Annual Reports
Gartner, Inc.'s annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
Gartner, Inc. — FY2025 Annual Report (Form 10-K) — FY2025
The latest 10-K: three-segment subscription model, the 2025 Research→Insights rename, and a rare down year on a goodwill impairment. · Open the full document →
Item 1. Business — p. 4 · Read the full section →
How Gartner is built — three segments (Insights, Conferences, Consulting) sold as renewable subscriptions to ~13,000 enterprises.
Three reportable segments, the 2025 Research→Insights rename, and the Digital Markets divestiture.
Gartner delivers its products and services globally through three reportable segments – Business and Technology Insights, Conferences and Consulting, as described below. In the second quarter of 2025, we renamed our segment previously referred to as Research to Business and Technology Insights (or “Insights”) to reflect the nature of the value we provide to clients. In the third quarter of 2025, we changed the structure of our internal organization and concluded that Gartner Digital Markets (“Digital Markets”) was an operating segment but does not meet the criteria of a reportable segment. Accordingly, Digital Markets results are now included in “Other” where segment information is provided. Digital Markets was previously included in our Insights segment. Prior periods have been recast to conform to current period presentation. On February 5, 2026, we completed the sale of Digital Markets for approximately $110.0 million, prior to customary purchase price adjustments.
p. 4 · Read in context →
The Insights engine: subscription access to 2,400+ experts; 77% of contracts are multi-year.
Gartner delivers independent, objective insights to leaders across an enterprise through subscription services that include on-demand access to published content, data and benchmarks, and direct access to a network of more than 2,400 business and technology experts located around the globe. […] Clients normally sign subscription contracts that provide access to our content and advisory services for individual users over a defined period. We typically have a minimum contract period of twelve months for our insights subscription contracts and, at December 31, 2025, 77% of our contracts were multi-year.
p. 6 · Read in context →
Item 1A. Risk Factors — p. 12 · Read the full section →
The two risks specific to a research publisher — AI/LLMs disintermediating its content, and dependence on subscription renewals.
Search engines, LLMs and AI chatbots could serve Gartner's content and reduce the need to visit its sites.
In addition, some of our content is exposed to Internet search engines and large language models (“LLM”), which help generate website traffic. Search engines and LLMs often update their proprietary algorithms, which affects the placement of links to our websites. Some search engines and LLMs also provide substantive content in search results, including AI-generated content, which, if expanded to the areas in which we operate, could reduce the need to enter our websites. When a major search engine or LLM changes its algorithms in a manner that negatively affects our placement in search results or makes it less likely for our target audience to enter our websites, our business, results of operations and financial position may be harmed. Similarly, some of our content is exposed to the datasets leveraged by AI chatbots, and these chatbots may provide substantive content, either with or without contribution, in query responses to users which could reduce the need to enter our websites.
p. 14 · Read in context →
Subscription renewals and new sales are ~78% of revenue — the model's central dependency.
Our Insights business depends on renewals of subscription-based services and sales of new subscription-based services for a significant portion of our revenue, and our failure to renew at historical rates or generate new sales of such services will lead to a decrease in our revenues. A large portion of our success depends on our ability to generate renewals of our subscription-based insights products and services and new sales of such products and services, both to new clients and existing clients. These products and services constituted approximately 78% and 77% of total revenues from our operations for 2025 and 2024, respectively.
p. 14 · Read in context →
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — p. 35 · Read the full section →
Management's read on the year, plus the KPI framework (Contract Value, retention) that governs how the business is measured.
Executive summary of 2025 by segment — revenue up 4%, net income down 42% on a $150M goodwill impairment.
We had total revenues of $6.5 billion in 2025, an increase of 4% compared to 2024 on a reported basis and 3% excluding the foreign currency impact. Net income decreased to $0.7 billion in 2025 from $1.3 billion in 2024 and diluted earnings per share was $9.65 in 2025 compared to $16.00 in 2024. The decrease in 2025 is primarily due to the goodwill impairment loss in 2025, the gain on event cancellation insurance claims in 2024 and an increase in the provision for income taxes.
Insights revenues increased to $5.1 billion in 2025, an increase of 5% compared to 2024 on a reported basis and 4% excluding the foreign currency impact. The Insights gross contribution margin was 77% in both 2025 and 2024. Contract value was $5.2 billion at December 31, 2025, an increase of 1% compared to December 31, 2024 on a foreign currency neutral basis.
Conferences revenues increased to $644.7 million in 2025, an increase of 11% compared to 2024 on a reported basis and 9% excluding the foreign currency impact. The Conferences gross contribution margin was 50% and 48% in 2025 and 2024, respectively. We held 53 and 51 in-person conferences in 2025 and 2024, respectively.
Consulting revenues decreased to $552.5 million in 2025, a decrease of 1% compared to 2024 on a reported basis and 2% excluding the foreign currency impact. The Consulting gross contribution margin was 34% and 36% in 2025 and 2024, respectively. Backlog was $173.7 million at December 31, 2025.
Cash provided by operating activities was $1.3 billion and $1.5 billion during 2025 and 2024, respectively. As of December 31, 2025, we had $1.7 billion of cash and cash equivalents and approximately $1.0 billion of available borrowing capacity on our revolving credit facility. During 2025, we repurchased 7.0 million shares of the Company’s common stock for an aggregate purchase price of approximately $2.0 billion.
p. 42 · Read in context →
Reportable Segments — Insights — p. 51 · Read the full section →
The segment scorecard that carries the thesis: Insights revenue, 77% gross-contribution margin, Contract Value and GTS/GBS retention.
Note 9 — Revenue and Related Matters — p. 101 · Read the full section →
The accounting policy that defines the model: Insights revenue is deferred and recognized ratably over the contract term.
Subscription revenue is deferred and recognized ratably; 80–85% of contracts bill the first period upfront.
Insights revenues are derived from subscription contracts for insights products, representing substantially all of the segment’s revenue. The related revenues are deferred and recognized ratably over the applicable contract term (i.e., as services are provided over the contract period).
The Company enters into subscription contracts for published products that generally are for twelve-month periods or longer. Historically, approximately 80% to 85% of the Company’s annual and multi-year Insights subscription contracts provide for billing of the first full service period upon signing.
p. 101 · Read in context →
Gartner, Inc. — FY2021 Annual Report (Form 10-K) — FY2021
Included to show the pre-rename structure: the segment now called Insights was 'Research', and the client base was larger (15,000 vs 13,000). · Open the full document →
Item 1. Business — p. 4 · Read the full section →
Same three-segment architecture under the old 'Research' label — the baseline against which the 2025 rename and client-count shift read.
FY2021 framing: 15,000+ enterprises in ~100 countries; segments named Research, Conferences and Consulting.
We are a trusted advisor and an objective resource for more than 15,000 enterprises in approximately 100 countries and territories— across all major functions, in every industry and enterprise size.
Gartner delivers its products and services globally through three business segments – Research, Conferences and Consulting, as described below.
p. 4 · Read in context →
More annual reports
Gartner, Inc. — FY2024 Annual Report (Form 10-K) — FY2024 · 127 pages · The comparison year: net income of $1.3B boosted by a $300M event-cancellation insurance gain, before the 2025 rename. · Open →
Gartner, Inc. — FY2023 Annual Report (Form 10-K) — FY2023 · 128 pages · Post-pandemic normalization of in-person Conferences under the still-named Research segment. · Open →
Gartner, Inc. — FY2022 Annual Report (Form 10-K) — FY2022 · 127 pages · The recovery year as conferences returned in person; useful for tracing Contract Value growth. · Open →