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Gartner (IT) FY2025 results: revenue $6.5 billion, up 3.7% on the year

Gartner Inc. (IT) reported revenue of $6.5 billion for fiscal 2025, the year ended 31 December 2025, up 3.7% on the year before. Net income was $729 million, down 41.8%, and diluted earnings per share $9.65. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$6.5 billion
+3.7% on the year
FY2018FY2025
Operating margin
15.8%
18.4% a year earlier
FY2018FY2025
Net income
$729 million
-41.8% on the year
FY2018FY2025
Diluted EPS
$9.65
-39.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Fourth-quarter revenue rose 2 percent: Revenues were $1,753 million, up 2% as reported and unchanged on a foreign-currency-neutral basis.
  • Net income fell; adjusted EBITDA rose: Net income was $242 million, down 39%. Adjusted EBITDA was $436 million, up 5% as reported and up 1% FX neutral.
  • Contract value grew 1 percent: Total contract value was $5.2 billion, up 1% year on year on an FX neutral basis.
  • Selling and admin costs rose: Selling, general and administrative expense was $797.9 million, up from $771.2 million. Cost of services and product development fell to $572.6 million from $574.9 million.
  • Operating cash flow and free cash flow fell: Operating cash flow was $295 million, down 12%. Free cash flow was $271 million, down 13%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Gartner sells business and technology insight to over 13,000 enterprises in approximately 90 countries and territories, across functions, geographies, industries and sectors. It reports three segments: Business and Technology Insights, Conferences and Consulting. The Insights segment was called Research until the second quarter of 2025, when the company renamed it. In the third quarter of 2025 it reorganised internally and concluded that Gartner Digital Markets, previously part of Insights, was an operating segment but not a reportable one, so its results moved into Other; the company completed the sale of that business on 5 February 2026 for approximately 110 million dollars before customary adjustments.

Gartner Inc., the 10-K for 2025

Gartner sells business and technology insight to over 13,000 enterprises in approximately 90 countries and territories, across functions, geographies, industries and sectors. It reports three segments: Business and Technology Insights, Conferences and Consulting. The Insights segment was called Research until the second quarter of 2025, when the company renamed it. In the third quarter of 2025 it reorganised internally and concluded that Gartner Digital Markets, previously part of Insights, was an operating segment but not a reportable one, so its results moved into Other; the company completed the sale of that business on 5 February 2026 for approximately 110 million dollars before customary adjustments.

Insights

The segment sells subscriptions giving clients on-demand access to published content, data and benchmarks, and direct access to a network of more than 2,400 business and technology experts, whose products address each role across an enterprise. Inside the segment, Global Technology Sales serves users and providers of technology while Global Business Sales serves other functional leaders in areas such as human resources, supply chain, finance and marketing. The research agenda follows client needs, with the company in steady contact with over 13,000 distinct client enterprises, publishing tens of thousands of pages of original content a year and recording more than 510,000 direct client interactions in 2025. Content reaches clients as reports, briefings, updates and related tools, delivered to their computers or mobile devices through the company's website and product-specific portals. Clients normally sign subscription contracts covering individual users over a defined period, with a minimum term of twelve months, and at 31 December 2025, 77% of contracts were multi-year.

Conferences

Conferences are built for information technology and business executives and other decision makers, with sessions led by the company's own experts, technology showcases, peer workshops, one-on-one analyst meetings, diagnostic workshops and keynotes, and a chance to meet executives from other large companies. Alongside role-specific summits and workshop-style seminars, the company runs the Gartner Symposium/Xpo series, including the IT Symposium/Xpo it calls its flagship, held at several locations worldwide each year. During 2025 it held 53 in-person conferences with more than 83,000 attendees, including 12 Symposiums and Xpos. It also hosted more than 100 peer networking meetings and more than 380 exclusive local meetings for senior executives, over 200 of them in person.

Consulting

Consulting serves chief information officers and other senior executives running technology-related strategic initiatives, pairing the firm's research with custom analysis and on-the-ground support, on priorities including cost optimisation, digital transformation and sourcing. The company states that its consulting work rests on three assets: its research, which grounds the analysis in an understanding of the technology environment; its market independence, which keeps consultants focused on client success; and its benchmarking, which supplies comparisons and practices for assessing and improving performance. At 31 December 2025 the firm had 920 experienced consultants alongside its research experts.

How it competes

The company describes its differentiators as the breadth and quality of its insight coverage, an independent operating model producing unbiased analysis, a brand carried for more than 40 years, clients on six continents with much of what it earns coming from outside the United States, an experienced management team, and operating leverage from distributing the same intellectual property across subscriptions, conferences and consulting. Its experts sit in more than 30 countries and territories. Against that, it faces competition from many independent providers of information products and services, indirect competition from consulting firms, data providers and electronic and print media companies that could compete directly in future, and competition from free information available on the internet. It anticipates more competition as artificial intelligence services are adopted in its markets, notes that barriers to entry are limited, and states that increased competition could cost it market share, reduce the value of its products, cut pricing and raise sales and marketing spending.

Property, people and government work

Success is attributed in part to proprietary methodologies, software, reusable knowledge capital and other intellectual property rights, protected through patent, copyright, trademark, trade secret, confidentiality, non-compete and other contractual provisions, with end-user contract compliance monitored and enforced. At 31 December 2025 it had 20,244 employees globally, 9,994 of them outside the United States, the overwhelming majority full time, working in 40 different countries and territories. Its United States government contracts depend on appropriations by Congress to fund the contracting agencies, while state, local and foreign government contracts depend on various authorisations and funding mechanisms, and certain of these contracts can be terminated at any time by the government entity without cause or penalty.

From Gartner's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue6,4976,2675,907+3.7%
Cost of revenue2,0542,0231,903+1.5%
Gross profit4,4684,2784,035+4.5%
Gross margin68.8%68.3%68.3%
Selling, general and administrative3,0682,8852,702+6.3%
Operating income1,0261,1561,237-11.3%
Operating margin15.8%18.4%20.9%
Interest expense125131133-4.4%
Pre-tax income9681,3871,147-30.2%
Income tax239134265+78.7%
Effective tax rate24.7%9.6%23.1%
Net income7291,254882-41.8%
Net margin11.2%20.0%14.9%
Diluted EPS$9.65$16.00$11.08-39.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,2901,4851,156-13.1%
Capital expenditure115102103+13.2%
Free cash flow1,1751,3831,053-15.0%
Free cash flow margin18.1%22.1%17.8%
Cash from investing-115-10454.2
Cash from financing-1,440-710-589
Depreciation and amortisation200202191-1.0%
Share-based compensation156155130+0.7%
Buybacks1,991735606+170.8%
Diluted shares, weighted76m78m80m-3.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3201,359681-76.5%
Debt2,9822,4602,458+21.2%
Operating lease liabilities270340513-20.5%
Other liabilities4,5144,3764,184+3.1%
Total liabilities and equity8,0858,5357,836-5.3%
Fixed assets214243263-11.8%
Goodwill2,7412,9302,937-6.5%
Intangible assets336410502-17.9%
Cash and equivalents1,7231,9331,319-10.9%
Receivables1,6851,6961,601-0.7%
Other assets1,3871,3221,214+4.9%
Total assets8,0858,5357,836-5.3%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.