Forrester Research, Inc. (FORR)

NASDAQIndustrialsConsulting ServicesSnapshot 2026-10-23

$12.48+0.32%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Forrester Research, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	87.72M
EPS	—	0.205
FY 2026 · Annual
Revenue	—	355.15M
EPS	$0.72–$0.82non-GAAP	0.775
Operating margin	6%–6.5%non-GAAP	—
FY 2027 · Annual
Revenue	—	357.68M
EPS	—	0.905

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Improve operating margin to -3.3% to -2.8% in 2026	It plans to improve its operating margin to near -3%.	Under Pressure	Operating margin worse than -3.3% in FY26	Operating margin: 3.39% FY2026-Q2; GAAP. Published target: Operating margin between -3.3% and -2.8%. Target period is not explicitly aligned with this observation. Source published Aug 6, 20263.390101 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 94cd421a-3cd6-4e0f-8085-54297db2a62d. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 2 quarters. GAAP operating income was $3.4M in 2026-Q2 and negative $18.6M in 2026-Q1, with full-year 2026 guidance targeting operating margin between negative 3.5% and negative 3.0%. The trajectory shows improvement from prior year losses but remains negative, consistent with management's stated target. Delivery assessment Oct 24, 2026
Achieve revenue of $350M to $360M in 2026	A primary condition in Forrester Research, Inc.'s published investment case. The stated target is ~$355M total revenue.	Under Pressure	Revenue falls below $350M in FY26	Revenue: $100.233M FY2026-Q2; GAAP. Published target: ~$355M total revenue. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026100,233,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 94cd421a-3cd6-4e0f-8085-54297db2a62d. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 2 quarters. Revenue was $85.5M in 2026-Q1 and $100.2M in 2026-Q2, totaling $185.7M for first half 2026, compared with $201.5M in first half 2025. Management maintains full-year 2026 revenue guidance of $350M to $360M, reflecting a decline versus prior year. The trajectory is mixed with revenue down year-over-year but guidance stable. Delivery assessment Oct 24, 2026
Implement workforce reduction by 8%	A supporting condition in Forrester Research, Inc.'s published investment case. The stated target is Reduce workforce by approximately 8%.	Intact	Workforce reduction less than 8% or reversed	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 2 quarters. The company announced an 8% workforce reduction to be completed by July 31, 2026. Headcount declined from 1,395 in 2026-Q1 to 1,361 in 2026-Q2, indicating progress consistent with management's plan. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenue: comparable history unavailable.

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	Unavailable	2 / 2
2026-07-25	Unavailable	Unavailable	2 / 2
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2026-10-24	Unavailable	Unavailable	2 / 2

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	0	1	0
2026-06-01	0	1	0
2026-07-01	0	1	0
2026-08-01	0	1	0
2026-09-01	0	1	0
2026-10-01	0	1	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 0 Buy / Strong Buy · 1 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Improve operating margin to -3.3% to -2.8% in 2026Published status: Under Pressure
Achieve revenue of $350M to $360M in 2026Published status: Under Pressure
Implement workforce reduction by 8%Direct metric needs a verified mapping

Next proof point

Oct 29, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.7%Typical daily move · historical

Downside history

-45.8%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Forrester Research, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a high-risk turnaround case, not a proven durable compounder. The thesis is on watch: management is stable, but recent financial performance remains weak and below its industry cohort.

What's priced into Forrester Research, Inc.

The valuation evidence is mixed: FORR is tagged as justified, while one measure says it is cheap versus peers and another shows a peer premium. The expectations gap is negative, but its meaning is not defined in the evidence, so it is difficult to tell precisely what the market assumes.

What the fundamentals likely do

Near term, revenue remains under pressure: first-half 2026 revenue was lower than the same period in 2025, and full-year guidance still calls for a decline versus the prior year. Operating results improved in the second quarter and headcount reductions are under way, but margins remain negative; the latest reported quarter was an earnings beat after a prior-quarter miss, with guidance risk still present.

What Forrester Research, Inc. hinges on

The multi-year case hinges on whether revenue stabilizes while workforce cuts help margins reach management’s negative 3.5% to negative 3.0% operating-margin goal for 2026. A guidance cut would weaken the case; continued strength or deterioration among sector bellwethers EFX, BAH, and FCN could also affect the sector backdrop.