FORRESTER RESEARCH, INC.
For the period ended Dec 31, 2025. Filed Mar 13, 2026.
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FY2025 · Filed Mar 13, 2026
FORR$8.80-1.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $(119,360) | $(5,747) | $3,050 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation | 6,025 | 7,561 | 8,452 |
| Impairment of property and equipment | 67 | 967 | 726 |
| Amortization of intangible assets | 8,745 | 9,648 | 11,956 |
| Deferred income taxes | (3,929) | (58) | (5,461) |
| Stock-based compensation | 12,256 | 14,343 | 15,486 |
| Credit losses on note receivable | 7,310 | — | — |
| Goodwill impairment | 110,707 | — | — |
| Operating lease right-of-use assets amortization and impairments | 6,680 | 12,974 | 11,658 |
| Loss from sale of divested operation | — | 1,775 | — |
| Other, net | 904 | 174 | 192 |
| Changes in assets and liabilities | |||
| Accounts receivable | 4,847 | (9) | 14,715 |
| Deferred commissions | 882 | 63 | 1,352 |
| Prepaid expenses and other current assets | (3,391) | (197) | 6,020 |
| Accounts payable | (144) | (814) | 1,428 |
| Accrued expenses and other liabilities | 6,694 | (20,866) | (10,644) |
| Deferred revenue | (6,250) | (9,105) | (23,279) |
| Operating lease liabilities | (10,962) | (14,570) | (13,978) |
| Net cash provided by (used in) operating activities | 21,081 | (3,861) | 21,673 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (2,987) | (3,400) | (5,495) |
| Purchases of marketable investments | (33,454) | (59,365) | (61,068) |
| Proceeds from maturities of marketable investments | 15,175 | 51,735 | 28,338 |
| Proceeds from sales of marketable investments | 5,557 | 10,111 | 1,453 |
| Proceeds from sale of divested operation | — | 6,000 | — |
| Other investing activity | 1,642 | (62) | 13 |
| Net cash provided by (used in) investing activities | (14,067) | 5,019 | (36,759) |
| Cash flows from financing activities: | |||
| Payments on borrowings | — | — | (15,000) |
| Payment of debt issuance costs | — | — | (25) |
| Repurchases of common stock | (2,540) | (15,920) | (4,082) |
| Proceeds from issuance of common stock under employee equity incentive plans | 1,265 | 2,426 | 3,489 |
| Taxes paid for net share settlements of stock-based compensation awards | (1,294) | (2,605) | (2,681) |
| Net cash used in financing activities | (2,569) | (16,099) | (18,299) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,957 | (1,914) | 2,773 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 7,402 | (16,855) | (30,612) |
| Cash, cash equivalents and restricted cash, beginning of year | 58,187 | 75,042 | 105,654 |
| Cash, cash equivalents and restricted cash, end of year | $65,589 | $58,187 | $75,042 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $2,235 | $2,562 | $2,596 |
| Cash paid for income taxes | $7,234 | $9,277 | $10,643 |
| Non-cash transactions: | |||
| Additions to property, plant and equipment included in accounts payable and accrued expenses | $2,582 | $— | $— |
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