What is Fiscalnote Hldg's earnings per share (EPS)?

Fiscalnote Hldg (NOTE) reported diluted earnings per share of $-4.65 for fiscal year 2025. This represents a -6742.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Fiscalnote Hldg Financials

NOTE

Source SEC Filings (10-K/10-Q) Updated Mar 24, 2026 Currency USD FYE March

This page shows Fiscalnote Hldg (NOTE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 13/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Fiscalnote Hldg has an operating margin of -55.6%, meaning the company retains $-56 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -26.6% the prior year.

Growth

Fiscalnote Hldg's revenue declined 26% year-over-year, from $120.3M to $89.0M. This contraction results in a growth score of 0/100.

Leverage

Fiscalnote Hldg has a moderate D/E ratio of 2.03. This balance of debt and equity financing earns a leverage score of 61/100.

Liquidity

Fiscalnote Hldg's current ratio of 1.03 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 15/100, which could limit financial flexibility.

Cash Flow

While Fiscalnote Hldg generated -$11.4M in operating cash flow, capex of $7.2M consumed most of it, leaving -$18.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Fiscalnote Hldg generates a -105.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 9.7% the prior year.

Piotroski F-Score Weak

1/9

Fiscalnote Hldg passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.18x

For every $1 of reported earnings, Fiscalnote Hldg generates $0.18 in operating cash flow (-$11.4M OCF vs -$65.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-82.5x

Fiscalnote Hldg earns $-82.5 in operating income for every $1 of interest expense (-$49.5M vs $600K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$89.0M

YoY-26.0%

Fiscalnote Hldg generated $89.0M in revenue in fiscal year 2025. This represents a decrease of 26.0% from the prior year.

EBITDA

-$40.4M

YoY-94.4%

Fiscalnote Hldg's EBITDA was -$40.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 94.4% from the prior year.

Net Income

-$65.2M

YoY-785.6%

Fiscalnote Hldg reported -$65.2M in net income in fiscal year 2025. This represents a decrease of 785.6% from the prior year.

EPS (Diluted)

$-4.65

YoY-6742.9%

Fiscalnote Hldg earned $-4.65 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 6742.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$18.6M

YoY-31.5%

Fiscalnote Hldg generated -$18.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 31.5% from the prior year.

Cash & Debt

$24.3M

YoY-15.6%

Fiscalnote Hldg held $24.3M in cash against $125.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

19M

Fiscalnote Hldg had 19M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

-55.6%

YoY-29.1pp

Fiscalnote Hldg's operating margin was -55.6% in fiscal year 2025, reflecting core business profitability. This is down 29.1 percentage points from the prior year.

Net Margin

-73.3%

YoY-81.2pp

Fiscalnote Hldg's net profit margin was -73.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 81.2 percentage points from the prior year.

Return on Equity

-105.3%

YoY-115.0pp

Fiscalnote Hldg's ROE was -105.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 115.0 percentage points from the prior year.

Capital Allocation

R&D Spending

$9.6M

YoY-25.4%

Fiscalnote Hldg invested $9.6M in research and development in fiscal year 2025. This represents a decrease of 25.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$7.2M

YoY-18.9%

Fiscalnote Hldg invested $7.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 18.9% from the prior year.

NOTE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$89.0M-26.0%	$120.3M-9.3%	$132.6M+16.6%	$113.8M+37.2%	$82.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$9.6M-25.4%	$12.8M-29.5%	$18.2M-12.3%	$20.7M-13.7%	$24.0M
SG&A Expenses	$52.1M+3.8%	$50.2M-23.4%	$65.5M-15.7%	$77.8M+139.5%	$32.5M
Operating Income	-$49.5M-55.0%	-$31.9M+67.3%	-$97.7M-10.8%	-$88.2M-58.7%	-$55.6M
Interest Expense	$600K-97.5%	$23.6M-21.2%	$29.9M-68.7%	$95.7M+47.7%	$64.8M
Income Tax	-$1.3M-333.2%	$536K+140.4%	$223K+106.9%	-$3.3M+58.8%	-$7.9M
Net Income	-$65.2M-785.6%	$9.5M+108.2%	-$115.5M+47.1%	-$218.3M-99.5%	-$109.4M
EPS (Diluted)	$-4.65-6742.9%	$0.07+108.0%	$-0.88+76.1%	$-3.68+81.4%	$-19.80

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$22.4M-3.6%	$23.3M-15.4%	$27.5M-6.6%	$29.5M+0.1%	$29.4M+0.7%	$29.2M-8.9%	$32.1M-6.3%	$34.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$2.1M-8.2%	$2.3M-26.9%	$3.1M+7.3%	$2.9M-11.0%	$3.3M+1.4%	$3.2M-7.9%	$3.5M-13.3%	$4.0M
SG&A Expenses	$13.9M+22.2%	$11.4M-30.2%	$16.3M+32.7%	$12.3M+15.6%	$10.6M-5.7%	$11.3M-30.0%	$16.1M-3.9%	$16.7M
Operating Income	-$9.7M-31.1%	-$7.4M+46.0%	-$13.8M-140.2%	-$5.7M+15.9%	-$6.8M+14.4%	-$8.0M+30.5%	-$11.4M+71.3%	-$39.9M
Interest Expense	$3.7M-14.8%	$4.3M-15.4%	$5.1M-3.7%	$5.3M-4.7%	$5.6M+5.0%	$5.3M-27.7%	$7.4M-9.0%	$8.1M
Income Tax	-$237K+70.2%	-$795K-1938.5%	-$39K+93.4%	-$593K+4.5%	-$621K-291.7%	$324K-77.3%	$1.4M+3295.2%	$42K
Net Income	-$24.9M-87.3%	-$13.3M-212.3%	-$4.3M+68.2%	-$13.4M+10.4%	-$14.9M-17.0%	-$12.8M-125.2%	$50.6M+199.7%	-$50.7M
EPS (Diluted)	$-1.73-2062.5%	$-0.08-166.7%	$-0.03	N/A	$-1.33-1377.8%	$-0.09-124.3%	$0.37	N/A

NOTE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$255.1M-21.8%	$326.2M-12.0%	$370.6M-14.5%	$433.2M+14.4%	$378.5M
Current Assets	$45.5M-20.3%	$57.2M+14.8%	$49.8M-42.1%	$86.0M+58.4%	$54.3M
Cash & Equivalents	$24.3M-15.6%	$28.8M+75.2%	$16.5M-72.8%	$60.4M+87.7%	$32.2M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$12.0M-11.2%	$13.5M-20.5%	$16.9M+13.6%	$14.9M+33.4%	$11.2M
Goodwill	$123.0M-22.7%	$159.1M-15.3%	$187.7M-3.4%	$194.4M+3.0%	$188.8M
Total Liabilities	$193.2M-15.4%	$228.4M-30.2%	$327.1M+13.4%	$288.5M-66.5%	$860.5M
Current Liabilities	$44.4M-13.3%	$51.3M-21.9%	$65.7M+5.7%	$62.1M-10.6%	$69.5M
Long-Term Debt	$125.6M-14.6%	$147.0M-33.9%	$222.3M+37.2%	$162.0M-49.0%	$317.6M
Total Equity	$62.0M-36.7%	$97.8M+125.1%	$43.5M-70.0%	$144.7M+130.0%	-$482.0M
Retained Earnings	-$872.1M-8.1%	-$806.9M+1.2%	-$816.4M-16.5%	-$700.7M-45.6%	-$481.4M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$273.9M-5.0%	$288.3M-3.8%	$299.7M-8.1%	$326.2M-3.5%	$337.9M-2.4%	$346.3M-3.2%	$357.8M-3.5%	$370.6M
Current Assets	$49.1M-13.4%	$56.7M-13.4%	$65.5M+14.5%	$57.2M+5.2%	$54.4M-12.2%	$62.0M-11.1%	$69.7M+39.9%	$49.8M
Cash & Equivalents	$26.7M-21.5%	$34.0M-18.5%	$41.7M+44.8%	$28.8M+12.2%	$25.7M-16.2%	$30.6M-15.9%	$36.5M+121.7%	$16.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$9.7M+3.8%	$9.4M-15.9%	$11.1M-17.4%	$13.5M+19.7%	$11.2M-17.0%	$13.6M-5.8%	$14.4M-15.1%	$16.9M
Goodwill	$135.4M-3.2%	$139.8M+0.1%	$139.6M-12.3%	$159.1M-4.2%	$166.0M+0.9%	$164.4M+0.1%	$164.3M-12.4%	$187.7M
Total Liabilities	$198.4M+4.1%	$190.5M-3.9%	$198.3M-13.2%	$228.4M-4.6%	$239.4M0.0%	$239.4M-4.9%	$251.7M-23.1%	$327.1M
Current Liabilities	$48.5M+6.9%	$45.4M-11.0%	$51.0M-0.5%	$51.3M-23.3%	$66.8M+8.8%	$61.4M-3.7%	$63.8M-2.9%	$65.7M
Long-Term Debt	$125.2M+7.2%	$116.7M-1.0%	$117.9M-19.8%	$147.0M+3.4%	$142.2M-2.5%	$145.8M-4.7%	$153.0M-31.2%	$222.3M
Total Equity	$75.5M-20.6%	$95.1M-3.6%	$98.7M+0.9%	$97.8M-0.7%	$98.5M-7.8%	$106.9M+0.8%	$106.1M+144.1%	$43.5M
Retained Earnings	-$849.3M-3.0%	-$824.4M-1.6%	-$811.1M-0.5%	-$806.9M-1.7%	-$793.5M-1.9%	-$778.6M-1.7%	-$765.8M+6.2%	-$816.4M

NOTE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$11.4M-116.0%	-$5.3M+85.1%	-$35.5M+51.1%	-$72.6M-96.0%	-$37.0M
Capital Expenditures	$7.2M-18.9%	$8.9M+11.9%	$7.9M-30.2%	$11.4M+104.1%	$5.6M
Free Cash Flow	-$18.6M-31.5%	-$14.2M+67.3%	-$43.4M+48.3%	-$84.0M-97.1%	-$42.6M
Investing Cash Flow	$39.7M-55.5%	$89.2M+538.9%	-$20.3M-98.4%	-$10.2M+79.2%	-$49.2M
Financing Cash Flow	-$32.8M+54.0%	-$71.4M-691.5%	$12.1M-89.2%	$111.5M+50.1%	$74.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$88K	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$8.3M-33.8%	-$6.2M-288.1%	$3.3M+343.8%	-$1.3M+54.5%	-$3.0M+20.6%	-$3.7M-236.0%	$2.7M+177.1%	-$3.6M
Capital Expenditures	$2.1M+39.9%	$1.5M-24.7%	$2.0M-1.3%	$2.0M-17.7%	$2.4M-10.9%	$2.7M+62.0%	$1.7M-14.6%	$2.0M
Free Cash Flow	-$10.4M-35.0%	-$7.7M-688.4%	$1.3M+138.8%	-$3.4M+37.9%	-$5.4M+16.5%	-$6.5M-716.8%	$1.0M+119.0%	-$5.5M
Investing Cash Flow	$4.6M+405.4%	-$1.5M-103.9%	$38.3M+721.8%	$4.7M+290.8%	-$2.4M-9.0%	-$2.2M-102.5%	$89.2M+4602.4%	-$2.0M
Financing Cash Flow	-$3.5M-39333.3%	-$9K+100.0%	-$28.8M-20387.3%	$142K-43.4%	$251K+1029.6%	-$27K+100.0%	-$71.8M-1403.8%	$5.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NOTE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	-55.6%-29.1pp	-26.6%+47.1pp	-73.7%+3.8pp	-77.5%-10.5pp	-67.0%
Net Margin	-73.3%-81.2pp	7.9%+95.0pp	-87.1%+104.8pp	-191.9%-59.9pp	-132.0%
Return on Equity	-105.3%-115.0pp	9.7%+275.4pp	-265.7%-114.8pp	-150.8%	N/A
Return on Assets	-25.6%-28.5pp	2.9%+34.1pp	-31.2%+19.2pp	-50.4%-21.5pp	-28.9%
Current Ratio	1.03-0.1	1.12+0.4	0.76-0.6	1.38+0.6	0.78
Debt-to-Equity	2.03+0.5	1.50-3.6	5.12+4.0	1.12+1.8	-0.66
FCF Margin	-20.9%-9.2pp	-11.8%+21.0pp	-32.7%+41.1pp	-73.8%-22.4pp	-51.4%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-43.4%-11.5pp	-31.9%+18.1pp	-50.0%-30.6pp	-19.4%+3.7pp	-23.1%+4.1pp	-27.2%+8.4pp	-35.6%+80.9pp	-116.5%
Net Margin	-110.8%-53.8pp	-57.0%-41.6pp	-15.4%+30.0pp	-45.4%+5.3pp	-50.7%-7.1pp	-43.6%-201.2pp	157.6%+305.7pp	-148.1%
Return on Equity	-32.9%-19.0pp	-14.0%-9.7pp	-4.3%+9.4pp	-13.7%+1.5pp	-15.2%-3.2pp	-11.9%-59.6pp	47.7%+164.5pp	-116.8%
Return on Assets	-9.1%-4.5pp	-4.6%-3.2pp	-1.4%+2.7pp	-4.1%+0.3pp	-4.4%-0.7pp	-3.7%-17.8pp	14.1%+27.8pp	-13.7%
Current Ratio	1.01-0.2	1.25-0.0	1.28+0.2	1.12+0.3	0.81-0.2	1.01-0.1	1.09+0.3	0.76
Debt-to-Equity	1.66+0.4	1.23+0.0	1.20-0.3	1.50+0.1	1.44+0.1	1.36-0.1	1.44-3.7	5.12
FCF Margin	-46.2%-13.2pp	-33.0%-37.7pp	4.7%+16.1pp	-11.4%+7.0pp	-18.4%+3.8pp	-22.1%-25.4pp	3.3%+19.4pp	-16.2%

Similar Companies

Trident Digital Tech Holdings Ltd TDTH

$24.6M

Global Mofy AI Ltd GMM

$79.9M

Widepoint WYY

$48.1M

Castellum Inc CTM

$60.9M

Csp Inc CSPI

$83.8M

Frequently Asked Questions

What is Fiscalnote Hldg's annual revenue?

Fiscalnote Hldg (NOTE) reported $89.0M in total revenue for fiscal year 2025. This represents a -26.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Fiscalnote Hldg's revenue growing?

Fiscalnote Hldg (NOTE) revenue declined by 26% year-over-year, from $120.3M to $89.0M in fiscal year 2025.

Is Fiscalnote Hldg profitable?

No, Fiscalnote Hldg (NOTE) reported a net income of -$65.2M in fiscal year 2025, with a net profit margin of -73.3%.

What is Fiscalnote Hldg's EBITDA?

Fiscalnote Hldg (NOTE) had EBITDA of -$40.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Fiscalnote Hldg have?

As of fiscal year 2025, Fiscalnote Hldg (NOTE) had $24.3M in cash and equivalents against $125.6M in long-term debt.

What is Fiscalnote Hldg's operating margin?

Fiscalnote Hldg (NOTE) had an operating margin of -55.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Fiscalnote Hldg's net profit margin?

Fiscalnote Hldg (NOTE) had a net profit margin of -73.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Fiscalnote Hldg's return on equity (ROE)?

Fiscalnote Hldg (NOTE) has a return on equity of -105.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Fiscalnote Hldg's free cash flow?

Fiscalnote Hldg (NOTE) generated -$18.6M in free cash flow during fiscal year 2025. This represents a -31.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Fiscalnote Hldg's operating cash flow?

Fiscalnote Hldg (NOTE) generated -$11.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Fiscalnote Hldg's total assets?

Fiscalnote Hldg (NOTE) had $255.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Fiscalnote Hldg's capital expenditures?

Fiscalnote Hldg (NOTE) invested $7.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Fiscalnote Hldg spend on research and development?

Fiscalnote Hldg (NOTE) invested $9.6M in research and development during fiscal year 2025.

How many shares does Fiscalnote Hldg have outstanding?

Fiscalnote Hldg (NOTE) had 19M shares outstanding as of fiscal year 2025.

What is Fiscalnote Hldg's current ratio?

Fiscalnote Hldg (NOTE) had a current ratio of 1.03 as of fiscal year 2025, which is considered adequate.

What is Fiscalnote Hldg's debt-to-equity ratio?

Fiscalnote Hldg (NOTE) had a debt-to-equity ratio of 2.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fiscalnote Hldg's return on assets (ROA)?

Fiscalnote Hldg (NOTE) had a return on assets of -25.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Fiscalnote Hldg's cash runway?

Based on fiscal year 2025 data, Fiscalnote Hldg (NOTE) had $24.3M in cash against an annual operating cash burn of $11.4M. This gives an estimated cash runway of approximately 26 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Fiscalnote Hldg's Piotroski F-Score?

Fiscalnote Hldg (NOTE) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Fiscalnote Hldg's earnings high quality?

Fiscalnote Hldg (NOTE) has an earnings quality ratio of 0.18x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Fiscalnote Hldg cover its interest payments?

Fiscalnote Hldg (NOTE) has an interest coverage ratio of -82.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Fiscalnote Hldg?

Fiscalnote Hldg (NOTE) scores 13 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.