Revenue growth has decelerated into a 1.5% contraction as of 2026Q1, though the firm maintains a resilient 71.6% gross margin despite ongoing operational cost pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 6.47B | 6.5B | 6.27B | 5.91B | 5.48B | 4.73B | 4.1B | 4.25B | 3.98B | 3.31B | 2.44B | 2.16B | 2.02B | 1.78B | 1.62B | 1.47B | 1.29B | 1.14B | 1.28B | 1.17B | 1.06B | 989M | 893.82M | 858.45M | 907.17M | 962.88M | 862.45M | 734.23M | 642M | 511.2M | 394.7M |
| Revenue Growth % | 2.3% | 3.67% | 6.1% | 7.87% | 15.67% | 15.48% | -3.44% | 6.79% | 20.05% | 35.46% | 13.01% | 7.01% | 13.3% | 10.42% | 10.02% | 13.98% | 13.04% | -10.89% | 9.46% | 10.2% | 7.21% | 10.65% | 4.12% | -5.37% | -5.79% | 11.65% | 17.46% | 14.37% | 25.59% | 29.52% | 72.21% |
| Cost of Goods Sold | 2.06B | 2.1B | 2.02B | 1.9B | 1.69B | 1.44B | 1.35B | 1.55B | 1.47B | 1.32B | 945.65M | 839.08M | 797.93M | 713.48M | 659.07M | 608.75M | 552.24M | 498.36M | 572.21M | 530.81M | 505.33M | 486.61M | 434.5M | 410.67M | 403.72M | 450.47M | 395.6M | 293.61M | 247.9M | 202.8M | 153M |
| COGS % of Revenue | - | 32.34% | 32.28% | 32.22% | 30.93% | 30.5% | 32.81% | 36.52% | 36.95% | 39.87% | 38.68% | 38.79% | 39.47% | 39.99% | 40.79% | 41.45% | 42.86% | 43.72% | 44.74% | 45.43% | 47.66% | 49.2% | 48.61% | 47.84% | 44.5% | 46.78% | 45.87% | 39.99% | 38.61% | 39.67% | 38.76% |
| Gross Profit | 4.42B | 4.4B | 4.24B | 4B | 3.78B | 3.29B | 2.75B | 2.69B | 2.51B | 1.99B | 1.5B | 1.32B | 1.22B | 1.07B | 956.74M | 859.83M | 736.22M | 641.44M | 706.86M | 637.67M | 554.99M | 502.39M | 459.32M | 447.78M | 503.46M | 512.41M | 466.85M | 440.62M | 394.1M | 308.4M | 241.7M |
| Gross Margin % | 68.25% | 67.66% | 67.72% | 67.78% | 69.07% | 69.49% | 67.19% | 63.48% | 63.05% | 60.13% | 61.32% | 61.21% | 60.53% | 60.01% | 59.21% | 58.55% | 57.14% | 56.28% | 55.26% | 54.57% | 52.34% | 50.8% | 51.39% | 52.16% | 55.5% | 53.22% | 54.13% | 60.01% | 61.39% | 60.33% | 61.24% |
| Gross Profit Growth % | - | 3.57% | 6.01% | 5.86% | 14.96% | 19.44% | 2.21% | 7.5% | 25.88% | 32.85% | 13.21% | 8.21% | 14.27% | 11.91% | 11.27% | 16.79% | 14.78% | -9.26% | 10.85% | 14.9% | 10.47% | 9.38% | 2.58% | -11.06% | -1.75% | 9.76% | 5.95% | 11.8% | 27.79% | 27.6% | 61.13% |
| Operating Expenses | 3.35B | 3.37B | 3.09B | 2.77B | 2.68B | 2.37B | 2.26B | 2.32B | 2.25B | 2B | 1.19B | 1.04B | 937.35M | 795.24M | 711.03M | 645.77M | 586.95M | 506.96M | 542.49M | 508.21M | 451.74M | 477.11M | 416.66M | 400.32M | 407.08M | 469.9M | 382.72M | 307.25M | 243.2M | 191.8M | 157.4M |
| OpEx % of Revenue | - | 51.87% | 49.27% | 46.84% | 48.98% | 50.15% | 55.23% | 54.76% | 56.52% | 60.32% | 48.83% | 47.89% | 46.37% | 44.57% | 44% | 43.97% | 45.55% | 44.48% | 42.41% | 43.49% | 42.6% | 48.24% | 46.62% | 46.63% | 44.87% | 48.8% | 44.38% | 41.85% | 37.88% | 37.52% | 39.88% |
| Selling, General & Admin | 3.06B | 3.07B | 2.88B | 2.7B | 2.48B | 2.16B | 2.04B | 2.1B | 1.88B | 1.6B | 1.09B | 962.68M | 876.07M | 760.46M | 678.84M | 613.71M | 543.17M | 477M | 514.99M | 472.74M | 416.09M | 397.25M | 388.33M | 333.28M | 345.38M | 370.1M | 341.87M | 252.19M | 215.9M | 173.6M | 144.5M |
| SG&A % of Revenue | - | 47.21% | 46.03% | 45.73% | 45.31% | 45.54% | 49.74% | 49.55% | 47.39% | 48.29% | 44.56% | 44.51% | 43.34% | 42.62% | 42.01% | 41.79% | 42.16% | 41.85% | 40.26% | 40.46% | 39.24% | 40.17% | 43.45% | 38.82% | 38.07% | 38.44% | 39.64% | 34.35% | 33.63% | 33.96% | 36.61% |
| Research & Development | 1.48B | 1.05B | 0 | 0 | 0 | 34.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 16.11% | - | - | - | 0.73% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | -744.37M | 203.29M | 65.28M | 201.03M | 183.86M | 225.27M | 221.24M | 362.8M | 398.62M | 104.57M | 73.31M | 61.28M | 34.78M | 32.19M | 32.06M | 43.78M | 29.96M | 27.5M | 35.47M | 35.65M | 79.86M | 28.34M | 67.04M | 61.7M | 99.8M | 40.84M | 55.06M | 27.3M | 18.2M | 12.9M |
| Operating Income | 1.06B | 1.03B | 1.16B | 1.24B | 1.1B | 915.75M | 490.15M | 370.09M | 259.71M | -6.33M | 305.14M | 288M | 286.16M | 275.49M | 245.71M | 214.06M | 149.26M | 134.48M | 164.37M | 129.46M | 103.25M | 25.28M | 42.66M | 47.46M | 96.38M | 42.51M | 84.13M | 133.37M | 150.9M | 116.6M | 84.3M |
| Operating Margin % | 16.43% | 15.79% | 18.45% | 20.94% | 20.09% | 19.34% | 11.96% | 8.72% | 6.53% | -0.19% | 12.48% | 13.31% | 14.16% | 15.44% | 15.21% | 14.58% | 11.58% | 11.8% | 12.85% | 11.08% | 9.74% | 2.56% | 4.77% | 5.53% | 10.62% | 4.42% | 9.75% | 18.16% | 23.5% | 22.81% | 21.36% |
| Operating Income Growth % | - | -11.3% | -6.52% | 12.43% | 20.13% | 86.83% | 32.44% | 42.5% | 4203.57% | -102.07% | 5.95% | 0.64% | 3.87% | 12.12% | 14.78% | 43.41% | 11% | -18.19% | 26.97% | 25.38% | 308.43% | -40.74% | -10.12% | -50.75% | 126.69% | -49.47% | -36.92% | -11.62% | 29.42% | 38.32% | 94.69% |
| EBITDA | 1.26B | 1.23B | 1.36B | 1.43B | 1.29B | 1.13B | 709.13M | 581.87M | 515.32M | 233.84M | 367.11M | 335.13M | 325.57M | 309.93M | 275.48M | 246.13M | 185.14M | 161.5M | 191.86M | 155.85M | 139.07M | 62.43M | 71M | 84.78M | 140.83M | 95.75M | 124.97M | 165M | 178.2M | 134.8M | 97.2M |
| EBITDA Margin % | 19.44% | 18.87% | 21.68% | 24.17% | 23.6% | 23.83% | 17.3% | 13.71% | 12.96% | 7.06% | 15.02% | 15.49% | 16.11% | 17.37% | 17.05% | 16.76% | 14.37% | 14.17% | 15% | 13.34% | 13.12% | 6.31% | 7.94% | 9.88% | 15.52% | 9.94% | 14.49% | 22.47% | 27.76% | 26.37% | 24.63% |
| EBITDA Growth % | -7.73% | -9.76% | -4.86% | 10.52% | 14.53% | 59.09% | 21.87% | 12.91% | 120.37% | -36.3% | 9.54% | 2.93% | 5.05% | 12.51% | 11.93% | 32.94% | 14.64% | -15.83% | 23.11% | 12.06% | 122.76% | -12.06% | -16.26% | -39.8% | 47.07% | -23.38% | -24.26% | -7.41% | 32.2% | 38.68% | 89.11% |
| D&A (Non-Cash Add-back) | 195.02M | 200.35M | 202.31M | 191.1M | 191.95M | 212.41M | 218.98M | 211.78M | 255.6M | 240.17M | 61.97M | 47.13M | 39.41M | 34.44M | 29.77M | 32.06M | 35.87M | 27.02M | 27.5M | 26.39M | 35.82M | 37.15M | 28.34M | 37.32M | 44.45M | 53.24M | 40.84M | 31.63M | 27.3M | 18.2M | 12.9M |
| EBIT | 1.07B | 1.03B | 1.52B | 1.28B | 1.15B | 1.09B | 441.77M | 378.57M | 307.89M | 130K | 316M | 294.76M | 286.98M | 276.83M | 245.5M | 213.4M | 150.86M | 132.39M | 167.13M | 135.56M | 103.25M | 25.28M | 42.66M | 47.46M | 96.38M | 42.51M | 84.13M | 133.37M | 150.9M | 116.6M | 84.3M |
| Net Interest Income | -68.23M | -47.36M | -69.49M | -94.25M | -121.32M | -116.62M | -113.55M | -99.81M | -124.21M | -124.94M | -25.12M | -20.78M | -10.89M | -8.84M | -8.86M | -9.97M | -15.62M | -16.03M | -19.27M | -22.15M | -14.86M | -17.7M | -5.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 64.72M | 61.56M | 38.53M | 4.88M | 1.89M | 2.09M | 3.03M | 2.57M | 3.01M | 2.45M | 1.77M | 1.41M | 1.55M | 1.05M | 1.25M | 1.16M | 0 | 0 | 2.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 68.23M | 112.07M | 131.05M | 132.77M | 126.2M | 118.51M | 115.64M | 102.83M | 126.77M | 127.95M | 27.57M | 22.55M | 12.3M | 10.39M | 9.9M | 11.22M | 16.77M | 16.03M | 19.27M | 18.96M | 17.38M | 19.84M | 8.2M | 11.9M | 22.77M | 51.91M | 11.34M | 21.8M | 0 | 0 | 31.2M |
| Other Income/Expense | -70.25M | -57.59M | 231.09M | -89.77M | -72.91M | 54.12M | -164.02M | -94.35M | -78.59M | -121.49M | -16.71M | -15.79M | -11.48M | -9.05M | -10.11M | -11.88M | -15.18M | -18.95M | -19.63M | -18.96M | -17.38M | -19.84M | -8.2M | -11.9M | -22.77M | -51.91M | 25.59M | -21.85M | 200K | 7.2M | -31.2M |
| Pretax Income | 993.49M | 968.08M | 1.39B | 1.15B | 1.03B | 969.87M | 326.08M | 275.74M | 181.12M | -127.82M | 288.43M | 272.21M | 274.68M | 266.44M | 235.6M | 202.18M | 134.09M | 115.53M | 144.74M | 114.16M | 85.87M | 5.44M | 34.46M | 35.56M | 73.6M | -9.39M | 56.1M | 139.3M | 151.1M | 123.8M | 53.1M |
| Pretax Margin % | 15.35% | 14.9% | 22.14% | 19.42% | 18.76% | 20.49% | 7.95% | 6.5% | 4.56% | -3.86% | 11.8% | 12.58% | 13.59% | 14.93% | 14.58% | 13.77% | 10.41% | 10.14% | 11.32% | 9.77% | 8.1% | 0.55% | 3.86% | 4.14% | 8.11% | -0.98% | 6.5% | 18.97% | 23.54% | 24.22% | 13.45% |
| Income Tax | 252.9M | 238.9M | 133.66M | 264.66M | 219.39M | 176.27M | 59.34M | 42.45M | 58.66M | -131.1M | 94.85M | 96.58M | 90.92M | 83.64M | 69.69M | 65.28M | 37.8M | 32.56M | 47.59M | 40.61M | 27.68M | 7.88M | 17.57M | 11.86M | 25.02M | -9.17M | 28.83M | 51M | 62.8M | 50.7M | 36.7M |
| Effective Tax Rate % | 25.46% | 24.68% | 9.63% | 23.07% | 21.36% | 18.17% | 18.2% | 15.39% | 32.39% | 102.57% | 32.88% | 35.48% | 33.1% | 31.39% | 29.58% | 32.29% | 28.19% | 28.19% | 32.88% | 35.57% | 32.23% | 144.81% | 50.99% | 33.36% | 34% | 97.66% | 51.38% | 36.61% | 41.56% | 40.95% | 69.11% |
| Net Income | 740.58M | 729.18M | 1.25B | 882.47M | 807.8M | 793.56M | 266.75M | 233.29M | 122.46M | 3.28M | 193.58M | 175.63M | 183.77M | 182.8M | 165.9M | 136.9M | 96.28M | 82.96M | 103.87M | 73.55M | 58.19M | -2.44M | 16.89M | 23.69M | 48.58M | -66.2M | 25.55M | 88.3M | 88.3M | 73.1M | 16.4M |
| Net Margin % | 11.44% | 11.22% | 20% | 14.94% | 14.75% | 16.76% | 6.51% | 5.5% | 3.08% | 0.1% | 7.92% | 8.12% | 9.09% | 10.25% | 10.27% | 9.32% | 7.47% | 7.28% | 8.12% | 6.29% | 5.49% | -0.25% | 1.89% | 2.76% | 5.35% | -6.88% | 2.96% | 12.03% | 13.75% | 14.3% | 4.16% |
| Net Income Growth % | -40.95% | -41.84% | 42.07% | 9.24% | 1.79% | 197.5% | 14.34% | 90.51% | 3634.55% | -98.31% | 10.22% | -4.42% | 0.53% | 10.19% | 21.18% | 42.18% | 16.06% | -20.13% | 41.22% | 26.4% | 2487.85% | -114.43% | -28.72% | -51.23% | 173.38% | -359.15% | -71.07% | 0% | 20.79% | 345.73% | -35.69% |
| Net Income (Continuing) | 740.58M | 729.18M | 1.25B | 882.47M | 807.8M | 793.56M | 266.75M | 233.29M | 122.46M | 3.28M | 193.58M | 175.63M | 183.77M | 182.8M | 165.9M | 136.9M | 96.28M | 82.96M | 97.15M | 73.55M | 58.19M | -2.44M | 16.89M | 23.69M | 48.58M | -220K | 54.85M | 88.27M | 88.3M | 73.1M | 16.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.59 | 9.65 | 16.00 | 11.08 | 9.96 | 9.21 | 2.96 | 2.56 | 1.33 | 0.04 | 2.31 | 2.06 | 2.03 | 1.93 | 1.73 | 1.39 | 0.96 | 0.85 | 1.05 | 0.68 | 0.50 | -0.02 | 0.13 | 0.25 | 0.46 | -0.77 | 0.30 | 0.84 | 0.84 | 0.71 | 0.17 |
| EPS Growth % | -37.03% | -39.69% | 44.4% | 11.24% | 8.14% | 211.15% | 15.63% | 92.48% | 3225% | -98.27% | 12.14% | 1.48% | 5.18% | 11.56% | 24.46% | 44.79% | 12.94% | -19.05% | 54.41% | 36% | 2404.15% | -116.69% | -48% | -45.65% | 159.74% | -356.67% | -64.29% | 0% | 18.31% | 317.65% | 30.77% |
| EPS (Basic) | - | 9.68 | 16.12 | 11.17 | 10.08 | 9.33 | 2.99 | 2.60 | 1.35 | 0.04 | 2.34 | 2.09 | 2.06 | 1.97 | 1.78 | 1.43 | 1.01 | 0.88 | 1.09 | 0.71 | 0.51 | -0.02 | 0.14 | 0.26 | 0.58 | -0.77 | 0.30 | 0.86 | 0.88 | 0.77 | 0.18 |
| Diluted Shares Outstanding | 69.97M | 72.1M | 78.34M | 79.68M | 81.07M | 86.18M | 90.02M | 90.97M | 92.12M | 89.79M | 83.82M | 85.06M | 90.72M | 94.83M | 95.84M | 98.85M | 99.83M | 97.55M | 99.03M | 108.33M | 116.2M | 112.25M | 126.33M | 92.58M | 130.88M | 85.86M | 97.89M | 104.95M | 105.12M | 102.96M | 96.47M |
| Basic Shares Outstanding | 69.8M | 72M | 77.78M | 79M | 80.18M | 85.03M | 89.31M | 89.82M | 90.83M | 88.47M | 82.57M | 83.85M | 89.34M | 93.02M | 93.44M | 96.02M | 95.75M | 94.66M | 95.25M | 103.61M | 113.07M | 112.25M | 123.6M | 91.12M | 83.59M | 85.86M | 86.56M | 102.23M | 100.34M | 94.94M | 91.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 141.56% | - | - | - |
High debt leverage sensitivity
According to the most recent quarterly filings, Gartner's revenue growth has decelerated to a contraction of 1.5% in 2026Q1, marking a significant departure from the mid-single-digit expansion observed throughout 2024 and early 2025, suggesting potential saturation in core research subscription markets or tightening enterprise IT budgets.
The shift from positive growth to a contractionary environment warrants close monitoring of the Total Contract Value pipeline. It appears that the company's reliance on discretionary IT spending may be creating a more volatile revenue profile than the subscription-based model historically implied.
As reported in financial statements, the company maintained a gross margin of 71.6% in 2026Q1, demonstrating the inherent scalability of its research delivery model despite the broader revenue contraction and the significant fluctuations in quarterly conference-related costs that often compress margins in seasonal periods.
The ability to sustain margins above 68% in most periods suggests strong pricing power and a high-value proposition for its research frameworks. However, the variability in COGS indicates that the company's cost base remains sensitive to the execution of its large-scale, event-driven business segments.
Based on the provided income statement data, operating margins have fluctuated between 5.7% and 20.9% over the last ten quarters, indicating that the company's heavy investment in the Global Technology Sales force prevents consistent operating leverage even when gross profits remain relatively stable across the period.
The persistent high level of SG&A expenses suggests that the company is prioritizing aggressive sales force expansion to drive future contract value. Investors should consider whether this level of overhead is sustainable if revenue growth continues to trend toward the lower end of historical ranges.
Analysis of recent filings reveals that stock-based compensation remains a material non-cash expense, frequently exceeding $40 million per quarter, which serves as a critical tool for analyst retention but complicates the assessment of the company's underlying cash-generating capacity and true economic earnings per share.
The volatility in net income, particularly the sharp swings observed in 2024 and 2025, suggests that non-operating items and tax adjustments may be distorting the headline EPS figures. A more normalized view of profitability requires adjusting for these recurring equity-based incentives and non-operating fluctuations.
With a debt-to-equity ratio reported at 11.31%, the company faces a heightened risk profile in a high-interest-rate environment, which may limit its ability to fund share repurchases or pursue opportunistic acquisitions compared to its more conservatively capitalized peers in the information services sector.
While the company's cash flow has historically supported this leverage, the current debt load appears to be a structural vulnerability that could constrain management's capital allocation strategy. This warrants further investigation into the maturity profile of existing debt and the potential impact of rising interest expenses.
Quick answers to the most common questions about buying IT stock.
For fiscal year 2025, Gartner, Inc. (IT) reported total revenue of $6.50B. This represents a 1546.1% increase compared to $394.7M in 1996.
Gartner, Inc. (IT) is profitable, generating $729.2M in net income for the fiscal year ending 2025 with a net profit margin of 11.2%.
Gartner, Inc. (IT) reported an operating income of $1.03B, resulting in an operating profit margin of 15.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Gartner, Inc. (IT) generated $4.40B in gross profit for the year, representing a gross profit margin of 67.7%. This demonstrates the company's core pricing power and production efficiency.