FiscalNote (NYSE:NOTE) Releases Earnings Results

FiscalNote (NYSE:NOTE) posted its quarterly earnings results on Thursday. The company reported ($1.45) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.78), FiscalAI reports. The business had revenue of $22.20 million during the quarter, compared to analysts’ expectations of $22.40 million. FiscalNote had a negative return on equity of 75.96% and a negative net margin of 54.31%.

Here are the key takeaways from FiscalNote’s conference call:

• FiscalNote is guiding to approximately $14–16 million adjusted EBITDA for full‑year 2026 (about $1 million in Q1) and expects trailing‑12‑month positive free cash flow by March 31, 2027, marking a planned inflection to sustained profitability.
• Management plans to reduce cash operating expenses by >19% and cut headcount roughly 25% year‑over‑year, driven by broad adoption of generative/agentic AI that management says has made R&D cycles ~3x faster and materially boosted productivity.
• The migration from the legacy FiscalNote platform to PolicyNote is complete for legacy customers, with higher engagement (legislation views +250%, alerts +88%) and early indications of improved retention among migrated cohorts.
• FiscalNote is expanding its API footprint with native MCP support to let AI agents and third‑party platforms embed its policy intelligence (early customers include Lumen and ICE), a potentially large TAM but with uncertain timing and monetization scale.
• ARR declined to $84.1 million (from $107.5M) and full‑year 2025 revenue fell to $95.4M, driven by strategic divestitures and some enterprise churn, although those divestitures generated $144.9M of gross cash proceeds improving liquidity.

FiscalNote Stock Performance

Shares of NYSE NOTE traded down $0.01 during midday trading on Thursday, hitting $0.94. 181,237 shares of the stock traded hands, compared to its average volume of 559,092. The firm has a market capitalization of $14.81 million, a P/E ratio of -0.22 and a beta of 0.62. FiscalNote has a one year low of $0.80 and a one year high of $12.96. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a 50-day moving average of $1.21 and a two-hundred day moving average of $2.58.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NOTE shares. LADENBURG THALM/SH SH upgraded FiscalNote to a “strong-buy” rating in a report on Thursday, December 18th. Weiss Ratings restated a “sell (e+)” rating on shares of FiscalNote in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $37.50.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NOTE. Two Sigma Investments LP bought a new stake in shares of FiscalNote during the 3rd quarter valued at about $64,000. Raymond James Financial Inc. increased its position in shares of FiscalNote by 4,900.0% during the 3rd quarter. Raymond James Financial Inc. now owns 15,000 shares of the company’s stock valued at $69,000 after purchasing an additional 14,700 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of FiscalNote by 51.5% in the 4th quarter. Bank of America Corp DE now owns 49,042 shares of the company’s stock worth $52,000 after purchasing an additional 16,675 shares during the period. XTX Topco Ltd boosted its holdings in shares of FiscalNote by 131.4% in the fourth quarter. XTX Topco Ltd now owns 35,516 shares of the company’s stock worth $52,000 after buying an additional 20,166 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of FiscalNote in the fourth quarter worth approximately $36,000. Institutional investors own 54.31% of the company’s stock.

About FiscalNote

FiscalNote is a technology and data services company specializing in government and regulatory intelligence. Founded in 2013 by Timothy Hwang, Gerald Yao and Jonathan Chen, the company is headquartered in Washington, DC, with additional offices in New York, Brussels, London, Singapore and Hong Kong. FiscalNote went public in March 2021 through a special-purpose acquisition company (SPAC) merger and is listed on the New York Stock Exchange under the ticker NOTE.

The company’s flagship software-as-a-service platform aggregates legislative and regulatory data from jurisdictions around the world, combining that information with AI-driven analytics and expert commentary.