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.
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%.
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.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 6,497 | 6,267 | 5,907 | +3.7% | |
| Cost of revenue | 2,054 | 2,023 | 1,903 | +1.5% | |
| Gross profit | 4,468 | 4,278 | 4,035 | +4.5% | |
| Gross margin | 68.8% | 68.3% | 68.3% | ||
| Selling, general and administrative | 3,068 | 2,885 | 2,702 | +6.3% | |
| Operating income | 1,026 | 1,156 | 1,237 | -11.3% | |
| Operating margin | 15.8% | 18.4% | 20.9% | ||
| Interest expense | 125 | 131 | 133 | -4.4% | |
| Pre-tax income | 968 | 1,387 | 1,147 | -30.2% | |
| Income tax | 239 | 134 | 265 | +78.7% | |
| Effective tax rate | 24.7% | 9.6% | 23.1% | ||
| Net income | 729 | 1,254 | 882 | -41.8% | |
| Net margin | 11.2% | 20.0% | 14.9% | ||
| Diluted EPS | $9.65 | $16.00 | $11.08 | -39.7% |
Read more
Free 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
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 1,290 | 1,485 | 1,156 | -13.1% | |
| Capital expenditure | 115 | 102 | 103 | +13.2% | |
| Free cash flow | 1,175 | 1,383 | 1,053 | -15.0% | |
| Free cash flow margin | 18.1% | 22.1% | 17.8% | ||
| Cash from investing | -115 | -104 | 54.2 | ||
| Cash from financing | -1,440 | -710 | -589 | ||
| Depreciation and amortisation | 200 | 202 | 191 | -1.0% | |
| Share-based compensation | 156 | 155 | 130 | +0.7% | |
| Buybacks | 1,991 | 735 | 606 | +170.8% | |
| Diluted shares, weighted | 76m | 78m | 80m | -3.5% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 320 | 1,359 | 681 | -76.5% | |
| Debt | 2,982 | 2,460 | 2,458 | +21.2% | |
| Operating lease liabilities | 270 | 340 | 513 | -20.5% | |
| Other liabilities | 4,514 | 4,376 | 4,184 | +3.1% | |
| Total liabilities and equity | 8,085 | 8,535 | 7,836 | -5.3% | |
| Fixed assets | 214 | 243 | 263 | -11.8% | |
| Goodwill | 2,741 | 2,930 | 2,937 | -6.5% | |
| Intangible assets | 336 | 410 | 502 | -17.9% | |
| Cash and equivalents | 1,723 | 1,933 | 1,319 | -10.9% | |
| Receivables | 1,685 | 1,696 | 1,601 | -0.7% | |
| Other assets | 1,387 | 1,322 | 1,214 | +4.9% | |
| Total assets | 8,085 | 8,535 | 7,836 | -5.3% |
10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.