The EPS beat and raised guidance low end are positive, but the persistent YoY revenue decline and widening GAAP loss remain concerns. Watch for Q4 results to see if the new AI products (AI Access Plus, Team Solutions) can stabilize or reverse the revenue trend.
Price Chart
Executive Summary
Forrester Research reported Q3 2026 adjusted EPS of $0.24, beating the $0.20 consensus, on revenue of $86.1M which also exceeded the $81.8M estimate. However, total revenue declined 8.7% YoY to $86.1M from $94.3M, and GAAP net loss widened to $4.4M from $2.1M a year ago. The company raised the low end of its full-year 2026 adjusted EPS guidance to $0.77-$0.82 from $0.72-$0.82, while maintaining the revenue guidance range of $350M-$360M.
Key Financial Metrics
Key Facts
- Q3 2026 total revenue $86.1M, down 8.7% YoY from $94.3M
- GAAP net loss $4.4M ($0.23 per share) vs loss of $2.1M ($0.11) a year ago
- Adjusted net income $4.7M ($0.24 per share) vs $7.2M ($0.37) a year ago
- Adjusted EPS of $0.24 beat consensus estimate of $0.20
- Revenue of $86.1M beat consensus estimate of $81.8M
- Full-year 2026 adjusted EPS guidance raised to $0.77-$0.82 from $0.72-$0.82 (low end raised)
- Full-year 2026 revenue guidance maintained at $350M-$360M
- Contract value $281.9M, down 3.5% YoY
- Client retention 78%, wallet retention 89%
- Repurchased $11.3M of common stock YTD through Q3 2026
- Debt reduced to $30M from $35M at year-end 2025
- Operating cash flow $33.4M YTD vs $24.3M a year ago
Financial Impact
Revenue declined $8.2M YoY (8.7%), adjusted net income declined $2.5M YoY (35%), but EPS beat consensus by $0.04 (20%)
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Research | $70.1M | -3.5% |
| Consulting | $14.7M | -31.3% |
| Events | $1.2M | +629.2% |
Risk Factors
- Revenue has declined YoY for three consecutive quarters (Q1, Q2, Q3 2026)
- GAAP net loss widened to $4.4M from $2.1M in Q3 2025
- Contract value continues to shrink, down 3.5% YoY to $281.9M
- Consulting revenue dropped sharply to $14.7M from $21.5M (31.4% decline)
- Headcount reduced to 1,337 from 1,485 a year ago (10% reduction)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-437770 |
| Document: forr-20261029.htm | 0001193125-26-437770 |
| Document: 0001193125-26-437770-index-headers.html | 0001193125-26-437770 |
| Document: 0001193125-26-437770-index.html | 0001193125-26-437770 |
| Document: 0001193125-26-437770.txt | 0001193125-26-437770 |
| 8-K Data (Synthetic) | 0001193125-26-437770 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $12.01 | awaiting T+20 | awaiting T+20 | $11.01 (−8.33%) |
Aug 20, 2026 10w ago | Insider Cluster | $11.78 $11.34 | ▼ −3.74% | ▼ −4.75% | $11.01 (−6.54%) |
US Market Status
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