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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
Stockholders' Equity | Note 14 — Stockholders’ Equity The components of stockholders’ equity are as follows (in thousands):
| Three Months Ended March 31, 2026 |
| Common Stock |  |  |  |  |  |  |  |  | Treasury Stock |  |  | Accumulated |  |  |  |
| Number of Shares |  |  | $0.01ParValue |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Number of Shares |  |  | Cost |  |  | Other Comprehensive Loss |  |  | Total Stockholders' Equity |
Balance at December 31, 2025 |  | 25,535 |  |  | $ | 255 |  |  | $ | 304,404 |  |  | $ | 52,574 |  |  |  | 6,522 |  |  | $ | (229,615 | ) |  | $ | (1,093 | ) |  | $ | 126,525 |
Issuance of common stock under stock plans, including tax effects |  | 162 |  |  |  | 2 |  |  |  | 278 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 280 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,554 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,554 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (21,825 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (21,825 | )
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (60 | ) |  |  | (60 | )
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,420 | ) |  |  | (1,420 | )
Balance at March 31, 2026 |  | 25,697 |  |  | $ | 257 |  |  | $ | 307,236 |  |  | $ | 30,749 |  |  |  | 6,522 |  |  | $ | (229,615 | ) |  | $ | (2,573 | ) |  | $ | 106,054 |
| Three Months Ended March 31, 2025 |
| Common Stock |  |  |  |  |  |  |  |  | Treasury Stock |  |  | Accumulated |  |  |  |
| Number of Shares |  |  | $0.01ParValue |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Number of Shares |  |  | Cost |  |  | Other Comprehensive Loss |  |  | Total Stockholders' Equity |
Balance at December 31, 2024 |  | 25,119 |  |  | $ | 251 |  |  | $ | 292,217 |  |  | $ | 171,934 |  |  |  | 6,282 |  |  | $ | (227,119 | ) |  | $ | (7,746 | ) |  | $ | 229,537 |
Issuance of common stock under stock plans, including tax effects |  | 143 |  |  |  | 2 |  |  |  | 233 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 235 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,472 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,472 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (87,272 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (87,272 | )
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 4 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,458 |  |  |  | 2,458 |
Balance at March 31, 2025 |  | 25,262 |  |  | $ | 253 |  |  | $ | 294,922 |  |  | $ | 84,662 |  |  |  | 6,282 |  |  | $ | (227,119 | ) |  | $ | (5,284 | ) |  | $ | 147,434 |
Equity Plans Restricted stock unit activity for the three months ended March 31, 2026 is presented below (in thousands, except per share data):
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Unvested at December 31, 2025 |  |  | 1,884 |  |  | $ | 15.41 |
Granted |  |  | 276 |  |  |  | 6.87 |
Vested |  |  | (98 | ) |  |  | 33.60 |
Forfeited |  |  | (79 | ) |  |  | 14.72 |
Unvested at March 31, 2026 |  |  | 1,983 |  |  | $ | 13.36 |
Stock option activity for the three months ended March 31, 2026 is presented below (in thousands, except per share data and contractual term):
|  |  |  |  | Weighted - |  |  | Weighted - |  |  |  |
|  |  |  |  | Average |  |  | Average |  |  |  |
|  |  |  |  | Exercise |  |  | Remaining |  |  | Aggregate |
|  | Number |  |  | Price Per |  |  | Contractual |  |  | Intrinsic |
|  | of Shares |  |  | Share |  |  | Term (in years) |  |  | Value |
Outstanding at December 31, 2025 |  |  | 348 |  |  | $ | 16.99 |  |  |  |  |  |  |
Forfeited |  |  | (23 | ) |  |  | 32.65 |  |  |  |  |  |  |
Outstanding at March 31, 2026 |  |  | 325 |  |  | $ | 15.92 |  |  |  | 8.32 |  |  | $ | — |
Exercisable at March 31, 2026 |  |  | 68 |  |  | $ | 33.55 |  |  |  | 6.39 |  |  | $ | — |
Vested and expected to vest at March 31, 2026 |  |  | 325 |  |  | $ | 15.92 |  |  |  | 8.32 |  |  | $ | — |
No stock options were granted or exercised during the three months ended March 31, 2026. Stock-Based Compensation Forrester recognizes the fair value of stock-based compensation over the requisite service period of the individual grantee, which generally equals the vesting period. Stock-based compensation was recorded in the following expense categories in the Consolidated Statements of Operations (in thousands):
|  | Three Months Ended |
|  | March 31, |
|  | 2026 |  |  | 2025 |
Cost of services and fulfillment |  | $ | 1,723 |  |  | $ | 1,718 |
Selling and marketing |  |  | 256 |  |  |  | 8 |
General and administrative |  |  | 740 |  |  |  | 746 |
Total |  | $ | 2,719 |  |  | $ | 2,472 |
Forrester utilizes the Black-Scholes valuation mod el for estimating the fair value of options granted under the equity incentive plans and shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions:
|  | Three Months Ended |
|  | March 31, |
|  | 2026 |  |  | 2025 |
|  | Employee Stock Purchase Plan |  |  | Employee Stock Purchase Plan |
Average risk-free interest rate |  |  | 3.72 | % |  |  | 4.27 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected life |  | 0.5 Years |  |  | 0.5 Years |
Expected volatility |  |  | 56 | % |  |  | 38 | %
Weighted average fair value |  | $ | 1.88 |  |  | $ | 2.86 |
Liability-Classified Awards During 2026, the Company granted stock awards that are being accounted for as liability awards, such that the fair value of the awards are determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are recorded in accrued expenses and other current liabilities. During the three months ended March 31, 2026, the Company recorded $0.2 million of stock-based compensation expense related to these awards. Treasury Stock As of March 31, 2026, Forrester’s B oard of Directors had authorized an aggregate $610.0 million to purchase common stock under its stock repurchase program. The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. During both the three months ended March 31, 2026 and 2025, the Company did no t repurchase any shares of common stock. From the inception of the program through March 31, 2026, the Company repurc hased 18.2 millio n shares of common stock at an aggregate cost of $532.5 mi lli on.

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