Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Components of Stockholders' Equity

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


	Three Months Ended June 30, 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 March 31, 2026		25,697			$	257			$	307,236			$	30,749				6,522			$	(229,615	)		$	(2,573	)		$	106,054
Issuance of common stock under stock plans, including tax effects		252				2				(710	)			—				—				—				—				(708	)
Repurchases of common stock		—				—				—				—				143				(1,107	)			—				(1,107	)
Stock-based compensation expense		—				—				2,599				—				—				—				—				2,599
Net income		—				—				—				15,253				—				—				—				15,253
Net change in marketable investments, net of tax		—				—				—				—				—				—				(27	)			(27	)
Foreign currency translation		—				—				—				—				—				—				(424	)			(424	)
Balance at June 30, 2026		25,949			$	259			$	309,125			$	46,002				6,665			$	(230,722	)		$	(3,024	)		$	121,640


	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


	Six Months Ended June 30, 2026
	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, 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		414				4				(432	)			—				—				—				—				(428	)
Repurchases of common stock		—				—				—				—				143				(1,107	)			—				(1,107	)
Stock-based compensation expense		—				—				5,153				—				—				—				—				5,153
Net loss		—				—				—				(6,572	)			—				—				—				(6,572	)
Net change in marketable investments, net of tax		—				—				—				—				—				—				(87	)			(87	)
Foreign currency translation		—				—				—				—				—				—				(1,844	)			(1,844	)
Balance at June 30, 2026		25,949			$	259			$	309,125			$	46,002				6,665			$	(230,722	)		$	(3,024	)		$	121,640


	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

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the six months ended June 30, 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			718				6.30
Vested			(479	)			17.17
Forfeited			(156	)			14.68
Unvested at June 30, 2026			1,967			$	11.72

Schedule of Stock Option Activity

Stock option activity for the six months ended June 30, 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			(25	)			33.00
Outstanding at June 30, 2026			323			$	15.79				8.12			$	—
Exercisable at June 30, 2026			125			$	22.06				7.47			$	—
Vested and expected to vest at June 30, 2026			323			$	15.79				8.12			$	—

Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations

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,
		2026				2025				2026				2025
Cost of services and fulfillment		$	1,673			$	2,460			$	3,396			$	4,178
Selling and marketing			317				491				573				499
General and administrative			904				1,035				1,644				1,781
Total		$	2,894			$	3,986			$	5,613			$	6,458

Fair Value of Options Granted Under Equity Incentive Plan and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions

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,
		2026				2025								2026				2025
		Employee Stock Purchase Plan				Employee Stock Purchase Plan				Equity Incentive Plans				Employee Stock Purchase Plan				Employee Stock Purchase Plan				Equity Incentive Plans
Average risk-free interest rate			3.72	%			4.27	%			3.91	%			3.72	%			4.27	%			3.91	%
Expected dividend yield			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%
Expected life		0.5 Years				0.5 Years				4.50 Years				0.5 Years				0.5 Years				4.50 Years
Expected volatility			56	%			38	%			36	%			56	%			38	%			36	%
Weighted average fair value		$	1.88			$	2.86			$	3.38			$	1.88			$	2.86			$	3.38