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FiscalNote Holdings, Inc.(NOTE)Earnings, Financials & Key Ratios
NOTE•NYSE
Price updated Jun 19, 2026
AboutFiscalNote Holdings Inc. operates as technology and data company that delivers critical legal data and insights worldwide. It combines artificial intelligence technology, machine learning, and other technologies with analytics, workflow tools, and expert research. The company delivers that intelligence through its suite of public policy and issues management products, as well as powerful tools to manage workflows, advocacy campaigns, and constituent relationships. It serves a customer base that includes businesses comprising the Fortune 100 companies, government agencies, law firms, professional services organizations, trade groups, and non-profits. The company is headquartered in Washington, District of Columbia.Show more
- Revenue$95M-20.7%
- EBITDA-$19M-58.6%
- Net Income-$65M-785.6%
- EPS (Diluted)-4.65-660.2%
- Gross Margin69.32%+9.6%
- EBITDA Margin-20.07%-100.0%
- Operating Margin-38.91%-46.5%
- Net Margin-68.39%-964.2%
- ROE-0.21%-101.6%
NOTE Key Insights
FiscalNote Holdings, Inc. (NOTE) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓High quality earnings: Operating CF exceeds net income
✗Weaknesses
- ✗Weak Piotroski F-Score: 2/9
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 2 (bottom 2%)
- ✗Shares diluted 22.6% in last year
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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NOTE Price & Volume
FiscalNote Holdings, Inc. (NOTE) stock price & volume — 10-year historical chart
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NOTE Growth Metrics
FiscalNote Holdings, Inc. (NOTE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years7.93%
3 Years-5.7%
TTM-23.99%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-130.76%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-65.08%
Return on Capital
10 Years-16.27%
5 Years-17.19%
3 Years-13.32%
Last Year-0.04%
NOTE Peer Comparison
FiscalNote Holdings, Inc. (NOTE) competitors in Vertical Software and Industry Platforms — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 CSGP | 12.77B | 30.12 | 1814.46 | 18.67% | 0.74% | 0.3% | 0.14 | |
 SPGI | 121.63B | 410.92 | 28.03 | 7.94% | 30.37% | 12.92% | 0.39 | |
 VRSK | 22.77B | 173.80 | 26.78 | 6.63% | 29.34% | 437.95% | 16.26 | |
 GOVX | 1.28M | 1.34 | -0.06 | -37.06% | -25.07% | -0% | 0.22 | |
 BLZE | 491.52M | 8.19 | -17.80 | 14.27% | -14.97% | -27.17% | 0.98 | |
 TRI | 34.3B | 78.58 | 23.11 | 3% | 19.93% | 12.68% | 0.18 | |
 RELX | 56.39B | 31.18 | 22.78 | 2.98% | 20.26% | 173.97% | 1.87 | |
 ICE | 75.83B | 133.88 | 23.20 | 7.46% | 26.14% | 11.57% | 0.70 |
Compare NOTE vs Peers
FiscalNote Holdings, Inc. (NOTE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NOTE Income Statement
FiscalNote Holdings, Inc. (NOTE) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|
Sales/Revenue | 65.87M | 65.16M | 82.91M | 113.77M | 132.65M | 120.27M | 95.41M | 87.92M |
Revenue Growth % | - | -1.08% | 27.25% | 37.21% | 16.6% | -9.33% | -20.67% | -23.99% |
Cost of Goods Sold | 13.19M | 26.92M | 36.44M | 47.89M | 58.12M | 44.17M | 29.27M | 28.57M |
COGS % of Revenue | 20.03% | 41.32% | 43.95% | 42.1% | 43.82% | 36.72% | 30.68% | - |
Gross Profit | 52.68M▲ 0% | 38.23M▼ 27.4% | 46.48M▲ 21.6% | 65.87M▲ 41.7% | 74.53M▲ 13.1% | 76.1M▲ 2.1% | 66.14M▼ 13.1% | 59.35M▲ 0% |
Gross Margin % | 79.97% | 58.68% | 56.05% | 57.9% | 56.18% | 63.28% | 69.32% | 67.51% |
Gross Profit Growth % | - | -27.42% | 21.56% | 41.73% | 13.14% | 2.11% | -13.09% | - |
Operating Expenses | 81.8M | 67.2M | 102.06M | 154.06M | 172.26M | 108.04M | 103.26M | 88.81M |
OpEx % of Revenue | 124.19% | 103.13% | 123.09% | 135.42% | 129.87% | 89.83% | 108.24% | - |
Selling, General & Admin | 59.69M | 42.3M | 63.98M | 120.48M | 111.27M | 85.29M | 78.76M | 69.93M |
SG&A % of Revenue | 90.61% | 64.92% | 77.17% | 105.9% | 83.89% | 70.92% | 82.55% | - |
Research & Development | 14.81M | 15.12M | 24.02M | 20.74M | 18.19M | 12.83M | 9.57M | 8.51M |
R&D % of Revenue | 22.48% | 23.21% | 28.97% | 18.23% | 13.71% | 10.67% | 10.03% | - |
Other Operating Expenses | 7.3M | 9.78M | 14.06M | 12.85M | 42.81M | 9.92M | 14.93M | 2M |
Operating Income | -29.13M▲ 0% | -28.97M▲ 0.5% | -55.58M▼ 91.9% | -88.19M▼ 58.7% | -97.74M▼ 10.8% | -31.94M▲ 67.3% | -37.13M▼ 16.2% | -29.46M▲ 0% |
Operating Margin % | -44.22% | -44.46% | -67.04% | -77.52% | -73.68% | -26.56% | -38.91% | -33.51% |
Operating Income Growth % | - | 0.55% | -91.89% | -58.66% | -10.83% | 67.32% | -16.23% | - |
EBITDA | -17.61M | -17.46M | -39.2M | -67.41M | -69.02M | -12.07M | -19.15M | -13.88M |
EBITDA Margin % | -26.73% | -26.79% | -47.28% | -59.25% | -52.04% | -10.04% | -20.07% | -15.79% |
EBITDA Growth % | - | 0.86% | -124.56% | -71.95% | -2.4% | 82.51% | -58.65% | -1.42% |
D&A (Non-Cash Add-back) | 11.52M | 11.51M | 16.38M | 20.78M | 28.72M | 19.87M | 17.97M | 15.57M |
EBIT | -29.15M | -20.8M | -52.51M | -125.77M | -85.3M | 33.64M | -37.13M | -44.06M |
Net Interest Income | -22.94M | -31.83M | -64.8M | -95.74M | -29.94M | -23.59M | -16.49M | -14.72M |
Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Expense | 22.94M | 31.83M | 64.8M | 95.74M | 29.94M | 23.59M | 16.49M | 14.72M |
Other Income/Expense | -22.97M | -23.74M | -61.73M | -133.32M | -17.5M | 41.99M | -29.37M | -76.56M |
Pretax Income | -52.09M▲ 0% | -52.71M▼ 1.2% | -117.31M▼ 122.6% | -221.51M▼ 88.8% | -115.24M▲ 48.0% | 10.05M▲ 108.7% | -66.5M▼ 761.5% | -106.02M▲ 0% |
Pretax Margin % | -79.08% | -80.89% | -141.49% | -194.71% | -86.88% | 8.36% | -69.7% | -120.59% |
Income Tax | -18.82M | -1.44M | -7.89M | -3.25M | 223K | 536K | -1.25M | -1.41M |
Effective Tax Rate % | 36.14% | 2.72% | 6.72% | 1.47% | -0.19% | 5.33% | 1.88% | 1.33% |
Net Income | -33.27M▲ 0% | -51.27M▼ 54.1% | -109.42M▼ 113.4% | -218.26M▼ 99.5% | -115.46M▲ 47.1% | 9.52M▲ 108.2% | -65.25M▼ 785.6% | -104.61M▲ 0% |
Net Margin % | -50.51% | -78.69% | -131.97% | -191.85% | -87.05% | 7.91% | -68.39% | -118.98% |
Net Income Growth % | - | -54.12% | -113.41% | -99.47% | 47.1% | 108.24% | -785.58% | -130.76% |
Net Income (Continuing) | -33.34M | -51.27M | -109.42M | -218.26M | -115.46M | 9.52M | -65.25M | -104.61M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
EPS (Diluted) | -3.12▲ 0% | -4.99▼ 59.9% | -237.57▼ 4660.9% | -44.17▲ 81.4% | -10.54▲ 76.1% | 0.83▲ 107.9% | -4.65▼ 660.2% | -5.73▲ 0% |
EPS Growth % | - | -59.94% | -4660.92% | 81.41% | 76.14% | 107.87% | -660.24% | -65.08% |
EPS (Basic) | -3.12 | -4.99 | -237.57 | -44.17 | -10.54 | 0.83 | -4.65 | - |
Diluted Shares Outstanding | 10.77M | 1.82M | 1.29M | 5.54M | 10.95M | 11.44M | 14.03M | 18.25M |
Basic Shares Outstanding | 10.77M | 1.82M | 1.29M | 5.54M | 10.95M | 11.44M | 14.03M | 18.25M |
Dividend Payout Ratio | - | - | - | - | - | - | - | - |
NOTE Balance Sheet
FiscalNote Holdings, Inc. (NOTE) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|
Total Current Assets | 19.82M | 56.27M | 54.3M | 86M | 49.8M | 57.19M | 45.55B | 43.09M |
Cash & Short-Term Investments | 6.28M | 44.23M | 32.17M | 60.39M | 23.59M | 34.61M | 34.61M | 25.84M |
Cash Only | 6.28M | 44.23M | 32.17M | 60.39M | 16.45M | 28.81M | 28.81M | 23.84M |
Short-Term Investments | 0 | 0 | 0 | 0 | 7.13M | 5.8M | 2B | 2M |
Accounts Receivable | 9.93M | 6.39M | 11.17M | 14.91M | 18.11M | 13.46M | 14.26M | 11.5M |
Days Sales Outstanding | 55.03 | 35.79 | 49.19 | 47.83 | 49.84 | 40.87 | 54.54 | 46.52 |
Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Days Inventory Outstanding | - | - | - | - | - | - | - | - |
Other Current Assets | 792K | 2.92M | 9.15M | 6.39M | 5.51M | 6.56M | 19.22B | 5.75M |
Total Non-Current Assets | 223.3M | 223.84M | 324.19M | 347.15M | 320.76M | 269.01M | 209.59B | 170.35M |
Property, Plant & Equipment | 8.72M | 8.14M | 7.51M | 28.33M | 23.92M | 20.67M | 17.82B | 17.14M |
Fixed Asset Turnover | 7.55x | 8.00x | 11.04x | 4.02x | 5.54x | 5.82x | 0.01x | 0.02x |
Goodwill | 120.57M | 120.67M | 188.77M | 194.36M | 187.7M | 159.06M | 122.98B | 87.36M |
Intangible Assets | 93.92M | 93.22M | 125.21M | 120.04M | 104.24M | 85.98M | 8.21B | 7.88M |
Long-Term Investments | 87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Assets | 0 | 1.8M | 2.71M | 4.42M | 4.89M | 3.3M | 60.57B | 57.98M |
Total Assets | 243.12M▲ 0% | 280.11M▲ 15.2% | 378.49M▲ 35.1% | 433.16M▲ 14.4% | 370.56M▼ 14.5% | 326.2M▼ 12.0% | 255.14B▲ 78115.9% | 213.44M▲ 0% |
Asset Turnover | 0.27x | 0.23x | 0.22x | 0.26x | 0.36x | 0.37x | 0.00x | 0.34x |
Asset Growth % | - | 15.21% | 35.12% | 14.44% | -14.45% | -11.97% | 78115.92% | -86.25% |
Total Current Liabilities | 46.5M | 35.15M | 69.47M | 62.11M | 65.65M | 51.25M | 50.43B | 155.6M |
Accounts Payable | 4.07M | 2.91M | 15.8M | 13.74M | 12.91M | 8.46M | 7.26M | 5.58M |
Days Payables Outstanding | 112.71 | 39.46 | 158.24 | 104.71 | 81.07 | 69.93 | 90.5 | 89.08 |
Short-Term Debt | 15.37M | 3.25M | 13.57M | 68K | 105K | 36K | 12.13B | 114.95M |
Deferred Revenue (Current) | 19.2M | 18.89M | 33.14M | 38.82M | 43.53M | 35.25M | 29.78B | 29.85B |
Other Current Liabilities | 3.15M | 4.3M | 6.97M | 2.77M | 6.04M | 4.12M | 8.51B | 685K |
Current Ratio | 0.43x | 1.60x | 0.78x | 1.38x | 0.76x | 1.12x | 0.90x | 0.28x |
Quick Ratio | 0.43x | 1.60x | 0.78x | 1.38x | 0.76x | 1.12x | 0.90x | 0.28x |
Cash Conversion Cycle | - | - | - | - | - | - | - | -42.56 |
Total Non-Current Liabilities | 178.98M | 237.22M | 341.86M | 226.35M | 261.45M | 177.11M | 142.76B | 33.05M |
Long-Term Debt | 155.43M | 211.97M | 317.61M | 161.98M | 222.31M | 147.04M | 19.31B | 11.54M |
Capital Lease Obligations | 0 | 0 | 2.09M | 29.11M | 26.16M | 22.49M | 0 | 78.87M |
Deferred Tax Liabilities | 6.76M | 6.96M | 3.48M | 714K | 2.18M | 1.93M | 476M | 1.35M |
Other Non-Current Liabilities | 16M | 17.63M | 18.14M | 33.63M | 9.93M | 5.43M | 122.97B | 2.43M |
Total Liabilities | 225.48M | 272.37M | 411.33M | 288.47M | 327.1M | 228.37M | 193.19B | 188.64M |
Total Debt | 170.79M | 215.22M | 333.27M | 197.87M | 251.64M | 172.95M | 172.95M | 144.97M |
Net Debt | 164.51M | 170.99M | 301.1M | 137.48M | 235.19M | 144.14M | 144.14M | 121.13M |
Debt / Equity | 9.68x | 27.83x | - | 1.37x | 5.79x | 1.77x | 0.00x | 5.85x |
Debt / EBITDA | - | - | - | - | - | - | - | -10.44x |
Net Debt / EBITDA | - | - | - | - | - | - | - | -8.73x |
Interest Coverage | -1.27x | -0.65x | -0.81x | -1.31x | -2.85x | 1.43x | -2.25x | -2.99x |
Total Equity | 17.64M▲ 0% | 7.73M▼ 56.2% | -32.83M▼ 524.6% | 144.69M▲ 540.7% | 43.46M▼ 70.0% | 97.83M▲ 125.1% | 61.95B▲ 63224.5% | 24.8M▲ 0% |
Equity Growth % | - | -56.16% | -524.6% | 540.67% | -69.96% | 125.11% | 63224.51% | -144.08% |
Book Value per Share | 1.64 | 4.24 | -25.41 | 26.10 | 3.97 | 8.55 | 4417.04 | 1.36 |
Total Shareholders' Equity | 17.64M | 7.73M | -32.83M | 144.69M | 43.46M | 97.83M | 61.95B | 24.8M |
Common Stock | 0 | 0 | 0 | 13K | 12K | 15K | 2M | 2K |
Retained Earnings | -189.18M | -236.97M | -481.41M | -700.74M | -816.42M | -806.9M | -872.15B | -915.76M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | -154K | -63K | -631K | -785K | -622K | 4.79M | 190M | 111K |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
NOTE Cash Flow Statement
FiscalNote Holdings, Inc. (NOTE) cash flow — operating, investing & free cash flow history
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|
Cash from Operations | -16.9M | -17.17M | -37.05M | -72.63M | -35.49M | -5.3M | -11.44B | -11.76M |
Operating CF Margin % | -25.66% | -26.35% | -44.68% | -63.84% | -26.76% | -4.41% | -11993.88% | - |
Operating CF Growth % | - | -1.56% | -115.8% | -96.04% | 51.13% | 85.07% | -215887.17% | -177.72% |
Net Income | -33.34M | -51.27M | -109.42M | -218.26M | -115.46M | 9.52M | -65.25B | -104.61M |
Depreciation & Amortization | 11.52M | 11.51M | 16.38M | 11.69M | 28.72M | 19.87M | 17.97B | 17.97B |
Stock-Based Compensation | 537K | 1M | 1.01M | 38.05M | 27.06M | 17.95M | 14.79B | 14.78B |
Deferred Taxes | -19.62M | -2.29M | -6.63M | -3.08M | 72K | -162K | -189M | -187.95M |
Other Non-Cash Items | 16.93M | 20.72M | 62.46M | 116.08M | 34.3M | -48.6M | 21.24B | 32.72B |
Working Capital Changes | 7.06M | 3.16M | -848K | -17.1M | -10.18M | -3.87M | -4.63M | -6.15M |
Change in Receivables | -1.07M | 1.5M | -3.13M | -3.94M | -287K | 1.84M | -1.27M | 816.58K |
Change in Inventory | 2.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Change in Payables | 1.09M | -1.67M | 0 | -2.11M | -6.43M | -1.11M | -175K | -979.59K |
Cash from Investing | -3.15M | -5.49M | -49.2M | -10.24M | -20.32M | 89.17M | 39.71B | -35.66K |
Capital Expenditures | -2.99M | -5.49M | -5.57M | -11.37M | -7.94M | -8.88M | -7.2B | -7.2B |
CapEx % of Revenue | 4.54% | 8.43% | 6.72% | 9.99% | 5.98% | 7.39% | 7549.76% | 8192.21% |
Acquisitions | -154K | 0 | -43.63M | 1.13M | -5.01M | 98.05M | 46.91M | 223.74K |
Investments | - | - | - | - | - | - | - | - |
Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 46.87B | 7.2B |
Cash from Financing | 23.59M | 60.68M | 74.31M | 111.53M | 12.08M | -71.43M | -32.83B | -6.01M |
Debt Issued (Net) | 23.87M | 60.44M | 61.16M | -23.09M | 11.39M | -64.51M | -33.11M | -103.69M |
Equity Issued (Net) | 0 | 0 | 12.63M | -88K | 684K | 474K | 276K | 47.31K |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | 0 | 0 | -88K | 0 | 0 | 0 | 0 |
Other Financing | -286K | 247K | 516K | 134.71M | 0 | -7.4M | -32.8B | 97.63M |
Net Change in Cash | 3.52M▲ 0% | 37.95M▲ 977.5% | -12.01M▼ 131.7% | 28.21M▲ 334.9% | -43.92M▼ 255.7% | 12.15M▲ 127.7% | -4.5B▼ 37141.3% | -17.9M▲ 0% |
Free Cash Flow | -19.89M▲ 0% | -22.66M▼ 13.9% | -42.62M▼ 88.1% | -83.99M▼ 97.1% | -43.43M▲ 48.3% | -14.18M▲ 67.3% | -18.65B▼ 131376.5% | -18.67M▲ 0% |
FCF Margin % | -30.2% | -34.77% | -51.4% | -73.83% | -32.74% | -11.79% | -19543.64% | -21.23% |
FCF Growth % | - | -13.89% | -88.09% | -97.09% | 48.29% | 67.35% | -131376.52% | -34.03% |
FCF per Share | -1.85 | -12.43 | -32.98 | -15.15 | -3.97 | -1.24 | -1329.44 | -1.02 |
FCF Conversion (FCF/Net Income) | 0.51x | 0.33x | 0.34x | 0.33x | 0.31x | -0.56x | 175.38x | 0.18x |
Interest Paid | 8.57M | 9.04M | 4.65M | 35.16M | 20.68M | 14.73M | 0 | 6.86M |
Taxes Paid | 350K | 54K | 233K | 55K | 55K | 274K | 0 | 1M |
NOTE Key Ratios
FiscalNote Holdings, Inc. (NOTE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | -404.15% | - | -390.25% | -122.73% | 13.47% | -0.21% | -160.9% |
Return on Invested Capital (ROIC) | -12.04% | -18.65% | -24.03% | -26.14% | -9.2% | -0.09% | -11.9% |
Gross Margin | 58.68% | 56.05% | 57.9% | 56.18% | 63.28% | 69.32% | 67.51% |
Net Margin | -78.69% | -131.97% | -191.85% | -87.05% | 7.91% | -68.39% | -118.98% |
Debt / Equity | 27.83x | - | 1.37x | 5.79x | 1.77x | 0.00x | 5.85x |
Interest Coverage | -0.65x | -0.81x | -1.31x | -2.85x | 1.43x | -2.25x | -2.99x |
FCF Conversion | 0.33x | 0.34x | 0.33x | 0.31x | -0.56x | 175.38x | 0.18x |
Revenue Growth | -1.08% | 27.25% | 37.21% | 16.6% | -9.33% | -20.67% | -23.99% |
Related:NOTE Dividend History·NOTE Revenue History·NOTE Price History·NOTE P/E History·NOTE Financial Ratios·NOTE Institutional Holders
NOTE SEC Filings & Documents
FiscalNote Holdings, Inc. (NOTE) SEC filings — annual & quarterly reports (10-K, 10-Q)
NOTE Frequently Asked Questions
FiscalNote Holdings, Inc. (NOTE) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
FiscalNote Holdings, Inc. (NOTE) reported $87.9M in revenue for fiscal year 2025. This represents a 33% increase from $65.9M in 2019.
FiscalNote Holdings, Inc. (NOTE) saw revenue decline by 20.7% over the past year.
FiscalNote Holdings, Inc. (NOTE) reported a net loss of $104.6M for fiscal year 2025.
Dividend & Returns
FiscalNote Holdings, Inc. (NOTE) has a return on equity (ROE) of -0.2%. Negative ROE indicates the company is unprofitable.
FiscalNote Holdings, Inc. (NOTE) had negative free cash flow of $18.7M in fiscal year 2025, likely due to heavy capital investments.