Fiscalnote Hldg Financials
Fiscalnote Hldg (NOTE) reported $84.2M in revenue over the twelve months to Jun 30, 2026, down 23.2% from the prior twelve months. This page shows its 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).
Revenue contraction is exposing a rigid cost structure, while shrinking equity makes declining debt more burdensome.
FY2024's positive net income of$9.5M coexisted with operating cash flow of-$5.3M ; because free cash flow also remained negative, that accounting gain did not represent cash earnings from operations. By FY2025, revenue contraction of20.7% coincided with operating margin worsening to-51.9% , showing the expense base was not flexing with the reported revenue decline.
Long-term debt declined
FY2025 operating cash flow was
Financial Health Signals
Fiscalnote Hldg does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Fiscalnote Hldg scores -5.04, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.7M) relative to total liabilities ($193.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Fiscalnote Hldg passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Fiscalnote Hldg reported a net loss of $65.2M while operations used $11.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Fiscalnote Hldg reported an operating loss of $49.5M against $16.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Fiscalnote Hldg generated $95.4M in revenue in fiscal year 2025. This represents a decrease of 20.7% from the prior year.
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.
Fiscalnote Hldg reported -$65.2M in net income in fiscal year 2025. This represents a decrease of 785.6% from the prior year.
Fiscalnote Hldg earned -$4.65 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 660.2% from the prior year.
Cash & Balance Sheet
Fiscalnote Hldg recorded an outflow of $18.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 31.5% from the prior year.
Fiscalnote Hldg held $24.3M in cash against $125.6M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Fiscalnote Hldg's operating margin was -51.9% in fiscal year 2025, reflecting core business profitability. This is down 25.3 percentage points from the prior year.
Fiscalnote Hldg's net profit margin was -68.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 76.3 percentage points from the prior year.
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.
Not reported for fiscal year 2025.
Capital Allocation
Fiscalnote Hldg invested $9.6M in research and development in fiscal year 2025. This represents a decrease of 25.4% from the prior year.
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.
Not reported for fiscal year 2025.
NOTE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $19.6M-2.2% | $20.0M-9.8% | $22.2M-1.0% | $22.4M-3.6% | $23.3M-15.4% | $27.5M-6.6% | $29.5M+0.1% | $29.4M |
| R&D Expenses | $1.6M-22.6% | $2.0M-3.7% | $2.1M+1.9% | $2.1M-8.2% | $2.3M-26.9% | $3.1M+7.3% | $2.9M-11.0% | $3.3M |
| SG&A Expenses | $9.2M-2.9% | $9.5M-10.0% | $10.6M-24.0% | $13.9M+22.2% | $11.4M-30.2% | $16.3M+32.7% | $12.3M+15.6% | $10.6M |
| Operating Income | -$24.1M+43.3% | -$42.5M-128.8% | -$18.6M-90.7% | -$9.7M-31.1% | -$7.4M+46.0% | -$13.8M-140.2% | -$5.7M+15.9% | -$6.8M |
| Interest Expense | $3.9M+16.3% | $3.4M+0.8% | $3.3M-9.9% | $3.7M-14.8% | $4.3M-15.4% | $5.1M-3.7% | $5.3M-4.7% | $5.6M |
| Income Tax | -$88K+56.2% | -$201K-12.3% | -$179K+24.5% | -$237K+70.2% | -$795K-1938.5% | -$39K+93.4% | -$593K+4.5% | -$621K |
| Net Income | -$27.8M+36.2% | -$43.6M-90.7% | -$22.9M+8.0% | -$24.9M-87.3% | -$13.3M-212.3% | -$4.3M+68.2% | -$13.4M+10.4% | -$14.9M |
| EPS (Diluted) | -$1.06+55.6% | -$2.39-64.8% | -$1.45+16.2% | -$1.73-73.0% | -$1.00-194.1% | -$0.34+71.7% | -$1.20+9.8% | -$1.33 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
NOTE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $182.2M-14.6% | $213.4M-16.3% | $255.1M-6.8% | $273.9M-5.0% | $288.3M-3.8% | $299.7M-8.1% | $326.2M-3.5% | $337.9M |
| Current Assets | $33.9M-21.3% | $43.1M-5.4% | $45.5M-7.2% | $49.1M-13.4% | $56.7M-13.4% | $65.5M+14.5% | $57.2M+5.2% | $54.4M |
| Cash & Equivalents | $18.0M-24.7% | $23.8M-2.0% | $24.3M-8.9% | $26.7M-21.5% | $34.0M-18.5% | $41.7M+44.8% | $28.8M+12.2% | $25.7M |
| Accounts Receivable | $7.3M-22.1% | $9.3M-22.0% | $12.0M+23.1% | $9.7M+3.8% | $9.4M-15.9% | $11.1M-17.4% | $13.5M+19.7% | $11.2M |
| Goodwill | $68.3M-21.9% | $87.4M-29.0% | $123.0M-9.1% | $135.4M-3.2% | $139.8M+60.0% | $87.4M-45.1% | $159.1M-4.2% | $166.0M |
| Total Liabilities | $182.0M-3.5% | $188.6M-2.4% | $193.2M-2.6% | $198.4M+4.1% | $190.5M-3.9% | $198.3M-13.2% | $228.4M-4.6% | $239.4M |
| Current Liabilities | $148.3M-4.7% | $155.6M+250.2% | $44.4M-8.5% | $48.5M+6.9% | $45.4M-11.0% | $51.0M-0.5% | $51.3M-23.3% | $66.8M |
| Long-Term Debt | $12.4M+7.7% | $11.5M-90.8% | $125.6M+0.4% | $125.2M+7.2% | $116.7M-1.0% | $117.9M-19.8% | $147.0M+3.4% | $142.2M |
| Total Equity | $274K-98.9% | $24.8M-60.0% | $62.0M-17.9% | $75.5M-20.6% | $95.1M-3.6% | $98.7M+0.9% | $97.8M-0.7% | $98.5M |
| Retained Earnings | -$943.6M-3.0% | -$915.8M-5.0% | -$872.1M-2.7% | -$849.3M-3.0% | -$824.4M-1.6% | -$811.1M-0.5% | -$806.9M-1.7% | -$793.5M |
Not reported in any period shown, so not listed: Inventory.
NOTE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.1M-170.4% | $3.0M+1182.4% | -$279K+96.6% | -$8.3M-33.8% | -$6.2M-288.1% | $3.3M+343.8% | -$1.3M+54.5% | -$3.0M |
| Capital Expenditures | $1.7M+1.2% | $1.7M+0.6% | $1.6M-21.3% | $2.1M+39.9% | $1.5M-24.7% | $2.0M-1.3% | $2.0M-17.7% | $2.4M |
| Free Cash Flow | -$3.8M-377.5% | $1.4M+171.2% | -$1.9M+81.5% | -$10.4M-35.0% | -$7.7M-688.4% | $1.3M+138.8% | -$3.4M+37.9% | -$5.4M |
| Investing Cash Flow | -$1.7M-1.2% | -$1.7M-0.6% | -$1.6M-136.0% | $4.6M+405.4% | -$1.5M-103.9% | $38.3M+721.8% | $4.7M+290.8% | -$2.4M |
| Financing Cash Flow | -$1.9M-2.5% | -$1.8M-291.9% | -$467K+86.8% | -$3.5M-39333.3% | -$9K+100.0% | -$28.8M-20387.3% | $142K-43.4% | $251K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
NOTE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -123.0% | -212.3% | -83.7%-40.2pp | -43.4%-11.5pp | -31.9%+18.1pp | -50.0%-30.6pp | -19.4%+3.7pp | -23.1% |
| Net Margin | -142.2% | -217.8% | -103.0% | -110.8% | -57.0%-41.6pp | -15.4%+30.0pp | -45.4%+5.3pp | -50.7% |
| Return on Equity | -10158.4%-9982.5pp | -175.9%-139.0pp | -36.9%-4.0pp | -32.9%-19.0pp | -14.0%-9.7pp | -4.3%+9.4pp | -13.7%+1.5pp | -15.2% |
| Return on Assets | -15.3%+5.2pp | -20.4%-11.5pp | -9.0%+0.1pp | -9.1%-4.5pp | -4.6%-3.2pp | -1.4%+2.7pp | -4.1%+0.3pp | -4.4% |
| Current Ratio | 0.230.0x | 0.28-0.7x | 1.030.0x | 1.01-0.2x | 1.250.0x | 1.28+0.2x | 1.12+0.3x | 0.81 |
| Debt-to-Equity | 45.37+44.9x | 0.47-1.6x | 2.03+0.4x | 1.66+0.4x | 1.230.0x | 1.20-0.3x | 1.50+0.1x | 1.44 |
| FCF Margin | -19.4%-26.2pp | 6.8%+15.5pp | -8.6%+37.5pp | -46.2%-13.2pp | -33.0%-37.7pp | 4.7%+16.1pp | -11.4%+7.0pp | -18.4% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
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Where Fiscalnote Hldg Ranks
Frequently Asked Questions
What is Fiscalnote Hldg's annual revenue?
Fiscalnote Hldg (NOTE) reported $95.4M in total revenue for fiscal year 2025. This represents a -20.7% 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 20.7% year-over-year, from $120.3M to $95.4M 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 -68.4%.
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 -51.9% 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 -68.4% 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) recorded an outflow of $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) recorded an outflow of $11.4M in operating cash flow during fiscal year 2025, representing cash used by 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.
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.
How does Fiscalnote Hldg's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Fiscalnote Hldg (NOTE) held $26.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $11.4M over that year. Dividing the one by the other, the reported balance equals about 28 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Fiscalnote Hldg's Altman Z-Score?
Fiscalnote Hldg (NOTE) has an Altman Z-Score of -5.04, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Fiscalnote Hldg's Piotroski F-Score?
Fiscalnote Hldg (NOTE) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $65.2M while operations used $11.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $49.5M against $16.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.