FDS
Updated: 25/09/2026, 00:32:42
FactSet Research Systems Inc. is a financial intelligence firm providing a comprehensive suite of integrated data and analytical software. The company serves the global investment community, with its operations spanning the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. FactSet delivers critical insights and information through specialized workflow solutions covering research, analytics, and trading, complemented by its content, technology platforms, and wealth management resources. Its diverse clientele includes portfolio managers, investment banks, asset managers, wealth advisors, corporate entities, and various other financial sector organizations. FactSet was established in 1978 and is headquartered in Norwalk, Connecticut.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$2.3B
FY 2025 · Reported
Net income
$0.6B
FY 2025 · Reported
Gross margin
52.7%
FY 2025 · Calculated
Free cash flow
N/A
FY — · Reported
R&D intensity
13.0%
FY 2025 · Calculated
Share repurchases
$0.3B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Business overview
Global financial digital platform and enterprise solutions provider; founded 1978; dual-listed NYSE/NASDAQ under FDS
“FactSet is a global financial digital platform and enterprise solutions provider with open and flexible technologies that deliver financial intelligence to investment professionals worldwide.”
Business overview and client base
Global financial digital platform; ~9,000 clients, over 237,000 investment professionals; three segments (Americas, EMEA, Asia Pacific); firm types: Institutional Buyside, Dealmakers, Wealth, Partnerships and CGS
“As of August 31, 2025, we had approximately 9,000 clients comprised of over 237,000 investment professionals... We operate our business through three segments: the Americas, EMEA and Asia Pacific.”
Three reportable segments and firm types
Segments: Americas, EMEA, Asia Pacific; firm types: Institutional Buyside, Dealmakers, Wealth, Partnerships and CGS
“We operate our business through three reportable segments ("segments"): the Americas, EMEA and Asia Pacific.”
Buy-side vs sell-side Organic ASV mix
Buy-side ~82% and sell-side ~18% of Organic ASV as of Aug 31, 2025
“Buy-side clients accounted for approximately 82% of our Organic ASV as of August 31, 2025.”
Buy-side vs sell-side ASV mix
Buy-side ~82% of Organic ASV (growth +5.5%); sell-side +4.3% growth
“Buy-side clients account for approximately 82% of our Organic ASV, consistent with the prior year”
LiquidityBook client base
LiquidityBook serves hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients
“LiquidityBook provides cloud-native trading solutions to hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients.”
LiquidityBook product offering and network reach
Cloud-native trading solutions; proprietary FIX network connecting 200+ brokers and 1,600+ order routing destinations across 80 markets
“LiquidityBook operates a proprietary FIX network that enables streamlined connectivity to over 200 brokers and order routing to more than 1,600 destinations across 80 markets globally.”
Product and service families
Workstations, portfolio analytics, enterprise data solutions, managed services, data feeds, APIs, CGS
“Our products and services include workstations, portfolio analytics and enterprise data solutions.”
Irwin investor relations and capital markets platform
Irwin is a leading investor relations and capital markets platform for public companies and their advisors
“Irwin is a leading investor relations and capital markets platform for public companies and their advisors.”
LiquidityBook product capabilities
Cloud-native trading solutions; proprietary FIX network enabling connectivity to over 200 brokers and order routing to more than 1,600 destinations across 80 markets
“LiquidityBook operates a proprietary FIX network that enables streamlined connectivity to over 200 brokers and order routing to more than 1,600 destinations across 80 markets globally.”
FY2025 revenue mix by segment
Americas 65%, EMEA 25%, Asia Pacific 10% of FY2025 revenues
“Revenues from the Americas represented 65% of total revenues during fiscal 2025.”
Fiscal 2025 revenues and drivers
FY2025 revenues $2,321.7M, +5.4% (organic +4.4%, acquisitions +0.9%, FX +0.1%), driven mainly by workstations, then CGS and front office solutions
“Revenues for fiscal 2025 were $2,321.7 million, an increase of 5.4% from the comparable prior year.”
Segment ASV breakdown
ASV as of Aug 31, 2025: Americas $1,570.1M (65%, organic +6.0%); EMEA $591.6M (25%, +4.2%); Asia Pacific $243.9M (10%, +7.2%)
“As of August 31, 2025, ASV from the Americas represented 65% of total ASV and was $1,570.1 million”
FX hedging program
Foreign currency forward contracts hedge projected operating expenses in British Pound Sterling, Euro, Indian Rupee, and Philippine Peso; maturities range Q1–Q4 fiscal 2026
“we maintained a series of foreign currency forward contracts to hedge a portion of our projected operating expenses in our primary currency exposures, namely the British Pound Sterling, Euro, Indian Rupee, and Philippine Peso”
Primary currency exposures
Primary currency exposures: GBP, EUR, INR, PHP; hedged in part with FX forward contracts
“particularly in our primary currency exposures, namely the British Pound Sterling, Euro, Indian Rupee and Philippine Peso”
Data centers and office footprint
HQ in Norwalk, CT; offices and data centers across Americas, EMEA and Asia Pacific
“our corporate headquarters located in Norwalk, Connecticut. Additionally, we have data centers in two states in the U.S.”
Third-party content and cloud concentration
Relies on third-party data suppliers; one supplier provides majority of cloud computing support
“one supplier provides the majority of our cloud computing support.”
Employee headcount and geographic distribution
12,800 employees (+3.2%); Asia Pacific 8,854, Americas 2,510, EMEA 1,436; ~68% in Centers of Excellence (Philippines, India)
“we had 8,854 employees located in Asia Pacific, 2,510 in the Americas and 1,436 in EMEA. Approximately 68% of our employees are located in our COEs.”
Irwin acquisition
Irwin acquired Nov 5, 2024 for $120.2M net of cash; $9.6M contingent consideration; investor relations and capital markets platform
“On November 5, 2024, we completed the acquisition of Irwin for a purchase price of $120.2 million, net of cash acquired”
LiquidityBook acquisition
LiquidityBook acquired Feb 7, 2025 for $243.2M net of cash; $11.9M contingent consideration; adds order management and IBOR capabilities, proprietary FIX network with 200+ brokers, 1,600+ destinations across 80 markets
“On February 7, 2025 we completed the acquisition of LiquidityBook for a purchase price of $243.2 million, net of cash acquired”
LiquidityBook acquisition (February 7, 2025)
LiquidityBook acquired 2025-02-07 for $243.2M net of cash; $11.9M contingent consideration; goodwill $164.8M (tax-deductible)
“On February 7, 2025, we completed the acquisition of LiquidityBook for a purchase price of $243.2 million, net of cash acquired, and inclusive of preliminary working capital adjustments.”
Irwin acquisition (November 5, 2024)
Irwin acquired 2024-11-05 for $120.2M net of cash; $9.6M contingent consideration; goodwill $91.4M (not tax-deductible)
“On November 5, 2024, we completed the acquisition of Irwin for a purchase price of $120.2 million, net of cash acquired, and inclusive of working capital adjustments.”
Fiscal 2025 acquisitions
Irwin (Platform Group Limited) and LiquidityBook acquisitions contributed to client growth and headcount
“primarily driven by clients from the Platform Group Limited ("Irwin") acquisition”
Capital expenditures growth driven by internal-use software
Capex increased 27.0% to $108.8M in FY2025, primarily due to higher capitalized costs related to development of internal-use software
“capital expenditures increased by 27.0% to $108.8 million... primarily due to higher capitalized costs related to the development of our internal-use software”
Gain from divestiture of a business
Net income growth partly driven by a gain from the divestiture of a business
“primarily driven by higher operating income and a gain from the divestiture of a business”
CGS exclusive issuer of CUSIP identifiers
CGS is exclusive global issuer of CUSIP/CINS identifiers and U.S. ISIN numbering agency
“CGS is the exclusive issuer of CUSIP and CINS identifiers globally.”
Three strategy pillars
Strategy pillars: expand data offerings, deepen client workflow integration, innovate with AI via FactSet AI Blueprint
“Our AI roadmap, driven by our FactSet AI Blueprint, is resonating with our clients, and FactSet's AI solutions are generating usage, demand and commercial transactions.”
Outstanding debt composition as of August 31, 2025
Total principal $1,375.0M at FY2025 vs $1,375.0M at FY2024: 2027 Notes $500.0M, 2032 Notes $500.0M, 2025 Term Facility $375.0M; net carrying value $1,368.3M
“Total principal amount$1,375,000 $1,325,871 $1,375,000 $1,300,960”
Fiscal 2025 financing activity
FY2025 financing outflows of $407.8M included $805.0M repayment of 2022 Credit Facilities and $300.5M buybacks, partially offset by $803.4M proceeds from 2025 Term Facility and 2022 Revolving Facility
“$805.0 million related primarily to the repayment of the 2022 Credit Facilities... partially offset by $803.4 million of proceeds from borrowings under the 2025 Term Facility”
Senior Notes terms and change of control put
Senior Notes interest payable semiannually on March 1 and September 1; upon a change of control triggering event, must offer to repurchase at 101% of principal plus accrued interest
“Upon the occurrence of a change of control triggering event (as defined in the Supplemental Indenture), we must offer to repurchase the Senior Notes at 101% of their principal amount”
CEO transition
Sanoke Viswanathan became CEO and director on September 8, 2025, succeeding F. Philip Snow
“On September 8, 2025, Sanoke Viswanathan assumed the role of Chief Executive Officer and joined FactSet’s Board of Directors.”
EU DORA and FDTA regulatory obligations
FDTA in U.S.; EU DORA imposes operational resilience/cyber obligations that clients may pass onto vendors; UK advancing similar legislation
“the EU's DORA imposes operational resilience and cyber security standards and obligations... who aim to pass such obligations onto vendors, including us”
Cybersecurity and service outage risk
Cyber-attacks and prolonged outages could disrupt service, damage reputation and drive clients to alternative suppliers
“a loss of our services involving our significant facilities may materially disrupt our business and may induce our clients to seek alternative data suppliers.”
AI execution and compliance risk
AI technologies may not be successful and present business, compliance and reputational risks
“If our competitors or other third parties incorporate AI technologies, such as emerging generative and agentic AI, into their products and processes more quickly or more successfully than us, this could impair our ability to compete effectively.”
Debt covenants and variable rate exposure
Financial covenants and debt limits; breach could make all debt immediately due and payable; variable-rate debt partially swapped
“A breach of any of these covenants or any other restrictive covenants contained in the definitive documentation governing our indebtedness would result in a default or an event of default, which could result in all of our debt becoming immediately due and payable”
Buy-side clients (institutional asset managers, wealth managers, asset owners, partners, hedge funds, corporate clients) generate ~82% of Organic ASV, making FactSet heavily dependent on buy-side spending.
“Buy-side clients accounted for approximately 82% of our Organic ASV as of August 31, 2025.”
Buy-side clients account for approximately 82% of Organic ASV; revenue concentrated with institutional asset managers, wealth managers, asset owners, hedge funds.
“Buy-side clients account for approximately 82% of our Organic ASV, consistent with the prior year”
Revenues are predominantly subscription-based, so ASV retention above 95% and client retention of 91% are core demand indicators for recurring revenue stability.
“annual ASV retention was greater than 95% and, when expressed as a percentage of clients, annual retention was 91%.”
Americas segment, primarily selling to clients in North, Central and South America with a heavy U.S. presence, generated 65% of FY2025 revenues.
“Revenues from the Americas represented 65% of total revenues during fiscal 2025.”
AI is both a strategic growth pillar (FactSet AI Blueprint) and a competitive/compliance risk: competitors adopting AI faster could impair FactSet's position, and AI introduces regulatory, litigation and reputational risks.
“If we fail to keep pace with rapidly evolving AI technological developments, or fail to launch products that are competitive, our competitive position and business results may be negatively impacted.”
A single supplier provides the majority of cloud computing support; disruption or loss of service from this provider could impair FactSet's systems and operations.
“one supplier provides the majority of our cloud computing support.”
FactSet aggregates content from third-party data suppliers, news sources, exchanges and brokers; certain data sets have a limited number of suppliers, creating content supply concentration risk.
“We seek to maintain contractual relationships with a minimum of two content providers for each major type of financial data, though certain data sets on which we rely have a limited number of suppliers.”
AI is embedded across FactSet's offerings to enhance data discovery and automate workflows, supporting product demand and differentiation.
“flexible, AI-powered technologies used by global financial professionals to power their critical investment workflows”
EMEA segment, with offices including England, generated 25% of FY2025 revenues.
“Revenues from EMEA represented 25% of total revenues during fiscal 2025.”
Acquired platforms serve financial-services clients (investment managers, public companies, brokers), reinforcing FactSet's revenue dependence on the financial services sector.
“LiquidityBook provides cloud-native trading solutions to hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients.”
Acquisition of LiquidityBook adds order management and IBOR capabilities and enhances FactSet's integrated workflow offering across the portfolio life cycle.
“This acquisition adds technology-forward order management and investment book of record capabilities and enhances FactSet's ability to serve the integrated workflow needs of clients across the portfolio life cycle.”
~68% of employees are in COEs, primarily Philippines and India; headcount growth concentrated there drives labor cost structure.
“Approximately 68% of our employees are located in our COEs”
DORA imposes operational resilience/cybersecurity obligations on financial clients who aim to pass obligations onto vendors including FactSet; UK advancing similar legislation.
“many of our financial market clients, who aim to pass such obligations onto vendors, including us”
LiquidityBook serves hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients, expanding FactSet's exposure to these customer categories.
“LiquidityBook provides cloud-native trading solutions to hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients.”
Irwin acquisition expands FactSet's ability to address investor relations workflow needs with an integrated, modern solution.
“expands our ability to address the holistic workflow needs of investor relations professionals with an integrated, modern solution.”
LiquidityBook's client base broadens FactSet's exposure to hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients.
“LiquidityBook provides cloud-native trading solutions to hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients.”
GBP is a primary currency exposure for operating expenses, hedged with forward contracts.
“our primary currency exposures, namely the British Pound Sterling, Euro, Indian Rupee, and Philippine Peso”
The LiquidityBook acquisition adds a proprietary FIX network enabling broker connectivity and order routing, a technology capability now owned by FactSet.
“LiquidityBook operates a proprietary FIX network that enables streamlined connectivity to over 200 brokers and order routing to more than 1,600 destinations across 80 markets globally.”
EUR is a primary currency exposure for operating expenses, hedged with forward contracts.
“our primary currency exposures, namely the British Pound Sterling, Euro, Indian Rupee, and Philippine Peso”
Financial/credit market fluctuations and inflation affect client costs and demand; variable-rate debt exposes FactSet to rising interest expense.
“including conditions resulting from financial and credit market fluctuations, changes in economic policy, inflation rate fluctuations and trade uncertainty”
Asia Pacific segment (offices in Australia, China, Hong Kong SAR, India, Japan, Philippines, Singapore) generated 10% of FY2025 revenues.
“Revenues from Asia Pacific represented 10% of total revenues during fiscal 2025.”
INR is a primary currency exposure for operating expenses, hedged with forward contracts.
“our primary currency exposures, namely the British Pound Sterling, Euro, Indian Rupee, and Philippine Peso”
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