8-K Announcements
6May 7, 2026·SEC
Apr 21, 2026·SEC
Mar 26, 2026·SEC
FiscalNote Holdings, Inc. (NOTE) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
FiscalNote Holdings, Inc. (NOTE) stock price & volume — 10-year historical chart
FiscalNote Holdings, Inc. (NOTE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
FiscalNote Holdings, Inc. (NOTE) competitors in Vertical Software and Industry Platforms — business model, growth, and fundamentals comparison
FiscalNote Holdings, Inc. (NOTE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FiscalNote Holdings, Inc. (NOTE) annual income statement — 10-year revenue, gross profit & net income history
| Line item | 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 | 26.44M |
| 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% | 61.48M▲ 0% |
| Gross Margin % | 79.97% | 58.68% | 56.05% | 57.9% | 56.18% | 63.28% | 69.32% | 69.93% |
| 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 | 127.35M |
| 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% | -65.87M▲ 0% |
| Operating Margin % | -44.22% | -44.46% | -67.04% | -77.52% | -73.68% | -26.56% | -38.91% | -74.92% |
| 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 | -54.01M |
| EBITDA Margin % | -26.73% | -26.79% | -47.28% | -59.25% | -52.04% | -10.04% | -20.07% | -61.43% |
| EBITDA Growth % | - | 0.86% | -124.56% | -71.95% | -2.4% | 82.51% | -58.65% | -294.58% |
| D&A (Non-Cash Add-back) | 11.52M | 11.51M | 16.38M | 20.78M | 28.72M | 19.87M | 17.97M | 11.86M |
| EBIT | -29.15M | -20.8M | -52.51M | -125.77M | -85.3M | 33.64M | -37.13M | -37.96M |
| Net Interest Income | -22.94M | -31.83M | -64.8M | -95.74M | -29.94M | -23.59M | -16.49M | -11.36M |
| 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 | -40.15M |
| 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 | - | - | - | - | - | - | - | - |
FiscalNote Holdings, Inc. (NOTE) balance sheet — assets, liabilities & shareholders' equity
| Line item | 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 | 9.33M |
| Days Sales Outstanding | 55.03 | 35.79 | 49.19 | 47.83 | 49.84 | 40.87 | 54.54 | 44.27 |
| 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 | 7.92M |
| 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 | -148.74B |
| 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 | 0 |
| Days Payables Outstanding | 112.71 | 39.46 | 158.24 | 104.71 | 81.07 | 69.93 | 90.5 | 77.02 |
| 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 | 6.26M |
| Current Ratio | 0.43x | 1.60x | 0.78x | 1.38x | 0.76x | 1.12x | 0.90x | 0.90x |
| Quick Ratio | 0.43x | 1.60x | 0.78x | 1.38x | 0.76x | 1.12x | 0.90x | 0.90x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | -32.75 |
| 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 | 18.47M |
| Capital Lease Obligations | 0 | 0 | 2.09M | 29.11M | 26.16M | 22.49M | 0 | 60.4M |
| 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 | 28.25M |
| 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 | 133.43M |
| Net Debt | 164.51M | 170.99M | 301.1M | 137.48M | 235.19M | 144.14M | 144.14M | 109.59M |
| Debt / Equity | 9.68x | 27.83x | - | 1.37x | 5.79x | 1.77x | 0.00x | 0.00x |
| Debt / EBITDA | - | - | - | - | - | - | - | -2.47x |
| Net Debt / EBITDA | - | - | - | - | - | - | - | -2.03x |
| Interest Coverage | -1.27x | -0.65x | -0.81x | -1.31x | -2.85x | 1.43x | -2.25x | -2.58x |
| 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 |
FiscalNote Holdings, Inc. (NOTE) cash flow — operating, investing & free cash flow history
| Line item | 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 | -11.44B |
| 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 | -10.68M |
| 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% | - |
| 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 | -101.81M |
| Equity Issued (Net) | 0 | 0 | 12.63M | -88K | 684K | 474K | 276K | 2.31K |
| 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 | 95.8M |
| 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 | -1329.44 |
| 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 |
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% | -0.09% |
| Gross Margin | 58.68% | 56.05% | 57.9% | 56.18% | 63.28% | 69.32% | 69.93% |
| 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 | 0.00x |
| Interest Coverage | -0.65x | -0.81x | -1.31x | -2.85x | 1.43x | -2.25x | -2.58x |
| 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% |
FiscalNote Holdings, Inc. (NOTE) SEC filings — annual & quarterly reports (10-K, 10-Q)
May 7, 2026·SEC
Apr 21, 2026·SEC
Mar 26, 2026·SEC
FiscalNote Holdings, Inc. (NOTE) stock FAQ — growth, dividends, profitability & financials explained
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.
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.
FiscalNote Holdings, Inc. (NOTE) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates