Slides
Page 1
© 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. or its affiliates. This presentation, including all supporting materials, is proprietary to Gartner, Inc. and/or its affiliates and is for the sole internal use of the intended recipients. Because this presentation may contain information that is confidential, proprietary or otherwise legally protected, it may not be further copied, distributed or publicly displayed without the express written permission of Gartner, Inc. or its affiliates. Fourth Quarter 2025 Results February 3, 2026
Page 2
2 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Forward Looking Statement and Explanatory Note Statements contained in this presentation regarding the growth and prospects of the business, the Company’s projected 2026 financial results, long-term objectives and all other statements in this presentation other than recitation of historical facts are 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. Such forward-looking statements involve known and unknown risks, estimates, uncertainties and other factors that may cause actual results to be materially different. Such factors include, but are not limited to, the following: our ability to maintain and expand our products and services; our ability to keep pace with technological developments in artificial intelligence (“AI”) and comply with evolving AI regulations; our ability to achieve continued customer renewals and achieve new contract value, backlog and deferred revenue growth in light of competitive pressures; our ability to grow or sustain revenue from individual customers; our ability to 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 attract and retain a professional staff of analysts and consultants as well as experienced sales personnel upon whom we are dependent, especially in light of labor competition; our ability to successfully compete with existing competitors and potential new competitors; our ability to enforce and protect our intellectual property rights; the impact of cybersecurity incidents or other disruptions to our information systems; our ability to pay our debt obligations; the impact of global economic and geopolitical conditions, including inflation (and related monetary policy by governments in response to inflation) and recession; uncertain effects, both direct and indirect, of changes and volatility in tariffs and trade policies; risks associated with the creditworthiness, budget cuts, priorities and shutdown of governments and 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 tensions 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; 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 described under “Risk Factors” in our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Non-GAAP financial measures such as Adjusted Revenue, Adj. EBITDA, Adj. EBITDA excluding Digital Markets, Adj. EBITDA Margin, Adj. EBITDA Margin excluding Digital Markets, Adj. Net Income, Adj. EPS, Return on Invested Capital, and Free Cash Flow, as included in this presentation, are supplemental measures that are not calculated in accordance with U.S. GAAP. Definitions of these measures and reconciliations to the most-directly comparable GAAP measures are included in the appendix. Unless otherwise indicated, or the content otherwise requires, all percentages indicated in this presentation are year-over-year growth rates. The Company’s SEC filings can be found on Gartner’s website at investor.gartner.com and on the SEC’s website at www.sec.gov. Forward looking statements included herein speak only as of February 3, 2026 and the Company disclaims any obligation to revise or update such statements to reflect events or circumstances after this date or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law or regulation. Some totals may not add due to rounding.
Page 3
3 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Contents Consolidated Financials and Guidance 4Q 2025 Financial Results Page 5 2026 Guidance Page 6 Segment Results Insights Page 7 - 9 Conferences Page 10 Consulting Page 11 Capital Allocation Capital Structure and Allocation Page 12 Free Cash Flow Page 13 GAAP Financial Statements 4Q 2025 GAAP Financial Statements Pages 14 - 17 Appendix Pages 18 - 33 Consolidated Financial Summary Additional Charts Contract Values at 2026 FX rates Select Results excluding Digital Markets Normalized P&L (Non-GAAP) Definitions Non-GAAP Reconciliations
Page 4
4 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Client Value Proposition We help our clients save time, save money, manage risk and gain confidence on their journeys to address their strategic priorities. Client profile • We serve individual senior operating executives in key roles within major enterprise functions. • They each have several strategic priorities, and Gartner can help. Priorities change, so the need is evergreen. • We prioritize selling to the C-Level and one to three levels down to enterprises across every geography, industry and size. How Gartner helps — examples • Client journeys to address their priorities are multidimensional and complex • Implementing a comprehensive AI governance framework to ensure responsible and effective use across the enterprise (CIO) • Developing an employee value proposition that aligns with business goals, attracts and retains top talent, and adapts to employee expectations (CHRO) • Identifying and managing risks in the supply chain that enhance resilience, align with business objectives and respond to global disruptions (CSCO) Objective, unbiased insights • Human intelligence: 2,400+ former practitioners with broad and deep domain expertise, experience and knowledge • Proprietary data sets based on sources unavailable anywhere else • 510K+ client interactions and 23K+ vendor briefings annually create a flywheel and network effects, increasing the unique value Gartner provides Delivering client value • Reports and proprietary GenAI tool (AskGartner) through gartner.com • Unparalleled access to analyst inquiries • Must-attend conferences • Peer networking opportunities • Workflow and benchmarking tools • Proposal reviews • And more
Page 5
5 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. 4Q 2025 Growth and Financial Results Global Contract Value (CV) Consolidated Revenues Insights Revenues Free Cash Flow 0.8% $5.2B 2.2% $1.8B 2.9% $1.3B QTD: $271M FX Neutral: 0.3% FX Neutral: 1.1% LTM: $1.2B 67.3% Contribution Margin 77.1% Contribution Margin Global Technology Sales CV Adj. EBITDA Conference Revenues Share Repurchases flat $3.9B 4.6% $436M 13.9% $286M QTD: $498M FX Neutral: 1.3% FX Neutral: 11.4% LTM: $2.0B 24.9% Adj. EBITDA Margin 51.3% Contribution Margin Global Business Sales CV Adj. EPS Consulting Revenues 3.5% $1.2B $3.94 -12.8% $134M -27.8% FX Neutral: -14.6% 27.1% Contribution Margin % increases above are FX Neutral at 2025 rates 2026 Guidance $ billions, except per share amounts Consolidated Revenues Adj. EBITDA Adj. EPS Free Cash flow ≥ $6.455B ≥ $1.515B ≥ $12.30 ≥ $1.135B Notes: CV growth excluding US Federal government was 4%. Historical data regarding certain selected results excluding Digital Markets are included in slide 22.
Page 6
6 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Guidance $ millions, except per share amounts; shares in millions $ at reported rates Guidance as of February 3, 2026 (≥) Insights Revenues 5,190 Conferences Revenues 695 Consulting Revenues 570 Total Revenues 6,455 Adj. EBITDA 1,515 Adj. EPS 12.30 Free Cash Flow 1,135 Shares ~71 • Insights revenues are nearly 100% subscription-based. They reflect Q4 2025 contract value and CV growth accelerating over the course of 2026. • Conferences revenues reflect 56 in-person destination conferences. • Consulting segment has similar visibility to prior years. • Expenses reflect agile cost management while investing in key areas (experts, AI, QBH) to drive future top-line growth. • Fully diluted, weighted-average shares outstanding assume repurchases to offset dilution. Interest income not assumed on excess cash that could be deployed on incremental repurchases. • FX is based on January rates, which would be a growth tailwind of about 110 bps for revenues and 170 bps for Adj. EBITDA. • Guidance excludes the Digital Markets business (for historical results excluding Digital Markets, see slide 22).GAAP Non-GAAP/Adj. Depreciation ~ 107 na Amortization ~ 80 na Stock-Based Compensation ~ 177 na Interest, net ~ 100 ~ 95 Effective Tax Rate ~ 22% ~ 23% Capital Expenditures ~ 105 na 2026 Guidance Medium Term Guidance (unchanged) Insights Conferences Consulting Revenues 12 - 16 % 5 - 10 % 3 - 8 % ≥ 10 % EBITDA EPS Free Cash Flow ≥ Revenue Growth ≥ EBITDA Growth ≥ EBITDA Growth
Page 7
7 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Insights Metrics Global Technology Sales $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Contract Value 3,650 3,689 3,754 3,911 3,853 3,822 3,818 3,910 Y/Y FX Neutral Growth 5.3 % 6.0 % 5.9 % 6.5 % 5.5 % 3.6 % 1.7 % -0.0 % Quarterly NCVI -23 39 65 157 -58 -31 -4 93 Quota Bearing Head Count 3,602 3,575 3,666 3,804 3,707 3,695 3,715 3,704 Y/Y Growth -1.7 % -2.4 % 1.0 % 4.5 % 2.9 % 3.4 % 1.3 % -2.6 % Quarterly Productivity ($ thousands) -6 11 18 43 -15 -8 -1 25 Wallet Retention 100.5 % 101.4 % 101.4 % 102.1 % 101.1 % 99.3 % 97.5 % 96.0 % Global Business Sales $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Contract Value 1,082 1,110 1,147 1,203 1,198 1,212 1,229 1,245 Y/Y FX Neutral Growth 13.1 % 12.8 % 12.4 % 12.6 % 10.8 % 9.2 % 7.1 % 3.5 % Quarterly NCVI 13 28 38 56 -5 14 17 16 Quota Bearing Head Count 1,223 1,215 1,244 1,298 1,331 1,339 1,303 1,280 Y/Y Growth 7.2 % 5.7 % 8.3 % 9.3 % 8.8 % 10.2 % 4.7 % -1.4 % Quarterly Productivity ($ thousands) 11 23 31 45 -4 10 13 12 Wallet Retention 106.7 % 106.1 % 105.9 % 106.2 % 105.2 % 103.7 % 102.1 % 98.6 % Global Sales $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Contract Value 4,732 4,799 4,902 5,114 5,051 5,034 5,047 5,155 Y/Y FX Neutral Growth 7.0 % 7.5 % 7.4 % 7.9 % 6.7 % 4.9 % 3.0 % 0.8 % Quarterly NCVI -10 67 103 213 -63 -17 13 109 Quota Bearing Head Count 4,825 4,790 4,910 5,102 5,038 5,034 5,018 4,984 Y/Y Growth 0.4 % -0.5 % 2.7 % 5.7 % 4.4 % 5.1 % 2.2 % -2.3 % Quarterly Productivity ($ thousands) -2 14 21 43 -12 -3 3 22 Wallet Retention 102.8 % 103.4 % 103.4 % 104.0 % 103.0 % 101.3 % 99.5 % 97.5 % Note: All numbers are shown at 2025 FX rates where applicable. Quarterly NCVI and Quarterly Productivity are on a sequential basis. Quarterly Productivity is Quarterly NCVI divided by prior quarter quota bearing head count.
Page 8
8 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Insights: Additional Metrics Global Technology Sales $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 LTM Net Contract Value Increase (NCVI) 183 208 210 238 203 133 63 0 Productivity ($ thousands) 50 57 58 65 56 37 17 0 Y/Y Growth -46.4 % -22.1 % -5.8 % 11.0 % 12.9 % -34.6 % -70.2 % -100.2 % Client Enterprises 12,815 12,617 12,461 12,432 12,107 11,875 11,726 11,843 Contract Value/ Enterprise ($ thousands) 285 292 301 315 318 322 326 330 Client Retention 82.5 % 82.5 % 82.9 % 83.8 % 83.9 % 84.0 % 84.1 % 84.9 % Global Business Sales $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 LTM Net Contract Value Increase (NCVI) 126 126 126 135 117 103 82 42 Productivity ($ thousands) 110 109 110 113 95 84 66 32 Y/Y Growth -22.7 % -16.5 % -12.7 % -2.8 % -13.2 % -22.7 % -40.0 % -71.6 % Client Enterprises 4,720 4,724 4,762 4,726 4,667 4,642 4,610 4,531 Contract Value/ Enterprise ($ thousands) 229 235 241 255 257 261 267 275 Client Retention 86.5 % 86.6 % 87.4 % 87.1 % 87.4 % 87.3 % 87.3 % 86.0 % Global Sales $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 LTM Net Contract Value Increase (NCVI) 308 333 336 373 319 235 145 41 Productivity ($ thousands) 64 69 70 77 66 49 30 8 Y/Y Growth -38.9 % -19.9 % -7.8 % 6.7 % 3.2 % -29.1 % -58.0 % -89.5 % Client Enterprises 14,426 14,186 14,031 13,968 13,600 13,374 13,218 13,279 Contract Value/ Enterprise ($ thousands) 328 338 349 366 371 376 382 388 Client Retention 83.1 % 83.1 % 83.6 % 84.3 % 84.4 % 84.6 % 84.7 % 85.3 % Note: All numbers are shown at 2025 FX rates where applicable. Enterprises that are clients of both GTS and GBS appear in both counts. Productivity is on a rolling twelve month basis. Productivity is LTM NCVI divided by opening period quota bearing headcount.
Page 9
9 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Insights Segment Revenues $ millions Contribution Margin $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Revenues 1,183 1,189 1,210 1,247 1,256 1,264 1,271 1,283 4,829 5,073 Y/Y Growth 6.4 % 6.5 % 7.3 % 7.5 % 6.1 % 6.2 % 5.1 % 2.9 % 6.9 % 5.0 % Y/Y FX Neutral Growth 6.2 % 7.2 % 7.5 % 7.7 % 7.8 % 5.3 % 3.6 % 1.1 % 7.2 % 4.4 % Contribution 912 907 924 954 966 961 974 989 3,697 3,890 Contribution Margin 77.1 % 76.2 % 76.4 % 76.5 % 76.9 % 76.0 % 76.7 % 77.1 % 76.6 % 76.7 % 1,183 1,189 1,210 1,247 1,256 1,264 1,271 1,283 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 77.1% 76.2% 76.4% 76.5% 76.9% 76.0% 76.7% 77.1% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Note: FX neutral growth numbers are based on 2025 FX rates.
Page 10
10 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Conferences Segment Revenues $ millions Contribution Margin $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Revenues 70 186 76 251 73 211 75 286 583 645 Y/Y Growth 8.4 % 10.2 % 32.5 % 17.2 % 3.6 % 13.6 % -1.6 % 13.9 % 15.5 % 10.5 % Y/Y FX Neutral Growth 8.5 % 10.8 % 30.5 % 17.1 % 5.4 % 12.0 % -4.1 % 11.4 % 15.5 % 8.9 % Contribution 23 108 30 120 27 121 27 147 281 323 Contribution Margin 33.2 % 58.1 % 40.2 % 47.6 % 37.7 % 57.4 % 36.6 % 51.3 % 48.3 % 50.1 % Destination Conferences (#) 12 16 10 13 10 19 10 14 51 53 Destination Conference Attendees (#) 13,857 26,369 12,208 34,191 11,911 28,295 11,454 32,067 86,625 83,727 Same Conference Revenue Growth 8.1 % 17.2 % 23.1 % 10.8 % 12.1 % 5.8 % 6.4 % 8.4 % 13.9 % 7.7 % Same Conference Attendee Growth 9.5 % 15.0 % 12.9 % 7.3 % -2.6 % -4.1 % 1.5 % -11.3 % 10.6 % -6.4 % Note: FX neutral growth numbers are based on 2025 FX rates. Same Conference growth is based on the FX rates of the respective years. 70 186 76 251 73 211 75 286 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 33.2% 58.1% 40.2% 47.6% 37.7% 57.4% 36.6% 51.3% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
Page 11
11 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Consulting Segment Revenues $ millions Contribution Margin $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Revenues 135 143 128 153 140 156 124 134 559 552 Y/Y Growth 6.0 % 13.1 % -3.9 % 19.3 % 3.7 % 8.8 % -3.2 % -12.8 % 8.5 % -1.1 % Y/Y FX Neutral Growth 6.9 % 14.9 % -3.7 % 19.2 % 5.3 % 6.5 % -4.8 % -14.6 % 9.2 % -2.2 % Contribution 54 54 42 54 53 62 35 36 203 186 Contribution Margin 40.3 % 37.6 % 32.5 % 35.1 % 38.2 % 39.6 % 28.5 % 27.1 % 36.4 % 33.7 % Labor Revenues 109 107 101 104 104 110 94 90 420 399 Y/Y Growth 11.9 % 2.6 % 1.5 % 4.2 % -4.1 % 3.1 % -7.1 % -12.8 % 5.1 % -5.1 % Contract Optimization Revenues 26 36 26 50 36 46 30 43 138 154 Y/Y Growth -13.1 % 61.9 % -20.4 % 71.1 % 36.2 % 25.6 % 12.0 % -12.8 % 20.8 % 11.3 % Backlog 184 195 214 187 214 191 195 174 187 174 Y/Y Growth 17.2 % 16.1 % 20.9 % 17.6 % 16.3 % -2.0 % -8.8 % -7.2 % 17.6 % -7.2 % Billable Head Count 948 953 960 965 968 949 924 920 956 940 Y/Y Growth 4.8 % 2.0 % 1.5 % 1.3 % 2.2 % -0.4 % -3.7 % -4.6 % 2.4 % -1.7 % Utilization Rate 66.3 % 66.5 % 64.7 % 61.7 % 63.9 % 64.8 % 59.7 % 55.2 % 64.8 % 60.9 % Y/Y Change (bps) -36 96 79 -70 -236 -170 -500 -641 17 -387 Note: FX neutral and Backlog growth are based on 2025 FX rates. 135 143 128 153 140 156 124 134 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 40.3% 37.6% 32.5% 35.1% 38.2% 39.6% 28.5% 27.1% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
Page 12
12 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Capital Structure and Allocation Capital Structure • Optimizes financial leverage benefits and financial flexibility • Target 2-2.5x leverage1 • ~$500M cash is needed to run the business Free Cash Flow deployment • Expect to offset equity dilution • Price sensitive, opportunistic, disciplined stock repurchases • Strategic value-enhancing tuck-in acquisitions • No current plans for material debt repayments Share Repurchases $ millions ~$1.2B repurchase authorization remaining as of January 31, 2026. $ billions 12/31/2025 Rate Maturity Cash 1.7 nm nm 2028 Bonds 0.8 4.50% 2028 2029 Bonds 0.6 3.63% 2029 2030 Bonds 0.8 3.75% 2030 2031 Bonds 0.4 4.95% 2031 2035 Bonds 0.5 5.60% 2035 Total Debt 3.0 4.34% Revolver Unused Capacity 1.0 15 bps % Debt With Fixed Rates 100% Leverage Ratios 4Q 2025 Bank Covenant Gross Debt/Adjusted EBITDA1 1.9 na Net Debt/Adjusted EBITDA 0.8 na Consolidated Leverage Ratio 2 1.6 ≤ 4.0x Debt Ratings Investment Grade Ratings Fitch BBB- S&P BBB- Moody's Baa3 199 176 1,656 1,044 606 735 1,991 2019 2020 2021 2022 2023 2024 2025 1 Gross debt/Trailing twelve month Adjusted EBITDA. 2 As defined in the Company's 2024 Credit Agreement.
Page 13
13 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Free Cash Flow Conversion (LTM) % of Revenue - LTM 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Adjusted EBITDA 24.9 25.0 24.8 24.8 24.6 24.7 24.7 24.8 Cash interest, net (0.9) (0.8) (0.7) (0.6) (0.5) (0.4) (0.4) (0.5) Cash taxes (5.4) (4.9) (5.3) (5.0) (4.9) (4.5) (3.6) (3.2) Adjusted working capital1 1.1 (1.0) 3.6 4.5 6.3 5.5 — (1.2) Capex (1.8) (1.8) (1.7) (1.6) (1.7) (1.7) (1.8) (1.8) Free Cash Flow 18.0 16.6 20.7 22.1 23.8 23.6 18.8 18.1 % of GAAP Net Income - LTM 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 GAAP Net Income 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Depreciation and amortization 24.3 23.8 18.8 16.1 16.3 16.1 23.0 27.6 Stock-based compensation expense 17.0 17.3 14.1 12.4 12.3 12.4 17.4 21.4 Gain from sale of divested operation 0.5 — — — — — — — Goodwill impairment — — — — — — 16.9 20.6 Changes in assets/liabilities 5.8 (10.0) (9.1) (3.3) 7.2 9.4 6.2 (2.7) Other adjustments 0.4 3.1 5.3 (6.8) (7.4) (9.6) (13.2) 10.2 Capex (13.2) (13.1) (10.0) (8.1) (8.4) (8.8) (13.0) (15.8) Free Cash Flow 134.8 121.2 119.1 110.2 119.9 119.4 137.4 161.2 Note: Percentages are based on rolling 4 quarter numbers. 1 see p.27 for the definition of Adjusted working capital and a discussion on insurance proceeds and other non-recurring items. Our typical Adjusted EBITDA margin to Free Cash Flow margin conversion is about 4-6 percentage points. Our typical Free Cash Flow conversion from GAAP Net Income is around 140-160%. As contract value accelerates, the conversion will move toward the higher end of the range. Note: 2024 and 2025 Free Cash Flow conversion affected by 3Q24 after-tax insurance proceeds, 4Q24 tax planning benefits, and nonrecurring real estate payment on 4Q24 and 2Q25.
Page 14
14 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. 4Q 2025 GAAP Financial Statements
Page 15
15 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Condensed Consolidated Statements of Operations Unaudited; in millions, except per share amounts Three Months Ended December 31, 2025 2024 Revenues: Insights $ 1,282.8 $ 1,246.8 Conferences 286.2 251.3 Consulting 133.6 153.2 Other 50.0 63.8 Total revenues 1,752.6 1,715.1 Costs and expenses: Cost of services and product development 572.6 574.9 Selling, general and administrative 797.8 771.2 Depreciation 27.9 29.1 Amortization of intangibles 20.0 22.1 Total costs and expenses 1,418.3 1,397.3 Operating income 334.3 317.8 Interest expense, net (19.1) (12.3) Other expense, net (1.3) (3.8) Income before income taxes 313.9 301.7 Provision (benefit) for income taxes 71.7 (96.9) Net income $ 242.2 $ 398.6 Net income per share: Basic $ 3.36 $ 5.14 Diluted $ 3.36 $ 5.11 Weighted average shares outstanding: Basic 72.0 77.5 Diluted 72.1 78.0
Page 16
16 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Condensed Consolidated Balance Sheets Unaudited; in millions Assets December 31, 2025 December 31, 2024 Current assets: Cash and cash equivalents $ 1,722.5 $ 1,933.1 Fees receivable 1,684.5 1,696.2 Deferred commissions 400.7 413.9 Prepaid expenses and other current assets 152.2 153.3 Assets held-for-sale 106.4 — Total current assets 4,066.3 4,196.5 Property, equipment and leaseholds 214.2 243.0 Operating leases - right of use assets 214.0 257.4 Goodwill 2,740.8 2,930.2 Intangible assets, net 336.3 409.7 Other assets 513.8 497.9 Total Assets $ 8,085.4 $ 8,534.7 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued liabilities $ 1,236.6 $ 1,206.1 Deferred revenues 2,810.0 2,762.9 Current portion of long-term debt 5.0 — Liabilities held-for-sale 20.5 — Total current liabilities 4,072.1 3,969.0 Long-term debt 2,976.7 2,459.9 Operating leases - liabilities 270.2 339.8 Other liabilities 446.5 406.8 Total Liabilities 7,765.5 7,175.5 Total Stockholders’ Equity 319.9 1,359.2 Total Liabilities and Stockholders’ Equity $ 8,085.4 $ 8,534.7
Page 17
17 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Condensed Consolidated Statement of Cash Flows Unaudited; in millions Three Months Ended December 31, Operating activities: 2025 2024 Net income $ 242.2 $ 398.6 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 47.9 51.2 Stock-based compensation expense 32.2 30.2 Deferred taxes 43.9 (156.3) Loss on impairment of lease related assets 0.1 8.0 Reduction in the carrying amount of operating lease right-of-use assets 14.6 17.3 Amortization and write-off of unamortized discounts and deferred financing fees 1.2 1.0 Gain on de-designated swaps — (1.7) Changes in assets and liabilities, net of acquisitions and divestitures: Fees receivable, net (589.7) (424.4) Deferred commissions (99.1) (117.3) Prepaid expenses and other current assets 53.4 18.0 Other assets (1.8) (7.9) Deferred revenues 293.0 265.1 Accounts payable and accrued and other liabilities 256.6 253.6 Cash provided by operating activities 294.5 335.4 Investing activities: Additions to property, equipment and leasehold improvements (23.8) (23.9) Cash used in investing activities (23.8) (23.9) Financing activities: Proceeds from employee stock purchase plan 7.2 7.4 Proceeds from issuance of long-term debt, net of discounts 799.9 — Payments for deferred financing fees (6.5) — Payments on revolving credit facility (274.4) — Purchases of treasury stock (498.5) (102.0) Cash provided by (used in) financing activities 27.7 (94.6) Net increase in cash and cash equivalents 298.4 216.9 Effects of exchange rates on cash and cash equivalents (6.6) (52.0) Cash and cash equivalents, beginning of period 1,430.7 1,768.3 Cash and cash equivalents, end of period $ 1,722.5 $ 1,933.2
Page 18
18 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Appendix
Page 19
19 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Consolidated Financial Summary $ and shares in millions except per share amounts 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Revenues 1,473 1,595 1,484 1,715 1,534 1,686 1,524 1,753 6,267 6,497 Y/Y Growth 4.5 % 6.1 % 5.4 % 8.1 % 4.2 % 5.7 % 2.7 % 2.2 % 6.1 % 3.7 % Y/Y FX Neutral Growth 4.6 % 6.9 % 5.6 % 8.3 % 5.7 % 4.6 % 1.2 % 0.3 % 6.4 % 2.9 % Contribution 1,013 1,082 1,009 1,140 1,059 1,155 1,050 1,180 4,244 4,444 Contribution Margin 68.8 % 67.8 % 68.0 % 66.5 % 69.0 % 68.5 % 68.9 % 67.3 % 67.7 % 68.4 % Adj. EBITDA 382 416 340 417 385 443 347 436 1,556 1,611 Y/Y Growth 0.8 % 8.2 % 2.1 % 8.0 % 0.7 % 6.6 % 1.9 % 4.6 % 4.9 % 3.6 % Adj. EBITDA Margin 25.9 % 26.1 % 22.9 % 24.3 % 25.1 % 26.3 % 22.8 % 24.9 % 24.8 % 24.8 % Adj. EPS 2.93 3.22 2.50 5.45 2.98 3.53 2.76 3.94 14.09 13.17 Y/Y Growth 1.7 % 13.0 % -2.3 % 79.3 % 1.7 % 9.6 % 10.4 % -27.8 % 24.3 % -6.5 % Free Cash Flow 166 341 565 311 288 347 269 271 1,383 1,175 LTM Free Cash Flow 1,075 1,006 1,268 1,383 1,505 1,512 1,216 1,175 1,383 1,175 Y/Y Growth 9.0 % 0.4 % 24.1 % 31.4 % 40.0 % 50.3 % -4.1 % -15.0 % 31.4 % -15.0 % Avg. Diluted Shares 79.0 78.3 78.0 78.0 77.8 77.4 75.0 72.1 78.3 75.6 Note: FX Neutral growth numbers are at 2025 rates; Consolidated contribution includes segment contribution and $8 million of cost of services and product development – unallocated in 4Q25. 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; Q3 2024 Free Cash Flow includes $300M of proceeds related to 2020 and 2021 event cancellation insurance claims.
Page 20
20 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. (10) 67 103 213 (63) (17) 13 109 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Quarterly Net Contract Value Increase (NCVI) $ millions 4,732 4,799 4,902 5,114 5,051 5,034 5,047 5,155 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1,473 1,595 1,484 1,715 1,534 1,686 1,524 1,753 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Revenues $ millions 382 416 340 417 385 443 347 436 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Adj. EBITDA $ millions 1,075 1,006 1,268 1,383 1,505 1,512 1,216 1,175 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2.93 3.22 2.50 5.45 2.98 3.53 2.76 3.94 1Q24 2Q24 3Q24 4Q24* 1Q25 2Q25 3Q25 4Q25 Quarterly Financial Summary Charts Adj. EPS dollars Revenues $ millions Contract Value $ millions @ '25 rates LTM Free Cash Flow $ millions *see note (f) on slide 30
Page 21
21 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Contract Value at 2026 FX Rates $ million 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 GTS 3,774 3,813 3,881 4,045 3,986 3,954 3,951 4,048 GBS 1,108 1,136 1,175 1,233 1,228 1,242 1,260 1,276 Global 4,882 4,949 5,056 5,278 5,214 5,196 5,211 5,324
Page 22
22 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Consolidated - Excluding Digital Markets Adjusted Revenue 1,388 1,518 1,413 1,651 1,468 1,631 1,469 1,703 5,971 6,270 Adj. EBITDA Excluding Digital Markets 361 401 333 410 374 438 339 429 1,504 1,579 Adj. EBITDA Margin Excluding Digital Markets 26.0 % 26.4 % 23.5 % 24.8 % 25.5 % 26.9 % 23.1 % 25.2 % 25.2 % 25.2 % Selected Results Excluding Digital Markets
Page 23
23 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Non-GAAP P&L $ millions except per share amounts 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Revenues 1,473 1,595 1,484 1,715 1,534 1,686 1,524 1,753 6,267 6,497 Less Cost of Services 459 513 475 575 475 532 474 573 2,023 2,054 Contribution 1,013 1,082 1,009 1,140 1,059 1,155 1,050 1,180 4,244 4,444 Less SG&A 690 712 712 771 730 777 763 798 2,885 3,068 Plus Equity Comp 51 40 34 30 50 43 31 32 155 156 Plus Other Adjustments * 8 6 9 18 6 23 29 22 41 80 Adj. EBITDA 382 416 340 417 385 443 347 436 1,556 1,611 Less Equity Comp 51 40 34 30 50 43 31 32 155 156 Less Depreciation 26 28 29 29 29 31 31 28 112 118 Less Non-GAAP Interest, net 18 19 17 11 12 11 15 18 65 56 Less Other Expense (Income) 0 0 -2 6 -2 -2 1 2 3 -2 Adjusted Pre-tax Income 288 330 262 341 296 362 270 357 1,221 1,283 Less Adjusted Tax 56 77 67 -84 63 88 63 73 116 287 Adjusted Net Income 232 252 195 425 232 273 207 284 1,103 996 Adj. EPS 2.93 3.22 2.50 5.45 2.98 3.53 2.76 3.94 14.09 13.17 * Consists of workforce reduction expenses, direct and incremental expenses related to acquisitions and divestitures, facility-related exit costs and other non-recurring items.
Page 24
24 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Definitions Adjusted Revenue: Represents GAAP revenue less revenue from Digital Markets. We believe Adjusted Revenue is an important measure of our recurring operations as it provides a more accurate period-over period comparison of trends in revenues. Adjusted EBITDA and Adjusted EBITDA Margin : Represents GAAP net income (loss) adjusted for: (i) interest expense, net; (ii) tax provision (benefit); (iii) gain on event cancellation insurance claims, as applicable; (iv) other (income) expense, net; (v) stock-based compensation expense; (vi) depreciation, amortization, and accretion; (vii) goodwill impairment and other asset impairments, as applicable and (viii) workforce reduction expenses and certain other non-recurring items. Adjusted EBITDA Margin represents Adjusted EBITDA divided by GAAP Revenue. We believe Adjusted EBITDA and Adjusted EBITDA Margin are important measures of our recurring operations as they exclude items not representative of our core operating results. Adjusted EBITDA Excluding Digital Markets and Adjusted EBITDA Margin Excluding Digital Markets : Represents Adjusted EBITDA as defined above less EBITDA from Digital Markets. Adjusted EBITDA Margin Excluding Digital Markets represents Adjusted EBITDA Excluding Digital Markets divided by Adjusted Revenue. We believe Adjusted EBITDA Excluding Digital Markets and Adjusted EBITDA Margin Excluding Digital Markets are important measures of our recurring operations as it provides a more accurate and consistent period-over period comparison of our results. Adjusted Net Income and Adjusted EPS : Represents GAAP net income (loss) and diluted net income (loss) per share adjusted for the impact of certain items directly related to acquisitions and other non-recurring items. These adjustments include (on a per share basis, in the case of Adjusted EPS): (i) the amortization of acquired intangibles*; (ii) workforce reduction expenses and other non-recurring items; (iii) gain on event cancellation insurance claims, as applicable; (iv) the non-cash (gain) loss on de-designated interest rate swaps, as applicable; (v) goodwill impairment and other asset impairments, as applicable and (vi) the related tax effect. We believe Adjusted Net Income and Adjusted EPS are important measures of our recurring operations as they exclude items that may not be indicative of our core operating results. * The Company excludes amortization of acquired intangibles because it is generally a fixed non-cash expense that can be significantly impacted by the timing and/ or size of acquisitions and management does not use it to evaluate core operating results. Although the Company excludes the amortization of acquired intangibles from Adjusted Net Income and Adjusted EPS, management believes that it is important for investors to understand that such intangible assets were recorded as part of acquisition accounting and contribute to revenue generation.
Page 25
25 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Definitions Return on Invested Capital: Represents NOPAT divided by Total Capital (Total Debt + Total Stockholders' Equity). We believe that ROIC is an important measure of the invested capital as it measures how effectively we deploy our capital base. ROIC is a profitability measure, not a measure of financial performance under GAAP. Net Operating Profit After Tax (NOPAT): We define net operating profit after tax as operating income for the trailing twelve months less income taxes calculated using the estimated effective tax rate for that period. Free Cash Flow : Represents cash provided by operating activities determined in accordance with GAAP less payments for capital expenditures. We believe Free Cash Flow is an important measure of the recurring cash generated by the Company’s core operations that may be available to be used to repay debt obligations, repurchase our stock, invest in future growth through new business development activities, or make acquisitions. Foreign Currency Neutral (FX Neutral): We provide foreign currency neutral dollar amounts and percentages for our contract values, revenues, certain expenses, 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 data 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.
Page 26
26 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Definitions of Key Metrics/Calculations Business Measurements 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 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 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. 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 attendees represents the total number of people who attend in-person conferences. Single day, local meetings are excluded. 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. Segment Insights Conference Consulting Note: Please see Gartner’s 2024 SEC Form 10-K for additional definitions and explanations about the business.
Page 27
27 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Adjusted Working Capital and Non-Recurring Items Adjusted working capital = Free Cash Flow - Adjusted EBITDA + Cash Taxes + Cash Interest Net of Interest income + Capex $ millions Non-Recurring Items Included in Free Cash Flow: 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Insurance Proceeds — — 300 — — — — — Real Estate Payments — — — (24) — (24) — —
Page 28
28 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Non-GAAP Reconciliations
Page 29
29 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Non-GAAP Reconciliations $ millions Reconciliation- Net Income to Adjusted EBITDA: 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Net Income 210.5 229.5 415.0 398.6 210.9 240.8 35.4 242.2 Interest expense, net 19.2 20.0 18.0 12.3 13.4 11.8 16.3 19.1 Gain on event cancellation insurance claims (a) — — (300.0) — — — — — Other (income) expense, net (4.9) (0.5) 1.0 3.8 (2.4) (2.5) 0.6 1.3 Tax provision 49.0 69.7 111.8 (96.9) 56.1 77.0 34.1 71.7 Operating income 273.9 318.8 245.8 317.8 278.0 327.1 86.3 334.2 Adjustments: Stock-based compensation expense (b) 50.5 39.7 34.3 30.2 50.2 43.0 30.5 32.2 Depreciation, accretion, and amortization (c) 49.6 50.8 51.5 51.5 51.0 51.0 51.2 48.1 Goodwill and other asset impairments (d) 0.5 — 2.4 8.0 — 0.6 154.1 0.1 Workforce reduction expenses and other non-recurring items (e) 7.6 6.6 6.3 9.9 5.7 21.7 24.7 21.7 Adjusted EBITDA 382.1 415.9 340.4 417.3 384.9 443.4 346.9 436.3 Less: Digital Markets adj. EBITDA (f) (21.5) (14.9) (7.8) (7.7) (10.8) (5.5) (8.1) (7.7) Adjusted EBITDA Excluding Digital Markets 360.6 401.0 332.6 409.6 374.1 437.9 338.8 428.6 (a) Consists of the gain on event cancellation insurance claims for events cancelled in 2020 and 2021. (b) Consists of charges for stock-based compensation. (c) Includes depreciation expense, amortization of intangibles, and accretion on asset retirement obligations. (d) Includes $150M of goodwill impairment related to Digital Markets in 2025 in addition to impairment loss for lease related assets, net of a reduction in lease liabilities. (e) Consists of workforce reduction expenses, direct and incremental expenses related to acquisitions and divestitures, facility-related exit costs and other non- recurring items, if applicable. (f) Digital Markets adj. EBITDA is calculated as Contribution minus certain direct Selling, General, and Administrative expenses. It excludes allocations for corporate support services and other indirect costs that benefit the business. $ millions 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Total Revenue 1,472.9 1,595.1 1,484.3 1,715.1 1,534.1 1,686.5 1,524.1 1,752.6 6,267.4 6,497.2 Less: Digital Markets revenue (85.0) (77.0) (71.0) (64.0) (66.0) (56.0) (55.0) (50.0) (297.0) (227.0) Adjusted Revenue 1,387.9 1,518.1 1,413.3 1,651.1 1,468.1 1,630.5 1,469.1 1,702.6 5,970.4 6,270.2
Page 30
30 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Non-GAAP Reconciliations In millions except per share amounts Reconciliations - GAAP Net Income to Adjusted Net Income: 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 GAAP net income 210.5 229.5 415.0 398.6 210.9 240.8 35.4 242.2 Acquisition and other adjustments: Amortization of acquired intangibles (a) 23.0 22.9 22.2 22.1 21.9 20.2 20.2 20.0 Workforce reduction expenses and other non-recurring items (b) 9.1 7.6 7.3 10.9 6.8 22.7 25.7 22.9 Gain on event cancellation insurance claims (c) — — (300.0) — — — — — Goodwill and other asset impairments (d) 0.5 — 2.4 8.0 — 0.6 154.1 0.1 (Gain) loss on de-designated interest rate swaps (e) (4.5) (0.6) 2.9 (1.7) (0.2) (0.3) — — Tax impact of adjustments (7.1) (7.5) 44.9 (12.7) (7.3) (11.0) (28.3) (1.3) Adjusted net income 231.6 252.0 194.7 425.2 232.1 273.0 207.0 283.8 Diluted shares 79.0 78.3 78.0 78.0 77.8 77.4 75.0 72.1 Adjusted EPS (f) 2.93 3.22 2.50 5.45 2.98 3.53 2.76 3.94 Reconciliations - GAAP Net Income per diluted share to Adjusted EPS: 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 GAAP net income per diluted share (f) 2.67 2.93 5.32 5.11 2.71 3.11 0.47 3.36 Acquisition and other adjustments: Amortization of acquired intangibles (a) 0.29 0.29 0.28 0.28 0.28 0.26 0.27 0.28 Workforce reduction expenses and other non-recurring items (b) 0.12 0.10 0.09 0.14 0.09 0.29 0.34 0.32 Gain on event cancellation insurance claims (c) — — (3.85) — — — — — Goodwill and other asset impairments (d) 0.01 — 0.03 0.10 — 0.01 2.06 — (Gain) loss on de-designated interest rate swaps (e) (0.06) (0.01) 0.04 (0.02) — — — — Tax impact of adjustments (0.09) (0.10) 0.58 (0.16) (0.09) (0.14) (0.38) (0.02) Adjusted EPS (f) 2.93 3.22 2.50 5.45 2.98 3.53 2.76 3.94 (a) Consists of non-cash amortization charges from acquired intangibles. (b) Consists of workforce reduction expenses, direct and incremental expenses related to acquisitions and divestitures, facility-related exit costs and other non-recurring items, if applicable. Includes the amortization and write-off of deferred financing fees, which are recorded in Interest expense, net in the (Condensed) Consolidated Statements of Operations. (c) Consists of the gain on event cancellation insurance claims for events cancelled in 2020 and 2021. (d) Includes $150M of goodwill impairment related to Digital Markets in 2025 in addition to impairment loss for lease related assets, net of a reduction in lease liabilities. (e) Represents the fair value adjustment for interest rate swaps after de- designation. (f) Gaap net income per diluted share and adjusted EPS for 4Q24 included a tax benefit of approximately $2.08 per share related to intercompany sales of certain intellectual property.
Page 31
31 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Non-GAAP Reconciliations $ millions Reconciliation - Interest, net to Non-GAAP Interest, net 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Interest, net 19.2 20.0 18.0 12.3 13.4 11.8 16.3 19.1 Less amortization of deferred financing fees (1.5) (1.0) (1.0) (1.0) (1.0) (1.0) (1.0) (1.2) Non-GAAP Interest, net 17.7 19.0 16.9 11.3 12.4 10.8 15.2 17.9 Effective GAAP Tax Rate to Adjusted Tax Rate: 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 GAAP Rate 18.9 % 23.3 % 21.2 % (32.1) % 21.0 % 24.2 % 49.1 % 22.8 % Acquisition and Other Adjustments 25.3 % 25.1 % 16.9 % 32.2 % 25.8 % 25.5 % 14.2 % 3.0 % Adjusted Tax Rate 19.5 % 23.5 % 25.6 % (24.7) % 21.5 % 24.4 % 23.2 % 20.4 % $ millions Reconciliation - Cash Provided by Operating Activities to Free Cash Flow: 2019 2020 2021 2022 2023 Cash provided by operating activities (1) 565.4 903.2 1,312.5 1,101.4 1,155.7 Less: cash paid for capital expenditures (149.0) (83.8) (59.8) (108.1) (103.2) Free Cash Flow (1) 416.4 819.3 1,252.7 993.2 1,052.7 $ millions Reconciliation - Cash Provided by Operating Activities to Free Cash Flow: 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Cash provided by operating activities (1) 188.8 370.0 590.8 335.4 313.5 383.6 298.7 294.5 Less: cash paid for capital expenditures (22.7) (29.4) (25.8) (23.9) (25.6) (36.2) (29.5) (23.8) Free Cash Flow (1) 166.2 340.6 565.0 311.4 287.9 347.4 269.2 270.7 1. Cash provided by operating activities and Free Cash Flow in 2021 and Q3 2024 included ~$167 million and $300 million, respectively, of proceeds related to 2020 and 2021 event cancellation insurance claims.
Page 32
32 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Non-GAAP Reconciliations $ millions Reconciliations - Return on Invested Capital (ROIC) 4Q25 LTM Operating Income 1,026 Effective tax rate 22 % NOPAT 800 Debt 3,005 Stockholders' Equity 320 Total Capital 3,325 Return on Invested Capital (ROIC) 24 %
Page 33
33 © 2026 Gartner, Inc. and/or its affiliates. All rights reserved. Non-GAAP Reconciliations - 2026 Guidance Financial Outlook Reconciliation: GAAP Net Income to Adjusted EBITDA (unaudited; $ in millions) 2026 Guidance GAAP net income ≥$ 809 Interest expense, net (a) ~ 101 Other (income) expense, net ~ 8 Tax provision ~ 231 Operating Income ≥ 1,149 Adjustments Stock-based compensation expense ~ 177 Depreciation, accretion, and amortization ~ 187 Workforce reduction expenses and other non-recurring items (b) ~ 2 Adjusted EBITDA ≥$ 1,515 (a) Assumes approximately $5M of amortization of deferred financing fees, which is reported in interest expense, net in the Company's Consolidated Statement of Operations. (b) Consists of workforce reduction expenses, direct and incremental expenses related to acquisitions and divestitures, facility-related exit costs and other non-recurring items, if applicable. Financial Outlook Reconciliation: GAAP Cash Provided by Operating Activities to Free Cash Flow: 2026 Guidance GAAP cash provided by operating activities ≥$ 1,240 Capital expenditures ~ (105) Free Cash Flow ≥$ 1,135 Financial Outlook Reconciliation: GAAP Diluted EPS to Adjusted EPS (unaudited; $ in millions) 2026 Guidance GAAP Diluted EPS (a) ≥$ 11.38 Adjustments (after-tax): Amortization of acquired intangibles ~ 0.85 Workforce reduction expenses and other non-recurring items (b) ~ 0.07 Adjusted EPS (a) ≥$ 12.30 (a) GAAP Diluted EPS and Adjusted EPS are calculated based on approximately 71M of diluted shares for 2026. (b) Consists of workforce reduction expenses, direct and incremental expenses related to acquisitions and divestitures, facility-related exit costs and other non- recurring items, if applicable.