Forrester Research (FFR) Q3 2026 Earnings Report
DE:FFR Q3 2026 EPS Results
- Actual EPS
- EUR 0.21
- Consensus EPS
- EUR 0.18
- Beat/Miss
- Beat by +EUR 0.03
- One Year Ago EPS
- EUR 0.33
DE:FFR Q3 2026 Revenue Results
- Actual Revenue
- EUR 77.10M
- Expected Revenue
- EUR 73.23M
- Beat/Miss
- Beat by +EUR 3.87M
- YoY Revenue Growth
- -8.68%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- After Close
- Conference Call
- Thursday, October 29, 2026
Forrester Research's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call had a positive but qualified tone. Management highlighted improving retention, strong adoption of Forrester AI, new product launches, sold-out events, cost management, share repurchases and an increased EPS guidance floor. These positives were offset by declines in contract value, revenue, consulting, operating income, net income and EPS, along with continued uncertainty in U.S. federal government bookings and projected full-year revenue declines.
For 2026, Forrester expects revenue to be $350 million to $360 million, or down 9% to 12% versus 2025, with research at a mid-single-digit decline, consulting at a decline in the low 20s and events at a decline in the mid- to high teens; operating margins are expected to be in the range of 6% to 6.5%, interest expense is expected to be $2.2 million, and the full year tax rate is guided to 29%. Year-end CV is expected to be centered around flat performance with a spread from 2% decline to 2% growth, and EPS guidance is now $0.77 to $0.82 for the full year, versus the original range of $0.72 to $0.82. AI Access is expected to grow from approximately 4% of the contract value base through Q3 to be in the neighborhood of approximately 5% at year-end; 40% of annual bookings happen in the fourth quarter, remaining CapEx spend for the build-out will be approximately $2.5 million, and approximately $66 million of stock repurchase authorization remains, with the company planning on continuing to aggressively repurchase its stock for the remainder of the year.
- Retention Metrics ImprovedThird-quarter wallet retention was 89%, up from 86% in the prior year and consistent with the previous two quarters. Client retention increased to 78%, up 1 percentage point from the prior quarter and 4 percentage points from the prior year.
- Quarterly Results Beat ConsensusManagement said third-quarter performance was in line with expectations and exceeded consensus estimates for revenue, margin and EPS.
- Research Revenue Decline ImprovedResearch revenue decreased 3% year-over-year to $70.1 million from $72.7 million, an improvement from the prior quarter, driven by strength in the technology vertical. Revenue from research products declined 3% and reprints declined 6%.
- Sold-Out Events and Event Strategy ProgressForrester hosted sold-out events in APAC and EMEA, including the B2B Forum in London and AI Forums in Singapore and Sydney. Management reported encouraging early indicators from its revised event strategy, including several sold-out events and healthy sponsorship activity, especially across EMEA and APAC.
- Launch of Team Solutions and AI Access PlusForrester introduced Team Solutions to help teams collaborate and complete transformations faster, and launched AI Access Plus, which provides access to Forrester research through AI along with quarterly inquiry sessions with analysts. Management said the products add pricing and engagement options and are expected to support retention and upsell.
- Strong Forrester AI AdoptionMore than 70% of surveyed Forrester AI users said the tools help them get more value from Forrester. Third-quarter prompts increased 13% quarter-over-quarter and 142% year-over-year, while total users increased 6% quarter-over-quarter and 65% year-over-year.
- Expansion of Where You Work IntegrationsForrester expanded access to its AI capabilities through Microsoft Teams and Microsoft Copilot and began a limited early adopter program for a Forrester AI plug-in for Anthropic's Claude. The company is also actively exploring integrations with Slack and Gemini.
- AI Access Gaining Contract Value and Sales TractionAI Access, launched a year earlier, contributed approximately 4% of Forrester's contract value base through the third quarter and is expected to reach approximately 5% by year-end. More than 50% of the sales force has sold the product, which management said has been effective for new-customer acquisition and winning back customers.
- Higher-Margin AI Product OpportunityManagement said AI Access, as a self-service product, has materially higher margins than Forrester Decisions and the newer AI Access Plus product. AI Access Plus is also expected to have much higher margins than the highest-tier Forrester Decisions products despite including some analyst support.
- Sales Transformation and High-Tech StrengthManagement said sales transformation initiatives have built pipeline and equipped the sales force with tools to improve productivity. Strength was reported in North America high-tech and among technology personnel such as CIOs, CTOs, CISOs and enterprise architects, with continued international momentum, especially in APAC.
- Operating Expense and Cost ManagementAdjusted operating expenses decreased 6%, primarily due to lower compensation and related costs and reduced real estate costs. Headcount declined 10% following restructuring earlier in the year, and management said it continues to manage headcount, hiring and attrition closely.
- Share Repurchases and Balance Sheet ActionsForrester repurchased approximately $10 million of stock during the quarter, has approximately $66 million remaining under its authorization and plans to continue aggressively repurchasing shares. Cash ended the quarter at $117.6 million, and the company paid down $5 million of debt, reducing debt to $30 million.
- EPS Guidance Raised at the Low EndThe company raised the low end of its full-year 2026 EPS guidance from $0.72 to $0.77, while maintaining the high end at $0.82, resulting in a new range of $0.77 to $0.82. Management attributed the change to expense management and the stock buyback program.
- Headquarters Build-Out Funding and Free Cash FlowForrester received $17.2 million of landlord funding toward headquarters renovations. Year-to-date operating cash flow was $33.4 million, year-to-date capital expenditures were $24.8 million, and free cash flow excluding net spending on the build-out was approximately $13.9 million. Remaining build-out capital expenditures are expected to be approximately $2.5 million.
- AI Research and Strategic OpportunityForrester released an AI disruption model covering 17 business categories and 205 technology and service markets. Management said infrastructure, data, cybersecurity and identity providers will benefit from AI deployment at scale, while many enterprise software categories are more likely to be reshaped than replaced. The company characterized AI as a major opportunity to increase demand for its research and advisory services.
- AI Risk and Governance ResearchForrester released research addressing AI doomsday scenarios and advised clients to remain composed, patient and rational; maintain disciplined security practices; avoid assuming models are inherently safe; and consider private, trusted and secure AI models. Management also stated that frontier model producers should be held legally liable for damages their products may inflict.
DE:FFR Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 11, 2027 | 2026 (Q4) | 0.17- | 0.15 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 0.180.21 | 0.33 | -35.14% (-0.12) | |
| Jul 30, 2026 | 2026 (Q2) | 0.240.36 | 0.46 | -21.57% (-0.10) | |
| May 06, 2026 | 2026 (Q1) | 0.10-0.04 | 0.1 | -136.36% (-0.13) | |
| Feb 12, 2026 | 2025 (Q4) | 0.190.15 | 0.32 | -52.78% (-0.17) | |
| Oct 30, 2025 | 2025 (Q3) | 0.270.33 | 0.26 | 27.59% (+0.07) | |
| Jul 31, 2025 | 2025 (Q2) | 0.450.46 | 0.61 | -25.00% (-0.15) | |
| May 06, 2025 | 2025 (Q1) | 0.070.10 | 0.13 | -21.43% (-0.03) | |
| Feb 11, 2025 | 2024 (Q4) | 0.310.32 | 0.22 | 44.00% (+0.10) | |
| Nov 05, 2024 | 2024 (Q3) | 0.300.26 | 0.39 | -34.09% (-0.13) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
