FiscalNote Holdings (NYSE: NOTE) is a policy intelligence and government affairs software company that provides subscription-based platforms, data, and analysis to help organizations track, manage, and respond to legislative and regulatory change. Revenue comes primarily from recurring software subscriptions, with additional streams from advisory services and advertising. The flagship platform, PolicyNote, combines structured policy data, AI-assisted tracking, and workflow tools; the company also sells agentic APIs and MCP server access for organizations building internal workflow applications on top of its policy data. Customers include 46 of the Fortune 100, government agencies, law firms, trade associations, and nonprofits (as of the 10-K filed 2026-03-24). Annual recurring revenue was $84.1 million as of December 31, 2025, down from $107.5 million as of December 31, 2024, partly reflecting divestitures of non-core businesses including Oxford Analytica, Dragonfly, and TimeBase. Net revenue retention on subscription customers was approximately 96% in Q4 FY2025. The company completed 16 acquisitions from 2017 to 2023 and has since been reducing headcount and divesting non-core assets, with full-time equivalent employees at 540 as of December 31, 2025.

Revenue model

Primarily subscription revenue from software platforms and data products (measured as ARR of $84.1 million as of December 31, 2025). Secondary streams include non-recurring advisory service contracts and advertising revenue from publications Roll Call and CQ in print and digital formats.

Products and services

PolicyNote (flagship AI-native policy tracking and workflow platform), VoterVoice (grassroots advocacy and constituent engagement tool), agentic APIs and MCP server for policy data integration into third-party workflow applications, Roll Call and CQ (policy-focused publications carrying advertising), and advisory/research deliverables.

Customers and end markets

Large enterprises (including 46 of the Fortune 100 as of the 10-K filed 2026-03-24), government agencies, law firms, professional services organizations, trade associations, nonprofits, and small and mid-sized businesses. End markets include corporate legal and compliance, government affairs, lobbying, and advocacy functions across multiple industries and jurisdictions.

Value-chain role

Data aggregator and software provider sitting between raw legislative and regulatory sources and enterprise end users. Structures, analyzes, and delivers policy data through SaaS platforms, APIs, expert analysis layers, and advocacy workflow tools.

Geographic exposure

Primarily United States, with international coverage referenced through product expansion into multiple jurisdictions; specific geographic revenue splits are not disclosed in the provided excerpts.

Source: SEC 10-K, filed 2026-03-24

Industry: Services-Business Services, NEC