FactSet Research Systems Inc (NASDAQ: FDS) is a financial data and analytics company that delivers data, workstations, and analytics solutions to investment professionals across the financial services industry. Revenue comes almost entirely from annual subscriptions, measured through Annual Subscription Value (ASV), which represented forward-looking 12-month recurring revenues as of August 31, 2025. Buy-side clients, including institutional asset managers, wealth managers, asset owners, hedge funds, and corporate clients, accounted for approximately 82% of Organic ASV as of August 31, 2025, with the remaining 18% from sell-side firms including broker-dealers, banking and advisory firms, and private equity and venture capital firms. FactSet had 8,996 clients and 237,324 users as of August 31, 2025, with annual ASV retention above 95% for the fiscal year ended August 31, 2025. Switching costs embedded in enterprise workflows and multi-asset class data integrations support that retention rate. Through its subsidiary CGS, FactSet is the exclusive issuer of CUSIP and CINS identifiers globally.

Revenue model

Subscription-based. ASV at any point in time represents forward-looking revenues for the next 12 months from all subscription services currently supplied to clients. Annual ASV retention was greater than 95% for the fiscal year ended August 31, 2025.

Products and services

Workstations for investment research and portfolio analysis; data and technology solutions including curated datasets and APIs for programmatic access; digital and analytics solutions; enterprise-wide multi-asset class portfolio data solutions; CUSIP and CINS identifier issuance through CGS; ISIN numbering agency services for the U.S. and more than 30 other countries.

Customers and end markets

Buy-side clients (approximately 82% of Organic ASV as of August 31, 2025): institutional asset managers, wealth managers, asset owners, hedge funds, corporate clients. Sell-side clients (remaining Organic ASV): broker-dealers, banking and advisory firms, private equity and venture capital firms. Data and technology platform providers served through the Partnerships channel.

Value-chain role

Data aggregator, analytics platform, and workflow provider sitting between raw financial data sources and investment decision-makers. CGS acts as the exclusive global issuer of CUSIP and CINS identifiers and as the official numbering agency for ISINs in the U.S. and a substitute ISIN agency in more than 30 countries.

Geographic exposure

Three segments: Americas, EMEA, and Asia Pacific. As of August 31, 2025, EMEA represented 25% of total ASV at $591.6 million (up from $569.7 million as of August 31, 2024) and Asia Pacific represented 10% of total ASV at $243.9 million (up from $230.3 million as of August 31, 2024). Approximately 39% of fiscal 2025 revenues related to operations outside the U.S. Approximately 80% of employees are located outside the U.S., including in India and the Philippines.

Source: SEC 10-K, filed 2025-10-22

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