FactSet Reports Results for Second Quarter 2025

Q2 GAAP revenues of $570.7 million, up 4.5% from Q2 2024.Organic Q2 ASV of $2,276.2 million, up 4.1% year over year.Q2 GAAP operating margin of 32.5%, down approximately 80 bps year over year, and adjusted operating margin of 37.3%, down 100 bps year over year.Q2 GAAP diluted EPS of $3.76, up 3.0% from the prior year, and adjusted diluted EPS of $4.28, up 1.4% year over year.Fiscal 2025 guidance updated. Expected organic ASV growth of $100 million to $130 million (approximately 4.4% to 5.8%), GAAP revenues in the range of $2,305 million to $2,325 million, adjusted operating margin in the range of 36% to 37%, and adjusted diluted EPS in the range of $16.80 to $17.40. NORWALK, Conn., March 20, 2025 (GLOBE NEWSWIRE) -- FactSet (“FactSet” or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its second quarter fiscal 2025 ended February 28, 2025. Second Quarter Fiscal 2025 Highlights GAAP revenues increased 4.5%, or $24.8 million, to $570.7 million for the second quarter of fiscal 2025 compared with $545.9 million in the prior year period. Organic(1) revenues grew 4.0% year over year to $568.0 million during the second quarter of fiscal 2025. Growth in GAAP and Organic revenues this quarter was driven by wealth and institutional buy-side clients.Annual Subscription Value ("ASV") was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up 4.1% or $90.7 million year over year(2).Organic ASV increased $19.6 million over the last three months. Please see the “ASV” section of this press release for details.GAAP operating margin decreased to 32.5% compared with 33.3% for the prior year period, mainly due to an increase in acquisition-related professional fees and technology-related expenses, partially offset by growth in revenues and a decrease in employee compensation costs. Adjusted operating margin decreased to 37.3% compared with 38.3% in the prior year period, mainly due to higher technology related expenses offset by lapping of the prior year's lower bonus accrual.GAAP diluted earnings per share ("EPS") increased 3.0% to $3.76 compared with $3.65 for the same period in fiscal 2024, primarily due to growth in revenues, partially offset by an increase in acquisition-related professional fees and technology-related expenses. Adjusted diluted EPS increased 1.4% to $4.28 compared with $4.22 in the prior year period, driven by growth in revenues, offset by higher operating expenses and a higher tax rate on an adjusted basis.Net cash provided by operating activities was $174.0 million for the second quarter of fiscal 2025. Free cash flow increased to $150.2 million for the second quarter of fiscal 2025, compared with $121.9 million for the prior year period, an increase of 23.3%, primarily due to higher net cash provided by operating activities. GAAP effective tax rate for the second quarter of fiscal 2025 decreased to 15.9% compared with 16.4% for the second quarter of fiscal 2024. The decrease was primarily due to lower U.S. tax on foreign earnings, partially offset by certain discrete items, mainly lower excess tax benefits related to stock-based compensation. (1) References to "organic" figures in this press release exclude the current year impact of acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. (2) Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet's offerings toward providing more managed services and less project-based services. "With increased visibility into the remainder of the fiscal year, we are reaffirming the 5% midpoint of our organic ASV growth guidance and narrowing the range of anticipated top-line outcomes," said Phil Snow, CEO of FactSet. "The strength of our full-year pipeline and constructive dialogue with our clients position our business positively for growth acceleration in the second half of the year." Key Financial Measures* (Condensed and Unaudited)Three Months Ended February 28,February 29, (In thousands, except per share data) 2025 2024 ChangeRevenues$570,660 $545,945 4.5%Organic revenues$567,985 $545,945 4.0%Operating income$185,492 $181,942 2.0%Adjusted operating income$212,669 $209,326 1.6%Operating margin 32.5% 33.3% Adjusted operating margin 37.3% 38.3% Net income$144,860 $140,940 2.8%Adjusted net income$164,976 $163,067 1.2%EBITDA$224,646 $216,826 3.6%Diluted EPS$3.76 $3.65 3.0%Adjusted diluted EPS$4.28 $4.22 1.4% * See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release. "We achieved solid financial performance in the first half of the fiscal year by maintaining our focus on cost discipline and increased efficiency, while continuing to invest in our strategic priorities," said Helen Shan, FactSet's CFO. "We are reaffirming our guidance range for adjusted operating margin and adjusted diluted EPS, despite modest dilution from our recent acquisitions." Annual Subscription Value (ASV) ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients. ASV was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up $90.7 million from the prior year, for a growth rate of 4.1%. Organic ASV increased $19.6 million over the last three months. The buy-side and sell-side organic ASV annual growth rates as of February 28, 2025 were 4.1% and 2.2%, respectively. Buy-side clients, including institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients, accounted for 82% of organic ASV. The remaining organic ASV came from sell-side firms, including broker-dealers, banking and advisory firms, and private equity and venture capital firms. Supplementary tables covering organic buy-side and sell-side ASV growth rates may be found on the last page of this press release. Segment Revenues and ASV ASV from the Americas was $1,501.1 million compared with ASV in the prior year period of $1,413.6 million. Organic ASV from the Americas increased 4.4% to $1,474.9 million. Americas revenues for the quarter increased to $369.7 million compared with $352.6 million in the second quarter of last year. The Americas quarterly organic revenues growth rate was 4.0% over the prior year period. ASV from EMEA was $571.3 million compared with ASV in the prior year period of $556.5 million. Organic ASV from EMEA increased 2.6% to $571.4 million. EMEA revenues were $143.4 million compared with $139.2 million in the second quarter of fiscal 2024. The EMEA quarterly organic revenues growth rate was 3.1% over the prior year period. ASV from Asia Pacific was $233.7 million compared with ASV in the prior year period of $215.5 million. Organic ASV from Asia Pacific increased 6.8% to $229.9 million. Asia Pacific revenues were $57.6 million compared with $54.1 million in the second quarter of fiscal 2024. The Asia Pacific quarterly organic revenues growth rate was 6.8% over the prior year period. Operational Highlights – Second Quarter Fiscal 2025 Client count as of February 28, 2025 was 8,645, a net increase of 396 clients in the past three months, mainly due to corporates, which now includes clients from the Irwin acquisition. The count includes clients with ASV of $10,000 and more and does not reflect the LiquidityBook acquisition.User count was 219,141 as of February 28, 2025, a net increase of 874 users in the past three months, mainly driven by an increase in wealth management users. The user count does not reflect the Irwin and LiquidityBook acquisitions.Annual ASV retention was greater than 95%. When expressed as a percentage of clients, annual retention was 91%.Employee headcount was 12,598 as of February 28, 2025, up 2.6% over the last 12 months, with the increase primarily in the sales and technology groups, mainly from the Irwin and LiquidityBook acquisitions. FactSet's Centers of Excellence account for approximately 67% of the Company's employees.A quarterly dividend of $39.5 million, or $1.04 per share, is being paid on March 20, 2025, to holders of record of FactSet’s common stock at the close of business on February 28, 2025.FactSet acquired LiquidityBook, a provider of cloud-native trading solutions. The acquisition adds technology-forward order management (OMS) and investment book of record (IBOR) capabilities to the FactSet Workstation to seamlessly link adjacent steps in the front office trade workflow and enhance FactSet’s ability to serve the integrated workflow needs of clients across the entire portfolio lifecycle.FactSet launched Pitch Creator, an AI-powered tool that streamlines pitchbook creation for investment banks. By automating the time-consuming tasks of model analysis and presentation building, FactSet Pitch Creator can reduce hours of manual work into minutes, creating the productivity gains necessary for junior bankers to prioritize high-value, strategic initiatives.After the quarter end, FactSet acquired LogoIntern, a productivity solution that helps financial services professionals create well formatted logo outputs for presentations faster. This acquisition reinforces FactSet’s commitment to improving junior banker productivity and complements Pitch Creator to bring automation to another time-consuming, manual aspect of a junior banker’s daily workflow.FactSet appointed Kevin Toomey as Head of Investor Relations. Toomey is replacing Yet He, who was acting as Interim Head of Investor Relations and now will continue in his role as FactSet's Treasurer and Head of Financial Planning & Analysis. Share Repurchase Program FactSet repurchased 136,714 shares of its common stock for $64.4 million at an average price of $470.70 during the second quarter of fiscal 2025 under the Company’s share repurchase program. As of February 28, 2025, $186.9 million remained available for share repurchases under this program. Annual Business Outlook FactSet is updating its outlook for fiscal 2025. The following forward-looking statements reflect FactSet's expectations as of today's date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement. Fiscal 2025 Expectations (with reference to most recent previous guidance): Organic ASV is expected to grow in the range of $100 million to $130 million during fiscal 2025 (narrowing from $90 million to $140 million).GAAP revenues are expected to be in the range of $2,305 million to $2,325 million (up from $2,285 million to $2,305 million).GAAP operating margin is expected to be in the range of 32.0% to 33.0% (down from 32.5% to 33.5%).Adjusted operating margin is expected to be in the range of 36.0% to 37.0% (unchanged).FactSet's annual effective tax rate is expected to be in the range of 17% to 18% (unchanged).GAAP diluted EPS is expected to be in the range of $14.80 to $15.40 (down from $15.10 to $15.70).Adjusted diluted EPS is expected to be in the range of $16.80 to $17.40 (unchanged). Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2025. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics. Conference Call Second Quarter 2025 Conference Call Details Please register for the conference call using the above link before the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The conference call will have a live Q&A session. A replay will be available on the Company’s investor relations website after 11:00 a.m. Eastern Time on March 20, 2025, through March 20, 2026. The earnings call transcript will be available via FactSet CallStreet. Forward-looking Statements This news release contains forward-looking statements based on management's current expectations, estimates, forecasts and projections about industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company's strategy for growth, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "intends," "projects," "indicates," "predicts," "potential," or "continue," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet's filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, as well as others, could cause results to differ materially from those stated. Forward-looking statements speak only as of the date they are made, and FactSet assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. About Non-GAAP Financial Measures Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted earnings per share and cash provided by operating activities, have been adjusted. FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these adjusted financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and may also facilitate comparisons to its historical performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Organic revenues excludes the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense, while adjusted EBITDA further excludes non-recurring non-cash expenses. The Company believes that these adjusted financial measures help to fully reflect the underlying economic performance of FactSet. Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow. FactSet uses this financial measure both in presenting its results to stockholders and the investment community and in the Company’s internal evaluation and management of the business. Management believes that this financial measure is useful to investors because it is an indication of cash flow that may be available to fund further investments in future growth initiatives. About FactSet FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to more than 8,600 global clients, including over 219,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms, and corporations achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on X and LinkedIn. FactSet Investor Relations Contact: Yet He +1.212.973.5701yet.he@factset.com Media Contact:Megan Kovach+1.512.736.2795megan.kovach@factset.com Consolidated Statements of Income (Unaudited) Three Months Ended Six Months Ended February 28, February 29, February 28, February 29,(In thousands, except per share data) 2025 2024 2025 2024 Revenues$570,660 $545,945 $1,139,327 $1,088,161 Operating expenses Cost of services 269,604 255,142 528,383 506,763 Selling, general and administrative 115,564 108,861 234,117 210,416 Total operating expenses 385,168 364,003 762,500 717,179 Operating income 185,492 181,942 376,827 370,982 Other income (expense), net Interest income 273 2,847 2,974 5,859 Interest expense (13,916) (16,599) (28,316) (33,337)Other income (expense), net 471 455 574 337 Total other income (expense), net (13,172) (13,297) (24,768) (27,141) Income before income taxes 172,320 168,645 352,059 343,841 Provision for income taxes 27,460 27,705 57,177 54,346 Net income$144,860 $140,940 $294,882 $289,495 Basic earnings per common share$3.81 $3.70 $7.76 $7.61 Diluted earnings per common share$3.76 $3.65 $7.66 $7.49 Basic weighted average common shares 38,015 38,103 38,010 38,059 Diluted weighted average common shares 38,510 38,650 38,513 38,646 Certain prior year figures have been conformed to the current year's presentation. Consolidated Balance Sheets (Unaudited) (In thousands)February 28, 2025August 31, 2024ASSETS Cash and cash equivalents$278,548 $422,979 Investments 8,471 69,619 Accounts receivable, net of reserves of $14,998 at February 28, 2025 and $14,581 at August 31, 2024 277,636 228,054 Prepaid taxes 75,931 55,103 Prepaid expenses and other current assets 67,055 60,093 Total current assets 707,641 835,848 Property, equipment and leasehold improvements, net 79,739 82,513 Goodwill 1,245,315 1,011,129 Intangible assets, net 1,935,488 1,844,141 Deferred taxes 53,546 61,337 Lease right-of-use assets, net 118,129 130,494 Other assets 101,584 89,578 TOTAL ASSETS$4,241,442 $4,055,040 LIABILITIES Accounts payable and accrued expenses$131,103 $178,250 Current debt — 124,842 Current lease liabilities 32,560 31,073 Accrued compensation 70,846 93,279 Deferred revenues 177,325 159,761 Current taxes payable 30,483 40,391 Dividends payable 39,511 39,470 Total current liabilities 481,828 667,066 Long-term debt 1,472,162 1,241,131 Deferred taxes 14,772 8,452 Deferred revenues, non-current 446 1,344 Taxes payable 46,313 40,452 Long-term lease liabilities 158,419 177,521 Other liabilities 10,585 6,614 TOTAL LIABILITIES$2,184,525 $2,142,580 STOCKHOLDERS’ EQUITY TOTAL STOCKHOLDERS’ EQUITY$2,056,917 $1,912,460 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,241,442 $4,055,040 Consolidated Statements of Cash Flows (Unaudited) Six Months Ended February 28,February 29,(In thousands) 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income$294,882 $289,495 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 74,127 58,650 Amortization of lease right-of-use assets 15,177 15,263 Stock-based compensation expense 30,139 30,962 Deferred income taxes 8,763 5,632 Other, net 3,268 7,034 Changes in assets and liabilities, net of effects of acquisitions Accounts receivable (46,225) (39,468)Prepaid expenses and other assets (3,889) (14,690)Accounts payable and accrued expenses (61,915) 10,377 Accrued compensation (21,470) (40,456)Deferred revenues 11,934 22,133 Taxes payable, net of prepaid taxes (24,810) (26,150)Lease liabilities, net (19,654) (19,840)Net cash provided by operating activities 260,327 298,942 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property, equipment, leasehold improvements and capitalized internal-use software (49,610) (38,383)Acquisition of businesses, net of cash and cash equivalents acquired (342,461) — Purchases of investments (4,208) (44,936)Proceeds from maturity or sale of investments 58,155 — Net cash provided by (used in) investing activities (338,124) (83,319) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from debt 305,000 — Repayments of debt (200,000) (125,000)Dividend payments (78,817) (74,141)Proceeds from employee stock plans 60,344 66,544 Repurchases of common stock (113,142) (112,165)Deferred acquisition consideration (4,699) — Other financing activities (14,228) (14,465)Net cash provided by (used in) financing activities (45,542) (259,227) Effect of exchange rate changes on cash, cash equivalents and restricted cash (8,048) (132)Net increase (decrease) in cash, cash equivalents and restricted cash (131,387) (43,736)Cash and cash equivalents at beginning of period 422,979 425,444 Cash, cash equivalents and restricted cash at end of period$291,592 $381,708 Reconciliation of total cash, cash equivalents and restricted cash: Cash and cash equivalents$278,548 $381,708 Restricted cash included in Prepaid expenses and other current assets 6,522 — Restricted cash included in Other assets 6,522 — Total cash, cash equivalents and restricted cash$291,592 $381,708 Certain prior year figures have been conformed to the current year's presentation. Reconciliation of U.S. GAAP Results to Adjusted Financial Measures Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted EPS and cash provided by operating activities, have been adjusted below. FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Adjusted measures may also facilitate comparisons to FactSet’s historical performance. Organic Revenues Organic revenues exclude the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. The table below provides a reconciliation of revenues to organic revenues: (Unaudited)Three Months Ended February 28,February 29, (In thousands) 2025 2024ChangeRevenues$570,660 $545,9454.5%Acquisition revenues (3,793) — Currency impact 1,118 — Organic revenues$567,985 $545,9454.0% Non-GAAP Financial Measures The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS. Three Months Ended February 28,February 29, (in thousands, except per share data) 2025 2024 % ChangeOperating income$185,492 $181,942 2.0%Intangible asset amortization 18,137 16,674 Business acquisitions and related costs(1) 9,040 — Restructuring/severance — 10,710 Adjusted operating income$212,669 $209,326 1.6%Operating margin 32.5% 33.3% Adjusted operating margin(2) 37.3% 38.3% Net income$144,860 $140,940 2.8%Intangible asset amortization 13,425 12,579 Business acquisitions and related costs(1) 6,691 — Restructuring/severance — 8,080 Income tax items — 1,468 Adjusted net income(3)$164,976 $163,067 1.2%Net income 144,860 140,940 2.8%Interest expense 13,916 16,599 Income taxes 27,460 27,705 Depreciation and amortization expense 38,410 31,582 EBITDA$224,646 $216,826 3.6%Non-recurring non-cash expenses — 1,285 Adjusted EBITDA$224,646 $218,111 3.0%Diluted EPS$3.76 $3.65 3.0%Intangible asset amortization 0.35 0.32 Business acquisitions and related costs(1) 0.17 — Restructuring/severance — 0.21 Income tax items — 0.04 Adjusted diluted EPS(3)$4.28 $4.22 1.4%Weighted average common shares (diluted) 38,510 38,650 (1) Primarily related to the acquisition of LiquidityBook.(2) Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.(3) For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended February 28, 2025 and February 29, 2024 were taxed at an adjusted tax rate of 26.0% and 24.6%, respectively. Business Outlook Operating Margin, Net Income and Diluted EPS (Unaudited) Figures may not foot due to roundingAnnual Fiscal 2025 Guidance(In millions, except per share data)Low end of rangeHigh end of rangeRevenues$2,305 $2,325 Operating income$761 $744 Operating margin 33.0% 32.0% Intangible asset amortization 80 81 Other adjustments (net) 12 12 Adjusted operating income$853 $837 Adjusted operating margin (a) 37.0% 36.0% Net income$588 $567 Intangible asset amortization 66 66 Other adjustments (net) 10 10 Discrete tax items (4) (4)Adjusted net income$660 $640 Diluted earnings per common share$15.40 $14.80 Intangible asset amortization 1.73 1.73 Other adjustments (net) 0.30 0.30 Discrete tax items (0.03) (0.03)Adjusted diluted earnings per common share$17.40 $16.80 (a) Adjusted operating margin is calculated as Adjusted operating income divided by Revenues. Free Cash Flow (Unaudited)Three Months Ended February 28,February 29, (In thousands) 2025 2024 ChangeNet Cash Provided for Operating Activities$173,955 $143,798 Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software (23,736) (21,917) Free Cash Flow$150,219 $121,881 23.3% Supplementary Schedules of Historical ASV by Client Type The following table presents the percentages and growth rates of organic ASV by client type, excluding the impact of currency movements, and may be useful to facilitate historical comparisons. Organic ASV excludes acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements. The numbers below do not include professional services or issuer fees. Q2'25Q1'25Q4'24Q3'24Q2'24Q1'24Q4'23Q3'23% of ASV from buy-side clients82.3% 82.1% 82.0% 82.3% 82.0% 82.0% 81.8% 82.1% % of ASV from sell-side clients17.7% 17.9% 18.0% 17.7% 18.0% 18.0% 18.2% 17.9% ASV Growth rate from buy-side clients4.1% 4.3% 4.9% 5.3% 5.6% 7.2% 6.9% 7.3% ASV Growth rate from sell-side clients2.2% 3.5% 3.8% 3.7% 5.5% 7.6% 9.3% 12.3% The following table presents the calculation of organic ASV. (In millions)As of February 28, 2025As reported ASV$2,306.1 Currency impact (a) 1.9 Acquisition ASV (b) (31.8)Organic ASV$2,276.2 Organic ASV annual growth rate 4.1% (a) The impact from foreign currency movements.(b) Acquired ASV from acquisitions completed within the last 12 months.

FactSet Reports Results for Second Quarter 2025

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