# FactSet Research Systems Inc. (FDS) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/FDS/thesis · /stocks/FDS/memo

## Financial Snapshot

---
ticker: FDS
step: 04
generated: 2026-05-13
source: quick-research
---

### FactSet Research Systems Inc. (FDS) — Financial Snapshot

*Note: FactSet's fiscal year ends August 31.*

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$1.84B | $2.086B | $2.203B | +5.6% |
| Operating Margin | — | ~32% | ~31% | stable |
| GAAP EPS (diluted) | — | — | — | — |
| FY2025 GAAP EPS | — | — | $15.55 | +11.8% |

*FY2025 (ending Aug 31, 2025): Revenue $2.322B (+5.4%); GAAP diluted EPS $15.55 (+11.8%); GAAP operating margin 32.2%; Organic ASV $2,370.9M (+5.7% YoY). 46th consecutive year of revenue growth. Key metrics: Q1 FY2026 (Sept–Nov 2025) showed net margin strength. Barclays multiyear platform deal announced January 2026. Stock declined ~54.5% from March 2025 highs due to AI disruption concerns. Recent acquisitions: LiquidityBook (Feb 2025, cloud-native EMS), LogoIntern (March 2025, productivity tools). FY2025 guidance delivered: GAAP revenues $2,285–2,305M achieved; adj. diluted EPS $16.80–17.40 range.*

#### Cash Flow & Balance Sheet

| Metric | Value |
|--------|-------|
| Organic ASV | $2,370.9M (Aug 2025) |
| Revenue Streak | 46 consecutive years of growth |
| Operating Margin | 32.2% (FY2025 GAAP) |
| Recent Acquisitions | LiquidityBook, LogoIntern (2025) |
| Leverage | Elevated (funded acquisitions via debt) |

*FactSet's subscription model generates highly predictable cash flows; capital allocation historically included buybacks + dividends + acquisitions. Recent acquisitions expanding into execution management (LiquidityBook) and productivity tools (LogoIntern) reflect the AI-era pivot — adding workflow capabilities beyond pure data access.*

#### Key Ratios (approximate)
- P/E: ~17–22x (GAAP EPS $15.55; stock ~$270–340 post-selloff)
- Revenue Growth (FY2025): +5.4%; 3-year CAGR: ~11%
- Operating Margin: 32.2%
- ASV Growth: 5.7% organic (decelerating from prior ~8–10%)

#### Growth Profile
FactSet had 13% revenue growth in FY2023 (driven by Cobalt/CUSIP revenue and organic ASV gains) that decelerated to 5–6% in FY2024–2025. ASV growth at 5.7% reflects: (1) lower price increases as CPI decelerated (historically CPI-linked pricing); (2) buy-side client budget pressure; (3) AI disruption concerns dampening expansion sales. The 46-year revenue streak is unbroken but investors question whether AI (Bloomberg AI, LLMs replacing equity research workflows) will structurally impair future growth.

#### Forward Estimates
- FY2026 (ending Aug 2026): Revenue ~$2.4–2.5B; adj. EPS ~$17–18 (5–8% growth)
- Analyst consensus PT: $292.40 avg (range $195 BofA Underperform to $425 bull); Hold consensus
- Current price: ~$270–330 (post -54.5% selloff)
- BofA Underperform at $195 — most bearish analyst
- Key metric to watch: ASV organic growth rate — recovering or decelerating?

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/FDS/fundamental

## Navigation

- Overview: /stocks/FDS
- Financials (this page): /stocks/FDS/financials
- Thesis: /stocks/FDS/thesis
- Investment Memo: /stocks/FDS/memo
- Coverage universe: /stocks