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
Management's fullest account of a subscription research franchise: the CV engine, three restated segments, and the AI/government headwinds now testing it. · Open the full document →
Item 1. Business — p. 4 · Read the full section →
Defines what Gartner sells and through which three segments — and records the 2025 rename of Research to Business and Technology Insights.
The three reportable segments, and the 2025 rename of Research to Insights.
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.
p. 4 · Read in context →
The subscription model: 2,400+ experts, 13,000 clients, and 77% of contracts 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. […] 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 business: AI/LLMs substituting for its content, and appropriations-dependent government contracts (~$1.0B of revenue).
Roughly $1.0B of contracts sit with governments and can be cancelled for convenience.
We derive significant revenues from insights and consulting contracts with the United States government and its respective agencies, numerous state and local governments and their respective agencies, and foreign governments and their agencies. At December 31, 2025 and 2024, approximately $1.0 billion and $1.2 billion, respectively, of our outstanding revenue contracts were attributable to government entities. […] Certain of these contracts may be terminated at any time by the government entity without cause or penalty (“termination for convenience”).
p. 22 · Read in context →
Item 7. MD&A — Recent Developments — p. 39 · Read the full section →
The two structural events of 2025: the federal-contract collapse (<half of prior CV retained) and the exit from Digital Markets.
Item 7. MD&A — Business Measurements — p. 41 · Read the full section →
The definitions that govern the story: Contract Value, and client and wallet retention — how management measures the subscription base.
Item 7. MD&A — Executive Summary of Operations and Financial Position — p. 42 · Read the full section →
Management's own one-page scorecard: revenue, segment mix, contract value, cash and buybacks for the year.
$6.5B revenue, $5.1B Insights, $5.2B contract value, and ~$2.0B of buybacks in 2025.
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. […] 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. […] 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. […] 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 →
Item 7. MD&A — Results of Operations: Reportable Segments — p. 51 · Read the full section →
The Insights segment table, where CV growth stalls to 1% and wallet retention drops sharply across GTS and GBS.
More annual reports
Gartner, Inc. — FY2024 Annual Report (Form 10-K) — FY2024 · 127 pages · Baseline before the 2025 reset: the segment is still called Research, and includes the $300M event-cancellation insurance gain. · Open →
Gartner, Inc. — FY2023 Annual Report (Form 10-K) — FY2023 · 128 pages · Shows the pre-rename Research/Conferences/Consulting structure and post-COVID conference recovery. · Open →
Gartner, Inc. — FY2022 Annual Report (Form 10-K) — FY2022 · 127 pages · First full year of normalized in-person conferences after the pandemic disruption. · Open →
Gartner, Inc. — FY2021 Annual Report (Form 10-K) — FY2021 · 135 pages · The pandemic-era edition, useful for seeing how conferences and contract value behaved through the shock. · Open →