# GARTNER INC (IT) Informational only - not investment advice. CIK: 0000749251 SIC: 8741 Services-Management Services SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 87](/major-group/87/) > [SIC 8741 Services-Management Services](/industry/8741/) Latest 10-K filed: 2026-02-12 SEC page: https://www.sec.gov/edgar/browse/?CIK=749251 Filing source: https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0000749251-26-000112 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000749251.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 6,497,226,000 USD | 2025 | verified | | Net income | 729,231,000 USD | 2025 | verified | | Assets | 8,085,400,000 USD | 2025 | verified | | Free cash flow | 1,175,223,000 USD | 2025 | computed | | Net margin | 11.22% | 2025 | computed | | Operating margin | 15.79% | 2025 | computed | | Revenue YoY | +3.67% | 2025 | computed | | ROE | 227.95% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | IT | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 11.2% | 4.0% | 88 | 34 | | Operating margin | 15.8% | 6.9% | 82 | 34 | | Revenue growth | 3.7% | 3.7% | 50 | 35 | | FCF margin | 18.1% | 8.1% | 88 | 35 | | ROE | 228.0% | 9.9% | 100 | 35 | | ROA | 9.0% | 4.5% | 76 | 35 | | Liabilities / equity | 24.27 | 1.41 | 100 | 35 | | Current ratio | 1.00 | 1.40 | 18 | 35 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 87 SIC Major Group 87, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 6497226000 | USD | 2025 | 2026-02-12 | | Net income | 729231000 | USD | 2025 | 2026-02-12 | | Assets | 8085400000 | USD | 2025 | 2026-02-12 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000749251.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | 2,444,540,000 | 3,311,494,000 | 3,975,454,000 | 4,245,321,000 | 4,099,403,000 | 4,733,962,000 | 5,475,846,000 | 5,906,956,000 | 6,267,411,000 | 6,497,226,000 | | Net income | | | | | | | 193,582,000 | 3,279,000 | 122,456,000 | 233,290,000 | 266,745,000 | 793,560,000 | 807,799,000 | 882,466,000 | 1,253,715,000 | 729,231,000 | | Operating income | | | | | | | 305,141,000 | -6,329,000 | 259,715,000 | 370,087,000 | 490,150,000 | 915,751,000 | 1,100,106,000 | 1,236,894,000 | 1,156,287,000 | 1,025,711,000 | | Gross profit | 642,906,000 | 742,296,000 | 863,239,000 | 963,714,000 | 1,078,165,000 | 1,234,229,000 | | | | | | | 3,815,134,000 | 4,035,383,000 | 4,277,544,000 | 4,468,216,000 | | Diluted EPS | | | | | | | 2.31 | 0.04 | 1.33 | 2.56 | 2.96 | 9.21 | 9.96 | 11.08 | 16.00 | 9.65 | | Operating cash flow | | | | | | | 365,632,000 | 254,517,000 | 471,158,000 | 565,436,000 | 903,278,000 | 1,312,470,000 | 1,101,422,000 | 1,155,737,000 | 1,484,922,000 | 1,290,365,000 | | Capital expenditures | | | | | | | 49,863,000 | 110,765,000 | 126,873,000 | 149,016,000 | 83,888,000 | 59,834,000 | 108,050,000 | 103,124,000 | 101,737,000 | 115,142,000 | | Share buybacks | | | | | | | 58,961,000 | 41,272,000 | 260,832,000 | 199,042,000 | 176,302,000 | 1,655,547,000 | 1,043,742,000 | 606,188,000 | 735,358,000 | 1,991,147,000 | | Assets | | | | | | | 2,367,335,000 | 7,283,173,000 | 6,201,474,000 | 7,151,294,000 | 7,315,967,000 | 7,416,324,000 | 7,299,736,000 | 7,835,919,000 | 8,534,671,000 | 8,085,400,000 | | Liabilities | | | | | | | 2,306,457,000 | 6,299,708,000 | 5,350,717,000 | 6,212,701,000 | 6,225,539,000 | 7,045,266,000 | 7,071,938,000 | 7,155,285,000 | 7,175,502,000 | 7,765,492,000 | | Stockholders' equity | | | | | | | 60,878,000 | 983,465,000 | 850,757,000 | 938,593,000 | 1,090,428,000 | 371,058,000 | 227,798,000 | 680,634,000 | 1,359,169,000 | 319,908,000 | | Cash and cash equivalents | | | | | | | 474,233,000 | 538,908,000 | 156,368,000 | 280,836,000 | 712,583,000 | 756,493,000 | 697,999,000 | 1,318,999,000 | 1,933,147,000 | 1,722,521,000 | | Free cash flow | | | | | | | 315,769,000 | 143,752,000 | 344,285,000 | 416,420,000 | 819,390,000 | 1,252,636,000 | 993,372,000 | 1,052,613,000 | 1,383,185,000 | 1,175,223,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | 7.92% | 0.10% | 3.08% | 5.50% | 6.51% | 16.76% | 14.75% | 14.94% | 20.00% | 11.22% | | Operating margin | | | | | | | 12.48% | -0.19% | 6.53% | 8.72% | 11.96% | 19.34% | 20.09% | 20.94% | 18.45% | 15.79% | | Return on equity | | | | | | | 317.98% | 0.33% | 14.39% | 24.86% | 24.46% | 213.86% | 354.61% | 129.65% | 92.24% | 227.95% | | Return on assets | | | | | | | 8.18% | 0.05% | 1.97% | 3.26% | 3.65% | 10.70% | 11.07% | 11.26% | 14.69% | 9.02% | | Liabilities / equity | | | | | | | 37.89 | 6.41 | 6.29 | 6.62 | 5.71 | 18.99 | 31.04 | 10.51 | 5.28 | 24.27 | | Current ratio | | | | | | | 0.92 | 0.92 | 0.69 | 0.71 | 0.79 | 0.78 | 0.77 | 0.91 | 1.06 | 1.00 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000749251.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 2.17 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 3.68 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 2.48 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 198,043,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,408,784,000 | | 2.26 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 1,586,118,000 | 208,631,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,472,926,000 | 210,545,000 | 2.67 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 210,545,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,595,060,000 | | 2.93 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 229,548,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 1,484,306,000 | | 5.32 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 1,715,119,000 | 398,573,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 1,534,130,000 | 210,939,000 | 2.71 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 210,939,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 1,686,454,000 | | 3.11 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 240,783,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,524,072,000 | | 0.47 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 1,752,570,000 | 242,152,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,511,041,000 | 222,344,000 | 3.18 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | 222,344,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 1,675,943,000 | | 4.14 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from IT's latest 10-K: [/company/IT/business/](/company/IT/business/). ## Risk Factors Verbatim Item 1A Risk Factors from IT's latest 10-K: [/company/IT/risk-factors/](/company/IT/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/749251/000074925126000245/it-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-04 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The purpose of this Management’s Discussion and Analysis (“MD&A”) is to facilitate an understanding of significant factors influencing the quarterly operating results, financial condition and cash flows of Gartner, Inc. Additionally, the MD&A conveys our expectations of the potential impact of known trends, events or uncertainties that may impact future results. You should read this discussion in conjunction with our Condensed Consolidated Financial Statements and related notes included in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). Historical results and percentage relationships are not necessarily indicative of operating results for future periods. References to “Gartner,” the “Company,” “we,” “our” and “us” in this MD&A are to Gartner, Inc. and its consolidated subsidiaries. FORWARD-LOOKING STATEMENTS In addition to historical information, this Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions, projections or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as “may,” “will,” “expect,” “should,” “could,” “believe,” “plan,” “anticipate,” “estimate,” “predict,” “potential,” “continue” or other words of similar meaning. 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: our ability to maintain and expand our products and services; our ability to keep pace with technological and industry 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 competitive pressures; our ability to grow or sustain revenue from individual customers; our ability to 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; our ability to achieve and effectively manage growth, including our ability to integrate our acquisitions and consummate and integrate future acquisitions; our ability to attract and retain a professional staff of analysts and consultants as well as experienced sales personnel upon whom we are dependent, especially in light of labor competition; 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 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 the creditworthiness, budget cuts, priorities and 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 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; our ability to meet sustainability commitments and comply with applicable regulatory 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 the 2025 Form 10-K, which is incorporated herein by reference. Forward-looking statements are subject to risks, estimates and uncertainties that could cause actual results to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those listed above or described under “Risk Factors” in Item 1A of the 2025 Form 10-K. Readers should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made. Forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents. Except as required by law, we disclaim any obligation to revise or update these forward-looking statements to reflect events or circumstances as they occur. 25 BUSINESS OVERVIEW 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. We deliver our products and services globally through three reportable segments – Business and Technology Insights (“Insights”), Conferences and Consulting, as described below. •Insights equips executives and their teams from every function and across all industries with actionable, objective business and technology insights, guidance and tools. Our experienced experts deliver all this value informed by an unmatched combination of practitioner-sourced and data-driven research to help our clients address their mission critical priorities. •Conferences provides executives and teams across an organization the opportunity to learn, share and network. From industry-leading conferences to peer-driven communities – each focused on the mission-critical priorities of specific business roles – our offerings enable attendees to experience the best of Gartner insights and guidance. •Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insights. Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission critical priorities. As of June 30, 2026, we had 19,285 employees globally, a decrease of 8% from June 30, 2025. The largest decreases in headcount were in our Insights segment and the Digital Markets business, primarily in the second half of 2025 and the first quarter of 2026. Recent Developments In February 2026, we completed the sale of the Digital Markets business, for approximately $104.8 million net of cash transferred, subject to post-close adjustments. We recorded a pre-tax gain of $5.4 million on the sale, which is included in Gain from sale of divested operation in the Consolidated Statement of Operations during the six months ended June 30, 2026. The Digital Markets business represented the entirety of our Other segment. BUSINESS MEASUREMENTS We believe that the following business measurements are important performance indicators for our reportable business segments: 26 [[GREPCENT_TABLE]] [["BUSINESS SEGMENT","","BUSINESS MEASUREMENT"],["Insights","","Contract value represents the dollar value attributable to all of our subscription-related contracts. It is calculated as the annualized value of all contracts in effect at a specific point in time, without regard to the duration of the contract. Contract value primarily includes Insights deliverables for which revenue is recognized on a ratable basis, as well as other deliverables (primarily Conferences tickets) for which revenue is recognized when the deliverable is utilized. Comparing contract value year-over-year not only measures the short-term growth of our business, but also signals the long-term health of our Insights subscription business since it measures revenue that is highly likely to recur over a multi-year period. Our contract value consists of Global Technology Sales contract value, which includes sales to users and providers of technology, and Global Business Sales contract value, which includes sales to all other functional leaders."],["","","Client retention rate represents a measure of client satisfaction and renewed business relationships at a specific point in time. Client retention is calculated on a percentage basis by dividing our current clients, who were also clients a year ago, by all clients from a year ago. Client retention is calculated at an enterprise level, which represents a single company or customer."],["","","Wallet retention rate represents a measure of the amount of contract value we have retained with clients over a twelve-month period. Wallet retention is calculated on a percentage basis by dividing the contract value of our current clients, who were also clients a year ago, by the contract value from a year ago, excluding the impact of foreign currency exchange. When wallet retention exceeds client retention, it is an indication of retention of higher-spending clients, or increased spending by retained clients, or both. Wallet retention is calculated at an enterprise level, which represents a single company or customer."],["Conferences","","Number of destination conferences represents the total number of hosted in-person conferences completed during the period. Single day, local meetings are excluded."],["","","Number of destination conferences attendees represents the total number of people who attend in-person conferences. Single day, local meetings are excluded."],["Consulting","","Consulting backlog represents future revenue to be derived from in-process consulting and benchmark analytics engagements."],["","","Utilization rate represents a measure of productivity of our consultants. Utilization rates are calculated for billable headcount on a percentage basis by dividing total hours billed by total hours available to bill."]] [[/GREPCENT_TABLE]] 27 EXECUTIVE SUMMARY OF OPERATIONS AND FINANCIAL POSITION The fundamentals of our strategy include a focus on creating actionable business and technology insights for executives and their teams, delivering innovative and highly differentiated product offerings, building a strong sales capability, providing world class client service with a focus on client engagement and retention, and continuously improving our operational effectiveness. We had total r [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm Complete FY 2025 MD&A: /company/IT/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-12 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The purpose of this Management’s Discussion and Analysis (“MD&A”) is to facilitate an understanding of significant factors influencing the operating results, financial condition and cash flows of Gartner, Inc. Additionally, the MD&A conveys our expectations of the potential impact of known trends, events or uncertainties that may impact future results. You should read this discussion in conjunction with our consolidated financial statements and related notes included in this Annual Report on Form 10-K. Historical results and percentage relationships are not necessarily indicative of operating results for future periods. References to “Gartner,” the “Company,” “we,” “our” and “us” in this MD&A are to Gartner, Inc. and its consolidated subsidiaries. This MD&A provides an analysis of our consolidated financial results, segment results and cash flows for 2025 and 2024 under the headings “Results of Operations,” “Segment Results” and “Liquidity and Capital Resources.” For a similar detailed 19 discussion comparing 2024 and 2023, refer to those headings under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2024. In addition to GAAP results, we provide foreign currency neutral dollar amounts and percentages for our revenues, certain expenses, contract values and other metrics. These foreign currency neutral dollar amounts and percentages eliminate the effects of exchange rate fluctuations and thus provide a more accurate and meaningful trend in the underlying data being measured. We calculate foreign currency neutral dollar amounts by converting the underlying amounts in local currency for different periods into U.S. dollars by applying the same foreign exchange rates to all periods presented. FORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions, projections or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as “may,” “will,” “expect,” “should,” “could,” “believe,” “plan,” “anticipate,” “estimate,” “predict,” “potential,” “continue” or other words of similar meaning. 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: 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 competitive pressures; our ability to grow or sustain revenue from individual customers; our ability to 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 attract and retain a professional staff of analysts and consultants as well as experienced sales personnel upon whom we are dependent, especially in light of labor competition; 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 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 the creditworthiness, budget cuts, priorities and 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 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; our ability to meet sustainability commitments and comply with applicable regulatory 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. Forward-looking statements are subject to risks, estimates and uncertainties that could cause actual results to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those listed above or described under “Risk Factors” in Item 1A of this Annual Report on Form 10-K. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Readers should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made. Forward-looking statements in this Annual Report on Form 10-K speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only 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. 20 BUSINESS OVERVIEW 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. We are a trusted advisor and an objective resource for over 13,000 enterprises in approximately 90 countries and territories — across all major functions, in every industry and enterprise size. Gartner delivers its products and services globally through three reportable business segments – Insights, Conferences and Consulting, as described below. •Insights equips executives and their teams from every major function, geography, industry and sector with actionable, objective insights, guidance and tools. Our experts deliver proprietary insights that are informed by thoroughly vetted practitioner-sourced and data-driven research to help our clients address their mission-critical priorities. •Conferences provides executives and teams across an organization the opportunity to learn, share and network. From our Gartner Symposium/Xpo series, to industry-leading conferences focused on specific business roles and topics, to peer-driven sessions, our offerings enable attendees to experience the best of Gartner insights and guidance. •Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insight. Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission-critical priorities. Recent Developments 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. 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. 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. 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. 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 majo [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/IT/mda/fy2025/ All MD&A years: /company/IT/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/IT/mda/fy2024/): filed 2025-02-13; accession 0000749251-25-000008 (https://www.sec.gov/Archives/edgar/data/749251/000074925125000008/it-20241231.htm) - [FY 2023 MD&A](/company/IT/mda/fy2023/): filed 2024-02-15; accession 0000749251-24-000006 (https://www.sec.gov/Archives/edgar/data/749251/000074925124000006/it-20231231.htm) - [FY 2022 MD&A](/company/IT/mda/fy2022/): filed 2023-02-16; accession 0000749251-23-000006 (https://www.sec.gov/Archives/edgar/data/749251/000074925123000006/it-20221231.htm) - [FY 2021 MD&A](/company/IT/mda/fy2021/): filed 2022-02-23; accession 0000749251-22-000006 (https://www.sec.gov/Archives/edgar/data/749251/000074925122000006/it-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 8741 Services-Management Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/IT.md · JSON record: /company/IT.json · verified financials: /company/IT/financials.json / /company/IT/financials.csv · machine TOC for the whole site: /llms.txt