Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS

GARTNER, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited; in thousands, except share data)


	March 31,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	2,091,048	$	1,933,147
Fees receivable, net of allowances of $7,500 and $8,500, respectively	1,503,582		1,696,225
Deferred commissions	377,410		413,914
Prepaid expenses and other current assets	159,914		153,245

Total current assets	4,131,954		4,196,531
Property, equipment and leasehold improvements, net	249,462		242,968
Operating lease right-of-use assets	246,215		257,419
Goodwill	2,933,122		2,930,205
Intangible assets, net	391,804		409,689
Other assets	527,204		497,859
Total Assets	$	8,479,761	$	8,534,671
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	869,177	$	1,206,089
Deferred revenues	2,922,518		2,762,927


Total current liabilities	3,791,695		3,969,016
Long-term debt, net of deferred financing fees	2,460,949		2,459,915
Operating lease liabilities	324,549		339,779
Other liabilities	404,714		406,792
Total Liabilities	6,981,907		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	2,553,170		2,497,130
Accumulated other comprehensive loss, net	(67,849)		(88,333)
Accumulated earnings	6,203,946		5,993,007
Treasury stock, at cost, 86,214,938 and 86,222,214 common shares, respectively	(7,191,495)		(7,042,717)
Total Stockholders’ Equity	1,497,854		1,359,169
Total Liabilities and Stockholders’ Equity	$	8,479,761	$	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
	March 31,
	2025		2024
Revenues:
Research	$	1,321,827	$	1,268,172
Conferences	72,597		70,069
Consulting	139,706		134,685
Total revenues	1,534,130		1,472,926
Costs and expenses:
Cost of services and product development	475,030		459,441
Selling, general and administrative	730,308		689,833
Depreciation	28,866		26,317
Amortization of intangibles	21,894		22,990
Acquisition and integration charges	—		460

Total costs and expenses	1,256,098		1,199,041
Operating income	278,032		273,885
Interest expense, net	(13,413)		(19,219)


Other income, net	2,389		4,891
Income before income taxes	267,008		259,557
Provision for income taxes	56,069		49,012
Net income	$	210,939	$	210,545

Net income per share:
Basic	$	2.73	$	2.69
Diluted	$	2.71	$	2.67
Weighted average shares outstanding:
Basic	77,357		78,339
Diluted	77,790		78,964

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
	March 31,
	2025		2024
Net income	$	210,939	$	210,545
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	17,046		(9,707)
Interest rate swaps – net change in deferred gain or loss	3,390		3,601
Pension plans – net change in deferred actuarial loss	48		51
Other comprehensive income (loss), net of tax	20,484		(6,055)
Comprehensive income	$	231,423	$	204,490

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
	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


Three Months Ended March 31, 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

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
	March 31,
	2025		2024
Operating activities:
Net income	$	210,939	$	210,545
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	50,760		49,307
Stock-based compensation expense	50,168		50,500
Deferred taxes	(29,710)		(17,823)

Loss on impairment of lease related assets	—		527
Reduction in the carrying amount of operating lease right-of-use assets	17,736		16,028
Amortization and write-off of deferred financing fees	1,034		1,537
Gain on de-designated swaps	(165)		(4,462)
Changes in assets and liabilities, net of acquisitions and divestitures:
Fees receivable, net	211,612		18,228
Deferred commissions	41,131		26,413
Prepaid expenses and other current assets	(5,338)		(47,509)
Other assets	(15,568)		(24,309)
Deferred revenues	131,001		173,542
Accounts payable and accrued and other liabilities	(350,088)		(263,688)
Cash provided by operating activities	313,512		188,836
Investing activities:
Additions to property, equipment and leasehold improvements	(25,569)		(22,660)
Acquisition of business	—		(2,000)


Cash used in investing activities	(25,569)		(24,660)
Financing activities:
Proceeds from employee stock purchase plan	9,736		8,047


Payments of deferred financing fees	—		(2,604)
Proceeds from revolving credit facility	—		274,400

Payments on long-term debt	—		(274,400)
Purchases of treasury stock	(162,672)		(225,124)
Cash used in financing activities	(152,936)		(219,681)
Net increase (decrease) in cash and cash equivalents and restricted cash	135,007		(55,505)
Effects of exchange rates on cash and cash equivalents	22,894		(27,693)
Cash and cash equivalents and restricted cash, beginning of period	1,933,147		1,319,599
Cash and cash equivalents, end of period	$	2,091,048	$	1,236,401

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 that drives 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, Conferences and Consulting. Revenues and other financial information for the Company’s segments are discussed in Note 6 — Segment Information.

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 months ended March 31, 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 months ended March 31, 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 31, 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

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 months ended March 31, 2025 (in thousands).


	Research		Conferences		Consulting		Total
Balance at December 31, 2024 (1)	$	2,650,981	$	183,920	$	95,304	$	2,930,205


Foreign currency translation impact	2,447		38		432		2,917
Balance at March 31, 2025 (1)	$	2,653,428	$	183,958	$	95,736	$	2,933,122

(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	Customer Relationships		Other		Total
Gross cost at December 31, 2024	$	1,071,917	$	10,200	$	1,082,117

Intangible assets fully amortized	(10,120)		—		(10,120)

Foreign currency translation impact	10,385		—		10,385
Gross cost	1,072,182		10,200		1,082,382
Accumulated amortization (1)	(683,046)		(7,532)		(690,578)
Balance at March 31, 2025	$	389,136	$	2,668	$	391,804


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 $21.9 million and $23.0 million during the three months ended March 31, 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

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
Primary Geographic Market	Research		Conferences		Consulting		Total
United States and Canada	$	847,281	$	55,584	$	90,964	$	993,829
Europe, Middle East and Africa	321,700		9,142		32,303		363,145
Other International	152,846		7,871		16,439		177,156
Total revenues	$	1,321,827	$	72,597	$	139,706	$	1,534,130

Three Months Ended March 31, 2024
Primary Geographic Market	Research		Conferences		Consulting		Total
United States and Canada	$	835,221	$	48,090	$	78,539	$	961,850
Europe, Middle East and Africa	287,543		10,328		36,602		334,473
Other International	145,408		11,651		19,544		176,603
Total revenues	$	1,268,172	$	70,069	$	134,685	$	1,472,926

(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.

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 March 31, 2025 was approximately $6.1 billion. The Company expects to recognize $2.9 billion, $2.4 billion and $0.8 billion of this revenue (most of which pertains to Research) 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 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.

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

(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 $1.0 billion during both the three months ended March 31, 2025 and 2024, that was attributable to deferred revenues that were recorded at the beginning of each such period. Those amounts primarily consisted of Research 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 months ended March 31, 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
	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 0.2 million and de minimis for the three months ended March 31, 2025 and 2024, respectively.

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 31, 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
	March 31,
Award type	2025		2024
Stock appreciation rights	$	3.4	$	4.6
Restricted stock units	46.6		45.6
Common stock equivalents	0.2		0.3
Total (1)	$	50.2	$	50.5


	Three Months Ended
	March 31,
Expense category line item	2025		2024
Cost of services and product development	$	20.6	$	19.5
Selling, general and administrative	29.6		31.0
Total (1)	$	50.2	$	50.5

(1)Includes costs of $28.0 million and $30.6 million during the three months ended March 31, 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, Conferences and Consulting, as described below.

Research** equips executives and their teams from every function and across all industries with actionable, objective insight, 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 and guidance.
Consulting** serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insight. Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission critical priorities.

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.

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
Revenues	$	1,321,827	$	72,597	$	139,706	$	1,534,130
Less:
Personnel expenses	289,361		17,746		79,092		386,199
Product and content delivery expenses	41,177		24,172		3,263		68,612
Other (1)	6,766		3,297		3,959		14,022
Gross contribution	984,523		27,382		53,392		1,065,297
Cost of services and product development - unallocated (2)							6,197
Selling, general and administrative							730,308
Depreciation and amortization							50,760


Interest expenses and other, net							11,024
Income before income taxes							$	267,008


Three Months Ended March 31, 2024	Research		Conferences		Consulting		Consolidated
Revenues	$	1,268,172	$	70,069	$	134,685	$	1,472,926
Less:
Personnel expenses	274,588		15,683		73,373		363,644
Product and content delivery expenses	43,587		27,793		2,191		73,571
Other (1)	5,427		3,338		4,834		13,599
Gross contribution	944,570		23,255		54,287		1,022,112
Cost of services and product development - unallocated (2)							8,627
Selling, general and administrative							689,833
Depreciation and amortization							49,307
Acquisition and integration charges							460

Interest expenses and other, net							14,328

Income before income taxes							$	259,557

(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,
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)	(18,451)		(19,485)
Net balance sheet carrying amount	$	2,460,949	$	2,459,915

(1)The contractual annualized interest rate as of March 31, 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 31, 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 months ended March 31, 2025, including the effects of its interest rate swaps discussed below, was 4.89%.

(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.

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 31, 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.

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 31, 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 31, 2025, $8.7 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 31, 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 31, 2025, $0.9 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
	March 31,
	2025		2024
Number of shares repurchased (1)	300,745		489,734
Cash paid for repurchased shares (in thousands) (2)	$	162,672	$	225,124

(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.

(2)The cash paid for repurchased shares during the three months ended March 31, 2025 included $10.0 million of open market purchases with trade dates in December 2024 that settled in January 2025.

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 March 31, 2025


	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
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	—		—		17,046		17,046
Reclassifications from AOCL to income (2), (3)	3,390		48		—		3,438
Other comprehensive income (loss), net	3,390		48		17,046		20,484
Balance – March 31, 2025	$	(6,410)	$	(5,166)	$	(56,273)	$	(67,849)

Three Months Ended March 31, 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	—		—		(9,707)		(9,707)
Reclassifications from AOCL to income (2), (3)	3,601		51		—		3,652
Other comprehensive income (loss), net	3,601		51		(9,707)		(6,055)
Balance – March 31, 2024	$	(20,561)	$	(5,680)	$	(56,145)	$	(82,386)

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

(2)$4.5 million and $4.8 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net, for the three months ended March 31, 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 31, 2025 that is expected to be reclassified into earnings during the remainder of 2025 is $8.7 million.

Note 9 — Income Taxes

The provision for income taxes was $56.1 million and $49.0 million for the three months ended March 31, 2025 and 2024, respectively. The effective income tax rate was 21.0% and 18.9% for the three months ended March 31, 2025 and 2024, respectively. The effective income tax rate is higher in the current year primarily due to larger unrecognized tax benefits compared to the same period in the prior year.

The Company had gross unrecognized tax benefits of $267.2 million on March 31, 2025 and $257.5 million on December 31, 2024.

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
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	$	2,077	Other current assets	$	(6,410)
Foreign currency forwards (2)	28	142,676		(14)		Accrued liabilities	—
Total	29	$	492,676	$	2,063		$	(6,410)


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 31, 2025 matured before April 30, 2025.

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

At March 31, 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
	March 31,
Amount recorded in:	2025		2024
Interest expense, net (1)	$	4,464	$	4,806
Other income, net (2)	(596)		(4,314)
Total expense, net	$	3,868	$	492

(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 31, 2025		December 31, 2024
Assets:
Values based on Level 1 inputs:
Deferred compensation plan assets (1)	$	23,430	$	18,089
Total Level 1 inputs	23,430		18,089
Values based on Level 2 inputs:
Deferred compensation plan assets (1)	132,431		128,670
Foreign currency forward contracts (2)	195		1,852
Interest rate swap contract (3)	2,077		3,095
Total Level 2 inputs	134,703		133,617
Total Assets	$	158,133	$	151,706
Liabilities:
Values based on Level 2 inputs:
Deferred compensation plan liabilities (1)	$	149,868	$	148,564
Foreign currency forward contracts (2)	209		1,868

Total Level 2 inputs	150,077		150,432
Total Liabilities	$	150,077	$	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,
Description	2025		2024		2025		2024
2028 Notes	$	795,607	$	795,296	$	786,648	$	780,544
2029 Notes	595,893		595,669		566,628		558,840
2030 Notes	794,319		794,089		740,152		732,200
Total	$	2,185,819	$	2,185,054	$	2,093,428	$	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 during the three months ended March 31, 2024 and $0.5 million 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 31, 2025, the Company did not have any material payment obligations under any such indemnification agreements.

Note 13 — Leases

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.

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
	March 31,
Description:	2025		2024
Operating lease cost (1)	$	24,348	$	25,903
Lease cost (2)	5,685		5,631
Sublease income	(11,386)		(11,882)
Total lease cost, net (3) (4)	$	18,647	$	19,652
Cash paid for amounts included in the measurement of operating lease liabilities	$	28,657	$	34,049
Cash receipts from sublease arrangements	$	11,144	$	11,110
Right-of-use assets obtained in exchange for new operating lease liabilities	$	5,071	$	6,791

(1)Included in operating lease cost was $8.5 million and $9.2 million for the three months ended March 31, 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,
Description:	2025		2024
Accounts payable and accrued liabilities	$	98,477	$	100,312
Operating lease liabilities	324,549		339,779
Total operating lease liabilities included in the Condensed Consolidated Balance Sheets	$	423,026	$	440,091

As a result and in consideration of the changing nature 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 months ended March 31, 2024 of $0.5 million 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.

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