Forrester Research, Inc. (FORR): Business Model Canvas [Dec-2025 Updated]

You're looking at Forrester Research, Inc. right now, and the picture is one of necessary pivot: they're navigating the AI wave while managing a recent cost adjustment, evidenced by that 8% headcount reduction. Honestly, their whole engine runs on sticky, high-value advice, with multi-year contracts totaling $288.1 million as of Q3 2025, and they're aiming for $395.0 million to $405.0 million in total revenue this year, largely driven by research subscriptions bringing in $72.65 million last quarter. To see exactly how they turn expert analysts and proprietary data into that recurring revenue-and what that means for their AI strategy-you need to break down the nine blocks of their business model below.

Forrester Research, Inc. (FORR) - Canvas Business Model: Key Partnerships

You're looking at how Forrester Research, Inc. builds its value by relying on external entities to fuel its research and market reach as of late 2025. Honestly, the reliance on a strong partner ecosystem is clear, especially given the market headwinds; for instance, Forrester's Q3 2025 contract value stood at $288.1 million, down 7% year-over-year, which puts pressure on driving efficiency through alliances.

Data and survey providers for proprietary research (e.g., Technographics)

Forrester Research, Inc. grounds its analysis in massive primary data collection, which necessitates deep partnerships with data and survey providers. While the exact roster of every data vendor isn't public, the scale of their research is evident. Forrester's insights are based on annual surveys of more than 700,000 consumers, executives, and technology leaders worldwide. The Business Technographics Data and Analytics Survey for 2025 alone included 1,769 respondents, showing the depth of their quantitative research streams. These providers are critical for feeding proprietary research products like Technographics.

• Consumer Technographics provides behavioral, qualitative, and social listening insights.
• Business Technographics analyzes patterns among business and technology decision-makers.
• The company seeks relationships with premier providers of primary data to correlate attitudes with actual behaviors.

Technology vendors for co-marketing and joint research reports (e.g., Forrester Wave™)

The Forrester Wave™ evaluations are a cornerstone of the business, acting as a major co-marketing vehicle for the evaluated technology vendors. The structure of these reports-ranking vendors on current offering, strategy, and customer feedback-drives significant engagement for both Forrester Research, Inc. and the participating technology companies. The overall B2B partner ecosystem is expected to grow, with a majority of decision-makers anticipating an expansion in technology partners. Furthermore, a significant portion of surveyed B2B organizations expect their indirect revenue-revenue transacted by partners-to grow over 30% greater than the previous year.

Here's a snapshot of the quantitative scale influencing Forrester Research, Inc.'s ecosystem:

Metric	Value/Data Point	Context/Source Year
Expected Indirect Revenue Growth (Surveyed B2B)	Over 30% greater than prior year	2025 Partner Ecosystem Survey
Data & Analytics Survey Respondents	1,769 respondents	2025 Forrester Decisions Survey
Client Retention Rate (Q3 2025)	74%	Q3 2025 Financials
Wallet Retention Rate (Q3 2025)	86%	Q3 2025 Financials

Cloud and AI infrastructure providers for platforms like Izola

Forrester Research, Inc. is actively integrating AI into its own products, like the generative AI tool Izola, which requires partnerships with major cloud and AI infrastructure providers. The focus on AI is intense; for example, Google Cloud is reportedly increasing funding to partners by up to 10x for generative-AI workloads. This signals the type of incentive structure Forrester Research, Inc. likely navigates with its own infrastructure partners to power its next-generation research delivery. Despite high investment, one Forrester prediction suggested a major tech vendor might scale back AI infrastructure investment by 25% in 2025 due to unmet expectations.

Strategic consulting firms for large-scale client implementation

Forrester Research, Inc.'s consulting services bridge strategy to execution, often requiring collaboration with implementation-focused strategic consulting firms to deliver tangible outcomes for clients. The firm's reach into the enterprise space is significant; 61 of the Fortune 100 trust Forrester Research, Inc. to provide strategic clarity. These consulting engagements rely on the firm's insights, which boast a reported 259% ROI for Forrester Decisions clients, along with revenue growth accelerations of 4%. This success metric is a key selling point when engaging with implementation partners.

Finance: draft 13-week cash view by Friday.

Forrester Research, Inc. (FORR) - Canvas Business Model: Key Activities

You're looking at the core engine of Forrester Research, Inc. as they navigate the mid-2025 environment. Here's the quick math on what they are actively doing to generate revenue and maintain market position.

Conducting proprietary, objective market research and analysis.

The research segment remains the largest piece of the pie, though it's facing headwinds. For the trailing twelve months ending September 30, 2025, Forrester Research, Inc. reported total revenue of $403.87M. Looking specifically at the second quarter of 2025, research revenue was $77.9M, a 7% year-over-year decline. In the first quarter of 2025, research segment revenues were $68M, representing an 11% decrease from the prior year period. Contract Value (CV), a key metric here, stood at $288.7M in Q2 2025, down 7% year-over-year. Wallet retention, which measures value retained from existing clients, declined to 85% in Q2 2025 from 88% a year prior. Client count also saw a drop, sitting at 1,806 in Q2 2025, a 12% year-over-year decrease.

The 2024 revenue breakdown gives you the context for this activity, where research accounted for approximately 73% of total revenue.

Metric	FY 2024 Value	Q2 2025 Value	Q1 2025 Value
Total Revenue	$432.5M	$111.7M	$89.9M
Research Revenue	$316.7M (FY 2024)	$77.9M	$68M
Contract Value (CV)	N/A	$288.7M	$291M

Developing and maintaining the Forrester Decisions platform.

The platform is central to the current model, with about 80% of contract value residing in the Forrester Decisions platform as of 2024 data. The value proposition is quantified by a Total Economic Impact study showing a composite organization investing $710,000 in Forrester Decisions experienced $2.54 million in benefits over three years, yielding an ROI of 259%. Furthermore, 73% of contract value was in multi-year contracts as of Q1 2025, an all-time high for the company.

Delivering high-value, bespoke consulting services.

Consulting revenue saw a dip in the second quarter of 2025, coming in at $23.5M, which was down 5% from the $24.8M reported in Q2 2024. For the first quarter of 2025, consulting revenue was reported at $21.4M year-over-year, or $21M by another report. This segment represented about 27% of total revenue in 2024 alongside events.

Hosting large-scale, global industry events (e.g., B2B Summit).

Events revenue is showing the sharpest decline recently. In Q2 2025, event revenue fell to $10.2M, a 23% drop compared to the same period last year. For the full year 2024, event revenue was $18.5M, after dropping more than a third from 2023.

Investing in AI tool development like Forrester AI Access.

The proprietary LLM, Izola, launched in October 2023. By Q1 2025, nearly 40% of Izola prompts submitted by technology client executives focused on finding products or vendors. The firm launched the new self-service offering, Forrester AI Access, on September 9, 2025. The company's total headcount as of Q1 2025 was 1,510, down 10% year-over-year. Management reaffirmed 2025 revenue guidance between $400 million and $415 million.

• Full-Year 2025 Adjusted Operating Margin Guidance: 8.0% to 9.0%.
• Full-Year 2025 Adjusted EPS Guidance: $1.20 to $1.35.
• Goodwill impairment charge recorded in Q1 2025: Approximately $84 million.

Finance: draft 13-week cash view by Friday.

Forrester Research, Inc. (FORR) - Canvas Business Model: Key Resources

You're looking at the core assets Forrester Research, Inc. (FORR) relies on to generate revenue and maintain its market position as of late 2025. These aren't just line items on a balance sheet; they are the engines driving their advisory services.

Proprietary research methodologies and data sets.

The foundation here is the intellectual property built over four decades. Forrester Research, Inc. explicitly uses a wide range of data, including its proprietary data, to inform its analysis. They adhere to rigorous, unbiased research methodologies that are transparent and publicly available, ensuring consistent quality across different markets and technologies. For instance, the Forrester Wave™ methodology provides a transparent framework for comparing vendors based on offering, strategy, and market presence. Furthermore, the Total Experience Score combines their Brand Experience Index (BX Index™) and Customer Experience Index (CX Index™) to measure brand performance across the customer lifecycle.

Key elements of this resource include:

• Adherence to rigorous, unbiased research methodologies.
• Use of qualitative and quantitative data, including proprietary sets.
• Transparent evaluation frameworks like the Forrester Wave™.
• Specific indices like the Total Experience Score components.

Expert analyst talent and global thought leadership.

The human capital is critical, as their opinions cannot be bought, ensuring objectivity. This talent base supports a client base that includes 61% of Fortune 100 companies as of the second quarter of 2025. The research output, which is the primary product, generated $72.7 million in revenue for the third quarter of 2025 alone. The firm's guidance for full-year 2025 revenue sits between $395.0 million and $405.0 million.

Here's a quick look at the scale of the research business in 2025:

Metric	Value (Late 2025)
Q3 2025 Research Revenue	$72.7 million
Full-Year 2025 Revenue Guidance (Low)	$395.0 million
Fortune 100 Client Coverage	61%

Flagship digital platform, Forrester Decisions (80% of contract value).

The strategic pivot to the subscription model is anchored by Forrester Decisions. As of the second quarter of 2025, management confirmed that about 80% of the company's contract value (CV) is now housed within the Forrester Decisions portfolio. This platform represents the core delivery mechanism for their research and advisory services. Contract value (CV) itself was reported at $288.7 million at the end of Q2 2025, down from the prior year. The average contract value per client at the end of 2024 was $158,000.

Generative AI tool Izola and related AI intellectual property.

Forrester Research, Inc. has integrated its in-house developed generative AI tool, Izola, which launched in beta in October 2023, directly into the client experience. By September 2025, this IP was commercialized further with the launch of Forrester AI Access, a self-service offering extending Izola's capabilities across client organizations. Management noted that this new AI Access product has already generated a multimillion dollar fast-growing sales pipeline and was a key differentiator in securing one of the largest research deals in Forrester Research, Inc.'s history with a large government agency. The company is committed to responsible AI usage while protecting client confidential information.

Global workforce of approximately 1,500 employees.

The operational scale is supported by a global team. As of Q2 2025, Forrester Research, Inc. maintained a global presence with approximately 1,500 employees spread across North America, Europe, and Asia Pacific. This resource base has seen adjustments, with a reported 8% headcount reduction year-over-year as of Q3 2025, partly due to restructuring efforts announced earlier in the year. The company also reported a 7% reduction in workforce in January 2025. The revenue per employee ratio, based on 2024 figures, was approximately $678,917.

You should track these workforce metrics against the 2025 revenue guidance:

• Approximate total employees: 1,500.
• Reported headcount reduction year-over-year (Q3 2025): 8%.
• Reported workforce reduction event: January 9, 2025 (7%).
• 2024 Revenue per employee: $678,917.

Finance: draft 13-week cash view by Friday.

Forrester Research, Inc. (FORR) - Canvas Business Model: Value Propositions

You're looking at what Forrester Research, Inc. actually delivers to its clients-the tangible value that keeps the lights on, even when contract value dips, like the 7% year-over-year decline to $288.7 million in Q2 2025. Here's the quick math on what they promise to deliver for that spend.

Value Proposition Element	Key Metric/Data Point	Source/Context
Forrester Decisions ROI	259% ROI over three years	Total Economic Impact study for Forrester Decisions
Client Base Reach	Serves 61% of the Fortune 100	Client base as of Q2 2025
Analyst Data Depth	Surveying over 500,000 respondents annually	Basis for analyst insights
Forrester AI Access Launch	Launched September 2025	New self-service offering
Initiative Acceleration	Transformational initiatives completed up to 50% faster	Impact of Forrester Decisions guidance

Actionable, data-backed guidance for technology and business leaders.

Forrester Research, Inc. helps leaders move past assumptions with research that is grounded in hard data. They survey more than 500,000 consumers, executives, and tech leaders every year to build their insights. This depth of data collection is what lets them provide guidance that translates directly into business action, which is critical when you're navigating the market volatility seen in their Q2 2025 revenue decline of 8% year-over-year.

Measurable business impact, citing 259% ROI on Forrester Decisions.

The core promise here is a measurable return. For the composite organization studied, investing in Forrester Decisions yielded an ROI of 259% over three years. That investment also delivered $2.54 million in benefits over that same three-year period, resulting in a net present value (NPV) of $1.83 million. Plus, access to their expert guidance improved the success rate of transformational initiatives by 26%. Honestly, securing funding for big projects gets easier when you can point to that kind of proven impact.

• Accelerated transformational initiatives by up to 50%.
• Drove an extra 4% annual revenue growth for new products.
• Reduced the time to complete initiatives by up to 13 weeks sooner.

Risk mitigation through AI governance and security research.

With AI adoption going mainstream-38% of US online adults using generative AI as of September 2025-the risks are front and center. Forrester Research, Inc. focuses its research on helping clients manage this complexity, especially in areas like AI governance and cybersecurity, which remain key strengths, particularly for government clients. They help you avoid the pitfalls when only 24% of US adults feel knowledgeable about AI, meaning most are operating with uncertainty.

Access to a curated peer network and expert analyst validation.

You don't just get reports; you get connections. A major benefit cited by clients is access to a peer network, allowing you to speak with others facing similar challenges. This expert analyst validation, often through inquiry or guidance sessions, helps leaders align on best practices. It's about getting confirmation from people who have seen the landscape, which is vital when you consider that Forrester Research, Inc. already serves 61% of the Fortune 100.

Self-service AI insights via Forrester AI Access.

To democratize access to their proprietary knowledge, Forrester Research, Inc. launched Forrester AI Access in September 2025. This new self-service offering uses their generative AI capabilities, building on the foundation of their Izola tool launched in October 2023. The goal is to make trusted insights and proprietary data available to more stakeholders across your organization, giving them flexibility to incorporate research directly into their daily work.

Forrester AI Access is available in three versions:

• Technology
• Consumer & Digital
• B2B

This extends the reach of their core research portfolio, which accounted for approximately 73% of total revenue in 2024. Finance: draft 13-week cash view by Friday.

Forrester Research, Inc. (FORR) - Canvas Business Model: Customer Relationships

You're looking at how Forrester Research, Inc. keeps its clients locked in, which is the lifeblood of their subscription model. The relationship focus is all about making the research indispensable, especially when clients are tightening their belts.

The core relationship structure is built around the subscription-based continuous guidance model. This model is explicitly designed for volatile times, aiming to help clients optimize costs and manage risk efficiently. This continuous access is a key differentiator against broad, public large language models.

Dedicated, high-touch analyst inquiry and advisory sessions remain a critical component. While specific session volume isn't public, the focus on analyst interaction is clear, as evidenced by the ongoing analysis of inquiry topics to understand client needs across 17 topics and 168 subtopics in the July 2024 through June 2025 snapshot. Furthermore, the structure includes tiered access, with Leader seats offering unlimited guidance sessions, contrasting with Team seats which allow attendance at Leader guidance and inquiry sessions.

Securing long-term commitment is paramount to financial stability. As of the first quarter ended March 31, 2025, Forrester achieved an all-time high, with 73% of its total Contract Value (CV) now committed under multi-year contracts. This is a significant increase from 69% at the end of 2024. The total Contract Value as of March 31, 2025, stood at $290.9 million.

Proactive client success management directly targets retention metrics. The firm's focus on this area aims to improve wallet retention, which was reported at 86% for the first quarter of 2025, a slight dip from 89% in the prior quarter due to budgetary pressures. On the client retention front, the rate held steady at 73% in Q1 2025. The Contract Value per client at the end of 2024 was $158,000, representing a 10% increase from the end of 2023.

Executive-level networking and private event access are strategic levers for relationship reinforcement. Management outlined enhancing these events as a key priority for 2025 specifically to boost retention and Contract Value growth. The company is shifting marketing dollars and expanding event experiences to incentivize client participation.

Here's a quick look at the key relationship metrics as of early 2025:

Relationship Metric	Value (Latest Available)	Date/Context
Percentage of CV in Multi-Year Contracts	73%	Q1 2025
Wallet Retention Rate	86%	Q1 2025
Client Retention Rate	73%	Q1 2025
Total Contract Value (CV)	$290.9 million	March 31, 2025
Contract Value Per Client	$158,000	Year-End 2024

The structure of client engagement is also segmented by access level, which dictates the depth of the relationship:

• Leader seat: Research plus unlimited guidance sessions with analysts.
• Team seats: Research plus ability to attend leader guidance and inquiry sessions.
• Executive/Non-Advisor Access: Clients wanting research without continuous guidance or advisor access.

If onboarding for new services takes 14+ days, churn risk rises, so speed in delivering value from the continuous guidance model is defintely key.

Finance: Review Q4 2025 event investment spend against Q1 2025 retention targets by end of next week.

Forrester Research, Inc. (FORR) - Canvas Business Model: Channels

You're looking at how Forrester Research, Inc. gets its insights and services into the hands of clients as of late 2025. The channels reflect a heavy pivot toward digital access, supported by traditional high-touch sales and consulting delivery.

Digital subscription platform (Forrester Decisions)

The primary channel for research consumption is the Forrester Decisions platform. This digital subscription is the core of the research business, representing the culmination of a multi-year migration effort. As of early 2025, 80% of the company's total Contract Value (CV) was migrated onto the Forrester Decisions portfolio. This focus is intended to drive long-term shareholder and client value by centralizing access to research and advisory services.

• 80% of Contract Value (CV) on the Forrester Decisions platform (early 2025).
• Contract value per client reached $158,000 at the end of 2024.
• Client retention was reported at 74% in Q2 2025.
• Wallet retention stood at 86% in Q2 2025.
• The percentage of multi-year contracts grew to 69% by the end of 2024.

Direct sales force for enterprise contract negotiation

The direct sales force is the engine for securing the large, enterprise-wide contracts that underpin the subscription model. Management has been actively optimizing this team, focusing on efficiency and conversion. The sales pipeline showed definite strength, growing by 15% from Q1 to Q2 2025. This growth is supported by faster hiring, with the average time to hire new representatives running at 55 days in Q3 2025, improving on a goal of 60 days.

Sales Metric	Value/Rate	Period/Context
Sales Pipeline Growth	15%	Q1 to Q2 2025
Average Time to Hire Reps	55 days	Q3 2025
Contract Value Per Client	$158,000	Year-end 2024
Full Year 2024 Revenue	$432.5M	Total Company

The sales team is also focused on getting involved earlier in the buying process to improve conversion rates, building what management calls a social contract with buyers.

Consulting services delivery teams

Consulting services are delivered by dedicated teams, though this channel faced headwinds in the 2025 forecast. For the full year 2024, Consulting revenue was $97.3M. The outlook for 2025 projected a decline in the consulting business in the high single-digit to low double-digit range. In Q3 2025 specifically, Consulting revenue was $21.5M, marking an 8% decrease compared to the prior year. Still, strategy consulting showed some booking growth in 2024, suggesting targeted strength within the delivery teams.

Annual in-person and digital events (e.g., B2B Summit)

Events serve as a key channel for brand visibility and lead generation, though this segment saw significant revenue contraction. Full-year 2024 Events revenue dropped more than a third to $18.5M. The Q3 2025 Events revenue was reported at $10.2M. Management projected the Events business to decline in the high 20% range for the full year 2025. The company is focused on supercharging these events to make them a more effective platform for Contract Value growth in 2025.

Direct analyst engagement via phone and web inquiry

Direct engagement remains critical, often tied to the subscription value proposition. While specific inquiry volume isn't published, the success of the Forrester Decisions migration suggests that the primary value delivered through these channels is access to expert analysts for specific, on-demand guidance. The completion of the FD migration means the entire organization is now focused on selling and supporting this platform, which includes analyst support. This focus is intended to improve client engagement and retention, which is vital for the channel's long-term health.

Finance: draft 13-week cash view by Friday.

Forrester Research, Inc. (FORR) - Canvas Business Model: Customer Segments

You're looking at the core of Forrester Research, Inc.'s (FORR) business, which is built around serving the most influential leaders in the world's largest organizations. As of mid-2025, Forrester maintains deep penetration into the elite corporate tier, working with 61% of Fortune 100 companies. This focus on large, complex organizations means your sales cycle likely involves multiple stakeholders across various functional silos, so understanding the scale of their commitment is key.

Here's a quick look at the client base metrics as reported through the second quarter of 2025, which shows a slight contraction in the total number of relationships but a clear focus on maintaining value with the core base:

Metric	Value (as of Q2 2025)	Context/Comparison
Total Client Count	1,806 clients	Down 12% year-over-year from 2,052 clients in Q2 2024.
Contract Value (CV)	$288.7 million	Down 7% compared to Q2 2024.
Contract Value Per Client (End of 2024)	$158,000	Up 10% from $143,000 at the end of 2023.
Client Retention Rate (Q2 2025)	74%	Client retention remained relatively stable.

The primary decision-makers Forrester serves are those tasked with driving growth and managing risk in high-stakes environments. These leaders are looking for guidance on what's next, especially around emerging technology like generative AI, where only 26% of organizations reported training workers on prompt engineering in 2025. Forrester's research is specifically tailored to help these executives execute on their most pressing priorities.

The key executive roles that form the core customer segments include:

• Technology leaders, such as CIOs and CISOs.
• B2B Marketing executives.
• Sales leaders.
• Product executives.
• Security and Risk leaders.

Also critical to the segment mix are public sector entities. Forrester has noted making progress in the government sector as of Q2 2025, indicating this area is a specific focus for future growth alongside the enterprise base. If you're mapping out your own strategy, remember that 73% of contract value was in multi-year contracts by Q1 2025, showing a strong preference for long-term commitment once the relationship is established.

Finance: draft 13-week cash view by Friday.

Forrester Research, Inc. (FORR) - Canvas Business Model: Cost Structure

You're looking at Forrester Research, Inc.'s cost profile as of late 2025, which is heavily weighted toward personnel and technology development, even after recent efficiency moves. The fixed cost component, driven by highly compensated subject matter experts, remains substantial.

High fixed costs for analyst and consulting staff compensation. The core expense is compensation for the analysts and consultants who produce the proprietary research and advice. The average annual compensation across Forrester Research, Inc. was reported at $82,705 for 2025. For senior roles, this cost is significantly higher; for instance, a Consulting Manager averaged $113,447. The CEO and Chairman, George Colony, had a reported base salary of $461.9K. These personnel costs form the bedrock of the cost structure, representing a large, relatively fixed expense base.

The cost structure for Q3 2025 reflects a deliberate effort to manage this base:

• Operating expenses on an adjusted basis for Q3 2025 were $89.8 million.
• This represented an 11% decrease compared to Q3 2024's adjusted operating expenses of $103.3 million.
• The reduction was primarily driven by lower compensation and related costs.
• Headcount was reduced by 8% in Q3 2025 versus the same period in 2024.

Significant investment in technology and AI platform development. A major variable cost, or at least a significant capital expenditure/R&D focus, is the ongoing development of proprietary technology, especially in artificial intelligence. The launch of the new self-service offering, Forrester AI Access, in Q3 2025 signals this commitment to embedding AI into the core product offering. Full-year 2025 adjusted guidance indicated that stock-based compensation expense, which often relates to rewarding technology talent, was expected to be between $12.0 million to $13.0 million.

Costs associated with producing global events and proprietary research. The cost of delivering research and running events is directly tied to revenue generation, though events costs can fluctuate heavily based on scheduling. The revenue breakdown for Q3 2025 shows the relative scale of these segments:

Revenue Segment (Q3 2025, in thousands)	Amount
Research Revenue	$72,652
Consulting Revenue	$21,475
Events Revenue	$168

The Events business saw a significant drop in revenue, going from $2,088 thousand in Q3 2024 to just $168 thousand in Q3 2025, suggesting either reduced activity or a shift in how these costs are recognized. The Research segment remains the largest revenue driver, implying its associated production costs are the largest component after personnel.

Sales and marketing expenses to drive contract value (CV) growth. Expenses related to sales and marketing are necessary to support the Contract Value (CV) metric, which is key to future recurring revenue. At the end of Q3 2025, the total contract value stood at $288.1 million, a 7% decline year-over-year. The company noted adjustments in sales methodology and marketing alignment were made to improve prospect follow-up rates, which directly relates to managing the efficiency of these selling costs.

Forrester Research, Inc. (FORR) - Canvas Business Model: Revenue Streams

You're looking at how Forrester Research, Inc. actually brings in the money as of late 2025. Honestly, it's still heavily weighted toward their core research offering, but the mix is shifting as they push new AI capabilities.

The subscription model remains the bedrock. Research subscriptions, which is their bread and butter, brought in $72.65 million for the third quarter of 2025. That made it the largest segment, though it did see a 6% drop year-over-year, reflecting some market pressures on client spending.

Consulting services provided a solid chunk, reporting $21.48 million in revenue for Q3 2025. To be fair, this segment also faced headwinds, with consulting revenue down 8% compared to the prior year, partly due to budget cuts noted in the U.S. federal government sector.

The Events and conferences stream is minimal in comparison, clocking in at just $168,000 for the quarter. It's clear that macroeconomic conditions are hitting this area hard right now.

Here's a quick look at the revenue breakdown for the quarter:

Revenue Stream	Q3 2025 Revenue (USD)	Year-over-Year Trend
Research Subscriptions	$72.65 million	Down 6%
Consulting Services	$21.48 million	Down 8%
Events and Conferences	$168,000	Facing headwinds

The total reported revenue for Q3 2025 was $94.3 million. What this estimate hides is the underlying health of the future book of business, which is tracked via contract value.

The multi-year contract value (CV) is a key forward-looking metric for Forrester Research, Inc. As of Q3 2025, the CV stood at $288.1 million. That figure was down 7% compared to the same point last year, but management is optimistic that new product launches will help stabilize this metric.

Beyond the billed services, Forrester Research, Inc. generates revenue through other means, which you need to account for when modeling their full stream:

• Licensing of data, frameworks, and proprietary tools.
• Revenue from their new self-service offering, Forrester AI Access, which is built on their generative AI tool, Izola.

The company is actively trying to shift the mix by focusing on AI innovations that they believe will unlock new growth opportunities. Finance: draft 13-week cash view by Friday.