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Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 5
HOLD 10
SELL 3
STRONG
SELL
0
| PRICE TARGET: $176.70 DETAILS
HIGH: $240.00
LOW: $140.00
MEDIAN: $170.00
CONSENSUS: $176.70
UPSIDE: 10.43%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 6,497.3 6,267.4 5,907.0 5,475.8 4,734.0 4,099.4 4,245.3 3,975.5 3,311.5 2,444.5 2,163.1 2,021.4 1,784.2 1,615.8 1,468.6 1,288.5 1,139.8 1,279.1 1,168.5 1,060.3 989.0 893.8 858.4 907.2 962.9 862.5 734.2 642 511.2 394.7 229.2 169 122.5
Cost of Revenue 2,101.5 2,023.0 1,903.2 1,693.8 1,444.1 1,345.0 1,550.6 1,468.8 1,320.2 945.6 839.1 797.9 713.5 659.1 608.8 552.2 498.4 572.2 530.8 505.3 486.6 434.5 410.7 403.7 450.5 395.6 293.6 247.9 202.8 153 79.2 55.6 38.6
Gross Profit 4,395.8 4,244.4 4,003.7 3,782.1 3,289.9 2,754.4 2,694.8 2,506.7 1,991.3 1,498.9 1,324.0 1,223.5 1,070.7 956.7 859.8 736.2 641.4 706.9 637.7 555.0 502.4 459.3 447.8 503.5 512.4 466.8 440.6 394.1 308.4 241.7 150 113.4 83.9
Operating Expenses
R&D Expenses 1,046.8 0 0 0 34.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 3,067.7 2,884.8 2,701.5 2,480.9 2,155.7 2,039.0 2,103.4 1,884.1 1,599.0 1,089.2 962.7 876.1 760.5 678.8 613.7 543.2 477.0 515.0 472.7 416.1 397.3 388.3 333.3 345.4 370.1 341.9 252.2 215.9 173.6 144.5 98.6 78.8 62.8
Other Expenses (744.4) 203.3 65.3 201.0 183.9 225.3 221.2 362.8 398.6 104.6 73.3 61.3 34.8 32.2 32.1 43.8 30.0 27.5 35.5 35.6 79.9 28.3 67.0 61.7 99.8 40.8 55.1 27.3 18.2 12.9 8.1 7.3 6.5
Operating Expenses 3,370.1 3,088.1 2,766.8 2,682.0 2,374.1 2,264.2 2,324.7 2,246.9 1,997.6 1,193.8 1,036.0 937.3 795.2 711.0 645.8 587.0 507.0 542.5 508.2 451.7 477.1 416.7 400.3 407.1 469.9 382.7 307.3 243.2 191.8 157.4 106.7 86.1 69.3
Operating Income
Operating Income 1,025.7 1,156.3 1,236.9 1,100.1 915.8 490.1 370.1 259.7 (6.3) 305.1 288.0 286.2 275.5 245.7 214.1 149.3 134.5 164.4 129.5 103.2 25.3 42.7 47.5 96.4 42.5 84.1 133.4 150.9 116.6 84.3 43.3 27.3 14.6
Interest Expense 112.1 131.0 132.8 126.2 118.5 115.6 102.8 126.8 127.9 27.6 22.5 12.3 10.4 9.9 11.2 16.8 16.0 19.3 19.0 17.4 19.8 8.2 11.9 22.8 51.9 11.3 21.8 0 0 31.2 0 0 2.6
Interest Income 64.7 61.6 38.5 4.9 1.9 2.1 3.0 2.6 3.0 2.4 1.8 1.4 1.6 1.0 1.2 1.2 0 0 2.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 1,229.0 1,720.7 1,471.0 1,345.3 1,300.8 660.8 590.3 563.5 240.3 378.0 341.9 326.4 311.3 275.3 245.5 186.7 159.4 194.6 162.0 139.1 62.4 71.0 84.8 140.8 95.8 125.0 165.0 178.2 134.8 97.2 51.4 34.6 21.1
EBIT 1,028.7 1,518.4 1,279.9 1,153.4 1,088.4 441.8 378.6 307.9 0.1 316.0 294.8 287.0 276.8 245.5 213.4 150.9 132.4 167.1 135.6 103.2 25.3 42.7 47.5 96.4 42.5 84.1 133.4 150.9 116.6 84.3 43.3 27.3 14.6
Income Before Tax 968.1 1,387.4 1,147.1 1,027.2 969.9 326.1 275.7 181.1 (127.8) 288.4 272.2 274.7 266.4 235.6 202.2 134.1 115.5 144.7 114.2 85.9 5.4 34.5 35.6 73.6 (9.4) 56.1 139.3 151.1 123.8 53.1 45.6 27.4 12.2
Income Tax Expense 238.9 133.7 264.7 219.4 176.3 59.3 42.4 58.7 (131.1) 94.8 96.6 90.9 83.6 69.7 65.3 37.8 32.6 47.6 40.6 27.7 7.9 17.6 11.9 25.0 (9.2) 28.8 51 62.8 50.7 36.7 20.1 12.4 5.4
Net Income 729.2 1,253.7 882.5 807.8 793.6 266.7 233.3 122.5 3.3 193.6 175.6 183.8 182.8 165.9 136.9 96.3 83.0 103.9 73.6 58.2 (2.4) 16.9 23.7 48.6 (66.2) 25.5 88.3 88.3 73.1 16.4 25.5 15 6
Per Share Data
EPS (Basic) 9.68 16.12 11.17 10.08 9.33 2.99 2.60 1.35 0.04 2.34 2.09 2.06 1.97 1.78 1.43 1.01 0.88 1.09 0.71 0.51 -0.02 0.14 0.26 0.58 -0.77 0.30 0.86 0.88 0.77 0.18 0.14 0.07 0.01
EPS (Diluted) 9.65 16.00 11.08 9.96 9.21 2.96 2.56 1.33 0.04 2.31 2.06 2.03 1.93 1.73 1.39 0.96 0.85 1.05 0.68 0.50 -0.02 0.13 0.25 0.46 -0.77 0.30 0.84 0.84 0.71 0.17 0.13 0.06 0.01
Shares Outstanding 72 77.8 79.0 80.2 85.0 89.3 89.8 90.8 88.5 82.6 83.9 89.3 93.0 93.4 96.0 95.7 94.7 95.2 103.6 113.1 112.3 123.6 91.1 83.6 85.9 86.6 102.2 100.3 94.9 91.1 85.6 84.9 64.3
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 1,722.5 1,933.1 1,319.0 698.0 756.5 712.6 280.8 156.4 538.9 474.2 116.6 140.9 160.1 230.0 109.7 37.1 24.3 88.9 157.7 142.4 96.8 62.3 46.6 6.4
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3.2 15.0 0 0 0 0 0 0 0
Net Receivables 1,684.5 1,696.2 1,601.2 1,556.8 1,365.2 1,241.5 1,326.0 1,255.1 1,176.8 643.0 317.6 318.5 257.7 266.1 283.1 300.3 340.4 282 239.2 205.8 143.8 99.2 93 57.4
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 659.3 567.2 507.7 531.3 380.6 259.8 265.9 235.0 748.2 141.4 70.3 52.1 33.0 27.8 25.0 34.8 83.6 61.3 114.2 77.4 69.6 56.3 24.9 12.8
Total Current Assets 4,066.3 4,196.5 3,427.9 2,786.1 2,620.1 2,323.1 2,018.7 1,811.7 2,588.6 1,343.2 557.8 554.5 487.8 549.5 459.3 446.4 463.4 432.2 511.1 425.6 310.2 217.8 164.5 76.6
Non-Current Assets
Property, Plant & Equipment 428.2 500.4 629.5 701.2 821.8 984.0 1,047.5 267.7 221.5 121.6 52.5 61.9 63.5 66.5 71.0 100.3 97.4 63.6 50.8 44.1 32.8 19.8 9.6 8.8
Goodwill 2,740.8 2,930.2 2,937.3 2,930.2 2,951.3 2,945.5 2,937.7 2,923.1 2,987.3 738.5 513.6 398.7 231.8 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 336.3 409.7 502.0 584.7 714.4 807.0 925.1 1,042.6 1,292.0 76.8 24.1 2.0 0.1 231.4 226.1 222.2 311.5 223.1 155.8 132.2 93.1 58.3 55 46.5
Long-Term Investments 0 3.1 1.1 4.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 513.8 232.0 193.5 155.3 168.7 152.8 142.6 121.9 162.7 60.0 67.3 29.5 78.0 69.9 71.0 70.1 79.3 84.5 115.2 43.4 8 4.7 3.5 1.8
Total Non-Current Assets 4,019.1 4,338.1 4,408.0 4,513.6 4,796.2 4,992.9 5,132.6 4,389.7 4,694.6 1,024.1 657.5 538.5 373.3 367.8 368.1 392.6 488.2 371.2 321.8 219.7 133.9 82.8 68.1 57.1
Total Assets 8,085.4 8,534.7 7,835.9 7,299.7 7,416.3 7,316.0 7,151.3 6,201.5 7,283.2 2,367.3 1,215.3 1,093.1 861.2 917.3 827.4 839.0 951.6 803.4 832.9 645.3 444.1 300.6 232.6 133.7
Current Liabilities
Account Payables 49.8 55.8 63.1 83.2 49.3 38.6 33.0 37.5 49 41.0 14.3 12.1 12.7 175.6 152.0 137.8 156.9 95.9 96.2 85.4 60.5 40.7 29.7 4.2
Short-Term Debt 101.1 0 9.6 7.8 5.9 104.5 216.2 165.6 379.7 30 205 177.8 40 0 0 15 30 0 0 0 0 6.7 5.9 1
Deferred Revenue 2,810.1 2,762.9 2,640.5 2,443.8 2,238.0 1,974.5 1,928.0 1,745.2 1,630.2 989.5 437.2 395.3 307.7 315.5 305.9 351.3 0 0 0 0 0 0 0 0
Other Current Liabilities 298.0 0 0 30.8 0 229.2 147.1 183.2 280.3 95.3 0 127.4 374.4 0 0 23.5 350.8 377.7 318.6 286.8 230.9 164.4 135.7 108.1
Total Current Liabilities 4,072.1 3,969.0 3,777.7 3,597.6 3,378.8 2,947.5 2,856.5 2,620.9 2,822.6 1,460.2 898.2 792.4 529.2 491.1 457.9 527.5 537.8 473.6 414.8 372.2 291.4 211.8 171.3 113.3
Non-Current Liabilities
Long-Term Debt 3,246.9 2,459.9 2,448.7 2,453.6 2,456.8 1,958.3 2,043.9 2,116.1 2,899.1 664.4 124 238.5 150 0 351.5 326.2 311.9 250 0 0 0 0 6.4 4.9
Deferred Tax Liabilities 29.3 48.7 86.5 139.5 181.8 173.2 189.8 214.7 206.3 22.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 115.4 330.7 295.4 244.8 281.9 339.6 265.5 377.8 355.5 148.0 80.6 81.6 (6.8) 50.4 46.7 19.8 32.3 5.3 3.2 3.2 2.5 3.3 5.9 2.6
Total Non-Current Liabilities 3,693.4 3,206.5 3,377.6 3,474.3 3,666.5 3,278.0 3,356.2 2,729.8 3,477.1 846.2 204.6 322.0 158.9 50.4 398.2 346.0 344.2 255.3 3.2 3.2 2.5 3.3 12.3 7.5
Total Liabilities 7,765.5 7,175.5 7,155.3 7,071.9 7,045.3 6,225.5 6,212.7 5,350.7 6,299.7 2,306.5 1,102.7 1,114.4 731.1 541.5 856.1 873.5 882.0 728.9 418 375.4 293.9 215.1 183.6 120.8
Stockholders' Equity
Common Stock 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0 0 0 0 0 0
Retained Earnings 6,722.2 5,993.0 4,739.3 3,856.8 3,049.0 2,255.5 1,988.7 1,755.4 1,647.3 1,644.0 509.4 426.4 190.1 173.9 150.2 116.1 186.2 156.7 193.5 105.1 32 28.6 3.1 (11.9)
Accumulated Other Comprehensive Income (41.0) (88.3) (76.3) (101.6) (81.4) (99.2) (77.9) (39.9) 1.5 (49.7) 11.3 (1.7) 5.2 (0.3) (14.5) (20.1) (14.1) (12.1) (59.2) (57.7) (36.1) 0 0 0
Total Stockholders' Equity 319.9 1,359.2 680.6 227.8 371.1 1,090.4 938.6 850.8 983.5 60.9 112.5 (21.3) 130.0 375.7 (28.7) (34.5) 69.6 74.5 414.9 269.9 150.2 85.5 49 12.9
Total Liabilities & Equity 8,085.4 8,534.7 7,835.9 7,299.7 7,416.3 7,316.0 7,151.3 6,201.5 7,283.2 2,367.3 1,215.3 1,093.1 861.2 917.3 827.4 839.0 951.6 803.4 832.9 645.3 444.1 300.6 232.6 133.7
Debt Metrics
Total Debt 3,618.2 2,900.0 3,070.2 3,158.4 3,250.3 2,843.0 3,092.7 2,281.7 3,278.8 694.4 329 416.2 190 0 351.5 341.2 341.9 250 0 0 0 6.7 12.3 5.9
Net Debt 1,895.6 966.9 1,750.6 2,460.4 2,489.7 2,130.4 2,811.8 2,123.0 2,739.9 220.2 212.4 275.3 29.9 (230.0) 241.9 304.1 317.6 161.1 (157.7) (142.4) (96.8) (55.6) (34.3) (0.5)
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income 729.2 1,253.7 882.5 807.8 793.6 266.7 233.3 122.5 3.3 193.6 (2.4) 16.9 23.7 48.6 (66.2) 27.3 88.3 88.3 73.1 16.4 25.5 15 6.8
Depreciation & Amortization 200.3 202.3 191.1 191.9 212.4 219.0 211.8 255.6 240.2 62.0 37.2 28.3 37.3 44.5 53.2 65.7 31.6 27.3 18.2 12.9 8.1 7.3 6.5
Stock-Based Compensation 155.9 154.8 129.8 90.6 98.6 62.5 69.0 66.2 78.9 46.7 1.0 1.3 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (18.6) (41.2) 60.6 (34.5) 140.9 264.9 21.2 57.0 134.5 65.5 (19.3) 3.3 61.0 9.7 16.1 (26.6) (62.9) (59.9) (50.7) (29) (1.5) (22.6) (22.9)
Other Non-Cash Items 222.8 77.4 (44.1) 76.3 108.6 143.3 85.9 (31.6) 15.1 0.6 16.3 7.0 1.1 38.7 71.1 19.7 65.2 41.2 0.1 66.8 23.8 35.7 25.1
Operating Cash Flow 1,290.4 1,484.9 1,155.7 1,101.4 1,312.5 903.3 565.4 471.2 254.5 365.6 27.1 48.2 136.3 145.6 39.3 75.6 128.8 97.8 87.2 65.7 55.2 34.5 17.7
Investing Activities
Capital Expenditure (115.1) (101.7) (103.1) (108.0) (59.8) (83.9) (149.0) (126.9) (110.8) (49.9) (22.4) (25.1) (28.9) (19.6) (57.5) (55.9) (89.5) (69.7) (21.5) (15.6) (14.5) (4.1) (2.9)
Acquisitions 0 (2) 157.3 (9.5) (22.9) 0 (26.0) 510.9 (2,634.8) (34.2) (161.3) (3.9) 0 (4.5) (12.0) (115.2) 0 0 0 0 0 0 0
Purchases of Investments 0 0 0 0 0 0 11.9 0 0 0 0 0 (2.0) 0.2 0 0 (14) (58.2) (13.2) (4.3) (24.8) (4.1) 0
Sales/Maturities of Investments 0 0 0 0 0 0 14.1 0 0 0 2.1 0 0 6.0 14.4 55.5 104.6 0 0 0 0 0 0
Other Investing Activities 0 0 0 0 2.3 0 (11.9) 0 0 0 0.6 0 5.5 (1.5) 10.5 15.6 0 (17.3) (49.6) (46.9) (8.2) (4.9) (3.3)
Investing Cash Flow (115.1) (103.7) 54.2 (117.6) (80.5) (83.9) (160.9) 384.1 (2,745.6) (84.0) (181.0) (29.0) (25.4) (19.4) (44.6) (100.0) 1.1 (145.2) (84.3) (66.8) (47.5) (13.1) (6.2)
Financing Activities
Net Debt Issuance 519.0 (3.0) (7.8) (5.9) 487.1 (232.2) (104.6) (1,011.0) 2,620.6 (120) 55.7 187.2 0 (15) 15 50 250 0 0 (6.7) (5.8) (2.4) (0.4)
Stock Repurchased (1,991.1) (735.4) (606.2) (1,043.7) (1,655.5) (176.3) (199.0) (260.8) (41.3) (59.0) (15.6) (6.1) (43.4) (47.0) (37.9) (49.9) (345.8) (13.9) 0 0 0 (34.8) (15.5)
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (125) 0 0 0 0 0 (2)
Other Financing Activities 0 28.2 25.1 22.2 10.9 (7.7) 17.6 14.7 (39.5) 4.3 (1.1) (346.1) (1.2) (0.2) (5.1) (12.2) (0.8) (12.1) (12) 27.7 (0.1) 0 0
Financing Cash Flow (1,439.7) (710.1) (588.9) (1,027.4) (1,157.6) (416.2) (286.0) (1,257.1) 2,539.8 (174.7) 70.0 (97.2) (3.0) (40.1) (18.9) 1.0 (198.7) 62.9 44.6 31.6 7.7 18.8 (17.4)
Cash Position
Net Change in Cash (210.6) 613.5 621 (62.0) 48.0 431.7 122.2 (408.4) 74.7 101.3 (89.8) (69.8) 120.3 87.7 (24.6) (27.2) (68.8) 15.3 45.7 30.2 15.6 40.2 (5.9)
Cash at Beginning 1,933.1 1,319.6 698.6 760.6 712.6 280.8 158.7 567.1 474.2 373.0 160.1 230.0 109.7 37.1 61.7 88.9 157.7 142.4 96.8 66.6 46.6 6.4 12.3
Cash at End 1,722.5 1,933.1 1,319.6 698.6 760.6 712.6 280.8 158.7 548.9 474.2 70.3 160.1 230.0 124.8 37.1 61.7 88.9 157.7 142.5 96.8 62.2 46.6 6.4
Free Cash Flow 1,175.2 1,383.2 1,052.6 993.4 1,252.6 819.4 416.4 344.3 143.8 315.8 4.8 23.1 107.4 125.9 (18.3) 19.7 39.3 28.1 65.7 50.1 40.7 30.4 14.8
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 6,497.3 6,267.4 5,907.0 5,475.8 4,734.0 4,099.4 4,245.3 3,975.5 3,311.5 2,444.5 2,163.1 2,021.4 1,784.2 1,615.8 1,468.6 1,288.5 1,139.8 1,279.1 1,168.5 1,060.3 989.0 893.8 858.4 907.2 962.9 862.5 734.2 642 511.2 394.7 229.2 169 122.5
Gross Profit 4,395.8 4,244.4 4,003.7 3,782.1 3,289.9 2,754.4 2,694.8 2,506.7 1,991.3 1,498.9 1,324.0 1,223.5 1,070.7 956.7 859.8 736.2 641.4 706.9 637.7 555.0 502.4 459.3 447.8 503.5 512.4 466.8 440.6 394.1 308.4 241.7 150 113.4 83.9
Operating Income 1,025.7 1,156.3 1,236.9 1,100.1 915.8 490.1 370.1 259.7 (6.3) 305.1 288.0 286.2 275.5 245.7 214.1 149.3 134.5 164.4 129.5 103.2 25.3 42.7 47.5 96.4 42.5 84.1 133.4 150.9 116.6 84.3 43.3 27.3 14.6
Net Income 729.2 1,253.7 882.5 807.8 793.6 266.7 233.3 122.5 3.3 193.6 175.6 183.8 182.8 165.9 136.9 96.3 83.0 103.9 73.6 58.2 (2.4) 16.9 23.7 48.6 (66.2) 25.5 88.3 88.3 73.1 16.4 25.5 15 6
EPS (Diluted) 9.65 16.00 11.08 9.96 9.21 2.96 2.56 1.33 0.04 2.31 2.06 2.03 1.93 1.73 1.39 0.96 0.85 1.05 0.68 0.50 -0.02 0.13 0.25 0.46 -0.77 0.30 0.84 0.84 0.71 0.17 0.13 0.06 0.01
Balance Sheet
Cash & Equivalents 1,722.5 1,933.1 1,319.0 698.0 756.5 712.6 280.8 156.4 538.9 474.2 116.6 140.9 160.1 230.0 109.7 37.1 24.3 88.9 157.7 142.4 96.8 62.3 46.6 6.4
Total Assets 8,085.4 8,534.7 7,835.9 7,299.7 7,416.3 7,316.0 7,151.3 6,201.5 7,283.2 2,367.3 1,215.3 1,093.1 861.2 917.3 827.4 839.0 951.6 803.4 832.9 645.3 444.1 300.6 232.6 133.7
Total Debt 3,618.2 2,900.0 3,070.2 3,158.4 3,250.3 2,843.0 3,092.7 2,281.7 3,278.8 694.4 329 416.2 190 0 351.5 341.2 341.9 250 0 0 0 6.7 12.3 5.9
Stockholders' Equity 319.9 1,359.2 680.6 227.8 371.1 1,090.4 938.6 850.8 983.5 60.9 112.5 (21.3) 130.0 375.7 (28.7) (34.5) 69.6 74.5 414.9 269.9 150.2 85.5 49 12.9
Cash Flow
Operating Cash Flow 1,290.4 1,484.9 1,155.7 1,101.4 1,312.5 903.3 565.4 471.2 254.5 365.6 27.1 48.2 136.3 145.6 39.3 75.6 128.8 97.8 87.2 65.7 55.2 34.5 17.7
Capital Expenditure (115.1) (101.7) (103.1) (108.0) (59.8) (83.9) (149.0) (126.9) (110.8) (49.9) (22.4) (25.1) (28.9) (19.6) (57.5) (55.9) (89.5) (69.7) (21.5) (15.6) (14.5) (4.1) (2.9)
Free Cash Flow 1,175.2 1,383.2 1,052.6 993.4 1,252.6 819.4 416.4 344.3 143.8 315.8 4.8 23.1 107.4 125.9 (18.3) 19.7 39.3 28.1 65.7 50.1 40.7 30.4 14.8