FactSet Research Systems (FDS) risk factors: FY2025 10-K

1. Unauthorized access to confidential data including client data, other cyber-attacks, and the failure of our cyber-security systems and proceduresrewordedCybersecurity
2. A prolonged or recurring outage and other business continuity disruptions could result in a reduced or total loss of service; the loss of clients and adverse impact on our reputationreworded
3. Transition to new technologies, applications and processes could expose us to unanticipated disruptions or impactsreworded
4. Use of open source software could introduce security vulnerabilities, impose unanticipated restrictions on our ability to commercialize our products and services, and subject us to increased costs

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1. Competition in our industry may cause price reductions or loss of market share, or limit our growth or profitabilityreworded
2. The continued shift from active to passive investing could negatively impact user count growth and revenues
3. A decline in equity and/or fixed income returns may impact the buying power of investment management clients
4. Uncertainty or downturns in the global economy and consolidation in the financial services industry may cause us to lose clients and users
5. Volatility or downturns in the financial markets may delay the spending pattern of clients and reduce future ASV growth
6. Failure to develop and market new products and enhancements that maintain our technological and competitive position and failure to anticipate and respond to changes in the marketplace for our products and client demandsreworded
7. Clients are seeking additional contractual protections that may create additional liabilities for usnew
8. Failure to identify, integrate, or realize anticipated benefits of acquisitions and strains on resources as a result of growth

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1. Increased scrutiny with respect to sustainability mattersnew

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1. Operations outside the U.S. involve additional requirements and burdens that we may not be able to control or manage successfullyreworded
2. Failure to enter into, renew or comply with contracts supplying new and existing content sets or products on competitive termsreworded
3. Increased accessibility to free or relatively inexpensive information sources may reduce demand for our products and services
4. Inability to hire and retain key qualified personnel or navigate key management transitionsreworded
5. If we fail to maintain proper and effective internal control and remediate any future control deficiencies, our ability or perceived ability to produce accurate and timely financial statements or reporting could be impaired, which could harm our business.new

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1. Legislative and regulatory changes in the environments in which we and our clients operate
2. Adverse resolution of litigation or governmental investigations
3. Third parties may claim we infringe upon their intellectual property rights or they may infringe upon our intellectual property rights
4. Compliance with global data privacy laws which are constantly evolvingnew
5. Additional cost due to tax assessments resulting from ongoing and future audits by tax authorities as well as changes in tax laws

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1. Exposure to fluctuations in currency exchange rates and the failure of hedging arrangements
2. Business performance may not be sufficient to meet financial guidance or publicly disclosed long-term targets
3. Economic, political and other forces beyond our control could adversely affect our business.reworded

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1. Our indebtedness may impair our financial condition and operations and restrict our activities or our ability to satisfy our obligationsnew

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Headings in the FY2024 10-K with no match this year.

1. Loss, corruption and misappropriation of data and information relating to clients and others
2. Pandemics and other global public health epidemics may adversely impact our business, our future results of operations and our overall financial performance
3. Our indebtedness may impair our financial condition and prevent us from fulfilling our obligations under the Senior Notes and our other debt instruments
4. Despite current indebtedness levels, we may still incur more debt. The incurrence of additional debt could further exacerbate the risks associated with our indebtedness
5. The restrictive covenants in our debt may affect our ability to operate our business successfully
6. Certain of our borrowings and other obligations are based upon variable rates of interest, which could result in higher expense in the event of increases in interest rates