UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
			For the quarterly period ended March 31, 2025
			For the quarterly period ended June 30, 2025
			OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number 1-14443

Gartner, Inc.

(Exact name of Registrant as specified in its charter)


Delaware									04-3099750
(State or other jurisdiction of									(I.R.S. Employer
incorporation or organization)									Identification Number)

P.O. Box 10212									06902-7700
56 Top Gallant Road									(Zip Code)
Stamford,
Connecticut
(Address of principal executive offices)

Registrant’s telephone number, including area code: (203) 964-0096

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $.0005 par value per share	IT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of ~~May~~August 21, 2025, 7675,~~966~~735,~~937~~795 shares of the registrant’s common shares were outstanding.

Table of Contents

			Page
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (Unaudited)
Condensed Consolidated Balance Sheets at March 31, 2025 and December 31, 2024			3
Condensed Consolidated Balance Sheets at June 30, 2025 and December 31, 2024			3
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024			4
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024			4
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024			5
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024			5
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2025 and 2024			6
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024			6
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024			7
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024			7
Notes to Condensed Consolidated Financial Statements			8
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			2426
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			3538
ITEM 4. CONTROLS AND PROCEDURES			3639
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			3740
ITEM 1A. RISK FACTORS			3740
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			3740
ITEM 5. OTHER INFORMATION			3740
ITEM 6. EXHIBITS			3841

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GARTNER, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited; in thousands, except share data)

	March 31,		December 31,
	June 30,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	2,~~091~~197,~~048~~536	$	1,933,147
Fees receivable, net of allowances of $7,500 and $8,500, respectively	1,503,582		1,696,225
Fees receivable, net of allowances of $6,500 and $8,500, respectively	1,263,163		1,696,225
Deferred commissions	~~377~~337,~~410~~007		413,914
Prepaid expenses and other current assets	~~159~~176,~~914~~253		153,245
Total current assets	43,~~131~~973,~~954~~959		4,196,531
Property, equipment and leasehold improvements, net	~~249~~253,~~462~~947		242,968
Operating lease right-of-use assets	~~246~~238,~~215~~513		257,419
Goodwill	2,~~933~~937,~~122~~706		2,930,205
Intangible assets, net	~~391~~375,~~804~~935		409,689
Other assets	~~527~~547,~~204~~727		497,859
Total Assets	$	8,~~479~~327,~~761~~787	$	8,534,671
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	~~869~~901,~~177~~916	$	1,206,089
Deferred revenues	2,~~922~~691,~~518~~487		2,762,927
Total current liabilities	3,791,695		3,969,016
Current portion of long-term debt	361		—
Long-term debt, net of deferred financing fees	2,460,949		2,459,915
Total current liabilities	3,593,764		3,969,016
Operating lease liabilities	324,549		339,779
Long-term debt, net of deferred financing fees	2,461,629		2,459,915
Other liabilities	404,714		406,792
Operating lease liabilities	311,150		339,779
Total Liabilities	6,981,907		7,175,502
Other liabilities	428,618		406,792
Total Liabilities	6,795,161		7,175,502
Stockholders’ Equity
Preferred stock, $0.01 par value, 5,000,000 shares authorized; none issued or outstanding	—		—
Common stock, $0.0005 par value, 250,000,000 shares authorized; 163,602,067 shares issued for both periods	82		82
Additional paid-in capital	2,~~553~~602,~~170~~976		2,497,130
Accumulated other comprehensive loss, net	(6746,~~849~~615)		(88,333)
Accumulated earnings	6,~~203~~444,~~946~~729		5,993,007
Treasury stock, at cost, 86,214,938 and 86,222,214 common shares, respectively	(7,191,495)		(7,042,717)
Treasury stock, at cost, 86,797,185 and 86,222,214 common shares, respectively	(7,468,546)		(7,042,717)
Total Stockholders’ Equity	1,~~497~~532,~~854~~626		1,359,169
Total Liabilities and Stockholders’ Equity	$	8,~~479~~327,~~761~~787	$	8,534,671

See the accompanying notes to Condensed Consolidated Financial Statements.

GARTNER, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited; in thousands, except per share data)

	Three Months Ended				Six Months Ended
	March 31,
	June 30,				June 30,
	2025		2024		2025		2024
Revenues:
Research	$	1,321,827	$	1,268,172
Insights	$	1,319,453	$	1,265,992	$	2,641,280	$	2,534,164
Conferences	72211,~~597~~407		70186,~~069~~084		284,004		256,153
Consulting	~~139~~155,~~706~~594		~~134~~142,~~685~~984		295,300		277,669
Total revenues	1,~~534~~686,~~130~~454		1,~~472~~595,~~926~~060		3,220,584		3,067,986
Costs and expenses:
Cost of services and product development	~~475~~531,~~030~~731		~~459~~513,~~441~~314		1,006,761		972,755
Selling, general and administrative	~~730~~776,~~308~~888		~~689~~712,~~833~~071		1,507,196		1,401,904
Depreciation	2830,~~866~~535		2627,~~317~~594		59,401		53,911
Amortization of intangibles	2120,~~894~~204		22,~~990~~940		42,098		45,930
Acquisition and integration charges	—		~~460~~358		—		818
Total costs and expenses	1,~~256~~359,~~098~~358		1,~~199~~276,~~041~~277		2,615,456		2,475,318
Operating income	~~278~~327,~~032~~096		~~273~~318,~~885~~783		605,128		592,668
Interest expense, net	(1311,~~413~~801)		(19,~~219~~990)		(25,214)		(39,209)
Other income, net	2,~~389~~498		~~4,891~~504		4,887		5,395
Income before income taxes	~~267~~317,~~008~~793		~~259~~299,~~557~~297		584,801		558,854
Provision for income taxes	5677,~~069~~010		4969,~~012~~749		133,079		118,761
Net income	$	~~210~~240,~~939~~783	$	~~210~~229,~~545~~548	$	451,722	$	440,093
Net income per share:
Basic	$	23.7312	$	2.6995	$	5.85	$	5.64
Diluted	$	23.7111	$	2.6793	$	5.82	$	5.60
Weighted average shares outstanding:
Basic	77,~~357~~157		7877,~~339~~816		77,257		78,078
Diluted	77,~~790~~359		78,~~964~~288		77,606		78,651

See the accompanying notes to Condensed Consolidated Financial Statements.

GARTNER, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Unaudited; in thousands)

	Three Months Ended				Six Months Ended
	March 31,
	June 30,				June 30,
	2025		2024		2025		2024
Net income	$	~~210~~240,~~939~~783	$	~~210~~229,~~545~~548	$	451,722	$	440,093
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	17,~~046~~789		(92,~~707~~967)		34,835		(12,674)
Interest rate swaps – net change in deferred gain or loss	3,~~390~~394		3,~~601~~649		6,784		7,250
Pension plans – net change in deferred actuarial loss	4851		51		99		102
Other comprehensive income (loss), net of tax	2021,~~484~~234		~~(6,055)~~733		41,718		(5,322)
Comprehensive income	$	~~231~~262,~~423~~017	$	~~204~~230,~~490~~281	$	493,440	$	434,771

See the accompanying notes to Condensed Consolidated Financial Statements.

GARTNER, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited; in thousands)

Three Months Ended March 31, 2025
Three and Six Months Ended June 30, 2025
	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss, Net		Accumulated Earnings		Treasury Stock		Total
Balance at December 31, 2024	$	82	$	2,497,130	$	(88,333)	$	5,993,007	$	(7,042,717)	$	1,359,169
Net income	—		—		—		210,939		—		210,939
Other comprehensive income	—		—		20,484		—		—		20,484
Issuances under stock plans	—		5,872		—		—		3,894		9,766
Common share repurchases (including excise tax)	—		—		—		—		(152,672)		(152,672)
Stock-based compensation expense	—		50,168		—		—		—		50,168
Balance at March 31, 2025	$	82	$	2,553,170	$	(67,849)	$	6,203,946	$	(7,191,495)	$	1,497,854
Net income	—		—		—		240,783		—		240,783
Other comprehensive income	—		—		21,234		—		—		21,234
Issuances under stock plans	—		6,779		—		—		981		7,760
Common share repurchases (including excise tax)	—		—		—		—		(278,032)		(278,032)
Stock-based compensation expense	—		43,027		—		—		—		43,027
Balance at June 30, 2025	$	82	$	2,602,976	$	(46,615)	$	6,444,729	$	(7,468,546)	$	1,532,626

Three Months Ended March 31, 2024
Three and Six Months Ended June 30, 2024
	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss, Net		Accumulated Earnings		Treasury Stock		Total
Balance at December 31, 2023	$	82	$	2,320,289	$	(76,331)	$	4,739,292	$	(6,302,698)	$	680,634
Net income	—		—		—		210,545		—		210,545
Other comprehensive loss	—		—		(6,055)		—		—		(6,055)
Issuances under stock plans	—		2,712		—		—		5,360		8,072
Common share repurchases (including excise tax)	—		—		—		—		(225,522)		(225,522)
Stock-based compensation expense	—		50,500		—		—		—		50,500
Balance at March 31, 2024	$	82	$	2,373,501	$	(82,386)	$	4,949,837	$	(6,522,860)	$	718,174
Net income	—		—		—		229,548		—		229,548
Other comprehensive income	—		—		733		—		—		733
Issuances under stock plans	—		8,587		—		—		(2,161)		6,426
Common share repurchases (including excise tax)	—		—		—		—		(347,969)		(347,969)
Stock-based compensation expense	—		39,747		—		—		—		39,747
Balance at June 30, 2024	$	82	$	2,421,835	$	(81,653)	$	5,179,385	$	(6,872,990)	$	646,659

See the accompanying notes to Condensed Consolidated Financial Statements.

GARTNER, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited; in thousands)

	Three Months Ended
	Six Months Ended
	March 31,
	June 30,
	2025		2024
Operating activities:
Net income	$	~~210~~451,~~939~~722	$	~~210~~440,~~545~~093
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	50101,~~760~~499		4999,~~307~~841
Stock-based compensation expense	5093,~~168~~195		5090,~~500~~247
Deferred taxes	(2940,~~710~~934)		~~(17~~3,~~823)~~091
Loss on impairment of lease related assets	—591		527
Reduction in the carrying amount of operating lease right-of-use assets	1734,~~736~~738		1632,~~028~~167
Amortization and write-off of deferred financing fees	12,~~034~~075		12,~~537~~548
Gain on de-designated swaps	(~~165~~446)		(45,~~462~~038)
Changes in assets and liabilities, net of acquisitions and divestitures:
Fees receivable, net	~~211~~475,~~612~~125		18172,~~228~~907
Deferred commissions	4186,~~131~~927		2655,~~413~~063
Prepaid expenses and other current assets	(519,~~338~~869)		(4722,~~509~~525)
Other assets	(1520,~~568~~651)		(2428,~~309~~533)
Deferred revenues	~~131~~(154,~~001~~358)		~~173~~15,~~542~~935
Accounts payable and accrued and other liabilities	(~~350~~312,~~088~~537)		(~~263~~297,~~688~~523)
Cash provided by operating activities	~~313~~697,~~512~~077		~~188~~558,~~836~~800
Investing activities:
Additions to property, equipment and leasehold improvements	(2561,~~569~~817)		(2252,~~660~~027)
Acquisition of business	—		(2,000)
Cash used in investing activities	(2561,~~569~~817)		(2454,~~660~~027)
Financing activities:
Proceeds from employee stock purchase plan	917,~~736~~467		814,~~047~~460
Payments of deferred financing fees	—		(2,~~604~~972)
Proceeds from revolving credit facility	—		274,400
Payments on long-term debt	—		(274,400)
Purchases of treasury stock	(~~162~~437,~~672~~155)		(~~225~~564,~~124~~717)
Cash used in financing activities	(~~152~~419,~~936~~688)		(~~219~~553,~~681~~229)
Net increase (decrease) in cash and cash equivalents and restricted cash	~~135~~215,~~007~~572		(5548,~~505~~456)
Effects of exchange rates on cash and cash equivalents	2248,~~894~~817		(2735,~~693~~358)
Cash and cash equivalents and restricted cash, beginning of period	1,933,147		1,319,599
Cash and cash equivalents, end of period	$	2,~~091~~197,~~048~~536	$	1,~~236~~235,~~401~~785

See the accompanying notes to Condensed Consolidated Financial Statements.

GARTNER, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 1 — Business and Basis of Presentation

Business. Gartner, Inc. (NYSE: IT) delivers actionable, objective ~~insight~~business and technology insights that ~~drives~~drive smarter decisions and stronger performance on an organization’s mission-critical priorities.

Segments. Gartner delivers its products and services globally through three business segments: ~~Research~~Business and Technology Insights, Conferences and Consulting. Revenues and other financial information for the Company’s segments are discussed in Note 6 — Segment Information. In the second quarter of 2025, the Company renamed its segment previously referred to as Research to Business and Technology Insights (or “Insights”) to reflect the nature of the value the Company provides to clients. The Company’s expert guidance and tools enable faster, smarter decisions and stronger performance on an organization’s mission-critical priorities.

Basis of presentation. The accompanying interim Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 270 for interim financial information and with the applicable instructions of U.S. Securities and Exchange Commission (“SEC”) Rule 10-01 of Regulation S-X on Form 10-Q, and should be read in conjunction with the consolidated financial statements and related notes of the Company in its Annual Report on Form 10-K for the year ended December 31, 2024.

The fiscal year of Gartner is the twelve-month period from January 1 through December 31. In the opinion of management, all normal recurring accruals and adjustments considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented herein have been included. The results of operations for the three and six months ended ~~March~~June 3130, 2025 may not be indicative of the results of operations for the remainder of 2025 or beyond. When used in these notes, the terms “Gartner,” the “Company,” “we,” “us,” or “our” refer to Gartner, Inc. and its consolidated subsidiaries.

Principles of consolidation. The accompanying interim Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

Use of estimates. The preparation of the accompanying interim Condensed Consolidated Financial Statements requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of fees receivable, goodwill, intangible assets, deferred tax assets and other long-lived assets, as well as tax accruals and other liabilities. In addition, estimates are used in revenue recognition, income tax expense or benefit, performance-based compensation charges, depreciation and amortization. Management believes its use of estimates in the accompanying Consolidated Financial Statements to be reasonable.

Management continually evaluates and revises its estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. Management adjusts these estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time. As a result, differences between estimates and actual results could be material and would be reflected in the Company’s consolidated financial statements in future periods.

Cash and cash equivalents and restricted cash. During the ~~three~~six months ended ~~March~~June 3130, 2024, the Company paid $0.6 million of restricted cash for deferred consideration related to a 2022 acquisition.

Revenue recognition. Revenue is recognized in accordance with the requirements of FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). Revenue is only recognized when all of the required criteria for revenue recognition have been met. The accompanying Condensed Consolidated Statements of Operations present revenue net of any sales or value-added taxes that we collect from customers and remit to government authorities. ASC Topic 270 requires certain disclosures in interim financial statements around the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Note 3 — Revenue and Related Matters provides additional information regarding the Company’s revenues.

Adoption of new accounting standard. The Company adopted the accounting standard described below during 2024.

Segment Reporting— In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements in Reportable Segment Disclosures (“ASU 2023-07”). The amendments in the ASU are expected to improve disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. ASU 2023-07 requires public companies to disclose, on an annual and interim basis, significant expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit and loss. The amendments in the ASU require that a public company provide all annual disclosures about a reportable segment’s profit or loss and assets currently required under ASC 280 in interim periods. The amendments in the ASU also require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss. The amendments in the ASU, among other items, also require that a public company disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU applies to all public entities that are required to report segment information in accordance with Topic 280. All public entities are required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 effective with the 2024 10-K and the adoption only impacted its disclosures with no impacts to the Company's results of operations, cash flows, or financial condition.

Accounting standards issued but not yet adopted. The FASB has issued accounting standards that have not yet become effective as of ~~March~~June 3130, 2025 and may impact the Company’s Consolidated Financial Statements or related disclosures in future periods. The standards and their potential impacts are discussed below.

Income Taxes— In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in this ASU are expected to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires entities to enhance income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Companies will need to disaggregate the disclosure of income taxes paid (net of refunds received) by federal, state, and foreign taxes on an annual basis. Additionally, on an annual basis, companies would disclose income taxes paid disaggregated by individual jurisdiction using a quantitative threshold of 5% of total income taxes paid. Public business entities would also be required to provide, on an annual basis, rate reconciliation information by specific categories, including state and local income tax, the effect of cross-border tax laws, foreign tax effects, changes in prior year unrecognized tax benefits, and tax credits, among others. Additionally, some categories would then require disaggregation based on a quantitative threshold of 5%. The foreign tax effect category requires disaggregation by both jurisdiction and nature. The ASU also requires additional qualitative disclosures. All public entities will be required to report income tax information in accordance with the new guidance starting in annual periods beginning after December 15, 2024. The Company expects this ASU to only impact its disclosures with no impacts to the Company's results of operations, cash flows, or financial condition.

Income Statement— In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures (“ASU 2024-03”). The amendments in this ASU are expected to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including employee compensation, depreciation and amortization) in commonly presented expense captions (such as cost of sales, SG&A and research and development). ASU 2024-03 will require a quantitative disclosure of the components of each income statement line item (e.g., cost of services and product development and selling, general and administrative expenses). It will also require entities to disclose the total amount of selling expenses, and, on an annual basis, an entity’s definition of selling expenses. The amendments are effective for annual periods with fiscal years beginning after December 15, 2026, and interim periods in fiscal years beginning after December 15, 2027. The Company expects this ASU to only impact its disclosures with no impacts to the Company's results of operations, cash flows, or financial condition.

Note 2 — Goodwill and Intangible Assets

Goodwill

Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair values of the tangible and identifiable intangible net assets acquired. Evaluations of the recoverability of goodwill are performed in accordance with FASB ASC Topic 350, which requires an annual assessment of potential goodwill impairment at the reporting unit level and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable.

When performing the annual assessment of the recoverability of goodwill, the Company initially performs a qualitative analysis evaluating whether any events or circumstances occurred or exist that provide evidence that it is more likely than not that the ~~fair value of any of the Company’s reporting units is less than the related carrying amount. If the Company does not believe that~~

fair value of any of the Company’s reporting units is less than the related carrying amount. If the Company does not believe that it is more likely than not that the fair value of any of the Company’s reporting units is less than the related carrying amount, then no quantitative impairment test is performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its respective carrying amount, then a quantitative impairment test is performed. Evaluating the recoverability of goodwill requires judgments and assumptions regarding future trends and events. As a result, both the precision and reliability of the estimates are subject to uncertainty.

The Company’s most recent annual impairment test of goodwill was a qualitative analysis conducted during the quarter ended September 30, 2024 that indicated no impairment. Subsequent to completing the 2024 annual impairment test, there were no events or changes in circumstances noted that required an interim impairment test.

The table below presents changes to the carrying amount of goodwill by segment during the ~~three~~six months ended ~~March~~June 3130, 2025 (in thousands).

	Research		Conferences		Consulting		Total
	Insights		Conferences		Consulting		Total
Balance at December 31, 2024 (1)	$	2,650,981	$	183,920	$	95,304	$	2,930,205
Foreign currency translation impact	26,~~447~~405		38105		~~432~~991		27,~~917~~501
Balance at March 31, 2025 (1)	$	2,653,428	$	183,958	$	95,736	$	2,933,122
Balance at June 30, 2025 (1)	$	2,657,386	$	184,025	$	96,295	$	2,937,706

(1)The Company does not have any accumulated goodwill impairment losses.

Finite-Lived Intangible Assets

The tables below present reconciliations of the carrying amounts of the Company’s finite-lived intangible assets as of the dates indicated (in thousands).

March 31, 2025	CustomerRelationships		Other		Total
June 30, 2025	CustomerRelationships		Other		Total
Gross cost at December 31, 2024	$	1,071,917	$	10,200	$	1,082,117
Intangible assets fully amortized	(1070,120)		—		(1070,120)
Foreign currency translation impact	1021,~~385~~750		—		1021,~~385~~750
Gross cost	1,~~072~~023,~~182~~547		10,200		1,~~082~~033,~~382~~747
Accumulated amortization (1)	(~~683~~650,~~046~~044)		(7,~~532~~768)		(~~690~~657,~~578~~812)
Balance at March 31, 2025	$	389,136	$	2,668	$	391,804
Balance at June 30, 2025	$	373,503	$	2,432	$	375,935


December 31, 2024	Customer Relationships		Other		Total
Gross cost	$	1,071,917	$	10,200	$	1,082,117
Accumulated amortization (1)	(665,131)		(7,297)		(672,428)
Balance at December 31, 2024	$	406,786	$	2,903	$	409,689

(1) Finite-lived intangible assets are amortized using the straight-line method over the following periods: Customer relationships—6 to 13 years and Other—11 years.

Amortization expense related to finite-lived intangible assets was $2120.92 million and $2322.09 million during the three months ended ~~March~~June 3130, 2025 and 2024, and $42.1 million and $45.9 million during the six months ended June 30, 2025 and 2024, respectively. The estimated future amortization expense by year for finite-lived intangible assets is presented in the table below (in thousands).

2025 (remaining nine months)	$	59,776
2026	79,190
2027	78,582
2028	77,110
2029	77,032
2030	20,114
	$	391,804


2025 (remaining six months)	$	40,182
2026	80,064
2027	79,456
2028	77,984
2029	77,906
2030	20,343
	$	375,935

Note 3 — Revenue and Related Matters

Disaggregated Revenue — The Company’s disaggregated revenue by reportable segment is presented in the tables below for the periods indicated (in thousands).

By Primary Geographic Market (1)

Three Months Ended March 31, 2025
Three Months Ended June 30, 2025
Primary Geographic Market	~~Research~~Insights		Conferences		Consulting		Total
United States and Canada	$	~~847~~826,~~281~~358	$	55138,~~584~~285	$	9091,~~964~~779	$	~~993~~1,~~829~~056,422
Europe, Middle East and Africa	~~321~~329,~~700~~817		955,~~142~~295		3242,~~303~~796		~~363~~427,~~145~~908
Other International	~~152~~163,~~846~~278		717,~~871~~827		1621,~~439~~019		~~177~~202,~~156~~124
Total revenues	$	1,~~321~~319,~~827~~453	$	72211,~~597~~407	$	~~139~~155,~~706~~594	$	1,~~534~~686,~~130~~454
Three Months Ended March 31, 2024
Three Months Ended June 30, 2024
Primary Geographic Market	~~Research~~Insights		Conferences		Consulting		Total
United States and Canada	$	~~835~~832,~~221~~719	$	48131,~~090~~119	$	7890,~~539~~943	$	~~961~~1,~~850~~054,781
Europe, Middle East and Africa	287,~~543~~650		1046,~~328~~629		3634,~~602~~681		~~334~~368,~~473~~960
Other International	145,~~408~~623		118,~~651~~336		1917,~~544~~360		~~176~~171,~~603~~319
Total revenues	$	1,~~268~~265,~~172~~992	$	70186,~~069~~084	$	~~134~~142,~~685~~984	$	1,~~472~~595,~~926~~060
Six Months Ended June 30, 2025
Primary Geographic Market	Insights		Conferences		Consulting		Total
United States and Canada	$	1,673,639	$	193,869	$	182,743	$	2,050,251
Europe, Middle East and Africa	651,517		64,437		75,099		791,053
Other International	316,124		25,698		37,458		379,280
Total revenues	$	2,641,280	$	284,004	$	295,300	$	3,220,584
Six Months Ended June 30, 2024
Primary Geographic Market	Insights		Conferences		Consulting		Total
United States and Canada	$	1,667,940	$	179,209	$	169,482	$	2,016,631
Europe, Middle East and Africa	575,193		56,957		71,283		703,433
Other International	291,031		19,987		36,904		347,922
Total revenues	$	2,534,164	$	256,153	$	277,669	$	3,067,986

(1)Revenue is reported based on where the sale is fulfilled.

The Company’s revenue is generated primarily through direct sales to clients by domestic and international sales forces and a network of independent international sales agents.

By Timing of Revenue Recognition

Three Months Ended March 31, 2025
Timing of Revenue Recognition	Research		Conferences		Consulting		Total
Transferred over time (1)	$	1,252,588	$	—	$	104,152	$	1,356,740
Transferred at a point in time (2)	69,239		72,597		35,554		177,390
Total revenues	$	1,321,827	$	72,597	$	139,706	$	1,534,130
Three Months Ended March 31, 2024
Timing of Revenue Recognition	Research		Conferences		Consulting		Total
Transferred over time (1)	$	1,182,268	$	—	$	108,587	$	1,290,855
Transferred at a point in time (2)	85,904		70,069		26,098		182,071
Total revenues	$	1,268,172	$	70,069	$	134,685	$	1,472,926

(1)Research revenues in this category are recognized in connection with performance obligations that are satisfied over time using a time-elapsed output method to measure progress. Consulting revenues in this category are recognized over time using costs incurred to date relative to total estimated costs at completion.

(2)The revenues in this category are recognized in connection with performance obligations that are satisfied at the point in time that the contractual deliverables are provided to the customer.

The Company applies a practical expedient that is permitted under ASC Topic 606 and, accordingly, it does not disclose such performance obligation information for customer contracts that have original durations of one year or less. The Company’s performance obligations for contracts meeting this ASC Topic 606 disclosure exclusion primarily include: (i) stand-ready services under Research subscription contracts; (ii) holding conferences and meetings where attendees and exhibitors can participate; and (iii) providing customized Consulting solutions for clients under fixed fee and time and materials engagements. The remaining duration of these performance obligations is generally less than one year, which aligns with the period that the parties have enforceable rights and obligations under the affected contracts.


Three Months Ended June 30, 2025
Timing of Revenue Recognition	Insights		Conferences		Consulting		Total
Transferred over time (1)	$	1,260,911	$	—	$	109,882	$	1,370,793
Transferred at a point in time (2)	58,542		211,407		45,712		315,661
Total revenues	$	1,319,453	$	211,407	$	155,594	$	1,686,454

Three Months Ended June 30, 2024
Timing of Revenue Recognition	Insights		Conferences		Consulting		Total
Transferred over time (1)	$	1,187,626	$	—	$	106,584	$	1,294,210
Transferred at a point in time (2)	78,366		186,084		36,400		300,850
Total revenues	$	1,265,992	$	186,084	$	142,984	$	1,595,060


Six Months Ended June 30, 2025
Timing of Revenue Recognition	Insights		Conferences		Consulting		Total
Transferred over time (1)	$	2,513,499	$	—	$	214,034	$	2,727,533
Transferred at a point in time (2)	127,781		284,004		81,266		493,051
Total revenues	$	2,641,280	$	284,004	$	295,300	$	3,220,584

Six Months Ended June 30, 2024
Timing of Revenue Recognition	Insights		Conferences		Consulting		Total
Transferred over time (1)	$	2,369,894	$	—	$	215,171	$	2,585,065
Transferred at a point in time (2)	164,270		256,153		62,498		482,921
Total revenues	$	2,534,164	$	256,153	$	277,669	$	3,067,986

(1)Insights revenues in this category are recognized in connection with performance obligations that are satisfied over time using a time-elapsed output method to measure progress. Consulting revenues in this category are recognized over time using costs incurred to date relative to total estimated costs at completion.

(2)The revenues in this category are recognized in connection with performance obligations that are satisfied at the point in time that the contractual deliverables are provided to the customer.

Performance Obligations — For customer contracts that are greater than one year in duration, the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied (or partially unsatisfied) as of June 30, 2025 was approximately $6.1 billion. The Company expects to recognize $2.0 billion, $2.9 billion and $1.2 billion of this revenue (most of which pertains to Insights) during the remainder of 2025, the year ending December 31, 2026 and thereafter, respectively. The Company applies a practical expedient that is permitted under ASC Topic 606 and, accordingly, it does not disclose such performance obligation information for customer contracts that have original durations of one year or less. The Company’s performance obligations for contracts meeting this ASC Topic 606 disclosure exclusion primarily include: (i) stand-ready services under Insights subscription contracts; (ii) holding conferences and meetings where attendees and exhibitors can participate; and (iii) providing customized Consulting solutions for clients under fixed fee and time and materials engagements. The remaining duration of these performance obligations is generally less than one year, which aligns with the period that the parties have enforceable rights and obligations under the affected contracts.

Customer Contract Assets and Liabilities — The timing of the recognition of revenue and the amount and timing of the Company’s billings and cash collections, including upfront customer payments, result in the recognition of both assets and liabilities on the Company’s Condensed Consolidated Balance Sheets. The table below provides information regarding certain of the Company’s balance sheet accounts that pertain to its contracts with customers (in thousands).

	March 31,		December 31,
	2025		2024
Assets:
Fees receivable, gross (1)	$	1,511,082	$	1,704,725
Contract assets recorded in Prepaid expenses and other current assets (2)	$	29,660	$	31,056
Contract liabilities:
Deferred revenues (current liability) (3)	$	2,922,518	$	2,762,927
Non-current deferred revenues recorded in Other liabilities (3)	32,319		27,389
Total contract liabilities	$	2,954,837	$	2,790,316


	June 30,		December 31,
	2025		2024
Assets:
Fees receivable, gross (1)	$	1,269,663	$	1,704,725
Contract assets recorded in Prepaid expenses and other current assets (2)	$	56,005	$	31,056

Contract liabilities:
Deferred revenues (current liability) (3)	$	2,691,487	$	2,762,927
Non-current deferred revenues recorded in Other liabilities (3)	23,123		27,389
Total contract liabilities	$	2,714,610	$	2,790,316

(1)Fees receivable represent an unconditional right to payment from the Company’s customers and include both billed and unbilled amounts.

(2)Contract assets represent recognized revenue for which the Company does not have an unconditional right to payment as of the balance sheet date because the project may be subject to a progress billing milestone or some other billing restrictions.

(3)Deferred revenues represent amounts (i) for which the Company has received an upfront customer payment or (ii) that pertain to recognized fees receivable. Both situations occur before the completion of the Company’s performance obligation(s).

The Company recognized revenue of $1.02 billion during both the three months ended ~~March~~June 3130, 2025 and 2024, and $1.8 billion and $1.7 billion during the six months ended June 30, 2025 and 2024, respectively, that was attributable to deferred revenues that were recorded at the beginning of each such period. Those amounts primarily consisted of ~~Research~~Insights revenues that were recognized ratably as control of the goods or services passed to the customer during the reporting periods. During each of the three and six months ended ~~March~~June 3130, 2025 and 2024, the Company did not record any material impairments related to its contract assets.

Note 4 — Computation of Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS reflects the potential dilution of securities that could share in earnings. Potential shares of common stock are excluded from the computation of diluted earnings per share when their effect would be anti-dilutive.

The table below sets forth the calculation of basic and diluted income per share for the periods indicated (in thousands, except per share data).


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Numerator:
Net income used for calculating basic and diluted income per share	$	240,783	$	229,548	$	451,722	$	440,093
Denominator:
Weighted average common shares used in the calculation of basic income per share	77,157		77,816		77,257		78,078
Dilutive effect of outstanding awards associated with stock-based compensation plans (1)	202		472		349		573
Shares used in the calculation of diluted income per share	77,359		78,288		77,606		78,651
Basic income per share	$	3.12	$	2.95	$	5.85	$	5.64
Diluted income per share	$	3.11	$	2.93	$	5.82	$	5.60

	Three Months Ended
	March 31,
	2025		2024
Numerator:
Net income used for calculating basic and diluted income per share	$	210,939	$	210,545
Denominator:
Weighted average common shares used in the calculation of basic income per share	77,357		78,339
Dilutive effect of outstanding awards associated with stock-based compensation plans (1)	433		625
Shares used in the calculation of diluted income per share	77,790		78,964
Basic income per share	$	2.73	$	2.69
Diluted income per share	$	2.71	$	2.67

(1)Certain outstanding awards associated with stock-based compensation plans were not included in the computation of diluted income per share because the effect would have been anti-dilutive. These anti-dilutive outstanding awards associated with stock-based compensation plans was 0.4 million and 0.3 million for the three and six months ended June 30, 2025, respectively, and approximately 0.1 million for both the three and six months ended June 30, 2024.

(1)Certain outstanding awards associated with stock-based compensation plans were not included in the computation of diluted income per share because the effect would have been anti-dilutive. These anti-dilutive outstanding awards associated with stock-based compensation plans was 0.2 million and de minimis for the three months ended March 31, 2025 and 2024, respectively. 13

Note 5 — Stock-Based Compensation

The Company grants stock-based compensation awards as an incentive for employees and directors to contribute to the Company’s long-term success. The Company currently awards stock-settled stock appreciation rights, service-based and performance-based restricted stock units, and common stock equivalents. As of ~~March~~June 3130, 2025, the Company had 5.2 million shares of its common stock, par value $0.0005 per share, (the “Common Stock”) available for stock-based compensation awards under the Gartner, Inc. Long-Term Incentive Plan as amended and restated in June 2023 (the “Plan”).

The tables below summarize the Company’s stock-based compensation expense by award type and expense category line item during the periods indicated (in millions).

	Three Months Ended				Six Months Ended
	March 31,
	June 30,				June 30,
Award type	2025		2024		2025		2024
Stock appreciation rights	$	3.4.0	$	43.60	$	7.4	$	7.6
Restricted stock units	4638.67		4536.64		85.3		82.0
Common stock equivalents	0.23		0.3		0.5		0.6
Total (1)	$	5043.20	$	5039.57	$	93.2	$	90.2

	Three Months Ended				Six Months Ended
	March 31,
	June 30,				June 30,
Expense category line item	2025		2024		2025		2024
Cost of services and product development	$	2016.69	$	1915.53	$	37.5	$	34.8
Selling, general and administrative	2926.61		3124.04		55.7		55.4
Total (1)	$	5043.20	$	5039.57	$	93.2	$	90.2

(1)Includes costs of $2819.0 million and $3018.64 million during the three months ended ~~March~~June 3130, 2025 and 2024, respectively, and $47.0 million and $49.0 million during the six months ended June 30, 2025 and 2024, respectively, for awards to retirement-eligible employees. Those awards are expensed on an accelerated basis.

Note 6 — Segment Information

The Company’s products and services are delivered through three segments – ~~Research~~Business and Technology Insights, or “Insights” , Conferences and Consulting, as described below.

13•Insights equips executives and their teams from every function and across all industries with actionable, objective business and technology insights, guidance and tools. Our experienced experts deliver all this value informed by an unmatched combination of practitioner-sourced and data-driven research to help our clients address their mission critical priorities.

•~~Research~~Conferences ~~equips~~provides executives and ~~their~~ teams ~~from every function and~~ across ~~all~~an ~~industries~~organization ~~with~~the ~~actionable,~~opportunity ~~objective~~to ~~insight~~learn, ~~guidance~~share and ~~tools~~network. ~~Our~~From ~~experienced~~our ~~experts~~Gartner ~~deliver~~Symposium/Xpo ~~all~~series, ~~this~~to ~~value~~industry-leading ~~informed~~conferences byfocused anon ~~unmatched~~specific ~~combination~~business ofroles ~~practitioner-sourced~~ and ~~data~~topics, to peer-driven ~~research~~sessions, our offerings enable attendees to ~~help~~experience ~~our~~the ~~clients~~best ~~address~~of ~~their~~Gartner ~~mission~~insights ~~critical~~and ~~priorities~~guidance.

•~~Conferences~~Consulting ~~provides~~serves senior executives ~~and~~leading ~~teams~~technology-driven ~~across~~strategic aninitiatives ~~organization~~leveraging the ~~opportunity~~power toof ~~learn~~Gartner’s actionable, ~~share~~objective ~~and network~~insights. ~~From~~Through ~~our~~custom ~~Gartner~~analysis ~~Symposium/Xpo~~and ~~series, to industry~~on-~~leading~~the-ground ~~conferences~~support ~~focused~~we onenable ~~specific~~optimized ~~business~~technology ~~roles~~investments and ~~topics,~~stronger toperformance ~~peer-driven~~on ~~sessions,~~ our ~~offerings~~clients’ ~~enable~~mission ~~attendees~~critical ~~to experience the best of Gartner insight and guidance~~priorities.

~~•Consulting~~The ~~serves~~Company's ~~senior~~Chief ~~executives~~Executive ~~leading~~Officer ~~technology-driven~~is ~~strategic~~its ~~initiatives~~chief ~~leveraging~~operating decision maker (CODM). The CODM evaluates segment performance and allocates resources based on gross contribution. Gross contribution, as presented in the ~~power~~tables below, is defined as operating income or loss excluding certain Cost of ~~Gartner’s~~services ~~actionable~~and product development expenses, ~~objective~~Selling, ~~insight~~general and administrative expenses, Depreciation, Amortization of intangibles, Acquisition and integration charges and Gain from sale of divested operation. ~~Through~~Certain ~~custom~~bonus ~~analysis~~and fringe benefit costs included in consolidated Cost of services and ~~on-the-ground~~product ~~support~~development weare ~~enable~~not ~~optimized~~allocated ~~technology~~to ~~investments~~segment expense. The CODM uses gross contribution to allocate resources (including financial resources and ~~stronger~~employees) ~~performance~~for oneach ~~our~~segment ~~clients’~~primarily ~~mission~~in ~~critical~~the ~~priorities~~Company's annual budgeting process. The CODM then monitors budgeted

The Company evaluates segment performance and allocates resources based on gross contribution margin. Gross contribution, as presented in the tables below, is defined as operating income or loss excluding certain Cost of services and product development expenses, Selling, general and administrative expenses, Depreciation, Amortization of intangibles, Acquisition and integration charges and Gain from sale of divested operation. Certain bonus and fringe benefit costs included in consolidated Cost of services and product development are not allocated to segment expense. The accounting policies used by the reportable segments are the same as those used by the Company. There are no intersegment revenues. The Company does not identify or allocate assets, including capital expenditures, by reportable segment. Accordingly, assets are not reported by segment because the information is not available by segment and is not reviewed in the evaluation of segment performance or in making decisions regarding the allocation of resources.14

versus actual results regularly to assess segment operating performance, identify business trends, and modify resource allocations as needed. The accounting policies used by the reportable segments are the same as those used by the Company. There are no intersegment revenues. The Company does not identify or allocate assets, including capital expenditures, by reportable segment. Accordingly, assets are not reported by segment because the information is not available by segment and is not reviewed in the evaluation of segment performance or in making decisions regarding the allocation of resources.

The tables below present information about the Company’s reportable segments for the periods indicated (in thousands).

Three Months Ended March 31, 2025

Research

Conferences

Consulting

Consolidated

Three Months Ended June 30, 2025

Insights

Conferences

Consulting

Consolidated

Revenues

1,~~321~~319,~~827~~453

72211,~~597~~407

~~139~~155,~~706~~594

1,~~534~~686,~~130~~454

Less:

Personnel expenses

~~289~~299,~~361~~525

1718,~~746~~881

7986,~~092~~511

~~386~~404,~~199~~917

Product and content delivery expenses

4138,~~177~~298

2465,~~172~~197

34,~~263~~052

68107,~~612~~547

Other (1)

6,~~766~~955

35,~~297~~941

3,~~959~~476

1416,~~022~~372

Gross contribution

~~984~~974,~~523~~675

27121,~~382~~388

5361,~~392~~555

1,~~065~~157,~~297~~618

Cost of services and product development - unallocated (2)

62,~~197~~895

Selling, general and administrative

~~730~~776,~~308~~888

Depreciation and amortization

50,~~760~~739

Interest expenses and other, net

119,~~024~~303

Income before income taxes

~~267~~317,~~008~~793

Three Months Ended March 31, 2024

Research

Conferences

Consulting

Consolidated

Three Months Ended June 30, 2024

Insights

Conferences

Consulting

Consolidated

Revenues

1,~~268~~265,~~172~~992

70186,~~069~~084

~~134~~142,~~685~~984

1,~~472~~595,~~926~~060

Less:

Personnel expenses

~~274~~282,~~588~~155

1516,~~683~~541

7382,~~373~~021

~~363~~380,~~644~~717

Product and content delivery expenses

4344,~~587~~057

2756,~~793~~055

24,~~191~~682

73104,~~571~~794

Other (1)

56,~~427~~659

35,~~338~~376

42,~~834~~562

1314,~~599~~597

Gross contribution

~~944~~933,~~570~~121

23108,~~255~~112

5453,~~287~~719

1,~~022~~094,~~112~~952

Cost of services and product development - unallocated (2)

813,~~627~~206

Selling, general and administrative

~~689~~712,~~833~~071

Depreciation and amortization

4950,~~307~~534

Acquisition and integration charges

~~460~~358

Interest expenses and other, net

1419,~~328~~486

Income before income taxes

~~259~~299,~~557~~297


Six Months Ended June 30, 2025	Insights		Conferences		Consulting		Consolidated
Revenues	$	2,641,280	$	284,004	$	295,300	$	3,220,584
Less:
Personnel expenses	588,887		36,626		165,603		791,116
Product and content delivery expenses	79,475		89,368		7,314		176,157
Other (1)	13,720		9,240		7,436		30,396
Gross contribution	1,959,198		148,770		114,947		2,222,915
Cost of services and product development - unallocated (2)							9,092
Selling, general and administrative							1,507,196
Depreciation and amortization							101,499


Interest expenses and other, net							20,327
Income before income taxes							$	584,801


Six Months Ended June 30, 2024	Insights		Conferences		Consulting		Consolidated
Revenues	$	2,534,164	$	256,153	$	277,669	$	3,067,986
Less:
Personnel expenses	556,744		32,224		155,394		744,362
Product and content delivery expenses	87,644		83,848		6,873		178,365
Other (1)	12,086		8,714		7,396		28,196
Gross contribution	1,877,690		131,367		108,006		2,117,063
Cost of services and product development - unallocated (2)							21,832
Selling, general and administrative							1,401,904
Depreciation and amortization							99,841
Acquisition and integration charges							818

Interest expenses and other, net							33,814

Income before income taxes							$	558,854

(1)Other consists primarily of travel and entertainment and workplace expenses.

(2)The unallocated amounts consist of certain bonus and fringe costs recorded in consolidated Cost of services and product development that are not allocated to segment expense. The Company’s policy is to allocate bonuses to segments at 100% of a segment employee’s target bonus. Amounts above or below 100% are absorbed by corporate.

Note 7 — Debt

The Company’s total outstanding borrowings are summarized in the table below (in thousands).

	March 31,		December 31,
	June 30,		December 31,
Description	2025		2024
2024 Credit Agreement - Revolving facility (1), (2)	$	274,400	$	274,400
4.50% Senior Notes due 2028 (“2028 Notes”)	800,000		800,000
3.625% Senior Notes due 2029 (“2029 Notes”)	600,000		600,000
3.75% Senior Notes due 2030 (“2030 Notes”)	800,000		800,000
Other (3)	5,000		5,000
Principal amount outstanding (4)	2,479,400		2,479,400
Less: deferred financing fees (5)	(1817,~~451~~410)		(19,485)
Net balance sheet carrying amount	$	2,~~460~~461,~~949~~990	$	2,459,915

(1)The contractual annualized interest rate as of ~~March~~June 3130, 2025 on the 2024 Credit Agreement was 5.725%, which consisted of Term Secured Overnight Financing Rate (“SOFR”) of 4.375% plus a margin of 1.350%. However, the Company has an interest rate swap contract that effectively converts the floating SOFR on outstanding amounts to a fixed base rate.

(2)The Company had approximately $0.7 billion of available borrowing capacity on the 2024 Credit Agreement revolver (not including the expansion feature) as of ~~March~~June 3130, 2025.

(3)Consists of a State of Connecticut economic development loan originated in 2019 with a 10-year maturity and bears interest at a fixed rate of 1.75%. This loan may be repaid at any time by the Company without penalty.

(4)The weighted average annual effective rate on the Company’s outstanding debt for the three and six months ended ~~March~~June 3130, 2025, including the effects of its interest rate swaps discussed below, was 4.8985% and 4.87%, respectively.

(5)Deferred financing fees are being amortized to Interest expense, net over the term of the related debt obligation.

2024 Credit Agreement

On March 26, 2024, the Company entered into a Credit Agreement (the “2024 Credit Agreement”) among the Company, as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”).

The 2024 Credit Agreement provides for a $1.0 billion senior unsecured five-year revolving facility. The facility may be increased, at the Company’s option and under certain conditions, by up to an additional $750 million in the aggregate. The facility may be used for revolving loans, and up to $75.0 million may be used for letters of credit. The revolving loans may be borrowed, repaid and re-borrowed until March 26, 2029, at which time all amounts borrowed must be repaid, subject to customary extension mechanics. The 2024 Credit Agreement contains certain customary restrictive loan covenants, including, among others, a financial covenant requiring a maximum leverage ratio and covenants limiting the Company’s ability to grant liens, make acquisitions, be acquired and the ability of the Company’s subsidiaries to incur indebtedness. The Company was in compliance with all financial covenants as of March 31, 2025.16

On March 26, 2024, the Company borrowed $274.4 million under the 2024 Credit Agreement. The initial borrowing was used to repay the outstanding amounts under the 2020 Credit Agreement. Additional amounts borrowed under the 2024 Credit Agreement will be used for working capital needs and general corporate purposes of the Company and its subsidiaries, including the funding of acquisitions and investments, payment of capital expenditures and the repurchase of shares.

Interest under the revolving facility accrues, at a variable rate, based on, at our option, (i) the Secured Overnight Funding Rate (“SOFR”) plus a credit spread adjustment of 0.10% or (ii) an alternate base rate (“Base Rate”) plus, in each case, an applicable margin, and is payable monthly. The applicable margin ranges between 1.125% and 1.75%, depending on the lower rate determined by either the Company’s leverage ratio or the credit rating of the Company’s senior unsecured debt. At ~~March~~June 3130, 2025, the applicable all-in margin on the revolving facility was 1.35% (including the credit spread adjustment). The commitment fee payable on the unused portion of the facility is equal to between 0.125% and 0.25% based on utilization of the facility. The Company has also agreed to pay customary letter of credit fees.

2029 Notes

On June 18, 2021, the Company issued $600.0 million aggregate principal amount of 3.625% Senior Notes due 2029. The 2029 Notes were issued pursuant to an indenture, dated as of June 18, 2021 (the “2029 Note Indenture”), among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee.

The 2029 Notes were issued at an issue price of 100.0% and bear interest at a rate of 3.625% per annum. Interest on the 2029 Notes is payable on June 15 and December 15 of each year, beginning on December 15, 2021. The 2029 Notes will mature on June 15, 2029.

The Company may redeem some or all of the 2029 Notes at any time on or after June 15, 2024 for cash at the redemption prices set forth in the 2029 Notes Indenture, plus accrued and unpaid interest to, but excluding, the redemption date.

On March 26, 2024, in connection with the closing of the 2024 Credit Agreement and as a result of the termination of the 2020 Credit Agreement, the Company’s subsidiaries that guaranteed the Company’s 2029 Notes were released from their guarantee obligations with respect to the Notes, in accordance with the terms of the indenture pursuant to which the 2029 Notes was issued.

2030 Notes

On September 28, 2020, the Company issued $800.0 million aggregate principal amount of 3.75% Senior Notes due 2030. The 2030 Notes were issued pursuant to an indenture, dated as of September 28, 2020 (the “2030 Note Indenture”), among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee.

The 2030 Notes were issued at an issue price of 100.0% and bear interest at a rate of 3.75% per annum. Interest on the 2030 Notes is payable on April 1 and October 1 of each year, beginning on April 1, 2021. The 2030 Notes will mature on October 1, 2030.

The Company may redeem some or all of the 2030 Notes at any time on or after October 1, 2025 for cash at the redemption prices set forth in the 2030 Note Indenture, plus accrued and unpaid interest to, but excluding, the redemption date. Prior to October 1, 2025, the Company may redeem up to 40% of the aggregate principal amount of the 2030 Notes in connection with certain equity offerings, or some or all of the 2030 Notes with a “make-whole” premium, in each case subject to the terms set forth in the 2030 Note Indenture.

On March 26, 2024, in connection with the closing of the 2024 Credit Agreement and as a result of the termination of the 2020 Credit Agreement, the Company’s subsidiaries that guaranteed the Company’s 2030 Notes were released from their guarantee ~~obligations with respect to the Notes, in accordance with the terms of the indenture pursuant to which the 2030 Notes was issued.~~

obligations with respect to the Notes, in accordance with the terms of the indenture pursuant to which the 2030 Notes was issued.

2028 Notes

On June 22, 2020, the Company issued $800.0 million aggregate principal amount of 4.50% Senior Notes due 2028. The 2028 Notes were issued pursuant to an indenture, dated as of June 22, 2020 (the “2028 Note Indenture”), among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee.

The 2028 Notes were issued at an issue price of 100.0% and bear interest at a rate of 4.50% per annum. Interest on the 2028 Notes is payable on January 1 and July 1 of each year, beginning on January 1, 2021. The 2028 Notes will mature on July 1, 2028.

The Company may redeem some or all of the 2028 Notes at any time on or after July 1, 2023 for cash at the redemption prices set forth in the 2028 Note Indenture, plus accrued and unpaid interest to, but excluding, the redemption date.

On March 26, 2024, in connection with the closing of the 2024 Credit Agreement and as a result of the termination of the 2020 Credit Agreement, the Company’s subsidiaries that guaranteed the Company’s 2028 Notes were released from their guarantee obligations with respect to the Notes, in accordance with the terms of the indenture pursuant to which the 2028 Notes was issued.

Interest Rate Swap

As of ~~March~~June 3130, 2025, the Company had one fixed-for-floating interest rate swap contract with a notional value of $350.0 million that matures in September 2025. Under the contract, the Company pays a base fixed rate of 2.98% and in return receives a floating Term SOFR base rate on 30-day notional borrowings.

Effective June 30, 2020, the Company de-designated all of its interest rate swaps and discontinued hedge accounting. Accordingly, subsequent changes to the fair value of the interest rate swap are recorded in Other income, net. The amounts previously recorded in Accumulated other comprehensive loss are amortized into Interest expense, net over the terms of the hedged forecasted interest payments. As of ~~March~~June 3130, 2025, $84.73 million is remaining in Accumulated other comprehensive loss, net. See Note 10 — Derivatives and Hedging for the amounts remaining in Accumulated other comprehensive loss, net of tax effect, at ~~March~~June 3130, 2025 and December 31, 2024. See Note 11 — Fair Value Disclosures for a discussion of the fair values of Company’s interest rate swaps.

Note 8 — Equity

Share Repurchase Authorization

In 2015, the Company’s Board of Directors (the “Board”) authorized a share repurchase program to repurchase up to $1.2 billion of the Company’s common stock. The Board authorized incremental share repurchases of up to an aggregate additional $4.1 billion of the Company’s common stock from February 2021 to July 2024. As of ~~March~~June 3130, 2025, $0.96 billion remained available under the share repurchase program. The Company may repurchase its common stock from time-to-time in amounts, at prices and in the manner that the Company deems appropriate, subject to the availability of stock, prevailing market conditions, the trading price of the stock, the Company’s financial performance and other conditions. Repurchases may be made through open market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended), accelerated share repurchases, private transactions or other transactions and will be funded by cash on hand and borrowings. Repurchases may also be made from time-to-time in connection with the settlement of the Company’s stock-based compensation awards.

The Company’s share repurchase activity is presented in the table below for the periods indicated.

	Three Months Ended				Six Months Ended
	March 31,
	June 30,				June 30,
	2025		2024		2025		2024
Number of shares repurchased (1)	~~300~~659,~~745~~883		~~489~~778,~~734~~575		960,628		1,268,309
Cash paid for repurchased shares (in thousands) (2)	$	~~162~~274,~~672~~483	$	~~225~~339,~~124~~593	$	437,155	$	564,717

(1)The average purchase price for repurchased shares was $507.65 and $459.69 for the three months ended March 31, 2025 and 2024, respectively. The repurchased shares during the three months ended March 31, 2025 and 2024 included purchases for both open market purchases and stock-based compensation award settlements. 18

(21)The ~~cash~~average ~~paid~~purchase price for repurchased shares ~~during~~was $417.99 and $442.60 for the three months ended ~~March~~June 3130, 2025 ~~included~~and 2024, respectively, and $10446.006 ~~million~~and of$449.19 ~~open~~for ~~market~~the ~~purchases~~six ~~with~~months ~~trade~~ended ~~dates~~June 30, in2025 ~~December~~and 2024, ~~that~~respectively. ~~settled~~The inrepurchased ~~January~~shares during the three and six months ended June 30, 2025 and 2024 included purchases for both open market purchases and stock-based compensation award settlements.

(2)The cash paid for repurchased shares during the six months ended June 30, 2025 included $10.0 million of open market purchases with trade dates in December 2024 that settled in January 2025. The cash paid for repurchased shares during the three months ended June 30, 2025 excluded $6.0 million of open market purchases with trade dates in June 2025 that settled in July 2025 and excise tax accrued. The cash paid for repurchased shares during the three months ended June 30, 2024 excluded $5.0 million of open market purchases with trade dates in June 2024 that settled in July 2024 and excise tax accrued.

Accumulated Other Comprehensive Loss, net (“AOCL”)

The tables below provide information about the changes in AOCL by component and the related amounts reclassified out of AOCL to income during the periods indicated (net of tax, in thousands) (1).

Three Months Ended June 30, 2025


	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – March 31, 2025	$	(6,410)	$	(5,166)	$	(56,273)	$	(67,849)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income	—		—		17,789		17,789
Reclassifications from AOCL to income (2), (3)	3,394		51		—		3,445
Other comprehensive income (loss), net	3,394		51		17,789		21,234
Balance – June 30, 2025	$	(3,016)	$	(5,115)	$	(38,484)	$	(46,615)

Three Months Ended June 30, 2024

	Interest RateSwaps		DefinedBenefitPension Plans		ForeignCurrencyTranslationAdjustments		Total
Balance – December 31, 2024	$	(9,800)	$	(5,214)	$	(73,319)	$	(88,333)
Balance – March 31, 2024	$	(20,561)	$	(5,680)	$	(56,145)	$	(82,386)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income	—		—		17(2,~~046~~967)		17(2,~~046~~967)
Reclassifications from AOCL to income (2), (3)	3,~~390~~649		4851		—		3,~~438~~700
Other comprehensive income (loss), net	3,~~390~~649		4851		17(2,~~046~~967)		~~20,484~~733
Balance – March 31, 2025	$	(6,410)	$	(5,166)	$	(56,273)	$	(67,849)
Balance – June 30, 2024	$	(16,912)	$	(5,629)	$	(59,112)	$	(81,653)

Six Months Ended June 30, 2025
	Interest RateSwaps		DefinedBenefitPension Plans		ForeignCurrencyTranslationAdjustments		Total
Balance – December 31, 2023	$	(24,162)	$	(5,731)	$	(46,438)	$	(76,331)
Balance – December 31, 2024	$	(9,800)	$	(5,214)	$	(73,319)	$	(88,333)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income	—		—		(934,~~707)~~835		(934,~~707)~~835
Reclassifications from AOCL to income (2), (3)	36,~~601~~784		5199		—		36,~~652~~883
Other comprehensive income (loss), net	36,~~601~~784		5199		(934,~~707)~~835		(641,~~055)~~718
Balance – March 31, 2024	$	(20,561)	$	(5,680)	$	(56,145)	$	(82,386)
Balance – June 30, 2025	$	(3,016)	$	(5,115)	$	(38,484)	$	(46,615)


Six Months Ended June 30, 2024
	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – December 31, 2023	$	(24,162)	$	(5,731)	$	(46,438)	$	(76,331)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income	—		—		(12,674)		(12,674)
Reclassifications from AOCL to income (2), (3)	7,250		102		—		7,352
Other comprehensive income (loss), net	7,250		102		(12,674)		(5,322)
Balance – June 30, 2024	$	(16,912)	$	(5,629)	$	(59,112)	$	(81,653)

(1)Amounts in parentheses represent debits (deferred losses).

(2)$4.5 million and $4.89 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net, for the three months ended ~~March~~June 3130, 2025 and 2024, respectively. $8.9 million and $9.7 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net, for the six months ended June 30, 2025 and 2024, respectively. See Note 7 — Debt and Note 10 — Derivatives and Hedging for information regarding the cash flow hedges.

(3)The reclassifications related to defined benefit pension plans were recorded in Other income, net.

The estimated net amount of the existing losses on the Company’s interest rate swaps that are reported in Accumulated other comprehensive loss, net at ~~March~~June 3130, 2025 that is expected to be reclassified into earnings during the remainder of 2025 is $84.73 million.

Note 9 — Income Taxes

The provision for income taxes was $5677.10 million and $4969.07 million for the three months ended ~~March~~June 3130, 2025 and 2024, respectively. The effective income tax rate was 2124.02% and 1823.93% for the three months ended ~~March~~June 3130, 2025 and 2024, respectively. ~~The~~While ~~effective~~both ~~income~~periods ~~tax~~include ~~rate~~benefits isrelated ~~higher~~to inresearch and development tax credits, the current year ~~primarily~~effective ~~due~~income totax ~~larger~~rate ~~unrecognized~~reflects ~~tax~~a ~~benefits~~lower ~~compared~~benefit tothan the same period in the prior year.

The ~~Company~~provision ~~had~~for ~~gross~~income ~~unrecognized~~taxes ~~tax~~was ~~benefits~~$133.1 ofmillion and $~~267~~118.28 million onfor ~~March~~the six months ended June 3130, 2025 and ~~$257~~2024, respectively.5 ~~million~~The oneffective ~~December~~income tax rate was 22.8% and 21.3% for the six months ended June 3130, 2025 and 2024, respectively. The increase in the effective income tax rate was primarily due to the same factor that caused the year-over-year quarterly increase.

The Company had gross unrecognized tax benefits of $273.3 million on June 30, 2025 and $257.5 million on December 31, 2024.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing the OBBBA's impact on its consolidated financial statements.

The Organization for Economic Co-operation and Development (“the OECD”) has issued various tax proposals including a two-pillar approach to global taxation (BEPS 2.0/ Pillar Two), focusing on global profit allocation and a 15% global corporate minimum tax rate. Several countries in which Gartner does business have proposed or enacted new laws to align with OECD Pillar Two proposals. The minimum tax is treated as a current cost beginning in 2024 and does not have a significant impact on the Company's effective tax rate for the current period. Significant details around the provisions are still uncertain as the OECD and participating countries continue to work on defining the underlying rules and administrative procedures. The Company will continue to monitor and reflect the impact of such legislative changes in future financial statements as appropriate.

Note 10 — Derivatives and Hedging

The Company enters into a limited number of derivative contracts to mitigate the cash flow risk associated with changes in interest rates on variable-rate debt and changes in foreign exchange rates on forecasted foreign currency transactions. The Company accounts for its outstanding derivative contracts in accordance with FASB ASC Topic 815, which requires all derivatives, including derivatives designated as accounting hedges, to be recorded on the balance sheet at fair value. The tables below provide information regarding the Company’s outstanding derivative contracts as of the dates indicated (in thousands, except for number of contracts).

March 31, 2025

June 30, 2025

Derivative Contract Type

Number ofContracts

NotionalAmounts

Fair ValueAsset(Liability), Net (3)

BalanceSheetLine Item

UnrealizedLoss Recordedin AOCL, net of tax

Interest rate swap (1)

350,000

21,~~077~~167

Other current assets

(63,~~410~~016)

Foreign currency forwards (2)

2822

~~142~~78,~~676~~467

(14177)

Accrued liabilities

—

Total

2923

~~492~~428,~~676~~467

~~2,063~~990

(63,~~410~~016)


December 31, 2024
Derivative Contract Type	Number of Contracts	Notional Amounts		Fair Value Asset (Liability), Net (3)		Balance Sheet Line Item	Unrealized Loss Recorded in AOCL, net of tax
Interest rate swap (1)	1	$	350,000	$	3,095	Other current assets	$	(9,800)
Foreign currency forwards (2)	119	656,904		(16)		Accrued liabilities	—
Total	120	$	1,006,904	$	3,079		$	(9,800)

(1)Effective June 30, 2020, the Company de-designated all of its interest rate swaps and discontinued hedge accounting. Accordingly, subsequent changes to fair value of the interest rate swap are recorded in Other income, net. The amounts previously recorded in Accumulated other comprehensive loss are amortized into Interest expense, net over the terms of the hedged forecasted interest payments. See Note 7 — Debt for additional information regarding the Company’s interest rate swap contract.

(2)The Company has foreign exchange transaction risk because it typically enters into transactions in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. The Company enters into short-term foreign currency forward exchange contracts to mitigate the cash flow risk associated with changes in foreign currency rates on forecasted foreign currency transactions. These contracts are accounted for at fair value with realized and unrealized gains and losses recognized in Other income, net because the Company does not designate these contracts as hedges for accounting purposes. All of the outstanding foreign currency forward exchange contracts at ~~March~~June 3130, 2025 matured before ~~April~~July 3031, 2025.

(3)See Note 11 — Fair Value Disclosures for the determination of the fair values of these instruments.

At ~~March~~June 3130, 2025, all of the Company’s derivative counterparties were investment grade financial institutions. The Company did not have any collateral arrangements with its derivative counterparties and none of the derivative contracts contained credit-risk related contingent features. The table below provides information regarding amounts recognized in the accompanying Condensed Consolidated Statements of Operations for derivative contracts for the periods indicated (in thousands).

	Three Months Ended				Six Months Ended
	March 31,
	June 30,				June 30,
Amount recorded in:	2025		2024		2025		2024
Interest expense, net (1)	$	4,~~464~~471	$	4,~~806~~870	$	8,935	$	9,676
Other income, net (2)	(596)		(4,314)
Other expense (income), net (2)	62		(1,755)		(534)		(6,069)
Total expense, net	$	34,~~868~~533	$	~~492~~3,115	$	8,401	$	3,607

(1)Consists of interest expense from interest rate swap contracts.

(2)Consists of net realized and unrealized gains and losses on foreign currency forward contracts and gains and losses on de-designated interest rate swaps.

Note 11 — Fair Value Disclosures

The Company’s financial instruments include cash equivalents, fees receivable from customers, accounts payable and accrued liabilities, all of which are normally short-term in nature. The Company believes that the carrying amounts of these financial instruments reasonably approximate their fair values due to their short-term nature. The Company’s financial instruments also include its outstanding variable-rate borrowings under the 2024 Credit Agreement. The Company believes that the carrying amounts of its variable-rate borrowings reasonably approximate their fair values because the rates of interest on those borrowings reflect current market rates of interest for similar instruments with comparable maturities.

The Company enters into a limited number of derivatives transactions but does not enter into repurchase agreements, securities lending transactions or master netting arrangements. Receivables or payables that result from derivatives transactions are recorded gross in the Company’s Condensed Consolidated Balance Sheets.

FASB ASC Topic 820 provides a framework for the measurement of fair value and a valuation hierarchy based on the transparency of inputs used in the valuation of assets and liabilities. Classification within the valuation hierarchy is based on the lowest level of input that is significant to the resulting fair value measurement. The valuation hierarchy contains three levels. Level 1 measurements consist of quoted prices in active markets for identical assets or liabilities. Level 2 measurements include significant other observable inputs such as quoted prices for similar assets or liabilities in active markets; identical assets or liabilities in inactive markets; observable inputs such as interest rates and yield curves; and other market-corroborated inputs. Level 3 measurements include significant unobservable inputs such as internally-created valuation models. Generally, the Company does not utilize Level 3 valuation inputs to remeasure any of its assets or liabilities. However, Level 3 inputs may be used by the Company when certain long-lived assets, including identifiable intangible assets, goodwill, and right-of-use assets are measured at fair value on a nonrecurring basis when there are indicators of impairment. Additionally, Level 3 inputs may be used by the Company in its required annual impairment review of goodwill. Information regarding the periodic assessment of the Company’s goodwill is included in Note 2 — Goodwill and Intangible Assets. The Company does not typically transfer assets or liabilities between different levels of the valuation hierarchy.

The table below presents the fair values of certain financial assets and liabilities that are measured at fair value on a recurring basis in the Company's financial statements (in thousands).

Description

~~March~~June 3130,2025

December 31,2024

Assets:

Values based on Level 1 inputs:

Deferred compensation plan assets (1)

2317,~~430~~171

18,089

Total Level 1 inputs

2317,~~430~~171

18,089

Values based on Level 2 inputs:

Deferred compensation plan assets (1)

~~132~~145,~~431~~071

128,670

Foreign currency forward contracts (2)

~~195~~44

1,852

Interest rate swap contract (3)

21,~~077~~167

3,095

Total Level 2 inputs

~~134~~146,~~703~~282

133,617

Total Assets

~~158~~163,~~133~~453

151,706

Liabilities:

Values based on Level 2 inputs:

Deferred compensation plan liabilities (1)

~~149~~164,~~868~~258

148,564

Foreign currency forward contracts (2)

~~209~~221

1,868

Total Level 2 inputs

~~150~~164,~~077~~479

150,432

Total Liabilities

~~150~~164,~~077~~479

150,432

(1)The Company has a deferred compensation plan for the benefit of certain highly compensated officers, managers and other key employees. The assets consist of investments in money market funds, mutual funds and company-owned life insurance contracts, which are valued based on Level 1 or Level 2 inputs. The related deferred compensation plan liabilities are recorded at fair value, or the estimated amount needed to settle the liability, which the Company considers to be a Level 2 input.

(2)The Company enters into foreign currency forward exchange contracts to hedge the effects of adverse fluctuations in foreign currency exchange rates (see Note 10 — Derivatives and Hedging). Valuation of these contracts is based on observable foreign currency exchange rates in active markets, which the Company considers to be a Level 2 input.

(3)The Company has an interest rate swap contract that hedges the risk of variability from interest payments on its borrowings (see Note 7 — Debt). The fair value of the interest rate swap is based on mark-to-market valuations prepared by a third-party broker. This valuation is based on observable interest rates from recently executed market transactions and other observable market data, which the Company considers to be Level 2 inputs. The Company independently corroborates the reasonableness of the valuations prepared by the third-party broker by using an electronic quotation service.

The table below presents the carrying amounts (net of deferred financing costs) and fair values of financial instruments that are not recorded at fair value in the Company’s Condensed Consolidated Balance Sheets (in thousands). The estimated fair value of the financial instruments was derived from quoted market prices provided by an independent dealer, which the Company considers to be a Level 2 input.

	Carrying Amount				Fair Value
	March 31,		December 31,		March 31,		December 31,
	June 30,		December 31,		June 30,		December 31,
Description	2025		2024		2025		2024
2028 Notes	$	795,~~607~~922	$	795,296	$	~~786~~792,~~648~~048	$	780,544
2029 Notes	~~595~~596,~~893~~119		595,669		~~566~~572,~~628~~268		558,840
2030 Notes	794,~~319~~552		794,089		~~740~~749,~~152~~712		732,200
Total	$	2,~~185~~186,~~819~~593	$	2,185,054	$	2,~~093~~114,~~428~~028	$	2,071,584

Assets and liabilities measured at fair value on a non-recurring basis

The Company’s certain long-lived assets, including identifiable intangible assets, goodwill, right-of-use assets and other long-lived assets, are measured at fair value on a nonrecurring basis when there are indicators of impairment. The Company recorded an impairment loss of $0.6 million and $0.5 million during the ~~three~~six months ended ~~March 31~~June 30, ~~2024~~2025 and ~~$0.5~~2024, ~~million~~respectively, on right-of-use assets and other long-lived assets primarily related to certain office leases that the Company determined will no longer be used. The impairments were derived by comparing the fair value of the impacted assets to the carrying value of those assets as of the impairment measurement date, as required under ASC Topic 360 using Level 3 inputs. See Note 13 — Leases for additional discussion related to these impairment charges.

Note 12 — Contingencies

Legal Matters. The Company is involved in legal proceedings, claims and compliance matters arising in the ordinary course of business. The Company records a provision in its consolidated financial statements when it is determined that an unfavorable outcome in one of these matters is probable and the amount of the loss can be reasonably estimated. The Company believes that the potential liability, if any, in excess of amounts already accrued for these contingencies will not have a material effect on its financial position, cash flows or results of operations when resolved in a future period.

Indemnifications. The Company has various agreements that may obligate it to indemnify the other party with respect to certain matters. Generally, these indemnification clauses are included in contracts arising in the normal course of business under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations related to matters such as title to assets sold and licensed or certain intellectual property rights. It is not possible to predict the maximum potential amount of future payments under these indemnification agreements due to the conditional nature of the Company’s obligations and the unique facts of each particular agreement. Historically, payments made by the Company under

these agreements have not been material. As of ~~March~~June 3130, 2025, the Company did not have any material payment obligations under any such indemnification agreements.

Note 13 — Leases

21The Company’s leasing activities are primarily for facilities under cancelable and non-cancelable lease agreements expiring during 2025 and through 2038. These facilities support our executive and administrative activities, sales, systems support, operations, and other functions. The Company also has leases for office equipment and other assets, which are not significant. Certain of these lease agreements include (i) renewal options to extend the lease term for up to ten years and/or (ii) options to terminate the agreement within one year. Additionally, certain of the Company’s lease agreements provide standard recurring escalations of lease payments for, among other things, increases in a lessor’s maintenance costs and taxes. Under some lease

The Company’s leasing activities are primarily for facilities under cancelable and non-cancelable lease agreements expiring during 2025 and through 2038. These facilities support our executive and administrative activities, sales, systems support, operations, and other functions. The Company also has leases for office equipment and other assets, which are not significant. Certain of these lease agreements include (i) renewal options to extend the lease term for up to ten years and/or (ii) options to terminate the agreement within one year. Additionally, certain of the Company’s lease agreements provide standard recurring escalations of lease payments for, among other things, increases in a lessor’s maintenance costs and taxes. Under some lease agreements, the Company may be entitled to allowances, free rent, lessor-financed tenant improvements and other incentives. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.23

agreements, the Company may be entitled to allowances, free rent, lessor-financed tenant improvements and other incentives. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company subleases certain office space that it does not intend to occupy. Such sublease arrangements expire during 2025 and through 2032 and primarily relate to facilities in Arlington, Virginia. Certain of the Company’s sublease agreements: (i) include renewal and termination options; (ii) provide for customary escalations of lease payments in the normal course of business; and (iii) grant the subtenant certain allowances, free rent, Gartner-financed tenant improvements and other incentives.

All of the Company’s leasing and subleasing activity is recognized in Selling, general and administrative expense in the accompanying Condensed Consolidated Statements of Operations. The table below presents the Company’s net lease cost and certain other information related to the Company’s leasing activities as of and for the periods indicated (dollars in thousands).

	Three Months Ended				Six Months Ended
	March 31,
	June 30,				June 30,
Description:	2025		2024		2025		2024
Operating lease cost (1)	$	2423,~~348~~296	$	25,~~903~~656	$	47,644	$	51,559
Lease cost (2)	54,~~685~~096		5,~~631~~073		9,781		10,704
Sublease income	(11,~~386~~123)		(11,~~882~~807)		(22,509)		(23,689)
Total lease cost, net (3) (4)	$	1816,~~647~~269	$	1918,~~652~~922	$	34,916	$	38,574
Cash paid for amounts included in the measurement of operating lease liabilities	$	2838,~~657~~380	$	3438,~~049~~787	$	67,037	$	72,836
Cash receipts from sublease arrangements	$	1110,~~144~~936	$	11,~~110~~984	$	22,080	$	23,094
Right-of-use assets obtained in exchange for new operating lease liabilities	$	510,~~071~~048	$	63,~~791~~944	$	15,119	$	10,735

(1)Included in operating lease cost was $8.54 million and $9.2 million for the three months ended ~~March~~June 3130, 2025 and 2024, respectively, and $16.9 million and $18.4 million for the six months ended June 30, 2025 and 2024, respectively, for costs related to subleasing activities.

(2)These amounts are primarily variable lease and nonlease costs that are not fixed at the lease commencement date or are dependent on something other than an index or a rate.

(3)The Company did not capitalize any operating lease costs during any of the periods presented.

(4)Amount excludes impairment charges on lease related assets, as discussed below.

The table below indicates where the discounted operating lease payments from the above table are classified in the accompanying Condensed Consolidated Balance Sheets (in thousands).

	March 31,		December 31,
	June 30,		December 31,
Description:	2025		2024
Accounts payable and accrued liabilities	$	9889,~~477~~634	$	100,312
Operating lease liabilities	~~324~~311,~~549~~150		339,779
Total operating lease liabilities included in the Condensed Consolidated Balance Sheets	$	~~423~~400,~~026~~784	$	440,091

AsIn aconnection ~~result and in consideration of~~ the ~~changing~~continuing ~~nature~~evaluation of ~~the Company’s use of office space, the Company continues to evaluate~~ its existing real estate ~~lease~~ portfolio~~. In connection with this evaluation~~, the Company reviewed certain of its right-of-use assets and related other long-lived assets for impairment under ASC 360. As a result of the evaluation, the Company recognized an impairment loss during the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024 of $0.6 million and $0.5 million, respectively, which is included as a component of Selling, general and administrative expenses in the accompanying Condensed Consolidated Statements of Operations. The impairment losses recorded include $0.4 million related to right-of-use assets and $0.1 million related to other long-lived assets, primarily leasehold improvements, for the three months ended March 31, 2024.

The fair values for the asset groups relating to the impaired long-lived assets were estimated primarily using discounted cash flow models (income approach) with Level 3 inputs. The significant assumptions used in estimating fair values include the expected downtime prior to the commencement of future subleases, projected sublease income over the remaining lease periods and discount rates that reflect the level of risk associated with receiving future cash flows.

22Note 14 — Subsequent Event

expected downtime prior to the commencement of future subleases, projected sublease income over the remaining lease periods and discount rates that reflect the level of risk associated with receiving future cash flows.24

23On July 31, 2025, the Company’s Board of Directors authorized incremental share repurchases of up to an additional $700.0 million of Gartner’s common stock. This authorization is in addition to the previously authorized repurchases of up to $5.3 billion, which, as of the end of July 2025, had approximately $350.0 million remaining.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The purpose of this Management’s Discussion and Analysis (“MD&A”) is to facilitate an understanding of significant factors influencing the quarterly operating results, financial condition and cash flows of Gartner, Inc. Additionally, the MD&A conveys our expectations of the potential impact of known trends, events or uncertainties that may impact future results. You should read this discussion in conjunction with our Condensed Consolidated Financial Statements and related notes included in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). Historical results and percentage relationships are not necessarily indicative of operating results for future periods. References to “Gartner,” the “Company,” “we,” “our” and “us” in this MD&A are to Gartner, Inc. and its consolidated subsidiaries.

FORWARD-LOOKING STATEMENTS

In addition to historical information, this Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions, projections or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as “may,” “will,” “expect,” “should,” “could,” “believe,” “plan,” “anticipate,” “estimate,” “predict,” “potential,” “continue” or other words of similar meaning.

We operate in a very competitive and rapidly changing environment that involves numerous known and unknown risks and uncertainties, some of which are beyond our control. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future quarterly and annual revenues, operating income, results of operations and cash flows, as well as any forward-looking statement, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, among others, the following: ~~the~~our ~~impact~~ability ofto ~~global~~maintain ~~economic~~and expand our products and ~~geopolitical~~services; ~~conditions,~~our ~~including~~ability ~~inflation,~~to keep pace with technological developments in artificial intelligence (“AI”) and ~~recession~~comply with evolving AI regulations; ~~uncertain~~our ~~effects,~~ability ~~both~~to ~~direct~~achieve continued customer renewals and ~~indirect,~~achieve ofnew ~~changes~~contract value, backlog and ~~volatility~~deferred revenue growth in ~~tariffs~~light ~~and~~of ~~trade~~competitive ~~policies~~pressures; ~~risks~~our ~~associated~~ability ~~with~~to ~~the~~grow ~~creditworthiness,~~or ~~budget~~sustain ~~cuts,~~revenue ~~priorities~~from ~~and~~individual ~~shutdown~~customers; ofour ~~governments~~ability ~~and~~to ~~agencies~~expand or retain our customer base; our ability to carry out our strategic initiatives and manage associated costs; the timing of conferences and meetings, in particular our Gartner Symposium/Xpo series that normally occurs during the fourth quarter; our ability to achieve and effectively manage growth, including our ability to integrate our acquisitions and consummate and integrate future acquisitions; our ability to pay our debt obligations; our ability to maintain and expand our products and services; our ability to expand or retain our customer base; our ability to grow or sustain revenue from individual customers; our ability to attract and retain a professional staff of ~~research~~ analysts and consultants as well as experienced sales personnel upon whom we are dependent, especially in light of labor competition; our ability to ~~achieve~~successfully ~~continued~~compete ~~customer~~with ~~renewals~~existing competitors and ~~achieve~~potential new ~~contract~~competitors; ~~value,~~our ~~backlog~~ability to enforce and ~~deferred~~protect ~~revenue~~our ~~growth~~intellectual inproperty ~~light~~rights; the impact of ~~competitive~~cybersecurity ~~pressures~~incidents or other disruptions to our information systems; our ability to ~~successfully~~pay ~~compete~~our ~~with~~debt ~~existing~~obligations; ~~competitors~~the impact of global economic and ~~potential~~geopolitical ~~new~~conditions, ~~competitors~~including inflation and recession; ~~our~~uncertain ~~ability~~effects, toboth ~~enforce~~direct and ~~protect~~indirect, ~~our~~of ~~intellectual~~changes ~~property~~and ~~rights;~~volatility ~~our~~in ~~ability~~tariffs toand ~~keep~~trade ~~pace~~policies; ~~with~~risks ~~technological~~associated ~~developments~~with inthe ~~artificial~~creditworthiness, ~~intelligence~~budget ~~(“AI”)~~cuts, priorities and ~~comply~~shutdown ~~with~~of ~~evolving~~governments AIand ~~regulations~~agencies; additional risks associated with international operations, including foreign currency fluctuations; the impact on our business resulting from changes in international conditions, including those resulting from the conflict in the Middle East, the war in Ukraine and current and future sanctions imposed by governments or other authorities; the impact of restructuring and other charges on our businesses and operations; ~~cybersecurity incidents or other disruptions to~~ our ~~information systems; our~~ ability to meet sustainability commitments and comply with applicable regulatory requirements, as well as potential reactions by customers to these commitments; the impact of changes in tax policy (including global minimum tax legislation) and heightened scrutiny from various taxing authorities globally; changes to laws and regulations; and other risks and uncertainties. The potential fluctuations in our operating income could cause period-to-period comparisons of operating results not to be meaningful and could provide an unreliable indication of future operating results. A description of the risk factors associated with our business is included under “Risk Factors” in Item 1A. of the 2024 Form 10-K, which is incorporated herein by reference.

Forward-looking statements are subject to risks, estimates and uncertainties that could cause actual results to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those listed above or described under “Risk Factors” in Item 1A of the 2024 Form 10-K. Readers should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made. Forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents. Except as required by law, we disclaim any obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.

2426

BUSINESS OVERVIEW

Gartner, Inc. (NYSE: IT) delivers actionable, objective ~~insight~~business and technology insights that ~~drives~~drive smarter decisions and stronger performance on an organization’s mission-critical priorities.

We deliver our products and services globally through three business segments – ~~Research~~Business and Technology Insights, Conferences and Consulting, as described below. In the second quarter of 2025, we renamed our segment previously referred to as Research to Business and Technology Insights (or “Insights”) to reflect the nature of the value we provide to clients. Our expert guidance and tools enable faster, smarter decisions and stronger performance on an organization’s mission-critical priorities.

•~~Research~~Insights equips executives and their teams from every function and across all industries with actionable, objective ~~insight~~business and technology insights, guidance and tools. Our experienced experts deliver all this value informed by an unmatched combination of practitioner-sourced and data-driven research to help our clients address their mission critical priorities.

•Conferences provides executives and teams across an organization the opportunity to learn, share and network. From our Gartner Symposium/Xpo series, to industry-leading conferences focused on specific business roles and topics, to peer-driven sessions, our offerings enable attendees to experience the best of Gartner ~~insight~~insights and guidance.

•Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective ~~insight~~insights. Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission critical priorities.

As of ~~March~~June 3130, 2025 we had 2120,~~107~~994 employees globally, an increase of 42.04% from ~~March~~June 3130, 2024.

Recent Developments

Our ~~Research~~Insights contract value with the US federal government was approximately $~~225~~200.0 million at ~~March~~June 3130, 2025, as compared to approximately $275.0 million at December 31, 2024. ~~Nearly~~ ~~all~~Over 60% of our US federal contracts ~~will~~have ~~come to term during 2025, with about 40% having~~ transacted in the first ~~quarter~~half of 2025, ~~the~~and ~~largest~~slightly ~~quarter of this calendar year. Slightly~~ less than half of ~~the~~that ~~US federal government~~ contract value ~~that~~ was ~~eligible for renewal in the first quarter of 2025 was~~ retained. In addition to the non-renewals, we have received notices of termination-for-convenience from various US government agencies for approximately $3020.0 million of contracts inthat ~~the first quarter of 2025. These contracts~~ are ~~non-refundable,~~primarily ~~with nearly all~~ scheduled to expire ~~during~~in the second half of 2025.

As the current geopolitical environment remains unpredictable, we continue to monitor and evaluate the impact, both direct and indirect, of government actions that could adversely impact our business operations and financial performance.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.

BUSINESS MEASUREMENTS

We believe that the following business measurements are important performance indicators for our business segments:

2527

BUSINESS SEGMENT BUSINESS MEASUREMENT ~~Research~~Insights Contract value represents the dollar value attributable to all of our subscription-related contracts. It is calculated as the annualized value of all contracts in effect at a specific point in time, without regard to the duration of the contract. Contract value primarily includes ~~Research~~Insights deliverables for which revenue is recognized on a ratable basis, as well as other deliverables (primarily Conferences tickets) for which revenue is recognized when the deliverable is utilized. Comparing contract value year-over-year not only measures the short-term growth of our business, but also signals the long-term health of our ~~Research~~Insights subscription business since it measures revenue that is highly likely to recur over a multi-year period. Our contract value consists of Global Technology Sales contract value, which includes sales to users and providers of technology, and Global Business Sales contract value, which includes sales to all other functional leaders. Client retention rate represents a measure of client satisfaction and renewed business relationships at a specific point in time. Client retention is calculated on a percentage basis by dividing our current clients, who were also clients a year ago, by all clients from a year ago. Client retention is calculated at an enterprise level, which represents a single company or customer. Wallet retention rate represents a measure of the amount of contract value we have retained with clients over a twelve-month period. Wallet retention is calculated on a percentage basis by dividing the contract value of our current clients, who were also clients a year ago, by the contract value from a year ago, excluding the impact of foreign currency exchange. When wallet retention exceeds client retention, it is an indication of retention of higher-spending clients, or increased spending by retained clients, or both. Wallet retention is calculated at an enterprise level, which represents a single company or customer. Conferences Number of destination conferences represents the total number of hosted in-person conferences completed during the period. Single day, local meetings are excluded. Number of destination conferences attendees represents the total number of people who attend in-person conferences. Single day, local meetings are excluded. Consulting Consulting backlog represents future revenue to be derived from in-process consulting and benchmark analytics engagements. Utilization rate represents a measure of productivity of our consultants. Utilization rates are calculated for billable headcount on a percentage basis by dividing total hours billed by total hours available to bill.

2628

EXECUTIVE SUMMARY OF OPERATIONS AND FINANCIAL POSITION

The fundamentals of our strategy include a focus on creating actionable ~~insight~~business and technology insights for executives and their teams, delivering innovative and highly differentiated product offerings, building a strong sales capability, providing world class client service with a focus on client engagement and retention, and continuously improving our operational effectiveness.

We had total revenues of $1.57 billion during the ~~first~~second quarter of 2025, an increase of 46% compared to the ~~first~~second quarter of 2024. During the ~~first~~second quarter of 2025, revenues for ~~Research~~Insights increased by 4%, Conferences revenue increased by 14% and Consulting ~~each~~revenue increased by 49%, compared to the ~~first~~second quarter of 2024. For a more complete discussion of our results by segment, see Segment Results below.

For the ~~first~~second quarter of 2025 and 2024, we had net income of $~~210~~240.98 million and $~~210~~229.5 million, respectively, and diluted net income per share of $23.7111 and $2.6793, respectively. Cash provided by operating activities was $0.37 billion and $0.26 billion during the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively. As of ~~March~~June 3130, 2025, we had $2.12 billion of cash and cash equivalents and approximately $0.7 billion of available borrowing capacity on our revolving credit facility. For a more complete discussion of our cash flows and financial position, see the Liquidity and Capital Resources section below.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

For information regarding our critical accounting policies and estimates, please refer to Part II, Item 7, “Critical Accounting Policies and Estimates” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. There have been no material changes to the critical accounting policies previously disclosed in that report.

RECENTLY ISSUED ACCOUNTING STANDARDS

The FASB has issued accounting standards that have not yet become effective and that may impact the Company’s consolidated financial statements or its disclosures in future periods. Note 1 — Business and Basis of Presentation in the Notes to Condensed Consolidated Financial Statements provides information regarding those accounting standards.

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RESULTS OF OPERATIONS

Consolidated Results

The table below presents an analysis of selected line items and period-over-period changes in our interim Condensed Consolidated Statements of Operations for the periods indicated (in thousands).

Three Months Ended March 31, 2025

Three Months Ended March 31, 2024

Increase (Decrease)

Increase(Decrease)%

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

Increase (Decrease)

Increase(Decrease)%

Total revenues

1,~~534~~686,~~130~~454

1,~~472~~595,~~926~~060

6191,~~204~~394

Costs and expenses:

Cost of services and product development

~~475~~531,~~030~~731

~~459~~513,~~441~~314

1518,~~589~~417

Selling, general and administrative

~~730~~776,~~308~~888

~~689~~712,~~833~~071

4064,~~475~~817

Depreciation

2830,~~866~~535

2627,~~317~~594

2,~~549~~941

1011

Amortization of intangibles

2120,~~894~~204

22,~~990~~940

(12,~~096~~736)

(512)

Acquisition and integration charges

—

~~460~~358

(~~460~~358)

(100)

Operating income

~~278~~327,~~032~~096

~~273~~318,~~885~~783

48,~~147~~313

Interest expense, net

(1311,~~413~~801)

(19,~~219~~990)

(58,~~806~~189)

(3041)

Other income, net

2,~~389~~498

~~4,891~~504

(21,~~502)~~994

~~(51)~~396

Less: Provision for income taxes

5677,~~069~~010

4969,~~012~~749

7,~~057~~261

1410

Net income

~~210~~240,~~939~~783

~~210~~229,~~545~~548

~~394~~11,235

—5


	Six Months Ended June 30, 2025		Six Months Ended June 30, 2024		Increase (Decrease)		Increase (Decrease) %
Total revenues	$	3,220,584	$	3,067,986	$	152,598	5	%
Costs and expenses:
Cost of services and product development	1,006,761		972,755		34,006		3
Selling, general and administrative	1,507,196		1,401,904		105,292		8
Depreciation	59,401		53,911		5,490		10
Amortization of intangibles	42,098		45,930		(3,832)		(8)
Acquisition and integration charges	—		818		(818)		(100)

Operating income	605,128		592,668		12,460		2
Interest expense, net	(25,214)		(39,209)		(13,995)		(36)


Other income, net	4,887		5,395		(508)		(9)
Less: Provision for income taxes	133,079		118,761		14,318		12
Net income	$	451,722	$	440,093	$	11,629	3	%

In addition to GAAP results, we provide foreign currency neutral dollar amounts and percentages for our revenues, certain expenses, contract values and other metrics. These foreign currency neutral dollar amounts and percentages eliminate the effects of exchange rate fluctuations and thus provide a more accurate and meaningful trend in the underlying business performance being measured. We calculate foreign currency neutral dollar amounts by converting the underlying amounts in local currency for different periods into U.S. dollars by applying the same foreign exchange rates to all periods presented.

Total revenues for the three months ended ~~March~~June 3130, 2025 were $1.57 billion, an increase of $6191.24 million, or 46% compared to the same period in 2024 on a reported basis and 65% excluding the foreign currency impact. Total revenues for the six months ended June 30, 2025 were $3.2 billion, an increase of $0.2 billion, or 5% compared to the same period in 2024 on both a reported basis and excluding the foreign currency impact. Refer to the section of this MD&A below entitled “Segment Results” for a discussion of revenues and results by segment.

Cost of services and product development was $475.0 million during the three months ended March 31, 2025, an increase of $15.6 million compared to the same period in 2024, or 3% on a reported basis and 4% excluding the foreign currency impact. The increase in Cost of services and product development was primarily due to a $19.0 million increase in personnel expenses associated with headcount increases. Cost of services and product development as a percent of revenues was 31% for each of the three months ended March 31, 2025 and 2024. 30

~~Selling,~~Cost ~~general~~of services and ~~administrative~~product ~~(“SG&A”)~~development ~~expense~~ was $~~730~~531.37 million during the three months ended ~~March~~June 3130, 2025, an increase of $4018.54 million compared to the same period in 2024, or 64% ~~and~~ on a reported basis and 72% excluding the foreign currency impact. The increase in ~~SG&A~~Cost ~~expense~~of services and product development during the three months ended ~~March~~June 3130, 2025 was primarily adue ~~result~~to of a $4012.82 million increase in personnel expenses ~~due~~associated towith ~~increased~~merit ~~headcount~~increases. ~~The~~Cost ~~number~~ of ~~quota-bearing~~services ~~sales~~and ~~associates~~product indevelopment ~~Global~~as ~~Technology~~a ~~Sales~~percent ~~increased~~of byrevenues 3was 32% tofor 3each of the three months ended June 30,~~707~~ 2025 and in2024. ~~Global~~Cost ~~Business~~of ~~Sales,~~services ~~increased~~and byproduct 9%development towas $1.0 billion during the six months ended June 30,~~331~~ 2025, an increase of $34.0 million compared to ~~March 31,~~the same period in 2024., Onor 3% on both a ~~combined~~reported basis, and excluding the ~~total~~foreign ~~number~~currency impact. The increase in Cost of ~~quota-bearing~~services ~~sales~~and ~~associates~~product ~~increased~~development byduring 4%the ~~when~~six ~~compared~~months toended ~~March~~June 3130, ~~2024~~2025 was primarily due to a $31.2 ~~SG&A~~million ~~expense~~increase in personnel expenses associated with merit increases. Cost of services and product development as a percent of revenues was 4831% and 4732% ~~during~~for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively.

~~Depreciation~~Selling, ~~increased~~general byand ~~10%~~administrative (“SG&A”) expense was $776.9 million during the three months ended ~~March~~June 3130, 2025, an increase of $64.8 million compared to the same ~~periods~~period in 2024, or 9% and on a reported basis and 8% excluding the foreign currency impact. The increase ~~for~~in SG&A expense during the three months ended ~~March~~June 3130, 2025 was primarily a result of a $40.9 million increase in personnel expenses due to increased ~~software~~headcount ~~additions~~and merit increases. SG&A expense was $1.5 billion during the ~~last~~six ~~twelve~~months ended June 30, 2025, an increase of $105.3 million compared to the same period in 2024, or 8% on both reported basis and excluding the foreign currency impact. The increase in SG&A expense during the six months ended June 30, 2025 was primarily a result of an $81.6 million increase in personnel expenses due to increased headcount and merit increases. The number of quota-bearing sales associates in Global Technology Sales increased by 3% to 3,695 and in Global Business Sales, increased by 10% to 1,339 compared to June 30, 2024. On a combined basis, the total number of quota-bearing sales associates increased by 5% when compared to June 30, 2024. SG&A expense as a percent of revenues was 46% and 45% during the three months ended June 30, 2025 and 2024, respectively. SG&A expense as a percent of revenues was 47% and 46% during the six months ended June 30, 2025 and 2024, respectively.

~~Amortization~~Depreciation ofincreased ~~intangibles~~by ~~decreased~~11% byand 510% during the three and six months ended ~~March~~June 3130, 2025, respectively, compared to the same periods in 2024. The increase for the three and six months ended June 30, 2025 was primarily due to ~~certain~~increased ~~intangible~~software ~~assets~~additions ~~becoming~~during ~~fully~~the ~~amortized~~last intwelve ~~2024~~months.

28Amortization of intangibles decreased by 12% and 8% during the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, due to certain intangible assets becoming fully amortized in 2024.

Acquisition and integration charges decreased by $0.54 million and 0.8 million during the three and six months ended ~~March~~June 3130, 2025, respectively, compared to the same periods in 2024.

Operating income was $~~278~~327.01 million and $~~273~~318.98 million during the three months ended ~~March~~June 3130, 2025 and 2024, respectively. ~~The~~Operating ~~slight~~income ~~increase~~was $605.1 million and $592.7 million during the six months ended June 30, 2025 and 2024, respectively. The increases in operating income for the three and six months ended ~~March~~June 3130, 2025 as compared to the prior year ~~period~~periods ~~was~~were primarily due to increased revenues, partially offset by increases in cost of services and product development and selling, general and administrative expenses.

Interest expense, net decreased by $5.8.2 million and $14.0 million during the three and six months ended ~~March~~June 3130, 2025, respectively, compared to the same ~~period~~periods in 2024. The decrease for the three and six months ended ~~March~~June 3130, 2025 was due to increased interest income, primarily as a result of higher cash balances than the prior year.

Other income, net for the periods presented herein included the net impact of foreign currency gains and losses from our hedging activities. Other income, net for the three months ended ~~March~~June 3130, 2025 and 2024 also included gains of $0.23 million and $40.56 million, respectively, on de-designated interest rate swaps. Other income, net for the six months ended June 30, 2025 and 2024 also included gains of $0.4 million and $5.0 million, respectively, on de-designated interest rate swaps.

The provision for income taxes was $5677.10 million and $4969.07 million for the three months ended ~~March~~June 3130, 2025 and 2024, respectively and $133.1 million and $118.8 million for the six months ended June 30, 2025 and 2024, respectively. The effective income tax rate was 2124.02% and 1823.93% for the three months ended ~~March~~June 3130, 2025 and 2024, respectively and 22.8% ~~The~~and ~~effective~~21.3% ~~income~~for ~~tax~~the ~~rate~~six ismonths ~~higher~~ended inJune 30, 2025 and 2024, respectively. While all periods include benefits related to research and development tax credits, the current year ~~primarily~~effective ~~due~~income totax ~~larger~~rates ~~unrecognized~~reflect ~~tax~~a ~~benefits~~lower ~~compared~~benefit tothan the same ~~period~~periods in the prior year.

~~Net income for the three months ended March~~ 31, 2025 and 2024 was $210.9 million and $210.5 million, respectively. Our diluted net income per share during the three months ended March 31, 2025 increased by $0.04. The slight increase in net income during the three months ended March 31, 2025 was primarily due to an increase in revenues and lower interest expense, net, partially offset by increases in operating expenses and the provision for income taxes.

Net income for the three months ended June 30, 2025 and 2024 was $240.8 million and $229.5 million, respectively, while net income for the six months ended June 30, 2025 and 2024 was $451.7 million and $440.1 million, respectively. Our diluted net income per share during the three months ended June 30, 2025 increased by $0.18. The increases in net income during the three and six months ended June 30, 2025 were primarily due to an increase in revenues and lower interest expense, net, partially offset by increases in operating expenses and the provision for income taxes.

SEGMENT RESULTS

We evaluate reportable segment performance and allocate resources based on gross contribution margin. Gross contribution is defined as operating income or loss excluding certain Cost of services and product development expenses, SG&A expenses, Depreciation, Amortization of intangibles, Acquisition and integration charges and Gain from sale of divested operation. Gross contribution margin is defined as gross contribution as a percent of revenues.

Reportable Segments

The sections below present the results of the Company’s three reportable business segments: Insights (formerly Research), Conferences and Consulting.

2932

Insights

	As Of And For The Three Months Ended March 31, 2025			As Of And For The Three Months Ended March 31, 2024			Increase(Decrease)		PercentageIncrease(Decrease)
	As Of And For The Three Months Ended June 30, 2025			As Of And For The Three Months Ended June 30, 2024			Increase(Decrease)		PercentageIncrease(Decrease)		As Of And For The Six Months Ended June 30, 2025			As Of And For The Six Months Ended June 30, 2024			Increase(Decrease)		PercentageIncrease(Decrease)
Financial Measurements:
Revenues (1)	$	1,~~321~~319,~~827~~453		$	1,~~268~~265,~~172~~992		$	53,~~655~~461	4	%	$	2,641,280		$	2,534,164		$	107,116	4	%
Gross contribution (1)	$	~~984~~974,~~523~~675		$	~~944~~933,~~570~~121		$	3941,~~953~~554	4	%	$	1,959,198		$	1,877,690		$	81,508	4	%
Gross contribution margin	74		%	74		%	—		—		74		%	74		%	—		—
Business Measurements:
Contract Value (1), (3)	$	5,~~051~~034,000		$	4,~~732~~799,000		$	~~319~~235,000	75	%
Global Technology Sales (2):
Contract value (1), (3)	$	3,~~853~~822,000		$	3,~~650~~689,000		$	~~203~~133,000	64	%
Client retention	84		%	83		%	1 point		—
Wallet retention	~~101~~99		%	101		%	—(2) points		—
Global Business Sales (2):
Contract value (1), (3)	$	1,~~198~~212,000		$	1,~~082~~110,000		$	~~116~~102,000	119	%
Client retention	87		%	87		%	—		—
Wallet retention	~~105~~104		%	~~107~~106		%	(2) points		—

(1)Dollars in thousands.

(2)Global Technology Sales includes sales to users and providers of technology. Global Business Sales includes sales to all other functional leaders.

(3)Contract values are on a foreign currency neutral basis. Contract values as of ~~March~~June 3130, 2024 have been calculated using the same foreign currency rates as 2025.

~~Research~~Insights revenues increased by $53.75 million during the three months ended ~~March~~June 3130, 2025 compared to the same period in 2024, or 4% on a reported basis and 63% excluding the foreign currency impact. For the six months ended June 30, 2025, Insights revenue increased by $107.1 million compared to the same period in 2024 or 4% on a reported basis and 5% excluding the foreign currency impact. The increase in revenues during 2025 was primarily due to ~~Research~~Insights contract value growth in 2024. The segment gross contribution margin was 74% for both the three and six months ended ~~March~~June 3130, 2025 and 2024.

Contract value increased to $5.10 billion at ~~March~~June 3130, 2025, or 75% compared to ~~March~~June 3130, 2024 excluding the foreign currency impact. The majority of industry sectors grew ~~high~~mid single-digit rates or faster. Growth was led by the energy, manufacturing and healthcare sectors, with public sector ~~lagging~~having ina ~~the~~ low single ~~digits~~digit decrease. Global Technology Sales (“GTS”) contract value increased by 64% at ~~March~~June 3130, 2025 when compared to ~~March~~June 3130, 2024. The increase in GTS contract value was primarily due to new business from existing clients. GTS contract value increased by mid single-digit rates or faster for all commercial enterprise sizes ~~except small enterprises~~ and ~~public sector and~~ nearly all industry sectors. Global Business Sales (“GBS”) contract value increased by 119% year-over-year, also primarily driven by new business from existing clients. The majority of our GBS practices achieved double-digit growth rates, with the majority of enterprise sizes and sectors growing ~~double~~high single-digits or faster year-over-year as well.

GTS client retention was 84% and 83% as of ~~March~~June 3130, 2025 and 2024, respectively, while wallet retention was 99% and 101% ~~for~~as ~~both~~of ~~periods~~June 30, 2025 and 2024, respectively. GBS client retention was 87% as of both ~~March~~June 3130, 2025 and 2024, while wallet retention was ~~105~~104% and ~~107~~106%, 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.

3033

Conferences

	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024			Increase(Decrease)		PercentageIncrease(Decrease)
	Three Months Ended June 30, 2025			Three Months Ended June 30, 2024			Increase(Decrease)		PercentageIncrease(Decrease)		Six Months Ended June 30, 2025			Six Months Ended June 30, 2024			Increase(Decrease)		PercentageIncrease(Decrease)
Financial Measurements:
Revenues (1)	$	72211,~~597~~407		$	70186,~~069~~084		$	225,~~528~~323	414	%	$	284,004		$	256,153		$	27,851	11	%
Gross contribution (1)	$	27121,~~382~~388		$	23108,~~255~~112		$	413,~~127~~276	1812	%	$	148,770		$	131,367		$	17,403	13	%
Gross contribution margin	3857		%	3358		%	5(1) ~~points~~point		—		52		%	51		%	1 point		—
Business Measurements:
Number of destination conferences (2)	1019			1216			~~(2)~~3		~~(17)~~19	%	29			28			1		4	%
Number of destination conferences attendees (2)	1128,~~911~~295			1326,~~857~~369			(1,~~946)~~926		~~(14)~~7	%	40,206			40,226			(20)		—	%

(1)Dollars in thousands.

(2)Single day, local meetings are excluded.

Conferences revenues increased by $225.53 million during the three months ended ~~March~~June 3130, 2025 compared to the same period in 2024, or 414% on a reported basis and 512% excluding the foreign currency impact. The increase in revenues for the three months ended ~~March~~June 3130, 2025 was primarily due to increased ~~exhibitor~~destination ~~revenue~~conferences compared to the same period in 2024. We held 1019 and 1216 ~~in-person~~ destination conferences during the three months ended ~~March~~June 3130, 2025 and 2024, respectively, with the increase primarily as a result of three destination conferences moving from the first and third quarters to the second quarter in 2025. Gross contribution increased to $27121.4 million during the three months ended ~~March~~June 3130, 2025 compared to $23108.31 million in the same period last year. The increase in gross contribution during the three ~~months~~ ended ~~March~~June 3130, 2025 was primarily the result of the increase in revenues, aspartially ~~well~~offset asby aan ~~decrease~~increase in conference-related expenses as a result of ~~two~~holding three additional destination conferences ~~moving~~in ~~from~~ the ~~first~~second quarter in 2025 compared to the ~~second~~same ~~quarter~~period in ~~2025~~2024.

31For the six months ended June 30, 2025 Conferences revenues increased by $27.9 million compared to the same period in 2024, or 11% on a reported basis and 10% excluding the foreign currency impact. We held 29 and 28 destination conferences during the six months ended June 30, 2025 and 2024, respectively. The increase in revenues for the six months ended June 30, 2025 was primarily due to increased exhibitor revenue compared to the same period in 2024. Gross contribution increased to $148.8 million during the six months ended June 30, 2025 compared to $131.4 million in the same period last year. The increase in gross contribution during the six months ended June 30, 2025 was primarily the result of the increase in revenues, partially offset by an increase in conference-related expenses.

	As Of And For The Three Months Ended March 31, 2025			As Of And For The Three Months Ended March 31, 2024			Increase(Decrease)		PercentageIncrease(Decrease)
Financial Measurements:
Revenues (1)	$	139,706		$	134,685		$	5,021	4	%
Gross contribution (1)	$	53,392		$	54,287		$	(895)	(2)	%
Gross contribution margin	38		%	40		%	(2) points		—
Business Measurements:
Backlog (1), (2)	$	213,500		$	183,700		$	29,800	16	%
Billable headcount	968			948			20		2	%
Consultant utilization	64		%	66		%	(2) points		—

Consulting


	As Of And For The Three Months Ended June 30, 2025			As Of And For The Three Months Ended June 30, 2024			Increase (Decrease)		Percentage Increase (Decrease)		As Of And For The Six Months Ended June 30, 2025			As Of And For The Six Months Ended June 30, 2024			Increase (Decrease)		Percentage Increase (Decrease)
Financial Measurements:
Revenues (1)	$	155,594		$	142,984		$	12,610	9	%	$	295,300		$	277,669		$	17,631	6	%
Gross contribution (1)	$	61,555		$	53,719		$	7,836	15	%	$	114,947		$	108,006		$	6,941	6	%
Gross contribution margin	40		%	38		%	2 points		—		39		%	39		%	—		—
Business Measurements:
Backlog (1), (2)	$	191,100		$	195,000		$	(3,900)	(2)	%
Billable headcount	949			953			(4)		—	%
Consultant utilization	65		%	67		%	(2) points		—		64		%	66		%	(2) points		—

(1)Dollars in thousands.

(2)Backlog is on a foreign currency neutral basis. Backlog as of ~~March~~June 3130, 2024 has been calculated using the same foreign currency rates as 2025.

Consulting revenues increased by 49% during the three months ended ~~March~~June 3130, 2025 compared to the same period in 2024 on a reported basis and 56% excluding the foreign currency impact, with aan ~~decrease~~increase in labor-based consulting revenue of 43% and an increase in contract optimization revenue of 3626%, each on a reported basis. Contract optimization revenue may vary significantly and, as such, revenues for the ~~first~~second quarter of 2025 may not be indicative of results for the remainder of 2025 or beyond. The segment gross contribution margin was 3840% and 4038% for the three months ended ~~March~~June 3130, 2025 and 2024, respectively. The ~~decrease~~increase in gross contribution margin for the three months ended ~~March~~June 3130, 2025 was primarily due to anthe increase in ~~personnel expenses due to higher headcount~~revenues.

~~Backlog~~For ~~increased~~the bysix ~~$29.8~~months ~~million~~ended June 30, or2025, 16Consulting revenues increased 6%, ~~from~~compared ~~March 31,~~to the same period in 2024 toon ~~March 31,~~both ~~2025,~~a reported basis and excluding the foreign currency impact, with a decrease in labor-based consulting revenue of 1% and an increase in contract optimization revenue of 30%, each on a reported basis. The segment gross contribution margin for the six months ended June 30, 2025 was flat compared to the same period in 2024.

32Backlog decreased by $3.9 million, or 2%, from June 30, 2024 to June 30, 2025, excluding the foreign currency impact.

LIQUIDITY AND CAPITAL RESOURCES

We finance our operations through cash generated from our operating activities and, to a lesser extent, borrowings. Note 7 — Debt in the Notes to Condensed Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations. At ~~March~~June 3130, 2025, we had $2.12 billion of cash and cash equivalents and approximately $0.7 billion of available borrowing capacity on the revolving credit facility under our 2024 Credit Agreement. We believe that the Company has adequate liquidity to meet its currently anticipated needs for both the next twelve months and the foreseeable future.

We have historically generated significant cash flows from our operating activities, benefiting from the favorable working capital dynamics of our subscription-based business model in our ~~Research~~Insights segment, which is our largest business segment and historically has constituted a significant portion of our total revenues. The majority of our ~~Research~~Insights customer contracts are paid in advance and, combined with a strong customer retention rate and high incremental margins, our subscription-based business model has resulted in continuously strong operating cash flow. Cash flow generation has also benefited from our ongoing efforts to improve the operating efficiencies of our businesses as well as a focus on the optimal management of our working capital as we increase sales.

During the fourth quarter of 2024, we entered into an amended lease agreement to significantly reduce the square footage and reduce future lease payments at one of our leased locations. We made an installment ~~payment~~payments of $24.0 million during each of the fourth quarter of 2024, and ~~will make an equal installment payment during~~ the second quarter of 2025 in consideration for the lease amendment.

Our cash and cash equivalents are held in numerous locations throughout the world with 4145% held outside the U.S. at ~~March~~June 3130, 2025. We intend to distribute a portion of the accumulated undistributed earnings of non-U.S. subsidiaries ~~as of March 31, 2025~~ in conjunction with global restructuring activity and have recorded a modest tax expense for the anticipated impact of such distribution. We continue to assert our intention to reinvest substantially all remaining accumulated undistributed foreign earnings, except in instances where repatriation would result in minimal additional tax..

The table below summarizes the changes in our cash balances for the periods indicated (in thousands).

Three Months Ended March 31, 2025

Three Months Ended March 31, 2024

Increase(Decrease)

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Increase(Decrease)

Cash provided by operating activities

~~313~~697,~~512~~077

~~188~~558,~~836~~800

~~124~~138,~~676~~277

Cash used in investing activities

(2561,~~569~~817)

(2454,~~660~~027)

(~~909~~7,790)

Cash used in financing activities

(~~152~~419,~~936~~688)

(~~219~~553,~~681~~229)

66133,~~745~~541

Net increase (decrease) in cash and cash equivalents and restricted cash

~~135~~215,~~007~~572

(5548,~~505~~456)

~~190~~264,~~512~~028

Effects of exchange rates on cash and cash equivalents

2248,~~894~~817

(2735,~~693~~358)

5084,~~587~~175

Beginning cash and cash equivalents and restricted cash

1,933,147

1,319,599

613,548

Ending cash and cash equivalents

2,~~091~~197,~~048~~536

1,~~236~~235,~~401~~785

~~854~~961,~~647~~751

Operating

Cash provided by operating activities was $~~313~~697.51 million and $~~188~~558.8 million during the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively. The year-over-year increase was primarily due to the improved timing of collections and lower income tax payments.

Investing

Cash used in investing activities was $2561.68 million and $2454.70 million during the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively. The increase from 2024 to 2025 was primarily the result of higher leasehold improvements expenditures.

Financing

Cash used in financing activities was $~~152~~419.97 million and $~~219~~553.72 million during the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively. We used $~~162~~437.72 million and $~~225~~564.17 million of cash for share repurchases during the ~~three~~six months ended June 30, 2025 and 2024, respectively. In March 2024, the Company borrowed $274.4 million under the 2024 Credit Agreement. The initial borrowing was used to repay the outstanding amounts under the 2020 Credit Agreement.

3336

March 31, 2025 and 2024, respectively. In March 2024, the Company borrowed $274.4 million under the 2024 Credit Agreement. The initial borrowing was used to repay the outstanding amounts under the 2020 Credit Agreement.

Debt

As of ~~March~~June 3130, 2025, the Company had $2.5 billion of principal amount of debt outstanding. Note 7 — Debt in the Notes to Condensed Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations. From time to time, the Company may seek to retire or repurchase its outstanding debt through various methods including open market repurchases, negotiated block transactions, or otherwise, all or some of which may be effected through Rule 10b5-1 plans. Such transactions, if any, depend on prevailing market conditions, our liquidity and capital requirements, contractual restrictions, and other factors, and may involve material amounts.

OFF BALANCE SHEET ARRANGEMENTS

From January 1, 2025 through ~~March~~June 3130, 2025, the Company has not entered into any material off-balance sheet arrangements or transactions with unconsolidated entities or other persons.

3437

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTEREST RATE RISK

As of ~~March~~June 3130, 2025, the Company had $2.5 billion in total debt principal outstanding. Note 7 — Debt in the Notes to Condensed Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations.

Approximately $274.4 million of the Company’s total debt outstanding as of ~~March~~June 3130, 2025 was based on a floating base rate of interest, which potentially exposes the Company to increases in interest rates. However, we reduce our overall exposure to interest rate increases through our interest rate swap contract, which effectively converts the floating base interest rates on all of our variable rate borrowings to fixed rates.

FOREIGN CURRENCY RISK

A significant portion of our revenues are typically derived from sales outside of the United States. Among the major foreign currencies in which we conduct business are the Euro, the British Pound, the Japanese Yen, the Australian dollar and the Canadian dollar. The reporting currency of our Condensed Consolidated Financial Statements is the U.S. dollar. As the values of the foreign currencies in which we operate fluctuate over time relative to the U.S. dollar, the Company is exposed to both foreign currency translation and transaction risk.

Translation risk arises as our foreign currency assets and liabilities are translated into U.S. dollars because the functional currencies of our foreign operations are generally denominated in the local currency. Adjustments resulting from the translation of these assets and liabilities are deferred and recorded as a component of stockholders’ equity. A measure of the potential impact of foreign currency translation can be determined through a sensitivity analysis of our cash and cash equivalents. At ~~March~~June 3130, 2025, we had $2.12 billion of cash and cash equivalents, with a substantial portion denominated in foreign currencies. If the exchange rates of the foreign currencies we hold all changed in comparison to the U.S. dollar by 10%, the amount of cash and cash equivalents we would have reported on ~~March~~June 3130, 2025 could have increased or decreased by approximately $7997.9 million. The translation of our foreign currency revenues and expenses historically has not had a material impact on our consolidated earnings because movements in and among the major currencies in which we operate tend to impact our revenues and expenses fairly equally. However, our earnings could be impacted during periods of significant exchange rate volatility, or when some or all of the major currencies in which we operate move in the same direction against the U.S. dollar.

Transaction risk arises when we enter into a transaction that is denominated in a currency that may differ from the local functional currency. As these transactions are translated into the local functional currency, a gain or loss may result, which is recorded in current period earnings. We typically enter into foreign currency forward exchange contracts to mitigate the effects of some of this foreign currency transaction risk. Our outstanding foreign currency forward exchange contracts as of ~~March~~June 3130, 2025 had an immaterial net unrealized loss.

CREDIT RISK

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of short-term, highly liquid investments classified as cash equivalents, fees receivable, interest rate swap contracts and foreign currency forward exchange contracts. The majority of the Company’s cash and cash equivalents, interest rate swap contracts and foreign currency forward exchange contracts are with large investment grade commercial banks. Fees receivable balances deemed to be collectible from customers have limited concentration of credit risk due to our diverse customer base and geographic dispersion.

3538

ITEM 4. CONTROLS AND PROCEDURES

We have established disclosure controls and procedures that are designed to ensure that the information we are required to disclose in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and such information is accumulated and communicated to our executive management team, including our chief executive officer and our chief financial officer, to allow timely decisions regarding required disclosure.

Management conducted an evaluation, as of ~~March~~June 3130, 2025, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, under the supervision and with the participation of our chief executive officer and chief financial officer. Based upon that evaluation, our chief executive officer and chief financial officer have concluded that, as of ~~March~~June 3130, 2025, the Company’s disclosure controls and procedures were effective.

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the quarter ended ~~March~~June 3130, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

3639

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are involved in legal and administrative proceedings and litigation arising in the ordinary course of business. We believe that the potential liability, if any, in excess of amounts already accrued from all proceedings, claims and litigation will not have a material effect on our financial position, cash flows or results of operations when resolved in a future period.

ITEM 1A. RISK FACTORS

There were no material changes to the risk factors disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

There were no unregistered sales of equity securities during the period covered by this report.

Issuer Purchases of Equity Securities

In May 2015, the Company’s Board of Directors (the “Board”) authorized a share repurchase program to repurchase up to $1.2 billion of the Company’s common stock. The Board authorized incremental share repurchases of up to an aggregate additional $4.1 billion of the Company’s common stock from February 2021 to July 2024. The Company may repurchase its common stock from time-to-time in amounts, at prices and in the manner that the Company deems appropriate, subject to the availability of stock, prevailing market conditions, the trading price of the stock, the Company’s financial performance and other conditions. Repurchases may be made through open market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended), accelerated share repurchases, private transactions or other transactions and will be funded by cash on hand and borrowings. Repurchases may also be made from time-to-time in connection with the settlement of the Company’s stock-based compensation awards. The table below summarizes the repurchases of our common stock during the three months ended ~~March~~June 3130, 2025.

Period	TotalNumber ofSharesPurchased (#)	AveragePrice PaidPer Share ($)		Total Number of Shares Purchased Under Announced Programs (#)	Maximum ApproximateDollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(in thousands)
January 1, 2025 to January 31, 2025	163,247	$	490.13	163,201	$	873,855
April 1, 2025 to April 30, 2025	105,982	$	389.84	105,748	$	832,634
February 1, 2025 to February 28, 2025	137,229	528.54		—	873,855
May 1, 2025 to May 31, 2025	225,922	443.11		216,703	736,638
March 1, 2025 to March 31, 2025	269	477.73		—	$	873,855
June 1, 2025 to June 30, 2025	327,979	409.78		327,598	$	602,395
Total for the quarter (1)	~~300~~659,~~745~~883	$	~~507~~417.6599	~~163~~650,~~201~~049

(1)The repurchased shares during the three months ended ~~March~~June 3130, 2025 included ~~137~~9,~~544~~834 shares purchased for the settlement of stock-based compensation awards and ~~163~~650,~~201~~049 shares purchased in the open market. Amounts presented exclude the excise tax accrual.

ITEM 5. OTHER INFORMATION

Insider Trading Arrangements

No director or Section 16 officer adopted or terminated a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5–1 trading arrangement during the three months ended ~~March~~June 3130, 2025.

3740

ITEM 6. EXHIBITS


EXHIBIT NUMBER						DESCRIPTION OF DOCUMENT

3.1(1)						Restated Certificate of Incorporation of the Company.

3.2(2)						By-laws of Gartner, Inc. (as amended and restated through October 31, 2024).

31.1*						Certification of chief executive officer under Rule 13a — 14(a)/15d — 14(a).

31.2*						Certification of chief financial officer under Rule 13a — 14(a)/15d — 14(a).

32*						Certification under 18 U.S.C. 1350.

101.INS*						Inline XBRL Instance Document.

101.SCH*						Inline XBRL Taxonomy Extension Schema Document.

101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104*						Cover Page Interactive Data File, formatted in Inline XBRL (included as Exhibit 101).

* Filed with this report.

(1) Incorporated by reference from the Company’s Current Report on Form 8-K filed on July 6, 2005.

(2) Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed on November 5, 2024.

Items 3 and 4 of Part II are not applicable and have been omitted.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Gartner, Inc.
Date:	~~May~~August 65, 2025	/s/ Craig W. Safian
		Craig W. Safian
		Executive Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

3841

Filing Compare · GARTNER INC