Forrester Research, Inc. Interim Filing: Quarter Stays Profitable and Year-to-Date Loss Narrows, but Revenue Contracts on Both Windows

Bottom line

For FORRESTER RESEARCH, INC. (FORR), the interim filing on 10-Q covering the three-month period the three months ended June 30, 2026 and the six-month year-to-date period the six months ended June 30, 2026 (accession 0001193125-26-336932, CIK 0001023313, fiscal period period-ended-2026-06-30) shows a year-over-year deterioration on the top line on both windows, an earnings loss on the half-year window, and a quarter window that remains profitable but lower than the prior-year comparative. The unaudited interim consolidated financial statements are presented under GAAP for interim reporting and, as stated in Note 1, are recommended to be read alongside the audited consolidated financial statements and related notes that appear in the Forrester Research, Inc. annual filing.

On revenue, the three-month reporting period came in at $100,233,000 USD, which is lower than the prior-year comparative of $111,659,000 USD. The six-month year-to-date revenue was $185,687,000 USD, lower than $201,535,000 USD in the prior-year comparative. The filing evidence does not attribute this change to any single cause. The filing's source narrative does not isolate the drivers behind the top-line movement; readers should not infer a single cause from this analysis.

Operating income for the quarter was $3,398,000 USD, lower than the prior-year comparative of $6,956,000 USD, with the period retaining a profit rather than a loss. The six-month year-to-date operating result was an operating loss of -$15,232,000 USD, an improvement from the prior-year comparative operating loss of -$80,635,000 USD, though still a loss on both sides. The filing evidence does not attribute this change to any single cause.

Net income (loss) attributable to parent for the quarter was $15,253,000 USD, a profit that is lower than the prior-year comparative of $3,913,000 USD. The six-month year-to-date net result was a net loss of -$6,572,000 USD, which is a loss in both the current and prior-year periods of -$83,359,000 USD. Earnings per share, diluted, mirrors that pattern: $0.78 per diluted share USD/SHARES for the quarter versus $0.2 per diluted share USD/SHARES in the prior-year comparative, and -$0.34 per diluted share USD/SHARES for the half-year period versus -$4.39 per diluted share USD/SHARES in the prior-year comparative, with the half-year period remaining a loss on both sides. The filing evidence does not attribute this change to any single cause.

Source scope for this section is limited to the interim filing itself; The filing evidence contains no peer or industry comparison. The filing evidence contains no peer or industry comparison, so any relative read across the sector would require material outside this filing and is out of scope here.

Financial performance

- Forrester Research, Inc. (FORR, 0001023313) filed its interim report under 10-Q for period-ended-2026-06-30, accession 0001193125-26-336932. The filing covers a three-month reporting period and a six-month year-to-date period, with prior-year comparatives presented on the same calendar windows.

- The reported top line moved lower on both windows. Revenue from Contract with Customer, Excluding Assessed Tax for the three months ended was $100,233,000 USD, against $111,659,000 USD for the prior-year quarter. Revenue for the six-month year-to-date period was $185,687,000 USD, against $201,535,000 USD for the prior-year six-month window.

The authorized direction in each comparison is a decrease, with current and prior periods both positive. - The bottom line was mixed across the two windows. 2 per diluted share USD/SHARES.

The authorized direction for both line items in the quarter comparison is an increase, with both periods in profit and the transition described as profit to profit. - For the six-month year-to-date window the picture is different. 39 per diluted share USD/SHARES.

The authorized direction for both line items in the half-year comparison is an increase, but both periods are a loss and the transition is loss to loss. On a quarter-over-quarter basis the company remained profitable, while the cumulative six-month window remained unprofitable relative to the prior year. Operating Income (Loss) tracks the same shape: a quarterly profit of $3,398,000 USD versus $6,956,000 USD (direction: decrease, profit to profit), and a six-month loss of -$15,232,000 USD versus -$80,635,000 USD (direction: increase, loss to loss).

- Accounting context matters here. Per Note 5, the Company executed a third amendment of its existing Credit Agreement and modified repayment terms on the note during the first quarter; the borrower missed scheduled principal and interest payments due in December and June, default-risk assessment increased during the three months ended June, interest income recognition was suspended, and the carrying value of the note, net of the cumulative allowance for credit losses, is recorded within other assets. - Per Note 4, a quantitative goodwill impairment test performed as of March for the Research reporting unit resulted in a goodwill impairment charge, and the long-lived-asset quantitative assessment concluded that long-lived assets were not impaired.

Per Note 6, the Company disaggregates revenue. Per Note 7, the Company enters into a limited number of foreign currency derivative instruments. - Expectations language is absent from the cited material: no forward guidance statement of outlook is included in the catalogued evidence for this section.

The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison. - The quarter-over-quarter and year-over-year shape is most clearly seen in the Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows, which provides a clean contrast to the profit-to-profit quarter and loss-to-loss half-year pattern here.

Operating drivers and segments

the filing discusses how the Company groups its reporting units: discrete financial information is tracked where components of operating segments constitute a business, and operating results are regularly reviewed by segment management. The goodwill discussion in the cited note confirms that impairment testing is performed at the reporting unit level using key assumptions covering forecasted revenues, operating expenses, terminal rate, and an applicable discount rate for each reporting unit. Disaggregated revenue is presented in the cited revenue note, while goodwill and intangible balances are addressed in the cited goodwill note. For the three-month reporting period, the Company reports a profit on revenue of $100,233,000 USD, against a higher revenue base of $111,659,000 USD in the prior-year comparative. Operating income for the quarter was $3,398,000 USD, a decline from the prior-year quarterly profit of $6,956,000 USD, producing a quarter-over-quarter margin compression even though revenue also moved lower. For the six-month year-to-date period, the Company reports revenue of $185,687,000 USD versus $201,535,000 USD for the prior-year comparative, and a loss on the operating line of -$15,232,000 USD, against a smaller loss of -$80,635,000 USD in the prior-year comparative, so the operating loss widened year over year on a lower revenue base.

Management frames the interim results in three overlapping ways. First, the basis-of-presentation note stresses that the interim financial statements are unaudited, prepared under GAAP for interim reporting on the indicated form, and that certain footnote disclosures required for complete statements are omitted; management also reminds readers that the three- and six-month results may not be indicative of the full-year outcome. Second, the goodwill discussion indicates that the underlying assumptions used in impairment testing include forecasted revenues, operating expenses, terminal rate, and a discount rate at the reporting unit level, and that goodwill is not amortized but is required to be tested for impairment annually. Third, management addresses a specific credit item: a note receivable whose repayment terms were modified, where scheduled principal and interest payments were not received when due, leading to a reassessment of default risk, an updated current expected credit loss analysis, a carrying value reported net of a cumulative allowance, suspension of interest income recognition, and a contingent write-off process if amounts are determined to be uncollectible. The cited revenue note addresses disaggregated revenue presentation, and the cited marketable-investments note indicates realized gains or losses on sales were immaterial for the periods presented. Management does not separately attribute the operating loss or the revenue decline to any single driver. The filing evidence does not attribute this change to any single cause. Comparable peer and industry information is not included in the cited excerpt, so margin positioning versus the research-and-advisory peer set is not addressed by the filing itself. The filing evidence contains no peer or industry comparison.

A practical way to anchor the discussion is to contrast this interim with a peer file where revenue and net income both moved higher, such as REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing, which provides a directional counterpoint to Forrester Research, Inc.'s lower revenue and wider operating loss.

Cash flow and capital

- Operating cash flow stayed in positive territory across the two halves, with the latest six-month year-to-date figure of $25,023,000 USD exceeding the prior-year comparative of $23,096,000 USD under the authorized direction for the period covered by the Form 10-Q filed by FORRESTER RESEARCH, INC. under 10-Q period-ended-2026-06-30 (accession 0001193125-26-336932, CIK 0001023313, ticker FORR). The improvement frames the rest of the cash-flow picture: even with the goodwill impairment charge disclosed in the source narrative, cash generation from the core business is reported as higher rather than lower.

- Investing cash flow was a use of cash in both periods. The current six-month outflow of -$25,882,000 USD was lower in magnitude than the prior-year comparative of -$14,749,000 USD, consistent with the authorized direction. Capital spending (Payments to Acquire Property, Plant, and Equipment) rose from $1,250,000 USD to $18,238,000 USD in the authorized direction, indicating that the smaller investing outflow reflects other investing-line items rather than reduced capex.

- Financing cash flow was also a use of cash in both periods, with the current six-month figure of -$1,516,000 USD a smaller outflow than the prior-year comparative of -$250,000 USD under the authorized direction. The principal discretionary line, Payments for Repurchase of Common Stock, increased from $44,000 USD to $956,000 USD, again in the authorized direction. The contrast — higher buybacks paired with a smaller aggregate financing outflow — is consistent with offsetting movements on other financing lines, and The filing evidence does not attribute this change to any single cause..

- On the balance sheet at the period end (see the balance sheet date of June 30, 2026), Cash and Cash Equivalents, at Carrying Value stood at $59,515,000 USD and Long-term Debt, Excluding Current Maturities stood at $35,000,000 USD. Accounts Payable, Current was $1,299,000 USD, providing a working-capital snapshot alongside the credit-facility terms described in the cited debt note (Note 5), which includes maximum leverage, minimum interest coverage, minimum liquidity, and maximum annual capital expenditures covenants that govern how the capital structure can be redeployed.

- Capital allocation priorities implied by the disclosures are continuing buybacks under an authorized program (referenced in the equity note Note 1 and in Item 2) and continued, though modestly higher, capital spending. Goodwill and intangible assets are addressed in Note 4, marketable investments in Note 3, hedging in Note 7, and revenue recognition in Note 6. The filing evidence contains no peer or industry comparison..

Peer and historical context

- the filing for FORRESTER RESEARCH, INC. under accession 0001193125-26-336932 reports comparative figures across the three-month reporting period and the six-month year-to-date period. No earnings-per-share rows are present in this section's catalog, so EPS direction is not addressed here.

- Quarterly frame: Revenue from Contract with Customer, Excluding Assessed Tax for the three-month reporting period was $100,233,000 USD, against $111,659,000 USD in the prior-year comparative period. Operating Income (Loss) for the three-month reporting period was $3,398,000 USD (profit), versus $6,956,000 USD (profit) in the prior-year comparative period. Net Income (Loss) Attributable to Parent for the three-month reporting period was $15,253,000 USD (profit), versus $3,913,000 USD (profit) in the prior-year comparative period.

Across all three lines, the authorized direction descriptors are decrease for revenue, decrease for operating income, and increase for net income; transitions flagged in the catalog are profit to profit on operating income and profit to profit on net income. The revenue direction here is the only one that points lower than the prior-year comparative period within the quarterly window, while both earnings lines sit on profit-to-profit transitions, leaving a mixed pattern on the three-month frame. - Six-month year-to-date frame: Revenue from Contract with Customer, Excluding Assessed Tax for the six-month year-to-date period was $185,687,000 USD, against $201,535,000 USD in the prior-year comparative period.

Operating Income (Loss) for the six-month year-to-date period was -$15,232,000 USD (loss), versus -$80,635,000 USD (loss) in the prior-year comparative period. Net Income (Loss) Attributable to Parent for the six-month year-to-date period was -$6,572,000 USD (loss), versus -$83,359,000 USD (loss) in the prior-year comparative period. Net Cash Provided by (Used in) Operating Activities for the six-month year-to-date period was $25,023,000 USD, against $23,096,000 USD in the prior-year comparative period.

Across the year-to-date window the authorized directions are decrease on revenue, decrease on operating cash flow, increase on operating income, and increase on net income; transitions on operating income and net income are loss to loss, while operating cash flow sits positive in both periods. - Cross-frame read: the same two earnings lines flip sign between the three-month and six-month frames in 10-Q period-ended-2026-06-30 — quarterly operating income and net income print as profit, but the year-to-date aggregates print as loss.

Revenue contracts on both windows per the catalog's authorized direction, sitting below the prior-year comparative period in the three-month and six-month views alike. Operating cash flow is positive across both halves but lower in the current six-month frame than in the prior-year comparative period. - Limits on this section: the catalog does not list any peer or industry benchmark, so a side-by-side with other research and advisory firms cannot be drawn; that gap is captured by The filing evidence contains no peer or industry comparison..

Causality for the directional moves is not addressed by the ledger and is captured by The filing evidence does not attribute this change to any single cause.. - For breadth, readers cross-checking interim patterns can contrast this peer-and-historical read with a similarly structured interim write-up such as Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows.

Scenario analysis

- Reported facts: Revenue from Contract with Customer, Excluding Assessed Tax is lower than the prior-year comparative on both the three-month reporting period and the six-month year-to-date period; Net Income (Loss) Attributable to Parent for the three-month reporting period is higher than the prior-year comparative and remains a profit, while the six-month year-to-date period moves to a loss from a loss in the prior year. - Management explanations: none in the quoted source narrative tying top-line softness to a specific commercial driver; receivables and deferred-revenue accounting are described procedurally rather than as drivers of the period's revenue print. - Analyst inference: the central tendency for FORRESTER RESEARCH, INC. (ticker FORR, filing 10-Q for period-ended-2026-06-30, accession 0001193125-26-336932) embeds a top line that retrenches year over year on both windows while the quarter still earns more than it did a year ago and the half year still loses more than it did a year ago. - Counter-evidence: revenue is the only line that does not bend upward, and the half-year loss-to-loss transition is a deeper loss than the prior-year loss, so any read-through that the operating engine is fully stabilizing should be tempered by the six-month bottom-line direction. - Unknowns: which product or geography mix shifted; the size of any non-recurring item; segment-level movement. The filing evidence does not disclose segment-level detail for this dimension.

- Reported facts: the three-month reporting period shows higher Net Income (Loss) Attributable to Parent than the prior-year comparative and remains in profit; revenue is positive on both windows. - Management explanations: the credit-facility summary describes unconditionally guaranteed obligations and a first-priority lien on substantially all tangible and intangible assets, including intellectual property, which leaves liquidity and collateral headroom intact; capitalized commissions and deferred-revenue mechanics remain in place, supporting a recurring contracted base. - Analyst inference: a constructive path would layer the profit-to-profit lift on the three-month window onto stabilizing renewals, while the half-year loss would be expected to narrow toward break-even as the year progresses; a similar interim file shows profit-to-profit growth on both windows in Lizely Finance Earnings Analysis — ANI Pharmaceuticals Interim Filing: Profit-to-Profit Growth on Both Windows and Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows, illustrating how a recurring-revenue model can compound modest quarterly gains. - Counter-evidence: top-line contraction on both windows contradicts a pure "everything is improving" story; the six-month loss-to-loss transition argues against declaring the half year healed. - Unknowns: The filing evidence does not attribute this change to any single cause.

- Reported facts: Revenue from Contract with Customer, Excluding Assessed Tax contracts on both windows; the six-month year-to-date period posts a loss from a loss and the three-month reporting period shows lower Operating Income (Loss) than the prior-year comparative. - Management explanations: the source narrative flags that if the expected financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required — a credit-quality risk that would compound a revenue shortfall. - Analyst inference: a stress path combines softer contracted revenue with a higher allowance for expected credit losses and a re-leverage of fixed cost, leaving the six-month year-to-date loss wider than the prior-year loss even if the three-month profit-to-profit direction holds; the documented reliance on a first-priority lien on substantially all assets means stress would also raise the salience of debt covenants. - Counter-evidence: the three-month profit-to-profit lift and the positive cash-generation posture on operations provide partial offsets that cap how far a downside narrative can run. - Unknowns: the magnitude of customer concentrations driving the allowance, the path of new-logo bookings, and any non-recurring charge. The filing evidence contains no peer or industry comparison.; The filing evidence does not attribute this change to any single cause.

Risks and what to watch

- The six-month year-to-date bottom line moved from a loss in the prior-year comparative to a smaller loss in the current period, while the three-month bottom line stayed profitable on a year-over-year basis and improved in the same direction. -$83,359,000 -$6,572,000 $3,913,000 $15,253,000 - Top-line revenue moved the other way: on both the three-month reporting period and the six-month year-to-date period, contract revenue came in lower than the prior-year comparative. $111,659,000 $100,233,000 $201,535,000 $185,687,000 - The asymmetry between a still-declining top line and a recovering bottom line is the central tension for the next period.

Readers should track whether the year-to-date revenue contraction narrows, and whether the quarterly net income holds its positive direction while the year-to-date loss continues to shrink. $15,253,000 -$6,572,000 $100,233,000 $185,687,000 - Counter-evidence to a "clean recovery" reading sits inside the cited notes. The allowance for expected credit losses disclosure shows that the Company is still actively provisioning against receivables, and the policy language warns that additional allowances may be required if customer financial condition deteriorates, or that allowances may be reduced if it improves.

That policy framing is a two-way risk that the filing evidence does not resolve. - The derivatives and hedging note adds a second counter-signal: the Company entered into five foreign currency forward exchange contracts in the current six-month year-to-date period, more than the number it entered into in the prior-year comparative six-month period, and these contracts are not designated as hedges, so realized and unrealized gains and losses flow through other income, net rather than being deferred. Currency noise therefore sits openly in the reported results rather than being smoothed.

- The Company also elected a practical expedient to account for deferred contract acquisition costs at a portfolio level and stated that there were no impairments of deferred commissions recorded during either six-month period presented, which limits the impairment-related downside in this line for the moment but is a policy choice that bears watching. The same Note discloses that the Company does not record deferred revenue on unpaid invoices issued under cancelable contracts, which means cash collection risk on those contracts is not visible through the deferred revenue balance.

- Unknowns that the filing does not settle: a single driver for either the revenue decline or the net-income improvement, a segment-level split of either the revenue contraction or the credit-loss provision, and any peer or industry comparison that would frame whether the revenue softness is firm-specific or sector-wide. The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison.

The filing evidence does not disclose segment-level detail for this dimension. - For the next period, the metrics to watch are: the trajectory of contract revenue against the prior-year comparative, the size and sign of the quarterly and year-to-date net income lines, the movement in the expected credit loss allowance balance, the count and settlement gains or losses on the unhedged foreign currency forward exchange contracts, and any change in the credit-amendment language under the cited debt note that could affect liquidity headroom.

A reader weighing a related interim-filing pattern can also compare the direction set here against the Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows write-up to gauge how profit-to-profit transitions have looked elsewhere.