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PRE-MKT · 06:25 ET
Market ClerkRecap
Thu Oct 22 · pre-market2 signals on Oct 21108 insider buys this week · $250.3MCIRO short report next: Oct 31The week ahead

FDS

FACTSET RESEARCH SYSTEMS INC
NYSE · TECHNOLOGY · SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC.
319.91
+7.64 +2.45%
USD · close Oct 21
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Work order
1
FLAG · shorts 1
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nobody we score has called it yet
MKT CAP $11.4BP/E 21.1DIV YIELD 1.39%FCF YIELD 6.23%REV TTM $2.4B +6.6%NET INCOME $566M +6.2%NET DEBT $1.1B52W 190.06 – 319.91SEC XBRL · TTM TO Invalid Date

How FDS rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
29%
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Added
509
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Dropped
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Length
−1,105
words, now 35,495

New in FY2025

  • Our MD&A is presented in the following sections: • Executive Overview • Annual Subscription Value ("ASV") • Client and User Additions • Employee Headcount • Results of Operations • Non-GAAP Financial Measures • Liquidity and Capital Resources • Off-Balance Sheet Arrangements • Foreign Currency Exposure • Critical Accounting Estimates • New Accounting Pronouncements Executive Overview FactSet is a global financial digital platform and enterprise solutions provider with open and flexible technologies that deliver financial intelligence to investment professionals worldwide.
  • Our platform delivers expansive data, sophisticated analytics, and flexible, AI-powered technologies used by global financial professionals to power their critical investment workflows.
  • As of August 31, 2025, we had approximately 9,000 clients comprised of over 237,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals.
  • We drive our business based on a detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges.
  • We provide open and flexible technology offerings, including a configurable desktop and mobile platform, comprehensive data feeds, cloud-based digital solutions, and APIs.
  • AI is embedded across these offerings to enhance data discovery, automate routine workflows and improve the speed and accuracy of client insights.
  • The CGS business supports security master files relied on by the investment industry for critical front, middle and back-office functions.
  • We operate our business through three segments: the Americas, EMEA and Asia Pacific.
  • Within each segment, we offer data, products and analytical applications by firm type: Institutional Buyside, Dealmakers, Wealth, and Partnerships and CGS.
  • Note 17, Segment Information , in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information.
  • Fiscal 2025 in Review Revenues for fiscal 2025 were $2,321.7 million, an increase of 5.4% from the comparable prior year.
  • The growth in revenues was driven by a 4.4% increase in organic revenues, a 0.9% increase from acquisition-related revenues and a net increase of 0.1% from foreign currency exchange rate fluctuations.
  • Revenues increased primarily from workstations and to a lesser extent, CGS and front office solutions.
  • As of August 31, 2025, organic annual subscription value ("Organic ASV") totaled $2,370.9 million, an increase of 5.7% over the prior year.
  • Organic ASV growth was mainly driven by workstations, data solutions and, to a lesser extent, CGS.
  • Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value, of this Annual Report on Form 10-K for the definition of Organic ASV.
  • Operating margin was 32.2% for fiscal 2025, compared with 31.8% for fiscal 2024.
  • This increase in operating margin was mainly due to growth in revenues and, when expressed as a percentage of revenues, charges related to the Sales Tax Dispute that were recorded in the prior year, partially offset by higher amortization of intangible assets in the current year.
  • Note 12, Commitments and Contingencies in the Notes to the Consolidated Financial Statements of this Annual Report on Form 10-K for more information on the Sales Tax Dispute.
  • Net income for fiscal 2025 was $597.0 million, an increase of 11.2% from the prior year.
  • Diluted earnings per common share ("Diluted EPS") for fiscal 2025 was $15.55, an increase of 11.8% compared with the prior year.
  • The increase in Net income and Diluted EPS was primarily driven by higher operating income and a gain from the divestiture of a business.
  • We returned $460.4 million to our stockholders in the form of share repurchases and dividends during fiscal 2025.
  • As of August 31, 2025, our client and user counts were 8,996 and 237,324, respectively.
  • Our employee headcount was 12,800 as of August 31, 2025, up 3.2% compared to the prior year.
  • This increase was driven by net headcount growth of 6.0% in the Americas and 2.6% in each of EMEA and Asia Pacific.
  • Annual Subscription Value ("ASV") We believe ASV reflects our ability to grow recurring revenues and generate positive cash flows, and thus serves as a key indicator of the successful execution of our business strategy. – ASV at any point in time represents our forward-looking revenues for the next 12 months from all subscription services currently being supplied to clients. – Organic ASV at any point in time equals our ASV excluding ASV from acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.
  • Beginning in fiscal 2025, we are reporting Organic ASV, rather than Organic ASV plus professional services, to focus on the recurring nature of our revenues.
  • This underscores the shift of our offerings toward providing more managed services and less project-based services.
  • Organic ASV The following table presents the calculation of Organic ASV as of August 31, 2025.
  • (dollar amounts in millions) As of August 31, 2025 ASV $ 2,405.6 Impact from foreign currency movements (0.6) Acquisition ASV (1 ) (34.1) Organic ASV $ 2,370.9 Organic ASV annual growth rate (2) 5.7 % (1) ASV from acquisitions completed within the last 12 months.
  • (2) For comparability purposes, in calculating the organic ASV annual growth rate, the prior year excludes ASV from dispositions completed in the last 12 months.
  • As of August 31, 2025, Organic ASV was $2,370.9 million, an increase of 5.7% compared with August 31, 2024.
  • The increase in Organic ASV was primarily due to higher sales to existing clients and, to a lesser extent, sales to new clients and price increases to existing clients, all primarily attributable to workstations, data solutions and, to a lesser extent, CGS.
  • This increase was partially offset by existing client cancellations.
  • Segment ASV As of August 31, 2025, ASV from the Americas represented 65% of total ASV and was $1,570.1 million, an increase from $1,455.4 million as of August 31, 2024.
  • Americas Organic ASV was $1,541.9 million as of August 31, 2025, a 6.0% increase from the prior year.
  • The Organic ASV increase in the Americas was primarily driven by workstations and, to a lesser extent, data solutions.
  • As of August 31, 2025, ASV from EMEA represented 25% of total ASV and was $591.6 million, an increase from $569.7 million as of August 31, 2024.
  • EMEA Organic ASV was $586.3 million as of August 31, 2025, a 4.2% increase from the prior year.

and 469 more.

Gone since FY2024

  • Our MD&A is presented in the following sections: • Executive Overview • Annual Subscription Value ("ASV") • Client and User Additions • Employee Headcount • Results of Operations • Non-GAAP Financial Measures • Liquidity and Capital Resources • Off-Balance Sheet Arrangements • Foreign Currency Exposure • Critical Accounting Estimates • New Accounting Pronouncements Executive Overview FactSet Research Systems Inc. and its wholly-owned subsidiaries (collectively, "we," "our," "us," the "Company" or "FactSet") is a global financial digital platform and enterprise solutions provider with open and flexible technologies that aims to supercharge financial intelligence.
  • Our platform delivers expansive data, sophisticated analytics, and flexible technology used by global financial professionals to power their critical investment workflows.
  • As of August 31, 2024, we had more than 8,200 clients comprised of over 216,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals.
  • We drive our business based on detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges.
  • During fiscal 2024, we revised our internal organization within each segment to offer data, products and analytical applications by firm type: Institutional Buyside, Dealmakers, Wealth, and Partnerships and CGS.
  • Note 18, Segment Information , in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information.
  • Fiscal 2024 in Review Revenues for fiscal 2024 were $2,203.1 million, an increase of 5.6% from the comparable prior year.
  • The growth in revenues was reflective of organic revenues growth of 5.7% during fiscal 2024, compared with the prior year.
  • Revenues increased due to higher demand and price increases primarily from workstations, data solutions and middle office solutions.
  • As of August 31, 2024, organic annual subscription value ("Organic ASV") plus Professional Services totaled $2,272.8 million, an increase of 4.8% over the prior year.
  • Organic ASV growth was driven by higher demand and price increases primarily from workstations and, to a lesser extent, CGS subscriptions, middle office solutions and data solutions.
  • Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value, of this Annual Report on Form 10-K for the definitions of Organic ASV and Organic ASV plus Professional Services.
  • Operating margin increased to 31.8% for fiscal 2024, compared with 30.2% for fiscal 2023.
  • This increase was primarily due to growth in revenues and, when expressed as a percentage of revenues, a decrease in employee compensation costs and lower asset impairment charges, partially offset by charges related to a Massachusetts sales tax dispute ("Sales Tax Dispute") and an increase in amortization of intangible assets.
  • Note 13, Commitments and Contingencies in the Notes to the Consolidated Financial Statements of this Annual Report on Form 10-K for more information on the Sales Tax Dispute.
  • Net income for fiscal 2024 was $537.1 million, an increase of 14.7% from the prior year.
  • Diluted earnings per common share ("Diluted EPS") for fiscal 2024 was $13.91, an increase of 15.5% compared with the prior year.
  • The increase in Net income and Diluted EPS was primarily driven by higher operating income.
  • Diluted EPS further increased as a result of lower diluted weighted average common shares outstanding compared with the prior year.
  • We returned $385.9 million to our stockholders in the form of share repurchases and dividends during fiscal 2024.
  • As of August 31, 2024, our client and user count was 8,217 and 216,381, respectively.
  • Our employee headcount was 12,398 as of August 31, 2024, up 1.3% compared to the prior year.
  • This increase was driven by net headcount growth in Asia Pacific of 3.7%, while the Americas and EMEA experienced a net headcount decrease of 4.8% and 2.0%, respectively.
  • CUSIP Global Services Acquisition On March 1, 2022, we completed our acquisition of CGS for a cash price of $1.932 billion, inclusive of working capital adjustments.
  • We acquired CGS to expand our critical role in the global capital markets.
  • Revenues from CGS are recognized based on geographic business activities in accordance with how our segments are currently aligned.
  • The purchase price for the CGS acquisition was financed from the net proceeds of the issuance of the Senior Notes and borrowings under the 2022 Credit Facilities.
  • Note 6, Acquisitions and Note 12, Debt in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on these defined terms as well as our acquisition of CGS, the Senior Notes and the 2022 Credit Facilities, respectively.
  • Annual Subscription Value ("ASV") We believe ASV reflects our ability to grow recurring revenues and generate positive cash flows, and thus serves as a key indicator of the successful execution of our business strategy. – "ASV" at any point in time represents our forward-looking revenues for the next 12 months from all subscription services currently being supplied to clients, excluding revenues from Professional Services. – "Organic ASV" at any point in time equals our ASV excluding ASV from acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements. – "Professional Services" are revenues derived from project-based consulting and implementation services, annualized over the past 12 months. – "Organic ASV plus Professional Services" at any point in time equals the sum of Organic ASV and Professional Services.
  • Organic ASV plus Professional Services The following table presents the calculation of Organic ASV plus Professional Services as of August 31, 2024.
  • (dollar amounts in millions) As of August 31, 2024 As reported ASV plus Professional Services (1) $ 2,276.0 Currency impact (2) (3.2) Organic ASV plus Professional Services $ 2,272.8 Organic ASV plus Professional Services annual growth rate 4.8 % (1) Includes $18.3 million in Professional Services as of August 31, 2024.
  • (2) The impact from foreign currency movements.
  • As of August 31, 2024, Organic ASV plus Professional Services was $2,272.8 million, an increase of 4.8% compared with August 31, 2023.
  • Organic ASV increased in all our segments, with the majority of the increase related to the Americas.
  • This increase in Organic ASV was primarily driven by higher sales to existing clients and, to a lesser extent, price increases to existing clients and sales to new clients, partially offset by existing client cancellations.
  • These higher sales and price increases were primarily attributable to workstations and, to a lesser extent, CGS subscriptions, middle office solutions and data solutions.
  • Segment ASV As of August 31, 2024, ASV from the Americas represented 65% of total ASV and was $1,456.8 million, an increase from $1,376.9 million as of August 31, 2023.
  • Americas Organic ASV was $1,456.8 million as of August 31, 2024, a 6.1% increase from the prior year.
  • The Organic ASV increase in the Americas was driven by higher demand and price increases primarily from workstations and, to a lesser extent, CGS subscriptions.
  • As of August 31, 2024, ASV from EMEA represented 25% of total ASV and was $570.3 million, an increase from $559.6 million as of August 31, 2023.

and 509 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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