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Factset Research Systems Inc (FDS) stock

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NYSE: FDS NYSE Financial Exchanges & Data Next results ~December 17, 2026

D Fundamentals grade

FactSet Research Systems supplies financial data and analytics to professionals in the investment industry. Its products include FactSet workstations, data solutions that feed information into clients' own systems, and front- and middle-office tools supporting research, trading and portfolio workflows. As of August 2025, around 237,324 professionals used the service.

The company earns its money through subscriptions; with contractual notice, clients can add to, reduce or terminate the services they take. Customers fall into two groups: the buy-side, which supplies most of its recurring subscriptions and spans asset managers, wealth managers and asset owners, along with hedge funds and corporations; and the sell-side, chiefly broker-dealers, banks and advisory firms, and private equity and venture capital investors. It served 8,996 clients.

FactSet is organised into three geographic segments — the Americas, EMEA and Asia Pacific — and sells across all three. It runs centres of excellence holding roughly 68% of its 12,800 employees, with the largest workforce in Asia Pacific and staff concentrated in the Philippines and India. Recent purchases include LiquidityBook, a cloud-based trading platform, and Irwin, an investor-relations and capital-markets platform.

Based on Factset Research Systems Inc's 10-K filed October 22, 2025.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$360

Cash-flow model

Base case. Range ~$270–$490 across our lower- and higher-growth cases (1.3%–11.3% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 6% below our base value.

Price used: $343.74, November 2, 2026

Factset Research Systems Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Factset Research Systems files

10-K filed October 20: Factset Research Systems

Model value +2.4%

Revenue reached $2.48bn in the twelve months to August 2026, up 6.7% on a year earlier and holding roughly the pace set a quarter ago. Free-cash-flow margin improved to 28.6% from 26.6%, though operating margin slipped to 28.3% from 32.2%. A 4.6% cut in the diluted share count over the year leaves each remaining share with a larger claim. We lift our model value from $339 to $347 a share, against a price of $312, and keep the rating at Hold. At $312 the model implies the market expects cash flow to grow about 4.5% a year for five years, below the 9.2% annual revenue growth already delivered.

Source: 10-K filed October 20, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Factset Research Systems stands after its latest 10-Q

Revenue for the twelve months to May 2026 was $2.44bn, up 6.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 29.0% from 25.2% a year earlier. The diluted share count is down 3.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 7 financial-health checks. Our cash-flow model value is $339 a share, against a share price of $310. At that price, our model says the market is pricing in about 5.0% a year of cash-flow growth for five years, slower than the 8.9% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 17, 2026 (estimated)

Factset Research Systems Inc's trailing-twelve-month revenue grew 6.7% year on year, with a free-cash-flow margin of 28.6%. Where it stands out: change in share count of -4.6% ranks 3 of 11 financial exchanges & data companies we cover. Where it lags: revenue growth of 6.7% ranks 9 of 11 financial exchanges & data companies we cover.

Our discounted-cash-flow model values the business at ~$360 per share in the base case (~$270–$490 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 14.6% while net income fell 10.6%: a 25pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 28.3% of revenue is left as operating profit, against a median of 40.5% for financial exchanges & data companies we cover.
  • Strong cash generation. 28.6% of revenue turned into free cash flow, against a median of 37.6% for financial exchanges & data companies we cover.
  • Shrinking share count. Diluted shares fell 4.6% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Margins narrowing. Operating margin is down 4.0 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 48% and a beta of -0.1 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.1 points on a year ago.
  • Below peers: revenue growth. Revenue growth of 6.7% ranks 9 of 11 financial exchanges & data companies we cover (median 9.4%).
  • Below peers: operating margin. Operating margin of 28.3% ranks 9 of 11 financial exchanges & data companies we cover (median 40.5%).
  • Heavily shorted. 12.4% of the shares available to trade are sold short (4.9 days of average volume to cover).

Latest results: FY2026 Q4

Filed October 20, 2026
Earnings per share
$4.52 against an average estimate of $4.35: beat by 4.0%
Revenue
$635m, up 6.3% on a year earlier
Share reaction
+6.8% in the first session after the results on September 30, 2026, against 0.0% for the S&P 500
Guidance given
organic ASV Growth growth 5% to 6.5% (Fiscal 2027 Expectations); revenues $2,600m to $2,625m (Fiscal 2027 Expectations)
Next report
December 17, 2026; average EPS estimate $5.00

Factset Research Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.3%
  • 1 week+6.3%
  • 1 month+29.2%
  • This year+20.1%
  • 1 year+31.1%
  • 5 years-17.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.5B
Operating margin
28.3%
Net margin
21.5%
EPS (TTM, diluted)
$14.57

Growth

Revenue growth
+6.7%
Change in growth rate
+0.0 pts
Share count change
−4.6%

Cash

Free cash flow (TTM)
$707M
FCF margin
28.6%
Stock pay % of revenue
3.4%

Earnings

Last results
September 30, 2026
Next results (est.)
December 17, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Factset Research Systems Inc valuation models and calculator

What the price is pricing in

The share price implies about 4.4% a year of cash-flow growth for five years.That is close to the 9.2% a year revenue growth Factset Research Systems has delivered.

  • Priced in4.4%
  • Last 12 months6.7%
  • 3 years a year5.9%
  • 5 years a year9.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($326.11, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$360
Price used
$326.11close November 3, 2026
Implied change
▲ +12%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Factset Research Systems Inc's free cash flow after stock-based pay with after-tax interest added back ($662M, FY2026 Q4 TTM), growing 5.9% and 6.2% in the next two years (forecasts, guidance and its record), then back to 6.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$270–~$490 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Factset Research Systems Inc's free cash flow after stock-based pay ( $662M, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Factset Research Systems Inc as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$360 ~$270–$490 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$320 ~$240–$500 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$370 ~$270–$510 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$260 ~$220–$320 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$5.6 ~$59–$240 Left out: out of range vs price (0.02x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$290 ~$240–$360 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$330 ~$260–$370 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Factset Research Systems Inc with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +8%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $239$336$465$634$854$1139
8.5% $176$246$338$460$617$819
10% $137$192$263$356$475$629

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026
Share price$159.70$142.83$210.86$252.80$328.83$360.26$413.99$420.65$411.39$366.75$313.55
Market value$6.6bn$5.7bn$8.3bn$9.8bn$12.7bn$13.9bn$16.0bn$16.4bn$15.9bn$14.1bn$11.5bn
+ Net debt (− = net cash)$72m$380m$366m$214m−$11m−$107m$1.5bn$1.2bn$952m$1.0bn$1.1bn
Enterprise value$6.7bn$6.0bn$8.7bn$10.0bn$12.7bn$13.8bn$17.5bn$17.6bn$16.8bn$15.1bn$12.6bn
Multiples
Price / sales 5.9x4.6x6.1x6.8x8.5x8.7x8.7x7.8x7.2x6.1x4.6x
Price / earnings 19.5x21.9x31.1x27.9x34.1x34.8x40.4x34.9x29.6x23.6x21.5x
Price / free cash flow 23.3x20.0x23.6x26.7x29.7x28.1x32.9x28.0x25.8x22.8x16.2x
EV / EBITDA 17.2x15.1x20.5x20.1x25.5x25.6x31.2x23.9x20.4x16.7x14.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

90 /100

Strong moat

How hard Factset Research Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 17.7% of total assets over 8 years.

  • Pricing power 18 / 20

    Gross margin has been a median 52.9%, moving by 1.2 percentage points (standard deviation) across 8 years.

  • Durability 20 / 20

    Operating margin has been a median 29.6%; its worst year was 25.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 27.2% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 5.1% over five years; stock-based pay has been a median 2.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (95 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 17, 2026, before the open. Analysts expect revenue of $644m and EPS of $5.00 (range $4.75 to $5.13) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $19.62 +9% $2.6bn +6%
Next $21.70 +11% $2.8bn +6%

Next year's EPS estimate has moved −1.0% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.4% on 90 days ago. In the last 30 days, 7 analysts raised Factset Research Systems Inc's forecast and 10 cut it.

Consensus EPS forecast Factset Research Systems Inc, last 90 days
$19.00 $20.00 $21.00 $22.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $19.70 Current fiscal year, 60 days ago: $19.71 Current fiscal year, 30 days ago: $19.72 Current fiscal year, 7 days ago: $19.62 Current fiscal year, Now: $19.62 $19.62 Next fiscal year, 90 days ago: $21.92 Next fiscal year, 60 days ago: $21.91 Next fiscal year, 30 days ago: $21.93 Next fiscal year, 7 days ago: $21.70 Next fiscal year, Now: $21.70 $21.70

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $19.70$21.92
60 days ago $19.71$21.91
30 days ago $19.72$21.93
7 days ago $19.62$21.70
Now $19.62$21.70

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $4.35 $4.52 +4.0%
May 2026 $4.45 $4.53 +1.8%
Feb 2026 $4.38 $4.46 +1.9%
Nov 2025 $4.36 $4.51 +3.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 30, 2026
  • Revenues Fiscal 2027 Expectations $2,600m to $2,625m
    “Revenues $2,600 - $2,625 million” source
  • Diluted EPS Fiscal 2027 Expectations $17.00 to $17.50 GAAP
    “Diluted EPS $17.00 - $17.50 $19.25 - $19.65” source
  • Diluted EPS Fiscal 2027 Expectations $19.25 to $19.65 Non-GAAP
    “Diluted EPS $17.00 - $17.50 $19.25 - $19.65” source
  • Operating Margin Fiscal 2027 Expectations 31% to 32% GAAP
    “Operating Margin 31.0% - 32.0% 34.75% - 35.25%” source
  • Operating Margin Fiscal 2027 Expectations 34.75% to 35.25% Non-GAAP
    “Operating Margin 31.0% - 32.0% 34.75% - 35.25%” source
  • Organic ASV Growth Fiscal 2027 Expectations 5% growth to 6.5% growth
    “Organic ASV Growth 5.0% - 6.5%” source
Show 2 more items
  • Operating income Annual Fiscal 2027 Guidance $806m to $840m GAAP
    “Operating income $806 - $840” source
  • Adjusted operating income Annual Fiscal 2027 Guidance $903m to $925m Non-GAAP
    “Adjusted operating income $903 - $925” source

How earlier guidance turned out

  • GAAP diluted EPS, Fiscal 2026 guided $14.85 to $15.35 Below range: $14.57
  • GAAP operating margin, Fiscal 2026 guided 29.5% to 31% Below range: 28.266746%
  • GAAP revenues, Fiscal 2026 guided $2,450m to $2,470m Above range: $2,476m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Factset Research Systems Inc's revenue by +5.9% next year and +6.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.8%, weight 56%) , management guidance (+5.6%, weight 19%) and the company's own record (+6.3%, weight 25%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy317%
Hold950%
Sell633%

Monthly trend

  1. Oct 2026394218
  2. Sep 2026394218
  3. Aug 20262104218
  4. Jul 20262104218

Counts of recommendations published by analysts covering Factset Research Systems Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.4%
of tradable shares
Days to cover
4.92
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
12,444
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +31.1%

$262.11 on October 31, 2025 to $343.74

ThenNowEffect
Revenue (last 12 months) $2.3bn $2.5bn +6.7%
Net margin 25.7% 21.5% −16.2%
P/E multiple 16.9x 23.6x +40.0%
Share count 38m 37m +4.8%

Biggest factor: p/e multiple.

Last 3 years −19.6%

$427.76 on November 3, 2023 to $343.74

ThenNowEffect
Revenue (last 12 months) $2.1bn $2.5bn +18.7%
Net margin 22.4% 21.5% −4.0%
P/E multiple 35.5x 23.6x −33.6%
Share count 39m 37m +6.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FDS+48%−17%+20%+2%−39%+20%
Industry peers (median)+40%−28%+33%+18%+6%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FDS83%50%67%42%25%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FDS−12%−28%−12%−19%−47%−36%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 61% from November 14, 2024 to February 17, 2026. Getting back needed a 157% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$187.46 – $343.74
From 52-week high
0.0%
vs 50-day average
+17.2%
vs 200-day average
+37.9%
Volatility (1 year)
48%
Beta vs S&P 500
-0.07

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.6%
After a week
8 up, 4 down
typical move ±5.0%
After a month
6 up, 6 down
typical move ±8.0%
Results releasedNext dayS&P 500 next day5 days21 days
September 30, 2026 +6.8% 0.0% +4.9% +23.1%
July 1, 2026 +8.7% −0.3% +5.1% +14.4%
March 31, 2026 +9.9% +3.7% +9.0% +11.3%
December 18, 2025 −2.6% +1.7% −1.4% −4.1%
September 18, 2025 −14.0% +1.0% −15.5% −14.7%
June 23, 2025 +3.6% +2.1% +5.9% −1.4%
March 20, 2025 −1.3% −0.3% +2.5% −5.8%
December 19, 2024 +2.2% +1.2% +2.9% −1.8%
September 19, 2024 +4.3% +1.5% +2.0% +5.5%
June 21, 2024 +4.1% −0.5% 0.0% +1.9%
March 21, 2024 −8.3% +0.1% −6.9% −10.1%
December 19, 2023 −1.3% −0.8% +3.4% +2.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Factset Research Systems Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.16× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade D (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

FDS Factset Research Systems Inc Grade D $343.13

Own 100 shares, sell the $360 call expiring December 18, 2026 (46 days) for $14.00 a share — $1,400 per contract.

Previous session · Bid $14.00, ask $16.60, quoted Mon 2 Nov, 17:23 New York time with FDS at $343.13. Option prices move with the shares: check the live chain at your broker before trading.

  • If FDS ends below $360: you keep your shares and the $1,400 — 4.1% extra on the position, 32.4% a year at that pace.
  • If it ends above $360: your shares are sold at $360, a total return of 9.0% including the premium — at or above our value of ~$360.
$3.1k $0 −$6.6k Break-even $329.13 Price $343.13 Our value $360
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,400
Annualised
32.4%
Break-even
$329.13
Max gain
$3,087
Chance of selling
~43%

Results are expected around December 17, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Factset Research Systems Inc in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Factset Research Systems Inc
$2.1B $2.2B $2.3B $2.4B $2.5B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $2.1B Revenue (TTM), FY24 Q2: $2.2B Revenue (TTM), FY24 Q3: $2.2B Revenue (TTM), FY24 Q4: $2.2B Revenue (TTM), FY25 Q1: $2.2B Revenue (TTM), FY25 Q2: $2.3B Revenue (TTM), FY25 Q3: $2.3B Revenue (TTM), FY25 Q4: $2.3B Revenue (TTM), FY26 Q1: $2.4B Revenue (TTM), FY26 Q2: $2.4B Revenue (TTM), FY26 Q3: $2.4B Revenue (TTM), FY26 Q4: $2.5B $2.5B

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $2.1B
FY24 Q2 $2.2B
FY24 Q3 $2.2B
FY24 Q4 $2.2B
FY25 Q1 $2.2B
FY25 Q2 $2.3B
FY25 Q3 $2.3B
FY25 Q4 $2.3B
FY26 Q1 $2.4B
FY26 Q2 $2.4B
FY26 Q3 $2.4B
FY26 Q4 $2.5B
Revenue growth, TTM YoY Factset Research Systems Inc
4% 6% 8% 10% 12% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: 10.3% Revenue growth, TTM YoY, FY24 Q2: 7.3% Revenue growth, TTM YoY, FY24 Q3: 6.2% Revenue growth, TTM YoY, FY24 Q4: 5.6% Revenue growth, TTM YoY, FY25 Q1: 5.0% Revenue growth, TTM YoY, FY25 Q2: 4.7% Revenue growth, TTM YoY, FY25 Q3: 5.1% Revenue growth, TTM YoY, FY25 Q4: 5.4% Revenue growth, TTM YoY, FY26 Q1: 5.9% Revenue growth, TTM YoY, FY26 Q2: 6.5% Revenue growth, TTM YoY, FY26 Q3: 6.6% Revenue growth, TTM YoY, FY26 Q4: 6.7% 6.7%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 10.3%
FY24 Q2 7.3%
FY24 Q3 6.2%
FY24 Q4 5.6%
FY25 Q1 5.0%
FY25 Q2 4.7%
FY25 Q3 5.1%
FY25 Q4 5.4%
FY26 Q1 5.9%
FY26 Q2 6.5%
FY26 Q3 6.6%
FY26 Q4 6.7%
Operating margin (TTM) Factset Research Systems Inc
28% 29% 30% 31% 32% 33% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: 30.4% Operating margin (TTM), FY24 Q2: 30.6% Operating margin (TTM), FY24 Q3: 31.7% Operating margin (TTM), FY24 Q4: 31.8% Operating margin (TTM), FY25 Q1: 31.6% Operating margin (TTM), FY25 Q2: 31.4% Operating margin (TTM), FY25 Q3: 30.6% Operating margin (TTM), FY25 Q4: 32.2% Operating margin (TTM), FY26 Q1: 31.7% Operating margin (TTM), FY26 Q2: 31.2% Operating margin (TTM), FY26 Q3: 29.6% Operating margin (TTM), FY26 Q4: 28.3% 28.3%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 30.4%
FY24 Q2 30.6%
FY24 Q3 31.7%
FY24 Q4 31.8%
FY25 Q1 31.6%
FY25 Q2 31.4%
FY25 Q3 30.6%
FY25 Q4 32.2%
FY26 Q1 31.7%
FY26 Q2 31.2%
FY26 Q3 29.6%
FY26 Q4 28.3%
FCF margin (TTM) Factset Research Systems Inc
24% 26% 28% 30% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: 29.9% FCF margin (TTM), FY24 Q2: 28.3% FCF margin (TTM), FY24 Q3: 29.1% FCF margin (TTM), FY24 Q4: 27.9% FCF margin (TTM), FY25 Q1: 24.1% FCF margin (TTM), FY25 Q2: 25.1% FCF margin (TTM), FY25 Q3: 25.2% FCF margin (TTM), FY25 Q4: 26.6% FCF margin (TTM), FY26 Q1: 27.4% FCF margin (TTM), FY26 Q2: 28.4% FCF margin (TTM), FY26 Q3: 29.0% FCF margin (TTM), FY26 Q4: 28.6% 28.6%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 29.9%
FY24 Q2 28.3%
FY24 Q3 29.1%
FY24 Q4 27.9%
FY25 Q1 24.1%
FY25 Q2 25.1%
FY25 Q3 25.2%
FY25 Q4 26.6%
FY26 Q1 27.4%
FY26 Q2 28.4%
FY26 Q3 29.0%
FY26 Q4 28.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Aug 2010 2011 Aug 2011 2012 Aug 2012 2013 Aug 2013 2014 Aug 2014 2015 Aug 2015 2016 Aug 2016 2017 Aug 2017 2018 Aug 2018 2019 Aug 2019 2020 Aug 2020 2021 Aug 2021 2022 Aug 2022 2023 Aug 2023 2024 Aug 2024 2025 Aug 2025 2026 Aug 2026
Income
Revenue 641 727 806 858 920 1,007 1,127 1,221 1,350 1,435 1,494 1,591 1,844 2,086 2,203 2,322 2,476
Gross profit — — — — — — 640 655 691 772 799 805 973 1,112 1,191 1,224 1,253
EBITDA 259 275 307 305 337 363 388 400 423 498 497 539 562 735 826 906 881
Operating income 222 238 273 269 302 332 350 352 366 438 440 474 475 629 701 748 700
Net income 150 171 189 199 212 241 339 258 267 353 373 400 397 468 537 597 533
Diluted EPS $3.13 $3.61 $4.12 $4.45 $4.92 $5.71 $8.19 $6.51 $6.78 $9.08 $9.65 $10.36 $10.25 $12.04 $13.91 $15.55 $14.57
Growth (year on year)
Revenue +3.1% +13.3% +10.9% +6.5% +7.3% +9.4% +12.0% +8.3% +10.6% +6.3% +4.1% +6.5% +15.9% +13.1% +5.6% +5.4% +6.7%
EBITDA +5.5% +6.3% +11.5% −0.5% +10.3% +7.9% +6.7% +3.3% +5.8% +17.7% −0.2% +8.3% +4.4% +30.7% +12.5% +9.6% −2.8%
Operating income +5.0% +7.5% +14.5% −1.3% +12.2% +9.8% +5.4% +0.7% +4.0% +19.6% +0.4% +7.8% +0.3% +32.3% +11.5% +6.7% −6.5%
Net income +3.6% +13.9% +10.4% +5.2% +6.5% +13.9% +40.6% −23.8% +3.4% +32.1% +5.7% +7.1% −0.7% +18.0% +14.7% +11.2% −10.6%
Diluted EPS +5.4% +15.3% +14.1% +8.0% +10.6% +16.1% +43.4% −20.5% +4.1% +33.9% +6.3% +7.4% −1.1% +17.5% +15.5% +11.8% −6.3%
Margins
Gross margin — — — — — — 56.8% 53.6% 51.2% 53.8% 53.5% 50.6% 52.8% 53.3% 54.1% 52.7% 50.6%
EBITDA margin 40.4% 37.9% 38.1% 35.6% 36.6% 36.1% 34.4% 32.8% 31.4% 34.7% 33.3% 33.8% 30.5% 35.2% 37.5% 39.0% 35.6%
Operating margin 34.6% 32.8% 33.9% 31.4% 32.8% 33.0% 31.0% 28.8% 27.1% 30.5% 29.4% 29.8% 25.8% 30.2% 31.8% 32.2% 28.3%
Net margin 23.4% 23.5% 23.4% 23.1% 23.0% 23.9% 30.1% 21.1% 19.8% 24.6% 25.0% 25.1% 21.5% 22.4% 24.4% 25.7% 21.5%
Free-cash-flow margin 29.7% 24.5% 26.0% 29.3% 26.9% 27.9% 25.1% 23.2% 26.1% 25.6% 28.7% 31.0% 26.4% 28.0% 27.9% 26.6% 28.6%
Cash flow
Cash from operations 211 207 232 270 265 306 331 321 386 427 506 555 538 646 700 726 822
Capital spending 21 29 23 19 18 26 48 37 34 59 78 61 51 61 86 109 115
Free cash flow 190 178 209 251 247 281 283 284 352 368 428 494 487 585 615 617 707
Stock-based pay 14 26 22 40 23 26 30 34 32 32 37 45 56 62 64 61 84
Free cash flow after stock pay 176 152 187 211 224 254 254 249 321 335 392 449 431 523 551 556 623
Balance sheet
Cash 196 182 189 197 116 159 228 195 209 360 586 682 503 425 423 338 233
Total debt 0 0 0 0 0 35 300 575 575 574 574 575 2,000 1,625 1,375 1,375 1,375
Net debt (negative = net cash) −196 −182 −189 −197 −116 −124 72 380 366 214 −11 −107 1,497 1,200 952 1,037 1,142
Diluted shares 48m 47m 46m 45m 43m 42m 41m 40m 39m 39m 39m 39m 39m 39m 39m 38m 37m
Returned to shareholders
Dividends 38 44 50 56 61 67 74 81 89 100 110 118 126 139 151 160 164
Buybacks 193 217 154 332 280 256 357 261 304 220 200 265 19 177 235 300 644
Total returned 231 261 204 388 341 323 431 342 393 320 310 383 145 315 386 460 808

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · August 31, 2026
What it owns · $4.1bn
Short-term assets $652mLonger-term assets $3.5bn
What it owes, and who funded it · $4.1bn
Short-term liabilities $1.1bnLonger-term liabilities $1.0bnShareholders' equity $2.0bn
  • Short-term assets cover short-term liabilities $652m of assets due within a year against $1.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $652m short-term assets against $1.0bn of longer-dated liabilities.
  • More cash than debt $233m of cash against $1.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 68% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 47% to 68% over five years.
  • A year's operating cash flow covers at least 20% of debt $822m of operating cash flow against $1.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $700m against $55m of interest.

From Factset Research Systems Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q4 TTM
Buybacks (TTM)
$644M
Dividends (TTM)
$164M
Returned to shareholders
114%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−4.6%
year over year
Total shareholder yield
6.7%
dividends 1.4% + buybacks 5.3% of market value
Dividend payout ratio
31%
of net income paid out
Sales & admin spending
22.3%
of revenue
Days sales outstanding
44 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated FDS MORN TW MSCI CBOE COIN Median
Revenue, last 12 months $2.5bn $2.6bn $2.3bn $3.4bn $5.3bn $5.6bn $5.3bn
Revenue growth, last 12 months 6.7% 9.4% 14.4% 12.3% 14.3% −26.6% 9.4%
Revenue growth, 3-year average 5.9% 9.9% 21.9% 12.4% 11.5% 26.5% 12.4%
Revenue growth, latest quarter 6.3% 8.9% 14.9% 12.4% 19.0% −35.0% 12.4%
Gross margin 50.6% 63.1% — 82.4% 53.9% — 63.1%
Operating margin 28.3% 24.5% 44.1% 55.7% 36.4% 3.6% 40.5%
Operating margin, 3-year average 30.8% 21.8% 41.0% 54.4% 31.2% 19.6% 38.4%
Net margin 21.5% 17.0% 39.8% 40.3% 28.0% −12.5% 29.6%
Cash from operations / revenue 33.2% 24.5% 52.6% 47.0% 49.7% 25.0% 40.7%
Free-cash-flow margin 28.6% 18.8% 50.6% 45.9% 47.9% 25.0% 36.4%
Free-cash-flow margin, 3-year average 27.7% 18.4% 51.6% 48.5% 33.6% 31.2% 34.0%
Stock pay / revenue 3.4% 2.5% 4.8% 3.7% 1.0% 16.9% 2.9%
Change in share count −4.6% −8.7% −0.9% −5.5% −0.1% −0.9% −1.7%

Median of all 11 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 financial exchanges & data companies
Measure Company Peer median Rank
Revenue growth Growth 6.7% 9.4% 9 of 11
Change in growth rate Growth +0.0pp +0.4pp 8 of 11
Operating margin Profitability 28.3% 40.5% 9 of 11
Net margin Profitability 21.5% 29.6% 9 of 11
Free-cash-flow margin Cash generation 28.6% 37.6% 6 of 8
Stock pay as % of revenue Cash generation 3.4% 2.9% 7 of 11
Long-term debt as % of assets Balance sheet 21.0% 21.7% 4 of 8
Change in share count Balance sheet -4.6% -1.7% 3 of 11
Days sales outstanding Balance sheet 44 days 44 days 4 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to August 31, 2026
Segments
Line of business Revenue Share YoY
Americas $1.6B 65.3% ▲ 7.4%
EMEA $605M 24.4% ▲ 4.3%
Asia Pacific $253M 10.2% ▲ 7.7%
Geography
Region Revenue Share YoY
United States $1.5B 61.2% ▲ 7.1%
Other Countries $718M 29.0% ▲ 6.3%
United Kingdom $243M 9.8% ▲ 5.0%

From Factset Research Systems Inc's 10-K filed October 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.2B
Institutions reporting
760
Shares held vs prior quarter
▲ 6.0%
Positions opened / closed
127 / 90

Top buyers and sellers, Q2 2026: 399 institutions bought and 333 sold ; the biggest buyer was AQR Capital Management LLC (+1.4M shares) and the biggest seller Bank Of Montreal (−390K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
BAMCO Inc $967M 4.2M 10.5% ▲ 11.8%
Blackrock, Inc. $658M 2.9M 7.1% ▲ 1.2%
Vanguard Capital Management LLC $548M 2.4M 5.9% ▼ 1.2%
State Street Corp $431M 1.9M 4.7% ▼ 1.3%
Vanguard Portfolio Management LLC $410M 1.8M 4.4% ▼ 1.4%
AQR Capital Management LLC $386M 1.7M 4.2% ▲ 444.9%
Loomis Sayles & Co L P $331M 1.4M 3.6% ▼ 2.6%
Geode Capital Management, LLC $317M 1.4M 3.4% ▲ 20.9%
Ninety One Uk Ltd $274M 1.2M 3.0% ▼ 0.5%
Morgan Stanley $253M 1.1M 2.7% ▲ 4.8%
Invesco Ltd. $220M 954K 2.4% ▼ 10.9%
Bank Of America Corp $176M 766K 1.9% ▼ 9.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Factset Research Systems Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $126,465 1 trade by 1 insider, last 12 months Insider sales History → $1.5M 4 trades by 2 insiders · 0% under pre-set plans
Net ▼ $1.4M net selling
Insider Date Trade Shares Price Value
Frank Malcolm Director January 12, 2026 Sell 1,527 $296.17 $452,252
Frank Malcolm Director January 12, 2026 Sell 1,045 $295.02 $308,296
Siegel Laurie Director January 8, 2026 Sell 588 $296.67 $174,442
Siegel Laurie Director January 8, 2026 Sell 1,984 $296.12 $587,502
Skoko Goran EVP, Chief Revenue Officer November 6, 2025 Buy 500 $252.93 $126,465

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 19 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 1 sale of Factset Research Systems Inc shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded May 15, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 13, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 18, 2025, filed December 15, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 17, 2026 estimated from the company's past filing pattern, not announced

  • September 30, 2026
  • July 1, 2026
  • March 31, 2026
  • December 18, 2025
  • September 18, 2025
  • June 23, 2025

Recent SEC filings

Data status

When each part of this page on Factset Research Systems Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Factset Research Systems Inc in brief

What does Factset Research Systems Inc do?
Factset Research Systems Inc is a US-listed company in the financial exchanges & data industry. Its financial year ends in August.
What is Factset Research Systems Inc's stock ticker?
Factset Research Systems Inc trades under the ticker FDS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Factset Research Systems Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Factset Research Systems Inc reported revenue of $2.5B, 6.7% higher than a year earlier, according to its SEC filings.
What is Factset Research Systems Inc's free cash flow?
Factset Research Systems Inc's free-cash-flow margin is 28.6% of revenue over the trailing twelve months, ranking 6 of the 8 financial exchanges & data companies we cover.
What is Factset Research Systems Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Factset Research Systems Inc's free cash flow after stock-based pay gives ~$360 per share in the base case, and ~$270–$490 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Factset Research Systems Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are BAMCO Inc, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Factset Research Systems Inc buying back stock, and does it pay a dividend?
Factset Research Systems Inc spent $644M on share repurchases over the trailing twelve months, and its diluted share count fell 4.6% over the year.
What is Factset Research Systems Inc's market cap?
On August 31, 2026, Factset Research Systems Inc's market capitalisation was about $11.5B, with a price-to-earnings ratio of 21.5 and net debt of $1.1B. Market figures come from third-party market data and may be delayed.
Does Factset Research Systems Inc pay a dividend?
Yes: Factset Research Systems Inc paid $164M in dividends over the trailing twelve months, a dividend yield of 1.35% and a payout ratio of 30.8%.
How much debt does Factset Research Systems Inc have?
Factset Research Systems Inc's debt-to-equity ratio is 68.4%, from its latest balance sheet (47.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Factset Research Systems Inc's competitors?
In our Financial Exchanges & Data peer group, the companies closest to Factset Research Systems Inc are Morningstar, Inc., Tradeweb Markets Inc., MSCI, Cboe Global Markets and Coinbase. The side-by-side comparison below sets their revenue, margins and growth against Factset Research Systems Inc's.
Are insiders buying or selling Factset Research Systems Inc stock?
Over the last 12 months, Factset Research Systems Inc's directors and officers reported 1 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Factset Research Systems Inc's next earnings date?
Around December 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Factset Research Systems Inc announces its own schedule.