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ITGartner

Technology · Professional Services · NYSE

Gartner, Inc. (NYSE: IT) delivers actionable, objective business and technology insights that drive smarter decisions and stronger performance on an organization’s mission-critical priorities. 10-K, Item 1

Employees
20,244
Headquarters
Stamford, CT
CEO
Eugene A. Hall
Next results
around Feb 2, 2027
Compare with peers → Embed

10-K 0000749251-26-000112 (2026-02-12) vs 10-K 0000749251-25-000008 (2025-02-13)

SectionCompared textWords nowChanged
Risk FactorsItem 1A8,210 17.2%
MD&AItem 76,905 25.7%
Legal ProceedingsItem 3, via Note 17 – Contingencies232 0.0%
Accounting Policies10-K text, Note 1 – Business and Significant Accounting Policies4,335 20.3%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 294 words changed in this paragraph; it is 73% similar to last year's version.
We operate in a very competitive and rapidly changing environment that involves numerous known and unknown risks and uncertainties, some of which are beyond our control. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future quarterly and annual revenues, operating income, results of operations and cash flows, as well as any forward-looking statement, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, among others, the following: the impact our ability to maintain and expand our products and services; our ability to keep pace with technological developments in artificial intelligence (“AI”) and comply with evolving AI regulations; our ability to achieve continued customer renewals and achieve new contract value, backlog and deferred revenue growth in light of general economic conditions, including inflation (and related monetary policy by governments in response competitive pressures; our ability to inflation), on economic activity and grow or sustain revenue from individual customers; our operations; changes in macroeconomic and market conditions and market volatility, including interest rates and the effect on the credit markets and access ability to capital; the impact of global economic and geopolitical conditions, including inflation, and recession; expand or retain our customer base; our ability to carry out our strategic initiatives and manage associated costs; the timing of conferences and meetings, in particular our Gartner Symposium/Xpo series that normally occurs during the fourth quarter; our ability to achieve and effectively manage growth, including our ability to integrate our acquisitions and consummate and integrate future acquisitions; our ability to pay our debt obligations; our ability to maintain and expand our products and services; our ability to expand or retain our customer base; our ability to grow or sustain revenue from individual customers; our ability to attract and retain a professional staff of research analysts and consultants as well as experienced sales personnel upon whom we are dependent, especially in light of labor competition; our ability to achieve continued customer renewals and achieve new contract value, backlog and deferred revenue growth in light of competitive pressures; our ability to successfully compete with existing competitors and potential new competitors; our ability to enforce and protect our intellectual property rights; the impact of cybersecurity incidents or other disruptions to our information systems; our ability to keep pace pay our debt obligations; the impact of global economic and geopolitical conditions, including inflation (and related monetary policy by governments in response to inflation) and recession; uncertain effects, both direct and indirect, of changes and volatility in tariffs and trade policies; risks associated with technological developments in artificial intelligence (“AI”) the creditworthiness, budget cuts, priorities and comply with evolving AI regulations; shutdown of governments and agencies; additional risks associated with international operations, including foreign currency fluctuations; the impact on our business resulting from changes in international conditions, including those resulting from the conflict tensions in the Middle East, the war in Ukraine and current and future sanctions imposed by governments or other authorities; the impact of restructuring and other charges on our businesses and operations; cybersecurity incidents or other disruptions to our information systems; risks associated with the creditworthiness, budget cuts, and shutdown of governments and agencies; our ability to meet sustainability commitments and comply with applicable regulatory requirements; requirements, as well as potential reactions by customers to these commitments; the impact of changes in tax policy (including global minimum tax legislation) and heightened scrutiny from various taxing authorities globally; changes to laws and regulations; and other risks and uncertainties. The potential fluctuations in our operating income could cause period-to-period comparisons of operating results not to be meaningful and could provide an unreliable indication of future operating results. A description of the risk factors associated with our business is included under “Risk Factors” in Item 1A of this Annual Report on Form 10-K, which is incorporated herein by reference.

Source: Item 7, 10-K 0000749251-26-000112 vs Item 7, 10-K 0000749251-25-000008

Risk Factors 211 words changed in this paragraph; it is 64% similar to last year's version.
Our operating results could be negatively impacted by global economic conditions. Our business is impacted by general economic conditions and trends in the United States and abroad, including without limitation inflation, slowing growth, rising interest rates and recession. In its recent report, Global Economics Economic Prospects, January 2025, 2026, the World Bank reported that global noted growth is projected to hold steady at ease to 2.6%, driven by a notable slowdown in demand for traded goods and softening domestic demand in many major economies. The World Bank expects growth to pick up slightly to 2.7% in 2025-26. 2027, as domestic demand benefits from earlier monetary policy easing and trade improves amid declining uncertainty. The report notes global that near-term risks are tilted to the downside, observing growth is stabilizing as could falter if trade tensions escalate, barriers rise further, or financial market sentiment deteriorates amid asset price declines, fiscal concerns, or inflation returns closer surprises. On the upside, firms’ adaptability to targets new trade conditions could support growth, and monetary easing supports AI-related activity in both advanced economies and emerging market and developing economies. However, the World Bank concludes the global economy appears to be settling at a low growth rate that will be insufficient to foster sustained economic development—with the possibility of further headwinds from heightened policy uncertainty and adverse trade policy shifts, geopolitical tensions, persistent inflation, and climate-related natural disasters. could broaden. A downturn in growth could negatively and materially affect future demand for our products and services in general, in certain geographic regions, in particular countries, or industry sectors, or could reduce demand for our in-person conferences. In addition, U.S. federal, state and local government spending limits have reduced, and may reduce continue to reduce, demand for our products and services from those governmental agencies as well as organizations that receive funding from those agencies and could negatively affect macroeconomic conditions in the United States, which could further reduce demand for our products and services. Such difficulties could negatively impact our ability to maintain or improve the various business measurements we utilize (which are defined in this Annual Report), such as contract value and consulting backlog growth, client retention, wallet retention, consulting utilization rates, and the number of attendees and exhibitors at our conferences and other meetings. Failure to achieve acceptable levels of these indicators or improve them will negatively impact our financial condition, results of operations, and cash flows.

Source: Item 1A, 10-K 0000749251-26-000112 vs Item 1A, 10-K 0000749251-25-000008

Accounting Policies 120 words changed in this paragraph; it is 55% similar to last year's version.
The majority of the Company’s Research Insights contracts are billable upon signing, absent special terms granted on a limited basis from time to time. Research Insights contracts are generally non-cancellable and non-refundable, except for government contracts that may have cancellation or fiscal funding clauses. The Company generally records the amount of When a subscription contract that is invoiced, the Company records the billable amount as a fee receivable at the time the contract is signed with a receivable, representing its legally enforceable right to payment. The corresponding amount is recognized as deferred revenue because until the contract underlying services are provided and control is transferred to the customer. In certain instances, the Company may have satisfied its performance obligations and earned revenue prior to invoicing the customer. In such cases, the Company records an unbilled receivable, which represents a legally enforceable claim. its right to payment for services already delivered but not yet billed. Fees derived from assisting organizations in selecting the right business software for their needs are recognized when the leads are provided to vendors. Note 9 - Revenue and Related Matters provides additional information regarding the Company’s business and revenues.

Source: 10-K text, Note 1 – Business and Significant Accounting Policies, 10-K 0000749251-26-000112 vs 10-K text, Note 1 – Business and Significant Accounting Policies, 10-K 0000749251-25-000008

Every change, by type

Sentences and paragraphs of IT's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-13. Each links to the text at sec.gov.

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
delays in new product or service releases or significant problems in creating new products or services could materially adversely affect our business, results of operations and financial position.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
Our balance sheet includes significant amounts of goodwill and intangible assets. Impairment of a significant portion of these assets would negatively affect our financial results. Our balance sheet includes significant amounts of goodwill and intangible assets. Impairment of a significant portion of these assets would negatively affect our financial results. Our balance sheet includes goodwill and intangible assets that represent approximately 38% of our total assets at December 31, 2025. We are required to amortize certain intangible assets over the useful life of the asset, while goodwill and indefinite-lived intangible assets are not amortized. On at least an annual basis, we assess whether there have been impairments in the carrying value of goodwill and indefinite-lived intangible assets. During the year ended December 31, 2025, ongoing weakness in the market as well as changes in the Company’s internal organization structure prompted a revision to the long-term earnings forecast for the Digital Markets business. During the year ended December 31, 2025, a goodwill impairment loss of $150.0 million was recognized in the Digital Markets reporting unit.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
our employees to thrive. We may also be limited in our ability to recruit internationally by restrictive domestic immigration laws, and changes to policies that restrain the flow of technical and professional talent could inhibit our ability to adequately staff our research and development and other efforts.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
other coordinated disruptions, to more advanced threats that target us because of our prominence in the global business and technology insights field.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
Moreover, the demand for our products and services from U.S. government agencies is generally driven by the level of discretionary government program funding. In 2025, our revenues with U.S. federal government agencies declined approximately $58 million year over year, primarily due to reductions in discretionary spending. Further significant reduction in federal government spending, the absence of an agreement on the federal government budget, a partial or full federal government shutdown or a change in budgetary priorities could reduce demand for our products and services, cancel or delay federal projects, result in the closure of federal facilities and significant personnel reductions and have a material and adverse impact on our business, financial condition, results of operations and cash flows. As the current geopolitical environment remains unpredictable, we continue to monitor and evaluate the impact, both direct and indirect, of government actions that could adversely impact our business operations and financial performance.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
Our operating results could be negatively impacted by global economic conditions. Our business is impacted by general economic conditions and trends in the United States and abroad, including without limitation inflation, slowing growth, rising

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
harm our reputation, adversely affect our ability to attract and retain employees or clients and expose us to increased scrutiny from investors and regulatory authorities.

Read it in 10-K 2026-02-12 at sec.gov ↗

RemovedRisk Factors
Like many multinational corporations, we, and some third parties upon which we rely, have experienced cyber attacks on our computer systems and networks in the past and may experience them in the future, likely with more frequency and

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
strategic acquisitions, loss of key employees or customers, and exposure to unanticipated liabilities or ongoing obligations to support the businesses following such dispositions, and other adverse financial impacts. The realization of any of these risks could adversely affect our business.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
amount of cash or additional credit available to us, which could restrain our ability to expand or enhance products and services, respond to competitive pressures or pursue future business opportunities requiring substantial investments of additional capital.

Read it in 10-K 2025-02-13 at sec.gov ↗

RewordedRisk Factors
As of December 31, 2024, 2025, the Company had outstanding debt of $274 million under its 2024 revolving credit facility (the “2024 Credit Agreement”), $800 million of Senior Notes due 2028 (the “2028 Notes”), $600 million of Senior Notes due 2029 (the “2029 Notes”) and Notes”), $800 million of Senior Notes due 2030 (the “2030 Notes”). Notes”), $350 million of Senior Notes due 2031 (the “2031 Notes”) and $450 million of Senior Notes due 2035 (the “2035 Notes”), collectively the “Senior Notes”.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
In addition, continuously evolving data protection laws and regulations, such as the European Union General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA) GDPR, CCPA and California Privacy Rights Act (CPRA), the Brazilian General Data Protection Law (LGPD), CPRA, LGPD, the Chinese Cybersecurity, Data Security and Personal Information laws and other new and proposed data protection laws, pose increasingly complex compliance challenges.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Our dispositions involve additional risks and uncertainties, such as ability to sell such businesses on satisfactory price and terms and in a timely manner, or at all, disruption to other parts of the businesses and distraction of management, allocation of internal resources that would otherwise be devoted to completing strategic acquisitions, loss of key employees or customers, and exposure to unanticipated liabilities or ongoing obligations to support the businesses following such dispositions, and other adverse financial impacts.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Our failure or perceived failure to achieve them or continue practices that meet evolving, and sometimes conflicting, stakeholder expectations in ESG could harm our reputation, adversely affect our ability to attract and retain employees or clients and expose us to increased scrutiny from investors and regulatory authorities.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Additionally, the security compliance landscape continues to evolve, requiring us to stay apprised of changes in cybersecurity privacy, and data privacy laws, protection laws and regulations, and security requirements required by our clients, such as the European Union General Data Protection Regulation (GDPR), (“GDPR”), the California Consumer Privacy Act (CCPA) (“CCPA”) and California Privacy Rights Act (CPRA), (“CPRA”), the Brazilian General Data Protection Law (LGPD), (“LGPD”), the Chinese Cybersecurity, Data Security and Personal Information Protection laws (and other new and proposed data protection laws), laws) and certain standards of the International Organization for Standardization (ISO), (“ISO”), and National Institute of Standards and Technology (NIST). (“NIST”).

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Revenues earned outside the United States are typically transacted in local currencies, which may fluctuate significantly against the U.S. dollar. dollar as a result of various factors, including geopolitical and events such as war, trade disputes, tariffs, economic sanctions, and market volatility.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Developing, testing, and deploying AI systems has required, and will require continue to require, additional investment and increase our costs. increased costs, including costs related to developing talent to implement AI technologies.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
The Organization for Economic Co-operation and Development (“the OECD”) has issued various tax proposals that include a two-pillar approach to global taxation (BEPS 2.0/ Pillar Two), focusing on global profit allocation and a 15% global corporate minimum tax rate.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Additionally, the laws (including evolving and uncertain copyright law as it applies to the training, use, developments, and deployment of AI) and enforcement mechanisms to protect our intellectual property from unauthorized use in new technologies like AI and machine learning are evolving and may be inadequate.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
The cybersecurity risks we face range from cyber attacks common to most industries, such as the development and deployment of malicious software to gain access to our networks and attempt to steal confidential information, launch distributed denial of service attacks, or attempt other coordinated disruptions, to more advanced threats that target us because of our prominence in the global research and advisory field.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Additional information regarding the 2024 Credit Agreement, the 2028 Notes, the 2029 Notes and the 2030 Notes our outstanding debt obligations is included in Note 6 — Debt in the Notes to Consolidated Financial Statements.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
We may expand our marketing activities to promote and strengthen the Gartner brand and may need to increase our marketing budget, hire additional marketing and public relations personnel, and expend additional sums to protect our brand and otherwise increase expenditures to create and maintain client brand loyalty.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesRisk Factors
Further, if our published data, opinions or viewpoints are considered to be wrong, lack independence, or are not substantiated by appropriate research, our reputation will suffer and demand for our products and services may decline.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesRisk Factors
Although generally contractually prohibited, clients or others may load our proprietary information into large language models, which could reduce the value of our offerings.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
Our Insights contract value with the US federal government was approximately $126.0 million at December 31, 2025. Less than half of our December 31, 2024 Insights contract value was retained in 2025. In addition to the non-renewals, we have received notices of termination-for-convenience from various US government agencies for approximately $3.0 million of contracts that are primarily scheduled to expire in the first quarter of 2026.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
As the current geopolitical environment remains unpredictable, we continue to monitor and evaluate the impact, both direct and indirect, of government actions that could adversely impact our business operations and financial performance.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. OBBBA did not have a material impact on our consolidated financial results in the current period. We are currently assessing and will continue to assess and reflect the impact of OBBBA on our future consolidated financial statements as appropriate.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
Our most recent annual impairment test of goodwill was a quantitative analysis conducted during the quarter ended September 30, 2025 that indicated an impairment of the Company's Digital Markets reporting unit. During the three months ended September 30, 2025, ongoing weakness in the market as well as changes in our internal organization structure prompted a revision to the long-term earnings forecast for the Digital Markets business. During the year ended December 31, 2025, a goodwill impairment loss of $150.0 million was recognized in the Digital Markets reporting unit. The fair value of that reporting unit was estimated using a combination of the expected present value of future cash flows and market approach.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
On January 29, 2026, we entered into a definitive agreement to sell our Digital Markets business. As of December 31, 2025, the assets and liabilities of Digital Markets were considered held for sale, resulting in $106.4 million of assets held for sale and $20.5 million of liabilities held for sale on the Consolidated Balance Sheet. The majority of the held for sale assets were goodwill, property, equipment and leasehold improvements, net and accounts receivable, with carrying amounts of $49.1 million, $26.3 million and $25.2 million, respectively, while the majority of the held for sale liabilities was accounts payable and accrued liabilities, with a carrying amount of $14.2 million.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
Goodwill and other intangible assets — Our goodwill is evaluated in accordance with FASB ASC Topic 350, which requires goodwill to be assessed for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. In addition, an impairment evaluation of our amortizable intangible assets may also be performed if events or circumstances indicate potential impairment. Among the factors that could trigger an impairment review are current operating results that do not align with our annual plan or historical performance; changes in our strategic plans or the use of our assets; restructuring charges or other changes in our business segments; competitive pressures and changes in the general economy or in the markets in which we operate; and a significant decline in our stock price and our market capitalization relative to our net book value.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
When performing our annual assessment of the recoverability of goodwill, we initially perform a qualitative analysis evaluating whether any events or circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of our reporting units is less than the related carrying amount. If we do not believe that it is more likely than not that the fair value of any of our reporting units is less than the related carrying amount, then no quantitative impairment test is performed. However, if the results of our qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its respective carrying amount, then we perform a quantitative impairment test.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
Evaluating the recoverability of goodwill requires judgments and assumptions regarding future trends and events. As a result, both the precision and reliability of our estimates are subject to uncertainty. Among the factors that we consider in our qualitative assessment are general economic conditions and the competitive environment; actual and projected reporting unit financial performance; forward-looking business measurements; and external market assessments. To determine the fair values of our reporting units for a quantitative analysis, we typically utilize detailed financial projections, which include significant variables, such as projected rates of revenue growth, profitability and cash flows, as well as assumptions regarding discount rates, our weighted average cost of capital and other data.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
Our most recent annual impairment test of goodwill was a quantitative analysis conducted during the quarter ended September 30, 2025 that indicated an impairment of our Digital Markets reporting unit. During the three months ended September 30, 2025, ongoing weakness in the market as well as changes in our internal organization structure prompted a revision to the long-term earnings forecast for the Digital Markets business. As a result, during the year ended December 31, 2025 a goodwill impairment loss of $150.0 million was recognized in the Digital Markets reporting unit, which is included in Other for segment reporting purposes. The fair value of that reporting unit was estimated using a combination of the expected present value of future cash flows and market approach. Subsequent to completing our 2025 annual impairment test, no events or changes in circumstances were noted that required an interim goodwill impairment test. Note 1 — Business and Significant Accounting Policies and Note 3 — Goodwill and Intangible Assets in the Notes to Consolidated Financial Statements provide additional information regarding our goodwill and amortizable intangible assets.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
to be realized. Uncertain tax positions are periodically re-evaluated and adjusted as more information about their ultimate realization becomes available.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
Amortization of intangibles decreased by 9% during 2025 compared to 2024 primarily due to certain intangible assets that became fully amortized in 2025.

Read it in 10-K 2026-02-12 at sec.gov ↗

RemovedMD&A
as of the date of those documents. Except as required by law, we disclaim any obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.

Read it in 10-K 2025-02-13 at sec.gov ↗

RewordedMD&A
Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, among others, the following: the impact our ability to maintain and expand our products and services; our ability to keep pace with technological developments in artificial intelligence (“AI”) and comply with evolving AI regulations; our ability to achieve continued customer renewals and achieve new contract value, backlog and deferred revenue growth in light of general economic conditions, including inflation (and related monetary policy by governments in response competitive pressures; our ability to inflation), on economic activity and grow or sustain revenue from individual customers; our operations; changes in macroeconomic and market conditions and market volatility, including interest rates and the effect on the credit markets and access ability to capital; the impact of global economic and geopolitical conditions, including inflation, and recession; expand or retain our customer base; our ability to carry out our strategic initiatives and manage associated costs; the timing of conferences and meetings, in particular our Gartner Symposium/Xpo series that normally occurs during the fourth quarter; our ability to achieve and effectively manage growth, including our ability to integrate our acquisitions and consummate and integrate future acquisitions; our ability to pay our debt obligations; our ability to maintain and expand our products and services; our ability to expand or retain our customer base; our ability to grow or sustain revenue from individual customers; our ability to attract and retain a professional staff of research analysts and consultants as well as experienced sales personnel upon whom we are dependent, especially in light of labor competition; our ability to achieve continued customer renewals and achieve new contract value, backlog and deferred revenue growth in light of competitive pressures; our ability to successfully compete with existing competitors and potential new competitors; our ability to enforce and protect our intellectual property rights; the impact of cybersecurity incidents or other disruptions to our information systems; our ability to keep pace pay our debt obligations; the impact of global economic and geopolitical conditions, including inflation (and related monetary policy by governments in response to inflation) and recession; uncertain effects, both direct and indirect, of changes and volatility in tariffs and trade policies; risks associated with technological developments in artificial intelligence (“AI”) the creditworthiness, budget cuts, priorities and comply with evolving AI regulations; shutdown of governments and agencies; additional risks associated with international operations, including foreign currency fluctuations; the impact on our business resulting from changes in international conditions, including those resulting from the conflict tensions in the Middle East, the war in Ukraine and current and future sanctions imposed by governments or other authorities; the impact of restructuring and other charges on our businesses and operations; cybersecurity incidents or other disruptions to our information systems; risks associated with the creditworthiness, budget cuts, and shutdown of governments and agencies; our ability to meet sustainability commitments and comply with applicable regulatory requirements; requirements, as well as potential reactions by customers to these commitments; the impact of changes in tax policy (including global minimum tax legislation) and heightened scrutiny from various taxing authorities globally; changes to laws and regulations; and other risks and uncertainties.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
The increase decrease in net income during 2024 2025 was primarily due to the goodwill impairment loss, the gain on event cancellation insurance claims, as well as claims in 2024, an increase in revenue operating expenses and lower a higher provision for income taxes and interest expense, net, taxes, partially offset by the gain from sale of divested operation recognized during the year ended December 31, 2023 and increased operating expenses. an increase in revenues.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
The year-over-year increase decrease was primarily due to the $300.0 million of insurance proceeds received during 2024 as well as reduced net cash interest expense 2024, partially offset by the improved timing of collections and increased operating income, excluding the 2023 gain from sale of divested operation. lower income tax payments.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
The 7% 11% decrease in operating income was primarily due to the gain from sale goodwill impairment loss of divested operation recognized during the prior year period, and increases $150.0 million, as well as an increase in cost of services and product development and selling, general and administrative expenses, partially offset by increased revenue. revenues.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Net income increased decreased to $0.7 billion in 2025 from $1.3 billion in 2024 from $882.5 million in 2023 and diluted earnings per share was $9.65 in 2025 compared to $16.00 in 2024 compared to $11.08 in 2023. 2024.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
The increase in SG&A during the year ended December 31, 2024, 2025, as compared to the prior fiscal year, was primarily a result of a $165.4 $150.1 million increase in personnel expenses due to increased headcount merit increases and merit increases. higher average headcount, as well as a $56.6 million increase in workforce reduction expenses.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Revenues (1) $ 552,499 $ 558,537 $ 514,746 $ 43,791 9% (6,038) (1)% Gross contribution (1) $ 186,430 $ 203,292 $ 181,501 $ 21,791 12% (16,862) (8)% Gross contribution margin 34 % 36 % 35 % 1 point (2) points — Business Measurements:

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
The decrease in the 2024 provision for income taxes and effective income tax rate in 2024 were lower than 2025 was primarily the result of due to net tax benefits of approximately $161.9 million recognized in 2024 as a result of an intercompany transfer of certain intellectual property in December 2024.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
The lower higher gross contribution margin during 2024 2025 was primarily the result of the increase in revenue, partially offset by an increase in conference-related expenses and increased headcount partially offset by the increase in revenue. expenses.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Provision for income taxes was $238.9 million and $133.7 million during 2025 and $264.7 million during 2024 and 2023, 2024, respectively, with an effective income tax rate of 24.7% and 9.6% for 2025 and 23.1% for 2024 and 2023, 2024, respectively.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Revenues (1) $ 644,743 $ 583,224 $ 505,164 $ 78,060 15% 61,519 11% Gross contribution (1) $ 322,844 $ 281,409 $ 253,739 $ 27,670 11% 41,435 15% Gross contribution margin 50 % 48 % 50 % (2) 2 points — Business Measurements:

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
The increase in Cost of services and product development was primarily due to a $82.8 $44.1 million increase in personnel expenses associated with headcount and merit increases as well as a $37.0 $13.4 million increase in conference expenses due to an increase in the number of conferences.

Read it in 10-K 2026-02-12 at sec.gov ↗

Work on IT in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/IT/export.csv") into a cell.