The purpose of this Management’s Discussion and Analysis (“MD&A”) is to facilitate an understanding of significant factors influencing the quarterly operating results, financial condition and cash flows of Gartner, Inc. Additionally, the MD&A conveys our expectations of the potential impact of known trends, events or uncertainties that may impact future results. You should read this discussion in conjunction with our Condensed Consolidated Financial Statements and related notes included in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). Historical results and percentage relationships are not necessarily indicative of operating results for future periods. References to “Gartner,” the “Company,” “we,” “our” and “us” in this MD&A are to Gartner, Inc. and its consolidated subsidiaries. FORWARD-LOOKING STATEMENTS In addition to historical information, this Quarterly Report on Form 10-Q contains certain 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. Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions, projections or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as “may,” “will,” “expect,” “should,” “could,” “believe,” “plan,” “anticipate,” “estimate,” “predict,” “potential,” “continue” or other words of similar meaning. We operate in a very competitive and rapidly changing environment that involves numerous known and unknown risks and uncertainties, some of which are beyond our control. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future quarterly and annual revenues, operating income, results of operations and cash flows, as well as any forward-looking statement, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, among others, the following: our ability to maintain and expand our products and services; our ability to keep pace with technological and industry 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; 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. The potential fluctuations in our operating income could cause period-to-period comparisons of operating results not to be meaningful and could provide an unreliable indication of future operating results. A description of the risk factors associated with our business is included under “Risk Factors” in Item 1A. of the 2025 Form 10-K, which is incorporated herein by reference. Forward-looking statements are subject to risks, estimates and uncertainties that could cause actual results to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those listed above or described under “Risk Factors” in Item 1A of the 2025 Form 10-K. Readers should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made. Forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents. Except as required by law, we disclaim any obligation to revise or update these forward-looking statements to reflect events or circumstances as they occur. 25 BUSINESS OVERVIEW Gartner, Inc. (NYSE: IT) delivers actionable, objective business and technology insights that drive smarter decisions and stronger performance on an organization’s mission-critical priorities. We deliver our products and services globally through three reportable segments – Business and Technology Insights (“Insights”), Conferences and Consulting, as described below. •Insights equips executives and their teams from every function and across all industries with actionable, objective business and technology insights, guidance and tools. Our experienced experts deliver all this value informed by an unmatched combination of practitioner-sourced and data-driven research to help our clients address their mission critical priorities. •Conferences provides executives and teams across an organization the opportunity to learn, share and network. From industry-leading conferences to peer-driven communities – each focused on the mission-critical priorities of specific business roles – our offerings enable attendees to experience the best of Gartner insights and guidance. •Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insights. Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission critical priorities. As of June 30, 2026, we had 19,285 employees globally, a decrease of 8% from June 30, 2025. The largest decreases in headcount were in our Insights segment and the Digital Markets business, primarily in the second half of 2025 and the first quarter of 2026. Recent Developments In February 2026, we completed the sale of the Digital Markets business, for approximately $104.8 million net of cash transferred, subject to post-close adjustments. We recorded a pre-tax gain of $5.4 million on the sale, which is included in Gain from sale of divested operation in the Consolidated Statement of Operations during the six months ended June 30, 2026. The Digital Markets business represented the entirety of our Other segment. BUSINESS MEASUREMENTS We believe that the following business measurements are important performance indicators for our reportable business segments: 26 BUSINESS SEGMENT BUSINESS MEASUREMENT Insights 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. Conferences 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 conferences attendees represents the total number of people who attend in-person conferences. Single day, local meetings are excluded. Consulting 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. 27 EXECUTIVE SUMMARY OF OPERATIONS AND FINANCIAL POSITION The fundamentals of our strategy include a focus on creating actionable business and technology insights for executives and their teams, delivering innovative and highly differentiated product offerings, building a strong sales capability, providing world class client service with a focus on client engagement and retention, and continuously improving our operational effectiveness. We had total revenues of $1.7 billion during the second quarter of 2026, a decrease of 1% compared to the second quarter of 2025. The decrease was primarily due to the sale of the Digital Markets business in February 2026. During the second quarter of 2026, compared to the second quarter of 2025, Insights revenues increased by 2%, Conferences revenues increased by 15%, and Consulting revenues decreased by 9%. For a more complete discussion of our results by segment, see Segment Results below. For the second quarter of 2026 and 2025, we had net income of $275.5 million and $240.8 million, respectively, and diluted net income per share of $4.14 and $3.11, respectively. Cash provided by operating activities was $789.3 million and $697.1 million during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had $1.5 billion of cash and cash equivalents and approximately $1.0 billion of available borrowing capacity on our revolving credit facility. For a more complete discussion of our cash flows and financial position, see the Liquidity and Capital Resources section below. CRITICAL ACCOUNTING POLICIES AND ESTIMATES For information regarding our critical accounting policies and estimates, please refer to Part II, Item 7, “Critical Accounting Policies and Estimates” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no material changes to the critical accounting policies previously disclosed in that report. RECENTLY ISSUED ACCOUNTING STANDARDS The FASB has issued accounting standards that have not yet become effective and that may impact the Company’s consolidated financial statements or its disclosures in future periods. Note 1 — Business and Basis of Presentation in the Notes to Condensed Consolidated Financial Statements provides information regarding those accounting standards. 28 RESULTS OF OPERATIONS Consolidated Results The table below presents an analysis of selected line items and period-over-period changes in our interim Condensed Consolidated Statements of Operations for the periods indicated (in thousands). Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Increase (Decrease) Increase (Decrease) % Revenues: Insights $ 1,289,870 $ 1,263,505 $ 26,365 2 % Conferences 244,157 211,407 32,750 15 Consulting 141,916 155,594 (13,678) (9) Other — 55,948 (55,948) (100) Total revenues 1,675,943 1,686,454 (10,511) (1) Costs and expenses: Cost of services and product development 486,909 531,731 (44,822) (8) Selling, general and administrative 764,592 776,888 (12,296) (2) Depreciation 25,145 30,535 (5,390) (18) Amortization of intangibles 20,038 20,204 (166) (1) Gain from sale of divested operation 739 — 739 nm Operating income 378,520 327,096 51,424 16 Interest expense, net (22,266) (11,801) 10,465 89 Other (expense) income, net (1,631) 2,498 (4,129) (165) Less: Provision for income taxes 79,125 77,010 2,115 3 Net income $ 275,498 $ 240,783 $ 34,715 14 % nm = not meaningful Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Increase (Decrease) Increase (Decrease) % Revenues: Insights $ 2,584,065 $ 2,519,074 $ 64,991 3 % Conferences 322,482 284,004 38,478 14 Consulting 261,045 295,300 (34,255) (12) Other 19,392 122,206 (102,814) (84) Total revenues 3,186,984 3,220,584 (33,600) (1) Costs and expenses: Cost of services and product development 916,216 1,006,761 (90,545) (9) Selling, general and administrative 1,490,941 1,507,196 (16,255) (1) Depreciation 50,510 59,401 (8,891) (15) Amortization of intangibles 40,104 42,098 (1,994) (5) Gain from sale of divested operation (5,399) — (5,399) nm Operating income 694,612 605,128 89,484 15 Interest expense, net (43,314) (25,214) 18,100 72 Other (expense) income, net (4,263) 4,887 (9,150) (187) Less: Provision for income taxes 149,193 133,079 16,114 12 Net income $ 497,842 $ 451,722 $ 46,120 10 % nm = not meaningful 29 In addition to GAAP results, we provide foreign currency neutral dollar amounts and percentages for our revenues, certain expenses, contract values 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 business performance 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. Total revenues for the three months ended June 30, 2026 were $1.7 billion, a decrease of $10.5 million, or 1% compared to the same period in 2025 on a reported basis and 2% excluding the foreign currency impact. Total revenues for the six months ended June 30, 2026 were $3.2 billion, a decrease of $33.6 million, or 1% compared to the same period in 2025 on a reported basis and 3% excluding the foreign currency impact. The decrease was primarily due to the sale of the Digital Markets business in February 2026. Refer to the section of this MD&A below entitled “Segment Results” for a discussion of revenues and results by reportable segment. Cost of services and product development was $486.9 million during the three months ended June 30, 2026, a decrease of $44.8 million compared to the same period in 2025, or 8% on a reported basis and 9% excluding the foreign currency impact. The decrease in Cost of services and product development during the three months ended June 30, 2026 was primarily due to a $22.8 million decrease in product and content delivery expenses principally as a result of the sale of the Digital Markets business in February 2026, in addition to a $22.8 million decrease in personnel expenses due to lower headcount. Cost of services and product development as a percent of revenues was 29% and 32% for the three months ended June 30, 2026 and 2025, respectively. Cost of services and product development was $916.2 million during the six months ended June 30, 2026, a decrease of $90.5 million compared to the same period in 2025, or 9% on a reported basis and 10% excluding the foreign currency impact. The decrease in Cost of services and product development during the six months ended June 30, 2026 was primarily due to the same factors that caused the year-over-year quarterly decrease, with a $48.7 million decrease in product and content delivery expenses, in addition to a $42.8 million decrease in personnel expenses. Cost of services and product development as a percent of revenues was 29% and 31% for the six months ended June 30, 2026 and 2025, respectively. Selling, general and administrative (“SG&A”) expense was $764.6 million during the three months ended June 30, 2026, a decrease of $12.3 million compared to the same period in 2025, or 2% on both a reported basis and excluding the foreign currency impact. The decrease in SG&A expense during the three months ended June 30, 2026 was primarily due to reduced severance expenses. SG&A expense was $1.5 billion during the six months ended June 30, 2026, a decrease of $16.3 million compared to the same period in 2025, or 1% on a reported basis and 3% excluding the foreign currency impact. The decrease in SG&A expense during the six months ended June 30, 2026 was primarily due to the same factor that caused the year-over-year quarterly decrease. The number of quota-bearing sales associates in Global Technology Sales decreased by 3% to 3,581 and in Global Business Sales, decreased by 3% to 1,293 compared to June 30, 2025. On a combined basis, the total number of quota-bearing sales associates decreased by 3% when compared to June 30, 2025. SG&A expense as a percent of revenues was 46% during both the three months ended June 30, 2026 and 2025. SG&A expense as a percent of revenues was 47% during both the six months ended June 30, 2026 and 2025. Depreciation decreased by 18% and 15% during the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The decreases for both the three and six months ended June 30, 2026 were primarily due to the sale of the Digital Markets business in February 2026. Amortization of intangibles decreased by 1% and 5% during the three and six months ended June 30, 2026, compared to the same periods in 2025, due to certain intangible assets becoming fully amortized in 2025. Gain from sale of divested operation of $5.4 million during the six months ended June 30, 2026 was attributable to the sale of the Digital Markets business in February 2026. Operating income was $378.5 million and $327.1 million during the three months ended June 30, 2026 and 2025, respectively. Operating income was $694.6 million and $605.1 million during the six months ended June 30, 2026 and 2025, respectively. The increase in operating income for both the three and six months ended June 30, 2026 as compared to the prior year periods was primarily due to the reduction in operating expenses. Interest expense, net increased by $10.5 million and $18.1 million during the three and six months ended June 30, 2026, respectively, compared to the same period in 2025. The increase for the three and six months ended June 30, 2026 was due to a decrease in interest income, as a result of lower average cash balances than the prior year as well as an increase in interest expense related to the issuance of our 2031 and 2035 Notes in November 2025. 30 Other (expense) income, net for the periods presented herein primarily consisted of the net impact of foreign currency gains and losses. The provision for income taxes was $79.1 million and $77.0 million for the three months ended June 30, 2026 and 2025, respectively. The effective income tax rate was 22.3% and 24.2% for the three months ended June 30, 2026, and 2025, respectively. The decrease in the effective income tax rate in the current period was primarily attributable to a favorable change in the forecasted geographic mix of earnings compared to the same period in 2025. The provision for income taxes was $149.2 million and $133.1 million for the six months ended June 30, 2026 and 2025, respectively. The effective income tax rate was 23.1% and 22.8% for the six months ended June 30, 2026 and 2025, respectively. The increase in the effective income tax rate in the current period was primarily due to the unfavorable impact of stock-based compensation, partially offset by the favorable release of reserves upon the resolution of the related inquiries as well as a favorable change in the forecasted geographic mix of earnings compared to the same period in 2025. Net income for the three months ended June 30, 2026 and 2025 was $275.5 million and $240.8 million, respectively, while net income for the six months ended June 30, 2026 and 2025 was $497.8 million and $451.7 million, respectively. Our diluted net income per share during the three and six months ended June 30, 2026 increased by $1.03 and $1.47, respectively. The increase in net income during both the three and six months ended June 30, 2026 was primarily due to a decrease in operating expenses, partially offset by a decrease in revenues and an increase in interest expense, net. The increase in diluted net income per share during the three and six months ended June 30, 2026 was also driven by the decrease in diluted weighted average shares outstanding during 2026, as compared to the same periods in 2025. SEGMENT RESULTS We evaluate segment performance and allocate resources based on gross contribution margin. Gross contribution is defined as operating income or loss excluding certain Cost of services and product development expenses, SG&A expenses, Depreciation, Amortization of intangibles and Gain from sale of divested operation. Gross contribution margin is defined as gross contribution as a percent of revenues. Reportable Segments The sections below present the results of the Company’s three reportable business segments: Insights, Conferences and Consulting. 31 Insights As Of And For The Three Months Ended June 30, 2026 As Of And For The Three Months Ended June 30, 2025 Increase (Decrease) Percentage Increase (Decrease) As Of And For The Six Months Ended June 30, 2026 As Of And For The Six Months Ended June 30, 2025 Increase (Decrease) Percentage Increase (Decrease) Financial Measurements: Revenues (1) $ 1,289,870 $ 1,263,505 $ 26,365 2 % $ 2,584,065 $ 2,519,074 $ 64,991 3 % Gross contribution (1) $ 999,372 $ 960,732 $ 38,640 4 % $ 2,010,889 $ 1,926,680 $ 84,209 4 % Gross contribution margin 77 % 76 % 1 point — 78 % 76 % 2 points — Business Measurements: Contract Value (1), (3) $ 5,282,600 $ 5,196,000 $ 86,600 2 % Global Technology Sales (2): Contract value (1), (3) $ 3,999,300 $ 3,954,000 $ 45,300 1 % Client retention 85 % 84 % 1 point — Wallet retention 97 % 99 % (2) points — Global Business Sales (2): Contract value (1), (3) $ 1,283,300 $ 1,242,000 $ 41,300 3 % Client retention 86 % 87 % (1) point — Wallet retention 99 % 104 % (5) points — (1)Dollars in thousands. (2)Global Technology Sales includes sales to users and providers of technology. Global Business Sales includes sales to all other functional leaders. (3)Contract values are on a foreign currency neutral basis. Contract values as of June 30, 2025 have been calculated using the same foreign currency rates as 2026. Insights revenues increased by $26.4 million during the three months ended June 30, 2026 compared to the same period in 2025, or 2% on a reported basis and 1% excluding the foreign currency impact. For the six months ended June 30, 2026, Insights revenue increased by $65.0 million compared to the same period in 2025 or 3% on a reported basis and about flat excluding the foreign currency impact. The segment gross contribution margin was 77% and 76% for the three months ended June 30, 2026 and 2025, respectively, and 78% and 76% for the six months ended June 30, 2026 and 2025, respectively. Contract value increased to $5.3 billion at June 30, 2026, or 2% compared to June 30, 2025 excluding the foreign currency impact. Approximately half of industry sectors grew mid single-digit rates. Growth was led by the banking and energy sectors, partially offset by a mid single-digit decrease in public sector, primarily related to the U.S. federal government. Global Technology Sales (“GTS”) contract value increased by 1% at June 30, 2026 when compared to June 30, 2025. The modest increase in GTS contract value was primarily due to business from new clients. GTS contract value increased by mid single-digit rates for nearly all commercial enterprise sizes and mid-single digits for half of industry sectors. Global Business Sales (“GBS”) contract value increased by 3% year-over-year, primarily driven by business from new clients. The majority of our GBS practices achieved mid single-digit rates or faster growth rates, with all commercial enterprise sizes and half of sectors also growing mid single-digit rates or faster year-over-year. Public sector contract value decreased by mid single-digits and low single-digits for GTS and GBS, respectively. GTS client retention was 85% and 84% as of June 30, 2026 and 2025, respectively, while wallet retention was 97% and 99% as of June 30, 2026 and 2025, respectively. GBS client retention was 86% and 87% as of June 30, 2026 and 2025, respectively, while wallet retention was 99% and 104%, respectively. The decrease in GTS and GBS wallet retention was largely due to lower levels of spending by existing clients compared to the same period in 2025. 32 Conferences Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Increase (Decrease) Percentage Increase (Decrease) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Increase (Decrease) Percentage Increase (Decrease) Financial Measurements: Revenues (1) $ 244,157 $ 211,407 $ 32,750 15 % $ 322,482 $ 284,004 $ 38,478 14 % Gross contribution (1) $ 145,222 $ 121,388 $ 23,834 20 % $ 175,631 $ 148,770 $ 26,861 18 % Gross contribution margin 59 % 57 % 2 points — 54 % 52 % 2 points — Business Measurements: Number of destination conferences (2) 18 19 (1) (5) % 28 29 (1) (3) % Number of destination conferences attendees (2) 28,057 28,295 (238) (1) % 39,530 40,206 (676) (2) % (1)Dollars in thousands. (2)Single day, local meetings are excluded. Conferences revenues increased by $32.8 million during the three months ended June 30, 2026 compared to the same period in 2025, or 15% on a reported basis and 14% excluding the foreign currency impact. The increase in revenues for the three months ended June 30, 2026 was primarily due to higher exhibitor revenue, as well as an increase in attendee revenue. We held 18 and 19 destination conferences during the three months ended June 30, 2026 and 2025, respectively. Gross contribution increased to $145.2 million during the three months ended June 30, 2026 compared to $121.4 million in the same period last year. The increase in gross contribution during the three months ended June 30, 2026 was primarily the result of the increase in revenues. Conferences revenues increased by $38.5 million during the six months ended June 30, 2026 compared to the same period in 2025, or 14% on a reported basis and 12% excluding the foreign currency impact. The increase in revenues for the six months ended June 30, 2026 was primarily due to higher exhibitor revenue. We held 28 and 29 destination conferences during the six months ended June 30, 2026 and 2025, respectively. Gross contribution increased to $175.6 million during the six months ended June 30, 2026 compared to $148.8 million in the same period last year. The increase in gross contribution during the six months ended June 30, 2026 was primarily the result of the increase in revenues. 33 Consulting As Of And For The Three Months Ended June 30, 2026 As Of And For The Three Months Ended June 30, 2025 Increase (Decrease) Percentage Increase (Decrease) As Of And For The Six Months Ended June 30, 2026 As Of And For The Six Months Ended June 30, 2025 Increase (Decrease) Percentage Increase (Decrease) Financial Measurements: Revenues (1) $ 141,916 $ 155,594 $ (13,678) (9) % $ 261,045 $ 295,300 $ (34,255) (12) % Gross contribution (1) $ 53,770 $ 61,555 $ (7,785) (13) % $ 90,575 $ 114,947 $ (24,372) (21) % Gross contribution margin 38 % 40 % (2) points — 35 % 39 % (4) points — Business Measurements: Backlog (1), (2) $ 213,800 $ 195,900 $ 17,900 9 % Billable headcount 842 949 (107) (11) % Consultant utilization 65 % 65 % 0 points — 61 % 64 % (3) points — (1)Dollars in thousands. (2)Backlog is on a foreign currency neutral basis. Backlog as of June 30, 2025 has been calculated using the same foreign currency rates as 2026. Consulting revenues decreased by 9% during the three months ended June 30, 2026 compared to the same period in 2025 on both a reported basis and excluding the foreign currency impact, with a decrease in labor-based consulting revenue of 13% and an increase in contract optimization revenue of 1%, each on a reported basis. The primary regions driving the decrease in revenue compared to the prior year period were Japan and Europe, Middle East and Africa (“EMEA”), principally in the commercial sector. Contract optimization revenue may vary significantly and, as such, revenues for the second quarter of 2026 may not be indicative of results for the remainder of 2026 or beyond. The segment gross contribution margin was 38% and 40% for the three months ended June 30, 2026 and 2025, respectively. The decrease in gross contribution margin for the three months ended June 30, 2026 was primarily due to the decrease in revenues. For the six months ended June 30, 2026, Consulting revenues decreased by 12% compared to the same period in 2025 on a reported basis and 13% excluding the foreign currency impact, with a decrease in labor-based consulting revenue of 13% and a decrease in contract optimization revenue of 8% each on a reported basis. The primary regions driving the decrease in revenue compared to the prior year period were the United States, principally in the public sector, and Japan and EMEA, principally in the commercial sector. The segment gross contribution margin was 35% and 39% for the six months ended June 30, 2026 and 2025, respectively. The decrease in gross contribution margin for the six months ended June 30, 2026 was primarily due to the decrease in revenues. Backlog increased by $17.9 million, or 9%, from June 30, 2025 to June 30, 2026, excluding the foreign currency impact. 34 LIQUIDITY AND CAPITAL RESOURCES We finance our operations through cash generated from our operating activities and, to a lesser extent, borrowings. Note 8 — Debt in the Notes to Condensed Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations. At June 30, 2026, we had $1.5 billion of cash and cash equivalents and approximately $1.0 billion of available borrowing capacity on the revolving credit facility under our 2024 Credit Agreement. We believe that the Company has adequate liquidity to meet its currently anticipated needs for both the next twelve months and the foreseeable future. We have historically generated significant cash flows from our operating activities, benefiting from the favorable working capital dynamics of our subscription-based business model in our Insights segment, which is our largest business segment and historically has constituted a significant portion of our total revenues. The majority of our Insights customer contracts are paid in advance and, combined with a strong customer retention rate and high incremental margins, our subscription-based business model has resulted in continuously strong operating cash flow. Cash flow generation has also benefited from our ongoing efforts to improve the operating efficiencies of our businesses as well as a focus on the optimal management of our working capital as we increase sales. Our cash and cash equivalents are held in numerous locations throughout the world with 71% held outside the U.S. at June 30, 2026. We continue to assert our intention to reinvest substantially all remaining accumulated undistributed foreign earnings, except in instances where repatriation would result in minimal additional tax. The table below summarizes the changes in our cash balances for the periods indicated (in thousands). Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Increase (Decrease) Cash provided by operating activities $ 789,327 $ 697,077 $ 92,250 Cash provided by (used in) investing activities 64,452 (61,817) 126,269 Cash used in financing activities (1,073,465) (419,688) (653,777) Net (decrease) increase in cash and cash equivalents and restricted cash (219,686) 215,572 (435,258) Effects of exchange rates on cash and cash equivalents (14,129) 48,817 (62,946) Beginning cash and cash equivalents 1,722,521 1,933,147 (210,626) Ending cash and cash equivalents $ 1,488,706 $ 2,197,536 $ (708,830) Operating Cash provided by operating activities was $789.3 million and $697.1 million during the six months ended June 30, 2026 and 2025, respectively. The year-over-year increase was primarily due to the increase in net income as well as the improved timing of collections. Investing Cash provided by (used in) investing activities was $64.5 million and $(61.8) million during the six months ended June 30, 2026 and 2025, respectively. The change from 2025 to 2026 was primarily the result of the proceeds from the sale of the Digital Markets business in February 2026, as well as lower capital expenditures, principally the result of lower leasehold improvements spending. Financing Cash used in financing activities was $1.1 billion and $419.7 million during the six months ended June 30, 2026 and 2025, respectively. We used $1.1 billion and $437.2 million of cash for share repurchases during the six months ended June 30, 2026 and 2025, respectively. Debt 35 As of June 30, 2026, the Company had $3.0 billion of principal amount of debt outstanding. Note 8 — Debt in the Notes to Condensed Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations. From time to time, the Company may seek to retire or repurchase its outstanding debt through various methods including open market repurchases, negotiated block transactions, or otherwise, all or some of which may be effected through Rule 10b5-1 plans. Such transactions, if any, depend on prevailing market conditions, our liquidity and capital requirements, contractual restrictions, and other factors, and may involve material amounts. OFF BALANCE SHEET ARRANGEMENTS From January 1, 2026 through June 30, 2026, the Company has not entered into any material off-balance sheet arrangements or transactions with unconsolidated entities or other persons. 36