FactSet Research Systems (FDS) 10-K risk factor changes: FY2025 vs FY2024

[removed: Technology] [added: Cybersecurity, Technology] and Data Security Risks

Many of our products, as well as our internal systems and processes, involve the collection, retrieval, processing, storage and transmission [removed: through a variety] of [removed: media channels of] our own, as well as supplier and [removed: customer,] [added: client,] proprietary information and sensitive or confidential [removed: data.][added: data through a variety of media channels.]

We rely on, and continuously invest in, [removed: a complex system of] internal [removed: processes and] [added: processes,] controls, [removed: along with] policies, procedures and [removed: training,] [added: employee training programs] designed to protect [added: confidential] data [removed: that we receive] [added: received] in the ordinary course of business, including information from client portfolios and strategies.

However, these measures do not guarantee security, and improper access to or release of confidential information may still [removed: occur through, for example,] [added: occur—whether due to] employee error or malfeasance, system error, [removed: other] inadvertent release, failure to properly purge [removed: and] [added: or] protect data, or [removed: cybersecurity threats or attacks.][added: through cyber-attacks.]

[removed: Many jurisdictions in which we operate have laws and regulations relating to data privacy and protection of personal information, including,] [added: These include,] for example, the [removed: European Union's] [added: EU's] General Data Protection Regulation, an increasing number of U.S. state laws, such as California's Consumer Privacy Act and Connecticut's Personal Data Privacy and Online Monitoring Act, China's Personal Information Protection Law, and India's Digital Personal Data Protection Act.

[removed: Successful] [added: Unauthorized] access to [removed: prohibited] [added: confidential] data [removed: and] [added: including client data,] other [removed: cyber-attacks] [added: cyber-attacks,] and the failure of [added: our] cyber-security systems and procedures

We and [removed: these] [added: our] third-party service providers are subject to the risks of system [removed: failures and] [added: failures,] security [removed: breaches, including cyber-attacks (such] [added: breaches and cyber-attacks, such] as those sponsored by nation-states, terrorist organizations, or global corporations seeking to illicitly obtain technology or other intellectual [removed: property and those accomplished by] [added: property, including through the use of generative AI, agentic AI,] phishing scams, hacking, viruses, [removed: denials] [added: denial] of service attacks, tampering, intrusions, physical break-ins, ransomware and [removed: malware), as well as] [added: malware,] employee errors or malfeasance.

While we have dedicated resources responsible for maintaining appropriate levels of [removed: cybersecurity] [added: cybersecurity,] and implemented systems and processes intended to help identify cyberattacks and protect and remediate our network infrastructure, we [removed: are aware that these attacks have become increasingly frequent, sophisticated, and difficult to detect and, as a result, we] may not be able to anticipate, prevent or detect all such attacks.

While significant effort is placed on addressing information technology security issues with respect to the [removed: acquired companies,] [added: companies] we [added: acquire, we] may inherit such risks when these acquisitions are integrated into our infrastructure.

A prolonged or recurring outage [removed: at our data centers] and other business continuity disruptions [removed: at facilities] could result in [added: a] reduced [removed: service and] [added: or total loss of service;] the loss of [removed: clients][added: clients and adverse impact on our reputation]

Our clients rely on us for the delivery of time-sensitive, [added: accurate, complete and] up-to-date data and applications.

If we experience significant growth of our [removed: customer] [added: client] base, increases in the number of products or [removed: services,] [added: services we offer,] or [removed: increase] [added: increases] in the speed at which we are required to provide products and services, it may strain our systems.

Our computer operations, as well as our other business centers, and those of our suppliers and clients, may be vulnerable to interruption by fire, natural disaster, [added: public health crisis (e.g., pandemics),] extreme weather or climate conditions, power loss, [removed: telecommunications] [added: telecommunication] failures, terrorist attacks, acts of war or civil unrest, internet failures, computer [removed: viruses or] [added: viruses,] security breaches, employee or systems errors, and other events beyond our reasonable control.

In addition, in [removed: the] remote work environments, the daily activities and productivity of our workforce is now more closely tied to key [removed: vendors, such as video conferencing services,] [added: vendors] consistently delivering their services without material disruption.

We also currently use multiple providers of cloud services; however, one supplier [removed: provided] [added: provides] the majority of our cloud computing [removed: support for fiscal 2024.][added: support.]

We maintain back-up facilities and certain other redundancies for each of our data centers to minimize the risk that any [removed: such] event will disrupt those [removed: operations.][added: operations, but if we were to suffer such an event it may mean we are unable to provide our service for a prolonged period of time, and our IT disaster recovery processes may not be adequate.]

We are currently [removed: in the midst of] [added: implementing] a multi-year project to enhance our information technology disaster recovery processes with modernized tooling and automation to maximize resiliency and minimize recovery time in the event of a service disruption.

Additionally, we may [removed: also] face significant increases in our use of power and data storage and may experience a shortage of capacity and increased costs associated with such usage.

Transition to new technologies, applications and processes could expose us to unanticipated [removed: disruptions][added: disruptions or impacts]

To remain competitive, we must [added: invest,] adapt and migrate to new technologies, applications and processes, including the evolving use of AI [removed: technology.][added: technology and agentic AI (see "*Our use of AI technologies may not be successful and may present business, compliance, and reputational risks*" below for further discussion).]

The implementation of new technologies and infrastructure, such as migration to new cloud-based systems and increased utilization of AI internally and in our products and services, is complex and can involve substantial [removed: expenditures] [added: expenditures,] as well [removed: as] [added: as,] risks inherent in the conversion to any new system, including potential loss of information and disruption to operations.

[removed: Therefore, there] is a risk that our internal procedures controlling the use of open source code could fail, or that the licenses could be construed in a manner that imposes unanticipated conditions or restrictions on us.

Our use of [removed: artificial intelligence] [added: AI] technologies may not be successful and may present business, compliance, and reputational risks

We use, and are expanding our use of, machine learning and [removed: artificial intelligence ("AI")] [added: AI] technologies in our products and processes.

If we fail to keep pace with rapidly evolving AI technological developments, [added: or fail to launch products that are competitive,] our competitive position and business results may be negatively impacted.

Our use of AI [removed: technologies] [added: technologies, including generative and agentic AI,] requires resources to develop, test and maintain such products, which is costly.

The introduction of AI technologies, particularly generative [added: and agentic] AI, into new or existing offerings may result in new or expanded risks and liabilities, due to enhanced governmental or regulatory scrutiny, litigation, compliance issues, ethical concerns, confidentiality, data privacy or security risks, as well as other factors that could adversely affect our business, reputation, and financial results.

Competition in our industry may cause price reductions or loss of market [removed: share][added: share, or limit our growth or profitability]

We continue to experience intense competition across all [removed: markets for] [added: of] our products and services, with competitors ranging in size from smaller, highly specialized, single-product businesses to multi-billion-dollar companies.

Clients within the financial services industry that strive to reduce their operating costs may seek to reduce their spending on financial market data and related services, such as [added: ours.]

[removed: The majority] [added: A significant portion] of our ASV is derived from our investment management clients, and the profitability and management fees of many of these clients are tied to assets under management.

Failure to develop and market new products and enhancements that maintain our technological and competitive position and failure to anticipate and respond to changes in the marketplace for our products and [removed: customer] [added: client] demands

The market for our products is characterized by rapid technological change, including developing technologies such as AI, [added: including agentic AI,] methods and speed of delivery, changes in client demands, development of new investment instruments and evolving industry standards.

We may not be successful in developing, introducing, marketing, licensing and implementing new products and enhancements on a timely and cost-effective basis or without impacting the stability and efficiency of existing products and [removed: customer] [added: client] systems.

We must make long-term investments and commit significant resources, for example, to developing and utilizing AI technology, before knowing whether these investments will eventually result in products and services that satisfy our clients' needs and generate [added: revenues required to provide the desired results.]

Many of our [removed: customers] [added: clients] in the financial services sector are also subject to regulations and requirements to adopt risk management processes commensurate with the level of risk and complexity of their third-party [removed: relationships,] [added: relationships (including as required under the European Union ("EU") Digital Operational Resilience Acts ("DORA")),] and provide rigorous oversight of relationships that involve certain "critical activities," some of which may be deemed to be provided by us.

Any failure on our part to comply with the specific provisions in [removed: customer contracts] [added: client contracts, including having appropriate information security capabilities,] could result in the imposition of various penalties, which may include termination of contracts, service credits, suspension of payments, contractual penalties, adverse monetary judgments, and, in the case of government contracts, suspension from future government contracting.

Even if the outcome of any claims brought against us were ultimately favorable, such a claim would require the time and attention of our management, personnel, as well as financial and other resources and potentially pose a significant disruption to our normal business [removed: operations.][added: operations and reputational damage.]

Additionally, there may be integration risks or other risks resulting from acquired [removed: businesses, including our acquisition of CGS during fiscal 2022.][added: businesses.]

Our ability to achieve the expected returns and synergies from past and future acquisitions and alliances depends in part upon our ability to integrate the offerings, technology, sales, administrative functions and [added: key] personnel of these businesses effectively into our core business.

Our size, scale and role in the financial markets increases our risk for cyber-attacks and our exposure to other cyber-security risks.

We use third-party service providers for certain critical functions.

Cyber-security risks also may be derived from fraud or malice on the part of our employees or third-party service providers, or may result from human error, software bugs, server malfunctions, software or hardware failures or other technological failures.

In addition, failure by our clients or third-party service providers to notify us of system failures or security breaches in a timely manner could lead to unauthorized access to our systems and data, resulting in adverse effects on our business, operating results or financial condition.

Although we conduct due diligence during acquisition processes, acquired businesses may not have invested as heavily in security measures and technology, and this may introduce additional security risk.

As these threats continually evolve, we are required to devote additional resources and investment to modify or enhance our systems and processes, including patch and vulnerability management, which we may not be able to do in a timely or complete manner, or without adversely impacting our business, financial condition or results of operations.

We make a range of commitments to our clients regarding our security practices, processes and security posture.

If we do not adequately implement and enforce these security practices to the satisfaction of our clients, we could be in violation of our commitments to our clients.

From time to time we have experienced outages across certain of our products and service providers, and we may still experience outages or other disruptions in the future, and such outages or disruptions may have a material adverse effect on the Company.

Therefore, there

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.

For example, AI technologies can lead to unintended consequences and errors, including generating content that appears correct but is factually inaccurate, misleading or otherwise flawed, or that results in unintended biases and discriminatory outcomes, which could harm our reputation and expose us to liability.

These risks include the possibility of enhanced governmental or regulatory scrutiny, litigation or other legal liability, compliance issues, ethical concerns, negative client perceptions, confidentiality or security risks, as well as other factors.

Any of these issues could materially adversely affect our business, financial condition or results of operations.

AI technologies used in our products and processes may use or incorporate data from third-party sources, including information they input into the AI tools, which may expose us to risks associated with data rights and protection.

New and existing competitors are constantly developing innovative products or business models, including alternative data, analytics, technology-enabled platforms, and fintech solutions.

Many of these competitors also have significant AI capabilities and funding.

Some of these competitors may be able to introduce new technology, deliver products and services, or leverage data and analytics faster or more effectively than we can.

The rapid pace of technological change, including advances in AI, cloud computing, and machine learning, along with evolving client demands, could cause our products and services to become outdated or less competitive.

If we fail to keep pace with innovation, invest in developing new technology or data products, or successfully respond to disruptive competitors and emerging industry standards, our market position, revenues and operating results could be adversely affected.

Clients are seeking additional contractual protections that may create additional liabilities for us

Clients are increasingly looking to pass on contractual obligations to us, which may include service level, information and cyber-security requirements and audit rights.

In fiscal 2025, we completed several corporate transactions, including the acquisition of Irwin, LiquidityBook and LogoIntern.

Increased scrutiny with respect to sustainability matters

New laws, regulations, policies, and international agreements relating to environmental, social and governance (“ESG”) matters are being developed and formalized in Europe and elsewhere globally, which requires us to comply with specific, target-driven frameworks, disclosure and other requirements in multiple jurisdictions.

Increased public, political or media scrutiny concerning ESG or climate matters may negatively affect our reputation.

We may face criticism in respect of our climate and ESG products.

We may also face increased scrutiny from political leaders, organizations or groups criticizing ESG or climate-focused products, or our compliance with global ESG regulations.

Such scrutiny may impact demand for our products or limit our ability to attract and retain clients, resulting in adverse effects on our business, operating results or financial condition.

In fiscal 2025, approximately 39% of our revenues related to operations located outside the U.S. In addition, approximately 80% of our employees are located in offices outside the U.S., including India and the Philippines.

Additionally, we use AI technologies from third party suppliers, which may include open-source software.

If we are unable to maintain rights to use these AI technologies on commercially reasonable terms, we may be forced to acquire or develop alternate AI technologies.

The development, maintenance, sale and support of our products and services are dependent upon the knowledge, experience and ability of our highly skilled, educated and trained key personnel.

Accordingly, our business is dependent on successfully attracting, retaining and training talented employees and navigating key management transitions (including in our executive leadership team) in a highly competitive business environment.

Our ability to attract and retain talented employees is dependent on a number of factors, including prevailing market conditions and compensation packages offered by companies competing for the same talent.

Key management transitions, such as our recent change in Chief Executive Officer, involve inherent risk, and such transition periods can be disruptive and may result in a loss of personnel with deep institutional or technical knowledge.

If we fail to maintain proper and effective internal control and remediate any future control deficiencies, our ability or perceived ability to produce accurate and timely financial statements or reporting could be impaired, which could harm our business.

The Sarbanes-Oxley Act places certain requirements on public reporting companies with respect to internal controls for financial reporting and disclosure controls and procedures.

As such, public reporting companies are required to furnish a report by management on, among other things, the effectiveness of internal control over financial reporting.

This assessment will include disclosure of any material weaknesses identified by management in a company’s internal control over financial reporting.

Loss, corruption and misappropriation of data and information relating to clients and others

Additionally, the maintenance and enhancement of our systems may not be completely effective in preventing loss, unauthorized access or misappropriation.

Data misappropriation, unauthorized access or data loss could instill a lack of confidence in our products and systems and damage our brand, reputation and business.

Breaches of security measures could expose us, our clients or the individuals affected to a risk of loss or misuse of this information, potentially resulting in litigation and liability for us, as well as the loss of existing or potential clients and suppliers.

In providing our digital-enabled products and services to clients, we rely on information technology infrastructure that is managed internally along with placing reliance on third-party service providers for critical functions.

In some cases, these risks might be heightened when employees are working remotely.

Our information technology systems must be constantly updated and patched to protect against known vulnerabilities and to optimize performance.

We also may be impacted by a cyberattack targeting one of our vendors or within our technology supply chain or infrastructure.

Our contracts with service providers typically require them to implement and maintain adequate security controls, but we may not have the ability to effectively monitor these security measures.

As a result, inadequacies of the third-party security technologies and practices may not be detected until after a security breach has occurred.

These risks may be heightened in connection with employees working from remote work environments, as our dependency on certain service providers, such as video conferencing and web conferencing services, has significantly increased.

In addition, to access our network, products and services, customers and other third parties may use personal mobile devices or computing devices that are outside of our network environment and are subject to their own security risk.

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We could suffer significant damage to our brand and reputation: if a cyber-attack or other security incident were to allow unauthorized access to, or modification of, clients’ or suppliers’ data, other external data, internal data or information technology systems; if the products and services provided to clients were disrupted; or if products and services were perceived as having security vulnerabilities.

The costs we would incur to address and resolve these security incidents would increase our expenses.

These types of security incidents could also lead to lawsuits, regulatory investigations and claims, loss of business and increased legal liability.

We may experience unanticipated interruption and delay in the performance and delivery of certain of our products and services.

Certain of our technologies are also dependent upon third-party providers to maintain adequate systems to protect the security of our confidential information and data.

Failure by our providers to maintain appropriate security could result in unauthorized access to our systems or a network disruption that could further lead to improper disclosure of confidential information or data, regulatory penalties and remedial costs.

Any disruption to either the

provider’s systems or the communication links between us and the provider could negatively affect our ability to operate our data systems and could impair our ability to provide products and services to our clients.

If the products and services to our clients are disrupted, or if there is unauthorized access to the confidential information of our clients or our vendors, we could suffer significant damage to our brand and reputation and lose clients.

We also may incur increased operating expenses to recover data, repair or remediate systems, equipment or facilities, and to protect ourselves from such disruptions.

As we increase our reliance on third-party systems, our exposure to damages from services disruptions may increase, and we may incur additional costs to remedy damages caused by these disruptions.

ours.

revenues required to provide the desired results.

We have provisions in our client contracts to limit our exposure to potential liability claims brought by clients based on the use of our products or services or our delay or failure to provide products and services.

Contracts with customers also increasingly include service level requirements and audit rights to review our security.

other barriers to conducting business; social and cultural differences, such as language; diverse or less stable political, operating and economic environments and market fluctuations; civil disturbances or other catastrophic events that reduce business activity, including the risk that the current conflicts between Ukraine and Russia and in the Middle East expand in a way that impacts our business and operations; limited recognition of our brand and intellectual property protection; differing accounting principles and standards; restrictions on or adverse tax consequences from entity management efforts; and changes in U.S. or foreign tax laws.

We combine the data from these sources into our own dedicated databases.

Clients have access to the data and content found within our databases.

Our business is based on successfully attracting, motivating and retaining talented and diverse employees.

Creating a diverse and inclusive environment that promotes empowerment and engagement is key to our ability to attract, retain, and develop talent.

We need technical resources such as engineers to help develop new products and services and enhance existing products and services.

We rely upon sales personnel to sell our products and services and maintain healthy business relationships.

Our future success also is dependent on the continued service and performance of the members of our senior leadership team.

All of these personnel possess business and technical capabilities that are difficult to replace.

Pandemics and other global public health epidemics may adversely impact our business, our future results of operations and our overall financial performance

Our business could be materially and adversely affected by the risk, or the public perception of risk, related to a pandemic or widespread health crisis, such as the COVID-19 pandemic.

A significant outbreak, epidemic or pandemic of contagious diseases in the human population could result in a widespread health crisis adversely affecting the broader economies, financial markets and overall demand for our products and services.

For a similar detailed discussion comparing fiscal [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] refer to Part II, Item 7.

*Management's Discussion and Analysis of Financial Condition and Results of Operations* within our Annual Report on Form 10-K for the fiscal year ended August 31, [removed: 2023.][added: 2024.]

FactSet [removed: Research Systems Inc. and its wholly-owned subsidiaries (collectively, "we," "our," "us," the "Company" or "FactSet")] is a global financial digital platform and enterprise solutions provider with open and flexible technologies that [removed: aims to supercharge] [added: deliver] financial [removed: intelligence.][added: intelligence to investment professionals worldwide.]

Our platform delivers expansive data, sophisticated analytics, and [removed: flexible technology] [added: flexible, AI-powered technologies] used by global financial professionals to power their critical investment workflows.

As of August 31, [removed: 2024,] [added: 2025,] we had [removed: more than 8,200] [added: approximately 9,000] clients comprised of over [removed: 216,000] [added: 237,000] investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals.

We drive our business based on [added: a] detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges.

We provide open and flexible technology offerings, including a configurable desktop and mobile platform, comprehensive data feeds, cloud-based digital solutions, and [removed: application programming interfaces ("APIs").][added: APIs.]

The [removed: CUSIP Global Services ("CGS")] [added: CGS] business supports security master files relied on by the investment industry for critical front, middle and back-office functions.

We operate our business through three [removed: reportable segments ("segments"):] [added: segments:] the Americas, EMEA and Asia Pacific.

[removed: During fiscal 2024, we revised our internal organization within] [added: Within] each [removed: segment to] [added: segment, we] offer data, products and analytical applications by firm type: Institutional Buyside, Dealmakers, Wealth, and Partnerships and CGS.

Note [removed: 18,] [added: 17,] *Segment Information*, in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information.

Fiscal [removed: 2024] [added: 2025] in Review

Revenues for fiscal [removed: 2024] [added: 2025] were [removed: $2,203.1] [added: $2,321.7] million, an increase of [removed: 5.6%] [added: 5.4%] from the comparable prior year.

[removed: Revenues increased due to higher demand and price increases] [added: The increase in revenues was] primarily from [removed: workstations,] data solutions and middle office solutions.

As of August 31, [removed: 2024,] [added: 2025,] organic annual subscription value ("Organic ASV") [removed: plus Professional Services] totaled [removed: $2,272.8] [added: $2,370.9] million, an increase of [removed: 4.8%] [added: 5.7%] over the prior year.

Organic ASV growth was [added: mainly] driven by [removed: higher demand and price increases primarily from workstations] [added: workstations, data solutions] and, to a lesser extent, [removed: CGS subscriptions, middle office solutions and data solutions.][added: CGS.]

*Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value,* of this Annual Report on Form 10-K for the [removed: definitions] [added: definition] of Organic [removed: ASV and Organic ASV plus Professional Services.][added: ASV.]

Operating margin [removed: increased to 31.8%] [added: was 32.2%] for fiscal [removed: 2024,] [added: 2025,] compared with [removed: 30.2%] [added: 31.8%] for fiscal [removed: 2023.][added: 2024.]

This increase was primarily due to growth in revenues [removed: and, when expressed as a percentage] of [removed: revenues, a decrease in employee compensation costs] [added: 6.1%] and [removed: lower asset impairment charges, partially offset by] charges [removed: related to a Massachusetts sales tax dispute ("Sales] [added: associated with the Sales] Tax [removed: Dispute") and an increase] [added: Dispute recorded] in [added: the prior year, partially offset by higher] amortization of intangible [removed: assets.][added: assets and employee compensation costs in the current year.]

Refer to Part II, Item [removed: 8.][added: 7A.]

Note [removed: 13,] [added: 12,] *Commitments and Contingencies* in the Notes to the Consolidated Financial Statements of this Annual Report on Form 10-K for more information on the Sales Tax Dispute.

Net income for fiscal [removed: 2024] [added: 2025] was [removed: $537.1] [added: $597.0] million, an increase of [removed: 14.7%] [added: 11.2%] from the prior year.

Diluted earnings per common share ("Diluted EPS") for fiscal [removed: 2024] [added: 2025] was [removed: $13.91,] [added: $15.55,] an increase of [removed: 15.5%] [added: 11.8%] compared with the prior year.

The increase in Net income and Diluted EPS was primarily driven by higher operating [removed: income.][added: income and a gain from the divestiture of a business.]

We returned [removed: $385.9] [added: $460.4] million to our stockholders in the form of share repurchases and dividends during fiscal [removed: 2024.][added: 2025.]

Our employee headcount was [removed: 12,398] [added: 12,800] as of August 31, [removed: 2024,] [added: 2025,] up [removed: 1.3%] [added: 3.2%] compared to the prior year.

This increase was driven by net headcount growth [removed: in Asia Pacific] of [removed: 3.7%, while] [added: 6.0% in] the Americas and [removed: EMEA experienced a net headcount decrease] [added: 2.6% in each] of [removed: 4.8%] [added: EMEA] and [removed: 2.0%, respectively.][added: Asia Pacific.]

Note [removed: 6, *Acquisitions*] [added: 11, *Debt*] and Note 12, [removed: *Debt*] [added: *Commitments and Contingencies*] in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on [removed: these defined terms as well as] our [removed: acquisition] [added: letters] of [removed: CGS, the Senior Notes and the 2022 Credit Facilities, respectively.][added: credit.]

[removed: –"ASV"] [added: –ASV] at any point in time represents our forward-looking revenues for the next 12 months from all subscription services currently being supplied to [removed: clients, excluding revenues from Professional Services.][added: clients.]

[removed: –"Organic ASV"] [added: –Organic ASV] at any point in time equals our ASV excluding ASV from acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

Organic [removed: ASV plus Professional Services][added: ASV]

The following table presents the calculation of Organic ASV [removed: plus Professional Services] as of August 31, [removed: 2024.][added: 2025.]

| *(dollar amounts in millions)* | | | As of August 31, [removed: 2024] [added: 2025] | | |

| Currency [removed: impact(2)] [added: impact] | | | [removed: (3.2)] [added: (901)] | | | [added: | | | — | | | | | | | | |]

| *Organic ASV [removed: plus Professional Services] annual growth [removed: rate*] [added: rate(2)*] | | | [removed: *4.8*] [added: *5.7*] | | *%* |

[removed: (2) The impact] [added: | Impact] from foreign currency [removed: movements.][added: movements | | | (0.6) | | |]

As of August 31, [removed: 2024,] [added: 2025,] Organic ASV [removed: plus Professional Services] was [removed: $2,272.8] [added: $2,370.9] million, an increase of [removed: 4.8%] [added: 5.7%] compared with August 31, [removed: 2023.][added: 2024.]

Organic ASV increased in all our segments, with the majority of the increase [removed: related to] [added: in] the Americas.

[removed: This] [added: The] increase in Organic ASV was primarily [removed: driven by] [added: due to] higher sales to existing clients and, to a lesser extent, [removed: price increases] [added: sales] to [removed: existing] [added: new] clients and [removed: sales] [added: price increases] to [removed: new clients, partially offset by] existing [removed: client cancellations.][added: clients, all primarily attributable to workstations, data solutions and, to a lesser extent, CGS.]

As of August 31, [removed: 2024,] [added: 2025,] ASV from the Americas represented 65% of total ASV and was [removed: $1,456.8] [added: $1,570.1] million, an increase from [removed: $1,376.9] [added: $1,455.4] million as of August 31, [removed: 2023.][added: 2024.]

AI is embedded across these offerings to enhance data discovery, automate routine workflows and improve the speed and accuracy of client insights.

The growth in revenues was driven by a 4.4% increase in organic revenues, a 0.9% increase from acquisition-related revenues and a net increase of 0.1% from foreign currency exchange rate fluctuations.

Revenues increased primarily from workstations and to a lesser extent, CGS and front office solutions.

As of August 31, 2025, our client and user counts were 8,996 and 237,324, respectively.

Beginning in fiscal 2025, we are reporting Organic ASV, rather than Organic ASV plus professional services, to focus on the recurring nature of our revenues.

This underscores the shift of our offerings toward providing more managed services and less project-based services.

| ASV | | | $ | 2,405.6 | |

| Acquisition ASV*(1*) | | | (34.1) | | |

| Organic ASV | | | $ | 2,370.9 | |

(1) ASV from acquisitions completed within the last 12 months.

(2) For comparability purposes, in calculating the organic ASV annual growth rate, the prior year excludes ASV from dispositions completed in the last 12 months.

This increase was partially offset by existing client cancellations.

| Clients(1) | | | 8,996 | | | 8,217 | | | 9.5 | | % |

| Users(2) | | | 237,324 | | | 216,381 | | | 9.7 | | % |

(2)The user count does not reflect users associated with our fiscal 2025 acquisitions.

The user count does not reflect our fiscal 2025 acquisitions.

This net headcount increase was primarily in the technology and sales groups mainly driven by continued investment in our COEs, through an increase in employees based in the Philippines and India, and our Irwin and Liquid Holdings, LLC ("LiquidityBook") acquisitions.

Approximately 68% of our employees are located in our COEs.

| Revenues | | | | | | $ | 2,321,748 | | | | | $ | 2,203,056 | | | | | 5.4 | | % |

| Selling, general and administrative | | | | | | 475,663 | | | | | | 489,812 | | | | | | (2.9) | | % |

This 5.4% growth in revenues was driven by a 4.4% increase in organic revenues which totaled $2,300.2 million for fiscal 2025, a 0.9% increase from acquisition-related revenues and a net increase of 0.1% from foreign currency exchange rate fluctuations.

| Americas | | | | | | $ | 1,506,108 | | | | | $ | 1,419,901 | | | | | 6.1 | | % |

| EMEA | | | | | | $ | 580,284 | | | | | $ | 563,128 | | | | | 3.0 | | % |

| Consolidated | | | | | | $ | 2,321,748 | | | | | $ | 2,203,056 | | | | | 5.4 | | % |

This 6.1% growth in revenues was driven by a 4.9% increase in organic revenues and a 1.2% increase from acquisition-related revenues.

| SG&A | | | | | | 475,663 | | | | | | 489,812 | | | | | | (2.9) | | % |

This increase was primarily from higher amortization of intangible assets, mainly driven by a 100 basis point increase in amortization from our capitalized internal-use software development costs.

SG&A expenses decreased 2.9% to $475.7 million during fiscal 2025, compared with $489.8 million in fiscal 2024.

When expressed as a percentage of revenues:

- Employee compensation costs increased by 80 basis points, mainly due to higher variable compensation costs driven by a lower bonus accrual during fiscal 2024.

- Professional fees increased by 60 basis points, mainly due to acquisition-related costs.

This increase was primarily driven by growth in revenues and, when expressed as a percentage of revenues, charges associated with the Sales Tax Dispute recorded in the prior year, partially offset by higher amortization of intangible assets in the current year.

| Americas | | | | | | $ | 305,963 | | | | | $ | 261,790 | | | | | 16.9 | | % |

| EMEA | | | | | | 274,002 | | | | | | 282,963 | | | | | | (3.2) | | % |

- Employee compensation costs increased primarily due to higher variable compensation costs driven by a lower bonus accrual during fiscal 2024.

Employee compensation costs increased primarily due to higher annual base salaries, driven by an increase in annual merit and net headcount growth of 37 employees, and, to a lesser extent, variable compensation costs mainly due to a lower bonus accrual during fiscal 2024.

This decrease was primarily due to a lower U.S. tax impact of foreign earnings.

For the periods presented, our effective tax rates were lower than the applicable U.S. corporate income tax rate.

In addition, for our year to date comparisons, organic revenues also excludes current year revenues that were incurred prior to the first anniversary date of an acquisition.

| Revenues | | | $ | 2,321,748 | | | | | $ | 2,203,056 | | | | | 5.4 | | % |

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The growth in revenues was reflective of organic revenues growth of 5.7% during fiscal 2024, compared with the prior year.

Diluted EPS further increased as a result of lower diluted weighted average common shares outstanding compared with the prior year.

As of August 31, 2024, our client and user count was 8,217 and 216,381, respectively.

CUSIP Global Services Acquisition

On March 1, 2022, we completed our acquisition of CGS for a cash price of $1.932 billion, inclusive of working capital adjustments.

We acquired CGS to expand our critical role in the global capital markets.

Revenues from CGS are recognized based on geographic business activities in accordance with how our segments are currently aligned.

The purchase price for the CGS acquisition was financed from the net proceeds of the issuance of the Senior Notes and borrowings under the 2022 Credit Facilities.

–"Professional Services" are revenues derived from project-based consulting and implementation services, annualized over the past 12 months.

–"Organic ASV plus Professional Services" at any point in time equals the sum of Organic ASV and Professional Services.

| | | | | | |

| As reported ASV plus Professional Services(1) | | | $ | 2,276.0 | |

| Organic ASV plus Professional Services | | | $ | 2,272.8 | |

(1) Includes $18.3 million in Professional Services as of August 31, 2024.

These higher sales and price increases were primarily attributable to workstations and, to a lesser extent, CGS subscriptions, middle office solutions and data solutions.

The remainder of our

| | | | | | | | | | | | |

| Clients(1) | | | 8,217 | | | 7,921 | | | 3.7 | | % |

| Users | | | 216,381 | | | 189,972 | | | 13.9 | | % |

This net headcount growth was primarily due to our continued investment in our centers of excellence ("COEs"), primarily located in India and the Philippines, which accounted for approximately 69% of our employees.

| Revenues | | | | | | $ | 2,203,056 | | | | | $ | 2,085,508 | | | | | 5.6 | | % |

| Selling, general and administrative | | | | | | 485,135 | | | | | | 457,130 | | | | | | 6.1 | | % |

| Asset impairments | | | | | | 4,677 | | | | | | 25,946 | | | | | | (82.0) | | % |

This growth in revenues was primarily reflective of organic revenues growth of 5.7%, with organic revenues increasing to $2,203.7 million for fiscal 2024.

The increase in revenues was mainly due to increased sales to existing clients and, to a lesser extent, price increases to existing clients and sales to new clients, partially offset by existing client cancellations.

| Americas | | | | | | $ | 1,419,901 | | | | | $ | 1,335,484 | | | | | 6.3 | | % |

| EMEA | | | | | | $ | 563,128 | | | | | $ | 539,843 | | | | | 4.3 | | % |

| Consolidated | | | | | | $ | 2,203,056 | | | | | $ | 2,085,508 | | | | | 5.6 | | % |

This growth in revenues was reflective of organic revenues growth of 6.3%.

Asset impairments consist primarily of expenses recognized when the carrying value of an asset exceeds its fair value.

| SG&A | | | | | | 485,135 | | | | | | 457,130 | | | | | | 6.1 | | % |

- Employee compensation costs decreased 180 basis points primarily due to a decrease in restructuring charges and variable compensation costs, partially offset by an increase in annual base salaries, net of capitalization of certain compensation costs.

The increase in annual base salaries was primarily driven by annual merit increases and a net headcount increase in Cost of services of 166, primarily located in our COEs, partially offset by higher capitalization of compensation costs related to the development of our internal-use software.

- Computer-related expenses increased 30 basis points primarily due to higher spend related to licensed software arrangements and cloud-based hosting services.

SG&A expenses increased 6.1% to $485.1 million during fiscal 2024, compared with $457.1 million in fiscal 2023, primarily due to charges related to the Sales Tax Dispute, partially offset by a decrease in employee compensation costs.

- Employee compensation costs decreased 170 basis points primarily due to a decrease in variable compensation costs and restructuring charges.

Asset Impairments

Asset impairments were $4.7 million during fiscal 2024, compared with $25.9 million during fiscal 2023.

The asset impairments were the result of a $3.4 million and $18.0 million charge during fiscal 2024 and 2023, respectively, related to our

During fiscal [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] we maintained a series of foreign currency forward contracts to hedge a portion of our [added: projected operating expenses in these] primary currency exposures, namely the British Pound Sterling, Euro, Indian Rupee and Philippine Peso.

As of August 31, [removed: 2024,] [added: 2025,] the hedge maturity periods of our outstanding foreign currency forward contracts range from the first quarter of fiscal [removed: 2025] [added: 2026] through the fourth quarter of fiscal [removed: 2025.][added: 2026.]

We performed a sensitivity analysis to determine the effects on both the fair value of our outstanding foreign currency forward contracts and our operating income, excluding these forward contracts, of a hypothetical devaluation of the U.S. dollar by 10% as of August 31, [removed: 2024,] [added: 2025,] relative to the other foreign currencies in which we transact.

The sensitivity analysis indicated that a devaluation of the U.S. dollar by 10% would have increased the fair value of our outstanding forward contracts by approximately $19 million as of August 31, [removed: 2024] [added: 2025] and decreased our operating income, excluding these forward contracts, by an estimated [removed: $43] [added: $47] million for fiscal [removed: 2024.][added: 2025.]

Note [removed: 5, *Derivative Instruments*] [added: 11, *Debt*] in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our [removed: foreign currency exposures] [added: swap agreements] and [removed: our foreign currency forward contracts.][added: outstanding borrowings.]

| *(in thousands)* | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | |

| Foreign currency translation adjustment gains (losses) | | | $ | [removed: 8,565] [added: 15,565] | | $ | [removed: 21,511] [added: 8,565] | |

As of August 31, [removed: 2024,] [added: 2025,] we had Cash and cash equivalents of [removed: $423.0] [added: $337.7] million and Investments of [removed: $69.6] [added: $17.4] million.

[removed: *2022] [added: *2025] Credit Agreement*

[removed: From the borrowing date through November 30, 2023, the outstanding borrowings under the 2022 Credit Facilities bore interest at a rate equal to the applicable] one-month Term SOFR plus a [removed: 1.1%] [added: 0.975%] spread (comprised of a [removed: 1.0%] [added: 0.875%] interest rate margin based on a debt leverage pricing grid plus a 0.1% credit spread adjustment).

To mitigate our exposure to interest rate volatility due to changes in SOFR, we entered into the [removed: 2022] [added: 2025] Swap Agreement on [removed: March 1, 2022,] [added: April 24, 2025,] to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of [removed: 1.162%.][added: 4.086%.]

[removed: The notional amount] [added: As] of [added: August 31, 2025,] the [removed: 2024] [added: 2025] Swap Agreement [removed: declines by $50.0 million on] [added: has] a [removed: quarterly basis beginning May 31, 2024] [added: notional amount of $100.0 million] and matures on February 28, [removed: 2025.][added: 2026.]

As such, our interest rate exposure [added: as of August 31, 2025] is limited to the outstanding principal balance of our [removed: variable] [added: floating] rate debt under our [removed: 2022] [added: 2025] Credit Facilities in excess of [removed: our swap agreements.][added: the 2025 Swap Agreement.]

Assuming the principal balance of our outstanding [removed: variable] [added: floating] rate debt, net of the [removed: 2024] [added: 2025] Swap Agreement, remained at $275.0 million, a hypothetical 25 basis point change (up or down) in the one-month SOFR would result in an approximate $1 million change to our annual interest expense as of August 31, [removed: 2024.][added: 2025.]

Based on the operating income for fiscal 2025, comparing the average quarterly foreign currency exchange rates for fiscal 2025 to the respective rates for fiscal 2024, net of hedge activity, resulted in an increase in operating income of $0.3 million.

As of August 31, 2025, our outstanding floating rate debt included $375.0 million under the 2025 Credit Agreement.

As of August 31, 2025, the outstanding borrowings under the 2025 Credit Agreement bore interest at a rate equal to the applicable

As of August 31, 2025, our interest rate exposure equals the Term SOFR applied to $275.0 million, our outstanding floating rate debt, net of our 2025 Swap Agreement.

We entered into these contracts with the intent to hedge between 25% to 75% of the currency exposure related to our projected operating income in these primary currencies over their respective hedge periods.

Foreign currency exchange rate fluctuations, net of hedge activity, decreased operating income by $3.1 million during fiscal 2024, when compared to fiscal 2023.

Refer to Part II, Item 8.

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As of August 31, 2024, our outstanding variable interest rate debt included $125.0 million under the 2022 Term Facility and $250.0 million under the 2022 Revolving Facility.

From December 1, 2023 through August 31, 2024, the spread decreased to 0.975% (comprised of a 0.875% interest rate margin based on a debt leverage pricing grid plus a 0.1% credit spread adjustment).

The 2022 Swap Agreement matured on February 28, 2024.

To continue to hedge our outstanding floating SOFR debt, on March 1, 2024, we entered into the 2024 Swap Agreement with a notional amount of $200.0 million at a fixed interest rate of 5.145%.

As of August 31, 2024, the notional amount of the 2024 Swap Agreement was $100.0 million.

As of August 31, 2024, our interest rate exposure on our variable rate debt, net of our 2024 Swap Agreement, was $275.0 million.

Note 5, *Derivative Instruments* and Note 12, *Debt* in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our swap agreements and outstanding borrowings.

FactSet Research Systems Inc. and its wholly-owned subsidiaries [removed: (collectively, "we,"] [added: ("we,"] "our," "us," the "Company" or "FactSet") was founded in 1978 and has been publicly traded since June 1996.

FactSet is a global financial digital platform and enterprise solutions provider with open and flexible technologies that [removed: aims to supercharge] [added: deliver] financial [removed: intelligence.][added: intelligence to investment professionals worldwide.]

Our platform delivers expansive data, sophisticated analytics, and [removed: flexible technology] [added: flexible, artificial intelligence ("AI")-powered technologies] used by global financial professionals to power their critical investment workflows.

As of August 31, [removed: 2024,] [added: 2025,] we had [removed: more than 8,200] [added: approximately 9,000] clients comprised of over [removed: 216,000] [added: 237,000] investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals.

We drive our business based on [added: a] detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges.

[removed: During fiscal 2024, we revised our internal organization within] [added: Within] each [removed: segment to] [added: segment, we] offer data, products and analytical applications by firm type: Institutional Buyside, Dealmakers, Wealth, and Partnerships and CGS.

Note [removed: 18,] [added: 17,] *Segment Information,* in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our [removed: segments and CODM.][added: segments.]

Revenues from the Americas represented [removed: 64%] [added: 65%] of total revenues during fiscal [removed: 2024.][added: 2025.]

- EMEA: The EMEA segment primarily sells to clients in Europe, the Middle East and Africa via offices in Bulgaria, England, France, Germany, Italy, [removed: Ireland,] Latvia, Luxembourg, the Netherlands, Sweden and the United Arab Emirates.

Revenues from EMEA represented [removed: 26%] [added: 25%] of total revenues during fiscal [removed: 2024.][added: 2025.]

Revenues from Asia Pacific represented 10% of total revenues during fiscal [removed: 2024.][added: 2025.]

Institutional Buyside [removed: offers] [added: focuses on] multi-asset class [removed: solutions to] [added: solutions, including AI-powered workflows and insights, for] global asset managers, asset owners and hedge fund professionals across the investment portfolio lifecycle.

Our front office on-platform solutions are designed for [removed: portfolio construction,] research management, order management, [added: portfolio construction,] and trade execution capabilities.

Our middle office on-platform solutions are designed for performance measurement, attribution, [removed: risk management, and] reporting [added: and risk management] capabilities, and are [removed: complimented] [added: complemented] by our middle office managed services.

Dealmakers [removed: delivers] [added: focuses on] workflow solutions for investment bankers, sell-side research analysts, corporate users, investor relations officers, and private equity and venture capital professionals.

We provide comprehensive solutions to our clients including workstations, [added: mobile solutions,] data feeds, APIs, proprietary and third-party data, and productivity tools for Microsoft® Office.

We also deliver firm type tailored solutions for client relationship management ("CRM") and [removed: research management] [added: AI-powered] solutions [removed: ("RMS") for research authoring] [added: to bring automation to time-consuming] and [removed: publishing.][added: manual aspects of our clients’ daily workflows.]

Our tools are used to [removed: monitor investments, generate ideas,] analyze companies and markets, perform fundamental research, [removed: and] [added: generate ideas,] build and distribute [removed: presentations.][added: presentations and monitor investments.]

Wealth [removed: delivers] [added: focuses on] comprehensive solutions to wealth management clients including our web-based workstation, book-of-business dashboards for advisors, data feeds, APIs, proprietary and third-party data, and productivity tools for Microsoft® Office.

We continue to focus on expanding our relevant data offerings and increasing workflow efficiency [added: across the investment portfolio lifecycle] for wealth management firms.

Partnerships delivers solutions such as data and technology [removed: solutions (including feeds and APIs),] [added: solutions,] workstations, and digital or analytics solutions to firms in the financial services ecosystem including data, analytics and technology platform providers.

CGS also acts as the official numbering agency for International Securities Identification Number ("ISIN") identifiers in the [removed: United States] [added: U.S.] and as a substitute ISIN agency for more than 30 other countries.

- Expanding our data [removed: offerings:] [added: offerings and delivery capabilities:] We continue to scale up our data ecosystem to provide a comprehensive inventory of industry, proprietary and third-party data.

In addition to using our growing data catalog to [removed: power] [added: drive] our AI-powered workstation products, we aim to continue to expand our data delivery capabilities in the cloud and through other methods to advance our position as an enterprise data provider for our clients.

[removed: We believe that] [added: These outcomes accelerate decision making for] our [removed: pragmatic, open] [added: clients] and [removed: flexible approach to leveraging AI to enhance our clients’ workflows] will differentiate FactSet from our competitors and drive growth.

Organic ASV [added: at any point in time] represents ASV excluding ASV from acquisitions and dispositions [added: completed] within the last 12 months and the effects of foreign currency movements.

We had [removed: 8,217] [added: 8,996] clients and [removed: 216,381] [added: 237,324] professionals using FactSet as of August 31, [removed: 2024.][added: 2025.]

Our client count includes clients with ASV of $10,000 and [removed: above.][added: above and our user count does not reflect users associated with our fiscal 2025 acquisitions.]

For the year ended August 31, [removed: 2024,] [added: 2025,] annual ASV retention was greater than 95% and, when expressed as a percentage of clients, annual retention was [removed: approximately 90%.][added: 91%.]

Buy-side clients accounted for approximately 82% of our Organic ASV as of August 31, [removed: 2024.][added: 2025.]

We deliver comprehensive solutions to sell-side clients including [removed: workstation,] [added: workstations,] data feeds, [added: web and mobile solutions,] APIs, proprietary and third-party content, [added: and] productivity tools for Microsoft® [removed: Office, web and mobile, and RMS for research authoring and publishing.][added: Office.]

Sell-side clients accounted for approximately 18% of our Organic ASV as of August 31, [removed: 2024.][added: 2025.]

We are not dependent on any one third-party data supplier to meet the needs of our clients, with [removed: only] two data suppliers each representing more than 10% of our total data costs during fiscal [removed: 2024.][added: 2025.]

We currently use several cloud providers; however, one supplier provided the majority of our cloud computing support for fiscal [removed: 2024.][added: 2025.]

We are a part of the financial information services industry focused on delivering expansive data, sophisticated analytics, and flexible technology through our [added: open] platform to the global investment community.

In addition, our [removed: applications and] [added: applications,] client support and service offerings are entrenched in the workflow of many financial professionals given the data [removed: management and] [added: management,] portfolio analysis and screening capabilities offered.

Our current competitive market is comprised of both large, well-capitalized companies and smaller, niche firms including market data suppliers, news and information providers, [added: technology firms,] and many third-party content providers that supply us with financial information included in our products.

As of August 31, [removed: 2024,] [added: 2025,] we had 35 offices in [removed: 20] [added: 19] countries with [removed: 12,398] [added: 12,800] employees, representing an increase of [removed: 1.3%] [added: 3.2%] compared with August 31, [removed: 2023.][added: 2024.]

Of our total employees, [removed: 8,632 (70%)] [added: 8,854 (69%)] were located in Asia Pacific, [removed: 2,367 (19%)] [added: 2,510 (20%)] in the Americas and [removed: 1,399] [added: 1,436] (11%) in EMEA.

[removed: We] [added: To support sustainable growth, we] continue to invest in our [added: global] centers of excellence ("COEs"), primarily located in India and the Philippines, which accounted for approximately [removed: 69%] [added: 68%] of our employees.

AI is embedded across these offerings to enhance data discovery, automate routine workflows and improve the speed and accuracy of client insights.

We also offer AI-powered prospecting, monitoring and proposal generation tools that enable financial advisors to grow and enhance existing client relationships.

This includes curated datasets and turnkey APIs to enable technologists and developers to power new AI-based workflows with programmatic access to FactSet’s high-quality, connected content.

- Innovating with AI: 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.

We continue to advance a pragmatic, open, and flexible strategy for integrating AI and natural language processing into our clients’ workflows, aiming to boost productivity by surfacing actionable insights throughout the portfolio lifecycle and automating routine research and content processing tasks.

FactSet is delivering AI embedded workflow solutions for various personas including research analysts, bankers, portfolio managers, wealth advisors and engineering teams across our clients.

Executive Leadership Transition

On September 8, 2025, Sanoke Viswanathan assumed the role of Chief Executive Officer and joined FactSet’s Board of Directors.

Mr. Viswanathan succeeds F.

Philip Snow, who retired from these roles effective on Mr. Viswanathan's start date.

To support a smooth leadership transition, Mr. Snow is continuing employment with FactSet in an advisory capacity until December 31, 2025.

We continue to invest in AI solutions that adapt as our clients’ workflows evolve, helping professionals leverage automation, generative intelligence, and dynamic analytics—rapidly embracing new technologies to improve discoverability and usability of our products and services.

We operate in a highly competitive environment.

At FactSet, our people are central to delivering long-term value to our clients, stockholders, and communities.

We view human capital as a strategic asset and prioritize the health, engagement, safety, and well-being of our workforce.

FactSet’s human capital strategy is designed to align our workforce with our mission.

Through strategic hiring, focused upskilling, and transparent career pathways, we position our people and teams to deliver on our business objectives and create sustainable growth.

By emphasizing innovation, agility, recognition, and connectedness, we foster a culture where employees thrive while advancing outcomes for our clients, our communities, and our stockholders.

Our human capital strategy focuses on attracting and retaining top talent, developing future-ready skills, fostering an inclusive and purpose-driven culture, and providing comprehensive wellbeing programs.

We align our workforce initiatives with business priorities, so that employees are equipped, empowered, and motivated to contribute meaningfully to FactSet’s mission and long-term objectives.

*Workforce Strategy and Talent Development*

FactSet invests strategically in attracting, developing, and retaining top talent to support growth and innovation.

Key initiatives include:

- Strategic Hiring: Recruitment in critical roles, including data solutions, AI, machine learning, product management, and client-facing positions.

- Future-Ready Skills: In fiscal 2025, 94% of employees participated in learning programs, completing 339,000 hours globally.

Programs include mentorship, leadership development, department-specific training, and the EXCEL program.

- AI Capabilities: A major focus in fiscal 2025 was enhancing our AI capabilities that were aligned with our innovation and AI monetization goals.

Employees advanced skills in prompt engineering, coding, vector databases, and data querying, enabling teams to embed AI across product design, client solutions, and internal efficiency initiatives.

- Career Pathways: To encourage employees to apply their skills toward long-term careers at FactSet, we refreshed our job architecture, offering transparent career pathways and consistent role expectations across functions.

FactSet fosters a culture where employees feel empowered, recognized, and connected to the Company’s mission.

Key initiatives and outcomes include:

- Engagement and Feedback: We conduct an annual confidential employee engagement survey to assess satisfaction, gather feedback, and identify opportunities for improvement.

In fiscal 2025, our engagement survey achieved an 88% response rate, significantly outpacing typical third-party benchmark response rates, reflecting strong employee engagement in the process.

The survey results indicated employees are closely aligned with the Company's purpose and confident that their work contributes meaningful value to the organization.

- Corporate Responsibility and Purpose: We foster a culture of service that enriches our communities and enhances the employee experience.

In fiscal 2025, FactSet employees contributed 17,200 volunteer hours across 391 events, with more than 85% of employees participating in philanthropic initiatives focused on education, hunger alleviation, environmental protection, and disaster response.

- Flagship Initiatives: Programs such as Hunger Awareness, one of FactSet’s largest annual initiatives, have resulted in over 9 million meals donated since 2019, reinforcing a culture of purpose while enhancing employee engagement and collective impact.

- Employee-Led Engagement Programs: FactSet supports a network of site-level culture committees, business resource groups open to all employees, and wellness champions, empowering employees to drive inclusion, well-being, and local engagement initiatives.

Employee wellbeing is a central component of FactSet’s human capital strategy.

Our programs are designed to support physical, mental, and financial health while fostering a safe, inclusive, and resilient workplace.

We believe organization by firm type better aligns with our clients, the long-term view of our business and our commitment to investing for growth and efficiency.

As our chief operating decision maker ("CODM") continues to review our business and operating results based on our segments, the realignment of our internal organization by firm type did not impact our segments for fiscal 2024.

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It also provides RMS for research authoring and publishing.

We believe that our breadth of high-quality, connected data will serve as critical raw material for large language models.

- Innovating with AI: Our artificial intelligence roadmap, driven by our FactSet AI Blueprint, continues to resonate with our clients.

We recently launched new AI-powered solutions for generating portfolio performance commentary, analyzing earnings call transcripts, and requesting FactSet data using natural language queries in client-built environments and chatbots.

We strive to rapidly adopt new technology that can improve the discoverability and usability of our products and services.

We expect it would be difficult for another vendor to quickly replicate the extensive data we currently offer, therefore, we believe there are high barriers to entry to our business.

Our employees are key to our success and enable us to execute at a high level.

We have built a collaborative culture that recognizes and rewards innovation and offers employees a variety of opportunities and experiences.

We believe that our continued focus on our employees helps us to provide high quality products and service to our clients.

In line with our commitment to foster a positive work environment and culture, we conduct an annual, anonymous, and confidential global employee engagement survey administered by a third-party.

The survey empowers employees to share feedback on a range of topics, including workplace culture, job satisfaction, leadership, career opportunities, employee well-being, compensation and benefits, team collaboration, and communication.

Senior leadership and managers review the aggregated results to identify key areas of focus and formulate strategies to enhance employee experiences, satisfaction, and overall effectiveness.

We share the survey results with employees to highlight our strengths and to note opportunities for positive change.

In our fiscal 2024 employee engagement survey, we achieved an 89% response rate, which is substantially higher than the third-party response benchmark.

Our score for 'Action Taking' was above the benchmark, indicating employee confidence that meaningful action will be taken as a result of the survey, reflecting the work we’ve done in previous years to improve employee engagement based on survey results.

The majority of our employees indicated that they feel they are treated fairly regardless of diversity characteristics, appreciate their managers for providing open and honest feedback, and understand how their work contributes to the Company’s success.

*Diversity, Equity & Inclusion*

As part of our core values and our efforts to attract and retain top talent, we are committed to building a globally diverse, equitable and inclusive workplace.

Diversity, Equity, and Inclusion ("DE&I") at FactSet is supported by our DE&I Council, comprised of executive leaders and chaired by our CEO, Phil Snow.

An important component of our DE&I strategy is our Business Resource Groups ("BRGs"), which help create an inclusive culture for all our employees.

We have eight such groups - the Asian BRG, Black BRG, Families BRG, Pride BRG, Multicultural BRG, Latinx BRG, Women’s BRG, and Veterans BRG.

The BRGs are supported by senior leaders who serve as executive sponsors.

Our BRGs host a variety of educational and networking events globally and many also co-sponsor external community events.

During fiscal 2024, we continued to publish our workforce demographics and annual EEO-1 Federal data in our Sustainability Report.

Our DE&I efforts included adhering to inclusive hiring best practices and requiring all hiring managers to complete unconscious bias training.

*Hybrid Workforce*

In fiscal 2024 we rolled out our updated "How We Work" policy for flexible working arrangements.

Employees in many of our locations, where local laws and regulations and the role and department permit, have the option to work full-time in the office, in a hybrid arrangement (usually two to three days per week in the office) or, in some cases, entirely remotely.

Some employees may also elect to work a flexible schedule.

These arrangements help to retain talent, increase employee satisfaction, and support our commitment to creating a diverse, equitable and inclusive workplace.

Additionally, we appointed senior site leaders at each of our locations to collaborate with our employees and local culture committees to drive engagement and improve in-office experiences.

*Learning and Development*

We offer a range of learning opportunities to empower employees through experiences that support their personal and professional growth.

We identify learning needs to ensure that our employees have the skills and knowledge to excel in their roles, grow their careers, and contribute to the success of our organization.

During fiscal 2024, our employees increasingly leveraged our non-mandatory learning, with particular focus on our expanded technical learning and training courses.

During fiscal 2024, we implemented specialized programming to upskill employees in Generative AI, adopting a tailored approach that catered to varying levels of existing knowledge, ranging from offering foundational insights into GenAI concepts to providing advanced technical training aimed at equipping our engineers with the knowledge to develop cutting-edge GenAI products.

Our Total Rewards program provides our employees with pay, benefits, and recognition intended to be equitable, comprehensive, locally market-aligned, and spanning the full well-being spectrum.

Note [removed: 13,] [added: 12,] *Commitments and Contingencies* in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K, for more information on contingent matters.

For the fiscal year ended August 31, [removed: 2024][added: 2025]

[removed: ][added: ]

The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant based upon the closing price of a share of the registrant’s common stock on February [removed: 29, 2024,] [added: 28, 2025,] the last business day of the registrant’s most recently completed second fiscal quarter, as reported by the New York Stock Exchange on that date, was [removed: $17,602,720,964.][added: $17,509,083,420.]

As of October [removed: 21, 2024,] [added: 15, 2025,] there were [removed: 37,988,845] [added: 37,456,326] shares of the registrant's common stock outstanding.

Certain information required by Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after August 31, [removed: 2024.][added: 2025.]

For The Fiscal Year Ended August 31, [removed: 2024][added: 2025]

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_16)[tem](#i852a5a1bf40e40f19d8119be683f4e54_16) [1A.](#i852a5a1bf40e40f19d8119be683f4e54_16)] [added: [Item 1A.](#ib796dee8748c4638b4a4bf5def45c14d_16)] | | | [Risk [removed: Factors](#i852a5a1bf40e40f19d8119be683f4e54_16)] [added: Factors](#ib796dee8748c4638b4a4bf5def45c14d_16)] | | | [removed: [13](#i852a5a1bf40e40f19d8119be683f4e54_16)] [added: [14](#ib796dee8748c4638b4a4bf5def45c14d_16)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_19)[tem](#i852a5a1bf40e40f19d8119be683f4e54_19) [1B.](#i852a5a1bf40e40f19d8119be683f4e54_19)] [added: [Item 1B.](#ib796dee8748c4638b4a4bf5def45c14d_19)] | | | [Unresolved Staff [removed: Comments](#i852a5a1bf40e40f19d8119be683f4e54_19)] [added: Comments](#ib796dee8748c4638b4a4bf5def45c14d_19)] | | | [removed: [22](#i852a5a1bf40e40f19d8119be683f4e54_19)] [added: [23](#ib796dee8748c4638b4a4bf5def45c14d_19)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_31)[tem](#i852a5a1bf40e40f19d8119be683f4e54_31) [4.](#i852a5a1bf40e40f19d8119be683f4e54_31)] [added: [Item 4.](#ib796dee8748c4638b4a4bf5def45c14d_31)] | | | [Mine Safety [removed: Disclosures](#i852a5a1bf40e40f19d8119be683f4e54_31)] [added: Disclosures](#ib796dee8748c4638b4a4bf5def45c14d_31)] | | | [removed: [25](#i852a5a1bf40e40f19d8119be683f4e54_31)] [added: [26](#ib796dee8748c4638b4a4bf5def45c14d_31)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_37)[tem](#i852a5a1bf40e40f19d8119be683f4e54_37) [5.](#i852a5a1bf40e40f19d8119be683f4e54_37)] [added: [Item 5.](#ib796dee8748c4638b4a4bf5def45c14d_37)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i852a5a1bf40e40f19d8119be683f4e54_37)] [added: Securities](#ib796dee8748c4638b4a4bf5def45c14d_37)] | | | [removed: [26](#i852a5a1bf40e40f19d8119be683f4e54_37)] [added: [27](#ib796dee8748c4638b4a4bf5def45c14d_37)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_43)[tem](#i852a5a1bf40e40f19d8119be683f4e54_43) [7.](#i852a5a1bf40e40f19d8119be683f4e54_43)] [added: [Item 7.](#ib796dee8748c4638b4a4bf5def45c14d_43)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i852a5a1bf40e40f19d8119be683f4e54_43)] [added: Operations](#ib796dee8748c4638b4a4bf5def45c14d_43)] | | | [removed: [28](#i852a5a1bf40e40f19d8119be683f4e54_43)] [added: [29](#ib796dee8748c4638b4a4bf5def45c14d_43)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_76)[tem](#i852a5a1bf40e40f19d8119be683f4e54_76) [7A.](#i852a5a1bf40e40f19d8119be683f4e54_76)] [added: [Item 7A.](#ib796dee8748c4638b4a4bf5def45c14d_73)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i852a5a1bf40e40f19d8119be683f4e54_76)] [added: Risk](#ib796dee8748c4638b4a4bf5def45c14d_73)] | | | [removed: [46](#i852a5a1bf40e40f19d8119be683f4e54_76)] [added: [47](#ib796dee8748c4638b4a4bf5def45c14d_73)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_79)[tem](#i852a5a1bf40e40f19d8119be683f4e54_79) [8.](#i852a5a1bf40e40f19d8119be683f4e54_79)] [added: [Item 8.](#ib796dee8748c4638b4a4bf5def45c14d_76)] | | | [Financial Statements and Supplementary [removed: Data](#i852a5a1bf40e40f19d8119be683f4e54_79)] [added: Data](#ib796dee8748c4638b4a4bf5def45c14d_76)] | | | [removed: [48](#i852a5a1bf40e40f19d8119be683f4e54_79)] [added: [49](#ib796dee8748c4638b4a4bf5def45c14d_76)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_166)[tem](#i852a5a1bf40e40f19d8119be683f4e54_166) [9.](#i852a5a1bf40e40f19d8119be683f4e54_166)] [added: [Item 9.](#ib796dee8748c4638b4a4bf5def45c14d_166)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i852a5a1bf40e40f19d8119be683f4e54_166)] [added: Disclosure](#ib796dee8748c4638b4a4bf5def45c14d_166)] | | | [removed: [94](#i852a5a1bf40e40f19d8119be683f4e54_166)] [added: [93](#ib796dee8748c4638b4a4bf5def45c14d_166)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_169)[tem](#i852a5a1bf40e40f19d8119be683f4e54_169) [9A.](#i852a5a1bf40e40f19d8119be683f4e54_169)] [added: [Item 9A.](#ib796dee8748c4638b4a4bf5def45c14d_169)] | | | [Controls and [removed: Procedures](#i852a5a1bf40e40f19d8119be683f4e54_169)] [added: Procedures](#ib796dee8748c4638b4a4bf5def45c14d_169)] | | | [removed: [94](#i852a5a1bf40e40f19d8119be683f4e54_169)] [added: [93](#ib796dee8748c4638b4a4bf5def45c14d_169)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_172)[tem](#i852a5a1bf40e40f19d8119be683f4e54_172) [9B.](#i852a5a1bf40e40f19d8119be683f4e54_172)] [added: [Item 9B.](#ib796dee8748c4638b4a4bf5def45c14d_172)] | | | [Other [removed: Information](#i852a5a1bf40e40f19d8119be683f4e54_172)] [added: Information](#ib796dee8748c4638b4a4bf5def45c14d_172)] | | | [removed: [95](#i852a5a1bf40e40f19d8119be683f4e54_172)] [added: [95](#ib796dee8748c4638b4a4bf5def45c14d_172)] | | |

| [PART [removed: III](#i852a5a1bf40e40f19d8119be683f4e54_175)] [added: III](#ib796dee8748c4638b4a4bf5def45c14d_175)] | | | | | | | | | | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_178)[tem](#i852a5a1bf40e40f19d8119be683f4e54_178) [10.](#i852a5a1bf40e40f19d8119be683f4e54_178)] [added: [Item 10.](#ib796dee8748c4638b4a4bf5def45c14d_178)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i852a5a1bf40e40f19d8119be683f4e54_178)] [added: Governance](#ib796dee8748c4638b4a4bf5def45c14d_178)] | | | [removed: [96](#i852a5a1bf40e40f19d8119be683f4e54_178)] [added: [96](#ib796dee8748c4638b4a4bf5def45c14d_178)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_181)[tem](#i852a5a1bf40e40f19d8119be683f4e54_181) [11.](#i852a5a1bf40e40f19d8119be683f4e54_181)] [added: [Item 11.](#ib796dee8748c4638b4a4bf5def45c14d_181)] | | | [Executive [removed: Compensation](#i852a5a1bf40e40f19d8119be683f4e54_181)] [added: Compensation](#ib796dee8748c4638b4a4bf5def45c14d_181)] | | | [removed: [96](#i852a5a1bf40e40f19d8119be683f4e54_181)] [added: [96](#ib796dee8748c4638b4a4bf5def45c14d_181)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_184)[tem](#i852a5a1bf40e40f19d8119be683f4e54_184) [12.](#i852a5a1bf40e40f19d8119be683f4e54_184)] [added: [Item 12.](#ib796dee8748c4638b4a4bf5def45c14d_184)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i852a5a1bf40e40f19d8119be683f4e54_184)] [added: Matters](#ib796dee8748c4638b4a4bf5def45c14d_184)] | | | [removed: [96](#i852a5a1bf40e40f19d8119be683f4e54_184)] [added: [96](#ib796dee8748c4638b4a4bf5def45c14d_184)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_187)[tem](#i852a5a1bf40e40f19d8119be683f4e54_187) [13.](#i852a5a1bf40e40f19d8119be683f4e54_187)] [added: [Item 13.](#ib796dee8748c4638b4a4bf5def45c14d_187)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i852a5a1bf40e40f19d8119be683f4e54_187)] [added: Independence](#ib796dee8748c4638b4a4bf5def45c14d_187)] | | | [removed: [96](#i852a5a1bf40e40f19d8119be683f4e54_187)] [added: [96](#ib796dee8748c4638b4a4bf5def45c14d_187)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_190)[tem](#i852a5a1bf40e40f19d8119be683f4e54_190) [14.](#i852a5a1bf40e40f19d8119be683f4e54_190)] [added: [Item 14.](#ib796dee8748c4638b4a4bf5def45c14d_190)] | | | [Principal Accounting Fees and [removed: Services](#i852a5a1bf40e40f19d8119be683f4e54_190)] [added: Services](#ib796dee8748c4638b4a4bf5def45c14d_190)] | | | [removed: [97](#i852a5a1bf40e40f19d8119be683f4e54_190)] [added: [96](#ib796dee8748c4638b4a4bf5def45c14d_190)] | | |

| [PART [removed: IV](#i852a5a1bf40e40f19d8119be683f4e54_193)] [added: IV](#ib796dee8748c4638b4a4bf5def45c14d_193)] | | | | | | | | | | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_196)[tem](#i852a5a1bf40e40f19d8119be683f4e54_196) [15.](#i852a5a1bf40e40f19d8119be683f4e54_196)] [added: [Item 15.](#ib796dee8748c4638b4a4bf5def45c14d_196)] | | | [Exhibits, Financial Statement [removed: Schedules](#i852a5a1bf40e40f19d8119be683f4e54_196)] [added: Schedules](#ib796dee8748c4638b4a4bf5def45c14d_196)] | | | [removed: [98](#i852a5a1bf40e40f19d8119be683f4e54_196)] [added: [97](#ib796dee8748c4638b4a4bf5def45c14d_196)] | | |

| | | | [removed: [I](#i852a5a1bf40e40f19d8119be683f4e54_208)[tem](#i852a5a1bf40e40f19d8119be683f4e54_208) [16.](#i852a5a1bf40e40f19d8119be683f4e54_208)] [added: [Item 16.](#ib796dee8748c4638b4a4bf5def45c14d_208)] | | | [Form 10-K [removed: Summary](#i852a5a1bf40e40f19d8119be683f4e54_208)] [added: Summary](#ib796dee8748c4638b4a4bf5def45c14d_208)] | | | [removed: [100](#i852a5a1bf40e40f19d8119be683f4e54_208)] [added: [99](#ib796dee8748c4638b4a4bf5def45c14d_208)] | | |

[removed: *Business,* Part I, Item 1A.][added: | | | | [Item 1.](#ib796dee8748c4638b4a4bf5def45c14d_13) | | | [Business](#ib796dee8748c4638b4a4bf5def45c14d_13) | | | [5](#ib796dee8748c4638b4a4bf5def45c14d_13) | | |]

These [removed: forward-looking statements, which are subject to risks, uncertainties and assumptions about us,] [added: statements] may include projections of our future financial performance and anticipated trends in our business.

[removed: These] [added: Forward-looking] statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions.

[removed: There are many important factors] [added: Factors] that could cause our actual results, level of activity, performance or achievements to differ materially from [removed: the results, level of activity, performance or achievements] [added: those] expressed or implied [removed: by the] [added: in] forward-looking [removed: statements, including] [added: statements include, among others,] the [removed: numerous] factors discussed under [added: Part I,] Item [removed: 1A.][added: 1A.*, Risk Factors,* that should be specifically considered.]

| [PART I](#ib796dee8748c4638b4a4bf5def45c14d_10) | | | | | | | | | | | |

| | | | [Item 1C](#ib796dee8748c4638b4a4bf5def45c14d_22). | | | [Cybersecurity](#ib796dee8748c4638b4a4bf5def45c14d_22) | | | [23](#ib796dee8748c4638b4a4bf5def45c14d_22) | | |

| | | | [Item 2.](#ib796dee8748c4638b4a4bf5def45c14d_25) | | | [Properties](#ib796dee8748c4638b4a4bf5def45c14d_25) | | | [25](#ib796dee8748c4638b4a4bf5def45c14d_25) | | |

| | | | [Item 3.](#ib796dee8748c4638b4a4bf5def45c14d_28) | | | [Legal Proceedings](#ib796dee8748c4638b4a4bf5def45c14d_28) | | | [26](#ib796dee8748c4638b4a4bf5def45c14d_28) | | |

| [PART II](#ib796dee8748c4638b4a4bf5def45c14d_34) | | | | | | | | | | | |

| | | | [Item 6.](#ib796dee8748c4638b4a4bf5def45c14d_40) | | | [Reserved](#ib796dee8748c4638b4a4bf5def45c14d_40) | | | [28](#ib796dee8748c4638b4a4bf5def45c14d_40) | | |

| [SIGNATURES](#ib796dee8748c4638b4a4bf5def45c14d_211) | | | | | | | | | [100](#ib796dee8748c4638b4a4bf5def45c14d_211) | | |

This report contains forward-looking statements that express management's current views concerning expectations, estimates, trends, forecasts and projections about future events and circumstances, industries in which FactSet operates and the beliefs and assumptions of management.

Statements concerning our financial position, business strategy and plans or objectives for future operations are forward-looking statements.

FactSet cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made.

FactSet undertakes no obligations to update or revise any forward-looking statement to reflect results, revised expectations, events or circumstances arising after the date on which it is made, except as required by applicable law.

[Table](#i852a5a1bf40e40f19d8119be683f4e54_7) [of](#i852a5a1bf40e40f19d8119be683f4e54_7) [Contents](#i852a5a1bf40e40f19d8119be683f4e54_7)

| [PART I](#i852a5a1bf40e40f19d8119be683f4e54_10) | | | | | | | | | | | |

| | | | [I](#i852a5a1bf40e40f19d8119be683f4e54_13)[tem](#i852a5a1bf40e40f19d8119be683f4e54_13) [1.](#i852a5a1bf40e40f19d8119be683f4e54_13) | | | [Business](#i852a5a1bf40e40f19d8119be683f4e54_13) | | | [5](#i852a5a1bf40e40f19d8119be683f4e54_13) | | |

| | | | [I](#i852a5a1bf40e40f19d8119be683f4e54_22)[tem](#i852a5a1bf40e40f19d8119be683f4e54_22) [1C](#i852a5a1bf40e40f19d8119be683f4e54_22). | | | [Cybersecurity](#i852a5a1bf40e40f19d8119be683f4e54_22) | | | [22](#i852a5a1bf40e40f19d8119be683f4e54_22) | | |

| | | | [I](#i852a5a1bf40e40f19d8119be683f4e54_25)[tem](#i852a5a1bf40e40f19d8119be683f4e54_25) [2.](#i852a5a1bf40e40f19d8119be683f4e54_25) | | | [Properties](#i852a5a1bf40e40f19d8119be683f4e54_25) | | | [24](#i852a5a1bf40e40f19d8119be683f4e54_25) | | |

| | | | [I](#i852a5a1bf40e40f19d8119be683f4e54_28)[tem](#i852a5a1bf40e40f19d8119be683f4e54_28) [3.](#i852a5a1bf40e40f19d8119be683f4e54_28) | | | [Legal Proceedings](#i852a5a1bf40e40f19d8119be683f4e54_28) | | | [25](#i852a5a1bf40e40f19d8119be683f4e54_28) | | |

| [PART II](#i852a5a1bf40e40f19d8119be683f4e54_34) | | | | | | | | | | | |

| | | | [I](#i852a5a1bf40e40f19d8119be683f4e54_40)[tem](#i852a5a1bf40e40f19d8119be683f4e54_40) [6.](#i852a5a1bf40e40f19d8119be683f4e54_40) | | | [Reserved](#i852a5a1bf40e40f19d8119be683f4e54_40) | | | [27](#i852a5a1bf40e40f19d8119be683f4e54_40) | | |

| [SIGNATURES](#i852a5a1bf40e40f19d8119be683f4e54_211) | | | | | | | | | [101](#i852a5a1bf40e40f19d8119be683f4e54_211) | | |

FactSet Research Systems Inc. has made statements under the captions Part I, Item 1.

*Risk Factors,* Part II, Item 7.

*Management’s Discussion and Analysis of Financial Condition and Results of Operations* and in other sections of this Annual Report on Form 10-K that are forward-looking statements.

These statements are only predictions based on our current expectations, estimates, forecasts and projections about future events.

*Risk Factors* in this Annual Report on Form 10-K, that should be specifically considered.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements.

Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.

Forward-looking statements speak only as of the date they are made, and actual results could differ materially from those anticipated in forward-looking statements.

We do not intend, and are under no duty, to update any of these forward-looking statements after the date of this Annual Report on Form 10-K to reflect actual results, future events or circumstances, or revised expectations.

Our information security team is responsible for identifying, assessing, managing, and responding to cybersecurity risks, threats and incidents relating to the protection of our information assets, [removed: systems,] [added: systems] and operations.

The information security team also oversees the detection, prevention, [removed: mitigation,] [added: mitigation] and remediation of all cybersecurity incidents.

Our [removed: current acting] CISO has a graduate degree in computer engineering and has worked in cybersecurity for over [added: two decades, including at] a [removed: decade.][added: major financial institution.]

The team operates from FactSet locations around the world, including offices in the U.S., India, the [removed: Philippines,] [added: Philippines] and Europe.

FactSet's information security and governance framework is guided by International Organization for Standardization ("ISO") [removed: 27002] [added: 27001] and System and Organization Control ("SOC") 2 Trust Service [removed: Criteria.][added: Criteria and the National Institute of Standards and Technology ("NIST") Cybersecurity Framework.]

FactSet's ERM program is designed to identify, [removed: prioritize,] [added: prioritize] and assess the most significant risks that could impact our ability to achieve our strategic business objectives.

Our information security leadership team, in concert with our ERM team, reviews our [removed: oversight of] cybersecurity risks [removed: at least annually] [added: each quarter] through our enterprise risk assessment process.

Our information security team undertakes various activities to assess, [removed: identify,] [added: identify] and manage risks from cybersecurity threats, including managing security controls, conducting penetration testing, leading training and tabletop [removed: exercises,] [added: exercises (including an annual tabletop exercise with the ELT),] and conducting internal and external vulnerability assessments.

Findings from [added: the penetration test and] our internal and external vulnerability assessments are classified using a combination of scores and internal business metrics.

Our information security program is regularly evaluated by internal and external experts with the results of those reviews reported to senior management, including the ELT and the FactSet [added: Audit Committee, and, where appropriate, the] Board of Directors (the "Board").

To date, risks from cybersecurity threats have not materially [removed: affected] [added: affected, and we do not believe are reasonably likely to materially affect,] our business strategy, results of operations, or financial condition.

Cybersecurity is an important part of our [removed: Board's] [added: Audit Committee, Board and ELT’s] risk management focus.

[removed: Our CISO regularly updates] [added: At each regular meeting,] the Audit Committee [removed: on] [added: receives updates from the CISO, regarding trends, emergent risks to] our [removed: information] [added: technology infrastructure, major updates on] security [removed: program, providing an overview of risks and trends] [added: assessments] and [removed: addressing topics including our incident response plan, cybersecurity] threat [removed: developments,] [added: landscape,] and the steps we are taking to respond to these matters.

Our information security team proactively monitors emerging cyber threat activity to proactively tune and upgrade our cyber capabilities to maintain a robust security posture.

All FactSet's employees receive mandatory annual cybersecurity training; software engineers receive training on secure software development best practices; and other ad hoc training is provided to employees on the latest cyber threat landscape.

In addition, we also perform quarterly "phishing simulations" to test the effectiveness of our security training program.

FactSet's information security team performs annual penetration testing with leading service providers, to mimic motivated threat actors, to assess the internal and external security posture of the Company.

The Board coordinates with the Audit Committee for active Board- and Committee-level oversight of the Company’s technology and cyber risk profile, cyber strategies and information security initiatives.

The Audit Committee monitors management’s responsibility in the area of risk oversight, including cybersecurity risks.

The CISO also provides an annual update to the Board, or as may otherwise be required.

Management has day-to-day responsibility for identifying risks facing FactSet, formulating risk management policies and procedures, managing our key risk exposures on a day-to-day basis and setting the right “tone at the top.” As part of this, the ERM and technology teams, including the CISO, also deliver regular updates to the ELT on cybersecurity and related matters.

FactSet recognizes the importance of identifying, assessing, and managing material risks associated with cybersecurity threats.

These risks include, among other things, operational risks, intellectual property theft, fraud, extortion, violation of data privacy or cybersecurity laws, legal and regulatory risks, and reputational risks.

We also have implemented the National Institute of Standards and Technology ("NIST") Cybersecurity Framework.

ERM activities include conducting enterprise risk assessments to better understand risk exposures, emerging risks, and steps that management has taken to monitor and control such exposures.

Findings are remediated commensurate with the respective risk rating.

FactSet's IT Risk Management Policy includes severity-based escalation requirements designed to ensure proper management-level visibility and evaluation of risk issues, regardless of the source of that risk.

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Regular reporting on the results and status of our ERM function, as well as our information security program, is provided to our senior management, including the ELT and the Board.

The Board is responsible for overseeing our risk management governance, and our Board, together with its committees, engages with our management team in monitoring Company risks, including cybersecurity and data protection risks.

The Audit Committee is responsible for risk oversight, including risks related to cybersecurity threats, and periodically reviews our information security programs, including our cybersecurity efforts.

As of August 31, [removed: 2024,] [added: 2025,] we have 35 offices worldwide, including our corporate headquarters located at 45 Glover Avenue, Norwalk, Connecticut where we occupy 91,718 square feet of office space.

These offices include our data content collection offices located in [removed: India, the Philippines] [added: India] and [removed: Latvia.][added: the Philippines.]

We also have two data centers that support our technological infrastructure located in [added: the] U.S.

We believe [removed: the amount of] [added: our existing and planned] leased space [removed: as of August 31, 2024] is [added: suitable and] adequate for our current business needs.

| | | | Dublin, Ireland | | |

[Table](#i852a5a1bf40e40f19d8119be683f4e54_7) [of](#i852a5a1bf40e40f19d8119be683f4e54_7) [Contents](#i852a5a1bf40e40f19d8119be683f4e54_7)

[Table](#i852a5a1bf40e40f19d8119be683f4e54_7) [of](#i852a5a1bf40e40f19d8119be683f4e54_7) [Contents](#i852a5a1bf40e40f19d8119be683f4e54_7)

*Holders* *of Record* – As of October [removed: 21, 2024,] [added: 15, 2025,] we had approximately [removed: 2,158] [added: 1,896] holders of record of our common stock.

*Dividends* - We paid four quarterly dividends during fiscal [removed: 2024.][added: 2025.]

In the third quarter of fiscal [removed: 2024,] [added: 2025,] we increased our quarterly cash dividend from [removed: $0.98 to] $1.04 [added: to $1.10] per share.

Note [removed: 14,] [added: 13,] *Stockholders' Equity*, in the Notes to the Consolidated Financial Statements of this Annual Report on Form 10-K for more information on our dividends.

There were no sales of unregistered equity securities during fiscal [removed: 2024.][added: 2025.]

The following table provides a month-to-month summary of the share repurchase activity during the three months ended August 31, [removed: 2024:][added: 2025:]

| Period | | | Total number of shares purchased(1) | | | | | | Average price paid per [removed: share] [added: share(2)] | | | | | | Total number of shares purchased as part of publicly announced plans or [removed: programs(2)] [added: programs(3)] | | | | | | Approximate dollar value of shares that may yet be purchased under the plans or [removed: programs(2)] [added: programs(3)] | | |

(1)Includes [removed: 153,650] [added: 259,721] shares repurchased under the stock repurchase program, as well as [removed: 2,363] [added: 3,287] shares repurchased to satisfy withholding tax obligations due upon the vesting of stock-based awards.

[removed: (2)We] [added: (3)We] had [removed: $64.8] [added: $0.5] million that remained authorized under our share repurchase program as of August 31, [removed: 2024,] [added: 2025,] all of which expired upon the conclusion of fiscal [removed: 2024] [added: 2025] and were not available for share repurchases after that date.

The annual changes for the five-year period shown in the graph below assume $100 had been invested in our common stock, the S&P 500 Index, the Dow Jones U.S. Financial Services Index and the S&P 500 Financial Exchange and Data Index on August 31, [removed: 2019.][added: 2020.]

The total cumulative dollar returns shown on the graph represent the value that such investments would have had on August 31, [removed: 2024.][added: 2025.]

[removed: ][added: ]

| | | | [removed: 2019 | | |] 2020 | | | 2021 | | | 2022 | | | 2023 | | | 2024 | | | [added: 2025 | | |]

| Dow Jones U.S. Financial Services Index | | | $ | 100 | | $ | [removed: 97] [added: 149] | | $ | [removed: 144] [added: 122] | | $ | [removed: 118] [added: 126] | | $ | [removed: 122] [added: 168] | | $ | [removed: 162] [added: 209] | |

| S&P 500 Financial Exchanges and Data Index | | | $ | 100 | | $ | [removed: 116] [added: 124] | | $ | [removed: 145] [added: 102] | | $ | [removed: 119] [added: 113] | | $ | [removed: 132] [added: 142] | | $ | [removed: 166] [added: 157] | |

| June 2025 | | | 65,097 | | | | | | $ | 432.58 | | | | | 64,775 | | | | | | $ | 79,126 | |

| July 2025 | | | 80,850 | | | | | | $ | 433.81 | | | | | 80,850 | | | | | | $ | 44,052 | |

| August 2025 | | | 117,061 | | | | | | $ | 381.76 | | | | | 114,096 | | | | | | $ | 523 | |

| | | | 263,008 | | | | | | | | | | | | 259,721 | | | | | | | | |

(2)Amount excludes any excise tax imposed on corporate stock repurchases required under the Inflation Reduction Act of 2022.

On June 17, 2025, our Board of Directors authorized up to $400 million for share repurchases on or after September 1, 2025 through September 30, 2026.

| FactSet Research Systems Inc. | | | $ | 100 | | $ | 109 | | $ | 124 | | $ | 125 | | $ | 121 | | $ | 107 | |

| S&P 500 Index | | | $ | 100 | | $ | 129 | | $ | 113 | | $ | 129 | | $ | 161 | | $ | 185 | |

| June 2024 | | | 48,364 | | | | | | $ | 408.07 | | | | | 47,150 | | | | | | $ | 108,842 | |

| July 2024 | | | 51,800 | | | | | | $ | 419.37 | | | | | 51,800 | | | | | | $ | 87,119 | |

| August 2024 | | | 55,849 | | | | | | $ | 408.74 | | | | | 54,700 | | | | | | $ | 64,765 | |

| | | | 156,013 | | | | | | | | | | | | 153,650 | | | | | | | | |

On September 17, 2024, our Board of Directors authorized up to $300 million for share repurchases, which will be available during fiscal 2025.

Trading Arrangements

On August 11, 2023, we entered into an agreement to adopt a trading arrangement for the repurchase of shares of our common stock in the open market consistent with the provisions of Rule 10b5-1 of the Securities Exchange Act of 1934 ("Rule 10b5-1").

The arrangement provides for the repurchase of up to $250 million of our common stock during the period from September 1, 2023 through August 31, 2024 pursuant to a written algorithm for determining the amount, price and date for purchase of shares of our common stock.

On September 26, 2024, we entered into an agreement to adopt a trading arrangement for the repurchase of shares of our common stock in the open market consistent with the provisions of Rule 10b5-1.

The arrangement provides for the repurchase of up to $250 million of our common stock during the period from September 27, 2024 through August 28, 2025 pursuant to a

[Table](#i852a5a1bf40e40f19d8119be683f4e54_7) [of](#i852a5a1bf40e40f19d8119be683f4e54_7) [Contents](#i852a5a1bf40e40f19d8119be683f4e54_7)

written algorithm for determining the amount, price and date for purchase of shares of our common stock.

| FactSet Research Systems Inc. | | | $ | 100 | | $ | 129 | | $ | 140 | | $ | 159 | | $ | 160 | | $ | 155 | |

| S&P 500 Index | | | $ | 100 | | $ | 120 | | $ | 155 | | $ | 135 | | $ | 154 | | $ | 193 | |

*The information contained in the above graph shall not be deemed to be soliciting material or filed or incorporated by reference in future filings with the SEC, or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934, except to the extent that we specifically* *incorporate it by reference into a document filed under the Securities Act* *of 1933 or the Securities Exchange Act of 1934.*

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| [Management’s Statement of Responsibility for Financial [removed: Statements](#i852a5a1bf40e40f19d8119be683f4e54_82)] [added: Statements](#ib796dee8748c4638b4a4bf5def45c14d_79)] | | | [removed: [49](#i852a5a1bf40e40f19d8119be683f4e54_82)] [added: [50](#ib796dee8748c4638b4a4bf5def45c14d_79)] | | |

[removed: | [Management’s] [added: Management’s] Report on Internal [removed: Control](#i852a5a1bf40e40f19d8119be683f4e54_85) [O](#i852a5a1bf40e40f19d8119be683f4e54_85)[ver] [added: Control Over] Financial [removed: Reporting](#i852a5a1bf40e40f19d8119be683f4e54_85) | | | [49](#i852a5a1bf40e40f19d8119be683f4e54_85) | | |][added: Reporting]

| [Reports of Independent Registered Public Accounting Firm Reports of Independent Registered Public Accounting Firm (PCAOB [removed: ID:](#i852a5a1bf40e40f19d8119be683f4e54_88) 42[)](#i852a5a1bf40e40f19d8119be683f4e54_88)] [added: ID:](#ib796dee8748c4638b4a4bf5def45c14d_85) 42[)](#ib796dee8748c4638b4a4bf5def45c14d_85)] | | | [removed: [51](#i852a5a1bf40e40f19d8119be683f4e54_88)] [added: [52](#ib796dee8748c4638b4a4bf5def45c14d_85)] | | |

| [Consolidated Statements of Income for the years [removed: ended](#i852a5a1bf40e40f19d8119be683f4e54_91)] [added: ended](#ib796dee8748c4638b4a4bf5def45c14d_88)] August 31, [removed: 2024,] [added: 2025, 2024 [and](#ib796dee8748c4638b4a4bf5def45c14d_88)] 2023 [removed: and 2022] | | | [removed: [55](#i852a5a1bf40e40f19d8119be683f4e54_91)] [added: [56](#ib796dee8748c4638b4a4bf5def45c14d_88)] | | |

| [Consolidated Statements of Comprehensive Income for the years ended August [removed: 31, 202](#i852a5a1bf40e40f19d8119be683f4e54_94)[4](#i852a5a1bf40e40f19d8119be683f4e54_94)[, 202](#i852a5a1bf40e40f19d8119be683f4e54_94)[3](#i852a5a1bf40e40f19d8119be683f4e54_94) [and 202](#i852a5a1bf40e40f19d8119be683f4e54_94)[2](#i852a5a1bf40e40f19d8119be683f4e54_94)] [added: 31,](#ib796dee8748c4638b4a4bf5def45c14d_91) 2025, 2024 [and](#ib796dee8748c4638b4a4bf5def45c14d_91) 2023] | | | [removed: [56](#i852a5a1bf40e40f19d8119be683f4e54_94)] [added: [57](#ib796dee8748c4638b4a4bf5def45c14d_91)] | | |

| [Consolidated Balance Sheets at August [removed: 31, 202](#i852a5a1bf40e40f19d8119be683f4e54_97)[4](#i852a5a1bf40e40f19d8119be683f4e54_97) [and 202](#i852a5a1bf40e40f19d8119be683f4e54_97)[3](#i852a5a1bf40e40f19d8119be683f4e54_97)] [added: 31,](#ib796dee8748c4638b4a4bf5def45c14d_94) 2025 [and](#ib796dee8748c4638b4a4bf5def45c14d_94) 2024] | | | [removed: [57](#i852a5a1bf40e40f19d8119be683f4e54_97)] [added: [58](#ib796dee8748c4638b4a4bf5def45c14d_94)] | | |

| [Consolidated Statements of Cash Flows for the years ended August [removed: 31, 202](#i852a5a1bf40e40f19d8119be683f4e54_100)[4](#i852a5a1bf40e40f19d8119be683f4e54_100)[, 202](#i852a5a1bf40e40f19d8119be683f4e54_100)[3](#i852a5a1bf40e40f19d8119be683f4e54_100) [and 202](#i852a5a1bf40e40f19d8119be683f4e54_100)[2](#i852a5a1bf40e40f19d8119be683f4e54_100)] [added: 3](#ib796dee8748c4638b4a4bf5def45c14d_97)[1,](#ib796dee8748c4638b4a4bf5def45c14d_97) 2025, 2024 [and](#ib796dee8748c4638b4a4bf5def45c14d_97) 2023] | | | [removed: [58](#i852a5a1bf40e40f19d8119be683f4e54_100)] [added: [59](#ib796dee8748c4638b4a4bf5def45c14d_97)] | | |

| [Consolidated Statements of Changes in Stockholders’ Equity for the years ended August [removed: 31, 202](#i852a5a1bf40e40f19d8119be683f4e54_103)[4](#i852a5a1bf40e40f19d8119be683f4e54_103)[, 202](#i852a5a1bf40e40f19d8119be683f4e54_103)[3](#i852a5a1bf40e40f19d8119be683f4e54_103) [and 202](#i852a5a1bf40e40f19d8119be683f4e54_103)[2](#i852a5a1bf40e40f19d8119be683f4e54_103)] [added: 31,](#ib796dee8748c4638b4a4bf5def45c14d_100) 2025, 2024 [and](#ib796dee8748c4638b4a4bf5def45c14d_100) 2023] | | | [removed: [59](#i852a5a1bf40e40f19d8119be683f4e54_103)] [added: [61](#ib796dee8748c4638b4a4bf5def45c14d_100)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i852a5a1bf40e40f19d8119be683f4e54_106)] [added: Statements](#ib796dee8748c4638b4a4bf5def45c14d_103)] | | | [removed: [60](#i852a5a1bf40e40f19d8119be683f4e54_106)] [added: [62](#ib796dee8748c4638b4a4bf5def45c14d_103)] | | |

| [Schedule II – Valuation and Qualifying [removed: Accounts](#i852a5a1bf40e40f19d8119be683f4e54_202)] [added: Accounts](#ib796dee8748c4638b4a4bf5def45c14d_202)] | | | [removed: [98](#i852a5a1bf40e40f19d8119be683f4e54_202)] [added: [97](#ib796dee8748c4638b4a4bf5def45c14d_202)] | | |

In compliance with the Sarbanes-Oxley Act of 2002, we assessed our internal control over financial reporting as of August 31, [removed: 2024] [added: 2025] and issued a report (see below).

[removed: Our] [added: For fiscal 2025, our] management (with the participation of the Chief Executive Officer and Chief Financial Officer) conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation, our management concluded that our internal control over financial reporting was not effective as of August 31, [removed: 2024] [added: 2025,] as a result of the material weakness in internal control over financial reporting described [removed: below.][added: further below, which represents a continuation of a sub-set of the control deficiencies which gave rise to the initial material weakness previously identified.]

[removed: Our management has] [added: While we have made significant progress remediating the control deficiencies] identified [added: during our year ended August 31, 2024, we continue to have] certain [removed: control] deficiencies related to the [removed: design and operation of our information technology (“IT”)] [added: IT] general controls [removed: (“ITGCs”)] that support our revenues, accounts receivable, and deferred revenues processes which, in the aggregate, rise to a material weakness in internal control over financial reporting.

While we have concluded that these control deficiencies did not result in any material misstatements in our Consolidated Financial Statements or disclosures in any of the fiscal years ended August 31, [removed: 2024, 2023] [added: 2025, 2024] or [removed: 2022,] [added: 2023,] they were not remediated as of August 31, [removed: 2024,] [added: 2025,] and thus created a reasonable possibility that they could result in a material misstatement to the Consolidated Financial Statements that would not be prevented or detected on a timely basis.

[removed: with GAAP,] [added: Based on these procedures and analysis, and notwithstanding the material weakness in] our [added: internal control over financial reporting, our] management has concluded that our Consolidated Financial Statements present fairly, in all material respects, our financial position, results of operations and cash flows for the periods disclosed in conformity with GAAP.

Ernst & Young LLP [removed: (PCAOBID:] [added: (PCAOB ID:] 42), an independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting and has issued an adverse opinion on the effectiveness of our internal control over financial reporting as stated in their report on the subsequent page.

We have audited the accompanying consolidated balance sheets of FactSet Research Systems Inc. (the Company) as of August 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for each of the three years in the period ended August 31, [removed: 2024,] [added: 2025,] and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at August 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended August 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of August 31, [removed: 2024,] [added: 2025] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated October [removed: 29, 2024] [added: 22, 2025] expressed an adverse opinion thereon.

Critical Audit [removed: Matter][added: Matters]

The critical audit [removed: matter] [added: matters] communicated below [removed: is a matter] [added: are matters] arising from the current period audit of the financial statements that [removed: was] [added: were] communicated or required to be communicated to the audit committee and that: (1) [removed: relates] [added: relate] to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of [removed: the] critical audit [removed: matter] [added: matters] does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matter] [added: matters] below, providing [removed: a] separate [removed: opinion] [added: opinions] on the critical audit [removed: matter] [added: matters] or on the [removed: account] [added: accounts] or [removed: disclosure] [added: disclosures] to which [removed: it relates.][added: they relate.]

| Description of the Matter | | | As discussed in Note 2, *Summary of Significant Accounting Policies,* and Note [removed: 10,] [added: 9,] *Income Taxes,* of the Consolidated Financial Statements, the Company serves international markets and is subject to income taxes in the U.S. and [removed: numerous] [added: various] foreign jurisdictions, which affect the Company’s provision for income taxes. The [added: income] tax provision is an estimate based on management’s understanding of current enacted tax laws and tax rates of each tax jurisdiction and the use of subjective allocation methodologies to allocate taxable income to tax jurisdictions based upon the structure of the Company’s operations and customer arrangements. For the year-ended August 31, [removed: 2024,] [added: 2025] the Company recognized a consolidated provision for income taxes of [removed: $114.4] [added: $123.9] million with [removed: $55.2] [added: $45.6] million related to its U.S. operations and [removed: $59.2] [added: $78.3] million related to its Non-U.S. operations. [removed: Management’s calculation of the provision for income taxes was significant to our audit because the provision for income taxes involved subjective estimation and complex audit judgement related to the evaluation of tax laws, including the methods used to allocate taxable income, and the amounts and disclosures are material to the financial statements.] | | |

| | | | Among other audit procedures performed, we evaluated the reasonableness of management’s allocation methodologies [removed: by analyzing the methodology] based on the Company’s structure, operations and current tax [removed: law. We] [added: laws,] recalculated income tax expense using management’s [removed: methodology] [added: methodologies] and agreed the data used in the calculations to the Company’s underlying books and records. We involved our tax professionals to evaluate the application of tax [removed: law] [added: laws] to management’s allocation methodologies and tax [removed: position. This included evaluating] [added: position, including the evaluation of] third-party reports and advice obtained by the Company. We also performed a sensitivity analysis to [removed: evaluate] [added: assess] the effect [removed: from] [added: of] changes in management’s allocation methodologies and assumptions. We have evaluated the Company’s income tax disclosures included in Note [removed: 10,] [added: 9,] *Income Taxes*, of the Consolidated Financial Statements in relation to these matters. | | |

We have audited FactSet Research Systems Inc.’s internal control over financial reporting as of August 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, because of the effect of the material weakness described below on the achievement of the objectives of the control criteria, FactSet Research Systems Inc. (the Company) has not maintained effective internal control over financial reporting as of August 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of August 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for each of the three years in the period ended August 31, [removed: 2024,] [added: 2025,] and the related notes and financial statement schedule listed in the Index at Item 15(a).

This material weakness was considered in determining the nature, timing and extent of audit tests applied in our audit of the [removed: 2024 and 2023] [added: 2025] consolidated financial statements, and this report does not affect our report dated October [removed: 29, 2024,] [added: 22, 2025,] which expressed an unqualified opinion thereon.

| [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | | | | |

| Revenues | | | $ | [removed: 2,203,056] [added: 2,321,748] | | $ | [removed: 2,085,508] [added: 2,203,056] | | $ | [removed: 1,843,892] [added: 2,085,508] | |

| Cost of services | | | [removed: 1,011,945] [added: 1,097,782] | | | [removed: 973,225] [added: 1,011,945] | | | [removed: 871,106] [added: 973,225] | | |

| Total operating expenses | | | [removed: 1,501,757] [added: 1,573,445] | | | [removed: 1,456,301] [added: 1,501,757] | | | [removed: 1,368,410] [added: 1,456,301] | | |

| Operating income | | | [removed: 701,299] [added: 748,303] | | | [removed: 629,207] [added: 701,299] | | | [removed: 475,482] [added: 629,207] | | |

| Interest income | | | [removed: 14,447] [added: 6,533] | | | [removed: 12,809] [added: 14,447] | | | [removed: 6,175] [added: 12,809] | | |

| Interest expense | | | [removed: (65,778)] [added: (56,324)] | | | [removed: (66,319)] [added: (65,778)] | | | [removed: (35,697)] [added: (66,319)] | | |

| Other income (expense), net | | | [removed: 1,535] [added: 22,446] | | | [removed: 8,257] [added: 1,535] | | | [removed: (2,366)] [added: 8,257] | | |

| Total other income (expense), net | | | [removed: (49,796)] [added: (27,345)] | | | [removed: (45,253)] [added: (49,796)] | | | [removed: (31,888)] [added: (45,253)] | | |

| Income before income taxes | | | [removed: 651,503] [added: 720,958] | | | [removed: 583,954] [added: 651,503] | | | [removed: 443,594] [added: 583,954] | | |

| Provision for income taxes | | | [removed: 114,377] [added: 123,918] | | | [removed: 115,781] [added: 114,377] | | | [removed: 46,677] [added: 115,781] | | |

| [Management’s Report on Internal Control Over Financial Reporting](#ib796dee8748c4638b4a4bf5def45c14d_82) | | | [50](#ib796dee8748c4638b4a4bf5def45c14d_82) | | |

As previously reported in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2024, we had identified a material weakness in the design and operation of information technology (“IT”) general controls that support our revenues, accounts receivable, and deferred revenues processes which, in the aggregate, gave rise to a material weakness in internal control over financial reporting, which we are in the process of remediating.

However, giving full consideration to the material weakness, the control deficiencies did not result in any identified misstatements, and the Company's management has concluded that our Consolidated Financial Statements present fairly, in all material respects, our financial position, results of operations and cash flows for the periods disclosed in conformity with GAAP.

In accordance with the guidance issued by the Securities and Exchange Commission, companies are permitted to exclude acquisitions from their first assessment of internal control over financial reporting following the date of acquisition.

Based on those guidelines, our management's assessment of the effectiveness of our internal control over financial reporting excluded Platform Group Limited ("Irwin") and Liquid Holdings, LLC ("LiquidityBook"), which we acquired in the first quarter and second quarter of fiscal 2025, respectively.

Excluding goodwill and intangible assets, these acquisitions represented a combined 2% of our Total assets as of August 31, 2025 and 1% of our consolidated Revenues for fiscal year 2025.

Refer to Note 5, *Acquisitions*, for additional information on these acquisitions.

Inherent Limitations of Internal Controls over Financial Reporting

As a result of the identification of the material weakness, we performed further analysis and completed additional procedures intended to ensure our consolidated financial statements for the years ended August 31, 2025, 2024, and 2023 fairly present in all material respects the financial condition, results of operations and cash flows of the Company and have been prepared in accordance with GAAP.

| | | | Auditing management’s calculation of the provision for income taxes required complex audit judgement as the Company’s calculation of the provision for income taxes involved subjective estimation and evaluation of the application of tax laws, including the methods used to allocate taxable income and judgments used in determining uncertain tax positions. | | |

| | | | Valuation of Acquired Software Technology | | |

| Description of the Matter | | | As disclosed in Note 5, *Acquisitions*, of the Consolidated Financial Statements, the Company completed its acquisition of Liquid Holdings, LLC for total consideration of $243.2 million and Platform Group Limited for total consideration of $120.2 million in 2025. The transactions were accounted for as business combinations. The considerations paid in the acquisitions were allocated to the acquired assets and liabilities assumed generally based on their fair values, with the excess of the purchase prices over those fair values allocated to goodwill. The acquired software technologies totaled $101.7 million combined. | | |

| | | | Auditing the valuation of the Company’s business combinations was especially challenging and complex due to the significant assumptions and measurement uncertainty involved in determining the fair value of the acquired assets and liabilities assumed, specifically related to the Company’s determination of the fair values of acquired software technologies. In particular, the fair value estimates were sensitive to changes in significant underlying assumptions such as the projected revenue growth rate. This significant assumption included forward-looking considerations and was based on expectations of future economic and market conditions. | | |

| How We Addressed the Matter in Our Audit | | | We obtained an understanding, evaluated the design, and tested the operating effectiveness of internal controls over the Company’s accounting for acquisitions and the related fair value estimation process. Specifically, we tested controls over management’s review of the valuation of the acquired software technologies, including management’s review of the valuation models applied and the significant assumptions described above. We also tested management’s internal controls to develop the projected financial information used in the valuation models and validated that the data used in the valuation models was complete and accurate. | | |

| | | | To test the estimated fair value of the acquired software technologies, we performed audit procedures that included, among others, evaluating the Company’s valuation methodology and significant assumptions used by management, testing the completeness and accuracy of the underlying data supporting the significant assumptions described above, and performing sensitivity analyses of significant assumptions to evaluate the changes in the fair values of the acquired software technologies. We involved our valuation specialists to assist with our evaluation of the Company’s valuation methodology and significant assumptions used in the fair value estimates. | | |

October 22, 2025

As indicated in the accompanying Management’s Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Liquid Holdings, LLC and Platform Group Limited, which are included in the 2025 consolidated financial statements of the Company and which in aggregate, when excluding goodwill and intangible assets, constituted 2% of total assets as of August 31, 2025 and 1% of total revenues for the year then ended.

Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Liquid Holdings, LLC and Platform Group Limited.

October 22, 2025

| Selling, general and administrative | | | 475,663 | | | 489,812 | | | 483,076 | | |

| 2025 | | | 2024 | | | | | |

| Cash and cash equivalents | | | $ | 337,651 | | $ | 422,979 | |

| Deferred tax assets | | | 61,226 | | | 61,337 | | |

| Deferred tax liabilities | | | 14,902 | | | 8,452 | | |

| Net income | | | $ | 597,040 | | | | | $ | 537,126 | | | | | $ | 468,173 | |

| Gain on divestiture of a business | | | (23,238) | | | | | | — | | | | | | — | | |

| Other, net | | | 11,867 | | | | | | 14,511 | | | | | | 38,010 | | |

| Prepaid expenses and other assets | | | 65 | | | | | | (29,874) | | | | | | 7,579 | | |

| Proceeds from maturity or sale of investments | | | 58,155 | | | | | | — | | | | | | — | | |

| Proceeds from divestiture | | | 25,000 | | | | | | — | | | | | | — | | |

| Reconciliation of total cash, cash equivalents and restricted cash: | | | | | | | | | | | | | | | | | |

| Restricted cash included in Prepaid expenses and other current assets | | | 6,522 | | | | | | — | | | | | | — | | |

| Restricted cash included in Other assets | | | 7,522 | | | | | | — | | | | | | — | | |

| Total cash, cash equivalents and restricted cash | | | $ | 351,695 | | | | | $ | 422,979 | | | | | $ | 425,444 | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 597,040 | | | | | | — | | | | | | 597,040 | | |

| Common stock issued for employee stock plans | | | 325,030 | | | | | | 3 | | | | | | 81,686 | | | | | | 370 | | | | | | (170) | | | | | | — | | | | | | — | | | | | | 81,519 | | |

| Vesting of restricted stock | | | 89,321 | | | | | | 1 | | | | | | (1) | | | | | | 35,421 | | | | | | (16,072) | | | | | | — | | | | | | — | | | | | | (16,072) | | |

| Excise tax on share repurchases | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,034) | | | | | | — | | | | | | — | | | | | | (3,034) | | |

| Repurchases of common stock | | | — | | | | | | — | | | | | | — | | | | | | 684,960 | | | | | | (300,457) | | | | | | — | | | | | | — | | | | | | (300,457) | | |

| Dividends declared | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (162,137) | | | | | | — | | | | | | (162,137) | | |

[Table](#i852a5a1bf40e40f19d8119be683f4e54_7) [of](#i852a5a1bf40e40f19d8119be683f4e54_7) [Contents](#i852a5a1bf40e40f19d8119be683f4e54_7)

After giving full consideration to the material weakness, and the additional analyses and other procedures we performed to ensure that our Consolidated Financial Statements included in this Annual Report on Form 10-K were prepared in accordance

October 29, 2024

| Selling, general and administrative | | | 485,135 | | | 457,130 | | | 433,032 | | |

| Asset impairments | | | 4,677 | | | 25,946 | | | 64,272 | | |

| Deferred taxes | | | 61,337 | | | 27,229 | | |

| Deferred taxes | | | 8,452 | | | 6,737 | | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Asset impairments | | | 4,677 | | | | | | 25,946 | | | | | | 64,272 | | |

| Other, net | | | (20,040) | | | | | | 19,643 | | | | | | (20,271) | | |

| Balance as of August 31, 2021 | | | 41,163,192 | | | | | | $ | 412 | | | | | $ | 1,048,305 | | | | | 3,547,773 | | | | | | $ | (905,917) | | | | | $ | 912,515 | | | | | $ | (38,962) | | | | | $ | 1,016,353 | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 396,917 | | | | | | | | | | | | 396,917 | | |

| Common stock issued for employee stock plans | | | 450,527 | | | | | | 5 | | | | | | 86,042 | | | | | | 260 | | | | | | (128) | | | | | | | | | | | | | | | | | | 85,919 | | |

| Vesting of restricted stock | | | 39,499 | | | | | | — | | | | | | | | | | | | 14,229 | | | | | | (6,031) | | | | | | | | | | | | | | | | | | (6,031) | | |

| Repurchases of common stock | | | | | | | | | | | | | | | | | | | | | 46,200 | | | | | | (18,639) | | | | | | | | | | | | | | | | | | (18,639) | | |

| Dividends declared | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (129,693) | | | | | | | | | | | | (129,693) | | |

| [Note 5](#i852a5a1bf40e40f19d8119be683f4e54_121) | | | [Derivative Instruments](#i852a5a1bf40e40f19d8119be683f4e54_121) | | | [71](#i852a5a1bf40e40f19d8119be683f4e54_121) | | |

| [Note 6](#i852a5a1bf40e40f19d8119be683f4e54_124) | | | [Acquisitions](#i852a5a1bf40e40f19d8119be683f4e54_124) | | | [73](#i852a5a1bf40e40f19d8119be683f4e54_124) | | |

| [Note 8](#i852a5a1bf40e40f19d8119be683f4e54_130) | | | [Goodwill](#i852a5a1bf40e40f19d8119be683f4e54_130) | | | [76](#i852a5a1bf40e40f19d8119be683f4e54_130) | | |

| [Note 11](#i852a5a1bf40e40f19d8119be683f4e54_139) | | | [Leases](#i852a5a1bf40e40f19d8119be683f4e54_139) | | | [80](#i852a5a1bf40e40f19d8119be683f4e54_139) | | |

| [Note 12](#i852a5a1bf40e40f19d8119be683f4e54_142) | | | [Debt](#i852a5a1bf40e40f19d8119be683f4e54_142) | | | [82](#i852a5a1bf40e40f19d8119be683f4e54_142) | | |

| [Note 19](#i852a5a1bf40e40f19d8119be683f4e54_163) | | | [Subsequent Events](#i852a5a1bf40e40f19d8119be683f4e54_163) | | | [93](#i852a5a1bf40e40f19d8119be683f4e54_163) | | |

Our chief operating decision maker ("CODM") continues to review our business and operating results based on our segments, the realignment of our internal organization by firm type did not impact our segments for fiscal 2024.

more than 50%) that a tax position will be sustained based on its technical merits as of the reporting date.

than its carrying value or if we elect not to perform a qualitative analysis, a quantitative analysis is performed to determine whether a goodwill impairment exists.

Development costs related to software upgrades and enhancements are capitalized if they provide additional functionality.

These implementation costs are recorded in Other assets on the Consolidated Balance Sheets.

an appropriate discount rate and assessing other applicable future cash flows associated with the leased location.

We use derivative financial instruments ("derivatives") to manage exposure to foreign currency exchange rates and variable interest rates.

Our primary objective in holding derivatives is to reduce the volatility in cash flows associated with foreign currency fluctuations and funding activities arising from changes in interest rates.

We do not employ derivatives for trading or speculative purposes.

*Foreign Currency Forward Contracts*

As we conduct business outside the U.S. in several currencies, we utilize derivative instruments (foreign currency forward contracts) to mitigate our currency exposures from fluctuations in foreign currency exchange rates that can create volatility in our results of operations, cash flows and financial condition.

Our primary currency exposures include the British Pound Sterling, Euro, Indian Rupee and Philippine Peso.

In designing a specific hedging approach, we consider several factors, including offsetting exposures, significance of exposures, forecasting risk and potential effectiveness of the hedge.

We leverage interest rate swap agreements to hedge the variability of our cash flows resulting from floating interest rates on our debt.

Through a swap agreement, for the portion of the debt that is hedged, we pay interest at a fixed interest rate as opposed to a floating interest rate per the contractual terms of our debt agreement, at specified intervals throughout the life of the interest rate swap agreement.

*Derivative Instrument Classification*

At inception of the hedge accounting relationship and on a quarterly basis, we formally assess whether derivatives designated as cash flow hedges are highly effective in offsetting changes to the forecasted cash flows of the hedged items.

Our [removed: management, including our] Principal Executive Officer and Principal Financial [removed: Officer, have evaluated the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as of the end of the annual period covered by this report, and our Principal Executive] Officer [removed: and Principal Financial Officer] have concluded that our disclosure controls and procedures were not effective as of the end of the annual period covered by this report due to a material weakness in internal control over financial reporting.

[removed: Our management has] [added: “Controls and Procedures” of our Annual Report on Form 10-K for the fiscal year ended August 31, 2024, we had] identified [removed: certain control deficiencies related to] [added: a material weakness in] the design and operation of [removed: our information technology (“IT”)] [added: IT] general controls [removed: (“ITGCs”)] that support our revenues, accounts receivable, and deferred revenues processes which, in the aggregate, [added: gave] rise to a material weakness in internal control over financial reporting.

[removed: The] [added: While we have made significant progress remediating those control deficiencies, there remains certain] deficiencies related to program change management and [added: monitoring and] user access in connection with segregation of duties and [removed: restriction] [added: restrictions] to appropriate users.

As a result, the automated controls and IT dependent manual business process controls that rely upon information from the affected financial applications were [removed: also] deemed not effective.

[removed: After] [added: Based on these procedures and analysis, after] giving full consideration to the material weakness, [removed: and the additional analyses and other procedures we performed to ensure that] our [removed: Consolidated Financial Statements included in this Annual Report on Form 10-K were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), our] management has concluded that our Consolidated Financial Statements present fairly, in all material respects, our financial position, results of operations and cash flows for the periods disclosed in conformity with GAAP.

We expect to complete these remediation measures as early as practicable in fiscal [removed: 2025.][added: 2026.]

[removed: There have been] [added: Other than the ongoing remediation plans described above, there were] no changes in [removed: our] [added: the Company’s] internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of fiscal [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Our management, including our Principal Executive Officer and Principal Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934,

as amended (the "Exchange Act"), as of the end of the annual period covered by this report.

In accordance with the guidance issued by the Securities and Exchange Commission, companies are permitted to exclude acquisitions from their first assessment of internal control over financial reporting following the date of acquisition.

Excluding goodwill and intangible assets, Irwin and LiquidityBook represented a combined 2% of our Total assets as of August 31, 2025 and 1% of our consolidated Revenues for fiscal year 2025.

This conclusion is due to a material weakness identified in the operation of certain key IT general controls.

The material weakness is described below and represents a continuation of a sub-set of the control deficiencies which gave rise to the initial material weakness identified in management’s evaluation of our control environment as of August 31, 2024.

Continuation of Previously Reported Material Weakness

As reported in Part II, Item 9A.

As a result of the identification of the material weakness, we performed further analysis and completed additional procedures intended to ensure our consolidated financial statements for the years ended August 31, 2025, 2024, and 2023 fairly present in all material respects the financial condition, results of operations and cash flows of the Company and have been prepared in accordance GAAP.

During fiscal 2025, management made significant progress in enhancing the Company’s IT general controls to remediate the IT general control material weakness, however this effort remains ongoing.

With the oversight of the Audit Committee of our Board of Directors, we have implemented remediation efforts to address the material weakness and enhance our IT general controls that support our revenues, accounts receivable, and deferred revenues processes.

Our remediation efforts included:

- Strengthening the control environment by implementing controls that increase the frequency and effectiveness of user management and change management, including improved logging and segregation of duties capabilities.

- Engaging a leading third-party accounting advisory firm, with appropriate internal control expertise and experience, to help evaluate the design of our controls as well as to assist with the documentation, remediation, and related controls testing.

- Management also worked with the accounting advisory firm to revise the Company’s IT Risk and Control Matrix and to re-design certain controls around manage change and manage access to address the design deficiencies from the prior year.

- Hired additional key IT compliance personnel and a global head of internal audit.

- Trained relevant personnel on the design and operation of our IT general controls over financial reporting.

While these efforts have resulted in significant progress toward remediating the material weakness, certain deficiencies remain, which management is committed to remediating.

Our remediation plans include:

- Enhancing the precision and documentation of the change monitoring and segregation of duties review controls through additional training and formalized standard operating procedures.

- Performing additional testing of the change monitoring and segregation of duties review controls to demonstrate the sustainability and repeatability of control operating effectiveness.

- Implementing technology solutions to enhance the control framework for supporting change monitoring, segregation of duties and access management review controls.

- Continuing to utilize an expert third-party accounting advisory firm to evaluate the design of our controls as well as to assist with the documentation, remediation and associated testing.

We regularly report to the Audit Committee on our progress and will continue to do so in fiscal 2026.

Inherent Limitations of Internal Controls over Financial Reporting

Management has also concluded the material weakness existed in the prior year.

Management is committed to remediating the material weakness in a timely manner.

Our remediation process includes, but is not limited to: (i) increasing timely reviews of IT system changes made; (ii) rationalizing access privileges for developer system users; (iii) implementing or modifying controls related to program change management and certain computer operations; and (iv) training of relevant personnel on the design and operation of any new or modified ITGCs.

These steps are subject to ongoing management review, as well as oversight by the Audit Committee of our Board of Directors.

[Table](#i852a5a1bf40e40f19d8119be683f4e54_7) [of](#i852a5a1bf40e40f19d8119be683f4e54_7) [Contents](#i852a5a1bf40e40f19d8119be683f4e54_7)

[removed: During the quarter ended August 31, 2024, none] [added: None] of our directors or officers (as defined in Section 16 of the Securities Exchange Act of 1934, as amended), adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408(a) and (c) of Regulation [removed: S-K).][added: S-K) during the quarter ended August 31, 2025.]

[Table](#i852a5a1bf40e40f19d8119be683f4e54_7) [of](#i852a5a1bf40e40f19d8119be683f4e54_7) [Contents](#i852a5a1bf40e40f19d8119be683f4e54_7)

The information required to be furnished by this Item 10 is incorporated herein by reference to our Notice of Annual Meeting of Stockholders and Proxy Statement to be filed within 120 days of August 31, [removed: 2024] [added: 2025] (the "Proxy Statement").

The following table summarizes, as of August 31, [removed: 2024,] [added: 2025,] the number of outstanding equity awards granted to employees and non-employee directors, as well as the number of equity awards remaining available for future issuance, under our equity compensation plans:

(1)Includes [removed: 1,822,913] [added: 1,685,011] shares issuable upon exercise of outstanding options, [removed: 168,969] [added: 201,226] shares issuable upon vesting of outstanding RSUs and [removed: 92,670] [added: 91,490] shares issuable upon the conversion of outstanding PSUs.

(4)Includes [removed: 3,742,978] [added: 3,294,837] shares available for future issuance under the [removed: LTIP, 212,571] [added: LTIP and 197,908] shares available for future issuance under the Director [removed: Plan, and 26,239 shares available for purchase under the ESPP.][added: Plan.]

| Equity compensation plans approved by security holders | | | 1,977,727 | | | (1) | | | $ | 347.50 | | (2) | | | 3,492,745 | | | (4) | | |

| Total | | | 1,977,727 | | | (1) | | | $ | 347.50 | | (2) | | | 3,492,745 | | | (4) | | |

| Equity compensation plans approved by security holders | | | 2,084,552 | | | (1) | | | $ | 319.07 | | (2) | | | 3,981,788 | | | (4) | | |

| Total | | | 2,084,552 | | | (1) | | | $ | 319.07 | | (2) | | | 3,981,788 | | | (4) | | |

[Table](#i852a5a1bf40e40f19d8119be683f4e54_7) [of](#i852a5a1bf40e40f19d8119be683f4e54_7) [Contents](#i852a5a1bf40e40f19d8119be683f4e54_7)

[Table](#i852a5a1bf40e40f19d8119be683f4e54_7) [of](#i852a5a1bf40e40f19d8119be683f4e54_7) [Contents](#i852a5a1bf40e40f19d8119be683f4e54_7)

Additional financial statement schedules are omitted since they are either not required, not applicable, or the information is otherwise included in the [removed: financial statements] [added: Consolidated Financial Statements] or notes [removed: thereto.][added: thereto included in this Annual Report on Form 10-K.]

| [removed: [3.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000119/factsetamendedandrestatedb.htm)] [added: [3.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000084/a20250915factset-amendedan.htm)] | | | [FactSet Research Systems Inc. Amended and Restated [removed: By-Laws](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000119/factsetamendedandrestatedb.htm)] [added: By-Laws](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000084/a20250915factset-amendedan.htm)] | | | | | | 8-K | | | | | | 001-11869 | | | | | | 3.2 | | | | | | [removed: 9/19/2024] [added: 9/18/2025] | | | | | | | | |

| [removed: [10.9](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-5.htm)] [added: [10.9](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm)] | | | [Credit Agreement [removed: dated as of March 1, 2022,] [added: dated](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm) [A](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm)[pril 8, 2025](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm)[,] among FactSet Research Systems Inc., [removed: the Borrowing Subsidiaries party] [added: the](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm) [b](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm)[orrowing](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm) [s](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm)[ubsidiaries](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm) [from time to time](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm) [party] thereto, [removed: the Lenders party] [added: the](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm) [l](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm)[enders](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm) [from time to time](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm) [party] thereto, and PNC Bank, National Association, as [removed: the Administrative Agent](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-5.htm)] [added: the](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm) [a](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm)[dministrative](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm) [a](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm)[gent](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000054/factsetcreditagreement20.htm)] | | | | | | 8-K | | | | | | 001-11869 | | | | | | [removed: 4.5] [added: 1.1] | | | | | | [removed: 3/1/2022] [added: 4/8/2025] | | | | | | | | |

| [removed: [10.10](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000096/fernandezseparationagreeme.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000089/cfoseparationagreementjuly.htm)[0](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000089/cfoseparationagreementjuly.htm)] | | | [Separation Agreement and General Release of Claims [removed: dated April 26, 2022] [added: by and] between FactSet Research Systems Inc. and [removed: Gene Fernandez](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000096/fernandezseparationagreeme.htm)] [added: Linda Huber, dated July 22, 2024](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000089/cfoseparationagreementjuly.htm)] | | | | | | [removed: 10-Q] [added: 8-K] | | | | | | 001-11869 | | | | | | 10.1 | | | | | | [removed: 7/1/2022] [added: 7/23/2024] | | | | | | | | |

| [removed: [1](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000089/cfoseparationagreementjuly.htm)[0.11](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000089/cfoseparationagreementjuly.htm)] [added: [1](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/ex1013retirementagreementa.htm)[0.](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/ex1013retirementagreementa.htm)[13](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/ex1013retirementagreementa.htm)] | | | [removed: [S](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000089/cfoseparationagreementjuly.htm)[eparation] [added: [R](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/ex1013retirementagreementa.htm)[e](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/ex1013retirementagreementa.htm)[tirement] Agreement and General Release of Claims [removed: by and] between FactSet Research Systems Inc. and [removed: Linda Huber, dated July 22, 2024](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000089/cfoseparationagreementjuly.htm)] [added: F. Philip Snow](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/ex1013retirementagreementa.htm)[(1)](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/ex1013retirementagreementa.htm)] | | | | | | [removed: 8-K] | | | | | | [removed: 001-11869] | | | | | | [removed: 10.1] | | | | | | [removed: 7/23/2024] | | | | | | [added: X] | | |

| [removed: [1](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx19.htm)[9](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx19.htm)] [added: [19](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx19.htm)] | | | [removed: [F](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx19.htm)[actSet] [added: [FactSet] Research Systems Inc. Securities and Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx19.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-11869] | | | | | | [added: 19] | | | | | | [added: 10/29/2024] | | | | | | [removed: X] | | |

| [removed: [21](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-202408x31xexx21.htm)] [added: [21](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-202508x31xexx21.htm)] | | | [Subsidiaries of FactSet Research Systems [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-202408x31xexx21.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-202508x31xexx21.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [23](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-202408x31xexx23.htm)] [added: [23](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-202508x31xexx23.htm)] | | | [Consent of Ernst & Young [removed: LLP](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-202408x31xexx23.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-202508x31xexx23.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831xexx311.htm)] | | | [Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as [removed: amended.](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx311.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831xexx311.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx312.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831xexx312.htm)] | | | [Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as [removed: amended.](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx312.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831xexx312.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [32.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx321.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831xexx321.htm)] | | | [Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx321.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831xexx321.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [32.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx322.htm)] [added: [32.2](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831xexx322.htm)] | | | [Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831xexx322.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831xexx322.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 2025 | | | $ | 14,581 | | $ | 4,973 | | $ | (5,765) | | $ | 13,789 | |

| [1](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000070/fdsceoemploymentagreement2.htm)[0.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000070/fdsceoemploymentagreement2.htm)[1](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000070/fdsceoemploymentagreement2.htm) | | | [E](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000070/fdsceoemploymentagreement2.htm)[mployment Agreement dated May 28, 2025 between FactSet Research Systems Inc. and Sanoke Vis](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000070/fdsceoemploymentagreement2.htm)[wanathan](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000070/fdsceoemploymentagreement2.htm)[(1)](https://www.sec.gov/Archives/edgar/data/1013237/000101323725000070/fdsceoemploymentagreement2.htm) | | | | | | 10-Q | | | | | | 001-11869 | | | | | | 10.2 | | | | | | 7/3/2025 | | | | | | | | |

| [1](https://www.sec.gov/Archives/edgar/data/1013237/000095015725000604/ex99-1.htm)[0.12](https://www.sec.gov/Archives/edgar/data/1013237/000095015725000604/ex99-1.htm) | | | [F](https://www.sec.gov/Archives/edgar/data/1013237/000095015725000604/ex99-1.htm)[actSet Research Systems Inc.](https://www.sec.gov/Archives/edgar/data/1013237/000095015725000604/ex99-1.htm) [2025](https://www.sec.gov/Archives/edgar/data/1013237/000095015725000604/ex99-1.htm) [Employee Stock Purchase Plan](https://www.sec.gov/Archives/edgar/data/1013237/000095015725000604/ex99-1.htm) | | | | | | S-8 | | | | | | 333-289143 | | | | | | 99.1 | | | | | | 7/31/2025 | | | | | | | | |

| 2022 | | | $ | 6,431 | | $ | 1,324 | | $ | (4,979) | | $ | 2,776 | |

[Table](#i852a5a1bf40e40f19d8119be683f4e54_7) [of](#i852a5a1bf40e40f19d8119be683f4e54_7) [Contents](#i852a5a1bf40e40f19d8119be683f4e54_7)

| /s/ [removed: F. PHILIP SNOW] [added: SANOKE VISWANATHAN] | | | | | | Chief Executive Officer and Director | | | | | | October [removed: 29, 2024] [added: 22, 2025] | | |

| [removed: F. Philip Snow] [added: Sanoke Viswanathan] | | | | | | (Principal Executive Officer) | | | | | | | | |

| /s/ HELEN L. SHAN | | | | | | Executive Vice President, Chief Financial Officer | | | | | | October [removed: 29, 2024] [added: 22, 2025] | | |

| /s/ GREGORY T. MOSKOFF | | | | | | Managing Director, Controller and Chief Accounting Officer | | | | | | October [removed: 29, 2024] [added: 22, 2025] | | |

| /s/ ROBIN A. ABRAMS | | | | | | Director | | | | | | October [removed: 29, 2024] [added: 22, 2025] | | |

| /s/ SIEW KAI CHOY | | | | | | Director | | | | | | October [removed: 29, 2024] [added: 22, 2025] | | |

| /s/ MALCOLM FRANK | | | | | | Director | | | | | | October [removed: 29, 2024] [added: 22, 2025] | | |

| /s/ LAURIE G. HYLTON | | | | | | Director | | | | | | October [removed: 29, 2024] [added: 22, 2025] | | |

| /s/ JAMES J. MCGONIGLE | | | | | | Director | | | | | | October [removed: 29, 2024] [added: 22, 2025] | | |

| /s/ LEE SHAVEL | | | | | | Director | | | | | | October [removed: 29, 2024] [added: 22, 2025] | | |