Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data FiscalNote Holdings, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
82.9
114
133
120
95.4
Research and development
24
20.7
18.2
12.8
9.57
Selling and marketing
29.7
42.7
45.7
35.1
26.6
General and administrative
32.5
77.8
65.6
50.2
52.1
Operating expenses
138
202
230
152
145
Operating income
-55.6
-88.2
-97.7
-31.9
-49.5
Interest expense
64.8
95.7
29.9
23.6
16.5
Interest income
0.07
Other non-operating income
-0.33
-1.05
-0.07
-0.03
0.11
Pre-tax income
-117
-222
-115
10.1
-66.5
Income tax
-7.89
-3.25
0.22
0.54
-1.25
Net income
-109
-218
-115
9.52
-65.2
EBITDA
-54.4
-87
-96.4
-30.7
-48.5
EPS, basic
-234.77
-43.63
-10.43
0.83
-4.65
EPS, diluted
-234.77
-43.63
-10.43
0.83
-4.65
Shares, basic (weighted)
1.31
5.61
11.1
11.4
14
Shares, diluted (weighted)
1.31
5.61
11.1
11.4
14
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
32.2
60.4
16.5
28.8
24.3
Short-term investments
7.13
5.8
2
Receivables
11.2
14.9
16.9
13.5
12
Other current assets
5.53
2.76
2.52
2.91
1.89
Total current assets
54.3
86
49.8
57.2
45.6
Property, plant and equipment
7.51
7.33
6.14
5.05
4.18
Lease right-of-use assets
21
17.8
15.6
13.6
Goodwill
189
194
188
159
123
Intangible assets
118
106
90.9
70.9
53
Other non-current assets
0.44
0.63
0.1
0.76
Total assets
378
433
371
326
255
Accounts payable
1.74
13.7
12.9
8.46
7.26
Accrued liabilities
2.94
Deferred revenue
29.6
35.6
43.5
35.3
29.8
Short-term debt
13.6
0.07
0.11
0.04
2.81
Total current liabilities
69.5
62.1
65.7
51.3
44.4
Long-term debt
318
162
222
147
126
Lease liabilities
29.1
26.2
22.5
19.3
Other non-current liabilities
1.45
13.9
5.17
2.97
2.6
Total liabilities
411
288
327
228
193
Total debt
331
162
222
147
128
Paid-in capital
0
846
860
900
934
Retained earnings
-481
-701
-816
-807
-872
Other comprehensive income
-0.63
-0.79
-0.62
4.79
0.19
Shareholders' equity
-482
145
43.5
97.8
62
Total equity
-482
145
43.5
97.8
62
Total liabilities and equity
378
433
371
326
255
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-109
-218
-115
9.52
-65.2
Depreciation and amortization
1.18
1.24
1.35
1.24
1.04
Stock-based compensation
1.01
38
27.1
17.9
14.8
Deferred income tax
-6.63
-3.08
0.07
0.09
-0.18
Change in receivables
1.07
-3.94
-0.29
1.84
-1.27
Change in payables
1.73
Cash from operations
-37
-72.6
-35.5
-5.3
-11.4
Capital expenditures
-5.57
-11.4
-7.94
-8.88
-7.2
Acquisitions
-43.6
1.13
-5.01
Purchases of investments
-7.37
Cash from investing
-49.2
-10.2
-20.3
89.2
39.7
Debt issued
61.2
166
11.5
6.3
101
Debt repaid
-0.18
-189
-0.11
-70.8
-129
Stock issued
0.52
-45.2
0.68
0.47
0.28
Share buybacks
-0.09
Cash from financing
74.3
112
12.1
-71.4
-32.8
Net change in cash
-12
28.2
-43.9
12.2
-4.5
Free cash flow
-42.6
-84
-43.4
-14.2
-18.6
Interest paid
4.65
35.2
20.7
14.7
9.65
Income taxes paid
0.23
0.06
0.06
0.27
0.82
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.03 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-112.7%
Operating income / revenue.
EBITDA margin
-111.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-142.3%
Pre-tax income / revenue.
Net margin
-141.5%
Net income / revenue.
FCF margin
-17.5%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-9.1%
Cash from operations / revenue.
Return on equity (ROE)
-43,494.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-65.4%
Net income / average total assets.
Return on invested capital (ROIC)
-73.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
9.3%
Research and development expense / revenue.
Stock-based pay / revenue
9.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
8.4%
Capital expenditures / revenue.
D&A / revenue
1.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-20.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-5.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y
-785.6%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-660.2%
EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-36.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-24.6%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-21.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-16.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
22.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
35.7%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.23x
Current assets / current liabilities.
Quick ratio
0.18x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.13x
(Cash + short-term investments) / current liabilities.
Debt / equity
435x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
65.4%
Total debt / total assets.
Liabilities / assets
99.8%
Total liabilities / total assets.
Net debt
$99.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$3.22
Revenue / diluted weighted shares.
FCF per share
-$0.56
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.29
Cash from operations / diluted weighted shares.
Book value per share
$0.01
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.04x
Market cap / revenue.
P/B
11.7x
Market cap / shareholders' equity. Only when equity is positive.
EV/Sales
1.22x
Enterprise value / revenue.
FCF yield
-456.9%
Free cash flow / market cap.
Earnings yield
-3,703.0%
Net income / market cap (the inverse of P/E).
What was FiscalNote Holdings, Inc.'s revenue in fiscal 2025?
FiscalNote Holdings, Inc. reported revenue of $95.4M for fiscal 2025, 20.7% lower than the year before.
Was FiscalNote Holdings, Inc. profitable in fiscal 2025?
No. It reported a net loss of $65.2M.
How much free cash flow did FiscalNote Holdings, Inc. generate in fiscal 2025?
Cash from operations of $11.4M minus capital expenditures of $7.2M left free cash flow of -$18.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.