The earnings call presented a mix of positive momentum in corporate sales and product innovation, but was offset by challenges such as revenue declines due to divestitures and federal sector volatility. Cost management efforts showed positive results, yet increased G&A expenses and a decline in ARR highlight areas for improvement.
Company Guidance
In the third quarter of 2025, FiscalNote Holdings, Inc. reported revenue totaling $22.4 million, aligning with guidance, and an adjusted EBITDA of $2.2 million, surpassing expectations with a margin of 10%. The company experienced a 400 basis points improvement in win rates among enterprise clients compared to the second quarter, contributing to a 500 basis points increase in win rates across all corporate segments year-to-date. Notably, corporate multiyear contracts for policy data now comprise approximately 50% of new logo annual recurring revenue (ARR), up from 20% in early 2024. This shift is anticipated to bolster revenue visibility and enhance gross retention by 2026. FiscalNote's annual recurring revenue stabilized with a modest increase on a pro forma basis, signaling an initial stabilization of the core business. The company's outlook for 2025 remains within previous ranges, with full-year revenue projected between $95 million and $96 million and adjusted EBITDA expected to be around $10 million.
Adjusted EBITDA Exceeds Guidance
Adjusted EBITDA for Q3 2025 was $2.2 million, exceeding guidance and marking the fifth consecutive quarter of adjusted EBITDA margins at or above 10%.
Corporate Sales Momentum
Win rates among enterprise clients improved by 400 basis points compared to Q2, with corporate multiyear contracts now accounting for 50% of new logo ARR, up from 20% in early 2024.
Product Innovation and Enhancements
35 major enhancements to the PolicyNote platform were launched in 2025, including AI-powered features like legislative drafting and Bill Comparison.
Cost Management and Operating Efficiency
Operating expenses decreased by approximately 8% on a pro forma basis due to continued cost discipline and operating efficiency.
FiscalNote Holdings (NOTE) Earnings, Revenues Date & History
The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NOTE Earnings-Related Price Changes
Report Date
Price 1 Day Before
Price 1 Day After
Percentage Change
Nov 06, 2025
$3.00
$3.06
+2.00%
Aug 07, 2025
$7.56
$6.87
-9.13%
May 12, 2025
$7.80
$7.92
+1.54%
Mar 13, 2025
$11.58
$11.07
-4.40%
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does FiscalNote Holdings (NOTE) report earnings?
FiscalNote Holdings (NOTE) is schdueled to report earning on Mar 18, 2026, After Close (Confirmed).
What is FiscalNote Holdings (NOTE) earnings time?
FiscalNote Holdings (NOTE) earnings time is at Mar 18, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.