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Forrester
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Latest analysis
Updated Nov 6, 2026
Forrester Q3 2026: Consulting exit accelerates as CV contracts 4% YoY; research mix rises to 82% of quarterly revenue
Forrester's deliberate exit from strategy consulting is reshaping its revenue profile faster than anticipated, with consulting revenues down 31% in Q3 2026 and the segment now representing just 17% of quarterly revenue versus 23% a year ago. Research, which constitutes 82% of Q3 revenue, remains under pressure with CV at $281.9 million, down 4% year-over-year, though client retention improved 4 percentage points to 78% and wallet retention improved 3 points to 89%. The company generated $33.4 million in operating cash flow through the nine months ended September 30, 2026, funded a near-complete Cambridge headquarters renovation, and reduced its revolving credit facility from $150 million to $50 million — signaling a deliberately smaller, subscription-focused operating model.
Tone: cautiousRevenue
$396.9M
FORR 10-K · FY 2025
Employees
1,474
Revenue FY2024
$432.5M
Founded
1983
Profile
FORR 10-K Item 1 · Mar 13, 2026Forrester Research is a global independent research and advisory firm serving business and technology leaders across functions including technology, customer experience, digital, marketing, sales, and product. The company delivers subscription research, consulting, and events through three segments, anchored by its contract value metric and a proprietary generative AI tool. Its core value proposition is trusted, human-intelligence-grounded guidance to help clients make confident decisions through customer obsession.
Read filing description ↓ Collapse description ↑
Forrester Research, Inc. is a global independent research and advisory firm. We empower leaders in technology, customer experience, digital, marketing, sales, and product functions to accelerate growth through customer obsession. Forrester's unique research and continuance guidance model helps executives and their teams achieve their initiatives and outcomes faster and with confidence. We believe that market dynamics — from empowered customers and changing business-to-business buying behaviors to rapid advancements in AI — have fundamentally changed the business and technology landscape. These dynamics demand that leaders architect change rather than react to disruption. In this era of continuous disruption, AI and public large language models are increasingly positioned as decision support partners, despite lacking the accuracy, the human judgment, and the reliability needed to make confident business decisions. To win, serve, and retain customers in this environment, we believe that organizations and their leaders have an increasing need for trusted guidance and insights grounded in objective sources, and rigorous data and research analysis, to help them make confident decisions that put customer value first. We believe that Forrester is well positioned to address this need through its complementary combination of trusted human intelligence and AI. The foundation of our business model is our ability to help business and technology leaders and their teams tackle their most pressing priorities and drive growth through customer obsession. Forrester's offerings are rooted in rigorous methodologies, extensive surveys, proprietary data, and trusted human insights. Our proprietary research, consulting, and events portfolio, combined with our generative AI capabilities, equip clients with trusted insights and advice to help them to go faster, to win, serve and retain customers, and to reduce risk and costs.
Primary products
- Forrester Decisions
- Forrester AI
- Forrester Consulting
- Forrester Events
- AI Access
Business segments
End markets
Geographies
Named competitors
“We believe our focus on helping business and technology leaders use customer obsession to drive growth sets us apart from our competition.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues declined from $432.5 million in 2024 to $396.9 million in 2025, driven by contraction across all three segments — Research, Consulting, and Events.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.