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: the subscription model, the AI disintermediation risk, a federal-contract shock, and the Digital Markets write-off. · Open the full document →
Item 1. Business — p. 4 · Read the full section →
How Gartner actually works: three segments, a subscription core, and the scale figures that back the moat.
The three segments in management's words, with the subscription and scale metrics behind them.
INSIGHTS. 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 are in steady contact with over 13,000 distinct client enterprises worldwide. We publish tens of thousands of pages of original content annually, and our experts had more than 510,000 direct client interactions in 2025. […] 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. […] During 2025, Gartner successfully held 53 in-person conferences with more than 83,000 attendees, including 12 Symposiums/Xpos.
p. 6 · Read in context →
Item 1A. Risk Factors — p. 12 · Read the full section →
The two risks most specific to Gartner now: AI/LLMs disintermediating its research, and heavy, unwinding government-contract exposure.
The existential risk for a research publisher — AI and LLMs eroding the value of proprietary insight.
Uncertainty in the development, deployment, and use of AI in our platform and products and by our customers and competitors may result in harm to our business and reputation. […] In August 2025, we launched AskGartner, our new AI-powered tool that gives clients an improved user experience by providing faster, more efficient access to our insights, to licensed users globally. […] Our competitors or other third parties may also incorporate AI into their offerings more effectively and/or quickly than we do, which could impair our ability to compete effectively and adversely affect our business and financial results. […] Although generally contractually prohibited, clients or others may load our proprietary information into large language models, which could reduce the value of our offerings.
p. 14 · Read in context →
Item 7. MD&A — Business Overview: Recent Developments — p. 39 · Read the full section →
The year's structural events: federal non-renewals, the Digital Markets goodwill write-off, and the agreement to sell it.
Item 7. MD&A — Business Measurements — p. 41 · Read the full section →
The definitions that make the whole business legible — contract value, client retention, and wallet retention — set out by segment.
Item 7. MD&A — Executive Summary of Operations and Financial Position — p. 42 · Read the full section →
The FY2025 result in management's framing: revenue up 4% but net income nearly halved, and where the cash went.
Revenue $6.5B (+4%); net income falls to $0.7B from $1.3B; contract value $5.2B; $2.0B of buybacks.
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. […] 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 KPI table where the softening shows: wallet retention fell sharply even as contract value inched up.
Contract value +1% FX-neutral, but wallet retention drops to 96% (GTS) and 99% (GBS) on lower client spend.
Contract value increased to $5.2 billion at December 31, 2025, or 1% compared to December 31, 2024 on a foreign currency neutral basis. […] Growth was led by the energy, banking and technology sectors, partially offset by a double digit decrease in public sector, primarily related to the US federal government. […] GTS client retention was 85% and 84% as of December 31, 2025 and 2024, respectively, while wallet retention was 96% and 102%, as of December 31, 2025 and 2024, respectively. […] The decrease in GTS and GBS wallet retention was largely due to lower levels of spending by existing clients compared to the same period in 2024.
p. 51 · Read in context →
Note 9 — Revenue and Related Matters — p. 101 · Read the full section →
The subscription model on the balance sheet: a multi-year backlog and deferred revenue that make future revenue highly visible.
Gartner, Inc. — FY2021 Annual Report (Form 10-K) — FY2021
Included for one contrast: the pre-rename segment structure and a larger client base, showing how the business has been redefined since. · Open the full document →
Item 1. Business — p. 4 · Read the full section →
Four years on: the lead segment was 'Research' (renamed 'Insights' in 2025) and the client base was 15,000+, versus 13,000 today.
FY2021: 'Research, Conferences and Consulting' and 'more than 15,000 enterprises' — both since changed.
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. […] Research equips executives and their teams from every function and across all industries with actionable, objective insight, guidance and tools.
p. 4 · Read in context →
More annual reports
Gartner, Inc. — FY2024 Annual Report (Form 10-K) — FY2024 · 127 pages · The prior year, before the impairment and federal shock — includes the $300M event-cancellation insurance gain flattering the FY2024 base. · Open →
Gartner, Inc. — FY2023 Annual Report (Form 10-K) — FY2023 · 128 pages · Mid-cycle edition still under the 'Research' segment naming, useful for tracing the retention and contract-value trend. · Open →
Gartner, Inc. — FY2022 Annual Report (Form 10-K) — FY2022 · 127 pages · First full post-pandemic year, when demand and conferences normalized after COVID. · Open →