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Stockholders' Equity
 3 Months Ended
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 model 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 Board 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 not repurchase any shares of common stock. From the inception of the program through March 31, 2026, the Company repurchased 18.2 million shares of common stock at an aggregate cost of $532.5 million.