Factset Research Systems (FDS) FY2023 results: revenue $2.1 billion, up 13.1% on the year

Factset Research Systems Inc. (FDS) reported revenue of $2.1 billion for fiscal 2023, the year ended 31 August 2023, up 13.1% on the year before. Net income was $468 million, up 18.0%, and diluted earnings per share $12.04. The figures are the company's own, from the 10-K it filed with the SEC on 27 October 2023.

Revenue

$2.1 billion

+13.1% on the year

FY2016FY2023

Operating margin

30.2%

25.8% a year earlier

FY2016FY2023

Net income

$468 million

+18.0% on the year

FY2016FY2023

Diluted EPS

$12.04

+17.5% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,086	1,844	1,591	+13.1%
Cost of revenue	973	871	786	+11.7%
Gross profit	1,112	973	805	+14.3%
Gross margin	53.3%	52.8%	50.6%
Research and development	267	255	250	+4.8%
Selling, general and administrative	483	433	331	+11.6%
Operating income	629	475	474	+32.3%
Operating margin	30.2%	25.8%	29.8%
Interest expense	66.3	35.7	8.1	+85.8%
Pre-tax income	584	444	468	+31.6%
Income tax	116	46.7	68.0	+148.0%
Effective tax rate	19.8%	10.5%	14.5%
Net income	468	397	400	+18.0%
Net margin	22.4%	21.5%	25.1%
Diluted EPS	$12.04	$10.25	$10.36	+17.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	646	538	555	+19.9%
Capital expenditure	60.8	51.2	61.3	+18.8%
Free cash flow	585	487	494	+20.0%
Free cash flow margin	28.0%	26.4%	31.0%
Cash from investing	-95.4	-2,034	-136
Cash from financing	-632	1,339	-323
Depreciation and amortisation	105	86.7	64.5	+21.6%
Share-based compensation	62.0	56.0	45.1	+10.8%
Buybacks	177	18.6	265	+848.1%
Dividends paid	139	126	118	+10.1%
Diluted shares, weighted	39m	39m	39m	+0.4%
Shares outstanding at period end	38m	38m	38m	-0.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,620	1,331	1,016	+21.7%
Debt	1,613	1,982	575	-18.7%
Operating lease liabilities	198	209	260	-4.9%
Other liabilities	532	492	374	+8.1%
Total liabilities and equity	3,963	4,014	2,225	-1.3%
Fixed assets	86.1	80.8	131	+6.5%
Goodwill	1,005	966	754	+4.0%
Intangible assets	1,859	1,896	135	-1.9%
Investments	32.2	33.2	36.0	-3.0%
Cash and equivalents	425	503	682	-15.5%
Receivables	238	204	151	+16.4%
Other assets	318	331	335	-4.1%
Total assets	3,963	4,014	2,225	-1.3%

10-K for the year ended 31 August 2023, filed 27 October 2023: the filing.