Stockholders' Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Stockholders' Equity

Note 14 — Stockholders’ Equity

The components of stockholders’ equity are as follows (in thousands):

	Three Months Ended June 30, 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 March 31, 2025		25,262	$	253	$	294,922		$	84,662		6,282	$	(227,119	)	$	(5,284	)	$	147,434
Issuance of common stock under    stock plans, including tax effects		99		1		(442	)		—		—		—			—			(441	)
Stock-based compensation expense		—		—		3,649			—		—		—			—			3,649
Net income		—		—		—			3,913		—		—			—			3,913
Net change in marketable investments,    net of tax		—		—		—			—		—		—			4			4
Foreign currency translation		—		—		—			—		—		—			4,980			4,980
Balance at June 30, 2025		25,361	$	254	$	298,129		$	88,575		6,282	$	(227,119	)	$	(300	)	$	159,539

	Three Months Ended June 30, 2024
	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 March 31, 2024		24,881	$	249	$	281,453		$	171,008		5,639	$	(215,246	)	$	(6,533	)	$	230,931
Issuance of common stock under    stock plans, including tax effects		16		—		(83	)		—		—		—			—			(83	)
Repurchases of common stock		—		—		—			—		202		(3,918	)		—			(3,918	)
Stock-based compensation expense		—		—		4,025			—		—		—			—			4,025
Net income		—		—		—			6,292		—		—			—			6,292
Net change in marketable investments,    net of tax		—		—		—			—		—		—			18			18
Foreign currency translation		—		—		—			—		—		—			(211	)		(211	)
Balance at June 30, 2024		24,897	$	249	$	285,395		$	177,300		5,841	$	(219,164	)	$	(6,726	)	$	237,054

	Six Months Ended June 30, 2025
	Common Stock										Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		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		242		3		(209	)		—			—		—			—			(206	)
Stock-based compensation expense		—		—		6,121			—			—		—			—			6,121
Net loss		—		—		—			(83,359	)		—		—			—			(83,359	)
Net change in marketable investments,    net of tax		—		—		—			—			—		—			8			8
Foreign currency translation		—		—		—			—			—		—			7,438			7,438
Balance at June 30, 2025		25,361	$	254	$	298,129		$	88,575			6,282	$	(227,119	)	$	(300	)	$	159,539

	Six Months Ended June 30, 2024
	Common Stock										Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital			Retained Earnings			Number of Shares		Cost			Other Comprehensive Loss			Total Stockholders' Equity
Balance at December 31, 2023		24,684	$	247	$	278,057		$	177,681			5,437	$	(211,149	)	$	(4,571	)	$	240,265
Issuance of common stock under    stock plans, including tax effects		213		2		(261	)		—			—		—			—			(259	)
Repurchases of common stock		—		—		—			—			404		(8,015	)		—			(8,015	)
Stock-based compensation expense		—		—		7,599			—			—		—			—			7,599
Net loss		—		—		—			(381	)		—		—			—			(381	)
Net change in marketable investments,    net of tax		—		—		—			—			—		—			24			24
Foreign currency translation		—		—		—			—			—		—			(2,179	)		(2,179	)
Balance at June 30, 2024		24,897	$	249	$	285,395		$	177,300			5,841	$	(219,164	)	$	(6,726	)	$	237,054

Equity Plans

Restricted stock unit activity for the six months ended June 30, 2025 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2024		1,253		$	27.42
Granted		1,296			9.42
Vested		(252	)		26.87
Forfeited		(119	)		26.88
Unvested at June 30, 2025		2,178		$	16.80

Stock option activity for the six months ended June 30, 2025 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, 2024		167		$	33.29
Granted		303			9.36
Forfeited		(25	)		33.71
Outstanding at June 30, 2025		445		$	16.95		8.63	$	164
Exercisable at June 30, 2025		85		$	33.34		5.29	$	—
Vested and expected to vest at June 30, 2025		445		$	16.95		8.63	$	164

No stock options were exercised during the three and six months ended June 30, 2025.

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				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Cost of services and fulfillment	$	2,460	$	2,513	$	4,178	$	4,635
Selling and marketing		491		559		499		1,158
General and administrative		1,035		953		1,781		1,806
Total	$	3,986	$	4,025	$	6,458	$	7,599

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									Six Months Ended
	June 30,									June 30,
	2025						2024			2025						2024
	Employee Stock Purchase Plan			Equity Incentive Plans			Employee Stock Purchase Plan			Employee Stock Purchase Plan			Equity Incentive Plans			Employee Stock Purchase Plan
Average risk-free interest rate		4.27	%		3.91	%		5.36	%		4.27	%		3.91	%		5.36	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			4.50 Years			0.5 Years			0.5 Years			4.50 Years			0.5 Years
Expected volatility		38	%		36	%		39	%		38	%		36	%		39	%
Weighted average fair value	$	2.86		$	3.38		$	5.46		$	2.86		$	3.38		$	5.46

Liability-Classified Awards

During 2025, 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 do not result in an impact to the Company’s stockholders’ equity balance. During the three and six months ended June 30, 2025, the company recorded $0.3 million of stock-based compensation expense related to these awards.

Treasury Stock

As of June 30, 2025, 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 the three and six months ended June 30, 2025, the Company did not repurchase any shares of common stock, however the Company did pay $44 thousand of excise taxes related to its 2024 purchases during this period. During the three and six months ended June 30, 2024, the Company repurchased approximately 0.2 million shares and 0.4 million shares of common stock at an aggregate cost of approximately $3.9 million and $8.0 million, respectively. From the inception of the program through June 30, 2025, the Company repurchased 18.0 million shares of common stock at an aggregate cost of $530.0 million.