Item 1. BUSINESS

Corporate History

FactSet Research Systems Inc. and its wholly-owned subsidiaries ("we," "our," "us," the "Company" or "FactSet") was founded in 1978 and has been publicly traded since June 1996. We are dual-listed on the New York Stock Exchange ("NYSE") and the Nasdaq Stock Market ("Nasdaq") under the symbol "FDS". FactSet has been a member of the S&P 500 since December 2021.

Business Overview

FactSet is a global data and artificial intelligence ("AI") solutions provider to the financial markets with open and flexible technologies that deliver financial intelligence to finance professionals worldwide.

Our platform delivers expansive data, sophisticated analytics, and flexible, AI-powered technologies used by global financial professionals to power their critical investment, dealmaking and advisory workflows. As of August 31, 2026, we had more than 9,200 clients and over 260,000 professionals using our solutions, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge fund professionals, corporate users, private equity and venture capital professionals, and market infrastructure participants. Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions that include workstations, portfolio analytics, enterprise data solutions, and AI solutions. We also offer managed services that operate as an extension of our clients' internal teams to support data, performance, risk and reporting, and AI-enabled workflows.

We drive our business based on a detailed understanding of our clients’ workflows. We provide financial data and market intelligence on securities, companies, industries and people to enable our clients to research advisory, dealmaking and investment ideas and analyze, monitor and manage their portfolios. Our solutions for institutional buyside clients span the investment lifecycle of investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting. Our banking solutions facilitate company and market research, enabling clients to perform fundamental analysis, generate ideas, and build and distribute presentations through proprietary and third-party databases with global coverage of public and private markets, granular industry metrics, and deep historical data. Our wealth solutions support home office, advisory, and client engagement workflows, providing financial advisors with tools to monitor markets and their book of business, prospect for new clients, and generate proposals, while enhancing existing client relationships and improving firm-wide efficiency across the investment portfolio lifecycle. We provide open and flexible data and technology offerings, including a configurable desktop and mobile platform, comprehensive data solutions, cloud-based digital solutions, application programming interfaces ("APIs"), and model context protocol ("MCP") servers. AI is embedded throughout these offerings to enhance data discovery, automate routine workflows and improve the speed and accuracy of client insights. Our platform and solutions are supported by our client success and service teams.

We operate our business through three reportable segments ("segments"): the Americas, EMEA and Asia Pacific. Within each segment, we offer a range of products, data, managed services, and analytical applications which can be tailored to a wide range of workflows.

Segments

Our segment revenues are based on the geographic region where our clients contract with us:

• Americas: The Americas segment primarily sells to clients in North, Central and South America. In the Americas, we have offices in eight states in the United States ("U.S."). Additionally, we have data centers in two states in the U.S. and an office in each of Brazil and Canada. Revenues from the Americas represented 65% of total revenues during fiscal 2026.

• EMEA: The EMEA segment primarily sells to clients in Europe, the Middle East and Africa via offices in Bulgaria, France, Germany, Italy, Latvia, Luxembourg, the Netherlands, Sweden, the United Arab Emirates and the United Kingdom ("UK"). Revenues from EMEA represented 24% of total revenues during fiscal 2026.

• Asia Pacific: The Asia Pacific segment primarily sells to clients in Asia and Australasia via office locations in Australia, China, Hong Kong Special Administrative Region ("SAR") of China, India, Japan, the Philippines and Singapore. Revenues from Asia Pacific represented 11% of total revenues during fiscal 2026.

Refer to Part II, Item 8. Note 16, Segment Information, in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our segments.

Products and Solutions

We deliver trusted, connected financial data, software applications, advanced analytics, and AI-powered solutions embedded in the critical workflows that finance professionals rely on every day. We serve a diverse array of clients in over 80 countries and a wide range of verticals, ranging from the largest global financial services firms with multiple business lines to smaller and independent firms. Our clients include institutional asset managers, asset owners, hedge funds, investment banks, wealth managers, private equity and venture capital firms, corporations, and market infrastructure participants.

As our clients’ needs vary, we tailor our data and technology to become an integral component of the workflows that drive their decision-making. Clients access our capabilities in the form that best fits their operating model, whether through software applications, data feeds and APIs, or managed services. Many clients use our capabilities in more than one form, combining our data and applications with their own workflows and systems.

Underpinning these workflows is a broad and expanding set of financial markets data, including client-owned data, that we ingest, map, normalize, and structure. Our mapping links entities, securities, and identifiers across our content allowing our clients to integrate our data with their own. We also deliver our content in forms designed for machine consumption, including the metadata and symbology that allow AI agents and other automated systems to interpret and act on it. In addition, through our CUSIP Global Services ("CGS") business, operating on behalf of the American Bankers Association, we support security master files and serve as the exclusive issuer of Committee on Uniform Security Identification Procedures ("CUSIP") and CUSIP International Number System ("CINS") identifiers globally.

Business Strategy

We strive to be a trusted enterprise partner and service provider to our clients across the financial services spectrum, delivering relevant intelligence, insights and execution solutions tailored to our clients’ business models.

To execute our strategy, we are focused on three core pillars and primary areas of investment:

• Expanding our data and analytics offerings and delivery capabilities:** We continue to expand our data and analytics to provide a comprehensive corpus of industry, proprietary, contributed, and third-party data and models. This includes granular data for key industry verticals, real-time market data, fund data and frontier unstructured data. In addition to using our growing data catalog to drive our AI-powered workstation products, we aim to continue to expand our delivery capabilities in the cloud and through other methods, including MCP, to advance our position as a leading enterprise data provider for our clients in the AI age. We aim to be a single, authoritative source by collecting, mapping, normalizing, and structuring data into formats that both professionals and AI systems can rely on.

• Transforming client workflows with AI:** Through continued innovation, we aim to help our clients re-design their core workflows with AI. This includes fundamentally re-imagining our core workstation product and building agentic solutions with specialized domain knowledge across our firm types, including investment research, performance reporting, financial modeling, pitch creation, meeting preparation, advisory client engagement, and more. We are developing the platform for clients to build, register, entitle, audit, and manage AI agents, whether developed by us, our clients, or third parties, and to intelligently route work between deterministic systems and large language model systems to optimize quality.

• Enhancing our commercial capabilities for the AI age:** We are building a suite of AI products with a focus on trusted, high-quality data, secure integration with models and workflows, and deep domain expertise. To deploy these new solutions and capture value, we are upgrading our commercial and go-to-market capabilities, including by actively moving client contracts to longer duration enterprise platform agreements that combine subscription-based minimums with consumption-based pricing components.

Revenues and Annual Subscription Value ("ASV")

We derive most of our revenues by delivering client access to our multi-asset class data and solutions powered by our platform of connected data and technology that is available over the contractual term (referred to as the "Hosted Platform"). The Hosted

Platform is a subscription-based service that provides client access to various combinations of products and services including workstations, portfolio analytics, enterprise data solutions, AI agents, and agentic workflow solutions.

We believe ASV reflects our ability to grow recurring revenues and generate positive cash flows, and thus serves as a key indicator of the successful execution of our business strategy. ASV at any point in time represents our forward-looking revenues for the next 12 months from all recurring services currently being supplied to clients. Organic ASV at any point in time equals our ASV excluding ASV from acquisitions and the comparable impact of dispositions and discontinued lines of business, effected within the last 12 months, and the impact of foreign currency movements.

FactSet Clients and Users

We had 9,258 clients and 260,671 professionals using FactSet as of August 31, 2026. Our client count includes clients with ASV of $10,000 and above. For the year ended August 31, 2026, annual ASV retention was greater than 95% and, when expressed as a percentage of clients, annual retention was 90%.

Third-Party Content

We collect and aggregate content from third-party data suppliers, news sources, exchanges, brokers and contributors into our own dedicated managed databases, which our clients access through our flexible delivery platforms. We seek to maintain contractual relationships with a minimum of two content providers for each major type of financial data, though certain data sets on which we rely have a limited number of suppliers. We make every effort to assure that, where reasonable, alternative sources are available. We have entered into third-party content agreements of varying lengths, which in some cases can be terminated with one year’s notice, at predefined dates, and in other cases on shorter notice. We are not dependent on any one third-party content supplier to meet the needs of our clients. Two suppliers each represented more than 10% of our total third-party content costs during fiscal 2026.

Data Centers and Cloud Computing

Our business is dependent on our ability to process substantial volumes of data and transactions rapidly and efficiently on our networks and systems. Our global technology infrastructure supports our operations and is designed to facilitate reliable and efficient processing and delivery of data and analytics to our clients. As part of our hybrid cloud strategy, we operate two fully redundant, physically separated data centers in the U.S. that provide client services, while also using market-leading cloud providers to run products and services to best benefit from the cloud's elasticity, resiliency, security, and regionalization. We currently use several cloud providers; however, one supplier provided the majority of our cloud computing support for fiscal 2026. Our physical data centers provide layers of redundancy to enhance system performance, including maintaining, processing and storing data at multiple locations. In the event of a single site failure or localized disaster, client workloads will automatically move to unaffected sites. We continue to focus on maintaining a global technology infrastructure that allows us to support our growing business.

Intellectual Property

We have registered trademarks and copyrights for many of our products and services and will continue to evaluate the registration of additional trademarks and copyrights as appropriate. We enter into confidentiality agreements with our employees, clients, data suppliers and vendors. We strive to protect our workflow solutions, documentation and other written materials under trade secret, copyright and patent laws. While we do not believe we are dependent on any one of our intellectual property rights, we do rely on the combination of intellectual property rights and other measures to protect our proprietary rights. Despite these efforts, existing intellectual property laws may afford only limited protection.

Research and Product Development

A key aspect of our growth strategy is to offer new solutions and enhance our existing products by making them faster and more robust with deeper data and insights. We continue to invest in AI solutions that adapt as our clients’ workflows evolve, helping professionals leverage automation, generative intelligence and dynamic analytics, while rapidly embracing new technologies to improve discoverability and usability of our products and services.

The Competitive Landscape

We are a part of the financial information services industry focused on delivering expansive data, sophisticated analytics, and flexible technology through our open platform. We offer clients comprehensive solutions with a broad set of products delivered through a desktop or mobile user interface, AI-enabled chat and agentic solutions, cloud-based platforms, standardized or bespoke data feeds, and APIs. In addition, our applications, client support and service offerings are entrenched in the workflow

of many financial professionals given the data management, portfolio analysis and screening capabilities offered. We are entrusted with significant amounts of our clients' own proprietary data, including portfolio holdings. As a result, we believe our products are central to our clients’ analysis, decision-making and operations.

We operate in a highly competitive environment. Our current competitive market is comprised of both large, well-capitalized companies and smaller, niche firms including market data suppliers, vertical AI solution providers, news and information providers, technology firms, and many third-party content providers that also supply us with financial information included in our products. The financial market data environment is competitive and includes many firms that provide products and services similar to our offerings, most notably Bloomberg L.P., S&P, London Stock Exchange Group ("LSEG"), BlackRock, MSCI Inc., and Morningstar Inc., in addition to clients with in-house teams developing their own solutions.

Human Capital Management

Our Employees

As of August 31, 2026, we had 33 offices in 19 countries with 12,444 employees, representing a decrease of 2.8% compared with August 31, 2025. Of our total employees, 8,652 (70%) were located in Asia Pacific, 2,373 (19%) in the Americas and 1,419 (11%) in EMEA. To support sustainable growth, we continue to invest in our global centers of excellence ("COEs"), primarily located in India and the Philippines, which accounted for approximately 68% of our employees.

Functionally, as of August 31, 2026, 45% of our employees were in Content Operations, 28% were in Technology and Product Development, 22% were in Sales and Client Solutions and 5% were in Corporate Support. As of August 31, 2026, 421 of our employees were represented by mandatory works councils in our French and German locations and 26 of our employees were represented by collective bargaining agreements in the U.S.

Board Oversight & Executive Management

Our Board of Directors and management team view our people as critical to our ability to execute our strategy. As a result, the Board of Directors and the Compensation and Talent Committee oversee and regularly engage with our Chief Executive Officer ("CEO"), Chief People & Workforce Transformation Officer and other senior leaders on topics such as talent attraction, talent development, retention, succession planning, compensation and benefits, workplace culture, and employee engagement. At the management level, our Chief People & Workforce Transformation Officer is responsible for leading the development and execution of the Company’s people and workforce management strategy with the support of the Company’s Executive Leadership Team.

Compensation Program

Our compensation program consists of a mix of annual salary; annual cash bonus for eligible employees, linked to Company and individual performance; and equity awards for eligible employees, designed to align their interests with our stockholders.

Well-being and Benefits

Employee wellbeing is a central component of FactSet’s people strategy. Our programs are designed to support physical, mental, and financial health while fostering a safe, inclusive, and resilient workplace. FactSet provides robust health benefits, as well as a range of wellness initiatives that support physical, emotional, social, and financial health. Policies and programs support work-life integration, including remote and hybrid work options, parental leave, and time-off programs tailored to employee needs.

Retention and Engagement

To attract and retain the talent critical to deliver on our business objectives and create sustainable growth, we foster a culture that promotes employee engagement, satisfaction, and professional development. We conduct an annual confidential employee engagement survey to assess satisfaction, gather feedback, and identify opportunities for improvement. We also invest in our employees by providing a range of training and learning programs designed to help employees advance their knowledge, skills and experience, including mentorship, leadership development programs, department-specific training, and focused upskilling.

Government Regulation

We are subject to reporting requirements, disclosure obligations and other recordkeeping requirements of the Securities and Exchange Commission ("SEC") and the various local authorities that regulate each location in which we operate. Our P.A.N. Securities, LP subsidiary is a member of the Financial Industry Regulatory Authority, Inc. and is a registered broker-dealer

under Section 15 of the Exchange Act. P.A.N. Securities, LP, as a registered broker-dealer, is subject to Rule 15c3-1 under the Exchange Act, which requires that we maintain minimum net capital requirements. We claim exemption under Rule 15c3-3(k)(2)(i).

Corporate Contact Information

FactSet was founded as a Delaware corporation in 1978, and our principal executive office is in Norwalk, Connecticut.

Mailing address of FactSet's headquarters: 45 Glover Avenue, Norwalk, CT 06850

Telephone number: +1 (203) 810-1000

Website address: www.factset.com

Available Information

Through the Investor Relations section of our website (https://investor.factset.com), we make available free of charge the following filings as soon as practicable after they are electronically filed with, or furnished to, the SEC: our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements for the annual stockholder meetings, Reports on Forms 3, 4 and 5, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. The SEC maintains a website that contains reports, proxy and information statements and other information that we file with the SEC at www.sec.gov.

Additionally, we broadcast our quarterly earnings calls live via the investor relations section of our website. We also provide notifications of news or announcements regarding our financial performance, including investor events and press and earnings releases on our investor relations website. The contents of this website section are not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC and any reference to this section of our website is intended to be inactive textual references only.

Executive Officers of the Registrant

The following table shows our current executive officers:

Name of Officer			Age			Office Held with FactSet			Officer Since
Sanoke Viswanathan			51			Chief Executive Officer			2025
Joshua Warren			46			Executive Vice President, Chief Financial Officer			2026
Christopher McLoughlin			47			Executive Vice President, Chief Legal Officer and Corporate Secretary			2024
Di Hirji			48			Executive Vice President, Chief People and Workforce Transformation Officer			2026

Sanoke Viswanathan – Chief Executive Officer**.** Mr. Viswanathan was appointed Chief Executive Officer effective September 8, 2025. Mr. Viswanathan has held a range of leadership roles, most recently served as the Chief Executive Officer of International Consumer and Wealth of JPMorgan and as a member of JPMorgan’s Operating Committee where he oversaw international consumer businesses as well as the International Private Bank and Workplace Solutions. Prior to that, Mr. Viswanathan served as JPMorgan’s Chief Strategy and Growth Officer from 2022 to 2024 and Chief Administrative Officer of the Corporate and Investment Bank. Earlier in his career, he was a Managing Director and Head of Corporate Strategy for JPMorgan and a Partner and Co-Head of Global Corporate and Investment Banking for McKinsey & Company. Mr. Viswanathan holds a post-graduate diploma in management from the Indian Institute of Management, Ahmedabad, and a bachelors in Mechanical Engineering from the Indian Institute of Technology, Chennai.

Joshua Warren – Executive Vice President, Chief Financial Officer. Mr. Warren was appointed Chief Financial Officer effective April 13, 2026. As the Chief Financial Officer, he is responsible for FactSet's global finance organization and oversees all financial functions, including accounting, corporate development, financial planning and analysis, investor relations, real estate, tax, and treasury. Mr. Warren served as the Chief Financial Officer of Envestnet, Inc. from 2023 to 2025. Previously, he served as the Managing Director and Global Head of Business Strategy for iShares and Index Investments for BlackRock, Inc. ("BlackRock") from 2021 to 2023, and prior to that, he was the Managing Director in BlackRock's Corporate Strategy and Development team. Mr. Warren also held roles at Barclays Capital Inc.; Foros Group; the United States Department of the Treasury; and Skadden, Arps, Slate, Meagher & Flom LLP. Mr. Warren holds a Juris Doctor from the New York University School of Law and Bachelor of Arts in Philosophy and History from Dartmouth College.

Christopher McLoughlin - Executive Vice President, Chief Legal Officer and Corporate Secretary. Mr. McLoughlin was appointed Executive Vice President, Chief Legal Officer effective December 2, 2024. In this role, he oversees the global legal, compliance, and risk functions for the Company, together with government and regulatory affairs. Previously, Mr. McLoughlin served as the General Counsel of S&P Global Market Intelligence, where he led a global team providing legal and compliance support to the entire division and served as a member of the S&P Global Market Intelligence Operating Committee. Prior to that, he was Deputy General Counsel and Company Secretary of IHS Markit Ltd. He has also worked at various international law firms on a range of corporate, transactional, and advisory matters. Mr. McLoughlin has earned a legal degree LLB (Hons), from the University of Manchester and attended Nottingham Law School.

Di Hirji - Executive Vice President, Chief People and Workforce Transformation Officer. Ms. Hirji was appointed Chief People & Workforce Transformation Officer effective August 3, 2026. As Chief People & Workforce Transformation Officer, she is responsible for all aspects of FactSet’s people strategy and operations. Ms. Hirji served as Chief People Officer for S&P Global Market Intelligence, the largest division of S&P Global from 2019 to 2022 and then expanded her remit to lead the people function for Dow Jones Indices from 2022 to 2024. Prior to that, Ms. Hirji also held various human resources ("HR") senior leadership positions at Thomson Reuters including Global Head of HR Strategy and Vice President of HR. In her early career, she also spent 8 years in management consulting at Accenture. Ms. Hirji holds a degree in Psychology and a Master's degree in Human Resource Management from Warwick Business School.

Additional Information

Additional information with respect to our business is included in the following pages and is incorporated herein by reference:

			Page(s)
Management’s Discussion and Analysis of Financial Condition and Results of Operations			28
Quantitative and Qualitative Disclosures about Market Risk			44
Notes to the Consolidated Financial Statements			57