and sources of value for our clients that lead to increased client spending on our research and advisory services, conferences and consulting services.
PRODUCTS AND SERVICES 3 Our diversified business model provides multiple entry points and sources of value for our clients that lead to increased client spending on our insights, conferences and consulting services.
A substantial portion of our revenue is derived from sales outside of the United States. • Insight that creates connections - Our global community of experts, analysts and peers help provide the deep relationships that help clients stay ahead of the curve. • Experienced management team - Our management team is comprised of research veterans and experienced industry executives with long tenure at Gartner. • Substantial operating leverage in our business model - We can distribute our intellectual property and expertise across multiple platforms, including research and advisory subscription and membership programs, conferences and consulting engagements, to derive incremental revenue and profitability. • Vast network of research experts and consultants - As of December 31, 2024, we had more than 2,500 research experts and 960 experienced consultants located around the world.
A substantial portion of our revenue is derived from sales outside of the United States. • Insights that create connections - Our global community of experts, analysts and peers help provide the deep relationships that help clients stay ahead of the curve. • Experienced management team - Our management team is comprised of insights veterans and experienced industry executives with long tenure at Gartner. • Substantial operating leverage in our business model - We can distribute our intellectual property and expertise across multiple platforms, including insights subscription and membership programs, conferences and consulting engagements, to derive incremental revenue and profitability. • Vast network of business and technology experts and consultants - As of December 31, 2025, we had more than 2,400 business and technology experts and 920 experienced consultants located around the world.
In addition to role-specific summits and workshop-style seminars, Gartner hosts the Gartner Symposium/Xpo series, including its unique, flagship IT Symposium/Xpo ® , which is held at several locations worldwide annually. During 2024, Gartner successfully held 51 in-person conferences with more than 86,000 attendees, including nine Symposiums/Xpos.
In addition to role-specific summits and workshop-style seminars, Gartner hosts the Gartner Symposium/Xpo series, including its unique, flagship IT Symposium/Xpo ® , which is held at several locations worldwide annually. During 2025, Gartner successfully held 53 in-person conferences with more than 83,000 attendees, including 12 Symposiums/Xpos.
Gartner delivers independent, objective insight to leaders across an enterprise through subscription services that include on-demand access to published research content, data and benchmarks, and direct access to a network of more than 2,500 research experts located around the globe. Gartner research is the fundamental building block for all Gartner products and services.
Gartner delivers independent, objective insights to leaders across an enterprise through subscription services that include on-demand access to published content, data and benchmarks, and direct access to a network of more than 2,400 business and technology experts located around the globe. Gartner insights are the fundamental building block for all Gartner products and services.
Our research agenda is defined by clients’ needs, focusing on the critical issues, opportunities and challenges they face every day. We are in steady contact with close to 14,000 distinct client enterprises worldwide. We publish tens of thousands of pages of original research annually, and our research experts had more than 505,000 direct client interactions in 2024.
Our insights agenda is defined by clients’ needs, focusing on the critical issues, opportunities and challenges they face every day. We are in steady contact with over 13,000 distinct client enterprises worldwide. We publish tens of thousands of pages of original content annually, and our experts had more than 510,000 direct client interactions in 2025.
We typically have a minimum contract period of twelve months for our research and advisory subscription contracts and, at December 31, 2024, nearly 75% of our contracts were multi-year. • CONFERENCES.
We typically have a minimum contract period of twelve months for our insights subscription contracts and, at December 31, 2025, 77% of our contracts were multi-year. • CONFERENCES.
We also strive to develop an inclusive and engaging environment that makes Gartner a vibrant, exciting place to work. We believe the greatest catalyst to engagement comes from leadership — particularly their efforts to set direction, allocate resources, and build individual and organizational capability.
Through these programs, we believe our teams develop role-specific knowledge and skills, increase productivity and improve performance. We strive to develop an inclusive and engaging environment that makes Gartner a vibrant, exciting place to work. We believe the greatest catalyst to engagement comes from leadership — particularly their efforts to set direction, allocate resources, and build individual and organizational capability.
ITEM 1. BUSINESS. GENERAL Gartner, Inc. (NYSE: IT) delivers actionable, objective insight that drives smarter decisions and stronger performance on an organization’s mission-critical priorities. We are a trusted advisor and an objective resource for close to 14,000 enterprises in approximately 90 countries and territories— across all major functions, in every industry and enterprise size.
ITEM 1. BUSINESS. GENERAL Gartner, Inc. (NYSE: IT) delivers actionable, objective business and technology insights that drive smarter decisions and stronger performance on an organization’s mission-critical priorities. We are a trusted advisor and an objective resource for over 13,000 enterprises in approximately 90 countries and territories— across every major function, geography, industry and sector.
Our experienced experts deliver all this value informed by a combination of practitioner-sourced and data-driven research to help our clients address their mission critical priorities. Conferences provides executives and teams across an organization the opportunity to learn, share and network.
Our experts deliver proprietary insights that are informed by thoroughly vetted practitioner-sourced and data-driven research to help our clients address their mission-critical priorities. Conferences provides executives and teams across an organization the opportunity to learn, share and network.
While we believe the breadth and depth of our research positions us well versus our competition, increased competition could result in loss of market share, diminished value in our products and services, reduced pricing, and increased sales and marketing expenditures. INTELLECTUAL PROPERTY Our success has resulted in part from proprietary methodologies, software, reusable knowledge capital and other intellectual property rights.
While we believe the breadth and depth of our proprietary insights positions us well versus our competition, increased competition could result in loss of market share, diminished value in our products and services, reduced pricing, and increased sales and marketing expenditures.
Since our Sales and Research & Advisory teams make up approximately 45% of total employees worldwide, we also have formal, dedicated programs to help train and onboard new hires as well as more experienced managers and leaders within Sales and Research & Advisory. Through these programs, we believe our teams develop role-specific knowledge and skills, increase productivity and improve performance.
Since our Sales and Business and Technology Insights teams make up approximately 45% of total employees worldwide, we also have formal, dedicated programs to help train and onboard new hires as well as more experienced managers and leaders within Sales and Business and Technology Insights.
GOVERNMENT CONTRACTS Our U.S. government contracts are subject to the approval of appropriations by the U.S. Congress to fund the agencies contracting for our products and services. Additionally, our contracts at the state and local levels, as well as foreign government contracts, are subject to various governmental authorizations and funding approvals and mechanisms.
Additionally, our contracts at the state and local levels, as well as foreign government contracts, are subject to various governmental authorizations and funding approvals and mechanisms.
At December 31, 2024, we had 21,044 employees globally, 10,141 of which were outside of the U.S., and the overwhelming majority of our employees were full time. Gartner is committed to providing equal employment opportunities to all applicants and employees without regard to any legally protected status. This commitment is formalized in our global and U.S. equal employment opportunity policies.
Gartner is committed to providing equal employment opportunities to all applicants and employees without regard to any legally protected status. This commitment is formalized in our global and U.S. equal employment opportunity policies.
We also enter into agreements with our employees and third parties as appropriate that protect our intellectual property, and we enforce these agreements if necessary. We recognize the value of our intellectual property in the marketplace and vigorously identify, create and protect it.
We have policies related to confidentiality, ownership, quote permission, and the use and protection of Gartner’s intellectual property. We also enter into agreements with our employees and third parties as appropriate that protect our intellectual property, and we enforce these agreements if necessary.
We rely on a combination of patent, copyright, trademark, trade secret, confidentiality, non-compete and other contractual provisions to protect our intellectual property rights. We have policies related to confidentiality, ownership, quote permission, and the use and protection of Gartner’s intellectual property.
INTELLECTUAL PROPERTY Our success has resulted in part from proprietary methodologies, software, reusable knowledge capital and other intellectual property rights. We rely on a combination of patent, copyright, trademark, trade secret, confidentiality, non-compete and other contractual provisions to protect our intellectual property rights.
Our human capital management strategies are developed by executive management and overseen by the Compensation Committee of our Board of Directors. Culture of Inclusion 5 We are committed to operating with the highest ethical standards and fostering an environment that encourages open discussions and ensures our associates and clients are treated fairly and with respect.
We are 5 also committed to operating with the highest ethical standards and fostering an environment that encourages open discussions and ensures our associates and clients are treated fairly and with respect. Our vision is to build a high-performing organization with a culture of inclusion, enabling Gartner to guide the leaders who shape the world.
We also provide associates with learning opportunities, including a sustainability training module. Additionally, in 2024, over 1,000 associates were engaged in the Gartner Green Team, a voluntary, associate-driven group that enables associates to connect, learn, and drive change towards net-zero greenhouse gas emissions.
We continue to embed sustainability in our operations in alignment with our near-term emission reduction targets and provide associates with learning opportunities, including a sustainability training module. Additionally, in 2025, over 1,000 associates were engaged in the Gartner Green Team, a voluntary, associate-driven group that is open to all associates.
We encourage you to review our Corporate Responsibility Report located on our website at https://www.gartner.com/en/about/corporate-responsibility for more information. Nothing on our website, including our Corporate Responsibility Report or sections thereof, shall be deemed incorporated by reference into this Annual Report, or any other filing we make with the SEC.
Nothing on our website, including our Corporate Responsibility Report or sections thereof, shall be deemed incorporated by reference into this Annual Report, or any other filing we make with the SEC. GOVERNMENT CONTRACTS Our U.S. government contracts are subject to the approval of appropriations by the U.S. Congress to fund the agencies contracting for our products and services.
Additionally, we actively monitor and enforce contract compliance by our end users and we assert our rights in trademark and copyright law worldwide to protect our public content. HUMAN CAPITAL MANAGEMENT We believe our people are our most valuable asset, enabling our sustained track record of growth.
We recognize the value of our intellectual property in the marketplace and vigorously identify, create and protect it. Additionally, we actively monitor and enforce contract compliance by our end users and we assert our rights in trademark and copyright law worldwide to protect our public content.
We embed our associate survey efforts across the enterprise so that the insight we glean can help leaders at various levels understand the opportunities for effecting organizational growth. Survey results are used for a number of enterprise-wide and business-unit-specific initiatives targeting key areas of engagement and retention, such as leadership effectiveness, career development, business process improvement, and more.
Survey results are used for a number of enterprise-wide and business-unit-specific initiatives targeting key areas of engagement and retention, such as leadership effectiveness, career development, business process improvement, and more. Our Communities and the Environment Our associates support communities through giving and volunteering. Gartner facilitates a charity match program.
In addition to helping employees unlock their full potential through mechanisms like continuous feedback and performance appraisals, we have dedicated programs designed to develop effective leaders. We also offer rotational programs and an online learning experience platform for employees called GartnerYou. In 2024, GartnerYou offered approximately 26,000 learning resources, with over 410,000 completions globally.
We also offer rotational programs and an online learning experience platform for employees called GartnerYou. In 2025, GartnerYou offered approximately 27,000 learning resources, with over 412,000 completions globally.
In 2024, over 20% of associates supported approximately 4,500 causes through charitable donations or volunteering. In total, more than $7.6 million was donated by Gartner and its associates and close to 19,600 hours were volunteered. We continue to embed sustainability in our operations in alignment with our near-term targets, which have been approved by the Science-Based 6 Targets Initiative.
In 2025, close to 17% of associates supported approximately 3,900 causes through charitable donations or volunteering. In total, approximately $6.5 million was donated by Gartner and its associates and over 14,100 hours were volunteered.
We work to integrate best-in-class inclusive approaches into all our talent processes and practices and prioritize efforts that support our world-class talent and their unique needs. Gartner’s dedication to inclusion is driven by our passionate leaders and associates around the world. Our eight associate-driven Employee Resource Groups (ERGs) are open to all and help foster an inclusive and supportive workplace.
Our eight associate-driven Employee Resource Groups (ERGs) are open to all associates and help foster an inclusive and supportive workplace.
Removed
Gartner delivers its products and services globally through three business segments – Research, Conferences and Consulting, as described below. Research equips executives and their teams from every function and across all industries with actionable, objective insight, guidance and tools.
Added
Gartner delivers its products and services globally through three reportable segments – Business and Technology Insights, Conferences and Consulting, as described below. In the second quarter of 2025, we renamed our segment previously referred to as Research to Business and Technology Insights (or “Insights”) to reflect the nature of the value we provide to clients.
Removed
From attracting top talent through our recruitment process, to cultivating that talent with learning and development opportunities and rewards for strong performers, to supporting overall wellness with meaningful benefits and engagement, we strive to put our people first.
Added
In the third quarter of 2025, we changed the structure of our internal organization and concluded that Gartner Digital Markets (“Digital Markets”) was an operating segment but does not meet the criteria of a reportable segment. Accordingly, Digital Markets results are now included in “Other” where segment information is provided. Digital Markets was previously included in our Insights segment.
Removed
Our vision is to build a high-performing organization with a culture of inclusion, enabling Gartner to guide the leaders who shape the world. Currently, 36% of our Board of Directors is female, and 27% of our Board of Directors identifies as racially or ethnically diverse.
Added
Prior periods have been recast to conform to current period presentation. On February 5, 2026, we completed the sale of Digital Markets for approximately $110.0 million, prior to customary purchase price adjustments. Insights equips executives and their teams from every major function, geography, industry and sector with actionable, objective insights, guidance and tools.
Removed
As of December 31, 2024, 21% of our executive management team is female, approximately 48% of our employees worldwide are female and 25% of employees in the U.S. identified as racially or ethnically diverse. Our employees work in 39 different countries and territories.
Added
HUMAN CAPITAL MANAGEMENT We believe our people are our most valuable asset, enabling our sustained track record of success. We prioritize our people by hiring talent through a thoughtful recruitment process, cultivating strong performers with learning and professional development opportunities, and rewarding our talent with meaningful benefits and competitive compensation programs.
Removed
While associate turnover increased slightly in 2024 as compared with the prior year, average tenure increased slightly from approximately 5.0 years in 2023 to 5.3 years in 2024. Our Communities and the Environment Our associates have a long history of individual and team volunteering. Gartner facilitates a charity match program.
Added
At December 31, 2025, we had 20,244 employees globally, 9,994 of which were outside of the U.S., and the overwhelming majority of our employees were full time. Gartner employees work in 40 different countries and territories. Our human capital management strategies are developed by executive management and overseen by the Compensation Committee of our Board of Directors.
Added
Another avenue to enhance associate engagement is through hearing from them directly through surveys. We embed our associate survey efforts across the enterprise so that the insights we glean can help leaders at various levels understand the opportunities for effecting organizational growth.
Added
The Green Team enables associates to connect, learn, and drive change towards net-zero greenhouse gas emissions. We encourage you to review our Corporate Responsibility Report located on our website at https://www.gartner.com/en/about/corporate-responsibility for more information.
Added
We announce material information to the public about us, our products and services and other matters through a variety of means, including filings with the SEC, press releases, public conference calls, webcasts, and the investor relations section of our website in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeDeveloping, testing, and deploying AI systems will require additional investment and increase our costs. Our competitors or other third parties may also incorporate AI into their offerings more effectively and/or quickly than we do, which could impair our ability to compete effectively and adversely affect our business and financial results.
Biggest changeOur competitors or other third parties may also incorporate AI into their offerings more effectively and/or quickly than we do, which could impair our ability to compete effectively and adversely affect our business and financial results. If we fail to keep pace with rapidly evolving AI technological developments, our competitive position and business results may be negatively impacted.
The risks involved in each acquisition or investment include the possibility of paying more than the value we derive from the acquisition, dilution of the interests of our current stockholders should we issue stock in the acquisition, decreased working capital, increased indebtedness, the assumption of undisclosed liabilities and unknown and unforeseen risks, the ability to retain key personnel of the acquired company, the inability to complete the transaction due to regulatory review, the inability to integrate the business of the acquired company, increase revenue or fully realize anticipated synergies, the time to train the sales force to market and sell the products of the acquired business, the potential disruption of our ongoing business and the distraction of management from our day to day business.
The risks involved in each acquisition or investment include the possibility of paying more than the 11 value we derive from the acquisition, dilution of the interests of our current stockholders should we issue stock in the acquisition, decreased working capital, increased indebtedness, the assumption of undisclosed liabilities and unknown and unforeseen risks, the ability to retain key personnel of the acquired company, the inability to complete the transaction due to regulatory review, the inability to integrate the business of the acquired company, increase revenue or fully realize anticipated synergies, the time to train the sales force to market and sell the products of the acquired business, the potential disruption of our ongoing business and the distraction of management from our day to day business.
Our dispositions involve additional risks and uncertainties, such as ability to sell such businesses on satisfactory price and terms and in a timely manner, or at all, disruption to other parts of the businesses and distraction of management, allocation of internal resources that would otherwise be devoted to completing 11 strategic acquisitions, loss of key employees or customers, and exposure to unanticipated liabilities or ongoing obligations to support the businesses following such dispositions, and other adverse financial impacts.
Our dispositions involve additional risks and uncertainties, such as ability to sell such businesses on satisfactory price and terms and in a timely manner, or at all, disruption to other parts of the businesses and distraction of management, allocation of internal resources that would otherwise be devoted to completing strategic acquisitions, loss of key employees or customers, and exposure to unanticipated liabilities or ongoing obligations to support the businesses following such dispositions, and other adverse financial impacts.
Like many multinational corporations, we, and some third parties upon which we rely, have experienced cyber attacks on our computer systems and networks in the past and may experience them in the future, likely with more frequency and 10 sophistication, and involving a broader range of devices and modes of attack, all of which will increase the difficulty of detecting and successfully defending against them.
Like many multinational corporations, we, and some third parties upon which we rely, have experienced cyber attacks on our computer systems and networks in the past and may experience them in the future, likely with more frequency and sophistication, and involving a broader range of devices and modes of attack, all of which will increase the difficulty of detecting and successfully defending against them.
The outstanding debt may limit the 12 amount of cash or additional credit available to us, which could restrain our ability to expand or enhance products and services, respond to competitive pressures or pursue future business opportunities requiring substantial investments of additional capital. We may require additional cash resources which may not be available on favorable terms or at all.
The outstanding debt may limit the amount of cash or additional credit available to us, which could restrain our ability to expand or enhance products and services, respond to competitive pressures or pursue future business opportunities requiring substantial investments of additional capital. We may require additional cash resources which may not be available on favorable terms or at all.
However, the security measures implemented by us or by our outside service providers may not be effective and our systems (and those of our outside service providers) are vulnerable to theft, loss, damage and interruption from a number of potential sources and events, including unauthorized access or security breaches, cyber attacks, computer viruses, power loss, or other disruptive events.
However, the security measures implemented by us or by our outside service providers may not be effective and our systems (and those of our outside service providers) are vulnerable to theft, loss, damage and interruption from a number of potential sources and events, including unauthorized access or security breaches or incidents, cyber attacks, computer viruses, power loss, or other disruptive events.
Foreign Corrupt Practices Act, the UK Bribery Act, regulations established by the Office of Foreign Assets Control (OFAC) and with applicable local laws of the foreign countries in which we operate. There can be no assurance that all of our employees, contractors and agents will comply with the Company’s policies that mandate compliance with these laws.
Foreign Corrupt Practices Act, the UK Bribery Act, regulations established by the Office of Foreign Assets Control and with applicable local laws of the foreign countries in which we operate. There can be no assurance that all of our employees, contractors and agents will comply with the Company’s policies that mandate compliance with these laws.
Any determination or allegations, even if 14 unfounded, that we have violated or are responsible for violations of these laws, even if inadvertent, could be costly and disrupt our business, which could have a material adverse effect on our business, results of operations, financial condition, liquidity and cash flows, as well as on our reputation.
Any determination or allegations, even if unfounded, that we have violated or are responsible for violations of these laws, even if inadvertent, could be costly and disrupt our business, which could have a material adverse effect on our business, results of operations, financial condition, liquidity and cash flows, as well as on our reputation.
Any failure to achieve successful client acceptance of new products and services could have a material adverse effect on our business, results of operations and financial position. Additionally, significant delays in new product or service releases or significant problems in creating new products or services could materially adversely affect our business, results of operations and financial position.
Any failure to achieve successful client acceptance of new products and services could have a material adverse effect on our business, results of operations and financial position. Additionally, significant 7 delays in new product or service releases or significant problems in creating new products or services could materially adversely affect our business, results of operations and financial position.
When a major search engine changes its algorithms in a manner that negatively affects our placement in search results or makes it less likely for our target audience to enter our websites, our business, results of operations and financial position may be harmed.
When a major search engine or LLM changes its algorithms in a manner that negatively affects our placement in search results or makes it less likely for our target audience to enter our websites, our business, results of operations and financial position may be harmed.
Our ability to maintain contract renewals is subject to numerous factors, including the following: • delivering high-quality and timely analysis and insight to our clients; • understanding and anticipating market trends and the changing needs of our clients; and • providing products and services of the quality and timeliness necessary to withstand competition.
Our ability to maintain contract renewals is subject to numerous factors, including the following: • delivering high-quality and timely analysis and insight to our clients; 8 • understanding and anticipating market trends and the changing needs of our clients; and • providing products and services of the quality and timeliness necessary to withstand competition.
We face risks related to the regulation of AI and other evolving technologies. The growing use of AI tools has led to the introduction of new laws and regulations in some of the areas where we operate. These laws and regulations vary between jurisdictions and are subject to change and evolving interpretations.
We face risks related to the regulation of AI and other evolving technologies. The use of AI tools has led to the introduction of new laws and regulations in some of the areas where we operate. These laws and regulations vary between jurisdictions and are subject to change and evolving interpretations.
Failure to achieve acceptable levels of these indicators or improve them will negatively impact our financial condition, results of operations, and cash flows. 13 We face significant competition and our failure to compete successfully could materially adversely affect our results of operations, financial condition, and cash flows.
Failure to achieve acceptable levels of these indicators or improve them will negatively impact our financial condition, results of operations, and cash flows. We face significant competition and our failure to compete successfully could materially adversely affect our results of operations, financial condition, and cash flows.
Further, if our published data, opinions or viewpoints are considered to be wrong, lack independence, or are not substantiated by appropriate research, our reputation will suffer and demand for our products and 7 services may decline.
Further, if our published data, opinions or viewpoints are considered to be wrong, lack independence, or are not substantiated by appropriate research, our reputation will suffer and demand for our products and services may decline.
We may expand our marketing activities to promote and strengthen the Gartner brand and may need to increase our marketing budget, hire additional marketing and public relations personnel, and expend additional sums to protect our brand and otherwise increase expenditures to create and maintain client brand loyalty.
We may expand our marketing activities to promote and strengthen the Gartner brand and may need to increase our marketing budget, hire additional marketing and public relations personnel, and expend 12 additional sums to protect our brand and otherwise increase expenditures to create and maintain client brand loyalty.
Our employee hiring and retention also depend on our brand and reputation as well as our ability to build and maintain an inclusive workplace culture that enables our employees to thrive.
Our employee hiring and retention also depend on our brand and reputation as well as our ability to build and maintain an inclusive workplace culture that enables 9 our employees to thrive.
In addition to the effects of the global economic and geopolitical climate on our business and operations (including as a result of U.S. tariffs, trade barriers and restrictions) discussed in Item 7 of this Form 10-K and in the risk factors below, additional or unforeseen effects from the global economic and geopolitical climate may give rise to or amplify many of these risks discussed below.
In addition to the effects of the global economic and geopolitical climate on our business and operations (including as a result of U.S. budget cuts, tariffs, trade barriers and restrictions) discussed in Item 7 of this Form 10-K and in the risk factors below, additional or unforeseen effects from the global economic and geopolitical climate may give rise to or amplify many of these risks discussed below.
A cyber attack, widespread internet failure or internet access limitations, or disruption of our critical information technology systems through denial of service, viruses, or other events could cause delays in initiating or completing sales, impede delivery of our products and services to our clients, disrupt other critical client-facing or business processes or dislocate our critical internal functions.
A cyber attack, widespread internet failure or internet access limitations, or disruption of our critical information technology systems (or those of our service providers) through denial of service, viruses, or other events could cause delays in initiating or completing sales, impede delivery of our products and services to our clients, disrupt other critical client-facing or business processes or dislocate our critical internal functions.
Furthermore, we will not be successful if we cannot compete effectively on quality of research and analysis, timely delivery of information, customer service, the ability to offer products to meet changing market needs for information and analysis, or price. We are exposed to volatility in foreign currency exchange rates from our international operations.
Furthermore, we will not be successful if we cannot compete effectively on quality of insights, timely delivery of information, customer service, the ability to offer products to meet changing market needs for information and analysis, or price. We are exposed to volatility in foreign currency exchange rates from our international operations.
Generating new sales of our subscription-based products and services, both to new and existing clients, is a challenging, costly, and often time-consuming process. If we are unable to generate new sales, due to competition or other factors, our revenues will be adversely affected. Our research subscription contracts are typically for twelve months or longer.
Generating new sales of our subscription-based products and services, both to new and existing clients, is a challenging, costly, and often time-consuming process. If we are unable to generate new sales, due to competition or other factors, our revenues will be adversely affected. Our Insights subscription contracts are typically for twelve months or longer.
Our sales to governments are subject to appropriations, complex compliance requirements and some may be terminated early. We derive significant revenues from research and consulting contracts with the United States government and its respective agencies, numerous state and local governments and their respective agencies, and foreign governments and their agencies.
Our sales to governments are subject to appropriations, complex compliance requirements and some may be terminated early. We derive significant revenues from insights and consulting contracts with the United States government and its respective agencies, numerous state and local governments and their respective agencies, and foreign governments and their agencies.
At December 31, 2024 and 2023, approximately $1.2 billion and $1.0 billion, respectively, of our outstanding revenue contracts were attributable to government entities. Our U.S. government contracts are subject to the approval of appropriations by the U.S. Congress to fund the agencies contracting for our services.
At December 31, 2025 and 2024, approximately $1.0 billion and $1.2 billion, respectively, of our outstanding revenue contracts were attributable to government entities. Our U.S. government contracts are subject to the approval of appropriations by the U.S. Congress to fund the agencies contracting for our services.
Our Consulting business depends on non-recurring engagements and our failure to secure new engagements could lead to a decrease in our revenues. Consulting segment revenues constituted approximately 9% of total revenues from our on-going operations in both 2024 and 2023. Consulting engagements typically are project-based and non-recurring.
Our Consulting business depends on non-recurring engagements and our failure to secure new engagements could lead to a decrease in our revenues. Consulting segment revenues constituted approximately 9% of total revenues from our on-going operations in both 2025 and 2024. Consulting engagements typically are project-based and non-recurring.
Our insurance coverage for 2024 (and likely beyond) excludes coverage for cancellations due to communicable diseases. We also face the challenge of procuring venues that are sizeable enough at a reasonable cost to accommodate some of our major activities.
Our insurance coverage for 2025 (and likely beyond) excludes coverage for cancellations due to communicable diseases. We also face the challenge of procuring venues that are sizeable enough at a reasonable cost to accommodate some of our major activities.
Our Research business depends on renewals of subscription-based services and sales of new subscription-based services for a significant portion of our revenue, and our failure to renew at historical rates or generate new sales of such services will lead to a decrease in our revenues.
Our Insights business depends on renewals of subscription-based services and sales of new subscription-based services for a significant portion of our revenue, and our failure to renew at historical rates or generate new sales of such services will lead to a decrease in our revenues.
Our future success will depend upon our ability to develop and introduce in a timely manner new or enhance existing offerings that address the changing needs of this constantly evolving marketplace.
Our future success will depend upon our ability to develop and introduce in a timely manner new offerings, or enhancements to existing offerings, that address the changing needs of this constantly evolving marketplace.
Additionally, any material breaches of cybersecurity or other technology-related catastrophe, or media reports of perceived security vulnerabilities to our systems or those of our third parties, even if no breach has been attempted or occurred, could cause us to experience reputational harm, loss of customers and revenue, fines, regulatory actions and scrutiny, sanctions or other statutory penalties, litigation, liability for failure to safeguard our customers’ information, or financial losses that are either not insured against or not fully covered through any insurance maintained by us.
Additionally, any actual or perceived material security breaches or incidents or other technology-related catastrophes, or media reports of perceived security vulnerabilities to our systems or those of our third parties, even if no breach, incident or catastrophe has been attempted or occurred, could cause us to experience reputational harm, loss of customers and revenue, fines, regulatory actions and scrutiny, sanctions or other statutory penalties, litigation, liability for failure to safeguard our customers’ information, or financial losses that are either not insured against or not fully covered through any insurance maintained by us.
Several countries in which Gartner does business have proposed or enacted new laws to align with OECD Pillar Two proposals. The minimum tax is treated as a current cost beginning in 2024 and does not have a significant impact on the Company’s effective tax rate for the current period.
S everal countries in which Gartner does business have proposed or enacted new laws to align with OECD Pillar Two proposals. The minimum tax is treated as a current cost beginning in 2024 and does not have a significant impact on the Company’s effective tax rate for the current period.
As we expand our products and services and develop our business models, we have faced, and may continue to face, shifting regulations. Our ability to adopt new technologies, including AI, and to innovate for our customers and manage our business could be adversely impacted by the evolving regulatory environment.
As we expand our products and services and develop our business models, we have faced, and may continue to face, shifting regulations. Our ability to adopt new technologies, including AI, to innovate for our customers, manage our business and to protect our intellectual property could be adversely impacted by the evolving regulatory environment.
Our failure or perceived failure to achieve them or continue practices that meet evolving, and sometimes conflicting, stakeholder expectations in ESG could harm our reputation, adversely affect our ability to attract and retain employees or clients and expose us to increased scrutiny from investors and regulatory authorities.
Our failure or perceived failure to achieve them or continue practices that meet evolving, and sometimes conflicting, stakeholder expectations could 14 harm our reputation, adversely affect our ability to attract and retain employees or clients and expose us to increased scrutiny from investors and regulatory authorities.
Strategic and Operational Risks We may not be able to maintain the quality of our existing products and services. We operate in a rapidly evolving market, and our success depends on our ability to deliver high quality and timely research and analysis to our clients.
Strategic and Operational Risks We may not be able to maintain the quality of our existing products and services. We operate in a rapidly evolving market, and our success depends on our ability to deliver high quality and timely insights to our clients.
We face risks related to litigation. We are, and in the future may be, subject to a variety of legal actions, such as employment, breach of contract, intellectual property-related, and business torts, including claims of unfair trade practices and misappropriation of trade secrets.
We are, and in the future may be, subject to a variety of legal actions, such as employment, breach of contract, intellectual property-related, and business torts, including claims of unfair trade practices and misappropriation of trade secrets.
Failure to develop products that meet the needs of our clients in a timely manner could have a material adverse effect on our business, results of operations, and financial position. In addition, some of our content is exposed to Internet search engines, which help generate website traffic.
Failure to develop products that meet the needs of our clients in a timely manner could have a material adverse effect on our business, results of operations, and financial position. In addition, some of our content is exposed to Internet search engines and large language models (“LLM”), which help generate website traffic.
In addition, U.S. federal, state and local government spending limits may reduce demand for our products and services from those governmental agencies as well as organizations that receive funding from those agencies and could negatively affect macroeconomic conditions in the United States, which could further reduce demand for our products and services.
In addition, U.S. federal, state and local government spending limits have reduced, and may continue to reduce, demand for our products and services from those governmental agencies as well as organizations that receive funding from those agencies and could negatively affect macroeconomic conditions in the United States, which could further reduce demand for our products and services.
The interpretation and application of these laws in the United States, the EU, China and elsewhere are often uncertain, inconsistent and ever changing. Complying with these various laws could cause us to incur substantial costs or require us to change our business practices in a manner adverse to our business.
The interpretation and application of these laws and regulations in the United States, the EU, China and elsewhere are often uncertain, inconsistent and ever changing. Our efforts to comply with these various laws and regulations could cause us to incur substantial costs or require us to change our business practices in a manner adverse to our business.
Corporate tax reform, base-erosion efforts and tax transparency continue to be high priorities in many countries. The Organization for Economic Co-operation and Development (“the OECD”) has issued various tax proposals that include a two-pillar approach to global taxation (BEPS 2.0/ Pillar Two), focusing on global profit allocation and a 15% global corporate minimum tax rate.
Corporate tax reform, base-erosion efforts and tax transparency continue to be high priorities in many countries. The Organization for Economic Co-operation and Development (“the OECD”) has issued various tax proposals that include a 15 two-pillar approach to global taxation (“Pillar Two”), focusing on global profit allocation and a 15% global corporate minimum tax rate .
The cybersecurity risks we face range from cyber attacks common to most industries, such as the development and deployment of malicious software to gain access to our networks and attempt to steal confidential information, launch distributed denial of service attacks, or attempt other coordinated disruptions, to more advanced threats that target us because of our prominence in the global research and advisory field.
The cybersecurity risks we face range from cyber attacks common to most industries, such as the development and deployment of malicious software to gain access to our networks and attempt to steal confidential information, launch distributed denial of service attacks, or attempt 10 other coordinated disruptions, to more advanced threats that target us because of our prominence in the global business and technology insights field.
Search engines often update their proprietary algorithms, which affects the placement of links to our websites. Some search engines also provide substantive content in search results, which, if expanded to the areas in which we operate, could reduce the need to enter our websites.
Search engines and LLMs often update their proprietary algorithms, which affects the placement of links to our websites. Some search engines and LLMs also provide substantive content in search results, including AI-generated content, which, if expanded to the areas in which we operate, could reduce the need to enter our websites.
Any failure to continue to provide credible and reliable information and insight that is useful to our clients could have a material adverse effect on future business and operating results.
Any failure to continue to provide credible and reliable information and insights that are useful to our clients could have a material adverse effect on future business and operating results.
However, any inefficiencies, or operational failures or significant disruptions at our suppliers could diminish the quality of our products, services, and user experience, resulting in damage to our reputation and loss of current and potential users, subscribers, and advertisers, potentially harming our financial condition and operating results. Our acquisitions, dispositions, and strategic investments, involve substantial risks.
However, any inefficiencies, or operational failures or significant disruptions at our suppliers could diminish the quality of our products, services, and user experience, resulting in damage to our reputation and loss of current and potential users, subscribers, and advertisers, potentially harming our financial condition and operating results.
While our Research client retention rate was 84% for both 2024 and 2023, there can be no guarantee that we will continue to maintain this rate of client renewals. The profitability and success of our conferences and other meetings are subject to external factors beyond our control.
While our Insights client retention rate was 85% and 84% for 2025 and 2024, respectively, there can be no guarantee that we will continue to maintain this rate of client renewals. The profitability and success of our conferences and other meetings are subject to external factors beyond our control.
In addition, acts of civil unrest, failure of critical infrastructure, terrorism, war and armed conflict (including the ongoing conflicts in the Middle East, Ukraine and Russia), and abrupt political change, as well as responses by various governments and the international community to such acts, can have a negative effect on our business.
In addition, acts of civil unrest, failure of critical infrastructure, terrorism, war and armed conflict, and abrupt political change, as well as responses by various governments and the international community to such acts, can have a negative effect on our business.
We also compete indirectly against consulting firms and other information providers, including electronic and print media companies, some of which have greater financial, information gathering and marketing resources than we do. These indirect competitors could also choose to compete directly with us in the future. In addition, low barriers to entry exist in the markets in which we do business.
We also compete indirectly against consulting firms and other data and information providers, including electronic and print media companies, some of which have greater financial, information gathering and marketing resources than we do. These indirect competitors could also choose to compete directly with us in the future.
A large portion of our success depends on our ability to generate renewals of our subscription-based research products and services and new sales of such products and services, both to new clients and existing clients. These products and services constituted approximately 77% and 76% of total revenues from our operations for 2024 and 2023, 8 respectively.
A large portion of our success depends on our ability to generate renewals of our subscription-based insights products and services and new sales of such products and services, both to new clients and existing clients. These products and services constituted approximately 78% and 77% of total revenues from our operations for 2025 and 2024, respectively.
Additionally, the security compliance landscape continues to evolve, requiring us to stay apprised of changes in cybersecurity and data privacy laws, regulations, and security requirements required by our clients, such as the European Union General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA) and California Privacy Rights Act (CPRA), the Brazilian General Data Protection Law (LGPD), the Chinese Cybersecurity, Data Security and Personal Information Protection laws (and other new and proposed data protection laws), International Organization for Standardization (ISO), and National Institute of Standards and Technology (NIST).
Additionally, the security compliance landscape continues to evolve, requiring us to stay apprised of changes in cybersecurity privacy, and protection laws and regulations, and security requirements required by our clients, such as the European Union General Data Protection Regulation (“GDPR”), the California Consumer Privacy Act (“CCPA”) and California Privacy Rights Act (“CPRA”), the Brazilian General Data Protection Law (“LGPD”), the Chinese Cybersecurity, Data Security and Personal Information Protection laws (and other new and proposed data protection laws) and certain standards of the International Organization for Standardization (“ISO”), and National Institute of Standards and Technology (“NIST”).
Although we believe that our tax filings and related accruals are reasonable, the final resolution of tax audits may be materially different from what is reflected in our historical tax provisions and accruals and could have a material adverse effect on our effective tax rate, financial position, results of operations, and cash flows. 15 Our corporate compliance program cannot guarantee that we are in compliance with all applicable laws and regulations.
Although we believe that our tax filings and related accruals are reasonable, the final resolution of tax audits may be materially different from what is reflected in our historical tax provisions and accruals and could have a material adverse effect on our effective tax rate, financial position, results of operations, and cash flows.
Additionally, tariffs, trade barriers and restrictions, and other acts by governments to protect domestic markets or to retaliate against the trade tariffs and restrictions of other nations could negatively affect our business operations. Our operating results could be negatively impacted by global economic conditions.
Additionally, changes in regulatory rules or policies, or changes in government enforcement priorities and resources, tariffs, trade barriers and restrictions, and other acts by governments to protect domestic markets or to retaliate against the trade tariffs and restrictions of other nations could negatively affect our business operations. Our operating results could be negatively impacted by global economic conditions.
We have implemented GDPR, CCPA, CPRA and LGPD compliance programs, as well as policies and processes to comply with the applicable Chinese data protection laws. In the meantime, Gartner will continue to maintain and rely upon our comprehensive global data protection compliance program, which includes administrative, technical, and physical controls to safeguard our associates’ and clients’ personal data.
We have implemented programs designed to address the GDPR, CCPA, CPRA and LGPD, as well as policies and processes to address the applicable Chinese data protection laws. More generally, we maintain and rely upon our comprehensive global data protection compliance program, which includes administrative, technical, and physical controls designed to safeguard our associates’ and clients’ personal data.
To date, none have resulted in any material adverse impact to our business, operations, products, services or customers. We have implemented various security controls to meet our security obligations, while also defending against constantly evolving security threats.
To date, none have resulted in any material adverse impact to our business, operations, products, services or customers. We have implemented various security controls designed to address our security obligations and to defend against constantly evolving security threats.
For instance, the EU Artificial Intelligence Act ("EU AI Act") entered into force on August 1, 2024 and will govern AI systems that impact individuals in the EU. Complying with the EU AI Act and similar emerging laws may impose significant costs on our business and may necessitate changes to certain business practices to ensure compliance.
For instance, the EU Artificial Intelligence Act (“EU AI Act”) entered into force on August 1, 2024 and governs AI systems that impact individuals in the EU. Complying with the EU AI Act and similar emerging laws may impose significant costs on our business and may necessitate changes to certain business practices. We face risks related to litigation.
In addition, continuously evolving data protection laws and regulations, such as the European Union General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA) and California Privacy Rights Act (CPRA), the Brazilian General Data Protection Law (LGPD), the Chinese Cybersecurity, Data Security and Personal Information laws and other new and proposed data protection laws, pose increasingly complex compliance challenges.
In addition, continuously evolving data protection laws and regulations, such as the GDPR, CCPA and CPRA, LGPD, the Chinese Cybersecurity, Data Security and Personal Information laws and other new and proposed data protection laws, pose increasingly complex compliance challenges.
As a result, new competitors may emerge, and existing competitors may start to provide additional or complementary services. Additionally, technological advances may provide increased competition from a variety of sources.
In addition, low barriers to entry exist in the markets in which we do business. As a result, new competitors may emerge, and existing competitors may start to provide additional or complementary services. Additionally, technological advances may provide increased competition from a variety of sources.
Additional information regarding the 2024 Credit Agreement, the 2028 Notes, the 2029 Notes and the 2030 Notes is included in Note 6 — Debt in the Notes to Consolidated Financial Statements. The debt service requirements of these borrowings could impair our future financial condition and operating results.
The Company had no outstanding debt under its 2024 revolving credit facility (the “2024 Credit Agreement”). Additional information regarding our outstanding debt obligations is included in Note 6 — Debt in the Notes to Consolidated Financial Statements. The debt service requirements of these borrowings could impair our future financial condition and operating results.
Sustainability commitments, regulatory requirements or failure to meet stakeholder expectations in ESG could harm our reputation . We have committed to achieve net-zero greenhouse gas emissions by 2035 in accordance with the SBTi's Net-Zero Standard. The SBTi has approved Gartner’s near-term science-based emissions reductions targets. Our ability to achieve these goals is subject to numerous risks outside of our control.
Sustainability commitments, regulatory requirements or failure to meet stakeholder expectations could harm our reputation . We have set near-term environmental targets that have been approved by the Science-Based Targets Initiative (SBTi). Our ability to achieve these goals is subject to numerous risks outside of our control.
A significant portion of our revenues are typically derived from sales outside of the United States. Revenues earned outside the United States are typically transacted in local currencies, which may fluctuate significantly against the U.S. dollar.
A significant portion of our revenues are typically derived from sales outside of the United States. Revenues earned outside the United States are typically transacted in local currencies, which may fluctuate significantly against the U.S. dollar as a result of various factors, including geopolitical and events such as war, trade disputes, tariffs, economic sanctions, and market volatility.
Through our real estate consolidations and other related activities, we seek to secure quality subtenants with appropriate sublease terms.
In several locations, we have consolidated our operations and sublet substantially all the excess space. Through our real estate consolidations and other related activities, we seek to secure quality subtenants with appropriate sublease terms.
If we fail to keep pace with rapidly evolving AI technological developments, our competitive position and business results may be negatively impacted. Moreover, the development, adoption, and use of generative AI technologies are still in their early stages, and ineffective or inadequate AI development or deployment practices by Gartner or third-party developers or vendors could result in unintended consequences.
Moreover, the development, adoption, and use of generative AI technologies are still in their early stages, and ineffective or inadequate AI development or deployment practices by Gartner or third-party developers or vendors could result in unintended consequences.
We may also be limited in our ability to recruit internationally by restrictive domestic immigration laws, and changes to policies that restrain the flow of technical and professional talent could inhibit our ability to adequately staff our research and development and other efforts. 9 An inability to retain key personnel or to hire and train additional qualified personnel could materially adversely affect the quality of our products and services, as well as our future business and operating results.
We may also be limited in our ability to recruit internationally by restrictive domestic immigration laws, and changes to policies that restrain the flow of technical and professional talent could inhibit our ability to adequately staff our research and development and other efforts.
Although prohibited, clients or others may load our proprietary information into large language models, which could reduce the value of our offerings.
Third parties may also be able to use AI to create technology that could reduce demand for our products. Although generally contractually prohibited, clients or others may load our proprietary information into large language models, which could reduce the value of our offerings.
Our business is impacted by general economic conditions and trends in the United States and abroad, including without limitation inflation, slowing growth, rising interest rates and recession. In its recent report, Global Economics Prospects, January 2025, the World Bank reported that global growth is projected to hold steady at 2.7% in 2025-26.
Our business is impacted by general economic conditions and trends in the United States and abroad, including without limitation inflation, slowing growth, rising 13 interest rates and recession.
The realization of any of these risks could adversely affect our business. We face risks related to leased office space. We lease all the properties used for our ongoing business operations. In several locations, we have consolidated our operations and sublet substantially all the excess space.
Finally, both acquisitions and divestitures are subject to continued regulatory scrutiny, which may impede our ability to consummate strategic transactions. The realization of any of these risks could adversely affect our business. We face risks related to leased office space. We lease all the properties used for our ongoing business operations.
As of December 31, 2024, the Company had outstanding debt of $274 million under its 2024 revolving credit facility (the “2024 Credit Agreement”), $800 million of Senior Notes due 2028 (the “2028 Notes”), $600 million of Senior Notes due 2029 (the “2029 Notes”) and $800 million of Senior Notes due 2030 (the “2030 Notes”).
As of December 31, 2025, the Company had $800 million of Senior Notes due 2028 (the “2028 Notes”), $600 million of Senior Notes due 2029 (the “2029 Notes”), $800 million of Senior Notes due 2030 (the “2030 Notes”), $350 million of Senior Notes due 2031 (the “2031 Notes”) and $450 million of Senior Notes due 2035 (the “2035 Notes”), collectively the “Senior Notes”.
Our intellectual property rights may not survive a legal challenge to their validity or provide significant protection for us. Additionally, the laws and enforcement mechanisms to protect our intellectual property from unauthorized use in new technologies like AI and machine learning are evolving and may be inadequate.
Additionally, the laws (including evolving and uncertain copyright law as it applies to the training, use, developments, and deployment of AI) and enforcement mechanisms to protect our intellectual property from unauthorized use in new technologies like AI and machine learning may be inadequate.
A material decline in our ability to replace consulting engagements will have an adverse impact on our revenues and our financial condition. We may not be able to attract and retain qualified personnel which could jeopardize the quality of our products and services and our future growth plans.
During the year ended December 31, 2025, a goodwill impairment loss of $150.0 million was recognized in the Digital Markets reporting unit. We may not be able to attract and retain qualified personnel which could jeopardize the quality of our products and services and our future growth plans.
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For example, AI algorithms that we use may be flawed or may be based on datasets that are biased or insufficient. Third parties may also be able to use AI to create technology that could reduce demand for our products.
Added
In August 2025, we launched AskGartner, our new AI-powered tool that gives clients an improved user experience by providing faster, more efficient access to our insights, to licensed users globally. Developing, testing, and deploying AI systems has required, and will continue to require, additional investment and increased costs, including costs related to developing talent to implement AI technologies.
Removed
Moreover, while terminations by governments for lack of funding have not been significant historically, should appropriations for the various governments and agencies that contract with us be curtailed, or should our government contracts be terminated for convenience, we may experience a significant loss of revenues. We may not be able to maintain the equity in our brand name.
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For example, AI technologies that we use may lead to unintended consequences and errors, including generating content that appears correct but is factually inaccurate, misleading or otherwise flawed, or that results in unintended biases and discriminatory outcomes, which could harm our reputation and expose us to liability.
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The report notes global growth is stabilizing as inflation returns closer to targets and monetary easing supports activity in both advanced economies and emerging market and developing economies.
Added
A material decline in our ability to replace consulting engagements will have an adverse impact on our revenues and our financial condition. Our balance sheet includes significant amounts of goodwill and intangible assets. Impairment of a significant portion of these assets would negatively affect our financial results. Our balance sheet includes significant amounts of goodwill and intangible assets.
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However, the World Bank concludes the global economy appears to be settling at a low growth rate that will be insufficient to foster sustained economic development—with the possibility of further headwinds from heightened policy uncertainty and adverse trade policy shifts, geopolitical tensions, persistent inflation, and climate-related natural disasters.
Added
Impairment of a significant portion of these assets would negatively affect our financial results. Our balance sheet includes goodwill and intangible assets that represent approximately 38% of our total assets at December 31, 2025. We are required to amortize certain intangible assets over the useful life of the asset, while goodwill and indefinite-lived intangible assets are not amortized.
Added
On at least an annual basis, we assess whether there have been impairments in the carrying value of goodwill and indefinite-lived intangible assets. During the year ended December 31, 2025, ongoing weakness in the market as well as changes in the Company’s internal organization structure prompted a revision to the long-term earnings forecast for the Digital Markets business.
Added
An inability to retain key personnel or to hire and train additional qualified personnel could materially adversely affect the quality of our products and services, as well as our future business and operating results.
Added
Our intellectual property rights may not survive a legal challenge to their validity or provide significant protection for us.
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Third parties may not adhere to the same standards for data quality, security and compliance, potentially leading to unintended data being used in AI models.
Added
Consolidation of technology and service vendors could lead to few viable alternatives, potentially resulting in more widespread operational and/or customer-facing disruptions when critical vendors or service providers experience disruptions. Our acquisitions, dispositions, and strategic investments, involve substantial risks.
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Moreover, the demand for our products and services from U.S. government agencies is generally driven by the level of discretionary government program funding. In 2025, our revenues with U.S. federal government agencies declined approximately $58 million year over year, primarily due to reductions in discretionary spending.
Added
Further significant reduction in federal government spending, the absence of an agreement on the federal government budget, a partial or full federal government shutdown or a change in budgetary priorities could reduce demand for our products and services, cancel or delay federal projects, result in the closure of federal facilities and significant personnel reductions and have a material and adverse impact on our business, financial condition, results of operations and cash flows.
Added
As the current geopolitical environment remains unpredictable, we continue to monitor and evaluate the impact, both direct and indirect, of government actions that could adversely impact our business operations and financial performance. We may not be able to maintain the equity in our brand name.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe Board and/or the Audit Committee receive quarterly cybersecurity-related reports from our Chief Information Officer (CIO), which may address a wide range of topics, such as: cybersecurity strategy, the threat environment, the status of ongoing information security program initiatives, and information security program metrics.
Biggest changeThe Audit Committee has the primary responsibility of assisting our Board of Directors in overseeing risks related to cybersecurity matters. The Board and the Audit Committee receive quarterly cybersecurity-related reports from our Chief Information Officer (“CIO”), that address several topics, including cybersecurity strategy, the threat environment, the status of ongoing information security program initiatives, and information security program metrics.
Our CISO is responsible for understanding, managing, and communicating cybersecurity risk internally to our management, and works closely with Legal to oversee compliance with legal, regulatory, and contractual security requirements. Our CISO heads the Information Security Team, which is responsible for implementing, monitoring, and maintaining cybersecurity and data protection practices across our business.
Our CISO is responsible for understanding, managing, and communicating cybersecurity risk internally to our management, and works closely with our Legal & Compliance team to oversee compliance with legal, regulatory, and contractual security requirements. Our CISO heads the Information Security Team, which is responsible for implementing, monitoring, and maintaining cybersecurity and data protection practices across our business.
The Information Security Team covers a wide range of cyber and information security responsibilities. Our CISO also receives reports on cybersecurity threats on an ongoing basis and regularly reviews risk management measures implemented by the Company to identify and mitigate cybersecurity risks.
The Information Security Team covers a wide range of cyber and information security responsibilities. Our CISO also receives reports on cybersecurity threats on an ongoing basis and 16 regularly reviews risk management measures implemented by the Company to identify and mitigate cybersecurity risks.
Additionally, we have adopted a documented Incident Response Plan that applies in the event of a cybersecurity incident to provide a standardized framework for response. In general, our incident response process follows the NIST 800-61 framework and focuses on four phases: preparation; detection and analysis; containment, eradication and recovery; and post-incident remediation.
Additionally, we have adopted a documented Incident Response Plan that applies in the event of a cybersecurity incident to provide a standardized framework for response. Our incident response process generally follows the NIST 800-61 framework and focuses on four phases: preparation; detection and analysis; containment, eradication and recovery; and post-incident remediation.
We have implemented a risk-based, cross-functional approach to identifying, preventing, and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents. Our cybersecurity program uses a layered strategy, relying on technology and human processes to safeguard our client’s data at all layers.
We have implemented a risk-based, cross-functional approach to identifying, preventing, and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents. Our cybersecurity program uses a layered strategy, relying on technology and human processes to safeguard our client’s data.
Our defense-in-depth strategy utilizes numerous layers of security controls, processes, and procedures across our information systems and networks, including but not limited to, vulnerability management, multi-factor authentication (MFA), identity access management (IAM), endpoint security, mobile security, application security, encryption, 16 network security, web security, and event monitoring and logging.
Our defense-in-depth strategy utilizes numerous layers of security controls, processes, and procedures across our information systems and networks, including but not limited to, vulnerability management, multi-factor authentication (MFA), identity access management (IAM), privileged access management (PAM), endpoint security, mobile security, application security, encryption, network security, cloud security, web security, and event monitoring and logging.
Aspects of our program undergo several independent third-party audits and reviews on a regular basis. We maintain a written Information Security Policy, which establishes the foundational components of our cybersecurity program and our high-level security responsibilities over all technologies, facilities and data.
We maintain a written Information Security Policy, which establishes the foundational components of our cybersecurity program and our high-level security responsibilities over all technologies, facilities and data.
ITEM 1C. CYBERSECURITY. We have implemented a layered cybersecurity program to assess, identify, and manage risks from cybersecurity threats that may result in material adverse effects on the confidentiality, integrity, and availability of our information systems, networks, and data systems. Our cybersecurity program is generally aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework.
ITEM 1C. CYBERSECURITY. We have implemented a layered cybersecurity program to assess, identify, and manage risks from cybersecurity threats to our information systems, networks, and data systems. Our cybersecurity program is generally aligned with the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework. Information Security Team and Governance.
Our Chief Information Security Officer (CISO), who reports directly to the CIO, has extensive cybersecurity knowledge and skills gained from over 15 years of work experience serving in security roles for the Company and a variety of financial service firms.
Our Chief Information Security Officer (“CISO”), who reports directly to the CIO, has extensive cybersecurity knowledge and skills gained from over 25 years of work experience serving in executive security roles and in a variety of industries such as telecommunications, enterprise service companies, and healthcare.
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Information Security Team and Governance. The Audit Committee has the primary responsibility of assisting our Board of Directors in overseeing risk related to cybersecurity matters.
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Aspects of our program undergo several annual independent third-party audits and reviews, and are part of continuous bug bounty and responsible disclosure programs. We regularly review and update our cybersecurity program to address emerging threats and maintain alignment with industry best practices.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeOur lease for the Stamford headquarters facility expires in 2027 and contains three five-year renewal options at fair value. In early 2022, we began to operate under a hybrid working environment, meaning that most of our employees have the option to work remotely at least some of the time for the foreseeable future.
Biggest changeOur lease for the Stamford headquarters facility expires in 2027 and contains three five-year renewal options at fair value. We operate under a hybrid working environment, meaning that most of our employees have the option to work remotely at least some of the time for the foreseeable future.
ITEM 2. PROPERTIES. As of December 31, 2024, we leased approximately 15 domestic and 70 international office properties for our ongoing business operations. These offices, which exclude certain properties that we sublease to others, support our executive and administrative activities, research and consulting, sales, systems support, operations, and other functions. Our corporate office is based in Stamford, Connecticut.
ITEM 2. PROPERTIES. As of December 31, 2025, we leased approximately 15 domestic and 70 international office properties for our ongoing business operations. These offices, which exclude certain properties that we sublease to others, support our executive and administrative activities, insights and consulting, sales, systems support, operations, and other functions. Our corporate office is based in Stamford, Connecticut.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeWe believe that the potential liability, if any, in excess of amounts already accrued from all proceedings, claims and litigation will not have a material effect on our financial position, cash flows or results of operations when resolved in a future period. ITEM 4. MINE SAFETY DISCLOSURES. Not applicable. 17 PART II
Biggest changeWe believe that the potential liability, if any, in excess of amounts already accrued from all proceedings, claims and litigation will not have a material effect on our financial position, cash flows or results of operations when resolved in a future period. ITEM 4. MINE SAFETY DISCLOSURES. Not applicable. 18 PART II
ITEM 3. LEGAL PROCEEDINGS. We are involved in legal and administrative proceedings and litigation arising in the ordinary course of business.
ITEM 3. LEGAL PROCEEDINGS. 17 We are involved in legal and administrative proceedings and litigation arising in the ordinary course of business.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changePeriod Total Number of Shares Purchased (#) Average Price Paid Per Share ($) Total Number of Shares Purchased Under Announced Programs (#) Maximum Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (in thousands) October 1, 2024 to October 31, 2024 414 $ 515.06 — $ 1,049,480 November 1, 2024 to November 30, 2024 22,694 540.41 — 1,049,480 December 1, 2024 to December 31, 2024 196,145 488.06 195,954 $ 953,843 Total for the quarter (1) 219,253 $ 493.53 195,954 (1) The repurchased shares during the three months ended December 31, 2024 included purchases for both the settlement of stock-based compensation awards and open market purchases.
Biggest changePeriod Total Number of Shares Purchased (#) Average Price Paid Per Share ($) Total Number of Shares Purchased Under Announced Programs (#) Maximum Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (in thousands) October 1, 2025 to October 31, 2025 462,695 $ 248.66 462,283 $ 1,138,230 November 1, 2025 to November 30, 2025 752,981 230.16 751,198 965,343 December 1, 2025 to December 31, 2025 910,977 241.53 910,836 $ 745,347 Total for the quarter (1) 2,126,653 $ 239.06 2,124,317 (1) The repurchased shares during the three months ended December 31, 2025 included purchases for both the settlement of stock-based compensation awards and open market purchases.
Repurchases may also be made from time-to-time in connection with the settlement of the Company’s stock-based compensation awards. The table below summarizes the repurchases of our common stock during the three months ended December 31, 2024 pursuant to our share repurchase program and the settlement of stock-based compensation awards.
Repurchases may also be made from time-to-time in connection with the settlement of the Company’s stock-based compensation awards. The table below summarizes the repurchases of our common stock during the three months ended December 31, 2025 pursuant to our share repurchase program and the settlement of stock-based compensation awards.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Our common stock is listed on the New York Stock Exchange under the symbol “IT”. As of February 7, 2025, there were 856 holders of record of our common stock.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Our common stock is listed on the New York Stock Exchange under the symbol “IT”. As of February 5, 2026, there were 777 holders of record of our common stock.
SHARE REPURCHASES In May 2015, our Board of Directors (the “Board”) authorized a share repurchase program to repurchase up to $1.2 billion of our common stock. The Board authorized incremental share repurchases of up to an aggregate additional $4.1 billion of the Company’s common stock from February 2021 to July 2024.
SHARE REPURCHASES In May 2015, our Board of Directors (the “Board”) authorized a share repurchase program to repurchase up to $1.2 billion of our common stock. The Board authorized incremental share repurchases of up to an aggregate additional $5.8 billion of the Company’s common stock from February 2021 to September 2025.
The Company adopted its share repurchase plan with the goal of returning excess capital to shareholders in accordance with its capital allocation policy.
The Board also authorized incremental share repurchases of up to an additional $500 million in January 2026. The Company adopted its share repurchase plan with the goal of returning excess capital to shareholders in accordance with its capital allocation policy.

Item 7. Management's Discussion & Analysis

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

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Biggest changeImportant factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, among others, the following: the impact of general economic conditions, including inflation (and related monetary policy by governments in response to inflation), on economic activity and our operations; changes in macroeconomic and market conditions and market volatility, including interest rates and the effect on the credit markets and access to capital; the impact of global economic and geopolitical conditions, including inflation, and recession; our ability to carry out our strategic initiatives and manage associated costs; the timing of conferences and meetings, in particular our Gartner Symposium/Xpo series that normally occurs during the fourth quarter; our ability to achieve and effectively manage growth, including our ability to integrate our acquisitions and consummate and integrate future acquisitions; our ability to pay our debt obligations; our ability to maintain and expand our products and services; our ability to expand or retain our customer base; our ability to grow or sustain revenue from individual customers; our ability to attract and retain a professional staff of research analysts and consultants as well as experienced sales personnel upon whom we are dependent, especially in light of labor competition; our ability to achieve continued customer renewals and achieve new contract value, backlog and deferred revenue growth in light of competitive pressures; our ability to successfully compete with existing competitors and potential new competitors; our ability to enforce and protect our intellectual property rights; our ability to keep pace with technological developments in artificial intelligence (“AI”) and comply with evolving AI regulations; additional risks associated with international operations, including foreign currency fluctuations; the impact on our business resulting from changes in international conditions, including those resulting from the conflict in the Middle East, the war in Ukraine and current and future sanctions imposed by governments or other authorities; the impact of restructuring and other charges on our businesses and operations; cybersecurity incidents or other disruptions to our information systems; risks associated with the creditworthiness, budget cuts, and shutdown of governments and agencies; our ability to meet sustainability commitments and comply with applicable regulatory requirements; the impact of changes in tax policy (including global minimum tax legislation) and heightened scrutiny from various taxing authorities globally; changes to laws and regulations; and other risks and uncertainties.
Biggest changeImportant factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, among others, the following: our ability to maintain and expand our products and services; our ability to keep pace with technological developments in artificial intelligence (“AI”) and comply with evolving AI regulations; our ability to achieve continued customer renewals and achieve new contract value, backlog and deferred revenue growth in light of competitive pressures; our ability to grow or sustain revenue from individual customers; our ability to expand or retain our customer base; our ability to carry out our strategic initiatives and manage associated costs; the timing of conferences and meetings, in particular our Gartner Symposium/Xpo series that normally occurs during the fourth quarter; our ability to achieve and effectively manage growth, including our ability to integrate our acquisitions and consummate and integrate future acquisitions; our ability to attract and retain a professional staff of analysts and consultants as well as experienced sales personnel upon whom we are dependent, especially in light of labor competition; our ability to successfully compete with existing competitors and potential new competitors; our ability to enforce and protect our intellectual property rights; the impact of cybersecurity incidents or other disruptions to our information systems; our ability to pay our debt obligations; the impact of global economic and geopolitical conditions, including inflation (and related monetary policy by governments in response to inflation) and recession; uncertain effects, both direct and indirect, of changes and volatility in tariffs and trade policies; risks associated with the creditworthiness, budget cuts, priorities and shutdown of governments and agencies; additional risks associated with international operations, including foreign currency fluctuations; the impact on our business resulting from changes in international conditions, including those resulting from tensions in the Middle East, the war in Ukraine and current and future sanctions imposed by governments or other authorities; the impact of restructuring and other charges on our businesses and operations; our ability to meet sustainability commitments and comply with applicable regulatory requirements, as well as potential reactions by customers to these commitments; the impact of changes in tax policy (including global minimum tax legislation) and heightened scrutiny from various taxing authorities globally; changes to laws and regulations; and other risks and uncertainties.
From our Gartner Symposium/Xpo series, to industry-leading conferences focused on specific business roles and topics, to peer-driven sessions, our offerings enable attendees to experience the best of Gartner insight and guidance. • Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insight.
From our Gartner Symposium/Xpo series, to industry-leading conferences focused on specific business roles and topics, to peer-driven sessions, our offerings enable attendees to experience the best of Gartner insights and guidance. • Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insight.
We use estimates in determining the amount of unrecognized tax benefits associated with uncertain tax positions. Significant judgment is required in evaluating tax law and measuring the benefits likely to be realized. Uncertain tax positions are periodically re-evaluated and adjusted as more information about their ultimate realization becomes available.
We use estimates in determining the amount of unrecognized tax benefits associated with uncertain tax positions. Significant judgment is required in evaluating tax law and measuring the benefits likely 24 to be realized. Uncertain tax positions are periodically re-evaluated and adjusted as more information about their ultimate realization becomes available.
If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost we recognize is the cost of the original award. 23 RESULTS OF OPERATIONS Consolidated Results The table below presents an analysis of selected line items and year-over-year changes in our Consolidated Statements of Operations for the years indicated (in thousands).
If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost we recognize is the cost of the original award. 25 RESULTS OF OPERATIONS Consolidated Results The table below presents an analysis of selected line items and year-over-year changes in our Consolidated Statements of Operations for the years indicated (in thousands).
Utilization rates are calculated for billable headcount on a percentage basis by dividing total hours billed by total hours available to bill. 21 EXECUTIVE SUMMARY OF OPERATIONS AND FINANCIAL POSITION The fundamentals of our strategy include a focus on creating actionable insights for executive leaders and their teams, delivering innovative and highly differentiated product offerings, building a strong sales capability, providing world class client service with a focus on client engagement and retention, and continuously improving our operational effectiveness.
Utilization rates are calculated for billable headcount on a percentage basis by dividing total hours billed by total hours available to bill. 22 EXECUTIVE SUMMARY OF OPERATIONS AND FINANCIAL POSITION The fundamentals of our strategy include focusing on creating actionable insights for executive leaders and their teams, delivering innovative and highly differentiated product offerings, building a strong sales capability, providing world class client service with a focus on client engagement and retention, and continuously improving our operational effectiveness.
Such transactions, if any, depend on prevailing market conditions, our liquidity and capital requirements, contractual restrictions, and other factors, and may involve material amounts. Off-Balance Sheet Arrangements Through December 31, 2024, the Company has not entered into any material off-balance sheet arrangements or transactions with unconsolidated entities or other persons.
Such transactions, if any, depend on prevailing market conditions, our liquidity and capital requirements, contractual restrictions, and other factors, and may involve material amounts. Off-Balance Sheet Arrangements Through December 31, 2025, the Company has not entered into any material off-balance sheet arrangements or transactions with unconsolidated entities or other persons.
It is calculated as the annualized value of all contracts in effect at a specific point in time, without regard to the duration of the contract. Contract value primarily includes Research deliverables for which revenue is recognized on a ratable basis, as well as other deliverables (primarily Conferences tickets) for which revenue is recognized when the deliverable is utilized.
It is calculated as the annualized value of all contracts in effect at a specific point in time, without regard to the duration of the contract. Contract value primarily includes Insights deliverables for which revenue is recognized on a ratable basis, as well as other deliverables (primarily Conferences tickets) for which revenue is recognized when the deliverable is utilized.
(2) Global Technology Sales includes sales to users and providers of technology. Global Business Sales includes sales to all other functional leaders. (3) Contract values are on a foreign exchange neutral basis. Contract values as of December 31, 2023 have been calculated using the same foreign currency rates as 2024.
(2) Global Technology Sales includes sales to users and providers of technology. Global Business Sales includes sales to all other functional leaders. (3) Contract values are on a foreign exchange neutral basis. Contract values as of December 31, 2024 have been calculated using the same foreign currency rates as 2025.
We have historically generated significant cash flows from our operating activities, benefiting from the favorable working capital dynamics of our subscription-based business model in our Research segment, which is our largest business segment and historically has constituted a significant portion of our total revenues.
We have historically generated significant cash flows from our operating activities, benefiting from the favorable working capital dynamics of our subscription-based business model in our Insights segment, which is our largest business segment and historically has constituted a significant portion of our total revenues.
Comparing contract value year-over-year not only measures the short-term growth of our business, but also signals the long-term health of our Research subscription business since it measures revenue that is highly likely to recur over a multi-year period.
Comparing contract value year-over-year not only measures the short-term growth of our business, but also signals the long-term health of our Insights subscription business since it measures revenue that is highly likely to recur over a multi-year period.
The majority of our Research customer contracts are paid in advance and, combined with a strong customer retention rate and high incremental margins, our subscription-based business model has resulted in continuously strong operating cash flow.
The majority of our Insights customer contracts are paid in advance and, combined with a strong customer retention rate and high incremental margins, our subscription-based business model has resulted in continuously strong operating cash flow.
Note 6 — Debt in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations. At December 31, 2024, we had $1.9 billion of cash and cash equivalents and approximately $0.7 billion of available borrowing 27 capacity on the revolving credit facility under our 2024 Credit Agreement.
Note 6 — Debt in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations. At December 31, 2025, we had $1.7 billion of cash and cash equivalents and approximately $1.0 billion of available borrowing capacity on the revolving credit facility under our 2024 Credit Agreement.
RECENTLY ISSUED ACCOUNTING STANDARDS The FASB has issued accounting standards that had not yet become effective as of December 31, 2024 and may impact the Company’s consolidated financial statements or its disclosures in future periods. Note 1 — Business and Significant 29 Accounting Policies in the Notes to Consolidated Financial Statements provides information regarding those accounting standards.
RECENTLY ISSUED ACCOUNTING STANDARDS 31 The FASB has issued accounting standards that had not yet become effective as of December 31, 2025 and may impact the Company’s consolidated financial statements or its disclosures in future periods. Note 1 — Business and Significant Accounting Policies in the Notes to Consolidated Financial Statements provides information regarding those accounting standards.
This MD&A provides an analysis of our consolidated financial results, segment results and cash flows for 2024 and 2023 under the headings “Results of Operations,” “Segment Results” and “Liquidity and Capital Resources.” For a similar detailed 18 discussion comparing 2023 and 2022, refer to those headings under Item 7, “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.
This MD&A provides an analysis of our consolidated financial results, segment results and cash flows for 2025 and 2024 under the headings “Results of Operations,” “Segment Results” and “Liquidity and Capital Resources.” For a similar detailed 19 discussion comparing 2024 and 2023, refer to those headings under Item 7, “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, 2024.
Revenues related to contract optimization engagements are contingent in nature and are only recognized upon satisfaction of all conditions related to their payment. 22 The majority of our Research contracts are billable upon signing, absent special terms granted on a limited basis from time to time.
Revenues related to contract optimization engagements are contingent in nature and are only recognized upon satisfaction of all conditions related to their payment. 23 The majority of our Insights contracts are billable upon signing, absent special terms granted on a limited basis from time to time.
Contractual Cash Commitments The table below summarizes the Company’s future contractual cash commitments as of December 31, 2024 (in thousands).
Contractual Cash Commitments The table below summarizes the Company’s future contractual cash commitments as of December 31, 2025 (in thousands).
Except as required by law, we disclaim any obligation to review or update these forward-looking statements to reflect events or circumstances as they occur. BUSINESS OVERVIEW Gartner, Inc. (NYSE: IT) delivers actionable, objective insight that drives smarter decisions and stronger performance on an organization’s mission-critical priorities.
Except as required by law, we disclaim any obligation to review or update these forward-looking statements to reflect events or circumstances as they occur. 20 BUSINESS OVERVIEW Gartner, Inc. (NYSE: IT) delivers actionable, objective business and technology insights that drive smarter decisions and stronger performance on an organization’s mission-critical priorities.
Interest payments were based on the effective interest rates as of December 31, 2024. Commitment fees were based on unused balances and commitment rates as of December 31, 2024. Note 6 — Debt in the Notes to Consolidated Financial Statements provides information regarding the Company’s debt obligations and interest rate swap contracts.
Interest payments were based on the effective interest rates as of December 31, 2025. Commitment fees were based on unused balances and commitment rates as of December 31, 2025. Note 6 — Debt in the Notes to Consolidated Financial Statements provides information regarding the Company’s debt obligations.
(2) The Company leases various facilities, automobiles, computer equipment and other assets under non-cancelable operating lease agreements expiring between 2025 and 2038. The total commitment excludes approximately $145.5 million of estimated future cash receipts from the Company’s subleasing arrangements.
(2) The Company leases various facilities, automobiles, computer equipment and other assets under non-cancelable operating lease agreements expiring between 2026 and 2038. The total commitment excludes approximately $107.7 million of estimated future cash receipts from the Company’s subleasing arrangements.
The increase in revenues for the year ended December 31, 2024 was due to an increase of 15% in both exhibitor revenue and attendee revenue compared to the same period in 2023. The segment gross contribution margin was 48% and 50% in 2024 and 2023, respectively.
The increase in revenues for the year ended December 31, 2025 was primarily due to an increase of 15% in exhibitor revenue compared to the same period in 2024. The segment gross contribution margin was 50% and 48% in 2025 and 2024, respectively.
We are a trusted advisor and an objective resource for close to 14,000 enterprises in approximately 90 countries and territories — across all major functions, in every industry and enterprise size.
We are a trusted advisor and an objective resource for over 13,000 enterprises in approximately 90 countries and territories — across all major functions, in every industry and enterprise size.
Other income, net for the years presented herein included the net impact of foreign currency gains and losses from our hedging activities, as well as sales of certain state tax credits and the recognition of other tax incentives. During both 2024 and 2023, Other income, net included a $3.9 million gain on de-designated interest rate swaps.
Other income, net for the years presented herein included the net impact of foreign currency gains and losses from our hedging activities, as well as the recognition of certain tax incentives. During 2025 and 2024, Other income, net included a gain of $0.5 million and $3.9 million, respectively, on de-designated interest rate swaps.
The increase in revenues on a reported basis was due to a 5% increase in labor-based consulting, and a 21% increase in contract optimization. Contract optimization revenue may vary significantly and, as such, 2024 revenues may not be indicative of future results. The segment gross contribution margin was 36% and 35% in 2024 and 2023, respectively.
The decrease in revenues on a reported basis was due to a 5% decrease in labor-based consulting, partially offset by a 11% increase in contract optimization. Contract optimization revenue may vary significantly and, as such, 2025 revenues may not be indicative of future results. The segment gross contribution margin was 34% and 36% in 2025 and 2024, respectively.
Cost of services and product development as a percent of revenues was 32% for both 2024 and 2023. 24 Selling, general and administrative (“SG&A”) expense was $2.9 billion in 2024, an increase of $183.3 million compared to 2023, or 7% on both a reported basis and excluding the foreign currency impact.
Cost of services and product development as a percent of revenues was 32% for both 2025 and 2024. Selling, general and administrative (“SG&A”) expense was $3.1 billion in 2025, an increase of $182.8 million compared to 2024, or 6% on both a reported basis and excluding the foreign currency impact.
Cost of services and product development was $2.0 billion in 2024, an increase of $119.8 million compared to 2023, or 6% on both a reported basis and excluding the foreign currency impact.
Cost of services and product development was $2.1 billion in 2025, an increase of $30.6 million compared to 2024, or 2% on a reported basis and 1% excluding the foreign currency impact.
The Conferences gross contribution margin was 48% and 50% in 2024 and 2023, respectively. We held 51 and 47 in-person conferences in 2024 in 2023, respectively. Consulting revenues increased to $558.5 million in 2024, an increase of 9% compared to 2023 on both a reported basis and excluding the foreign currency impact.
Conferences revenues increased to $644.7 million in 2025, an increase of 11% compared to 2024 on a reported basis and 9% excluding the foreign currency impact. The Conferences gross contribution margin was 50% and 48% in 2025 and 2024, respectively. We held 53 and 51 in-person conferences in 2025 and 2024, respectively.
Provision for income taxes was $133.7 million and $264.7 million during 2024 and 2023, respectively, with an effective income tax rate of 9.6% and 23.1% for 2024 and 2023, respectively.
Provision for income taxes was $238.9 million and $133.7 million during 2025 and 2024, respectively, with an effective income tax rate of 24.7% and 9.6% for 2025 and 2024, respectively.
The lower gross contribution margin during 2024 was primarily the result of an increase in conference-related expenses and increased headcount partially offset by the increase in revenue.
The higher gross contribution margin during 2025 was primarily the result of the increase in revenue, partially offset by an increase in conference-related expenses.
Research revenues increased by $238.6 million during 2024 compared to 2023, or 5% on both a reported basis excluding the foreign currency impact. The increase in revenues during 2024 was primarily due to Research contract value growth in 2023.
Insights revenues increased by $243.5 million during 2025 compared to 2024, or 5% on a reported basis and 4% excluding the foreign currency impact. The increase in revenues during 2025 was primarily due to Insights contract value growth in 2024.
We had total revenues of $6.3 billion in 2024, an increase of 6% compared to 2023 on both a reported basis and excluding the foreign currency impact. Net income increased to $1.3 billion in 2024 from $882.5 million in 2023 and diluted earnings per share was $16.00 in 2024 compared to $11.08 in 2023.
We had total revenues of $6.5 billion in 2025, an increase of 4% compared to 2024 on a reported basis and 3% excluding the foreign currency impact. Net income decreased to $0.7 billion in 2025 from $1.3 billion in 2024 and diluted earnings per share was $9.65 in 2025 compared to $16.00 in 2024.
Gartner delivers its products and services globally through three business segments – Research, Conferences and Consulting, as described below. • Research equips executives and their teams from every function and across all industries with actionable, objective insight, guidance and tools.
Gartner delivers its products and services globally through three reportable business segments – Insights, Conferences and Consulting, as described below. • Insights equips executives and their teams from every major function, geography, industry and sector with actionable, objective insights, guidance and tools.
(2) Backlog is on a foreign currency neutral basis. Backlog as of December 31, 2023 has been calculated using the same foreign currency rates as 2024. Consulting revenues increased 9% during 2024 compared to 2023 on both a reported basis and excluding the foreign currency impact.
(2) Backlog is on a foreign currency neutral basis. Backlog as of December 31, 2024 has been calculated using the same foreign currency rates as 2025. Consulting revenues decreased by $6.0 million during 2025 compared to 2024, or 1% on a reported basis and 2% excluding the foreign currency impact.
Our experienced experts deliver all this value informed by a combination of practitioner-sourced and data-driven research to help our clients address their mission critical priorities. • Conferences provides executives and teams across an organization the opportunity to learn, share and network.
Our experts deliver proprietary insights that are informed by thoroughly vetted practitioner-sourced and data-driven research to help our clients address their mission-critical priorities. • Conferences provides executives and teams across an organization the opportunity to learn, share and network.
The increase in gross contribution margin during 2024 was primarily due to the increase in revenue. Backlog increased by $28.5 million, or 17%, from December 31, 2023 to December 31, 2024. LIQUIDITY AND CAPITAL RESOURCES We finance our operations through cash generated from our operating activities and borrowings.
The decrease in gross contribution margin during 2025 was primarily due to the decrease in revenue, as well as an increase in personnel expenses. Backlog decreased by $13.5 million, or 7%, from December 31, 2024 to December 31, 2025. 29 LIQUIDITY AND CAPITAL RESOURCES We finance our operations through cash generated from our operating activities and borrowings.
The assumptions used in calculating the fair values of stock-based compensation awards and the related periodic expense represent management’s best estimates, which involve inherent uncertainties and the application of judgment.
In addition, determining the appropriate periodic stock-based compensation expense requires management to estimate the likelihood of the achievement of certain performance targets. The assumptions used in calculating the fair values of stock-based compensation awards and the related periodic expense represent management’s best estimates, which involve inherent uncertainties and the application of judgment.
During the fourth quarter of 2024, we entered into an amended lease agreement to significantly reduce the square footage and reduce future lease payments at one of our leased locations.
During the fourth quarter of 2024, we entered into an amended lease agreement to significantly reduce the square footage and reduce future lease payments at one of our leased locations. We made installment payments of $24.0 million during each of the fourth quarter of 2024 and the second quarter of 2025 in consideration for the lease amendment.
The number of quota-bearing sales associates in Global Technology Sales increased by 4% to 3,804 and in Global Business Sales increased by 9% to 1,298, compared to December 31, 2023. On a combined basis, the total number of quota-bearing sales associates increased by 6% when compared to December 31, 2023.
The number of quota-bearing sales associates in Global Technology Sales decreased by 3% to 3,704 and in Global Business Sales decreased by 1% to 1,280, compared to December 31, 2024. On a combined basis, the total number of quota-bearing sales associates decreased by 2% when compared to December 31, 2024.
SEGMENT RESULTS We evaluate reportable segment performance and allocate resources based on gross contribution margin. Gross contribution is defined as operating income or loss excluding certain Cost of services and product development expenses, SG&A expenses, Depreciation, Amortization of intangibles, and Acquisition and integration charges.
Gross contribution is defined as operating income or loss excluding certain Cost of services and product development expenses, SG&A expenses, 27 Depreciation, Amortization of intangibles, and Acquisition and integration charges. Gross contribution margin is defined as gross contribution as a percent of revenues.
SG&A expense as a percent of revenues was 46% during both 2024 and 2023. Depreciation increased by 14% during 2024 compared to 2023. The increase for the year ended December 31, 2024 was primarily due to increased software additions during the last twelve months. Amortization of intangibles decreased by 2% during 2024 compared to 2023.
SG&A expense as a percent of revenues was 47% and 46% during 2025 and 2024, respectively. Depreciation increased by 5% during 2025 compared to 2024. The increase for the year ended December 31, 2025 was primarily due to increased software additions during 2025 and 2024.
(2) Single day, local meetings are excluded. Conferences revenues increased by $78.1 million during 2024 compared to 2023, or 15% on both a reported basis and excluding the foreign currency impact. We held 51 in-person destination conferences during the year ended December 31, 2024. We held 47 in-person conferences during the year ended December 31, 2023.
(2) Single day, local meetings are excluded. Conferences revenues increased by $61.5 million during 2025 compared to 2024, or 11% on a reported basis and 9% excluding the foreign currency impact. We held 53 and 51 destination conferences during the years ended December 31, 2025 and 2024, respectively.
The increase in SG&A during the year ended December 31, 2024, as compared to the prior fiscal year, was primarily a result of a $165.4 million increase in personnel expenses due to increased headcount and merit increases.
The increase in SG&A during the year ended December 31, 2025, as compared to the prior fiscal year, was primarily a result of a $150.1 million increase in personnel expenses due to merit increases and higher average headcount, as well as a $56.6 million increase in workforce reduction expenses.
Forward-looking statements in this Annual Report on Form 10-K speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only 19 as of the date of those documents.
Readers should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made. Forward-looking statements in this Annual Report on Form 10-K speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents.
Note 1 — Business and Significant Accounting Policies and Note 9 — Revenue and Related Matters in the Notes to Consolidated Financial Statements provide additional information regarding our revenues. Accounting for income taxes — We use the asset and liability method of accounting for income taxes. We estimate our income taxes in each of the jurisdictions where we operate.
Note 1 — Business and Significant Accounting Policies and Note 9 — Revenue and Related Matters in the Notes to Consolidated Financial Statements provide additional information regarding our revenues.
The increase in Cost of services and product development was primarily due to a $82.8 million increase in personnel expenses associated with headcount and merit increases as well a $37.0 million increase in conference expenses due to an increase in the number of conferences.
The increase in Cost of services and product development was primarily due to a $44.1 million increase in personnel expenses associated with merit increases as well as a $13.4 million 26 increase in conference expenses due to an increase in the number of conferences, partially offset by a decrease in product and content delivery expenses.
Revenues from fixed fee contracts are recognized as we work to satisfy our performance obligations. Revenues from time and materials engagements are recognized as work is delivered and/or services are provided.
Revenues from time and materials engagements are recognized as work is delivered and/or services are provided.
GTS contract value increased by at least mid single-digits for nearly all enterprise sizes and sectors. Global Business Sales (“GBS”) contract value increased by 12% year-over-year, also primarily driven by new business from existing clients. The majority of our GBS practices achieved double-digit growth rates, with all enterprise sizes and the majority of sectors also growing double-digits year-over-year.
GTS contract value increased by mid single-digit rates for all commercial enterprise sizes and mid-single digits or faster for the majority of industry sectors. Global Business Sales (“GBS”) contract value increased by 3% year-over-year primarily driven by business from new clients.
Management considers the policies discussed below to be critical to an understanding of our consolidated financial statements because their application requires complex and subjective management judgments and estimates. Specific risks for these critical accounting policies are also described below. The preparation of our consolidated financial statements requires us to make estimates and assumptions about future events.
Our significant accounting policies are described in Note 1 — Business and Significant Accounting Policies in the Notes to Consolidated Financial Statements. Management considers the policies discussed below to be critical to an understanding of our consolidated financial statements because their application requires complex and subjective management judgments and estimates.
OBLIGATIONS AND COMMITMENTS Debt 28 As of December 31, 2024, the Company had $2.5 billion of principal amount of debt outstanding. Note 6 — Debt in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations.
The initial borrowing was used to repay the outstanding amounts under the 2020 Credit Agreement. 30 OBLIGATIONS AND COMMITMENTS Debt As of December 31, 2025, the Company had $3.0 billion of principal amount of debt outstanding. Note 6 — Debt in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations.
Determining the appropriate fair value model and calculating the fair value of stock-based compensation awards requires the use of certain subjective assumptions, including the expected life of a stock-based compensation award and our common stock price volatility. In addition, determining the appropriate periodic stock-based compensation expense requires management to estimate the likelihood of the achievement of certain performance targets.
Note 10 — Stock-Based Compensation in the Notes to Consolidated Financial Statements provides additional information regarding stock-based compensation. Determining the appropriate fair value model and calculating the fair value of stock-based compensation awards requires the use of certain subjective assumptions, including the expected life of a stock-based compensation award and our common stock price volatility.
When assessing the realizability of deferred tax assets, we consider if it is more likely than not that some or all of the deferred tax assets will not be realized. In making this assessment, we consider the availability of loss carryforwards, projected reversals of deferred tax liabilities, projected future taxable income, and ongoing prudent and feasible tax planning strategies.
In making this assessment, we consider the availability of loss carryforwards, projected reversals of deferred tax liabilities, projected future taxable income, and ongoing prudent and feasible tax planning strategies.
Interest expense, net decreased by $24.8 million during 2024 compared to 2023. The decrease in interest expense, net was due to increased interest income, primarily as a result of higher cash balances than the prior year.
The decrease in interest expense, net was due to reduced interest expense on our interest rate swaps as well as increased interest income, primarily as a result of higher average cash balances than the prior year.
GTS client retention was 84% and 83% as of December 31, 2024 and 2023, respectively, while wallet retention was 102% and 101%, as of December 31, 2024 and 2023, respectively.
GTS client retention was 85% and 84% as of December 31, 2025 and 2024, respectively, while wallet retention was 96% and 102%, as of December 31, 2025 and 2024, respectively. GBS client retention was 86% and 87% as of December 31, 2025 and 2024, respectively, while wallet retention was 99% and 106% as of December 31, 2025 and 2024, respectively.
The decrease in the effective income tax rate in 2024 was primarily the result of net tax benefits of approximately $161.9 million recognized as a result of an intercompany transfer of certain intellectual property in December 2024. Note 12 — Income Taxes in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s income taxes.
The 2024 provision for income taxes and effective income tax rate were lower than 2025 was due to net tax benefits of approximately $161.9 million recognized in 2024 as a result of an intercompany transfer of certain intellectual property in December 2024.
Contract value was $5.3 billion at December 31, 2024, an increase of 8% compared to December 31, 2023 on a foreign currency neutral basis. Conferences revenues increased to $583.2 million in 2024, an increase of 15% compared to 2023 on both a reported basis and excluding the foreign currency impact.
The Insights gross contribution margin was 77% in both 2025 and 2024. Contract value was $5.2 billion at December 31, 2025, an increase of 1% compared to December 31, 2024 on a foreign currency neutral basis.
The gross contribution margin was 74% in both 2024 and 2023, as the increase in revenue and decreased research program expenses were offset by an increase in personnel expenses to support future growth. Contract value increased to $5.3 billion at December 31, 2024, or 8% compared to December 31, 2023 on a foreign currency neutral basis.
The gross contribution margin was 77% in both 2025 and 2024, as the increase in revenue was offset by an increase in personnel expenses. Contract value increased to $5.2 billion at December 31, 2025, or 1% compared to December 31, 2024 on a foreign currency neutral basis. Approximately half of industry sectors grew mid single-digit rates or faster.
Gross contribution margin is defined as gross contribution as a percent of revenues. 25 Reportable Segments The sections below present the results of the Company’s three business segments – Research, Conferences and Consulting, as described below.
Reportable Segments The sections below present the results of the Company’s three reportable segments – Insights, Conferences and Consulting, as described below.
In March 2024, we borrowed $274.4 million under the 2024 Credit Agreement. The initial borrowing was used to repay the outstanding amounts under the 2020 Credit Agreement. During the 2023 period, we used $0.6 billion for share repurchases and paid a net $7.8 million in debt principal repayments.
A portion of the proceeds were used to repay the $274.4 million then outstanding under the 2024 Credit Agreement. During the 2024 period, we used $0.7 billion of cash for share repurchases. In March 2024, we borrowed $274.4 million under the 2024 Credit Agreement.
This process involves estimating our current tax expense or benefit together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in our consolidated balance sheets.
Accounting for income taxes — We use the asset and liability method of accounting for income taxes. We estimate our income taxes in each of the jurisdictions where we operate. This process involves estimating our current tax expense or benefit together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes.
As of December 31, 2024, we had $1.9 billion of cash and cash equivalents and approximately $0.7 billion of available borrowing capacity on our revolving credit facility. During 2024, we repurchased 1.6 million shares of the Company’s common stock for an aggregate purchase price of approximately $0.7 billion.
Cash provided by operating activities was $1.3 billion and $1.5 billion during 2025 and 2024, respectively. As of December 31, 2025, we had $1.7 billion of cash and cash equivalents and approximately $1.0 billion of available borrowing capacity on our revolving credit facility.
Year Ended December 31, Increase (Decrease) 2024 2023 Cash provided by operating activities $ 1,484,922 $ 1,155,737 $ 329,185 Cash (used in) provided by investing activities (103,737) 54,157 (157,894) Cash used in financing activities (710,143) (588,881) (121,262) Net increase in cash and cash equivalents and restricted cash 671,042 621,013 50,029 Effects of exchange rates (57,494) (13) (57,481) Beginning cash and cash equivalents and restricted cash 1,319,599 698,599 621,000 Ending cash and cash equivalents and restricted cash $ 1,933,147 $ 1,319,599 $ 613,548 Operating Cash provided by operating activities was $1.5 billion and $1.2 billion in 2024 and 2023, respectively.
Year Ended December 31, Increase (Decrease) 2025 2024 Cash provided by operating activities $ 1,290,365 $ 1,484,922 $ (194,557) Cash used in by investing activities (115,142) (103,737) (11,405) Cash used in financing activities (1,439,718) (710,143) (729,575) Net (decrease) increase in cash and cash equivalents and restricted cash (264,495) 671,042 (935,537) Effects of exchange rates 53,869 (57,494) 111,363 Beginning cash and cash equivalents and restricted cash 1,933,147 1,319,599 613,548 Ending cash and cash equivalents $ 1,722,521 $ 1,933,147 $ (210,626) Operating Cash provided by operating activities was $1.3 billion and $1.5 billion in 2025 and 2024, respectively.
Year Ended December 31, 2024 Year Ended December 31, 2023 Increase (Decrease) Percentage Increase (Decrease) Total revenues $ 6,267,411 $ 5,906,956 $ 360,455 6 % Costs and expenses: Cost of services and product development 2,023,022 1,903,240 119,782 6 Selling, general and administrative 2,884,814 2,701,542 183,272 7 Depreciation 112,083 98,645 13,438 14 Amortization of intangibles 90,232 92,458 (2,226) (2) Acquisition and integration charges 973 9,587 (8,614) (90) Gain from sale of divested operation — (135,410) 135,410 nm Operating income 1,156,287 1,236,894 (80,607) (7) Interest expense, net (69,488) (94,246) (24,758) (26) Gain on event cancellation insurance claims 300,000 3,077 296,923 nm Other income, net 575 1,404 (829) (59) Less: Provision for income taxes 133,659 264,663 (131,004) (49) Net income $ 1,253,715 $ 882,466 $ 371,249 42 % nm = not meaningful Total revenues for 2024 were $6.3 billion, an increase of $360.5 million compared to 2023, or 6% on both a reported basis and excluding the foreign currency impact.
Year Ended December 31, 2025 Year Ended December 31, 2024 Increase (Decrease) Percentage Increase (Decrease) Total revenues $ 6,497,226 $ 6,267,411 $ 229,815 4 % Costs and expenses: Cost of services and product development 2,053,575 2,023,022 30,553 2 Selling, general and administrative 3,067,631 2,884,814 182,817 6 Depreciation 118,015 112,083 5,932 5 Amortization of intangibles 82,294 90,232 (7,938) (9) Acquisition and integration charges — 973 (973) nm Goodwill impairment 150,000 — 150,000 nm Operating income 1,025,711 1,156,287 (130,576) (11) Interest expense, net (60,561) (69,488) (8,927) (13) Gain on event cancellation insurance claims — 300,000 (300,000) nm Other income, net 2,968 575 2,393 416 Less: Provision for income taxes 238,887 133,659 105,228 79 Net income $ 729,231 $ 1,253,715 $ (524,484) (42) % nm = not meaningful Total revenues for 2025 were $6.5 billion, an increase of $229.8 million compared to 2024, or 4% on a reported basis and 3% excluding the foreign currency impact.
Consulting As Of And For The Year Ended December 31, 2024 As Of And For The Year Ended December 31, 2023 Increase (Decrease) Percentage Increase (Decrease) Financial Measurements: Revenues (1) $ 558,537 $ 514,746 $ 43,791 9 % Gross contribution (1) $ 203,292 $ 181,501 $ 21,791 12 % Gross contribution margin 36 % 35 % 1 point — Business Measurements: Backlog (1), (2) $ 191,500 $ 163,000 $ 28,500 17 % Average billable headcount 956 934 22 2 % Consultant utilization 65 % 65 % — point — (1) Dollars in thousands.
Consulting As Of And For The Year Ended December 31, 2025 As Of And For The Year Ended December 31, 2024 Increase (Decrease) Percentage Increase (Decrease) Financial Measurements: Revenues (1) $ 552,499 $ 558,537 $ (6,038) (1) % Gross contribution (1) $ 186,430 $ 203,292 $ (16,862) (8) % Gross contribution margin 34 % 36 % (2) points — Business Measurements: Backlog (1), (2) $ 173,700 $ 187,200 $ (13,500) (7) % Average billable headcount 940 956 (16) (2) % Consultant utilization 61 % 65 % (4) points — (1) Dollars in thousands.
We intend to distribute a portion of the accumulated undistributed earnings of non-U.S. subsidiaries as of December 31, 2024 in conjunction with global restructuring activity. We continue to assert our intention to reinvest substantially all remaining accumulated undistributed foreign earnings, except in instances where repatriation would result in minimal additional tax.
Our cash and cash equivalents are held in numerous locations throughout the world with 57% held overseas at December 31, 2025. We continue to assert our intention to reinvest substantially all remaining accumulated undistributed foreign earnings, except in instances where repatriation would result in minimal additional tax.
The settlement resolved all remaining 2020 and 2021 event cancellation insurance claims for $300.0 million. 20 BUSINESS MEASUREMENTS We believe that the following business measurements are important performance indicators for our business segments: BUSINESS SEGMENT BUSINESS MEASUREMENT Research Contract value represents the dollar value attributable to all of our subscription-related contracts.
On February 5, 2026, we completed the sale of Digital Markets for approximately $110.0 million, prior to customary purchase price adjustments. 21 BUSINESS MEASUREMENTS We believe that the following business measurements are important performance indicators for our business segments: BUSINESS SEGMENT BUSINESS MEASUREMENT Insights Contract value represents the dollar value attributable to all of our subscription-related contracts.
Research revenues increased to $5.1 billion in 2024, an increase of 5% compared to 2023 on both a reported basis and excluding the foreign currency impact. The Research gross contribution margin was 74% in both 2024 and 2023.
Consulting revenues decreased to $552.5 million in 2025, a decrease of 1% compared to 2024 on a reported basis and 2% excluding the foreign currency impact. The Consulting gross contribution margin was 34% and 36% in 2025 and 2024, respectively. Backlog was $173.7 million at December 31, 2025.
Primary Geographic Market Year Ended December 31, 2024 Year Ended December 31, 2023 Increase Percentage Increase United States and Canada $ 4,017,730 $ 3,911,042 $ 106,688 3 % Europe, Middle East and Africa 1,517,815 1,332,070 185,745 14 Other International 731,866 663,844 68,022 10 Total revenues $ 6,267,411 $ 5,906,956 $ 360,455 6 % Segment Year Ended December 31, 2024 Year Ended December 31, 2023 Increase Percentage Increase Research $ 5,125,650 $ 4,887,046 $ 238,604 5 % Conferences 583,224 505,164 78,060 15 Consulting 558,537 514,746 43,791 9 Total revenues $ 6,267,411 $ 5,906,956 $ 360,455 6 % Refer to the section of this MD&A below entitled “Segment Results” for a discussion of revenues and results by segment.
Primary Geographic Market Year Ended December 31, 2025 Year Ended December 31, 2024 Increase Percentage Increase United States and Canada $ 4,032,601 $ 4,017,730 $ 14,871 — % Europe, Middle East and Africa 1,693,732 1,517,815 175,917 12 Other International 770,893 731,866 39,027 5 Total revenues $ 6,497,226 $ 6,267,411 $ 229,815 4 % Segment Year Ended December 31, 2025 Year Ended December 31, 2024 Increase Percentage Increase Insights $ 5,072,570 $ 4,829,051 $ 243,519 5 % Conferences 644,743 583,224 61,519 11 Consulting 552,499 558,537 (6,038) (1) Other 227,414 296,599 (69,185) (23) Total revenues $ 6,497,226 $ 6,267,411 $ 229,815 4 % Refer to the section of this MD&A below entitled “Segment Results” for a discussion of revenues and results by segment.
Fees derived from assisting organizations in selecting the right business software for their needs are recognized when the leads are provided to vendors. • Conferences revenues are deferred and recognized upon the completion of the related conference or meeting. • Consulting revenues are principally generated from fixed fee or time and materials engagements.
The related revenues are deferred and recognized ratably over the applicable contract term. • Conferences revenues are deferred and recognized upon the completion of the related conference or meeting. • Consulting revenues are principally generated from fixed fee or time and materials engagements. Revenues from fixed fee contracts are recognized as we work to satisfy our performance obligations.
GBS client retention was 87% as of both December 31, 2024 and 2023, while wallet retention was 106% and 107% as of December 31, 2024 and 2023, respectively. 26 Conferences Year Ended December 31, 2024 Year Ended December 31, 2023 Increase (Decrease) Percentage Increase (Decrease) Financial Measurements: Revenues (1) $ 583,224 $ 505,164 $ 78,060 15 % Gross contribution (1) $ 281,409 $ 253,739 $ 27,670 11 % Gross contribution margin 48 % 50 % (2) points — Business Measurements: Number of destination conferences (2) 51 47 4 9 % Number of destination conferences attendees (2) 86,625 75,569 11,056 15 % (1) Dollars in thousands.
The decrease in GTS and GBS wallet retention was largely due to lower levels of spending by existing clients compared to the same period in 2024. 28 Conferences Year Ended December 31, 2025 Year Ended December 31, 2024 Increase (Decrease) Percentage Increase (Decrease) Financial Measurements: Revenues (1) $ 644,743 $ 583,224 $ 61,519 11 % Gross contribution (1) $ 322,844 $ 281,409 $ 41,435 15 % Gross contribution margin 50 % 48 % 2 points — Business Measurements: Number of destination conferences (2) 53 51 2 4 % Number of destination conferences attendees (2) 83,727 86,625 (2,898) (3) % (1) Dollars in thousands.
Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Accounting for stock-based compensation — We account for stock-based compensation awards in accordance with FASB ASC Topics 505 and 718 and SEC Staff Accounting Bulletins No. 107 and No. 110.
Accounting for stock-based compensation — We account for stock-based compensation awards in accordance with FASB ASC Topics 505 and 718 and SEC Staff Accounting Bulletins No. 107 and No. 110. We recognize stock-based compensation expense, which is based on the fair value of the award on the date of grant, over the related service period.
The decrease from 2023 to 2024 was primarily the result of the $161.1 million in proceeds received from the sale of our TalentNeuron business in February 2023. Financing Cash used in financing activities was $0.7 billion and $0.6 billion in 2024 and 2023, respectively. During the 2024 period, we used $0.7 billion of cash for share repurchases.
Financing Cash used in financing activities was $1.4 billion and $0.7 billion in 2025 and 2024, respectively. During the 2025 period, we used $2.0 billion of cash for share repurchases. In November 2025, we issued $350.0 million of senior notes due in 2031 and $450.0 million of senior notes due in 2035.
The year-over-year increase was primarily due to the $300.0 million of insurance proceeds received during 2024 as well as reduced net cash interest expense and increased operating income, excluding the 2023 gain from sale of divested operation. Investing Cash (used in) provided by investing activities was $(103.7) million and $54.2 million in 2024 and 2023, respectively.
The year-over-year decrease was primarily due to the $300.0 million of insurance proceeds received during 2024, partially offset by the improved timing of collections and lower income tax payments. Investing Cash used in investing activities was $115.1 million and $103.7 million in 2025 and 2024, respectively. The year-over-year increase was primarily the result of higher leasehold improvements expenditures.
In addition, these estimates are based on our best judgment at a point in time and, as such, they may ultimately differ materially from actual results. Ongoing changes in our estimates could be material and would be reflected in the Company’s consolidated financial statements in future periods. Our critical accounting policies and estimates are described below.
We adjust such estimates when facts and circumstances dictate. However, our estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on our best judgment at a point in time and, as such, they may ultimately differ materially from actual results.
Research contracts are generally non-cancelable and non-refundable, except for government contracts that may have cancellation or fiscal funding clauses.
Insights contracts are generally non-cancelable and non-refundable, except for government contracts that may have cancellation or fiscal funding clauses. When a subscription contract is invoiced, we record the billable amount as a fee receivable, representing our legally enforceable right to payment.
All industry sectors grew at mid single-digit rates or faster, other than media. The fastest growth was in the manufacturing, healthcare and public sectors. Global Technology Sales (“GTS”) contract value increased by 7% at December 31, 2024 when compared to December 31, 2023. The increase in GTS contract value was primarily due to new business from existing clients.
Growth was led by the energy, banking and technology sectors, partially offset by a double digit decrease in public sector, primarily related to the US federal government. Global Technology Sales (“GTS”) contract value decreased slightly at December 31, 2025 when compared to December 31, 2024. The decrease in GTS contract value was primarily due to decreased spending from existing clients.
Net income was $1.3 billion and $882.5 million during 2024 and 2023, respectively. Additionally, our diluted net income per share increased by $4.92 in 2024 compared to 2023.
Note 12 — Income Taxes in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s income taxes. Net income was $0.7 billion and $1.3 billion during 2025 and 2024, respectively. Additionally, our diluted net income per share decreased by $6.35 in 2025 compared to 2024.
The increase in net income during 2024 was primarily due to the gain on event cancellation insurance claims, as well as an increase in revenue and lower provision for income taxes and interest expense, net, partially offset by the gain from sale of divested operation recognized during the year ended December 31, 2023 and increased operating expenses.
The decrease in net income during 2025 was primarily due to the goodwill impairment loss, the gain on event cancellation insurance claims in 2024, an increase in operating expenses and a higher provision for income taxes, partially offset by an increase in revenues. SEGMENT RESULTS We evaluate reportable segment performance and allocate resources based on gross contribution margin.
Revenue recognition — Our revenue by significant source is accounted for as follows: • Research revenues are mainly derived from subscription contracts for research products. The related revenues are deferred and recognized ratably over the applicable contract term.
Ongoing changes in our estimates could be material and would be reflected in the Company’s consolidated financial statements in future periods. Our critical accounting policies and estimates are described below. Revenue recognition — Our revenue by significant source is accounted for as follows: • Insights revenues are mainly derived from subscription contracts for insights products.
Research Year Ended December 31, 2024 Year Ended December 31, 2023 Increase (Decrease) Percentage Increase (Decrease) Financial Measurements: Revenues (1) $ 5,125,650 $ 4,887,046 $ 238,604 5 % Gross contribution (1) $ 3,792,843 $ 3,600,143 $ 192,700 5 % Gross contribution margin 74 % 74 % — point — Business Measurements: Contract Value (1), (3) $ 5,262,000 $ 4,880,000 $ 382,000 8 % Global Technology Sales (2): Contract value (1), (3) $ 4,029,000 $ 3,779,000 $ 250,000 7 % Client retention 84 % 83 % 1 point — Wallet retention 102 % 101 % 1 point — Global Business Sales (2): Contract value (1), (3) $ 1,233,000 $ 1,101,000 $ 132,000 12 % Client retention 87 % 87 % — point — Wallet retention 106 % 107 % (1) point — (1) Dollars in thousands.
Insights Year Ended December 31, 2025 Year Ended December 31, 2024 Increase (Decrease) Percentage Increase (Decrease) Financial Measurements: Revenues (1) $ 5,072,570 $ 4,829,051 $ 243,519 5 % Gross contribution (1) $ 3,890,185 $ 3,696,833 $ 193,352 5 % Gross contribution margin 77 % 77 % — point — Business Measurements: Contract Value (1), (3) $ 5,155,000 $ 5,114,000 $ 41,000 1 % Global Technology Sales (2): Contract value (1), (3) $ 3,910,000 $ 3,911,000 $ (1,000) — % Client retention 85 % 84 % 1 point — Wallet retention 96 % 102 % (6) points — Global Business Sales (2): Contract value (1), (3) $ 1,245,000 $ 1,203,000 $ 42,000 3 % Client retention 86 % 87 % (1) point — Wallet retention 99 % 106 % (7) points — (1) Dollars in thousands.
We develop our estimates using both current and historical experience, as well as other factors, including the general economic environment and actions we may take in the future. We adjust such estimates when facts and circumstances dictate. However, our estimates may involve significant uncertainties and judgments and cannot be determined with precision.
Specific risks for these critical accounting policies are also described below. The preparation of our consolidated financial statements requires us to make estimates and assumptions about future events. We develop our estimates using both current and historical experience, as well as other factors, including the general economic environment and actions we may take in the future.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of our consolidated financial statements requires the application of appropriate accounting policies and the use of estimates. Our significant accounting policies are described in Note 1 — Business and Significant Accounting Policies in the Notes to Consolidated Financial Statements.
During 2025, we repurchased 7.0 million shares of the Company’s common stock for an aggregate purchase price of approximately $2.0 billion. CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of our consolidated financial statements requires the application of appropriate accounting policies and the use of estimates.

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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 changeITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. INTEREST RATE RISK As of December 31, 2024, the Company had $2.5 billion in total debt principal outstanding. Note 6 — Debt in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations.
Biggest changeITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. INTEREST RATE RISK As of December 31, 2025, the Company had $3.0 billion in total debt principal outstanding. None of the Company’s total debt outstanding as of December 31, 2025 was based on a floating base rate of interest.
Our outstanding foreign currency forward exchange contracts as of December 31, 2024 had an immaterial net unrealized loss. CREDIT RISK Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of short-term, highly liquid investments classified as cash equivalents, fees receivable, interest rate swap contracts and foreign currency forward exchange contracts.
Our outstanding foreign currency forward exchange contracts as of December 31, 2025 had an immaterial net unrealized gain. CREDIT RISK Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of short-term, highly liquid investments classified as cash equivalents, fees receivable, interest rate swap contracts and foreign currency forward exchange contracts.
A measure of the potential impact of foreign currency translation can be determined through a sensitivity analysis of our cash and cash equivalents. At December 31, 2024, we had $1.9 billion of cash and cash equivalents, with a substantial portion denominated in foreign currencies.
A measure of the potential impact of foreign currency translation can be determined through a sensitivity analysis of our cash and cash equivalents. At December 31, 2025, we had $1.7 billion of cash and cash equivalents, with a substantial portion denominated in foreign currencies.
If the exchange rates of the foreign currencies we hold all changed in comparison to the U.S. dollar by 10%, the amount of cash and cash equivalents we would have reported on December 31, 2024 could have increased or decreased by approximately $78.6 million.
If the exchange rates of the foreign currencies we hold all changed in comparison to the U.S. dollar by 10%, the amount of cash and cash equivalents we would have reported on December 31, 2025 could have increased or decreased by approximately $116.3 million.
Removed
Approximately $274.0 million of the Company’s total debt outstanding as of December 31, 2024 was based on a floating base rate of interest, which potentially exposes the Company to increases in interest rates.
Added
Note 6 — Debt in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations. FOREIGN CURRENCY RISK A significant portion of our revenues are typically derived from sales outside of the United States.
Removed
However, we reduce our overall exposure to interest rate increases through our interest rate swap contract, which effectively converts the floating base interest rates on all of our variable rate borrowings to fixed rates. FOREIGN CURRENCY RISK A significant portion of our revenues are typically derived from sales outside of the United States.

Other IT 10-K year-over-year comparisons