Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Index to Consolidated Financial Statements			Page
Management’s Statement of Responsibility for Financial Statements			47
Management’s Report on Internal Control Over Financial Reporting			47
Reports of Independent Registered Public Accounting Firm Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)			48
Consolidated Financial Statements:
Consolidated Statements of Income for the years ended August 31, 2026, 2025 and 2024			51
Consolidated Statements of Comprehensive Income for the years ended August 31, 2026, 2025 and 2024			52
Consolidated Balance Sheets at August 31, 2026 and 2025			53
Consolidated Statements of Cash Flows for the years ended August 31, 2026, 2025 and 2024			54
Consolidated Statements of Changes in Stockholders’ Equity for the years ended August 31, 2026, 2025 and 2024			56
Notes to the Consolidated Financial Statements			57
Financial Statement Schedule:
Schedule II – Valuation and Qualifying Accounts			91

Management’s Statement of Responsibility for Financial Statements

Our management prepares and is responsible for the fairness, integrity and objectivity of our Consolidated Financial Statements. The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and include amounts based on our management’s estimates and judgments. All financial information in this Report on Form 10-K has been presented on a basis consistent with the information included in the accompanying financial statements.

Our policies and practices reflect corporate governance initiatives that are compliant with the listing requirements of the New York Stock Exchange, the Nasdaq Stock Market and the corporate governance requirements of the Sarbanes-Oxley Act of 2002. Our management, with oversight by our Board of Directors, has established and maintains a strong ethical climate so that our affairs are conducted to the highest standards of personal and corporate conduct.

We maintain accounting systems, including internal accounting controls, designed to provide reasonable assurance of the reliability of financial records and the protection of assets. The concept of reasonable assurance is based on recognition that the cost of a system should not exceed the related benefits. The effectiveness of those systems depends primarily upon the careful selection of financial and other managers, clear delegation of authority and assignment of accountability, inculcation of high business ethics and conflict-of-interest standards, policies and procedures for coordinating the management of corporate resources, and the leadership and commitment of top management. In compliance with the Sarbanes-Oxley Act of 2002, we assessed our internal control over financial reporting as of August 31, 2026 and issued a report (see below).

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting for FactSet. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Our management (including our Principal Executive Officer and Principal 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 effective as of August 31, 2026. Ernst & Young LLP (PCAOBID: 42), an independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting and has issued a report on our internal control over financial reporting, which is included in their report on the subsequent page.

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of FactSet Research Systems Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of FactSet Research Systems Inc. (the Company) as of August 31, 2026 and 2025, 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, 2026, 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, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended August 31, 2026, 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, 2026 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 20, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter 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 matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

			Measurement of income tax provision
Description of the Matter			As discussed in Note 2, Summary of Significant Accounting Policies, and Note 8, Income Taxes, of the Consolidated Financial Statements, the Company serves international markets and is subject to income taxes in the U.S. and various foreign jurisdictions, which affect the Company’s provision for income taxes. The 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, 2026 the Company recognized a consolidated provision for income taxes of $116.2 million with $52.7 million related to its U.S. operations and $63.5 million related to its Non-U.S. operations.
			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.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over management’s calculation of its provision for income taxes. For example, we tested controls over management’s evaluation of the allocation methodologies and management’s review of the assumptions and data utilized in determining the allocation of income to applicable tax jurisdictions.
			Among other audit procedures performed, we evaluated the reasonableness of management’s allocation methodologies based on the Company’s structure, operations and current tax laws, recalculated income tax expense using management’s 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 laws to management’s allocation methodologies and tax position, including the evaluation of third-party reports and advice obtained by the Company. We also performed a sensitivity analysis to assess the effect of changes in management’s allocation methodologies and assumptions. We have evaluated the Company’s income tax disclosures included in Note 8, Income Taxes, of the Consolidated Financial Statements in relation to these matters.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2013.

Stamford, Connecticut

October 20, 2026

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of FactSet Research Systems Inc.

Opinion on Internal Control Over Financial Reporting

We have audited FactSet Research Systems Inc.’s internal control over financial reporting as of August 31, 2026, 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, FactSet Research Systems Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of August 31, 2026, 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, 2026 and 2025, 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, 2026, and the related notes and financial statement schedule listed in the Index at Item 15(a) and our report dated October 20, 2026, expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Stamford, Connecticut

October 20, 2026

FactSet Research Systems Inc.

Consolidated Statements of Income

(in thousands, except per share data)			For the years ended August 31,
2026			2025			2024
Revenues			$	2,476,256		$	2,321,748		$	2,203,056
Operating expenses
Cost of services			1,223,146			1,097,782			1,011,945
Selling, general and administrative			553,153			475,663			489,812
Total operating expenses			1,776,299			1,573,445			1,501,757
Operating income			699,957			748,303			701,299
Other income (expense), net
Interest income			4,064			6,533			14,447
Interest expense			(54,684)			(56,324)			(65,778)
Other income (expense), net			379			22,446			1,535
Total other income (expense), net			(50,241)			(27,345)			(49,796)
Income before income taxes			649,716			720,958			651,503
Provision for income taxes			116,235			123,918			114,377
Net income			$	533,481		$	597,040		$	537,126
Basic earnings per common share			$	14.63		$	15.74		$	14.11
Diluted earnings per common share			$	14.57		$	15.55		$	13.91
Basic weighted average common shares			36,467			37,924			38,059
Diluted weighted average common shares			36,612			38,385			38,618

The accompanying notes are an integral part of these Consolidated Financial Statements.

FactSet Research Systems Inc.

Consolidated Statements of Comprehensive Income

(in thousands)			For the years ended August 31,
2026			2025			2024
Net income			$	533,481		$	597,040		$	537,126
Other comprehensive income (loss), net of tax
Net unrealized gain (loss) on cash flow hedges(1)			(3,001)			300			(1,037)
Changes in post-employment benefit obligations(2)			(5,748)			—			—
Foreign currency translation adjustment gains (losses)			(5,958)			15,565			8,565
Other comprehensive income (loss)			(14,707)			15,865			7,528
Comprehensive income			$	518,774		$	612,905		$	544,654

(1) Presented net of a tax benefit of $1,069 thousand, tax expense of $119 thousand, and a tax benefit of $369 thousand for the years ended August 31, 2026, 2025 and 2024, respectively.

(2) Presented net of a tax benefit of $1,844 thousand for the year ended August 31, 2026 related to the labor codes reform implemented by the Government of India effective November 21, 2025.

The accompanying notes are an integral part of these Consolidated Financial Statements.

FactSet Research Systems Inc.

Consolidated Balance Sheets

(in thousands, except share data)			August 31,
2026			2025
ASSETS
Cash and cash equivalents			$	233,339		$	337,651
Investments			31,993			17,445
Accounts receivable, net of reserves of $13,584 at August 31, 2026 and $13,789 at August 31, 2025			298,619			270,684
Prepaid taxes			11,406			33,600
Prepaid expenses and other current assets			76,536			70,379
Total current assets			651,893			729,759
Property, equipment and leasehold improvements, net			79,246			85,203
Goodwill			1,283,025			1,284,708
Intangible assets, net			1,849,510			1,916,102
Deferred tax assets			74,550			61,226
Lease right-of-use assets, net			113,275			121,776
Other assets			88,524			105,498
TOTAL ASSETS			$	4,140,023		$	4,304,272
LIABILITIES
Accounts payable and accrued expenses			$	136,104		$	135,262
Current debt			499,436			—
Current lease liabilities			34,253			33,145
Accrued compensation			192,352			130,596
Deferred revenues			181,444			167,852
Current taxes payable			5,012			13,041
Dividends payable			40,901			41,410
Total current liabilities			1,089,502			521,306
Long-term debt			870,586			1,368,260
Deferred tax liabilities			11,279			14,902
Taxes payable			25,502			45,095
Long-term lease liabilities			138,139			157,104
Other liabilities			3,149			11,192
TOTAL LIABILITIES			$	2,138,157		$	2,117,859
Commitments and contingencies (see Note 11)
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued			$	—		$	—
Common stock, $0.01 par value, 150,000,000 shares authorized, 43,259,411 and 43,013,266 shares issued, 35,257,384 and 37,645,870 shares outstanding at August 31, 2026 and 2025, respectively			433			430
Additional paid-in capital			1,739,138			1,621,753
Treasury stock, at cost: 8,002,027 and 5,367,396 shares at August 31, 2026 and 2025, respectively			(2,352,463)			(1,695,429)
Retained earnings			2,693,213			2,323,407
Accumulated other comprehensive loss			(78,455)			(63,748)
TOTAL STOCKHOLDERS’ EQUITY			$	2,001,866		$	2,186,413
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			$	4,140,023		$	4,304,272

The accompanying notes are an integral part of these Consolidated Financial Statements.

FactSet Research Systems Inc.

Consolidated Statements of Cash Flows

(in thousands)			Years ended August 31,
2026						2025						2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	533,481					$	597,040					$	537,126
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization			180,830						157,691						125,187
Amortization of lease right-of-use assets			32,268						30,982						30,407
Stock-based compensation expense			84,099						61,229						63,501
Deferred income taxes			(14,284)						(3,545)						(32,020)
Gain on divestiture of a business			—						(23,238)						—
Other, net			17,415						11,867						14,511
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable			(34,567)						(42,540)						2,195
Prepaid expenses and other assets			(2,209)						65						(29,874)
Accounts payable and accrued expenses			(4,405)						(59,400)						55,347
Accrued compensation			62,553						35,666						(20,213)
Deferred revenues			12,993						2,249						4,939
Taxes payable, net of prepaid taxes			(5,079)						(1,161)						(11,448)
Lease liabilities, net			(40,895)						(40,645)						(39,320)
Net cash provided by operating activities			822,200						726,260						700,338
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, equipment, leasehold improvements and capitalized internal-use software			(114,720)						(108,806)						(85,681)
Acquisition of businesses, net of cash and cash equivalents acquired			—						(348,255)						—
Purchases of investments			(53,834)						(18,867)						(58,636)
Proceeds from maturity or sale of investments			36,050						58,155						—
Proceeds from divestiture			—						25,000						—
Net cash provided by (used in) investing activities			(132,504)						(392,773)						(144,317)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt			240,933						803,410						—
Repayments of debt			(242,500)						(805,000)						(250,000)
Dividend payments			(164,184)						(159,973)						(150,667)
Proceeds from employee stock plans			33,289						81,688						91,711
Repurchases of common stock			(643,961)						(300,457)						(235,235)
Deferred acquisition consideration			(15,327)						(10,199)						—
Other financing activities			(7,697)						(17,290)						(16,659)
Net cash provided by (used in) financing activities			(799,447)						(407,821)						(560,850)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(2,309)						3,050						2,364
Net increase (decrease) in cash, cash equivalents and restricted cash			(112,060)						(71,284)						(2,465)
Cash, cash equivalents and restricted cash at beginning of period			351,695						422,979						425,444
Cash, cash equivalents and restricted cash at end of period			$	239,635					$	351,695					$	422,979

Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents			$	233,339					$	337,651					$	422,979
Restricted cash included in Prepaid expenses and other current assets			6,296						6,522						—
Restricted cash included in Other assets			—						7,522						—
Total cash, cash equivalents and restricted cash			$	239,635					$	351,695					$	422,979
Supplemental Disclosure of Cash Flow Information
Cash paid during the year for interest			$	51,760					$	54,813					$	65,920
Cash paid during the year for income taxes, net of refunds			$	122,731					$	103,167					$	157,015
Supplemental Disclosure of Non-Cash Transactions
Dividends declared, not paid			$	40,901					$	41,410					$	39,470

The accompanying notes are an integral part of these Consolidated Financial Statements.

FactSet Research Systems Inc.

Consolidated Statements of Changes in Stockholders’ Equity

(in thousands, except share data)			Common Stock												Additional Paid-in Capital						Treasury Stock												Retained Earnings						Accumulated Other Comprehensive Loss						Total Stockholders’ Equity
Shares						Par Value									Shares						Amount
Balance as of August 31, 2023			42,096,628						$	421					$	1,323,631					4,071,256						$	(1,122,077)					$	1,505,096					$	(87,141)					$	1,619,930
Net income			—						—						—						—						—						537,126						—						537,126
Other comprehensive income (loss)			—						—						—						—						—						—						7,528						7,528
Common stock issued for employee stock plans			407,542						4						91,708						831						(376)						—						—						91,336
Vesting of restricted stock			94,745						1						(1)						36,758						(16,283)						—						—						(16,283)
Excise tax on share repurchases			—						—						—						—						(1,725)						—						—						(1,725)
Repurchases of common stock			—						—						—						537,800						(235,235)						—						—						(235,235)
Stock-based compensation expense			—						—						63,501						—						—						—						—						63,501
Dividends declared			—						—						—						—						—						(153,718)						—						(153,718)
Balance as of August 31, 2024			42,598,915						$	426					$	1,478,839					4,646,645						$	(1,375,696)					$	1,888,504					$	(79,613)					$	1,912,460
Net income			—						—						—						—						—						597,040						—						597,040
Other comprehensive income (loss)			—						—						—						—						—						—						15,865						15,865
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)
Stock-based compensation expense			—						—						61,229						—						—						—						—						61,229
Dividends declared			—						—						—						—						—						(162,137)						—						(162,137)
Balance as of August 31, 2025			43,013,266						$	430					$	1,621,753					5,367,396						$	(1,695,429)					$	2,323,407					$	(63,748)					$	2,186,413
Net income			—						—						—						—						—						533,481						—						533,481
Other comprehensive income (loss)			—						—						—						—						—						—						(14,707)						(14,707)
Common stock issued for employee stock plans			173,746						2						33,287						—						—						—						—						33,289
Vesting of restricted stock			72,399						1						(1)						26,347						(6,936)						—						—						(6,936)
Excise tax on share repurchases			—						—						—						—						(6,137)						—						—						(6,137)
Repurchases of common stock			—						—						—						2,608,284						(643,961)						—						—						(643,961)
Stock-based compensation expense			—						—						84,099						—						—						—						—						84,099
Dividends declared			—						—						—						—						—						(163,675)						—						(163,675)
Balance as of August 31, 2026			43,259,411						$	433					$	1,739,138					8,002,027						$	(2,352,463)					$	2,693,213					$	(78,455)					$	2,001,866

The accompanying notes are an integral part of these Consolidated Financial Statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FactSet Research Systems Inc.

August 31, 2026

						Page
Note 1			Description of Business			57
Note 2			Summary of Significant Accounting Policies			58
Note 3			Revenue Recognition			64
Note 4			Fair Value Measures			65
Note 5			Acquisitions			67
Note 6			Goodwill			69
Note 7			Intangible Assets			70
Note 8			Income Taxes			70
Note 9			Leases			75
Note 10			Debt			77
Note 11			Commitments and Contingencies			79
Note 12			Stockholders' Equity			81
Note 13			Earnings Per Share			82
Note 14			Stock-Based Compensation			83
Note 15			Employee Benefit Plans			86
Note 16			Segment Information			86

1. DESCRIPTION OF BUSINESS

FactSet Research Systems Inc. and its wholly-owned subsidiaries ("we," "our," "us," the "Company" or "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. Refer to Note 16, Segment Information for further discussion on our segments.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

We conduct business globally and manage our business on a geographic basis. The accompanying Consolidated Financial Statements and Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K are prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries; all intercompany activity and balances have been eliminated.

Reclassifications

Deferred revenues, non-current were included within Other liabilities in the Consolidated Balance Sheets in the current year presentation. We conformed the comparative prior year figures to the current year presentation.

Deferred acquisition consideration, previously included within Other financing activities, was presented as a separate component of Cash Flows from Financing Activities in the Consolidated Statements of Cash Flows in the current period presentation. We conformed the comparative prior year figures to the current year presentation.

Use of Estimates

The preparation of our Consolidated Financial Statements and related disclosures in conformity with GAAP required management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimation may be involved in the accounting for income taxes, stock-based compensation, goodwill, business combinations, intangible assets and contingencies. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of our assets and liabilities. Actual results could differ materially from those estimates. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Critical Accounting Estimates, of this Annual Report on Form 10-K for further discussion on our use of estimates.

Revenue Recognition

The majority of our revenues are derived from client access to our multi-asset solutions powered by our platform of connected data and technology (referred to as the "Hosted Platform") that is available over the contractual term. Our services are primarily subscription-based, providing client access to various combinations of products and services including workstations, portfolio analytics, enterprise data solutions, and AI solutions. In addition, through the CUSIP Global Services ("CGS") platform, we provide subscription access to a database of universally recognized security identifiers and related descriptive data for issuers and their financial instruments (referred to as the "Identifier Platform").

Revenues from our products and services are recognized as we transfer control to our clients, in an amount that reflects the consideration we expect to receive in exchange for satisfying our performance obligations. We record revenues net of sales taxes, which are subsequently remitted to taxing authorities and are excluded from the transaction price. We determined the majority of our contracts with clients, whether for our Hosted Platform or Identifier Platform service, each represent a single performance obligation covering a series of distinct products and services that are substantially the same and that have the same pattern of transfer to the client. The primary nature of our promise to the client is to provide daily access to each of these data and analytics platforms, with revenue recognized over-time as performance is satisfied on an output time-based measure of progress, as the client is simultaneously receiving and consuming the benefits of the platform.

We record deferred revenues when payments are received in advance of performance under the client contract.

Stock-Based Compensation

Our stock-based compensation expense consists of: (i) stock options, (ii) stock options with performance conditions ("PSOs") issued to our Chief Executive Officer ("CEO"), (iii) restricted share units ("RSUs"), (iv) performance share units ("PSUs"), and (v) common stock purchased by eligible employees under our employee stock purchase plan ("ESPP").

We measure and recognize stock-based compensation expense for all stock-based awards and purchases of common stock under the ESPP based on their estimated grant date fair value.

We use a lattice-based option-pricing model ("lattice model") to estimate the grant date fair value for our employee stock options. For our CEO PSOs, grant date fair value was estimated using a Monte Carlo simulation ("Monte Carlo model"). The grant date fair value for non-employee director stock options and common stock purchased by eligible employees under our ESPP is estimated using a Black-Scholes model.

The lattice model, Black-Scholes model, and Monte Carlo model each require certain estimates and assumptions, including the risk-free interest rate, expected volatility, and dividend yield. The Black-Scholes and Monte Carlo models incorporate an assumed expected life of the award, while the lattice model derives the expected life as an output incorporating assumptions such as vesting restrictions and expected exercise patterns based on the intrinsic value of the options.

The primary assumptions and their definitions are as follows:

• Risk-free interest rate** - based on the United States ("U.S.") Treasury yield curve in effect at the time of grant with maturities equal to the expected terms of the stock-based awards granted.

• Expected volatility** - based on a blend of historical volatility of the stock-based award's useful life and the weighted average implied volatility for call option contracts traded in the 90 days preceding the stock-based award's valuation date.

• Dividend yield - the expectation of dividend payouts based on our history.

• Expected life - the weighted average period the stock-based awards are expected to remain outstanding.

For RSUs and PSUs (collectively, "Restricted Stock Awards"), the grant date fair value is measured by reducing the grant date price of our common stock by the present value of expected future dividend payments on the underlying stock during the requisite service period, discounted at the appropriate risk-free interest rate. The number of PSUs granted assumes target-level achievement of the specified performance levels within the payout range. The ultimate number of common shares that may be earned pursuant to our PSU awards depends on the level of our achievement of stated financial performance objectives.

Stock-based compensation expense for stock option awards, including PSOs, and RSU awards is recognized over their respective service periods using the straight-line method. For these awards, the amount of stock-based compensation expense recognized on any date is at least equal to the vested portion of the award on that date.

Our PSUs require us to make assumptions regarding the probability of achieving specified performance levels established at the time of grant. We recognize stock-based compensation expense for PSUs using the straight-line method over the requisite service period. The probability of achieving the specified performance levels is reviewed on a quarterly basis to ensure the amount of stock-based compensation expense appropriately reflects the expected achievement.

For our ESPP, stock-based compensation expense is recognized on a straight-line basis over the offering period.

Our stock-based awards are generally subject to the continued employment for employees, or continued service for non-employee directors, through the applicable vesting date. Compensation expense for stock-based awards is recorded net of estimated forfeitures, which are based on historical forfeiture rates and are revised if actual forfeitures differ from those estimates.

Research and Product Development Costs

We do not have a separate research and product development department, but rather we rely on collaboration across departments, with costs primarily consisting of employee compensation costs, such as salaries and related benefits for our product development, software engineering and technical support departments, as well as certain third party costs. These teams collaborate with our strategists, product and content managers, technologists, sales and other team members to develop new products and process innovations and enhance existing products. Our research and product development costs are expensed as incurred and are primarily recorded in employee compensation costs, which are included in our Cost of services and Selling, general and administrative ("SG&A") expenses in the Consolidated Statements of Income, dependent on the nature of the team.

We incurred research and product development costs of $346.1 million, $300.7 million and $265.2 million during fiscal 2026, 2025 and 2024, respectively.

Income Taxes

We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recorded for the temporary differences between the financial statement and the tax basis of assets and liabilities. In addition, deferred tax assets and liabilities are recorded for net operating loss carryforwards ("NOLs") and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which they are expected to be realized or settled. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the amount that is more likely than not (defined as a likelihood of more than 50%) to be realized.

Applicable accounting guidance prescribes a comprehensive model for financial statement recognition, measurement, classification and disclosure of uncertain tax positions that a company has taken or expects to take on a tax return. We follow a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not (defined as a likelihood of more than 50%) that a tax position will be sustained based on its technical merits as of the reporting date. The second step, for those positions that meet the recognition criteria, is to measure and recognize the largest amount of benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority. We classify the liability for unrecognized tax benefits as Taxes Payable (non-current) and to the extent we anticipate payment of cash within one year, the benefit is classified as Current taxes payable in the Consolidated Balance Sheets.

The determination of liabilities related to uncertain tax positions and associated interest and penalties requires significant estimates and assumptions; as such, there can be no assurance that we will accurately predict the outcome. For this reason and due to ongoing audits by multiple tax authorities, we regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. We adjust these reserves in light of changing facts and circumstances, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made.

We accrue interest on all income tax exposures for which reserves have been established consistent with jurisdictional tax laws, and recognize this interest in the Provision for income taxes in the Consolidated Statements of Income and in Current taxes payable or Taxes payable (non-current), based on the expected timing of the payment, within the Consolidated Balance Sheets.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments, primarily including demand deposits and money market funds available for withdrawal without restriction or with original maturities of 90 days or less. The carrying value of our cash and cash equivalents approximates fair value.

Accounts Receivable

Accounts receivable includes both invoiced and unbilled receivables, net of allowance for credit losses. Unbilled receivables reflect revenues earned for which we have the unconditional right to payment, even though we have not yet issued an invoice. Amounts included in accounts receivable are expected to be collected within one year. Our allowance for expected credit losses is based on a variety of factors, including collectability trends, our historical write-off activity, current economic environment, client-specific information and expectations of future economic conditions. Our allowance is recorded to SG&A in the Consolidated Statements of Income and we assess the adequacy of the allowance on a quarterly basis. Recoveries of accounts previously reserved are recognized as a reversal to SG&A when payment is received. We write-off accounts receivable balances when we have exhausted our collection efforts.

Goodwill

We recognize the excess of the purchase price over the fair value of identifiable net assets acquired at the acquisition date as goodwill. Goodwill is not amortized as it is estimated to have an indefinite life and is tested for impairment at the reporting unit level annually, or more frequently if impairment indicators occur. Goodwill is deemed to be impaired and written-down in the

period in which the carrying value of the reporting unit exceeds its fair value. We have three reporting units, Americas, EMEA and Asia Pacific, which are consistent with our operating segments.

When assessing goodwill for impairment, we may first elect to perform a qualitative analysis for the reporting units to determine whether it is more likely than not (a likelihood of more than 50%) that the fair value of the reporting unit is less than its carrying value. If the qualitative analysis indicates that it is more likely than not the fair value of a reporting unit is less than its carrying value, or when we elect to do so on a periodic basis, we proceed directly to a quantitative analysis to determine whether a goodwill impairment exists.

The quantitative goodwill impairment analysis is used to identify potential impairment by comparing the carrying value of a reporting unit with its fair value. To perform this analysis, we apply the income approach which utilizes discounted cash flows, along with other relevant market information. The annual review of the carrying value of goodwill requires us to develop estimates of expected cash flows by reporting unit, based on future business performance, discounted by their respective weighted average cost of capital. Changes in our estimates can impact the present value of expected cash flows used in determining fair value of a reporting unit. If the carrying value of the reporting unit exceeds the fair value, then the goodwill is considered impaired and written down to the reporting unit’s fair value. The impairment loss for the reporting unit cannot exceed the carrying value of the goodwill allocated to that reporting unit.

Intangible Assets

We amortize intangible assets over their estimated useful lives, assuming no residual value. We evaluate the useful lives annually to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life.

Intangible assets are tested for impairment qualitatively on a quarterly basis or whenever events or changes in circumstances indicate that the carrying amount of an asset group is not recoverable. If indicators of impairment are present, the asset group is tested for impairment by comparing its carrying value to undiscounted cash flows and, if impaired, written down to fair value based on discounted cash flows.

Internal-use Software and Implementation Costs of Hosting Arrangements

Our developed technology intangible assets (“Developed technology”) consist of capitalized internal-use software costs, such as employee compensation and external expenses incurred during the application development phase, as well as costs related to upgrades and enhancements that add functionality, and software acquired for internal use. These costs are recorded in Intangible assets, net on the Consolidated Balance Sheets. We also capitalize qualifying implementation costs for hosting arrangements that meet the capitalization criteria per the internal-use software guidance within Other assets on the Consolidated Balance Sheets. Our Developed technology and implementation assets are typically amortized over three to five years using the straight-line method.

Leases

Our operating lease arrangements relate to our office space and data centers. We determine if an arrangement qualifies as a lease at inception by evaluating if there is an identified asset and whether we obtain substantially all the economic benefits of and have the right to control the use of an asset. For operating leases with a term greater than one year, we recognize lease right-of-use ("ROU") assets and lease liabilities as the present value of future minimum lease payments over the reasonably certain lease term beginning at the commencement or modification date. The future minimum lease payments include fixed lease payments and certain qualifying index-based variable payments. The initial carrying value of our lease ROU assets may also be adjusted due to prepayments, lease incentives received and initial direct costs incurred. Our operating leases are classified within Lease right-of-use assets, net, Current lease liabilities and Long-term lease liabilities on our Consolidated Balance Sheets.

Our leases generally do not have a readily determinable implicit rate; therefore, we use our incremental borrowing rate ("IBR") at the lease commencement, or on the date of lease modification, if applicable, in determining the present value of future minimum payments. Our IBR is derived by selecting U.S. corporate yield curves for public companies that are reflective of our credit rating, adjusted to approximate a secured rate of borrowing. We also consider revisions to the rate to reflect the geographic location where the leased asset is located.

Certain of our lease agreements include options to extend and/or terminate the lease, which we do not include in our minimum lease terms unless we are reasonably certain to exercise these options. We account for the lease and non-lease components as a

single lease component, which we recognize over the expected term on a straight-line expense basis in occupancy costs (a component of SG&A expense in the Consolidated Statements of Income). Variable lease payments that are not included in the calculation of lease ROU assets and lease liabilities are expensed as incurred within occupancy costs.

We review our lease ROU assets for impairment when there are indicators that an asset may no longer be recoverable. The impairment assessment requires significant judgments and estimates, including estimating subtenant rental income, calculating an appropriate discount rate and assessing other applicable future cash flows associated with the leased location. These estimates are based on our experience and knowledge of the market in which the property is located, previous efforts to dispose of similar assets and the assessment of existing market conditions. Impairments are recognized as a reduction to the carrying value of the Lease right-of-use assets, net with a corresponding increase to SG&A on our Consolidated Balance Sheets and Consolidated Statements of Income, respectively.

Treasury Stock

We account for treasury stock under the cost method and present it within Treasury stock as a component of Stockholders' equity on the Consolidated Balance Sheets. We may repurchase shares of our common stock under our share repurchase program in the open market or via privately negotiated transactions, subject to market conditions. Repurchased shares of our common stock are recorded at the market price on the trade date and are held as treasury shares until they are reissued or retired. When treasury shares are reissued, if the issuance price is higher than the average price paid to acquire the shares ("the cost"), the excess of the issuance price over the cost is credited to additional paid-in capital ("APIC"). If the issuance is lower than the cost, the difference is first charged against any credit balance in APIC from Treasury stock, with the remaining balance charged to Retained earnings on the Consolidated Balance Sheets.

We account for the formal retirement of treasury shares by deducting its par value from Common stock, reflecting any excess over par value as a reduction to APIC (to the extent created by previous issuances of the shares) and then Retained earnings on the Consolidated Balance Sheets.

The Inflation Reduction Act of 2022 ("IRA"), which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. We record the applicable excise tax in Treasury stock, as part of the cost basis of the stock repurchased, and a corresponding liability for the excise taxes payable in Accounts payable and accrued expenses on the Consolidated Balance Sheets.

Fair Value Measurements

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The inputs to these methodologies consider market comparable information, taking into account the principal or most advantageous market in which we would transact. The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value based on the reliability of inputs. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Foreign Currency Translation and Remeasurement

Certain wholly-owned subsidiaries operate under a functional currency different from the U.S. dollar. Our primary currency exposures include the British Pound Sterling, Euro, Indian Rupee and Philippine Peso.

The financial statements of our foreign subsidiaries that are local currency functional are translated into U.S. dollars using period-end rates of exchange for assets and liabilities and average monthly rates for revenues and expenses. The resulting translation gains and losses that arise from translating these assets, liabilities, revenues and expenses of our foreign operations are recorded in Accumulated other comprehensive loss ("AOCL") in the Consolidated Balance Sheets.

For the financial statements of our foreign subsidiaries that are U.S. dollar functional but maintain their books of record in their respective local currency, we remeasure our revenues and expenses into U.S. dollars at the average rates of exchange for the period, monetary assets and liabilities using period-end rates and non-monetary assets and liabilities at their historical rates. The resulting remeasurement gains and losses are recorded to SG&A in the Consolidated Statements of Income.

Concentrations of Credit Risk

Credit risk arises from the potential nonperformance by counterparties to fulfill their financial obligations. Our financial instruments that potentially subject us to concentrations of credit risk consist primarily of our cash, cash equivalents, restricted cash, investments in mutual funds, accounts receivable and derivative instruments. The maximum credit exposure of our cash, cash equivalents, restricted cash, investments in mutual funds and accounts receivable is their carrying values as of the balance sheet date. The maximum credit exposure related to our derivative instruments is based upon their respective gross fair values as of the balance sheet date.

Cash, Cash Equivalents, Restricted Cash and Investments

We are exposed to credit risk on our cash, cash equivalents, restricted cash and investments in mutual funds in the event of default by the financial and governmental institutions with which we transact. We invest in a manner that aligns with our restrictive cash investment practices, preserves capital and provides liquidity, while minimizing our exposure to credit risk. We limit our exposure to credit loss by investing with multiple financial and governmental institutions that we believe are high-quality and credit-worthy. We have not experienced any credit losses relating to our cash, cash equivalents, restricted cash and investments in mutual funds.

Accounts Receivable

Our accounts receivable credit risk is dependent upon the financial stability of our individual clients. As of August 31, 2026 and August 31, 2025, our accounts receivable reserve was $13.6 million and $13.8 million, respectively. We do not require collateral from our clients; however, no single client represented more than 3.5% of our total annual revenues for fiscal 2024 through fiscal 2026. Due to our large and geographically dispersed client base, our concentration of credit risk related to our accounts receivable is generally limited.

Derivative Instruments

Our use of derivative instruments exposes us to credit risk to the extent counterparties may be unable to meet the terms of their agreements. To mitigate credit risk, we limit counterparties to financial institutions we believe are credit-worthy and use several institutions to reduce concentration risk. We do not expect any losses as a result of default by our counterparties.

Concentrations of Content Providers

We collect and aggregate third-party content from data suppliers, news sources, exchanges, brokers and contributors into our own dedicated managed databases, which our clients access through our flexible delivery platforms. As certain content sources have a limited number of suppliers, we make every effort to assure that, where reasonable, alternative sources are available. We are not dependent on any individual 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 for the year ended August 31, 2026.

Concentrations of Cloud Providers

Our clients rely on us for the delivery of time-sensitive, up-to-date data and applications. Our business is dependent on our ability to process substantial volumes of data and transactions rapidly and efficiently. We currently use multiple providers of cloud services; however, one supplier provided the majority of our cloud computing support for fiscal 2026. We maintain back-up facilities and other redundancies at our data centers, take security measures and have emergency planning procedures to minimize the risk that an event will disrupt our operations.

Recently Adopted Accounting Pronouncements

Income Taxes - Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU enhances annual income tax disclosures primarily related to our effective tax rate reconciliation and income taxes paid. We adopted this ASU on a prospective basis for our annual financial statements starting in fiscal 2026. The adoption of this ASU resulted in additional disclosures with no impact to our Consolidated Financial Statements. Refer to Note 8, Income Taxes, for further information.

Accounting Pronouncements Not Yet Adopted

Goodwill and Other - Internal-Use Software

In September 2025, the FASB issued Accounting Standards Update ("ASU") 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software. This ASU removes all references to prescriptive and sequential software development stages, and requires entities to start capitalizing eligible software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this ASU can be applied using a prospective, modified, or retrospective transition approach, and are effective for our interim and annual periods starting in fiscal 2029. Early adoption is permitted at the beginning of an annual period. We are currently assessing the impact of the new requirements on our Consolidated Financial Statements and disclosures.

Income Statement - Disaggregation of Income Statement Expenses

In November 2024, the FASB issued Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses. This ASU requires disaggregation of certain income statement expense captions into specified categories to be disclosed within the footnotes to the financial statements. This ASU does not change the expense captions on the income statement. The amendments in this ASU are to be applied prospectively, although retrospective application is permitted, and are effective for our annual financial statements starting in fiscal 2028 and interim periods starting in fiscal 2029. Early adoption is permitted. This ASU is not expected to have a material impact on our Consolidated Financial Statements. We are currently assessing the impact of the new requirements on our disclosures.

U.S. Securities and Exchange Commission ("SEC") Disclosures - The Enhancement and Standardization of Climate-Related Disclosures for Investors

In March 2024, the SEC adopted a final rule under SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which would require disclosure of certain climate-related information in various filings with the SEC. In April 2024, the SEC stayed implementation of the final rule pending completion of judicial review. In March 2025, the SEC stated that it has ended its defense of the rule. On May 29, 2026, the SEC proposed to rescind the rule.

Disclosure Improvements - Codification Amendment in Response to the SEC's Disclosure Update and Simplification Initiative

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. The ASU incorporates several disclosure and presentation requirements currently residing in the SEC Regulations S-X and S-K. The amendments will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As we are currently subject to these SEC requirements, this ASU is not expected to have a material impact on our Consolidated Financial Statements or related disclosures.

No other new accounting pronouncements issued or effective during fiscal 2026 have had, or are expected to have, a material impact on our Consolidated Financial Statements.

3. REVENUE RECOGNITION

We derive most of our revenues through subscription-based client access to our Hosted Platform, that include various combinations of products and services including workstations, portfolio analytics, enterprise data solutions and AI solutions. We also derive revenues through the CGS Identifier Platform, a subscription-based service that provides access to a database of universally recognized security identifiers and related descriptive data for issuers and their financial instruments.

The majority of each of our contracts with clients, whether for the Hosted Platform or Identifier Platform services, represents a single performance obligation covering a series of distinct products and services that are substantially the same and that have the same pattern of transfer to the client. The primary nature of the promise to the client is to provide daily access to each of these data and analytics platforms over the associated contractual term. These platforms provide integrated financial information, analytical applications and industry-leading service for the investment community. Based on the nature of the products and services offered by these platforms, we apply an output time-based measure of progress as the client is simultaneously receiving and consuming the benefits of the respective platform. We recognize revenue for the majority of these platforms in accordance with the 'as invoiced' practical expedient, because the consideration that we have the right to invoice

corresponds directly with the value of our performance to date. We record revenues net of sales taxes which are subsequently remitted to taxing authorities and are excluded from the transaction price. There are no significant judgments that would impact the timing of revenue recognition.

The majority of client contracts have a duration of one year, or the amount we are entitled to receive corresponds directly with the value of our performance obligations completed to date. Therefore, we do not disclose the value of the remaining unsatisfied performance obligations.

Disaggregated Revenues

We disaggregate revenues from our client contracts by segment based on the geographic region where our clients contract with us. Our business segmentation by geography is aligned with the operational and economic characteristics of our business. Refer to Note 16, Segment Information, for further information.

The following table presents revenues disaggregated by segment:

			Years ended August 31,
(in thousands)			2026						2025						2024
Americas			$	1,617,438					$	1,506,108					$	1,419,901
EMEA			605,339						580,284						563,128
Asia Pacific			253,479						235,356						220,027
Total Revenues			$	2,476,256					$	2,321,748					$	2,203,056

We have not disclosed revenues from external clients by product and service, as it is impracticable for us to do so.

4. FAIR VALUE MEASURES

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches are permissible. When pricing an asset or liability, the inputs to these valuation methodologies consider market comparable information, taking into account the principal or most advantageous market in which we would transact.

Fair Value Hierarchy

The accounting guidance for fair value measurements establishes a three-level fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy ranks the reliability of the inputs, based upon the lowest level of input that is significant to the fair value measurement, used to determine fair value. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. We have categorized our assets and liabilities within the fair value hierarchy as follows:

Level 1 – applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 – applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 – applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The assumptions used in determining fair value represent our best estimates, but these estimates involve inherent uncertainties and the application of our judgment. As a result, if factors change, our fair value estimates could be materially different in the future and may adversely affect our business and financial results.

(a) Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables show, by level within the fair value hierarchy, our assets and liabilities that are measured at fair value on a recurring basis as of August 31, 2026 and August 31, 2025. We did not have any transfers between levels of fair value measurements during fiscal 2026 and 2025.

(in thousands)			Fair Value Measurements as of August 31, 2026
Level 1			Level 2			Level 3			Total
Assets
Money market funds(1)			$	25,008		$	—		$	—		$	25,008
Mutual funds(2)			—			31,993			—			31,993
Derivative instruments(3)			—			627			—			627
Total assets measured at fair value			$	25,008		$	32,620		$	—		$	57,628
Liabilities
Derivative instruments(3)			$	—		$	1,915		$	—		$	1,915
Contingent liabilities(5)			—			—			10,201			10,201
Total liabilities measured at fair value			$	—		$	1,915		$	10,201		$	12,116

(in thousands)			Fair Value Measurements as of August 31, 2025
Level 1			Level 2			Level 3			Total
Assets
Money market funds(1)			$	8,649		$	—		$	—		$	8,649
Mutual funds(2)			—			17,445			—			17,445
Derivative instruments(3)			—			3,590			—			3,590
Total assets measured at fair value			$	8,649		$	21,035		$	—		$	29,684
Liabilities
Derivative instruments(3)(4)			$	—		$	808		$	—		$	808
Contingent liability(5)			—			—			24,126			24,126
Total liabilities measured at fair value			$	—		$	808		$	24,126		$	24,934

(1) Our money market funds are readily convertible into cash and are reported based on their net asset value, which represents its fair value, on the last day of the reporting period. The net asset values are readily determinable and represent the prices of active trading in the market. Our money market funds are included in Cash and cash equivalents within the Consolidated Balance Sheets.

(2) Our mutual funds' fair value is based on the fair value of the underlying investments held by the mutual funds, allocated to each share of the mutual fund using a net asset value approach. The fair value of each underlying investment is based on observable inputs, when available, or pricing from valuation agencies. Our mutual funds are included in Investments within the Consolidated Balance Sheets.

(3) Our foreign exchange forward contracts fair value is determined utilizing the income approach. The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads. Our foreign exchange forward contracts in an asset position are included in Prepaid expenses and other current assets and those in a liability position are included in Accounts payable and accrued expenses within the Consolidated Balance Sheets.

(4) Our interest rate swap agreements fair value is estimated utilizing a present value of future cash flows, leveraging a model-derived valuation that uses observable inputs such as interest rate yield curves. Our interest rate swap agreements in an asset position are included in Prepaid expenses and other current assets and those in a liability position are included in Accounts payable and accrued expenses within the Consolidated Balance Sheets.

(5) Our contingent liabilities resulted from the acquisitions of various businesses. These liabilities reflect the present value of potential future payments that are contingent upon the achievement of certain specified milestones and are valued using a scenario-based method. This method incorporates unobservable inputs and assumptions made by management, including the probability of achieving specified milestones, expected time until payment and the discount rate. Refer to Note 5, Acquisitions, for more information on the contingent liabilities associated with the Liquid Holdings LLC ("LiquidityBook") and Platform Group Limited ("Irwin") acquisitions.

(b) Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

Assets that are measured at fair value on a non-recurring basis primarily include our PPE, lease ROU assets, goodwill and intangible assets. These assets are assessed for impairment whenever events or circumstances indicate their carrying value may not be fully recoverable, and at least annually for goodwill. The fair values of these non-financial assets are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparable information and discounted cash flow projections.

(c) Assets and Liabilities Measured at Fair Value for Disclosure Purposes Only

We elected not to carry our debt at fair value on the Consolidated Balance Sheets. Our Senior Notes are publicly traded; therefore, the fair value of our Senior Notes is estimated based on quoted prices in active markets as of the last business day of the fiscal year, which are considered Level 1 inputs. The fair value of our 2025 Credit Facilities was estimated based on quoted market prices for similar instruments, adjusted for unobservable inputs for comparability to our investment rating, maturity terms and principal outstanding, which are considered Level 3 inputs. Refer to Note 10, Debt for definitions of, and more information on, our Senior Notes and 2025 Credit Facilities.

The following table summarizes information on our outstanding debt as of August 31, 2026 and August 31, 2025:

						August 31, 2026									August 31, 2025
(in thousands)			Fair Value Hierarchy			Principal Amount			Estimated Fair Value						Principal Amount			Estimated Fair Value
2027 Notes			Level 1			$	500,000		$	495,510					$	500,000		$	490,565
2032 Notes			Level 1			500,000			450,485						500,000			460,440
2025 Term Facility(1)			Level 3			375,000			373,375						375,000			374,866
Total principal amount						$	1,375,000		$	1,319,370					$	1,375,000		$	1,325,871
Total unamortized discounts and debt issuance costs(2)						(4,978)									(6,740)
Total net carrying value of debt						$	1,370,022								$	1,368,260

(1) On August 28, 2026, we amended the 2025 Credit Agreement. Refer to Note 10, Debt, for further information.

(2) Debt issuance costs are presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of the debt liability for the 2025 Term Facility, 2027 Notes and 2032 Notes. For the 2025 Revolving Facility, debt issuance costs are presented within Other assets, as such, they are excluded from the table above. Refer to Note 10, Debt for more information.

5. ACQUISITIONS

Our acquisitions with the most significant cash flows during fiscal 2024 through fiscal 2026 included Liquid Holdings, LLC ("LiquidityBook") and Platform Group Limited ("Irwin").

Liquid Holdings, LLC ("LiquidityBook")

On February 7, 2025, we completed the acquisition of LiquidityBook for a purchase price of $243.2 million, net of cash acquired, and inclusive of working capital adjustments. The purchase price included contingent consideration of $11.9 million, which reflects the acquisition date fair value of potential future payments that are contingent upon the achievement of certain specified milestones. Refer to Note 4, Fair Value Measures, for information regarding the contingent consideration.

LiquidityBook provides cloud-native trading solutions to hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients. LiquidityBook operates a proprietary FIX network that, as of the acquisition date, enabled streamlined connectivity to over 200 brokers and order routing to more than 1,600 destinations across 80 markets globally. This acquisition adds technology-forward order management and investment book of record capabilities and enhances FactSet’s ability to serve the integrated workflow needs of clients across the portfolio life cycle.

The results of LiquidityBook's operations have been included within the Americas, EMEA and Asia Pacific segments in our Consolidated Financial Statements. Pro forma information has not been presented because the effect of the LiquidityBook acquisition was not material to our Consolidated Financial Statements.

We finalized the purchase accounting for the LiquidityBook acquisition during the second quarter of fiscal 2026 and did not record any material changes to the preliminary purchase price allocation. The acquisition date fair values of major classes of assets acquired and liabilities assumed are as follows:

			Acquisition Date Fair Value			Acquisition Date Useful Life			Amortization Method
			(in thousands)			(in years)
Current assets			$	3,893
Amortizable intangible assets
Software technology			65,600			12 years			Straight-line
Client relationships			8,800			17 years			Straight-line
Trade names			3,400			10 years			Straight-line
Goodwill			164,787
Other assets			487
Current liabilities
Deferred revenues			(799)
Other current liabilities			(2,386)
Other liabilities			(600)
Total purchase price			$	243,182

Goodwill totaling $164.8 million represents the excess of the LiquidityBook purchase price over the fair value of net assets acquired and considers future economic benefits that we expect to achieve as a result of the acquisition. The goodwill is included in the Americas, EMEA and Asia Pacific segments and is deductible for income tax purposes.

Platform Group Limited ("Irwin")

On November 5, 2024, we completed the acquisition of Irwin for a purchase price of $120.2 million, net of cash acquired, and inclusive of working capital adjustments. The purchase price included contingent consideration of $9.6 million, which reflects the acquisition date fair value of potential future payments that are contingent upon the achievement of certain specified milestones. Refer to Note 4, Fair Value Measures, for information regarding the contingent consideration.

Irwin is a leading investor relations and capital markets platform for public companies and their advisors. This acquisition builds on a successful partnership between FactSet and Irwin, and expands our ability to address the holistic workflow needs of investor relations professionals with an integrated, modern solution.

The results of Irwin's operations have been included within the Americas, EMEA and Asia Pacific segments in our Consolidated Financial Statements. Pro forma information has not been presented because the effect of the Irwin acquisition was not material to our Consolidated Financial Statements.

We finalized the purchase accounting for the Irwin acquisition during the third quarter of fiscal 2025 and did not record any material changes to the preliminary purchase price allocation. The acquisition date fair values of major classes of assets acquired and liabilities assumed are as follows:

			Acquisition Date Fair Value			Acquisition Date Useful Life			Amortization Method
			(in thousands)			(in years)
Current assets			$	2,393
Amortizable intangible assets
Software technology			36,100			12 years			Straight-line
Client relationships			1,700			11 years			Straight-line
Trade names			1,400			10 years			Straight-line
Goodwill			91,376
Current liabilities
Deferred revenues			(4,218)
Other current liabilities			(524)
Other liabilities			(8,041)
Total purchase price			$	120,186

Goodwill totaling $91.4 million represents the excess of the Irwin purchase price over the fair value of net assets acquired and considers future economic benefits that we expect to achieve as a result of the acquisition. The goodwill is included in the Americas and EMEA segments and is not deductible for income tax purposes.

6. GOODWILL

Changes in the carrying value of goodwill by segment for the years ended August 31, 2026 and 2025 are as follows:

(in thousands)			Americas			EMEA			Asia Pacific			Total
Balance at August 31, 2024			$	704,454		$	304,442		$	2,233		$	1,011,129
Acquisitions			219,107			32,680			9,034			260,821
Divestiture			(269)			(1,291)			(43)			(1,603)
Foreign currency translations			2,460			8,605			3,296			14,361
Balance at August 31, 2025			$	925,752		$	344,436		$	14,520		$	1,284,708
Foreign currency translations			(769)			(741)			(173)			(1,683)
Balance at August 31, 2026			$	924,983		$	343,695		$	14,347		$	1,283,025

We performed our annual goodwill impairment test during the fourth quarter of fiscal 2026 and 2025. During fiscal 2026 and 2025, we utilized a qualitative analysis and concluded there was no impairment as it was more likely than not that the fair value of each of our reporting units was not less than its respective carrying value.

7. INTANGIBLE ASSETS

We amortize intangible assets on a straight-line basis over their estimated useful lives. The following table presents the estimated useful life, gross carrying amount and accumulated amortization related to our identifiable intangible assets as of August 31, 2026 and August 31, 2025:

						August 31, 2026												August 31, 2025
(in thousands, except useful life)			Estimated Useful Life (years)			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount						Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
ABA business process			36			$	1,583,000		$	197,875		$	1,385,125					$	1,583,000		$	153,903		$	1,429,097
Client relationships			11 to 26			279,824			106,719			173,105						280,065			94,365			185,700
Developed technology			3 to 5			347,389			204,482			142,907						260,154			127,669			132,485
Software technology			3 to 12			254,544			148,319			106,225						253,899			131,731			122,168
Data content			7 to 20			87,323			49,317			38,006						86,416			44,490			41,926
Trade names			5 to 10			4,908			826			4,082						4,919			326			4,593
Non-compete agreements			4			290			230			60						290			157			133
Total						$	2,557,278		$	707,768		$	1,849,510					$	2,468,743		$	552,641		$	1,916,102

The weighted average useful life of our intangible assets as of August 31, 2026 was 30.5 years. We did not identify a material change to the estimated remaining useful lives of our intangible assets during fiscal 2026 and 2025. Our intangible assets have no assigned residual values.

The following table presents the amortization expense for our intangible assets which is included in Cost of services in our Consolidated Statements of Income:

			Years ended August 31,
(in thousands)			2026			2025			2024
Amortization expense			$	155,335		$	133,573		$	104,950

As of August 31, 2026, estimated intangible asset amortization expense for each of the next five years and thereafter is as follows:

(in thousands)			Estimated Amortization Expense
Fiscal Years Ended August 31,
2027			$	141,291
2028			117,430
2029			91,678
2030			76,333
2031			72,119
Thereafter			1,350,659
Total			$	1,849,510

8. INCOME TAXES

We are subject to taxation in the U.S. and various state, local and foreign jurisdictions in which we conduct our business. Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement carrying amounts and the tax basis of our assets and liabilities using currently enacted tax rates.

Provision for Income Taxes and Effective Tax Rate

The components of Income before income taxes were as follows:

(in thousands)			Years ended August 31,
2026			2025			2024
U.S. operations			$	400,450		$	479,288		$	416,093
Non-U.S. operations			249,266			241,670			235,410
Income before income taxes			$	649,716		$	720,958		$	651,503

The components of the provision for income taxes consist of the following:

(in thousands)			Years ended August 31,
2026			2025			2024
Current
U.S. federal			$	38,586		$	16,255		$	46,903
U.S. state and local			29,729			27,594			40,926
Non-U.S.			62,204			83,614			58,568
Total current taxes			$	130,519		$	127,463		$	146,397
Deferred
U.S. federal			$	(16,056)		$	(1,132)		$	(26,962)
U.S. state and local			457			2,875			(5,648)
Non-U.S.			1,315			(5,288)			590
Total deferred taxes			$	(14,284)		$	(3,545)		$	(32,020)
Total provision for income taxes
U.S. federal			$	22,530		$	15,123		$	19,941
U.S. state and local			30,186			30,469			35,278
Non-U.S.			63,519			78,326			59,158
Provision for income taxes			$	116,235		$	123,918		$	114,377

Our effective tax rate will vary based on, among other factors, changes in levels of foreign income, as well as other non-recurring events.

We elected to adopt ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, on a prospective basis. Refer to Note 2, Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements, for further information. For the year ended August 31, 2026, after the adoption of ASU 2023-09, the following table presents a reconciliation between the U.S. corporate income tax rate and our effective tax rate:

(expressed as a percentage of income before income taxes)									Year ended August 31, 2026
Tax at U.S. federal statutory tax rate									$	136,440		21.0		%
Increase (decrease) in taxes resulting from:
State and local taxes, net of U.S. federal income tax benefit(1)									24,351			3.7		%
Foreign tax effects
United Kingdom ("UK")
Statutory tax differences between the UK and the U.S.									8,447			1.3		%
Other									453			0.1		%
Other foreign jurisdictions									3,169			0.5		%
Effect of cross-border tax laws
Foreign derived intangible income									(17,167)			(2.6)		%
Other									2,711			0.4		%
Tax credits
Research & development ("R&D") tax credit									(18,500)			(2.8)		%
Foreign tax credit									(26,553)			(4.1)		%
Other									(1,120)			(0.2)		%
Changes in valuation allowances									51			—		%
Nontaxable or nondeductible items									9,233			1.4		%
Changes in unrecognized tax benefits									(8,933)			(1.4)		%
Other									3,653			0.6		%
Provision for income taxes and effective tax rate									$	116,235		17.9		%

(1) New York and New York City make up the majority (greater than 50%) of the tax effect in this category.

Prior to the adoption of ASU 2023-09, the following table presents a reconciliation between the U.S. corporate income tax rate and our effective tax rate:

									Years ended August 31,
(expressed as a percentage of income before income taxes)									2025						2024
Tax at U.S. Federal statutory tax rate									21.0		%				21.0		%
Increase (decrease) in taxes resulting from:
State and local taxes, net of U.S. federal income tax benefit									3.1						2.2
Foreign income at other than U.S. rates									1.7						1.5
Foreign derived intangible income ("FDII") tax deduction									(2.0)						(2.3)
Income tax benefits from R&D tax credits									(3.1)						(2.8)
Stock-based payments									(1.4)						(2.1)
U.S. impact of foreign income									(3.1)						(2.5)
Uncertain tax positions									1.4						2.3
Other, net									(0.4)						0.3
Effective tax rate									17.2		%				17.6		%

Deferred Tax Assets and Liabilities

We recognize deferred income taxes to reflect the temporary differences between the financial statement carrying amounts of assets and liabilities and their corresponding tax basis. The tax effects of these differences are as follows:

(in thousands)			As of August 31,
2026			2025
Deferred tax assets:
Lease liabilities			$	34,170		$	35,352
Stock-based compensation			44,355			36,675
Capitalization of R&D costs			188,556			143,829
NOL carryforward(1)			27,602			7,930
Foreign tax credit carryforward(1)			22,543			8,251
Other(1)			26,189			23,612
Total deferred tax assets			$	343,415		$	255,649
Deferred tax liabilities:
Depreciation on PPE			$	(43,968)		$	(41,432)
Purchased intangible assets, including acquired technology			(165,952)			(141,566)
Lease ROU assets			(19,686)			(18,184)
Investment in subsidiary			(16,734)			—
Section 481(a) adjustment			(19,321)			—
Other			(8,038)			(5,393)
Total deferred tax liabilities			$	(273,699)		$	(206,575)
Deferred tax assets (liabilities), net			$	69,716		$	49,074
Valuation allowance			(6,445)			(2,750)
Total deferred tax assets (liabilities), net			$	63,271		$	46,324

(1) Net operating loss carryforward and Foreign tax credit carryforward were presented separately from Other as part of the deferred tax assets in fiscal 2026. Comparative figures for fiscal 2025 have been conformed.

Total deferred tax assets and liabilities recorded within the Consolidated Balance Sheets were as follows:

(in thousands)			As of August 31,
2026			2025
Deferred tax assets			$	74,550		$	61,226
Deferred tax liabilities			(11,279)			(14,902)
Total deferred tax assets (liabilities), net			$	63,271		$	46,324

As of August 31, 2026, our pre-tax foreign, federal and state NOLs were approximately $97.9 million, $15.4 million and $9.9 million, respectively. These carryforwards may be used to offset future taxable income. Our foreign NOLs begin to expire on August 31, 2034. Our federal NOLs have various expiration dates, beginning August 31, 2037, with some federal NOLs having an unlimited carryforward. Our state NOLs have various expiration dates, beginning August 31, 2029. Utilization of the NOLs may be subject to an annual limitation due to the ownership limitations provided by the Internal Revenue Code of 1986, as amended (the "Code"), and similar state provisions. Any annual limitation may result in the expiration of NOLs before utilization.

As of August 31, 2026, our foreign tax credit carryforwards were $22.5 million, with various expiration dates beginning August 31, 2030.

We record valuation allowances against deferred income tax assets when we determine that it is more likely than not that such deferred income tax assets will not be realized based upon all the available evidence. The Company had valuation allowances of $6.4 million and $2.8 million at August 31, 2026 and 2025, respectively, related to foreign net operating losses and foreign tax credit carryforwards.

Unrecognized Tax Benefits

The determination of liabilities related to uncertain tax positions, and associated interest and penalties, requires significant estimates and assumptions; as such, there can be no assurance that we will accurately predict the outcomes of these audits. We have no reason to believe that such audits will result in the payment of additional taxes and/or penalties that would have a material adverse effect on our results of operations or financial position, beyond current estimates.

The following table summarizes the changes in the balance of gross unrecognized tax benefits:

(in thousands)
Unrecognized tax benefits as of August 31, 2023			$	21,053
Additions based on tax positions related to the current year			6,068
Additions for tax positions related to prior years			11,726
Release for tax positions of prior years			(3,557)
Unrecognized tax benefits as of August 31, 2024			$	35,290
Additions based on tax positions related to the current year			5,344
Additions for tax positions related to prior years			2,368
Release for tax positions of prior years			(3,568)
Unrecognized tax benefits as of August 31, 2025			$	39,434
Additions based on tax positions related to the current year			3,318
Additions for tax positions related to prior years			176
Release for tax positions of prior years			(21,675)
Unrecognized tax benefits as of August 31, 2026			$	21,253

We recognize accrued interest related to unrecognized tax benefits in our Provision for income taxes in the Consolidated Statements of Income. Our accrued interest related to unrecognized tax benefits was $4.2 million, $5.7 million and $3.9 million as of August 31, 2026, 2025 and 2024, respectively. As of fiscal 2026, 2025 and 2024, there were $23.2 million, $38.5 million and $29.1 million of unrecognized tax benefits that, if recognized, would affect the annual effective tax rate.

After the adoption of ASU 2023-09, the following table summarizes our cash paid for income taxes, net of refunds, for the year ended August 31, 2026:

(in thousands)			As of August 31, 2026
U.S. federal			$	20,816
U.S. state and local:
New York City			$	10,397
All other U.S. state and local			21,283
Total U.S. state and local			$	31,680
Non-U.S.:
United Kingdom			$	56,399
All other Non-U.S.			13,836
Total Non-U.S.			$	70,235
Total cash paid for income taxes, net of refunds			$	122,731

Cash paid for income taxes, net of refunds, during the years ended August 31, 2025 and 2024 was $103.2 million and $157.0 million, respectively.

In the normal course of business, our tax filings are subject to audit by federal, state and foreign tax authorities. As of August 31, 2026, we remained subject to examination in the following significant tax jurisdictions for the fiscal years as indicated below:

Significant Tax Jurisdiction			Open Tax Fiscal Years
U.S.
Federal			2023			through			2025
State (various)			2019			through			2025
Non-U.S.
United Kingdom			2021			through			2025
India			2023			through			2025

Undistributed Foreign Earnings

We consider a portion of the unremitted earnings of our foreign subsidiaries and outside basis differences not related to those earnings to be permanently reinvested, where applicable. These unremitted earnings and outside basis differences could give rise to tax liabilities if ever remitted or if a foreign subsidiary was sold. As of August 31, 2026, it is not practicable to determine the deferred tax liability associated with such earnings or basis differences. In addition, we have not provided for deferred taxes on any outside basis differences of our domestic subsidiaries as we have the ability and intent to recover these basis differences in a tax-free manner.

Base Erosion and Profit Shifting Pillar Two

The Organization for Economic Co-operation and Development released Base Erosion and Profit Shifting Pillar Two rules (“Pillar Two”) to introduce a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds. Although the U.S. has not yet enacted legislation to adopt Pillar Two, certain countries in which we operate have already adopted, or are in the process of adopting, legislation to implement Pillar Two. We have determined that Pillar Two would not have a material impact on our Consolidated Financial Statements, related disclosures, or effective tax rate. As the Pillar Two rules continue to evolve, their application may alter our tax obligations in certain countries in which we operate. We will continue to monitor developments and assess the potential impact of this tax legislation as further guidance becomes available.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was signed into law. The legislation includes a broad range of tax reform provisions affecting businesses including, but not limited to, 100% bonus depreciation, expensing of U.S.-based R&D costs, and changes to the U.S. taxation of profits derived from international operations. The legislation has multiple effective dates, with certain provisions effective in fiscal year 2025 and others implemented through fiscal year 2027. The Act did not have a material impact on the Company results of operations and financial position as of and for the fiscal year ended August 31, 2026.

9. LEASES

Our operating lease arrangements relate to our office space and data centers. We review new arrangements at inception to evaluate whether we obtain substantially all the economic benefits of and have the right to control the use of an asset. Our lease ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments at lease commencement or modification date (which includes fixed lease payments and certain qualifying index-based variable payments) over the reasonably certain lease term, leveraging an estimated IBR. The initial carrying value of our lease ROU assets may also be adjusted due to prepayments, lease incentives received and initial direct costs incurred. We account for lease and non-lease components as a single lease component, which we recognize over the expected lease term on a straight-line expense basis in occupancy costs (a component of SG&A expense) in our Consolidated Statements of Income.

As of August 31, 2026, we recognized $113.3 million of Lease ROU assets, net and $172.4 million of combined Current lease liabilities and Long-term lease liabilities in the Consolidated Balance Sheets. Our leases have remaining lease terms ranging from less than one year to just under 10 years. Our lease agreements may include options to extend or terminate the lease, which would be included in the measurement of our lease term if it is reasonably certain that we will exercise the option.

The following table presents our future minimum lease payments and a reconciliation to the combined Current lease liabilities and Long-term lease liabilities in the Consolidated Balance Sheets as of August 31, 2026:

(in thousands)			Minimum Lease Payments
Fiscal Years Ended August 31,
2027			$	41,602
2028			37,538
2029			32,133
2030			27,116
2031			21,013
Thereafter			39,091
Total minimum lease payments			$	198,493
Less: Imputed interest			26,101
Total lease liabilities			$	172,392

The following table includes components of our occupancy costs:

			Years ended August 31,
(in thousands)			2026			2025			2024
Operating lease costs(1)			$	32,268		$	30,982		$	30,407
Variable lease costs(2)			$	17,749		$	18,110		$	17,280

(1) Operating lease costs include costs associated with fixed lease payments and index-based variable payments that qualified for lease accounting under ASC 842, Leases and complied with the practical expedients and exceptions we elected.

(2) Variable lease costs include costs that are not fixed and are not dependent on an index or rate. These costs were not included in the measurement of lease liabilities and primarily include variable non-lease costs, such as utilities, real estate taxes, insurance and maintenance, as well as lease costs for those leases that qualified for the short-term lease exception.

The following table summarizes our weighted average remaining lease term and weighted average discount rate related to our operating leases recorded on the Consolidated Balance Sheets:

			As of August 31,
			2026			2025
Weighted average remaining lease term (in years)			6.1			6.1
Weighted average discount rate (IBR)			4.8		%	4.7		%

The following table summarizes supplemental cash flow information related to our operating leases:

			Years ended August 31,
(in thousands)			2026			2025			2024
Cash paid for amounts included in the measurement of lease liabilities			$	40,176		$	40,613		$	39,386
Lease ROU assets obtained in exchange for lease liabilities(1)			$	23,875		$	7,439		$	10,268
Reductions to ROU assets resulting from reductions to lease liabilities(2)			$	—		$	(5,529)		$	(281)

(1) Primarily includes new lease arrangements entered into during the respective period and contract modifications that extend our lease terms and/or provide additional rights.

(2) Primarily relates to lease term reassessments based on contractual options to early terminate, resulting in a reduction to the lease liability and the corresponding lease ROU asset.

10. DEBT

We have not elected the fair value option and report our debt at amortized cost. Our debt obligations as of August 31, 2026 and August 31, 2025 consisted of the following:

(in thousands)			Issuance Date			Contractual Maturity Date			August 31, 2026			August 31, 2025
Current debt
2027 Notes			3/1/2022			3/1/2027			$	500,000		$	—
Total unamortized discounts and debt issuance costs on Current debt(2)									(564)			—
Total Current debt									$	499,436		$	—
Long-term debt
2025 Term Facility(1)			4/8/2025			8/28/2029			$	375,000		$	375,000
2027 Notes			3/1/2022			3/1/2027			—			500,000
2032 Notes			3/1/2022			3/1/2032			500,000			500,000
Unamortized discounts and debt issuance costs(2)									(4,414)			(6,740)
Total Long-term debt									$	870,586		$	1,368,260
Total debt									$	1,370,022		$	1,368,260

(1) On August 28, 2026, we amended the 2025 Credit Agreement. Refer to 2025 Credit Agreement within this section below, for more information.

(2) Debt issuance costs are presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of the debt liability for the 2025 Term Facility, 2027 Notes and 2032 Notes. For the 2025 Revolving Facility, debt issuance costs are presented within Other assets, as such, they are excluded from the table above.

As of August 31, 2026, annual maturities on our debt obligations, based on contractual maturity dates, were as follows:

(in thousands)			Maturities
Fiscal Years Ended August 31,
2027			$	500,000
2028			—
2029			375,000
2030			—
2031			—
Thereafter			500,000
Total			$	1,375,000

2025 Credit Agreement

On April 8, 2025, we entered into a credit agreement (the "2025 Credit Agreement") under which we borrowed $500.0 million under a senior unsecured term loan credit facility (the "2025 Term Facility") and obtained a $1.0 billion senior unsecured revolving credit facility (the "2025 Revolving Facility"). The 2025 Revolving Facility, together with the 2025 Term Facility, are referred to as the "2025 Credit Facilities". The 2025 Credit Facilities contain incremental provisions that permit us to seek additional commitments of up to $1.0 billion under the 2025 Credit Facilities from lenders or other financial institutions. The 2025 Revolving Facility also provides for up to $100.0 million in the form of letters of credit and up to $100.0 million in the form of swingline loans. We used the proceeds from the 2025 Term Facility borrowing to repay the outstanding balance under the 2022 Revolving Facility (as defined below).

On August 28, 2026, we entered into Amendment No. 1 (the “Amendment Agreement”) to the 2025 Credit Agreement, which primarily (a) extended the maturity date of the 2025 Term Facility from April 8, 2028 to August 28, 2029, (b) extended the maturity date of the 2025 Revolving Facility from April 8, 2030 to August 28, 2031 and increased the revolving commitments by $500.0 million to a total of $1.5 billion without reducing the capacity under the incremental facilities provisions described

above, (c) removed the scheduled quarterly principal payment obligations with respect to the 2025 Term Facility and (d) removed the credit spread adjustment of 0.1% for borrowings under the 2025 Credit Facilities.

Prior to the Amendment Agreement, the 2025 Term Facility was subject to scheduled quarterly principal payment obligations, commencing on August 31, 2025, with each quarterly principal payment equal to 1.25% of the original principal amount of the 2025 Term Facility. We satisfied all scheduled quarterly principal payments through the date of the Amendment Agreement.

The 2025 Credit Facilities are not otherwise subject to any mandatory repayments. We may voluntarily prepay loans under the 2025 Credit Facilities at any time without premium or penalty.

As of August 31, 2026, our outstanding debt under the 2025 Term Facility was $375.0 million and we had no outstanding borrowings under the 2025 Revolving Facility. Subsequent to August 31, 2026, we borrowed $90.0 million under the 2025 Revolving Facility.

From the initial borrowing date of April 8, 2025 through the Amendment Agreement, the outstanding borrowings under the 2025 Credit Facilities bore interest at a rate equal to the applicable one-month Term Secured Overnight Financing Rate ("SOFR") plus a 0.975% spread (comprised of a 0.875% interest rate margin, based on a pricing grid determined by reference to our senior unsecured non-credit enhanced long-term debt rating and our total leverage ratio, plus a 0.1% credit spread adjustment). Following the Amendment Agreement and from August 28, 2026 through August 31, 2026, outstanding borrowings under the Credit Facilities bore interest at a rate equal to the applicable one-month Term SOFR plus a 0.875% interest rate margin, based on a pricing grid determined by reference to our senior unsecured non-credit enhanced long-term debt rating and our total leverage ratio. Interest on the 2025 Credit Facilities is currently payable on the last business day of each month, in arrears.

We continue to pay a commitment fee on the daily unused amount of the 2025 Revolving Facility using a pricing grid based on our senior unsecured non-credit enhanced long-term debt rating and our total leverage ratio. The commitment fee remained consistent at 0.1% from April 8, 2025 through August 31, 2026.

The 2025 Credit Agreement contains usual and customary event of default provisions for facilities of this type, which are subject to usual and customary grace periods and materiality thresholds. If an event of default occurs under the 2025 Credit Agreement, the lenders may, among other things, terminate their commitments and declare all outstanding borrowings immediately due and payable.

The 2025 Credit Agreement contains usual and customary affirmative and negative covenants for facilities of this type, including a financial covenant requiring maintenance of a total leverage ratio of no greater than 3.75 to 1.00 as of the last day of each fiscal quarter (subject to an increase to 4.25 to 1.00 for five consecutive fiscal quarters in connection with certain material acquisitions). We were in compliance with all covenants and requirements of the 2025 Credit Agreement as of August 31, 2026.

2022 Credit Agreement

On March 1, 2022, we entered into a credit agreement (the "2022 Credit Agreement") and borrowed $1.0 billion under a senior unsecured term loan credit facility (the "2022 Term Facility") and $250.0 million of the available $500.0 million under a senior unsecured revolving credit facility (the "2022 Revolving Facility"). The 2022 Revolving Facility, together with the 2022 Term Facility, are referred to as the "2022 Credit Facilities". On January 31, 2025, we entered into a joinder agreement to our 2022 Credit Agreement pursuant to which commitments under the 2022 Revolving Facility were increased by $100.0 million, to a total of $600.0 million. All other terms of the 2022 Credit Agreement remained unchanged.

Borrowings previously outstanding under the 2022 Credit Facilities bore interest at a rate equal to the applicable one-month Term SOFR plus a spread using a debt leverage pricing grid and a credit spread adjustment (with total spread ranging from 0.975% to 1.1% over the term of the debt). The 2022 Credit Agreement was terminated on April 8, 2025, concurrent with entering into the 2025 Credit Agreement.

Senior Notes

On March 1, 2022, we completed a public offering issuing $500.0 million of 2.900% Senior Notes due March 1, 2027 (the "2027 Notes") and $500.0 million of 3.450% Senior Notes due March 1, 2032 (the "2032 Notes" and, together with the 2027 Notes, the "Senior Notes"). The Senior Notes were issued pursuant to an indenture, dated as of March 1, 2022, by and between

us and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"), as supplemented by the supplemental indenture, dated as of March 1, 2022, between us and the Trustee (the "Supplemental Indenture").

Interest on the Senior Notes is payable semiannually in arrears on March 1 and September 1 of each year.

We may redeem the Senior Notes, in whole or in part, at any time at specified redemption prices, plus any accrued and unpaid interest. Upon the occurrence of a change of control triggering event (as defined in the Supplemental Indenture), we must offer to repurchase the Senior Notes at 101% of their principal amount, plus any accrued and unpaid interest.

Interest Rate Swap Agreements

We may leverage interest rate swap agreements to manage our floating interest rate exposure with a fixed interest rate. Our interest rate swap agreements are designated as cash flow hedges at inception.

2025 Swap Agreement

On April 24, 2025, we entered into an interest rate swap agreement ("2025 Swap Agreement") with a notional amount of $200.0 million to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 4.086%. The notional amount of the 2025 Swap Agreement declined by $50.0 million on a quarterly basis beginning May 31, 2025. The 2025 Swap Agreement matured on February 28, 2026.

2024 Swap Agreement

On March 1, 2024, we entered into an interest rate swap agreement ("2024 Swap Agreement") with a notional amount of $200.0 million to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 5.145%. The notional amount of the 2024 Swap Agreement declined by $50.0 million on a quarterly basis beginning May 31, 2024. The 2024 Swap Agreement matured on February 28, 2025.

2022 Swap Agreement

On March 1, 2022, we entered into an interest rate swap agreement ("2022 Swap Agreement") with a notional amount of $800.0 million to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 1.162%. The notional amount of the 2022 Swap Agreement declined by $100.0 million on a quarterly basis beginning May 31, 2022. The 2022 Swap Agreement matured on February 28, 2024.

Refer to Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk, in this Annual Report on Form 10-K, for further discussion of our exposure to interest rate risk on our outstanding floating rate debt.

Interest Expense

The following table presents the interest expense on our outstanding debt which is a component of Interest expense in our Consolidated Statements of Income.

			Years Ended August 31,
(in thousands)			2026			2025			2024
Interest expense on outstanding debt			$	54,444		$	57,749		$	65,412

Interest expense on our outstanding debt includes the related amortization of debt issuance costs and debt discounts, net of the effects related to any outstanding interest rate swaps. The debt issuance costs for the 2025 Term Facility and 2025 Revolving Facility are amortized to Interest expense in the Consolidated Statements of Income on a straight-line basis over the contractual term of the debt (which approximates the effective interest method for the 2025 Term Facility). The debt discounts and debt issuance costs for the Senior Notes are amortized to Interest expense in the Consolidated Statements of Income over the contractual term of the debt, leveraging the effective interest method.

11. COMMITMENTS AND CONTINGENCIES

Commitments represent obligations, such as those for future purchases of goods or services that are not yet recorded on the balance sheet as liabilities. We record liabilities for commitments when incurred (i.e., when the goods or services are received).

Except for income tax contingencies, we accrue for contingencies when we believe that a loss is probable and the amount can be reasonably estimated. Judgment is required to determine both the probability and the estimated amount of loss. If the reasonable estimate of a probable loss is a range, we record an accrual for the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. We review these accruals on a quarterly basis and adjust, as necessary, to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other current information. Contingent gains are recognized only when realized.

Income tax contingencies related to uncertain tax positions are accounted for in accordance with applicable accounting guidance. Refer to Note 2, Summary of Significant Accounting Policies - Income Taxes for further details.

Purchase Commitments with Suppliers and Vendors

Purchase obligations represent our legally-binding agreements to purchase fixed or minimum quantities at determinable prices. We had total purchase obligations with suppliers and vendors of approximately $360 million and $352 million, as of August 31, 2026 and 2025, respectively. Our total purchase obligations as of August 31, 2026 primarily relate to the acquisition of data, hosting services, and, to a lesser extent, third-party software providers.

We also have contractual obligations related to our lease liabilities and outstanding debt, refer to Note 9, Leases and Note 10, Debt, respectively, for more information.

Letters of Credit

From time to time, we are required to obtain letters of credit in the ordinary course of business. In addition, the 2025 Revolving Facility allows for the availability of up to $100.0 million in the form of letters of credit. We have not obtained any letters of credit under the 2025 Revolving Facility since its inception. No liabilities related to our outstanding letters of credit are reflected in the Consolidated Balance Sheets. Refer to Note 10, Debt, for information regarding the 2025 Revolving Facility.

Contingencies

Legal Matters

In the normal course of our business, we are engaged in various legal proceedings, claims, and litigation, and are from time to time subjected to government and regulatory proceedings, investigations, and inquiries. In view of the uncertainty inherent in such matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity restrictions (if any) may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our consolidated financial position, results of operations, cash flows, business or competitive position. Based on information available at August 31, 2026, management believes that the resolution of matters that are currently pending or asserted, individually or in the aggregate, will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. As litigation or the process to resolve pending matters progresses, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial position, results of operations, cash flows, business or competitive position.

Income Taxes

As a multinational company operating in many states and countries, we are routinely audited by various taxing authorities and have reserved for potential adjustments to our provision for income taxes that may result from examinations by, or any negotiated settlements with, these tax authorities. We believe that the final outcome of these examinations or settlements will not have a material effect on our consolidated financial position, results of operations or our cash flows. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities would result in the recognition of tax benefits in the period we determine the liabilities are no longer necessary. If our estimates of the federal, state and foreign income tax liabilities are less than the ultimate assessment, additional expense would result.

Sales Tax Matters

During August 2019 through February 2024, we received various assessment and audit notices from the Commonwealth of Massachusetts Department of Revenue (the "Commonwealth") with respect to sales taxes, interest and underpayment penalties relating to the tax periods from January 1, 2006 through December 31, 2023 ("Sales Tax Dispute"). We entered into an agreement with the Commonwealth on November 26, 2024 which fully resolved all matters relating to the Sales Tax Dispute.

During the first quarter of fiscal 2025 and the fourth quarter of fiscal 2024, we took charges of approximately $2.4 million and $54.0 million, respectively, related to this dispute and made corresponding payments of $56.4 million to the Commonwealth during the first quarter of fiscal 2025. In addition to reserves taken in prior fiscal years, this brought our total charge and cash payments with respect to this matter to approximately $66.2 million.

12. STOCKHOLDERS' EQUITY

The following table presents the shares of common stock repurchased under our share repurchase program and acquired from holders of our stock-based awards upon vesting to satisfy tax withholding requirements:

Share Repurchases

(in thousands, except share data)			Years Ended August 31,
2026									2025									2024
			Shares			Amount						Shares			Amount						Shares			Amount
Repurchases of common stock under the share repurchase program(1)			2,608,284			$	643,961					684,960			$	300,457					537,800			$	235,235
Repurchases of common stock to satisfy tax withholding requirements due upon vesting of stock-based awards			26,347			$	6,936					35,791			$	16,242					37,589			$	16,659

(1) In addition, we are subject to a 1% excise tax on corporate stock repurchases required under the Inflation Reduction Act of 2022 of $6.1 million, $3.0 million and $1.7 million for fiscal 2026, 2025 and 2024, respectively.

We may repurchase shares of our common stock under our share repurchase program from time-to-time in the open market or via privately negotiated transactions, subject to market conditions. There is no defined number of shares to be repurchased over a specified timeframe through the life of our share repurchase program.

On June 17, 2025, our Board of Directors authorized up to $400 million for share repurchases on or after September 1, 2025. On December 16, 2025, our Board of Directors approved an additional $600 million in share repurchase authority, which was available immediately with no expiration date. The additional authorization also removed the expiration date from the June 17, 2025 authorization. As of August 31, 2026, $356.0 million remained available under our share repurchase program.

In addition to our share repurchase program, we also acquire shares of our common stock from holders of our stock-based awards to satisfy withholding tax requirements due at vesting. Shares acquired from these holders do not reduce the amount authorized for repurchase under the share repurchase program.

Refer to Part II, Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, of this Annual Report on Form 10-K for further discussion on our share repurchase program.

Equity-based Awards

Refer to Note 14, Stock-Based Compensation, for more information on equity awards issued during fiscal 2024 through fiscal 2026.

Dividends

Our Board of Directors approved the following dividends:

Year Ended						Dividends per Share of Common Stock						Record Date						Total Amount (in thousands)						Payment Date
Fiscal 2026
First Quarter						$	1.10					November 28, 2025						$	40,969					December 18, 2025
Second Quarter						$	1.10					February 27, 2026						40,305						March 19, 2026
Third Quarter						$	1.16					May 29, 2026						41,500						June 18, 2026
Fourth Quarter						$	1.16					August 31, 2026						40,901						September 17, 2026
Total Dividends																		$	163,675
Fiscal 2025
First Quarter						$	1.04					November 29, 2024						$	39,572					December 19, 2024
Second Quarter						$	1.04					February 28, 2025						39,511						March 20, 2025
Third Quarter						$	1.10					May 30, 2025						41,644						June 18, 2025
Fourth Quarter						$	1.10					August 29, 2025						41,410						September 18, 2025
Total Dividends																		$	162,137
Fiscal 2024
First Quarter						$	0.98					November 30, 2023						$	37,299					December 21, 2023
Second Quarter						$	0.98					February 29, 2024						37,360						March 21, 2024
Third Quarter						$	1.04					May 31, 2024						39,589						June 20, 2024
Fourth Quarter						$	1.04					August 30, 2024						39,470						September 19, 2024
Total Dividends																		$	153,718

In the third quarter of fiscal 2026, our Board of Directors approved a 5% increase in the regular quarterly dividend from $1.10 to $1.16 per share. Future cash dividend payments are subject to final determination by our Board of Directors and will depend on our earnings, capital requirements, financial condition and other relevant factors.

Accumulated Other Comprehensive Loss

The components of AOCL as of August 31, 2026 and August 31, 2025 were as follows:

(in thousands)			August 31, 2026						August 31, 2025
Accumulated unrealized gains (losses) on cash flow hedges, net of tax			$	(858)					$	2,143
Accumulated post-employment benefit obligations, net of tax			(5,748)						—
Accumulated foreign currency translation adjustments			(71,849)						(65,891)
Total AOCL			$	(78,455)					$	(63,748)

13. EARNINGS PER SHARE

Basic earnings per common share ("Basic EPS") is computed by dividing net income by the number of weighted average common shares outstanding during the fiscal year. Diluted earnings per common share ("Diluted EPS") is calculated by using the treasury stock method which assumes the issuance of common stock for all potentially dilutive stock-based awards.

The following is a reconciliation of our Basic and Diluted EPS computations:

			Years Ended August 31,
(in thousands, except per share data)			2026			2025			2024
Numerator
Net income used for calculating Basic EPS and Diluted EPS			$	533,481		$	597,040		$	537,126
Denominator
Weighted average common shares used in the calculation of Basic EPS			36,467			37,924			38,059
Common stock equivalents associated with stock-based compensation plans			145			461			559
Shares used in the calculation of Diluted EPS			36,612			38,385			38,618
Basic EPS			$	14.63		$	15.74		$	14.11
Diluted EPS			$	14.57		$	15.55		$	13.91

The following table presents the potential common shares that were excluded from Diluted EPS as they relate to stock-based awards that were antidilutive or subject to performance conditions which have not been satisfied by the end of each fiscal year:

						Years Ended August 31,
(in thousands)						2026			2025			2024
Stock options						1,599			791			381
Restricted Stock Awards						256			87			88

14. STOCK-BASED COMPENSATION

Our stockholders approved the FactSet Research Systems Inc. 2025 Omnibus Incentive Plan (the "Omnibus Plan") on December 18, 2025. The Omnibus Plan replaced both the FactSet Research Systems Inc. Stock Option and Award Plan, as Amended and Restated and the FactSet Research Systems Inc. Non-Employee Directors’ Stock Option and Award Plan, as Amended and Restated.

On September 1, 2025, the FactSet Research Systems Inc. 2025 Employee Stock Purchase Plan replaced the FactSet Research Systems Inc. 2008 Employee Stock Purchase Plan, as Amended and Restated.

Our stock-based compensation expense consists of: (i) stock options, (ii) PSOs issued to our CEO, (iii) RSUs, (iv) PSUs, and (v) common stock purchased by eligible employees under our ESPP.

Stock-based Compensation Expense

The following table presents the stock-based compensation expense for the fiscal years presented:

						Years Ended August 31,
(in thousands)						2026			2025			2024
Stock-based compensation expense						$	84,099		$	61,229		$	63,501

There were no stock-based compensation costs capitalized during fiscal 2024 through fiscal 2026. As of August 31, 2026, $147.2 million of total unrecognized stock-based compensation expense related to non-vested stock-based awards is expected to be recognized over the remaining weighted average vesting period of 2.6 years.

Stock Option Awards

A summary of stock option activity for employee and non-employee directors is as follows:

			Number Outstanding (thousands)			Weighted Average Exercise Price Per Share						Aggregate Intrinsic Value (millions)(1)			Weighted Average Remaining Contractual Life (years)
Outstanding as of August 31, 2025			1,685			$	347.50
Granted – employees			233			$	261.59
Granted – CEO PSOs(2)			298			$	295.63
Granted – non-employee directors(3)			12			$	289.68
Exercised(4)			(123)			$	185.34
Forfeited			(190)			$	333.71
Outstanding as of August 31, 2026(5)			1,915			$	340.43					$	51.0		5.8
Options vested and exercisable as of August 31, 2026			1,007			$	332.25					$	34.2		3.9
Options expected to vest as of August 31, 2026			805			$	352.83					$	14.4		7.9

(1)The aggregate intrinsic value represents the difference between our closing stock price as of August 31, 2026 of $313.55 and the exercise price, multiplied by the number of options exercisable as of that date.

(2)Reflects a one-time grant of PSOs to our CEO. Refer to CEO Performance Stock Option Awards within this section below, for more information.

(3)The non-employee directors weighted average grant date fair value of stock options granted during fiscal 2026, 2025 and 2024 was $69.88, $144.90 and $132.78, respectively.

(4)The total pre-tax intrinsic value of stock options exercised during fiscal 2026, 2025 and 2024 was $9.2 million, $66.5 million and $89.5 million, respectively.

(5)As of August 31, 2026, 908,564 of our total outstanding stock options were unvested, resulting in unamortized stock-based compensation expense of $52.5 million that is expected to be recognized over the remaining weighted average vesting period of 2.4 years.

During fiscal 2026, 2025 and 2024, the total fair value of stock options vested was $25.1 million, $23.2 million and $20.5 million, respectively.

Employee Stock Option Awards

Our annual grant of employee stock options during the first quarter of each fiscal year makes up the majority of our employee stock options granted in each fiscal year. The following table presents the weighted average inputs used in the lattice model to estimate the grant-date fair value of the employee stock options granted:

			2026			2025			2024
Stock options granted(1)			232,567			203,114			243,379
Risk-free interest rate			3.61% - 4.48%			4.31% - 4.87%			3.78% - 5.53%
Expected life (years)			6.4			6.6			6.6
Expected volatility			27% - 31%			23% - 25%			19% - 25%
Dividend yield			1.38		%	0.95		%	0.90		%
Weighted Average Grant Date Fair Value			$75.40			$133.21			$132.59

(1) Includes the annual employee grant on November 3, 2025, November 1, 2024 and November 1, 2023 of 213,811, 200,693 and 242,371 stock options, respectively. The majority of the stock options granted during fiscal 2026, including the annual employee grant, vest 25% annually on the anniversary date of the grant and are fully vested after four years, expiring ten years from the date of grant. The majority of the stock options granted during fiscal 2025 and 2024, including the annual employee grants, vest 20% annually on the anniversary date of the grant and are fully vested after five years, expiring ten years from the date of grant.

CEO Performance Stock Option Awards

On September 22, 2025, we granted PSOs to our CEO, as part of his May 28, 2025 employment agreement. The PSOs vest if, during the performance period ending on the fifth anniversary of the grant date, our common stock achieves a 30-day trailing volume-weighted average price ("VWAP") equal to or greater than 150% of the 30-day trailing VWAP ending on the grant date. Options are not exercisable before the third anniversary of the grant date. These options expire 10 years from the grant date. We used the Monte Carlo model to estimate the grant date fair value of the September 22, 2025 CEO PSO grant. The following table presents the grant information and model assumptions:

						CEO PSO Grant
Employee Grant Details						September 22, 2025
Stock options granted						297,902
Grant Date Fair Value						$73.85
Assumptions
Risk-free interest rate						4.08		%
Expected volatility						24.72		%
Dividend yield						0.90		%
Expected life (years)						5.00

Restricted Stock Awards

A summary of Restricted Stock Award activity for employee and non-employee directors is as follows:

(in thousands, except per award data)			Number Outstanding			Weighted Average Grant Date Fair Value Per Award
Balance at August 31, 2025			293			$	429.19
Granted – employee Restricted Stock Awards(1)(2)			326			$	257.12
Granted – non-employee directors RSUs(2)			5			$	285.16
Vested(3)			(72)			$	419.81
Forfeited			(43)			$	370.75
Outstanding as of August 31, 2026(4)			509			$	323.63

(1)During fiscal 2026, we granted 260,534 RSUs and 65,717 PSUs.

(2)The employee Restricted Stock Awards weighted average grant date fair value granted during fiscal 2026, 2025 and 2024 was $257.12, $444.30 and $423.57, respectively. The non-employee directors RSUs weighted average grant date fair value granted during fiscal 2026, 2025 and 2024 was $285.16, $449.72 and $458.23, respectively.

(3)During fiscal 2026, 2025 and 2024, the total fair value of RSUs vested was $24.8 million, $21.7 million and $17.7 million, respectively, and for PSUs vested was $5.8 million, $14.4 million and $13.6 million, respectively.

(4)As of August 31, 2026, 508,581 Restricted Stock Awards were unvested and outstanding, which resulted in unamortized stock-based compensation expense of $94.7 million that is expected to be recognized over the remaining weighted average vesting period of 2.6 years.

Employee Restricted Stock Awards

Our annual grant of employee Restricted Stock Awards during the first quarter of each fiscal year makes up the majority of our employee Restricted Stock Awards granted each fiscal year. These awards entitle the holders to shares of common stock as the Restricted Stock Awards vest. For unvested Restricted Stock Awards, holders are not entitled to dividends declared on the underlying shares. In accordance with the Omnibus Plan, Restricted Stock Awards granted or canceled/forfeited is equivalent to 2.5 shares deducted from or added back to, respectively, the aggregate number of stock-based awards available for grant.

The majority of the RSUs granted during fiscal 2026 vest 25% annually on the anniversary date of the grant and are fully vested after four years, while the majority of the RSUs granted in fiscal 2025 and 2024 vest 20% annually over five years. The majority of the PSUs granted cliff vest on the third anniversary of the grant date. The ultimate number of common shares that may be earned pursuant to our PSU awards depends on the level of our achievement of stated financial performance objectives. The achievement range was 0% to 200% for the November 3, 2025, November 1, 2024 and November 1, 2023 annual grants.

Stock-based Awards Available for Grant

On December 18, 2025, the Omnibus Plan authorized an additional 1.8 million shares available for grant. As of August 31, 2026, we had 4.2 million shares available for future awards to employees and non-employee directors.

15. EMPLOYEE BENEFIT PLANS

Defined Contribution Plan

Our 401(k) Plan is a defined contribution plan covering all full-time, U.S. employees of FactSet and is subject to the provisions of the Employee Retirement Income Security Act of 1974 and the Code. Each year, participants may contribute up to 60% of their eligible annual compensation, subject to annual limitations established by the Code. We match up to 4% of employees’ earnings, capped at the Internal Revenue Service annual maximum. Company matching contributions are subject to a five-year graduated vesting schedule. All full-time, U.S. employees are eligible for the matching contribution by FactSet. We contributed $16.1 million, $14.8 million and $14.2 million in matching contributions to employee 401(k) accounts during fiscal 2026, 2025 and 2024, respectively.

16. SEGMENT INFORMATION

Operating segments are defined as components of an enterprise that have the following characteristics: (i) they engage in business activities from which they may earn revenue and incur expense, (ii) their operating results are regularly reviewed by the chief operating decision maker ("CODM") for resource allocation decisions and performance assessment, and (iii) their discrete financial information is available. Our CEO functions as our CODM.

We have three operating segments: Americas, EMEA and Asia Pacific. This is how our CODM manages our business and the geographic markets in which we operate. These operating segments are consistent with our reportable segments. Our CODM uses segment operating income to assess performance and allocate resources to each segment. The CODM compares the actual results of each segment with one another, as well as, to prior periods.

The Americas segment primarily sells to clients throughout North, Central, and South America. The EMEA segment primarily sells to clients in Europe, the Middle East, and Africa. The Asia Pacific segment primarily sells to clients in Asia and Australasia. Segment revenues reflect sales to our clients based on the geographic region where the sale originated.

While each segment records expenses related to its individual operations, the majority of our data centers, third-party data costs and corporate headquarters charges are recorded by the Americas segment and are not allocated to the other segments. The expenses incurred at our global centers of excellence ("COEs"), primarily located in India and the Philippines, are allocated to each segment based on their respective percentage of revenues as this reflects the benefits provided to each segment.

Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance.

The following tables reflect the results of operations of our segments:

(in thousands)
Year Ended August 31, 2026			Americas			EMEA			Asia Pacific			Total
Revenues			$	1,617,438		$	605,339		$	253,479		$	2,476,256
Operating expenses(1)			1,357,872			346,936			71,491			1,776,299
Operating income			$	259,566		$	258,403		$	181,988		$	699,957
Total other income (expense), net												(50,241)
Income before income taxes												$	649,716
Other segment disclosures
Depreciation and amortization			$	164,094		$	8,635		$	8,101		$	180,830
Stock-based compensation			$	67,677		$	11,006		$	5,416		$	84,099
Capital expenditures(2)			$	97,291		$	13,006		$	4,423		$	114,720

Year Ended August 31, 2025			Americas			EMEA			Asia Pacific			Total
Revenues			$	1,506,108		$	580,284		$	235,356		$	2,321,748
Operating expenses(1)			1,200,145			306,282			67,018			1,573,445
Operating income			$	305,963		$	274,002		$	168,338		$	748,303
Total other income (expense), net												(27,345)
Income before income taxes												$	720,958
Other segment disclosures
Depreciation and amortization			$	141,961		$	7,857		$	7,873		$	157,691
Stock-based compensation			$	47,441		$	9,182		$	4,606		$	61,229
Capital expenditures(2)			$	95,581		$	5,924		$	7,301		$	108,806

Year Ended August 31, 2024			Americas			EMEA			Asia Pacific			Total
Revenues			$	1,419,901		$	563,128		$	220,027		$	2,203,056
Operating expenses(1)			1,158,111			280,165			63,481			1,501,757
Operating income			$	261,790		$	282,963		$	156,546		$	701,299
Total other income (expense), net												(49,796)
Income before income taxes												$	651,503
Other segment disclosures
Depreciation and amortization			$	110,147		$	7,171		$	7,869		$	125,187
Stock-based compensation			$	51,601		$	8,007		$	3,893		$	63,501
Capital expenditures(2)			$	77,417		$	3,835		$	4,429		$	85,681

(1)Operating expenses consist of Cost of services and SG&A costs.

(2)Capital expenditures include purchases of PPE and capitalized internal-use software.

Segment Total Assets

The following table reflects the total assets for our segments:

			As of August 31,
(in thousands)			2026			2025			2024
Segment Assets
Americas			$	3,447,703		$	3,523,467		$	3,178,800
EMEA			536,357			610,364			600,206
Asia Pacific			155,963			170,441			276,034
Total assets			$	4,140,023		$	4,304,272		$	4,055,040

Geographic Information

The following tables reflect our revenues and long-lived assets, split geographically by our country of domicile (the U.S.) and other countries where major subsidiaries are domiciled.

Geographic Revenues

The following table sets forth revenues by geography, attributed to countries based on the location of the client:

(in thousands)			Years ended August 31,
2026			2025			2024
Revenues
United States			$	1,516,107		$	1,415,864		$	1,340,350
United Kingdom			242,584			231,009			221,850
All other countries(1)			717,565			674,875			640,856
Total revenues			$	2,476,256		$	2,321,748		$	2,203,056

(1) Geographic revenues for Other European Countries were combined with All other countries in fiscal 2026. We conformed the comparative prior year figures to the current year presentation.

Geographic Long-Lived Assets

The following table sets forth long-lived assets by geographic area, which consist of PPE, net and Lease ROU assets, net.

(in thousands)			August 31,
2026			2025
Long-lived Assets
United States			$	87,839		$	103,545
Philippines			28,598			38,572
United Kingdom			33,933			16,869
All other countries(1)			42,151			47,993
Total long-lived assets			$	192,521		$	206,979

(1) India long-lived assets were combined with All other countries in fiscal 2026. We conformed the comparative prior year figures to the current year presentation.