FactSet Research Systems (FDS) Financials

$212.49 +12.63 (+6.32%)

Closing price 05/15/2026 03:59 PM Eastern

Extended Trading

$213.30 +0.81 (+0.38%)

As of 05/15/2026 07:55 PM Eastern

Annual Income Statements for FactSet Research Systems

This table shows FactSet Research Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	8/31/2015	8/31/2016	8/31/2017	8/31/2018	8/31/2019	8/31/2020	8/31/2021	8/31/2022	8/31/2023	8/31/2024	8/31/2025
Net Income / (Loss) Attributable to Common Shareholders	241	339	258	267	353	373	400	397	468	537	597
Consolidated Net Income / (Loss)	241	339	258	267	353	373	400	397	468	537	597
Net Income / (Loss) Continuing Operations	241	339	258	267	353	373	400	397	468	537	597
Total Pre-Tax Income	334	461	344	352	422	427	468	444	584	652	721
Total Operating Income	332	350	352	366	438	440	474	475	629	701	748
Total Gross Profit	601	640	655	691	772	799	805	973	1,112	1,191	1,224
Total Revenue	1,007	1,127	1,221	1,350	1,435	1,494	1,591	1,844	2,086	2,203	2,322
Operating Revenue	1,007	1,127	1,221	1,350	1,435	1,494	1,591	1,844	2,086	2,203	2,322
Total Cost of Revenue	405	487	567	659	663	695	786	871	973	1,012	1,098
Operating Cost of Revenue	405	487	567	659	663	695	786	871	973	1,012	1,098
Total Operating Expenses	270	290	302	325	334	359	331	497	483	490	476
Selling, General & Admin Expense	270	290	302	325	334	343	331	433	483	490	476
Total Other Income / (Expense), net	1.84	111	-7.82	-14	-16	-13	-6.39	-32	-45	-50	-27
Interest Expense	-	-	-	-	-	-	-	36	66	66	56
Interest & Investment Income	1.84	-1.14	-6.60	1.92	0.55	-9.83	-6.39	6.18	13	14	6.53
Other Income / (Expense), net	0.00	112	-1.22	-16	-17	-2.70	-	-2.37	8.26	1.54	22
Income Tax Expense	93	122	86	85	69	54	68	47	116	114	124
Basic Earnings per Share	$5.80	$8.29	$6.55	$6.90	$9.25	$9.83	$10.56	$10.48	$12.26	$14.11	$15.74
Weighted Average Basic Shares Outstanding	41.57M	40.88M	39.44M	38.73M	38.14M	37.94M	37.86M	37.86M	38.19M	38.06M	37.92M
Diluted Earnings per Share	$5.71	$8.19	$6.51	$6.78	$9.08	$9.65	$10.36	$10.25	$12.04	$13.91	$15.55
Weighted Average Diluted Shares Outstanding	42.24M	41.37M	39.64M	39.38M	38.87M	38.65M	38.57M	38.74M	38.90M	38.62M	38.39M
Weighted Average Basic & Diluted Shares Outstanding	41.60M	40.90M	39.40M	38.70M	37.94M	37.99M	37.64M	38.08M	37.99M	37.99M	37.46M

This table shows FactSet Research Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026
Net Income / (Loss) Attributable to Common Shareholders	65	149	141	158	89	150	145	149	154	153	133
Consolidated Net Income / (Loss)	65	149	141	158	89	150	145	149	154	153	133
Net Income / (Loss) Continuing Operations	65	149	141	158	89	150	145	149	154	153	133
Total Pre-Tax Income	107	175	169	191	117	180	172	180	189	190	161
Total Operating Income	116	189	182	202	128	191	185	194	177	192	185
Total Gross Profit	272	291	291	306	304	310	301	305	308	320	314
Total Revenue	536	542	546	553	562	569	571	586	597	608	611
Operating Revenue	536	542	546	553	562	569	571	586	597	608	611
Total Cost of Revenue	264	252	255	247	258	259	270	281	289	288	297
Operating Cost of Revenue	264	252	255	247	258	259	270	281	289	288	297
Total Operating Expenses	156	102	109	103	176	119	116	111	131	128	129
Selling, General & Admin Expense	131	102	109	103	173	119	116	111	131	128	129
Total Other Income / (Expense), net	-8.79	-14	-13	-12	-11	-12	-13	-14	12	-1.96	-24
Interest Expense	17	17	17	17	16	14	14	15	13	13	13
Interest & Investment Income	4.62	3.01	2.85	4.57	4.02	2.70	0.27	1.51	2.05	1.09	0.89
Other Income / (Expense), net	3.28	-0.12	0.46	0.40	0.80	0.10	0.47	-0.59	22	10	-12
Income Tax Expense	42	27	28	32	28	30	27	31	35	38	28
Basic Earnings per Share	$1.71	$3.91	$3.70	$4.15	$2.35	$3.95	$3.81	$3.92	$4.06	$4.08	$3.60
Weighted Average Basic Shares Outstanding	38.19M	38.02M	38.10M	38.09M	38.06M	38.01M	38.02M	37.91M	37.92M	37.41M	36.93M
Diluted Earnings per Share	$1.68	$3.84	$3.65	$4.09	$2.33	$3.89	$3.76	$3.87	$4.03	$4.06	$3.59
Weighted Average Diluted Shares Outstanding	38.90M	38.64M	38.65M	38.64M	38.62M	38.52M	38.51M	38.34M	38.39M	37.62M	37.06M
Weighted Average Basic & Diluted Shares Outstanding	37.99M	38.09M	38.12M	38.04M	37.99M	38.03M	37.95M	37.81M	37.46M	37.10M	36.43M
Cash Dividends to Common per Share	-	$0.98	$0.98	$1.04	-	$1.04	$1.04	$1.10	-	$1.10	$1.10

This table details how cash moves in and out of FactSet Research Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	8/31/2015	8/31/2016	8/31/2017	8/31/2018	8/31/2019	8/31/2020	8/31/2021	8/31/2022	8/31/2023	8/31/2024	8/31/2025
Net Change in Cash & Equivalents	43	69	-34	17	151	226	96	-179	-78	-2.47	-71
Net Cash From Operating Activities	306	331	321	386	427	506	555	538	646	700	726
Net Cash From Continuing Operating Activities	306	331	321	386	427	506	555	538	646	700	726
Net Income / (Loss) Continuing Operations	241	339	258	267	353	373	400	397	468	537	597
Consolidated Net Income / (Loss)	241	339	258	267	353	373	400	397	468	537	597
Depreciation Expense	31	38	48	57	60	58	64	87	105	125	158
Amortization Expense	-	-	-	0.00	0.00	43	43	43	32	30	31
Non-Cash Adjustments To Reconcile Net Income	-2.61	-101	25	32	32	64	2.32	72	100	78	50
Changes in Operating Assets and Liabilities, net	37	55	-11	30	-19	-32	46	-60	-60	-70	-109
Net Cash From Investing Activities	-65	-158	-347	-49	-56	-74	-136	-2,034	-95	-144	-393
Net Cash From Continuing Investing Activities	-65	-158	-347	-49	-56	-74	-136	-2,034	-95	-144	-393
Purchase of Property, Plant & Equipment	-26	-48	-37	-34	-59	-78	-61	-51	-61	-86	-109
Acquisitions	-35	-263	-303	-15	0.00	0.00	-58	-1,982	-24	0.00	-348
Purchase of Investments	-24	-18	-31	-12	-11	-2.74	-19	-0.88	-11	-59	-19
Divestitures	0.00	153	-	-	-	-	-	-	0.00	0.00	25
Sale and/or Maturity of Investments	20	17	23	12	14	6.75	2.18	-	0.00	0.00	58
Net Cash From Financing Activities	-187	-91	-8.16	-320	-214	-218	-323	1,339	-632	-561	-408
Net Cash From Continuing Financing Activities	-187	-91	-8.16	-320	-214	-218	-323	1,339	-632	-561	-408
Repayment of Debt	-0.03	-0.01	-367	0.00	-576	-3.53	-4.26	-841	-389	-267	-832
Repurchase of Common Equity	-256	-357	-261	-304	-220	-200	-265	-19	-177	-235	-300
Payment of Dividends	-67	-74	-81	-89	-100	-110	-118	-126	-139	-151	-160
Issuance of Debt	35	265	640	1.72	575	0.00	0.00	2,238	0.00	0.00	803
Issuance of Common Equity	72	57	50	72	107	96	64	86	72	92	82
Effect of Exchange Rate Changes	-12	-12	1.26	-	-5.59	12	-0.26	-22	4.02	2.36	3.05
Cash Interest Paid	-	3.01	8.47	16	20	13	8.02	30	77	66	55
Cash Income Taxes Paid	65	88	75	69	90	69	47	76	91	157	103

This table details how cash moves in and out of FactSet Research Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026
Net Change in Cash & Equivalents	-61	-14	-30	71	-30	-134	2.42	79	-19	-67	-7.11
Net Cash From Operating Activities	156	155	144	238	163	86	174	254	212	121	212
Net Cash From Continuing Operating Activities	156	155	144	238	163	86	174	254	212	121	212
Net Income / (Loss) Continuing Operations	65	149	141	158	89	150	145	149	154	153	133
Consolidated Net Income / (Loss)	65	149	141	158	89	150	145	149	154	153	133
Depreciation Expense	27	27	32	33	34	36	38	41	43	44	44
Amortization Expense	3.10	7.62	7.65	7.58	7.56	7.57	7.61	7.98	7.83	8.00	8.19
Non-Cash Adjustments To Reconcile Net Income	42	8.39	6.65	4.06	13	14	29	21	-4.72	13	35
Changes in Operating Assets and Liabilities, net	18	-36	-43	36	19	-121	-46	35	13	-96	-8.40
Net Cash From Investing Activities	-23	-25	-58	-21	-40	-145	-193	-31	-23	4.33	-26
Net Cash From Continuing Investing Activities	-23	-25	-58	-21	-40	-145	-193	-31	-23	4.33	-26
Purchase of Property, Plant & Equipment	0.64	-16	-22	-21	-26	-26	-24	-25	-34	-31	-26
Purchase of Investments	-0.13	-8.75	-36	-	-14	-3.99	-0.22	-0.23	-14	-0.88	-0.23
Net Cash From Financing Activities	-195	-145	-115	-144	-158	-70	25	-154	-208	-191	-196
Net Cash From Continuing Financing Activities	-195	-145	-115	-144	-158	-70	25	-154	-208	-191	-196
Repayment of Debt	-64	-76	-63	-64	-63	-76	-143	-544	-69	-5.70	-0.26
Repurchase of Common Equity	-110	-60	-52	-60	-63	-49	-64	-81	-107	-140	-163
Payment of Dividends	-37	-37	-37	-37	-39	-39	-40	-40	-42	-41	-41
Issuance of Common Equity	16	28	38	17	8.21	39	21	12	9.07	8.55	8.12
Effect of Exchange Rate Changes	0.90	1.05	-1.18	-1.78	4.28	-5.05	-3.00	10	1.08	-2.27	3.57

This table presents FactSet Research Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	8/31/2015	8/31/2016	8/31/2017	8/31/2018	8/31/2019	8/31/2020	8/31/2021	8/31/2022	8/31/2023	8/31/2024	8/31/2025
Total Assets	737	1,019	1,413	1,419	1,560	2,083	2,225	4,014	3,963	4,055	4,304
Total Current Assets	304	369	409	431	584	842	934	870	770	836	730
Cash & Equivalents	159	228	195	209	360	586	682	503	425	423	338
Short-Term Investments	23	24	32	29	26	20	36	33	32	70	17
Accounts Receivable	95	98	148	157	146	155	151	204	238	228	271
Prepaid Expenses	20	16	24	30	37	44	51	91	51	60	70
Current Deferred & Refundable Income Taxes	6.91	3.16	9.74	6.27	15	38	14	39	24	55	34
Plant, Property, & Equipment, net	59	85	100	101	119	133	131	81	86	83	85
Total Noncurrent Assets	373	565	903	888	857	1,108	1,160	3,063	3,107	3,137	3,489
Goodwill	308	453	708	702	686	710	754	966	1,005	1,011	1,285
Intangible Assets	40	93	174	149	124	121	135	1,896	1,859	1,844	1,916
Noncurrent Deferred & Refundable Income Taxes	21	13	7.41	9.72	7.57	-	2.25	3.15	27	61	61
Other Noncurrent Operating Assets	4.30	5.78	15	28	39	278	269	198	216	220	227
Total Liabilities & Shareholders' Equity	737	1,019	1,413	1,419	1,560	2,083	2,225	4,014	3,963	4,055	4,304
Total Liabilities	205	502	854	894	888	1,187	1,209	2,683	2,343	2,143	2,118
Total Current Liabilities	140	158	201	221	219	276	316	438	484	667	521
Accounts Payable	34	46	59	72	80	82	86	108	122	178	135
Dividends Payable	18	20	22	24	27	29	31	34	37	39	41
Current Deferred Revenue	38	33	47	50	48	54	63	152	152	160	168
Current Deferred & Payable Income Tax Liabilities	4.32	8.07	11	8.45	-	-	-	0.00	31	40	13
Current Employee Benefit Liabilities	45	51	61	66	64	82	104	115	113	93	131
Other Current Liabilities	-	-	-	-	0.00	29	32	29	29	31	33
Total Noncurrent Liabilities	65	344	652	672	669	911	893	2,245	1,859	1,476	1,597
Long-Term Debt	35	300	575	575	574	574	575	1,982	1,613	1,241	1,368
Noncurrent Deferred Revenue	6.78	8.78	15	30	36	37	39	41	34	42	45
Noncurrent Deferred & Payable Income Tax Liabilities	1.70	1.71	25	21	16	20	15	8.80	6.74	8.45	15
Other Noncurrent Operating Liabilities	22	33	37	47	42	280	265	212	205	184	168
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	532	517	560	526	672	896	1,016	1,331	1,620	1,912	2,186
Total Preferred & Common Equity	532	517	560	526	672	896	1,016	1,331	1,620	1,912	2,186
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	532	517	560	526	672	896	1,016	1,331	1,620	1,912	2,186
Common Stock	543	624	742	668	807	939	1,049	1,191	1,324	1,479	1,622
Retained Earnings	1,022	1,284	1,459	123	373	633	913	1,180	1,505	1,889	2,323
Treasury Stock	-989	-1,322	-1,607	-213	-434	-637	-906	-931	-1,122	-1,376	-1,695
Accumulated Other Comprehensive Income / (Loss)	-44	-69	-35	-51	-75	-39	-39	-108	-87	-80	-64

This table presents FactSet Research Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	11/30/2025	2/28/2026
Total Assets	3,998	3,963	3,951	3,991	4,040	4,055	4,049	4,241	4,339	4,221	4,220
Total Current Assets	844	770	766	823	858	836	751	708	760	709	724
Cash & Equivalents	487	425	412	382	453	423	289	279	356	275	268
Short-Term Investments	32	32	32	69	69	70	70	8.47	7.68	17	17
Accounts Receivable	238	238	245	272	240	228	253	278	272	289	320
Prepaid Expenses	66	51	51	58	52	60	61	67	64	101	90
Current Deferred & Refundable Income Taxes	22	24	26	43	44	55	79	76	61	26	29
Plant, Property, & Equipment, net	82	86	83	81	81	83	82	80	80	85	84
Total Noncurrent Assets	3,072	3,107	3,102	3,087	3,101	3,137	3,216	3,454	3,499	3,427	3,411
Goodwill	982	1,005	1,005	1,004	1,005	1,011	1,092	1,245	1,278	1,280	1,287
Intangible Assets	1,859	1,859	1,848	1,861	1,851	1,844	1,870	1,935	1,931	1,900	1,885
Noncurrent Deferred & Refundable Income Taxes	12	27	24	24	37	61	40	54	67	60	61
Other Noncurrent Operating Assets	218	216	225	198	208	220	214	220	223	188	178
Total Liabilities & Shareholders' Equity	3,998	3,963	3,951	3,991	4,040	4,055	4,049	4,241	4,339	4,221	4,220
Total Liabilities	2,329	2,343	2,250	2,189	2,149	2,143	2,057	2,185	2,184	2,053	2,091
Total Current Liabilities	401	484	456	460	672	667	538	482	519	459	506
Accounts Payable	110	122	150	128	138	178	151	131	144	149	149
Dividends Payable	37	37	37	37	40	39	40	40	42	41	40
Current Deferred Revenue	148	152	150	175	168	160	157	177	171	163	189
Current Deferred & Payable Income Tax Liabilities	-	31	37	18	29	40	45	30	31	14	5.61
Current Employee Benefit Liabilities	76	113	52	72	79	93	52	71	98	60	88
Other Current Liabilities	30	29	29	-	30	31	31	33	33	33	34
Total Noncurrent Liabilities	1,928	1,859	1,795	1,729	1,478	1,476	1,519	1,703	1,665	1,594	1,585
Long-Term Debt	1,674	1,613	1,551	1,489	1,241	1,241	1,297	1,472	1,430	1,369	1,369
Noncurrent Deferred Revenue	44	34	35	39	39	42	43	47	48	45	41
Noncurrent Deferred & Payable Income Tax Liabilities	6.07	6.74	9.33	8.23	7.94	8.45	15	15	17	15	15
Other Noncurrent Operating Liabilities	204	205	199	6.97	191	184	164	169	170	166	159
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,669	1,620	1,701	1,802	1,890	1,912	1,992	2,057	2,155	2,168	2,129
Total Preferred & Common Equity	1,669	1,620	1,701	1,802	1,890	1,912	1,992	2,057	2,155	2,168	2,129
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,669	1,620	1,701	1,802	1,890	1,912	1,992	2,057	2,155	2,168	2,129
Common Stock	1,291	1,324	1,367	1,422	1,454	1,479	1,532	1,570	1,599	1,649	1,678
Retained Earnings	1,477	1,505	1,616	1,720	1,838	1,889	1,999	2,104	2,211	2,435	2,528
Treasury Stock	-1,010	-1,122	-1,195	-1,249	-1,310	-1,376	-1,439	-1,504	-1,586	-1,842	-2,007
Accumulated Other Comprehensive Income / (Loss)	-89	-87	-87	-91	-93	-80	-100	-113	-69	-74	-70

This table displays calculated financial ratios and metrics derived from FactSet Research Systems' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	8/31/2015	8/31/2016	8/31/2017	8/31/2018	8/31/2019	8/31/2020	8/31/2021	8/31/2022	8/31/2023	8/31/2024	8/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.39%	11.95%	8.35%	10.56%	6.31%	4.09%	6.51%	15.86%	13.10%	5.64%	5.39%
EBITDA Growth	7.51%	37.69%	-20.19%	2.00%	18.34%	11.60%	8.11%	3.69%	28.59%	10.74%	11.77%
EBIT Growth	9.38%	39.23%	-24.07%	-0.28%	20.43%	3.69%	8.49%	-0.20%	34.74%	10.25%	9.66%
NOPAT Growth	13.79%	7.21%	2.77%	5.25%	31.74%	4.82%	5.52%	5.03%	18.57%	14.62%	7.18%
Net Income Growth	13.95%	40.56%	-23.78%	3.42%	32.09%	5.71%	7.15%	-0.67%	17.95%	14.73%	11.15%
EPS Growth	16.06%	43.43%	-20.51%	4.15%	33.92%	6.28%	7.36%	-1.06%	17.46%	15.53%	11.79%
Operating Cash Flow Growth	15.63%	8.06%	-3.21%	20.32%	10.75%	18.43%	9.76%	-3.05%	19.93%	8.48%	3.70%
Free Cash Flow Firm Growth	36.53%	-67.34%	-207.90%	497.83%	14.08%	3.31%	4.96%	-474.18%	133.97%	12.26%	-63.90%
Invested Capital Growth	2.90%	45.34%	58.93%	-4.53%	0.12%	0.74%	1.01%	211.01%	0.04%	0.46%	14.71%
Revenue Q/Q Growth	2.35%	2.32%	3.33%	1.44%	1.30%	1.31%	1.81%	4.98%	1.78%	1.21%	1.52%
EBITDA Q/Q Growth	0.87%	31.37%	-22.11%	-2.50%	1.83%	5.34%	3.95%	3.50%	-1.86%	2.52%	9.11%
EBIT Q/Q Growth	1.40%	33.80%	-25.17%	-2.88%	1.59%	-3.47%	4.92%	2.31%	-1.22%	1.34%	10.17%
NOPAT Q/Q Growth	2.85%	0.01%	0.03%	4.05%	6.35%	-0.76%	2.64%	4.17%	-8.64%	4.93%	8.01%
Net Income Q/Q Growth	2.89%	31.99%	-24.71%	3.60%	6.88%	-0.65%	3.09%	0.85%	-7.74%	4.75%	12.03%
EPS Q/Q Growth	3.26%	32.95%	-23.50%	3.99%	6.82%	-0.62%	3.29%	0.69%	-7.74%	4.90%	12.27%
Operating Cash Flow Q/Q Growth	4.18%	-3.94%	10.39%	1.61%	3.76%	8.03%	4.82%	-5.88%	0.67%	1.08%	7.23%
Free Cash Flow Firm Q/Q Growth	0.20%	78.82%	-64.95%	4.31%	10.75%	0.24%	12.91%	-0.29%	-6.19%	-2.05%	39.27%
Invested Capital Q/Q Growth	-0.09%	-5.38%	-0.16%	-0.43%	-1.93%	-2.33%	-5.85%	-1.23%	-1.73%	-0.37%	-0.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.74%	56.76%	53.60%	51.17%	53.78%	53.45%	50.59%	52.76%	53.33%	54.07%	52.72%
EBITDA Margin	36.08%	44.38%	32.69%	30.16%	33.57%	35.99%	36.53%	32.69%	37.17%	38.97%	41.32%
Operating Margin	32.97%	31.02%	28.84%	27.12%	30.52%	29.43%	29.79%	25.79%	30.17%	31.83%	32.23%
EBIT Margin	32.97%	41.00%	28.74%	25.92%	29.36%	29.25%	29.79%	25.66%	30.57%	31.90%	33.20%
Profit (Net Income) Margin	23.94%	30.06%	21.15%	19.78%	24.58%	24.96%	25.11%	21.53%	22.45%	24.38%	25.72%
Tax Burden Percent	72.22%	73.50%	75.01%	75.91%	83.61%	87.31%	85.45%	89.48%	80.17%	82.44%	82.81%
Interest Burden Percent	100.55%	99.75%	98.12%	100.55%	100.13%	97.75%	98.64%	93.76%	91.61%	92.70%	93.54%
Effective Tax Rate	27.78%	26.50%	24.99%	24.09%	16.39%	12.69%	14.55%	10.52%	19.83%	17.56%	17.19%
Return on Invested Capital (ROIC)	60.43%	52.07%	34.89%	30.61%	41.25%	43.06%	45.04%	22.90%	17.94%	20.51%	20.43%
ROIC Less NNEP Spread (ROIC-NNEP)	59.37%	-212.54%	32.20%	27.62%	36.60%	32.86%	54.67%	18.73%	15.23%	16.61%	18.13%
Return on Net Nonoperating Assets (RNNOA)	-14.20%	12.53%	13.07%	18.60%	17.64%	4.49%	-3.26%	10.91%	13.79%	9.90%	8.70%
Return on Equity (ROE)	46.24%	64.60%	47.96%	49.21%	58.89%	47.55%	41.78%	33.81%	31.73%	30.41%	29.13%
Cash Return on Invested Capital (CROIC)	57.57%	15.11%	-10.63%	35.24%	41.14%	42.32%	44.03%	-79.78%	17.90%	20.05%	6.73%
Operating Return on Assets (OROA)	47.42%	52.64%	28.85%	24.71%	28.29%	23.99%	22.01%	15.17%	15.98%	17.53%	18.44%
Return on Assets (ROA)	34.44%	38.59%	21.23%	18.86%	23.68%	20.47%	18.55%	12.72%	11.74%	13.40%	14.28%
Return on Common Equity (ROCE)	46.24%	64.60%	47.96%	49.21%	58.89%	47.55%	41.78%	33.81%	31.73%	30.41%	29.13%
Return on Equity Simple (ROE_SIMPLE)	45.35%	65.49%	46.14%	50.79%	52.48%	41.61%	39.32%	29.81%	28.90%	28.09%	0.00%
Net Operating Profit after Tax (NOPAT)	240	257	264	278	366	384	405	425	504	578	620
NOPAT Margin	23.81%	22.80%	21.63%	20.59%	25.51%	25.69%	25.45%	23.07%	24.19%	26.24%	26.69%
Net Nonoperating Expense Percent (NNEP)	1.06%	264.61%	2.69%	2.98%	4.65%	10.20%	-9.63%	4.17%	2.72%	3.90%	2.30%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	17.43%
Cost of Revenue to Revenue	40.26%	43.24%	46.40%	48.83%	46.22%	46.55%	49.41%	47.24%	46.67%	45.93%	47.28%
SG&A Expenses to Revenue	26.77%	25.73%	24.77%	24.05%	23.26%	22.92%	20.80%	23.48%	21.92%	22.02%	20.49%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.77%	25.73%	24.77%	24.05%	23.26%	24.03%	20.80%	26.97%	23.16%	22.23%	20.49%
Earnings before Interest and Taxes (EBIT)	332	462	351	350	421	437	474	473	637	703	771
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	363	500	399	407	482	538	581	603	775	858	959
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	12.93	10.31	15.85	14.82	14.36	13.80	12.14	10.18	8.41	6.46
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	196.31	110.29	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	5.94	4.73	6.17	6.94	8.62	8.81	8.76	7.91	7.30	6.08
Price to Earnings (P/E)	0.00	19.74	22.35	31.20	28.25	34.52	35.10	40.72	35.23	29.95	23.64
Dividend Yield	1.15%	1.14%	1.44%	1.10%	1.04%	0.88%	0.86%	0.80%	0.87%	0.96%	1.15%
Earnings Yield	0.00%	5.06%	4.47%	3.20%	3.54%	2.90%	2.85%	2.46%	2.84%	3.34%	4.23%
Enterprise Value to Invested Capital (EV/IC)	0.00	11.52	6.59	9.77	11.43	14.35	15.36	6.26	6.28	6.00	4.67
Enterprise Value to Revenue (EV/Rev)	0.00	5.98	5.01	6.42	7.07	8.60	8.72	9.55	8.46	7.70	6.52
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.47	15.33	21.29	21.07	23.88	23.88	29.21	22.77	19.76	15.77
Enterprise Value to EBIT (EV/EBIT)	0.00	14.58	17.44	24.78	24.10	29.39	29.28	37.21	27.68	24.13	19.63
Enterprise Value to NOPAT (EV/NOPAT)	0.00	26.21	23.17	31.19	27.73	33.45	34.27	41.38	34.98	29.33	24.41
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	20.34	19.10	22.48	23.77	25.39	25.00	32.71	27.34	24.21	20.83
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	90.33	0.00	27.09	27.80	34.04	35.05	0.00	35.06	30.01	74.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.07	0.58	1.03	1.09	0.85	0.64	0.57	1.49	1.00	0.71	0.63
Long-Term Debt to Equity	0.07	0.58	1.03	1.09	0.85	0.64	0.57	1.49	1.00	0.65	0.63
Financial Leverage	-0.24	-0.06	0.41	0.67	0.48	0.14	-0.06	0.58	0.91	0.60	0.48
Leverage Ratio	1.34	1.67	2.26	2.61	2.49	2.32	2.25	2.66	2.70	2.27	2.04
Compound Leverage Factor	1.35	1.67	2.22	2.62	2.49	2.27	2.22	2.49	2.48	2.10	1.91
Debt to Total Capital	6.18%	36.70%	50.67%	52.22%	46.07%	39.05%	36.11%	59.82%	49.89%	41.67%	38.49%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.81%	0.00%
Long-Term Debt to Total Capital	6.18%	36.70%	50.67%	52.22%	46.07%	39.05%	36.11%	59.82%	49.89%	37.86%	38.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	93.82%	63.30%	49.33%	47.78%	53.93%	60.95%	63.89%	40.18%	50.11%	58.33%	61.51%
Debt to EBITDA	0.10	0.60	1.44	1.41	1.19	1.07	0.99	3.29	2.08	1.59	1.43
Net Debt to EBITDA	-0.41	0.09	0.87	0.83	0.39	-0.06	-0.25	2.40	1.49	1.02	1.06
Long-Term Debt to EBITDA	0.10	0.60	1.44	1.41	1.19	1.07	0.99	3.29	2.08	1.45	1.43
Debt to NOPAT	0.15	1.17	2.18	2.07	1.57	1.50	1.42	4.66	3.20	2.36	2.21
Net Debt to NOPAT	-0.61	0.18	1.32	1.21	0.51	-0.08	-0.35	3.40	2.29	1.51	1.64
Long-Term Debt to NOPAT	0.15	1.17	2.18	2.07	1.57	1.50	1.42	4.66	3.20	2.15	2.21
Altman Z-Score	0.00	12.61	7.36	7.66	9.16	8.67	9.29	5.00	5.90	6.32	5.94
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.18	2.33	2.04	1.95	2.67	3.05	2.96	1.99	1.59	1.25	1.40
Quick Ratio	1.99	2.21	1.87	1.78	2.43	2.75	2.75	1.69	1.44	1.08	1.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	228	75	-80	320	365	377	396	-1,482	503	565	204
Operating Cash Flow to CapEx	1,193.22%	693.63%	869.53%	1,150.56%	719.45%	651.50%	905.38%	1,052.23%	1,062.04%	817.38%	667.48%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-41.51	7.59	8.59	3.62
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.08	9.73	10.65	12.89
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.65	8.82	9.34	10.96
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.44	1.28	1.00	0.95	0.96	0.82	0.74	0.59	0.52	0.55	0.56
Accounts Receivable Turnover	10.86	11.69	9.92	8.85	9.48	9.92	10.39	10.38	9.44	9.46	9.31
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	17.22	15.67	13.20	13.43	13.05	11.84	12.03	17.38	24.98	26.13	27.69
Accounts Payable Turnover	13.32	12.23	10.79	10.04	8.75	8.60	9.37	8.97	8.46	6.74	7.00
Days Sales Outstanding (DSO)	33.61	31.23	36.78	41.22	38.52	36.81	35.11	35.16	38.66	38.58	39.20
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	27.40	29.85	33.84	36.34	41.72	42.44	38.96	40.68	43.17	54.12	52.12
Cash Conversion Cycle (CCC)	6.21	1.38	2.95	4.89	-3.20	-5.63	-3.84	-5.51	-4.51	-15.54	-12.92
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	402	585	929	887	888	895	904	2,811	2,812	2,825	3,241
Invested Capital Turnover	2.54	2.28	1.61	1.49	1.62	1.68	1.77	0.99	0.74	0.78	0.77
Increase / (Decrease) in Invested Capital	11	182	345	-42	1.03	6.57	9.05	1,907	1.04	13	416
Enterprise Value (EV)	0.00	6,737	6,121	8,671	10,154	12,842	13,881	17,607	17,648	16,958	15,127
Market Capitalization	0.00	6,689	5,773	8,334	9,965	12,873	14,024	16,161	16,493	16,085	14,114
Book Value per Share	$12.79	$12.73	$14.27	$13.71	$17.57	$23.59	$26.90	$35.06	$42.47	$50.28	$57.83
Tangible Book Value per Share	$4.41	($0.71)	($8.19)	($8.47)	($3.61)	$1.73	$3.37	($40.29)	($32.61)	($24.78)	($26.83)
Total Capital	567	817	1,135	1,101	1,246	1,471	1,591	3,314	3,233	3,278	3,555
Total Debt	35	300	575	575	574	574	575	1,982	1,613	1,366	1,368
Total Long-Term Debt	35	300	575	575	574	574	575	1,982	1,613	1,241	1,368
Net Debt	-147	47	348	337	189	-31	-143	1,446	1,155	873	1,013
Capital Expenditures (CapEx)	26	48	37	34	59	78	61	51	61	86	109
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-18	-42	-19	-28	-21	-40	-100	-104	-172	-199	-147
Debt-free Net Working Capital (DFNWC)	164	211	208	210	365	566	618	432	286	294	208
Net Working Capital (NWC)	164	211	208	210	365	566	618	432	286	169	208
Net Nonoperating Expense (NNE)	-1.33	-82	5.87	11	13	11	5.49	29	36	41	23
Net Nonoperating Obligations (NNO)	-129	67	370	361	216	-1.54	-112	1,480	1,192	913	1,055
Total Depreciation and Amortization (D&A)	31	38	48	57	60	101	107	130	138	156	189
Debt-free, Cash-free Net Working Capital to Revenue	-1.79%	-3.69%	-1.55%	-2.08%	-1.44%	-2.65%	-6.28%	-5.66%	-8.24%	-9.03%	-6.32%
Debt-free Net Working Capital to Revenue	16.33%	18.73%	17.05%	15.54%	25.42%	37.86%	38.82%	23.43%	13.71%	13.33%	8.98%
Net Working Capital to Revenue	16.33%	18.73%	17.05%	15.54%	25.42%	37.86%	38.82%	23.43%	13.71%	7.66%	8.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.80	$8.29	$6.55	$6.90	$9.25	$9.83	$10.56	$10.48	$12.26	$14.11	$15.74
Adjusted Weighted Average Basic Shares Outstanding	41.57M	40.88M	39.44M	38.73M	38.14M	37.94M	37.86M	37.86M	38.19M	38.06M	37.92M
Adjusted Diluted Earnings per Share	$5.71	$8.19	$6.51	$6.78	$9.08	$9.65	$10.36	$10.25	$12.04	$13.91	$15.55
Adjusted Weighted Average Diluted Shares Outstanding	42.24M	41.37M	39.64M	39.38M	38.87M	38.65M	38.57M	38.74M	38.90M	38.62M	38.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.45M	39.94M	39.11M	38.04M	37.94M	37.99M	37.64M	38.08M	37.99M	37.99M	37.46M
Normalized Net Operating Profit after Tax (NOPAT)	240	257	264	278	366	398	405	483	525	582	620
Normalized NOPAT Margin	23.81%	22.80%	21.63%	20.59%	25.51%	26.66%	25.45%	26.19%	25.19%	26.42%	26.69%
Pre Tax Income Margin	33.15%	40.90%	28.20%	26.06%	29.40%	28.59%	29.38%	24.06%	28.00%	29.57%	31.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.25	9.61	10.68	13.68
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.92	7.61	8.79	11.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.82	8.70	9.38	11.75
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.49	6.69	7.49	9.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.61%	21.91%	31.32%	33.48%	28.36%	29.61%	29.51%	31.73%	29.60%	28.05%	26.79%
Augmented Payout Ratio	133.90%	127.22%	132.38%	147.28%	90.83%	83.14%	95.76%	36.42%	67.35%	71.85%	77.12%

This table displays calculated financial ratios and metrics derived from FactSet Research Systems' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	37,099,259.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	37,099,259.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.59
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.31%	7.41%	5.99%	4.32%	4.93%	4.88%	4.53%	5.94%	6.17%	6.85%	7.07%
EBITDA Growth	-10.85%	7.55%	7.22%	14.93%	14.12%	4.97%	4.67%	-0.23%	47.04%	8.45%	-2.94%
EBIT Growth	-8.68%	9.70%	6.92%	15.74%	7.77%	1.33%	1.96%	-4.58%	55.29%	5.73%	-6.82%
NOPAT Growth	-40.59%	7.63%	7.02%	17.55%	38.66%	-0.37%	2.55%	-4.62%	47.57%	-3.47%	-2.04%
Net Income Growth	-37.64%	8.59%	7.10%	17.43%	37.43%	0.99%	2.78%	-6.07%	71.65%	1.71%	-8.15%
EPS Growth	-37.55%	9.09%	7.99%	18.21%	38.69%	1.30%	3.01%	-5.38%	72.96%	4.37%	-4.52%
Operating Cash Flow Growth	2.85%	45.49%	-12.68%	8.99%	4.81%	-44.33%	20.97%	6.55%	29.99%	40.42%	21.69%
Free Cash Flow Firm Growth	103.88%	112.13%	97.62%	52.31%	21.92%	-112.47%	21.65%	-237.62%	-420.84%	-274.79%	656.13%
Invested Capital Growth	0.04%	-1.80%	6.68%	-0.91%	0.46%	6.54%	6.09%	15.07%	14.71%	8.36%	-0.86%
Revenue Q/Q Growth	1.13%	1.20%	0.69%	1.24%	1.72%	1.15%	0.35%	2.60%	1.94%	1.80%	0.56%
EBITDA Q/Q Growth	-29.43%	49.89%	-0.89%	9.62%	-29.92%	37.87%	-1.17%	4.48%	3.28%	1.68%	-11.55%
EBIT Q/Q Growth	-31.89%	58.25%	-3.45%	11.22%	-36.58%	48.80%	-2.86%	4.09%	3.22%	1.31%	-14.39%
NOPAT Q/Q Growth	-50.71%	127.51%	-5.14%	10.51%	-41.86%	63.47%	-2.36%	2.78%	-10.05%	6.93%	-0.91%
Net Income Q/Q Growth	-51.64%	128.13%	-5.13%	12.20%	-43.41%	67.63%	-3.44%	2.54%	3.42%	-0.67%	-12.80%
EPS Q/Q Growth	-51.45%	128.57%	-4.95%	12.05%	-43.03%	66.95%	-3.34%	2.93%	4.13%	0.74%	-11.58%
Operating Cash Flow Q/Q Growth	-28.78%	-0.34%	-7.31%	65.67%	-31.51%	-47.06%	101.40%	45.92%	-16.44%	-42.82%	74.54%
Free Cash Flow Firm Q/Q Growth	-45.50%	206.23%	-119.54%	567.10%	-56.38%	-131.31%	-22.80%	-720.49%	-1.70%	63.42%	282.21%
Invested Capital Q/Q Growth	-1.73%	1.17%	8.71%	-8.32%	-0.37%	7.30%	8.25%	-0.57%	-0.67%	1.36%	-0.96%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.79%	53.59%	53.27%	55.31%	54.07%	54.49%	52.76%	52.05%	51.64%	52.62%	51.43%
EBITDA Margin	27.84%	41.24%	40.59%	43.96%	30.28%	41.28%	40.65%	41.40%	41.94%	41.89%	36.85%
Operating Margin	21.67%	34.86%	33.33%	36.63%	22.74%	33.65%	32.50%	33.16%	29.71%	31.61%	30.27%
EBIT Margin	22.28%	34.84%	33.41%	36.70%	22.89%	33.66%	32.59%	33.06%	33.47%	33.31%	28.36%
Profit (Net Income) Margin	12.15%	27.40%	25.82%	28.61%	15.92%	26.38%	25.38%	25.37%	25.74%	25.11%	21.78%
Tax Burden Percent	60.68%	84.79%	83.57%	83.00%	76.41%	83.47%	84.06%	82.55%	81.30%	80.26%	82.59%
Interest Burden Percent	89.89%	92.73%	92.46%	93.92%	91.04%	93.89%	92.66%	92.97%	94.58%	93.93%	92.98%
Effective Tax Rate	39.32%	15.21%	16.43%	17.00%	23.59%	16.53%	15.94%	17.45%	18.70%	19.74%	17.41%
Return on Invested Capital (ROIC)	9.75%	21.86%	20.02%	23.23%	13.58%	21.31%	19.33%	20.53%	18.49%	18.96%	18.37%
ROIC Less NNEP Spread (ROIC-NNEP)	9.35%	20.94%	19.16%	22.30%	12.80%	20.42%	18.45%	19.39%	19.45%	18.82%	16.69%
Return on Net Nonoperating Assets (RNNOA)	8.47%	16.94%	14.52%	13.40%	7.63%	12.08%	12.03%	9.84%	9.33%	9.76%	9.37%
Return on Equity (ROE)	18.22%	38.80%	34.54%	36.63%	21.21%	33.39%	31.35%	30.37%	27.82%	28.72%	27.74%
Cash Return on Invested Capital (CROIC)	17.90%	19.79%	11.09%	20.25%	20.05%	13.32%	12.33%	4.80%	6.73%	11.42%	19.56%
Operating Return on Assets (OROA)	11.65%	18.66%	18.01%	19.88%	12.58%	18.76%	17.85%	18.05%	18.59%	19.02%	16.10%
Return on Assets (ROA)	6.35%	14.67%	13.91%	15.50%	8.75%	14.70%	13.90%	13.85%	14.30%	14.34%	12.36%
Return on Common Equity (ROCE)	18.22%	38.80%	34.54%	36.63%	21.21%	33.39%	31.35%	30.37%	27.82%	28.72%	27.74%
Return on Equity Simple (ROE_SIMPLE)	0.00%	28.22%	27.16%	27.12%	0.00%	27.04%	26.38%	24.73%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	70	160	152	168	98	160	156	160	144	154	153
NOPAT Margin	13.15%	29.56%	27.85%	30.40%	17.38%	28.08%	27.33%	27.37%	24.15%	25.37%	25.00%
Net Nonoperating Expense Percent (NNEP)	0.40%	0.91%	0.86%	0.93%	0.78%	0.89%	0.88%	1.14%	-0.96%	0.15%	1.68%
Return On Investment Capital (ROIC_SIMPLE)	-	4.93%	-	-	-	4.77%	4.42%	4.47%	4.06%	4.36%	4.37%
Cost of Revenue to Revenue	49.21%	46.41%	46.73%	44.69%	45.93%	45.51%	47.24%	47.95%	48.36%	47.38%	48.57%
SG&A Expenses to Revenue	24.49%	18.73%	19.93%	18.65%	30.69%	20.85%	20.25%	18.90%	21.93%	21.01%	21.16%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.12%	18.73%	19.94%	18.68%	31.33%	20.85%	20.25%	18.90%	21.93%	21.01%	21.16%
Earnings before Interest and Taxes (EBIT)	119	189	182	203	129	191	186	194	200	202	173
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	149	224	222	243	170	235	232	242	250	255	225
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.18	10.03	9.75	8.15	8.41	9.36	8.54	8.07	6.46	4.79	3.78
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.91	8.04	8.16	7.08	7.30	8.36	7.79	7.60	6.08	4.40	3.35
Price to Earnings (P/E)	35.23	35.56	35.92	30.05	29.95	34.61	32.37	32.63	23.64	17.32	13.68
Dividend Yield	0.87%	0.85%	0.85%	0.98%	0.96%	0.84%	0.90%	0.92%	1.15%	1.57%	2.03%
Earnings Yield	2.84%	2.81%	2.78%	3.33%	3.34%	2.89%	3.09%	3.06%	4.23%	5.77%	7.31%
Enterprise Value to Invested Capital (EV/IC)	6.28	6.39	6.09	5.75	6.00	6.48	5.71	5.66	4.67	3.49	2.81
Enterprise Value to Revenue (EV/Rev)	8.46	8.56	8.74	7.50	7.70	8.81	8.32	8.07	6.52	4.86	3.80
Enterprise Value to EBITDA (EV/EBITDA)	22.77	22.98	23.36	19.48	19.76	22.59	21.30	20.99	15.77	11.70	9.39
Enterprise Value to EBIT (EV/EBIT)	27.68	27.78	28.27	23.52	24.13	27.84	26.44	26.38	19.63	14.66	11.87
Enterprise Value to NOPAT (EV/NOPAT)	34.98	35.23	35.80	29.61	29.33	34.00	32.24	32.17	24.41	18.66	14.94
Enterprise Value to Operating Cash Flow (EV/OCF)	27.34	26.18	27.97	23.55	24.21	31.10	28.33	27.25	20.83	15.06	11.42
Enterprise Value to Free Cash Flow (EV/FCFF)	35.06	31.99	56.65	28.28	30.01	50.18	47.69	126.00	74.15	31.78	14.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.00	0.91	0.95	0.76	0.71	0.68	0.72	0.66	0.63	0.63	0.64
Long-Term Debt to Equity	1.00	0.91	0.93	0.66	0.65	0.65	0.72	0.66	0.63	0.63	0.64
Financial Leverage	0.91	0.81	0.76	0.60	0.60	0.59	0.65	0.51	0.48	0.52	0.56
Leverage Ratio	2.70	2.50	2.34	2.26	2.27	2.17	2.13	2.07	2.04	1.99	2.02
Compound Leverage Factor	2.43	2.32	2.17	2.12	2.07	2.03	1.98	1.93	1.93	1.87	1.88
Debt to Total Capital	49.89%	47.70%	48.61%	43.03%	41.67%	40.56%	41.72%	39.89%	38.49%	38.70%	39.14%
Short-Term Debt to Total Capital	0.00%	0.00%	0.83%	5.64%	3.81%	1.86%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	49.89%	47.70%	47.78%	37.39%	37.86%	38.70%	41.72%	39.89%	38.49%	38.70%	39.14%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.11%	52.30%	51.39%	56.97%	58.33%	59.44%	58.28%	60.11%	61.51%	61.30%	60.86%
Debt to EBITDA	2.08	1.96	2.11	1.71	1.59	1.56	1.67	1.63	1.43	1.40	1.41
Net Debt to EBITDA	1.49	1.40	1.56	1.08	1.02	1.15	1.35	1.21	1.06	1.10	1.11
Long-Term Debt to EBITDA	2.08	1.96	2.08	1.48	1.45	1.49	1.67	1.63	1.43	1.40	1.41
Debt to NOPAT	3.20	3.01	3.24	2.59	2.36	2.35	2.53	2.49	2.21	2.23	2.24
Net Debt to NOPAT	2.29	2.15	2.38	1.64	1.51	1.73	2.04	1.86	1.64	1.75	1.77
Long-Term Debt to NOPAT	3.20	3.01	3.19	2.25	2.15	2.24	2.53	2.49	2.21	2.23	2.24
Altman Z-Score	5.47	5.91	6.22	5.70	5.85	6.90	6.26	6.23	5.51	4.63	3.91
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.59	1.68	1.79	1.28	1.25	1.40	1.47	1.47	1.40	1.54	1.43
Quick Ratio	1.44	1.51	1.57	1.14	1.08	1.14	1.17	1.23	1.20	1.27	1.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	69	213	-42	194	85	-26	-33	-267	-272	-99	181
Operating Cash Flow to CapEx	0.00%	942.21%	656.10%	1,116.43%	628.53%	333.82%	732.87%	1,006.08%	624.45%	393.18%	814.28%
Free Cash Flow to Firm to Interest Expense	4.16	12.70	-2.50	11.48	5.44	-1.84	-2.34	-17.66	-21.07	-7.42	13.85
Operating Cash Flow to Interest Expense	9.33	9.27	8.66	14.10	10.49	6.00	12.50	16.79	16.46	9.06	16.21
Operating Cash Flow Less CapEx to Interest Expense	9.36	8.29	7.34	12.84	8.83	4.20	10.79	15.12	13.82	6.76	14.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.54	0.54	0.54	0.55	0.56	0.55	0.55	0.56	0.57	0.57
Accounts Receivable Turnover	9.44	8.98	8.13	9.11	9.46	8.96	8.20	8.93	9.31	8.72	8.03
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	24.98	26.13	26.47	26.75	26.13	27.07	28.05	28.50	27.69	28.36	29.25
Accounts Payable Turnover	8.46	7.31	8.15	8.18	6.74	6.76	7.97	7.55	7.00	7.50	8.23
Days Sales Outstanding (DSO)	38.66	40.65	44.87	40.07	38.58	40.75	44.51	40.85	39.20	41.86	45.44
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	43.17	49.91	44.79	44.60	54.12	53.99	45.78	48.37	52.12	48.68	44.33
Cash Conversion Cycle (CCC)	-4.51	-9.27	0.09	-4.54	-15.54	-13.24	-1.27	-7.52	-12.92	-6.81	1.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,812	2,845	3,093	2,836	2,825	3,031	3,282	3,263	3,241	3,285	3,253
Invested Capital Turnover	0.74	0.74	0.72	0.76	0.78	0.76	0.71	0.75	0.77	0.75	0.73
Increase / (Decrease) in Invested Capital	1.04	-52	194	-26	13	186	188	427	416	253	-28
Enterprise Value (EV)	17,648	18,174	18,827	16,314	16,958	19,640	18,745	18,456	15,127	11,462	9,127
Market Capitalization	16,493	17,067	17,573	15,409	16,085	18,640	17,560	17,390	14,114	10,386	8,043
Book Value per Share	$42.47	$44.77	$47.31	$49.60	$50.28	$52.42	$54.09	$56.79	$57.83	$57.88	$57.39
Tangible Book Value per Share	($32.61)	($30.34)	($27.90)	($25.34)	($24.78)	($25.56)	($29.55)	($27.77)	($26.83)	($27.01)	($28.11)
Total Capital	3,233	3,252	3,506	3,318	3,278	3,351	3,529	3,585	3,555	3,537	3,498
Total Debt	1,613	1,551	1,704	1,428	1,366	1,359	1,472	1,430	1,368	1,369	1,369
Total Long-Term Debt	1,613	1,551	1,675	1,241	1,241	1,297	1,472	1,430	1,368	1,369	1,369
Net Debt	1,155	1,107	1,254	906	873	1,000	1,185	1,066	1,013	1,076	1,084
Capital Expenditures (CapEx)	-0.64	16	22	21	26	26	24	25	34	31	26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-172	-134	-58	-148	-199	-84	-61	-122	-147	-43	-67
Debt-free Net Working Capital (DFNWC)	286	310	392	374	294	275	226	242	208	250	218
Net Working Capital (NWC)	286	310	363	187	169	213	226	242	208	250	218
Net Nonoperating Expense (NNE)	5.34	12	11	9.90	8.20	9.68	11	12	-9.46	1.57	20
Net Nonoperating Obligations (NNO)	1,192	1,145	1,291	945	913	1,040	1,225	1,108	1,055	1,117	1,124
Total Depreciation and Amortization (D&A)	30	35	39	40	42	43	46	49	51	52	52
Debt-free, Cash-free Net Working Capital to Revenue	-8.24%	-6.31%	-2.69%	-6.80%	-9.03%	-3.76%	-2.72%	-5.36%	-6.32%	-1.82%	-2.79%
Debt-free Net Working Capital to Revenue	13.71%	14.60%	18.21%	17.18%	13.33%	12.34%	10.02%	10.56%	8.98%	10.58%	9.09%
Net Working Capital to Revenue	13.71%	14.60%	16.87%	8.58%	7.66%	9.53%	10.02%	10.56%	8.98%	10.58%	9.09%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.71	$3.91	$3.70	$4.15	$2.35	$3.95	$3.81	$3.92	$4.06	$4.08	$3.60
Adjusted Weighted Average Basic Shares Outstanding	38.19M	38.02M	38.10M	38.09M	38.06M	38.01M	38.02M	37.91M	37.92M	37.41M	36.93M
Adjusted Diluted Earnings per Share	$1.68	$3.84	$3.65	$4.09	$2.33	$3.89	$3.76	$3.87	$4.03	$4.06	$3.59
Adjusted Weighted Average Diluted Shares Outstanding	38.90M	38.64M	38.65M	38.64M	38.62M	38.52M	38.51M	38.34M	38.39M	37.62M	37.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.99M	38.09M	38.12M	38.04M	37.99M	38.03M	37.95M	37.81M	37.46M	37.10M	36.43M
Normalized Net Operating Profit after Tax (NOPAT)	85	160	152	168	100	160	156	160	144	154	153
Normalized NOPAT Margin	15.96%	29.56%	27.86%	30.43%	17.87%	28.08%	27.33%	27.37%	24.15%	25.37%	25.00%
Pre Tax Income Margin	20.03%	32.31%	30.89%	34.47%	20.83%	31.61%	30.20%	30.73%	31.66%	31.29%	26.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.15	11.29	10.99	12.01	8.28	13.29	13.36	12.80	15.50	15.12	13.27
NOPAT to Interest Expense	4.22	9.58	9.16	9.95	6.28	11.09	11.21	10.60	11.19	11.52	11.69
EBIT Less CapEx to Interest Expense	7.19	10.30	9.67	10.74	6.61	11.50	11.66	11.13	12.87	12.82	11.28
NOPAT Less CapEx to Interest Expense	4.26	8.59	7.84	8.68	4.61	9.29	9.50	8.93	8.55	9.21	9.70
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	29.60%	29.59%	29.69%	28.97%	28.05%	28.38%	28.63%	29.59%	26.79%	27.04%	27.82%
Augmented Payout Ratio	67.35%	78.89%	88.73%	83.87%	71.85%	69.99%	72.17%	77.85%	77.12%	92.35%	111.23%

Financials Breakdown Chart

Key Financial Trends

FactSet Research Systems (NYSE: FDS) shows a pattern of growing revenue and solid profitability in the last four years, with meaningful but manageable use of cash for investing and shareholder returns. Here are the key takeaways for retail investors, focused on trends from 2023 through Q1 2026.

Revenue trend improving with solid margins: Operating revenue rose from about $562.2M in Q4 2024 to $607.6M in Q1 2026, an approximate 8% uplift. Gross margins have been hovering in the low- to mid-50% range (e.g., gross profit around $308M–$320M on revenue near $560M–$607M).
Net income and EPS trending higher: Net income for Q1 2026 was about $152.6M, up modestly from comparable prior-year levels (e.g., roughly $150.0M in Q1 2025). Diluted EPS reached $4.06 in Q1 2026, up from $4.03 in Q4 2025, signaling improving per-share profitability.
Healthy free cash flow in latest quarter: Net cash from continuing operating activities was about $121.3M in Q1 2026, with capital expenditures of roughly $30.9M, yielding about $90M of free cash flow for the quarter.
Dividend per share rising: Cash dividends per share increased to $1.10 in Q1 2026 from about $1.04 in recent quarters, indicating an ongoing, shareholder-friendly payout policy.
Strong balance sheet with conservative leverage: Total assets around $4.22B and total equity near $2.16B. Long-term debt approx. $1.37B with total liabilities around $2.05B yields a roughly 0.6x debt-to-equity, suggesting a solid capital structure.
Acquisition-driven growth visible in asset mix: Goodwill (~$1.28B) and intangible assets (~$1.90B) reflect an active growth strategy through acquisitions, expanding the company’s footprint and product reach over the period.
Shareholder returns via buybacks: The company has engaged in significant buybacks (e.g., repurchase of common equity around $140M in some quarters), complementing the dividend policy as part of returning capital to shareholders.
Per-share metrics show attractive profitability: Weighted-average shares outstanding are in the mid- to high-30 million range, with EPS and cash-dividend metrics supporting a constructive per-share story for investors.

Working capital and core cash flow can be volatile: Quarter-to-quarter changes in operating assets and liabilities have been sizable (for example, net changes in working capital around negative $96M in some periods), which can cause quarterly cash flow fluctuations even when earnings are solid.
High intangible assets imply growth risk if conditions weaken: The balance sheet shows substantial Goodwill and Intangible Assets (reflecting prior acquisitions). While supportive of growth, this also introduces potential impairment risk if market conditions deteriorate or growth slows.

Liquidity levels vary and cash balances can shrink: Cash & equivalents fluctuate, with notable declines from peak cash positions in earlier periods (e.g., cash and equivalents around $422.98M in late 2024 vs. about $275.4M in Q1 2026), which warrants watching liquidity during upcycles or acquisitions.
Financing activity is a cash outflow in several quarters: Share buybacks and dividends contributed to negative net cash from financing activities in multiple periods (for example, net cash from financing activities around -$190M in some quarters), reducing cash despite ongoing profitability.

05/17/26 01:04 PM ETAI Generated. May Contain Errors.

FactSet Research Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, FactSet Research Systems' fiscal year ends in August. Their fiscal year 2025 ended on August 31, 2025.

FactSet Research Systems' net income appears to be on an upward trend, with a most recent value of $597.04 million in 2025, rising from $241.05 million in 2015. The previous period was $537.13 million in 2024. See where experts think FactSet Research Systems is headed by visiting FactSet Research Systems' forecast page.

FactSet Research Systems' total operating income in 2025 was $748.30 million, based on the following breakdown:

Total Gross Profit: $1.22 billion
Total Operating Expenses: $475.66 million

Over the last 10 years, FactSet Research Systems' total revenue changed from $1.01 billion in 2015 to $2.32 billion in 2025, a change of 130.6%.

FactSet Research Systems' total liabilities were at $2.12 billion at the end of 2025, a 1.2% decrease from 2024, and a 932.7% increase since 2015.

In the past 10 years, FactSet Research Systems' cash and equivalents has ranged from $158.91 million in 2015 to $681.87 million in 2021, and is currently $337.65 million as of their latest financial filing in 2025.

Over the last 10 years, FactSet Research Systems' book value per share changed from 12.79 in 2015 to 57.83 in 2025, a change of 352.3%.

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Financial statements for NYSE:FDS last updated on 4/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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FactSet Research Systems (FDS) Financials

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