FactSet Reports Results for Fourth Quarter and Fiscal 2026
Strong commercial execution and AI momentum drive organic ASV growth of 7.0% NORWALK, Conn., September 30, 2026 - FactSet (NYSE: FDS) (NASDAQ: FDS), a leading global intelligence and AI solutions provider to the financial markets, today announced results for its fourth quarter and fiscal 2026 ended August 31, 2026.
Q4 and Fiscal 2026 Highlights •Robust growth:Q4GAAP revenues grew 6.3% year over year to $634.7 million, with organic revenues up 7.1%. Organic ASV increased by $168.2 million year over year to $2,568.2 million, up 7.0%. •Commercial excellence:Enterprise relationships deepened. Annual ASV retention remained above 95%. During Q4, average renewal contract length increased by ~30%. •AI momentum:AI solutions ASV added in fiscal 2026 more than doubled year over year. •Capital returns:FactSet returned more than $179 million to shareholders in Q4, including $138 million in share repurchases and more than $41 million in dividends. During fiscal 2026, FactSet returned $808 million to shareholders and achieved its twenty-seventh consecutive year of dividend increases.
"FactSet delivered strong results, highlighted by a record increase in organic ASV for both the fourth quarter and fiscal year with continued momentum across our AI and data solutions. During the year, we accelerated innovation, strengthened commercial execution, and improved productivity across the organization.
"As demand for trusted financial intelligence continues to grow, FactSet's high- quality data, embedded workflows, service excellence, and deep client relationships position us to drive sustainable growth and long-term shareholder value."
* See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.
increased 6.3% or $37.8 million to $634.7 million compared with $596.9 million in the prior year period.
was $2,568.2 million at August 31, 2026, up 7.0% or $168.2 million year over year.
was 24.7% compared with 29.7% in the prior year period, primarily due to higher employee compensation costs, mainly driven by one-time restructuring charges and ASV-linked incentive plans, partially offset by an increase in revenues.
, which excludes acquisition-related intangible asset amortization and non- recurring items, was 33.0% compared with 33.8% in the prior year period, mainly due to higher compensation expense from ASV-linked incentive plans and technology-related expenses.
was $3.41 compared with $4.03 for the same period in fiscal 2025, mainly driven by higher operating expenses, including non-recurring items, and a gain on the divestiture of a business in the prior year, partially offset by growth in revenues and a lower share count.
increased 11.6% to $4.52 compared with $4.05 in the prior year period, driven by growth in revenues and a lower share count.
was $204.7 million for the fourth quarter of fiscal 2026, a decrease of 3.5% compared with the prior year period.
was $177.3 million for the fourth quarter of fiscal 2026, a decrease of 0.5% compared with the prior year period.
decreased to 16.1% compared with 18.7% for the prior year period primarily due to the favorable resolution of uncertain tax positions in the U.S. 2
increased 6.7% or $154.5 million to $2.48 billion. This result continues FactSet's track record of 47 consecutive years of increased revenues for the Company.
was 28.3% compared with 32.2% for the prior year, primarily due to higher employee compensation costs, mainly driven by one-time restructuring charges, ASV-linked incentive plans and one-time CEO compensation costs, partially offset by growth in revenues.
was 34.5% compared with 36.3% in the prior year, mainly due to higher compensation expense from ASV-linked incentive plans and technology expenses.
was $14.57 compared with $15.55 in the prior year period, mainly driven by higher operating expenses, including non-recurring items, partially offset by growth in revenues and a lower share count.
increased 6.1% to $18.01, primarily driven by growth in revenues and a lower share count. Fiscal 2026 marks the 30th consecutive year that FactSet has increased its adjusted diluted EPS.
was $822.2 million for fiscal 2026, an increase of 13.2% compared with the prior year period.
was $707.5 million for fiscal 2026, an increase of 14.6% compared with the prior year period.
increased to 17.9% compared with 17.2% for the prior year period primarily due to a stock-based compensation tax shortfall and the limitation on the deductibility of executive compensation, partially offset by the favorable resolution of uncertain tax positions in the U.S.
ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients. Organic ASV at any point in time equals our ASV excluding ASV from acquisitions and the comparable impact of dispositions and discontinued lines of business effected within the last 12 months and the impact of foreign currency movements.
ASV was $2,565.2 million at August 31, 2026, compared with $2,405.6 million at August 31, 2025. Organic ASV was $2,568.2 million at August 31, 2026, up $168.2 million from the prior year, for a growth rate of 7.0%.
FactSet repurchased 552,064 shares of its common stock for $138.0 million at an average price of $249.90 during the fourth quarter of fiscal 2026 under the Company’s share repurchase program. As of August 31, 2026, $356.0 million remained available for share repurchases under this program. 3
Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2027. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.
Participant Registration: FactSet Q4 2026 Earnings Call Registration Please register for the conference call using the above link in advance of the call start time. Upon registration, you will receive dial-in information and a unique access PIN. The earnings presentation will be available on FactSet’s Investor Relations website at 8:30 a.m. Eastern Time on September 30, 2026, 30 minutes before the earnings call begins.
A replay will be available on the Investor Relations website after 1:00 p.m. Eastern Time on September 30, 2026, and will remain accessible through September 30, 2027. A transcript of the earnings call will be available via FactSet CallStreet. 4
This press release contains forward-looking statements based on management's current expectations, estimates, forecasts and projections about future events, trends, contingencies, and circumstances, industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company's strategy, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures or investments, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "intends," "projects," "indicates," "predicts," "potential," or "continue," the negative of those terms, and similar expressions. Forward-looking statements are not guarantees of future performance, outcomes, events, or actions and involve a number of known and unknown risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet's filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K, including Item 1A, Risk Factors , and quarterly reports on Form 10-Q, as well as others, could cause results, performance, achievements, or activities to differ materially from those expressed or implied by the forward-looking statements. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. FactSet assumes no duty to and does not undertake to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Future results could differ materially from historical performance.
The Company reports its financial results in accordance with U.S. GAAP. The Company also refers to and presents certain additional non-GAAP financial measures. These measures include: organic revenues, adjusted operating margin, adjusted operating income, adjusted net income, EBITDA, adjusted EBITDA, adjusted diluted EPS, and free cash flow. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP at the back of this release.
FactSet uses these non-GAAP financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these non-GAAP financial measures provide useful supplemental information to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and such measures may also facilitate comparisons to historical performance. The Company believes that organic revenues, adjusted operating margin, adjusted operating income, adjusted net income, EBITDA, adjusted EBITDA, and adjusted diluted EPS help to fully reflect the underlying economic performance of FactSet. The Company believes that free cash flow is useful to investors because it is an indication of cash flow that may be available to pay debt obligations, make strategic acquisitions and investments, pay dividends, repurchase stock, and strengthen the balance sheet. The presentation of this non-GAAP financial information should not be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with GAAP. We are not able to provide reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted without unreasonable effort.
FactSet (NYSE: FDS | NASDAQ: FDS) supercharges financial intelligence, offering enterprise data and information solutions that help our clients maximize their potential. Our digital platform seamlessly integrates proprietary data, third- party sources, and flexible technology to deliver tailored solutions across the buy side, sell side, wealth, and corporate sectors. With over 48 years of expertise, we leverage advanced data connectivity, AI, and next-generation tools to streamline workflows and enable smarter decision-making. As an S&P 500 company serving more than 9,200 global clients and over 260,000 individual users, we are dedicated to innovation and long-term client success. Learn more at www.factset.com and follow us on X and LinkedIn. Investor Relations:
Certain prior year figures have been conformed to the current year's presentation. 7
Consolidated Statements of Cash Flows (Unaudited) (In thousands) Twelve Months Ended CASH FLOWS FROM OPERATING August 31, ACTIVITIES 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 533,481 $ 597,040 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and 180,830 157,691 amortization Amortization of lease right-of-use 32,268 30,982 assets Stock-based compensation 84,099 61,229 expense Deferred income taxes -14,284 -3,545 Gain on divestiture of a — -23,238 business Other, net 17,415 11,867 Changes in assets and liabilities, net of effects of acquisitions Accounts receivable -37,387 -42,540 Prepaid expenses and -2,209 65 other assets Accounts payable and -4,405 -59,400 accrued expenses Accrued compensation 62,553 35,666 Deferred revenues 15,813 2,249 Taxes payable, net of -5,079 -1,161 prepaid taxes Lease liabilities, net -40,895 -40,645 Net cash provided by operating 822,200 726,260 activities CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property, equipment, leasehold improvements -114,720 -108,806 and capitalized internal-use software Acquisition of businesses, net of cash — -348,255 and cash equivalents acquired Purchases of investments -53,834 -18,867 Proceeds from maturity or sale of 36,050 58,155 investments Proceeds from divestiture — 25,000 Net cash provided by (used in) investing -132,504 -392,773 activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from debt 240,933 803,410 Repayments of debt -242,500 -805,000 Dividend payments -164,184 -159,973 Proceeds from employee 33,289 81,688 stock plans Repurchases of common -643,961 -300,457 stock Deferred acquisition -15,327 -10,199 consideration Other financing -7,697 -17,290 activities Net cash provided by (used in) financing -799,447 -407,821 activities Effect of exchange rate changes on cash, -2,309 3,050 cash equivalents and restricted cash Net increase (decrease) in cash, cash -112,060 -71,284 equivalents and restricted cash Cash, cash equivalents and restricted 351,695 422,979 cash at beginning of period Cash, cash equivalents and restricted $ 239,635 $ 351,695 cash at end of period Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents $ 233,339 $ 337,651 Restricted cash included in Prepaid 6,296 6,522 expenses and other current assets Restricted cash included — 7,522 in Other assets Total cash, cash equivalents and $ 239,635 $ 351,695 restricted cash
Certain prior year figures have been conformed to the current year's presentation. 8 Reconciliation of U.S. GAAP Results to Adjusted Financial Measures
Organic revenues exclude the current year impact of revenues from acquisitions and the comparable impact of dispositions and discontinued lines of business, effected within the past 12 months and the current year impact of foreign currency movements. The table below provides a reconciliation of revenues to organic revenues:
The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA, and adjusted diluted EPS.
Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense, while adjusted EBITDA further excludes non-recurring non-cash expenses.
(1) For fiscal 2026, these costs are related to the recognition, over their respective service periods, of one-time make-whole cash and equity awards issued to our CEO.
(3) Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.
(5) For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended August 31, 2026 and August 31, 2025, were taxed at an adjusted tax rate of 25.1% and 14.8%, respectively. The twelve months ended August 31, 2026 and August 31, 2025, were taxed at an adjusted tax rate of 22.9% and 26.0%, respectively.
(6) Primarily related to the impairment of an equity investment and the recognition, over their respective service periods, of one-time equity awards issued to our CEO. 10
(Unaudited) Figures may not foot due to rounding Annual Fiscal 2027 Guidance (In millions, except per share data) Revenues $2,600 - $2,625 Operating income $806 - $840 Operating margin 31.0% - 32.0% Amortization of intangible assets and other $85 - $97 discrete items Adjusted operating income $903 - $925 Adjusted operating margin(a) 34.75% - 35.25% Diluted earnings per share per common share $17.00 - $17.50 Amortization of intangible assets and other $2.15 - $2.25 discrete items Adjusted diluted earnings per common share $19.25 - $19.65
(a) Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.
Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow.
(a) For comparability purposes, in calculating the organic ASV annual growth rate, the prior year excludes ASV from dispositions and discontinued lines of business effected within the last 12 months. 11
Full text with the tables
FactSet Reports Results for Fourth Quarter and Fiscal 2026
Strong commercial execution and AI momentum drive organic ASV growth of 7.0%
NORWALK, Conn., September 30, 2026 - FactSet (NYSE: FDS) (NASDAQ: FDS), a
leading global intelligence and AI solutions provider to the financial markets,
today announced results for its fourth quarter and fiscal 2026 ended August 31,
2026.
Q4 and Fiscal 2026 Highlights
•Robust growth:Q4GAAP revenues grew 6.3% year over year to $634.7 million,
with organic revenues up 7.1%. Organic ASV increased by $168.2 million year
over year to $2,568.2 million, up 7.0%.
•Commercial excellence:Enterprise relationships deepened. Annual ASV
retention remained above 95%. During Q4, average renewal contract length
increased by ~30%.
•AI momentum:AI solutions ASV added in fiscal 2026 more than doubled year
over year.
•Capital returns:FactSet returned more than $179 million to shareholders in
Q4, including $138 million in share repurchases and more than $41 million in
dividends. During fiscal 2026, FactSet returned $808 million to shareholders
and achieved its twenty-seventh consecutive year of dividend increases.
"FactSet delivered strong results, highlighted by a record increase in organic
ASV for both the fourth quarter and fiscal year with continued momentum across
our AI and data solutions. During the year, we accelerated innovation,
strengthened commercial execution, and improved productivity across the
organization.
"As demand for trusted financial intelligence continues to grow, FactSet's high-
quality data, embedded workflows, service excellence, and deep client
relationships position us to drive sustainable growth and long-term shareholder
value."
- Sanoke Viswanathan, CEO
1
Key Financial Measures*
…
…
…
…
…
…
… T… T…
… M… M…
… E… A… E… A… La…
… 2… 3… 2… C… 2… 3… 2… C… Gu…
──────────────────────────────────────────────────────────────────────────────
$2…
… $ 6… $ 5… 6… % $ 2… $ 2… 6… % -
$2…
… $ 6… $ 5… 7… % $ 2… $ 2… 6… %
…
… $ 1… $ 1… -… % $ 6… $ 7… -… %
…
…
… $ 2… $ 2… 3… % $ 8… $ 8… 1… %
…
… 29…
… 2… % 2… % 2… % 3… % -
31…
… 34…
… 3… % 3… % 3… % 3… % -
… 35…
… $ 1… $ 1… -… % $ 5… $ 5… -… %
…
…
… $ 1… $ 1… 4… % $ 6… $ 6… 1… %
…
… $ 2… $ 2… -… % $ 9… $ 9… -… %
…
… $1…
… $ 3… $ 4… -… % $ 1… $ 1… -… % -
$1…
… $1…
… $ 4… $ 4… 1… % $ 1… $ 1… 6… % -
… $1…
* See reconciliation of U.S. GAAP to adjusted key financial measures in the back
of this press release.
Fourth Quarter Fiscal 2026 Highlights
•
GAAP revenues
increased 6.3% or $37.8 million to $634.7 million compared with $596.9 million
in the prior year period.
•
Organic revenues
grew 7.1% year over year to $635.5 million.
•
Annual Subscription Value
("ASV") was $2,565.2 million at August 31, 2026.
•
Organic ASV
was $2,568.2 million at August 31, 2026, up 7.0% or $168.2 million year over
year.
•
GAAP operating margin
was 24.7% compared with 29.7% in the prior year period, primarily due to higher
employee compensation costs, mainly driven by one-time restructuring charges and
ASV-linked incentive plans, partially offset by an increase in revenues.
•
Adjusted operating margin
, which excludes acquisition-related intangible asset amortization and non-
recurring items, was 33.0% compared with 33.8% in the prior year period, mainly
due to higher compensation expense from ASV-linked incentive plans and
technology-related expenses.
•
GAAP diluted EPS
was $3.41 compared with $4.03 for the same period in fiscal 2025, mainly driven
by higher operating expenses, including non-recurring items, and a gain on the
divestiture of a business in the prior year, partially offset by growth in
revenues and a lower share count.
•
Adjusted diluted EPS
increased 11.6% to $4.52 compared with $4.05 in the prior year period, driven by
growth in revenues and a lower share count.
•
Net cash provided by operating activities
was $204.7 million for the fourth quarter of fiscal 2026, a decrease of 3.5%
compared with the prior year period.
•
Free cash flow
was $177.3 million for the fourth quarter of fiscal 2026, a decrease of 0.5%
compared with the prior year period.
•
GAAP effective tax rate
decreased to 16.1% compared with 18.7% for the prior year period primarily due
to the favorable resolution of uncertain tax positions in the U.S.
2
Full Year Fiscal 2026 Highlights
•
GAAP revenues
increased 6.7% or $154.5 million to $2.48 billion. This result continues
FactSet's track record of 47 consecutive years of increased revenues for the
Company.
•
GAAP operating margin
was 28.3% compared with 32.2% for the prior year, primarily due to higher
employee compensation costs, mainly driven by one-time restructuring charges,
ASV-linked incentive plans and one-time CEO compensation costs, partially offset
by growth in revenues.
•
Adjusted operating margin
was 34.5% compared with 36.3% in the prior year, mainly due to higher
compensation expense from ASV-linked incentive plans and technology expenses.
•
GAAP diluted EPS
was $14.57 compared with $15.55 in the prior year period, mainly driven by
higher operating expenses, including non-recurring items, partially offset by
growth in revenues and a lower share count.
•
Adjusted diluted EPS
increased 6.1% to $18.01, primarily driven by growth in revenues and a lower
share count. Fiscal 2026 marks the 30th consecutive year that FactSet has
increased its adjusted diluted EPS.
•
Net cash provided by operating activities
was $822.2 million for fiscal 2026, an increase of 13.2% compared with the prior
year period.
•
Free cash flow
was $707.5 million for fiscal 2026, an increase of 14.6% compared with the prior
year period.
•
GAAP effective tax rate
increased to 17.9% compared with 17.2% for the prior year period primarily due
to a stock-based compensation tax shortfall and the limitation on the
deductibility of executive compensation, partially offset by the favorable
resolution of uncertain tax positions in the U.S.
Annual Subscription Value (ASV)
ASV at any given point in time represents the forward-looking revenues for the
next 12 months from all subscription services currently supplied to clients.
Organic ASV at any point in time equals our ASV excluding ASV from acquisitions
and the comparable impact of dispositions and discontinued lines of business
effected within the last 12 months and the impact of foreign currency movements.
ASV was $2,565.2 million at August 31, 2026, compared with $2,405.6 million at
August 31, 2025. Organic ASV was $2,568.2 million at August 31, 2026, up $168.2
million from the prior year, for a growth rate of 7.0%.
Segment Revenues and ASV
Aug.
Aug. Aug. 31,
(Res… 31, 31, 2026 Organ… Q4 Q4 Organic
in 2026 2025 Organ… ASV FY26 FY25 Revenu…
mill… ASV ASV ASV Growth Reven… Reven… Growth
──────────────────────────────────────────────────────────────────────────────
Amer… $1,67… $1,57… $1,67… 7.1% $414.3 $388.7 6.7%
EMEA $620.9 $591.6 $623.6 5.2% $154.8 $147.4 6.6%
APAC $266.1 $243.9 $266.4 10.6% $65.6 $60.8 11.0%
Share Repurchase Program
FactSet repurchased 552,064 shares of its common stock for $138.0 million at an
average price of $249.90 during the fourth quarter of fiscal 2026 under the
Company’s share repurchase program. As of August 31, 2026, $356.0 million
remained available for share repurchases under this program.
3
Annual Business Outlook
Fiscal 2027 Expectations:
Metric Guidance
Organic ASV Growth 5.0% – 6.5%
Revenues $2,600 – $2,625 million
GAAP Adjusted
Operating Margin 31.0% – 32.0% 34.75% – 35.25%
Diluted EPS $17.00 – $17.50 $19.25 – $19.65
Adjusted operating margin and adjusted diluted EPS guidance do not include
certain effects of any non-recurring benefits or charges that may arise in
fiscal 2027. Please see the back of this press release for a reconciliation of
GAAP to adjusted metrics.
Conference Call
Fourth Quarter 2026 Conference Call Details
Date: Wednesday, September 30, 2026
Time: 9:00 a.m. Eastern Time
Participant Registration: FactSet Q4 2026 Earnings Call Registration
Please register for the conference call using the above link in advance of the
call start time. Upon registration, you will receive dial-in information and a
unique access PIN. The earnings presentation will be available on FactSet’s
Investor Relations website at 8:30 a.m. Eastern Time on September 30, 2026, 30
minutes before the earnings call begins.
A replay will be available on the Investor Relations website after 1:00 p.m.
Eastern Time on September 30, 2026, and will remain accessible through September
30, 2027. A transcript of the earnings call will be available via FactSet
CallStreet.
4
Forward-looking Statements
This press release contains forward-looking statements based on management's
current expectations, estimates, forecasts and projections about future events,
trends, contingencies, and circumstances, industries in which FactSet operates
and the beliefs and assumptions of management. All statements that address
expectations, guidance, outlook or projections about the future, including
statements about the Company's strategy, product development, revenues, future
financial results, anticipated growth, market position, subscriptions, expected
expenditures or investments, trends in FactSet’s business and financial results,
are forward-looking statements. Forward-looking statements may be identified by
words like "may," "might," "will," "should," "expects," "plans," "anticipates,"
"believes," "estimates," "intends," "projects," "indicates," "predicts,"
"potential," or "continue," the negative of those terms, and similar
expressions. Forward-looking statements are not guarantees of future
performance, outcomes, events, or actions and involve a number of known and
unknown risks, uncertainties, and assumptions. Many factors, including those
discussed more fully elsewhere in this release and in FactSet's filings with the
Securities and Exchange Commission, particularly its latest annual report on
Form 10-K, including Item 1A, Risk Factors , and quarterly reports on Form 10-Q,
as well as others, could cause results, performance, achievements, or activities
to differ materially from those expressed or implied by the forward-looking
statements. Accordingly, the Company cautions readers not to place undue
reliance on any forward-looking statements, which speak only as of the date they
are made. FactSet assumes no duty to and does not undertake to update or revise
any forward-looking statement to reflect events or circumstances arising after
the date on which it is made, except as required by applicable law. Future
results could differ materially from historical performance.
About Non-GAAP Financial Measures
The Company reports its financial results in accordance with U.S. GAAP. The
Company also refers to and presents certain additional non-GAAP financial
measures. These measures include: organic revenues, adjusted operating margin,
adjusted operating income, adjusted net income, EBITDA, adjusted EBITDA,
adjusted diluted EPS, and free cash flow. The Company has included
reconciliations of these non-GAAP financial measures to the most directly
comparable financial measures calculated in accordance with GAAP at the back of
this release.
FactSet uses these non-GAAP financial measures both in presenting its results to
stockholders and the investment community and in its internal evaluation and
management of the business. The Company believes that these non-GAAP financial
measures provide useful supplemental information to investors because they
permit investors to view the Company’s performance using the same tools that
management uses to gauge progress in achieving its goals. Investors may benefit
from referring to these non-GAAP financial measures in assessing the Company’s
performance and when planning, forecasting and analyzing future periods, and
such measures may also facilitate comparisons to historical performance. The
Company believes that organic revenues, adjusted operating margin, adjusted
operating income, adjusted net income, EBITDA, adjusted EBITDA, and adjusted
diluted EPS help to fully reflect the underlying economic performance of
FactSet. The Company believes that free cash flow is useful to investors because
it is an indication of cash flow that may be available to pay debt obligations,
make strategic acquisitions and investments, pay dividends, repurchase stock,
and strengthen the balance sheet. The presentation of this non-GAAP financial
information should not be considered in isolation from, or as a substitute for,
the financial information prepared and presented in accordance with GAAP. We are
not able to provide reconciliations of certain forward-looking non-GAAP
financial measures to comparable GAAP measures because certain items required
for such reconciliations are outside of our control and/or cannot be reasonably
predicted without unreasonable effort.
About FactSet
FactSet (NYSE: FDS | NASDAQ: FDS) supercharges financial intelligence, offering
enterprise data and information solutions that help our clients maximize their
potential. Our digital platform seamlessly integrates proprietary data, third-
party sources, and flexible technology to deliver tailored solutions across the
buy side, sell side, wealth, and corporate sectors. With over 48 years of
expertise, we leverage advanced data connectivity, AI, and next-generation tools
to streamline workflows and enable smarter decision-making. As an S&P 500
company serving more than 9,200 global clients and over 260,000 individual
users, we are dedicated to innovation and long-term client success. Learn more
at www.factset.com and follow us on X and LinkedIn.
Investor Relations:
Kevin Toomey
+1.212.209.5259
Kevin.Toomey@factset.com
Media Relations:
Adam Dalezman
+1.203.810.1035
media_request@factset.com
5
Cons…
Stat…
of
Inco…
Three Twelve
Months Months
Ended Ended
August August
31, 31,
(In
thou…
exce… 2026 2025 2026 2025
per
share
data)
Reve… $ 634,6… $ 596,901 $ 2,476,… $ 2,321…
Oper…
expe…
Cost
of 326,2… 288,670 1,223,… 1,097…
serv…
Sell…
gene… 151,7… 130,910 553,153 475,6…
and
admi…
Total
oper… 478,0… 419,580 1,776,… 1,573…
expe…
Oper… 156,6… 177,321 699,957 748,3…
inco…
Other
inco…
(exp…
net
Inte… 1,442 2,050 4,064 6,533
inco…
Inte… -14,3… -12,886 -54,684 -56,3…
expe…
Other
inco… 703 22,466 379 22,446
(exp…
net
Total
other
inco… -12,2… 11,630 -50,241 -27,3…
(exp…
net
Inco…
befo… 144,3… 188,951 649,716 720,9…
inco…
taxes
Prov…
for 23,244 35,335 116,235 123,9…
inco…
taxes
Net $ 121,1… $ 153,616 $ 533,481 $ 597,0…
inco…
Basic
earn…
per $ 3.42 $ 4.07 $ 14.63 $ 15.74
comm…
share
Dilu…
earn…
per $ 3.41 $ 4.03 $ 14.57 $ 15.55
comm…
share
Basic
weig…
aver… 35,403 37,757 36,467 37,924
comm…
shar…
Dilu…
weig…
aver… 35,572 38,158 36,612 38,385
comm…
shar…
6
Consolidated
Balance
Sheets(Unaudited) (In thousands) August 31, 2026 August 31, 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Cash and cash $ 233,339 $ 337,651
equivalents
Investments 31,993 17,445
Accounts
receivable, net of
reserves of
$13,584 at August 301,439 270,684
31, 2026 and
$13,789
at August 31, 2025
Prepaid taxes 11,406 33,600
Prepaid expenses
and other current 76,536 70,379
assets
Total current 654,713 729,759
assets
Property,
equipment and 79,246 85,203
leasehold
improvements, net
Goodwill 1,283,025 1,284,708
Intangible assets, 1,849,510 1,916,102
net
Deferred tax 74,550 61,226
assets
Lease right-of-use 113,275 121,776
assets, net
Other assets 88,524 105,498
TOTAL ASSETS $ 4,142,843 $ 4,304,272
LIABILITIES
Accounts payable
and accrued $ 136,104 $ 135,262
expenses
Current debt 499,436 —
Current lease 34,253 33,145
liabilities
Accrued 192,352 130,596
compensation
Deferred revenues 184,264 167,852
Current taxes 5,012 13,041
payable
Dividends payable 40,901 41,410
Total current 1,092,322 521,306
liabilities
Long-term debt 870,586 1,368,260
Deferred tax 11,279 14,902
liabilities
Taxes payable 25,502 45,095
Long-term lease 138,139 157,104
liabilities
Other liabilities 3,149 11,192
TOTAL LIABILITIES $ 2,140,977 $ 2,117,859
STOCKHOLDERS’
EQUITY
TOTAL
STOCKHOLDERS’ $ 2,001,866 $ 2,186,413
EQUITY
TOTAL LIABILITIES
AND STOCKHOLDERS’ $ 4,142,843 $ 4,304,272
EQUITY
Certain prior year figures have been conformed to the current year's
presentation.
7
Consolidated Statements
of Cash Flows (Unaudited)
(In thousands) Twelve Months Ended
CASH FLOWS FROM OPERATING August 31,
ACTIVITIES 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 533,481 $ 597,040
Adjustments to reconcile
net income to
net cash provided by
operating
activities
Depreciation and 180,830 157,691
amortization
Amortization of lease
right-of-use 32,268 30,982
assets
Stock-based compensation 84,099 61,229
expense
Deferred income taxes -14,284 -3,545
Gain on divestiture of a — -23,238
business
Other, net 17,415 11,867
Changes in assets and
liabilities, net
of effects of
acquisitions
Accounts receivable -37,387 -42,540
Prepaid expenses and -2,209 65
other assets
Accounts payable and -4,405 -59,400
accrued expenses
Accrued compensation 62,553 35,666
Deferred revenues 15,813 2,249
Taxes payable, net of -5,079 -1,161
prepaid taxes
Lease liabilities, net -40,895 -40,645
Net cash provided by
operating 822,200 726,260
activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchases of property,
equipment,
leasehold improvements -114,720 -108,806
and capitalized
internal-use software
Acquisition of
businesses, net of cash — -348,255
and cash equivalents
acquired
Purchases of investments -53,834 -18,867
Proceeds from maturity or
sale of 36,050 58,155
investments
Proceeds from divestiture — 25,000
Net cash provided by
(used in) investing -132,504 -392,773
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from debt 240,933 803,410
Repayments of debt -242,500 -805,000
Dividend payments -164,184 -159,973
Proceeds from employee 33,289 81,688
stock plans
Repurchases of common -643,961 -300,457
stock
Deferred acquisition -15,327 -10,199
consideration
Other financing -7,697 -17,290
activities
Net cash provided by
(used in) financing -799,447 -407,821
activities
Effect of exchange rate
changes on cash, -2,309 3,050
cash equivalents and
restricted cash
Net increase (decrease)
in cash, cash -112,060 -71,284
equivalents and
restricted cash
Cash, cash equivalents
and restricted 351,695 422,979
cash at beginning of
period
Cash, cash equivalents
and restricted $ 239,635 $ 351,695
cash at end of period
Reconciliation of total
cash, cash
equivalents and
restricted cash:
Cash and cash equivalents $ 233,339 $ 337,651
Restricted cash included
in Prepaid 6,296 6,522
expenses and other
current assets
Restricted cash included — 7,522
in Other assets
Total cash, cash
equivalents and $ 239,635 $ 351,695
restricted cash
Certain prior year figures have been conformed to the current year's
presentation.
8
Reconciliation of U.S. GAAP Results to Adjusted Financial Measures
Organic Revenues
Organic revenues exclude the current year impact of revenues from acquisitions
and the comparable impact of dispositions and discontinued lines of business,
effected within the past 12 months and the current year impact of foreign
currency movements. The table below provides a reconciliation of revenues to
organic revenues:
Th… Tw…
(… Mo… Mo…
(… En… Au… En… A…
t… 20… 31, 20… Ch… 20… 3… 20… Ch…
──────────────────────────────────────────────────────────────────────────────
R… $ 63… $ 59… 6… % $ 2… $ 2… 6… %
A… — — -… —
r…
D… — -3… — -…
r…
C… 845 — -… —
i…
O… $ 63… $ 59… 7… % $ 2… $ 2… 6… %
r…
Non-GAAP Financial Measures
The table below provides a reconciliation of operating income, operating margin,
net income and diluted EPS to adjusted operating income, adjusted operating
margin, adjusted net income, EBITDA, adjusted EBITDA, and adjusted diluted EPS.
Adjusted operating income and margin, adjusted net income, and adjusted diluted
earnings per share exclude acquisition-related intangible asset amortization and
non-recurring items. EBITDA represents earnings before interest expense,
provision for income taxes and depreciation and amortization expense, while
adjusted EBITDA further excludes non-recurring non-cash expenses.
(… Th… T…
t… Mo… M…
e… En… E…
p… Au… A…
s… 31, % 3… %
d… 20… 20… C… 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
O… $ 15… $ 17… -1… % $ 69… $ 74… -6… %
i…
I…
a… 18… 19… 76… 73…
a…
R… 26… 576 46… 259
C…
o… 4,… 1,… 19… 1,…
c…
B…
d…
a… 1,… 2,… 8,… 17…
a…
r…
c…
I…
l… — — 2,… —
c…
r…
A… — — 887 —
i…
C…
b… — — 750 —
c…
L… 650 — 650 —
r…
S…
t… — — — 2,…
d…
A…
o… $ 20… $ 20… 3.8 % $ 85… $ 84… 1.4 %
i…
O… 24… 29… 28… 32…
m…
A…
o… 33… 33… 34… 36…
m…
N… $ 12… $ 15… -2… % $ 53… $ 59… -1… %
i…
I…
a… 14… 16… 58… 54…
a…
R… 20… 491 35… 192
C…
o… 3,… 1,… 15… 1,…
c…
I…
w… — — 12… —
O…
a…
B…
d…
a… 1,… 2,… 6,… 13…
a…
r…
c…
I…
l… — — 2,… —
c…
r…
A… — — 684 —
i…
9
Cl…
ba… — — 578 —
ch…
Li… 487 — 501 —
re…
Sa…
tax — — — 1,775
di…
Ga…
on — -19… — -17,…
bu…
di…
Ga…
on
sa… — — -5,… —
of
in…
No…
in…
fr… -136 — -604 —
bu…
di…
In…
tax 359 — -493 1,351
it…
Ad…
net $ 160,… $ 154… 4.1 % $ 659… $ 651,… 1.2 %
in…
Net $ 121,… $ 153… -21.1 % $ 533… $ 597,… -10… %
in…
In… 14,3… 12,… 54,… 56,3…
ex…
In… 23,2… 35,… 116… 123,…
ta…
De…
and 47,1… 42,… 180… 157,…
am…
ex…
EB… $ 205,… $ 244… -15.8 % $ 885… $ 934,… -5.3 %
No…
no… 3,320 — 26,… —
ex…
Ad… $ 209,… $ 244… -14.5 % $ 911… $ 934,… -2.5 %
EB…
Di… $ 3.41 $ 4.03 -15.4 % $ 14.… $ 15.55 -6.3 %
EPS
In…
as… 0.40 0.43 1.60 1.41
am…
Re… 0.57 0.01 0.97 0.01
CEO
on… 0.09 0.03 0.41 0.03
co…
Im…
wi… — — 0.34 —
Ot…
as…
Bu…
di…
ac… 0.04 0.07 0.18 0.34
and
re…
co…
In…
la… — — 0.06 —
co…
re…
As… — — 0.02 —
im…
Cl…
ba… — — 0.02 —
ch…
Li… 0.01 — 0.01 —
re…
Sa…
tax — — — 0.05
di…
Ga…
on — -0.… — -0.45
bu…
di…
Ga…
on
sa… — — -0.… —
of
in…
No…
in…
fr… -0.01 — -0.… —
bu…
di…
In…
tax 0.01 — -0.… 0.04
it…
Ad…
di… $ 4.52 $ 4.05 11.6 % $ 18.… $ 16.98 6.1 %
EP…
We…
av…
co… 35,5… 38,… 36,… 38,3…
sh…
(d…
(1) For fiscal 2026, these costs are related to the recognition, over their
respective service periods, of one-time make-whole cash and equity awards issued
to our CEO.
(2) Related to a resolved matter with the Massachusetts Department of Revenue.
(3) Adjusted operating margin is calculated as Adjusted operating income divided
by Revenues.
(4) Related to the impairment of an equity investment.
(5) For purposes of calculating Adjusted net income and Adjusted diluted EPS,
all adjustments for the three months ended August 31, 2026 and August 31, 2025,
were taxed at an adjusted tax rate of 25.1% and 14.8%, respectively. The twelve
months ended August 31, 2026 and August 31, 2025, were taxed at an adjusted tax
rate of 22.9% and 26.0%, respectively.
(6) Primarily related to the impairment of an equity investment and the
recognition, over their respective service periods, of one-time equity awards
issued to our CEO.
10
Business Outlook Reconciliation
(Unaudited)
Figures may not foot due to rounding Annual Fiscal 2027 Guidance
(In millions, except per share data)
Revenues $2,600 - $2,625
Operating income $806 - $840
Operating margin 31.0% - 32.0%
Amortization of intangible assets and other $85 - $97
discrete items
Adjusted operating income $903 - $925
Adjusted operating margin(a) 34.75% - 35.25%
Diluted earnings per share per common share $17.00 - $17.50
Amortization of intangible assets and other $2.15 - $2.25
discrete items
Adjusted diluted earnings per common share $19.25 - $19.65
(a) Adjusted operating margin is calculated as Adjusted operating income divided
by Revenues.
Free Cash Flow
Cash flows provided by operating activities have been reduced by purchases of
property, equipment, leasehold improvements and capitalized internal-use
software to report non-GAAP free cash flow.
Th… T…
(… Mo… M…
(… En… Au… E… Au…
t… 20… 31, 20… C… 2… 31, 2… C…
──────────────────────────────────────────────────────────────────────────────
N…
C…
P… $ 20… $ 21… -3… % $ 82… $ 72… 13… %
f…
O…
A…
L…
p…
of
p…
e…
l… -2… -3… -1… % -1… -1… 5.4 %
i…
a…
c…
i…
s…
F…
C… $ 17… $ 17… -0… % $ 70… $ 61… 14… %
F…
Organic ASV
The following table presents the calculation of organic ASV.
As of August 31,
(In millions) 2026
────────────────────────────────────────────────────────────────────────
As reported ASV $ 2,565.2
Impact from foreign currency movements 3.0
Organic ASV $ 2,568.2
Organic ASV annual growth rate(a) 7.0 %
(a) For comparability purposes, in calculating the organic ASV annual growth
rate, the prior year excludes ASV from dispositions and discontinued lines of
business effected within the last 12 months.
11