Gartner, Inc., a research and advisory company providing insights on business and technology trends, reports that the slow-growth economic environment, driven by tariff-related trade tensions and other factors, emerged as the top concern among enterprise risk leaders in the third quarter of 2025.The findings come from Gartner’s Quarterly Emerging Risk Report, which collects perspectives from senior executives, auditors, and risk management professionals on emerging and over-the-horizon threats.The Q3 2025 r ...

全球知名的商业与技术洞察公司Gartner近日发布企业机构需在2026年重点关注的十大战略技术趋势。今年不同于以往的一点是变革速度——这一年涌现 的创新成果远超以往。希望本文对您有所启发。 Gartner研究副总裁高挺（Arnold Gao）表示："2026年对技术领导者而言是至关重要的一年，变革、创新与风险将在这一年以空前的速度发展。2026年的 各项重要战略技术趋势将密切交织，折射出一个由人工智能（AI）驱动的高度互联化世界的现实图景。 在这样一个世界，企业机构必须推动负责任的创新、卓越运营和数字信任。这些趋势不仅代表了技术变革的方向，还是促进业务转型的催化剂。今年不同 于以往的一点是变革速度——这一年涌现的创新成果远超以往。由于下一轮创新浪潮已近在眼前，只有当下采取行动的企业才能应对市场波动和决定未来 数十年的行业走向。" 以下是2026年重要战略技术趋势。 01 | Use cases (illustrative) | | | | --- | --- | --- | | Optimization and Polyfunctional robots | Energy exploration and | ...

Core Insights - Gartner, Inc. is a leading research and advisory company providing insights and tools for various sectors including IT, finance, HR, and customer service [1] - The company demonstrates effective capital management with a Return on Invested Capital (ROIC) of 24.87% and a Weighted Average Cost of Capital (WACC) of 8.07% [2][6] Capital Efficiency Comparison - Gartner's ROIC to WACC ratio is 3.08, indicating strong capital efficiency compared to its cost of capital [2] - CDW Corporation has a ROIC of 19.21% and a WACC of 7.30%, resulting in a ROIC to WACC ratio of 2.63, reflecting efficient capital use [3] - Mettler-Toledo International Inc. leads with a ROIC of 37.77% and a WACC of 9.74%, achieving the highest ROIC to WACC ratio of 3.88 among peers, indicating exceptional capital utilization [4] - Jack Henry & Associates has a ROIC to WACC ratio of 2.34, suggesting efficient capital use, while ANSYS, Inc. has a lower ratio of 0.88, indicating its returns do not cover its cost of capital [5][6]

Financial Data and Key Metrics Changes - Third-quarter revenue was $1.5 billion, up 3% year-over-year as reported and 1% FX neutral [15] - Adjusted EPS was $2.76, up 10% from Q3 of last year [23] - Free cash flow was $269 million, compared to $265 million in Q3 2024 [24] - EBITDA was $347 million, up 2% as reported, with FX contributing almost 3 percentage points [22] Business Line Data and Key Metrics Changes - Insights revenue grew 5% year-over-year as reported and 4% FX neutral [16] - Global Technology Sales (GTS) contract value was $3.8 billion, up 2% year-over-year [18] - Global Business Sales (GBS) contract value was $1.2 billion, up 7% year-over-year [19] - Consulting revenue was $124 million, compared to $128 million in the year-ago period [20] Market Data and Key Metrics Changes - Contract value grew 3% year-over-year, with a 6% growth excluding the U.S. federal government [13] - Client retention rates improved from Q2 to Q3, indicating a positive trend in client engagement [36] - New business in the quarter was down about 4% year-over-year, excluding U.S. federal contracts [17] Company Strategy and Development Direction - The company is focused on leveraging AI to enhance productivity and effectiveness internally [12] - There is a clear path back to long-term, sustained double-digit growth over the medium term [12] - The company plans to continue repurchasing stock to create value for shareholders [25] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains dynamic, but the company has made operational adaptations that are yielding results [5] - The selling environment has improved modestly, with increased engagement and retention rates [33][36] - The company expects to accelerate contract value growth in 2026, aiming for high single-digit growth rates [60][62] Other Important Information - The company repurchased more than $1 billion of stock in the quarter, reducing share count by 6% year-over-year [5] - The insights segment remains the largest and most profitable operating segment, with almost 100% recurring subscription revenue [15] Q&A Session Summary Question: Can you comment on upselling and downselling trends? - The selling environment has improved modestly, with new sales to new enterprises performing well, but upselling existing enterprises has faced challenges [33] Question: How are tariff-impacted industries performing? - Non-tariff-affected industries continue to perform about 200 basis points faster in contract value growth compared to tariff-affected industries [39] Question: What drove the improvement in renewal rates? - The improvement is attributed to operational adaptations and reduced uncertainty in certain geographies, leading to better client decision-making [45] Question: What are your expectations for sales headcount growth in 2026? - The expectation is to grow headcount three to four points slower than expected contract value growth [54] Question: Can you elaborate on the pricing environment? - The bulk of the price increase globally went into effect on November 1st, with a normal increase of around 3-4% [99]

Financial Data and Key Metrics Changes - Gartner's third-quarter revenue was $1.5 billion, up 3% year over year as reported and 1% FX neutral [12] - Adjusted EPS was $2.76, up 10% from Q3 of last year [20] - Free cash flow was $269 million, compared to $265 million in Q3 2024 [21] - EBITDA was $347 million, up 2% as reported, with FX contributing almost 3 percentage points [19] Business Line Data and Key Metrics Changes - Insights revenue grew 5% year over year as reported and 4% FX neutral, with a contribution margin of 77% [13] - Global Technology Sales (GTS) contract value was $3.8 billion, up 2% year over year, with wallet retention at 98% [16] - Global Business Sales (GBS) contract value was $1.2 billion, up 7% year over year, with wallet retention at 102% [17] - Consulting revenue was $124 million, compared to $128 million in the year-ago period [18] Market Data and Key Metrics Changes - Contract value (CV) grew 3% year over year, with a 6% growth excluding the U.S. federal government [11] - New business in GTS was down 12% compared to last year, while GBS new business was down 10% [16][17] - The amount of content published per analyst increased by 31% year over year [7] Company Strategy and Development Direction - Gartner is focusing on AI as a key growth area, helping clients determine the best AI tools and applications [4][5] - The company is adapting its operational strategies to improve client engagement and retention [10] - There is a clear path back to long-term, sustained double-digit growth over the medium term [10] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains dynamic, but Gartner's Q3 results were ahead of expectations [4] - Management noted improvements in client engagement and retention rates, which are positive indicators for future growth [30] - The company expects to see a re-acceleration in contract value growth in 2026, driven by improved selling conditions and adaptations made [26][58] Other Important Information - Gartner repurchased $1.1 billion of stock during the third quarter, reducing share count by 6% year over year [4][23] - The company has a strong balance sheet with about $1.4 billion in cash and a debt balance of approximately $2.5 billion [22][23] Q&A Session Summary Question: Comments on upselling and downselling trends - Management noted that the selling environment has improved modestly, with upselling existing enterprises being the most affected area [29] Question: Update on tariff-impacted industries - Non-tariff-affected industries continue to perform about 200 basis points faster than tariff-affected industries [31] Question: Improvement in renewal rates - The improvement is attributed to operational adaptations and reduced uncertainty in certain geographies [32] Question: Expectations for sales headcount growth in 2026 - The expectation is to grow headcount three to four points slower than expected contract value growth [36] Question: Pricing environment and increases - A normal price increase of around 3-4% went into effect on November 1, with minimal pushback expected [59]

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Core Insights - Gartner reported quarterly earnings of $2.76 per share, exceeding the Zacks Consensus Estimate of $2.41 per share, and showing an increase from $2.50 per share a year ago, resulting in an earnings surprise of +14.52% [1] - The company achieved revenues of $1.52 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.35% and up from $1.48 billion year-over-year [2] - Gartner's stock has underperformed, losing approximately 49.2% since the beginning of the year, while the S&P 500 has gained 16.5% [3] Earnings Outlook - The future performance of Gartner's stock will largely depend on management's commentary during the earnings call and the revisions of earnings estimates [3][4] - The current consensus EPS estimate for the upcoming quarter is $3.26, with expected revenues of $1.75 billion, and for the current fiscal year, the EPS estimate is $12.19 on revenues of $6.49 billion [7] Industry Context - The Consulting Services industry, to which Gartner belongs, is currently ranked in the top 26% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked using tools like the Zacks Rank [5][6]

Third Quarter 2025 Results November 4, 2025 Contents © 2025 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. or its affiliates. This presentation, including all supporting materials, is proprietary to Gartner, Inc. and/or its affiliates and is for the sole internal use of the intended recipients. Because this presentation may contain information that is confidential, proprietary or otherwise legally protected, it may not be further copied, distribu ...

Financial Performance - Total revenues for the third quarter of 2025 were $1.5 billion, a 3% increase compared to the third quarter of 2024[146]. - Insights revenue increased by 5% year-over-year, totaling $1.27 billion, while Conferences and Consulting revenues decreased by 2% and 3%, respectively[146][151]. - Net income for the third quarter of 2025 was $35.4 million, a significant decrease of 91% from $415.0 million in the same period of 2024, primarily due to a $150.0 million goodwill impairment loss[147][151]. - Total revenues for the nine months ended September 30, 2025, were $4.7 billion, an increase of $0.2 billion, or 4%, compared to the same period in 2024[154]. - Operating income for the nine months ended September 30, 2025, was $691.5 million, a decrease of $147.0 million, or 18%, compared to $838.5 million in 2024, primarily due to a goodwill impairment loss of $150.0 million[160]. - Net income for the nine months ended September 30, 2025, was $487.1 million, a decrease of $368.1 million, or 43%, compared to $855.1 million in 2024[165]. Expenses and Costs - Selling, general and administrative expenses increased by 7% to $762.6 million in the third quarter of 2025[151]. - Selling, general and administrative (SG&A) expenses for the nine months ended September 30, 2025, were $2.3 billion, an increase of $156.1 million, or 7%, compared to the same period in 2024[156]. - Cost of services and product development for the nine months ended September 30, 2025, was $1.5 billion, an increase of $32.9 million, or 2%, compared to the same period in 2024[155]. Goodwill Impairment - A goodwill impairment loss of $150.0 million was recognized in the Digital Markets reporting unit due to ongoing market weakness and internal organizational changes[142]. - Goodwill impairment of $150.0 million was recognized during the three months ended September 30, 2025, in the Digital Markets reporting unit[159]. Cash Flow and Financing - Cash provided by operating activities was $1.0 billion for the nine months ended September 30, 2025, compared to $1.1 billion for the same period in 2024[147]. - Cash provided by operating activities was $995.8 million for the nine months ended September 30, 2025, down from $1.1 billion in 2024[189]. - Cash used in financing activities increased significantly to $1.5 billion for the nine months ended September 30, 2025, compared to $615.6 million in 2024[191]. - The company had $1.4 billion in cash and cash equivalents and approximately $0.7 billion of available borrowing capacity as of September 30, 2025[183]. Employee and Client Metrics - The company had a total of 20,854 employees globally as of September 30, 2025, reflecting a 0.6% decrease from the previous year[138]. - Client retention for Global Technology Sales improved by 1 percentage point to 84% for the three months ended September 30, 2025, compared to the same period in 2024[169]. - GTS client retention was 84% as of September 30, 2025, compared to 83% in 2024, while GBS client retention remained stable at 87%[173]. - The number of quota-bearing sales associates increased by 2% compared to September 30, 2024, reflecting growth in the sales force[156]. Market and Regulatory Environment - The company continues to monitor the unpredictable geopolitical environment and its potential impact on business operations and financial performance[140]. - The One Big Beautiful Bill Act (OBBBA) enacted in July 2025 did not have a material impact on the company's consolidated financial results for the current period[141]. Debt and Interest Rate Exposure - As of September 30, 2025, the Company had $2.5 billion of principal amount of debt outstanding[193]. - Approximately $274.4 million of the total debt was based on a floating base rate of interest, exposing the Company to interest rate fluctuations[196]. - A 100 basis point change in interest rates would increase or decrease the Company's interest expense by approximately $2.7 million annually[196]. Foreign Currency Exposure - The Company had $1.4 billion of cash and cash equivalents as of September 30, 2025, with a significant portion in foreign currencies[198]. - A 10% change in foreign currency exchange rates could result in an increase or decrease of approximately $112.8 million in cash and cash equivalents[198]. - The Company is exposed to both foreign currency translation and transaction risk due to significant revenues derived from international sales[197]. - The translation of foreign currency revenues and expenses has historically not had a material impact on consolidated earnings[198].

Financial Performance - Revenues for Q3 2025 were $1,524 million, up 2.7% as reported and 1.2% FX neutral compared to Q3 2024[5] - Net income decreased to $35 million, down 91.5% year-over-year, with diluted EPS at $0.47, a decline of 91.2%[6] - Adjusted EBITDA was $347 million, an increase of 1.9% year-over-year, while adjusted EPS rose to $2.76, up 10.4%[6] - Total revenues for the three months ended September 30, 2025, were $1,524.1 million, an increase from $1,484.3 million in 2024, representing a growth of 2.7%[29] - Adjusted net income for Q3 2025 was $207 million, compared to $195 million in Q3 2024, reflecting an increase of 6.2%[23] - GAAP net income for Q3 2025 was $35 million, significantly lower than $415 million in Q3 2024, a decline of 91.6%[29] Cash Flow and Expenses - Operating cash flow fell to $299 million, down 49.4%, and free cash flow decreased to $269 million, down 52.3%[6] - Free cash flow for Q3 2025 was $269 million, down from $565 million in Q3 2024, indicating a decrease of 52.4%[27] - The cost of services and product development for Q3 2025 was $474.2 million, slightly down from $475.3 million in Q3 2024[29] - Selling, general and administrative expenses increased to $762.6 million in Q3 2025 from $711.7 million in Q3 2024, a rise of 7.2%[29] Share Repurchase and Authorizations - The company repurchased 4.0 million common shares for $1.1 billion, marking a record for a single quarter[6] - The Board of Directors increased the share repurchase authorization by $1 billion in September 2025[6] Contract Value and Future Outlook - Contract value reached $5.0 billion, representing a 3.0% year-over-year increase on a foreign exchange neutral basis[1] - Global Technology Sales Contract Value (GTS CV) was $3.8 billion, up 1.7% year-over-year FX neutral, while Global Business Sales Contract Value (GBS CV) was $1.2 billion, up 7.1% FX neutral[10] - The company expects contract value to accelerate in 2026, indicating positive future growth prospects[4] Impairments and Tax Rates - The company reported a goodwill impairment of $150 million in Q3 2025, with no such impairment recorded in the same period of 2024[29] - The effective tax rate on adjustments was approximately 14.2% for Q3 2025, compared to 16.9% for Q3 2024[25] Other Developments - The company completed the Beta launch of AskGartner, an AI-powered tool aimed at enhancing user experience[6] - The company did not recognize any gain on event cancellation insurance claims in Q3 2025, contrasting with a gain of $300 million in Q3 2024[29]