Here are a couple of analogies for Forrester Research:

• S&P Global for business and technology strategy.
• Consumer Reports for business technology and strategy.

• Research Subscriptions: Provides business and technology leaders with access to future trends, market forecasts, buyer data, best practice models, and vendor evaluations through online platforms.
• Consulting Services: Offers project-based engagements and advisory services to help clients with strategy development, technology selection, organizational structuring, and marketing/sales effectiveness.
• Events: Hosts in-person and virtual conferences and forums covering topics such as B2B marketing, customer experience, security, and technology innovation for industry leaders.

George F. Colony, Founder, Chairman, and Chief Executive Officer

George F. Colony founded Forrester Research in his basement in Cambridge, Massachusetts, in 1983 and has since built it into a successful global research and advisory firm. He graduated from Harvard University in 1973. Colony is recognized as one of the most influential thought leaders in business and technology, providing advice to executives of Fortune 100 and Fortune 500 organizations. He is the largest individual shareholder of Forrester, owning approximately 38.85% of the company's shares.

L. Christian Finn, Chief Financial Officer

Chris Finn serves as Forrester's Chief Financial Officer, responsible for all finance functions, including accounting, tax, treasury, investor relations, and corporate strategy. He brings over 25 years of financial and operational experience to the role, having been appointed CFO on September 13, 2021. Prior to joining Forrester, Finn was the Vice President of Finance at LogMeIn, where he led financial planning and analysis and global procurement, helping to scale the company's revenues from $250 million to over $1 billion. He also served as CFO of the $1 billion healthcare division at Nuance and held leadership positions in finance at Progress Software, First Wind, and Monster Worldwide. Finn holds a BBA from the University of Miami and an MBA from Boston University's Questrom School of Business.

Carrie Johnson, Chief Product Officer

Carrie Johnson leads Forrester's product portfolio, which includes research, consulting, and event products, and is responsible for product management and digital strategy. She previously held the role of Chief Research Officer at Forrester and has served in various research positions within the company for over 20 years, including SVP, Research and Group Director. As an analyst, Johnson focused on the dynamics of online retailing, consumer eCommerce adoption, and multichannel behavior. Before her tenure at Forrester, she worked at the Harvard Business School, where she authored case studies. Johnson is a magna cum laude graduate of Bowdoin College.

Sharyn Leaver, Chief Research Officer

Sharyn Leaver leads Forrester's global research organization, overseeing the analyst, executive partner, and analytics teams responsible for creating powerful ideas and objective content for clients.

Michael Facemire, Chief Technology Officer

Michael Facemire serves as Forrester's Chief Technology Officer, guiding the strategic vision and execution of the company's technological initiatives.

1. Declining Subscription Renewal Rates and Client Attrition: Forrester Research faces a significant risk from declining subscription renewal rates and client attrition, which directly impacts its core revenue streams. The company reported a 14% year-over-year drop in client count in Q1 2025, primarily due to the loss of smaller vendor clients. Total revenues declined in both 2024 and Q1 2025, with projections indicating a potential revenue decrease of 4.0% to 7.5% for the entirety of 2025 compared to 2024. This trend is also reflected in a 7% decrease in contract value year-over-year in Q1 2025. The company's success is highly dependent on ongoing demand for its subscription-based research services and maintaining high renewal rates, making any decline in these areas a material financial risk.
2. Vulnerability to Economic Downturns and Macroeconomic Pressures: Economic downturns and prevailing macroeconomic pressures pose a substantial risk to Forrester Research, as they directly influence client spending on discretionary research, consulting projects, and event attendance. The company's sales and earnings have been pressured by macro factors, leading to client spending cuts. For example, the events segment experienced a sharp 42% decline in revenue in Q4 2024, indicating clients are pulling back on non-essential expenditures. This economic uncertainty is a key factor impacting the company's contract value and overall financial performance.
3. Intense and Evolving Competitive Landscape, including Potential AI Disintermediation: Forrester operates in a robust and intensifying competitive landscape, facing direct competition from established research and advisory firms like Gartner and IDC, as well as emerging niche players. This competition can lead to pricing pressure and loss of market share. Furthermore, the rapid advancement and integration of Artificial Intelligence (AI) and machine learning present a potential long-term disintermediation risk. While Forrester is investing in AI capabilities and integrating AI research into its services, AI could automate a significant portion of data analysis and insight generation, potentially enabling clients to fulfill their research needs internally or through alternative, more efficient AI-driven solutions, thereby reducing reliance on traditional research and advisory services.

The rapid development and adoption of advanced AI and large language models (LLMs) represent a clear emerging threat. These AI platforms can synthesize vast amounts of data, generate sophisticated market analyses, develop strategic recommendations, and perform vendor evaluations. This capability enables businesses to internally generate or access real-time, customized insights and advisory services more quickly and at a potentially lower cost than traditional subscription research and human-led consulting models, directly challenging Forrester's core Research and Consulting segments.

Forrester Research (symbol: FORR) operates within three main segments: Research, Consulting, and Events. The addressable markets for these services are sized as follows:

• Consulting: The global IT consulting services market was approximately USD 78.03 billion in 2024 and is projected to reach around USD 129.15 billion by 2034. Other estimates place the global IT consulting services market size at USD 69.59 billion in 2025, expected to rise to USD 106.58 billion by 2034. Additionally, the global IT consulting market size is projected to grow from $111.95 billion in 2025 to $209.99 billion in 2030.
• Events: The global corporate events market was valued at $325 billion in 2023 and is expected to grow to nearly $600 billion by 2029. Other estimates indicate the corporate events market was valued at USD 360.8 billion in 2024 and is projected to grow from USD 386.75 billion in 2025 to reach USD 548.26 billion by 2030.
• Research: The global market research services market size grew from $93.37 billion in 2025 to $96.77 billion in 2026, and is expected to reach $116.02 billion in 2030.

Forrester Research (FORR) is focusing on several key drivers to stimulate future revenue growth over the next two to three years, primarily centered on its core research business and strategic initiatives.

The expected drivers of future revenue growth for Forrester Research include:

• Growth in AI-powered research and product offerings: Forrester is making a decisive move towards AI-driven research and product offerings, with initiatives like "AI Access" being a significant driver. Since its September debut, AI Access has generated over $5 million in bookings, and unique users of Forrester AI increased by 55% year-over-year in Q4 2025, with prompts up 65%. The company views AI as a transformative opportunity to enhance the value of its research, making it more accessible and enabling clients to create new content from Forrester's data and models.
• Enhanced client retention and expansion within the core research business: A strategic focus for Forrester is to increase retention rates and drive growth within both existing and new client accounts. The full migration of its research products to the "Forrester Decisions" platform, which captured 80% of contract value by the end of 2024, is aimed at boosting primary offerings and client benefits, thereby leading to higher renewal rates. Client retention improved to 87% by the end of 2025, and client count increased in Q4 2025, marking the first quarterly increase in this metric since Q4 2021.
• Improved go-to-market execution and sales efficiency: Forrester is refining its go-to-market execution and strengthening its sales strategies to accelerate a return to contract value growth. The company has appointed a Chief Sales Officer with a focus on cultivating a "culture of growth within sales" and improving go-to-market execution.

Share Repurchases

• Forrester Research had over $77 million of its stock repurchase authorization intact as of Q4 2025.
• The company did not repurchase any shares in the fourth quarter of 2025.
• As of March 2026, the 2025 Annual Report referenced possible future share repurchases, but no specific commitments or amounts were disclosed for the upcoming year.

Share Issuance

• As of March 6, 2026, Forrester had 19,176,000 shares of common stock outstanding.
• The company's market capitalization has experienced a compound annual growth rate (CAGR) of -32.80% over the past five years, indicating a decrease in market cap.

Outbound Investments

• In 2025, Forrester launched an AI-based product called AI Access, which generated over $5 million in bookings.
• The company plans to utilize a portion of its cost savings in 2026 to fund focused investments in AI to capitalize on growth opportunities.

Capital Expenditures

• Capital expenditure for the full year 2025 was $3 million.
• Management believes Forrester has adequate cash and cash flows to satisfy capital expenditure needs, including planned renovations of its Cambridge, MA office.
• Ongoing investment in office space and service enhancements is highlighted as a positive signal supporting valuation stability.