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Factset Research Systems (FDS) FY2025 results: revenue $2.3 billion, up 5.4% on the year

Factset Research Systems Inc. (FDS) reported revenue of $2.3 billion for fiscal 2025, the year ended 31 August 2025, up 5.4% on the year before. Net income was $597 million, up 11.2%, and diluted earnings per share $15.55. The figures are the company's own, from the 10-K it filed with the SEC on 22 October 2025.

Revenue
$2.3 billion
+5.4% on the year
FY2018FY2025
Operating margin
32.2%
31.8% a year earlier
FY2018FY2025
Net income
$597 million
+11.2% on the year
FY2018FY2025
Diluted EPS
$15.55
+11.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

FactSet sells financial data, analytics and software to investment professionals, on subscription. It was founded in 1978, has been publicly traded since June 1996, is listed on both the New York Stock Exchange and Nasdaq under the symbol FDS, and has been in the S&P 500 since December 2021. The financial year ends on 31 August. At the end of fiscal 2025 it had 8,996 clients and 237,324 people using the platform, counting clients whose subscriptions run to $10,000 a year or more. Products run from desktop and mobile workstations to portfolio analytics, data feeds, application programming interfaces and cloud delivery, plus managed services that work as an extension of a client's own team on data, performance, risk and reporting. Sanoke Viswanathan became chief executive on 8 September 2025, succeeding F. Philip Snow.

Factset Research Systems Inc., the 10-K for 2025

FactSet sells financial data, analytics and software to investment professionals, on subscription. It was founded in 1978, has been publicly traded since June 1996, is listed on both the New York Stock Exchange and Nasdaq under the symbol FDS, and has been in the S&P 500 since December 2021. The financial year ends on 31 August. At the end of fiscal 2025 it had 8,996 clients and 237,324 people using the platform, counting clients whose subscriptions run to $10,000 a year or more. Products run from desktop and mobile workstations to portfolio analytics, data feeds, application programming interfaces and cloud delivery, plus managed services that work as an extension of a client's own team on data, performance, risk and reporting. Sanoke Viswanathan became chief executive on 8 September 2025, succeeding F. Philip Snow.

Who it sells to

Four firm types cut across the business. Institutional Buyside covers asset managers, asset owners and hedge funds, with front-office tools for research management, order management, portfolio construction and trade execution, and middle-office tools for performance measurement, attribution, reporting and risk. Dealmakers covers investment bankers, sell-side analysts, corporate users, investor relations officers and private equity and venture capital firms, who use it to analyse companies and markets, build presentations and monitor investments. Wealth covers wealth managers, with a web workstation, book-of-business dashboards for advisers and prospecting and proposal tools. Partnerships sells data and technology to other firms in the financial ecosystem, including curated datasets and turnkey interfaces for their own developers. Grouped the other way, buy-side clients were about 82 percent of organic subscription value at the end of fiscal 2025 and sell-side clients about 18 percent.

CUSIP Global Services

CGS is the exclusive issuer of CUSIP and CINS security identifiers worldwide, the codes the investment industry relies on in its front, middle and back offices. It is also the official numbering agency for ISIN identifiers in the United States and the substitute ISIN agency for more than 30 other countries.

The three regions

The reported segments are geographic, based on where a sale originated. The Americas takes about 65 percent of the total and runs offices in nine American states, including the Norwalk, Connecticut headquarters, data centres in two states, and offices in Brazil and Canada. EMEA takes about 25 percent, selling through offices in Bulgaria, England, France, Germany, Italy, Latvia, Luxembourg, the Netherlands, Sweden and the United Arab Emirates. Asia Pacific takes about 10 percent, through Australia, China, Hong Kong, India, Japan, the Philippines and Singapore.

Where the content comes from

Content is aggregated from third-party data suppliers, news sources, exchanges, brokers and contributors into FactSet's own managed databases. The filing states that it seeks to hold contracts with at least two providers for every major type of financial data, though some datasets have few suppliers available; two suppliers each accounted for more than 10 percent of total data costs in fiscal 2025. Delivery runs on a hybrid cloud: two fully redundant, physically separated data centres in the United States alongside outside cloud providers, one of which supplied the majority of cloud computing in fiscal 2025. The company names Bloomberg, S&P's Market Intelligence division and the Data and Analytics division of London Stock Exchange Group as its largest competitors, with BlackRock Aladdin, MSCI and Morningstar among the others.

People

At the end of fiscal 2025 there were 12,800 employees in 35 offices across 19 countries, 8,854 of them in Asia Pacific, 2,510 in the Americas and 1,436 in EMEA. Sites in India and the Philippines account for roughly 68 percent of the workforce. By function, 47 percent work in content operations, 28 percent in technology and product development, 21 percent in sales and client solutions and 4 percent in corporate support.

From FactSet's annual report on Form 10-K for the year ended 31 August 2025. The filing

Written from the 10-K filed 22 October 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,3222,2032,086+5.4%
Cost of revenue1,0981,012973+8.5%
Gross profit1,2241,1911,112+2.8%
Gross margin52.7%54.1%53.3%
Research and development301265267+13.4%
Selling, general and administrative476490483-2.9%
Operating income748701629+6.7%
Operating margin32.2%31.8%30.2%
Interest expense56.365.866.3-14.4%
Pre-tax income721652584+10.7%
Income tax124114116+8.3%
Effective tax rate17.2%17.6%19.8%
Net income597537468+11.2%
Net margin25.7%24.4%22.4%
Diluted EPS$15.55$13.91$12.04+11.8%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow726700646+3.7%
Capital expenditure10985.760.8+27.0%
Free cash flow617615585+0.5%
Free cash flow margin26.6%27.9%28.0%
Cash from investing-393-144-95.4
Cash from financing-408-561-632
Depreciation and amortisation158125105+26.0%
Share-based compensation61.263.562.0-3.6%
Buybacks300235177+27.7%
Dividends paid160151139+6.2%
Diluted shares, weighted38m39m39m-0.6%
Shares outstanding at period end38m38m38m-0.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,1861,9121,620+14.3%
Debt1,3681,3661,613+0.2%
Operating lease liabilities157178198-11.5%
Other liabilities592599532-1.1%
Total liabilities and equity4,3044,0553,963+6.1%
Fixed assets85.282.586.1+3.3%
Goodwill1,2851,0111,005+27.1%
Intangible assets1,9161,8441,859+3.9%
Investments17.469.632.2-74.9%
Cash and equivalents338423425-20.2%
Receivables271228238+18.7%
Other assets392397318-1.0%
Total assets4,3044,0553,963+6.1%

10-K for the year ended 31 August 2025, filed 22 October 2025: the filing.