FACTSET RESEARCH SYSTEMS INC
For the period ended May 31, 2025. Filed Jul 3, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
May 31, 2025 · Filed Jul 3, 2025
FDS$327.89-3.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-02-28; filed 2025-04-04.
0001013237-25-000051
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-05-31; filed 2025-07-03.
0001013237-25-000070
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 214 previous paragraphs and 222 current paragraphs.
110 unchanged; 79 reworded; 29 added; 22 removed; 3 previous and 4 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (29)
Current report
Executive Leadership Transition
Current report
On June 3, 2025, FactSet announced the appointment of Sanoke Viswanathan as Chief Executive Officer and that he will join FactSet’s Board of Directors, effective on September 1, 2025, or such other mutually agreed date. Mr. Viswanathan will succeed F. Philip Snow, who will retire from these roles effective on Mr. Viswanathan's start date. To support a smooth leadership transition, Mr. Snow will continue employment with FactSet in an advisory capacity until November 15, 2025 or such later date as mutually agreed.
Current report
Fiscal 2025 Third Quarter in Review
Current report
Americas revenues increased 6.7% to $380.5 million during the three months ended May 31, 2025, compared with $356.5 million from the same period a year ago. This 6.7% growth in revenues was driven by a 5.0% increase in organic revenues and a 1.8% increase from acquisition-related revenues, partially offset by a 0.1% net decrease from foreign currency exchange rate fluctuations. The increase in revenues was driven by workstations and front office solutions.
Current report
EMEA revenues increased 3.2% to $145.7 million during the three months ended May 31, 2025, compared with $141.2 million from the same period a year ago. This 3.2% growth in revenues was driven by a 2.3% increase in organic revenues, a 0.6% increase from acquisition-related revenues and a 0.3% net increase from foreign currency exchange rate fluctuations. The increase in revenues was mainly from CGS, data solutions and front office solutions.
Current report
•Employee compensation costs increased by 150 basis points, primarily due to higher variable compensation costs driven by a lower bonus accrual in the prior year period and an increase in annual base salaries. The increase in annual base salaries was primarily driven by annual merit increases and a net headcount increase in cost of services of 251 employees, primarily driven by our fiscal 2025 acquisitions.
Current report
•Amortization of intangible assets increased by 100 basis points, mainly due to higher amortization from our capitalized internal-use software development costs.
Current report
•Employee compensation costs increased by 80 basis points, mainly due to higher variable compensation costs driven by a lower bonus accrual in the prior year period and an increase in payroll taxes due to a one-time payroll tax adjustment that occurred in the prior year period.
Current report
•The net settlement of foreign currency forward contracts decreased SG&A by 30 basis points.
Current report
•Employee compensation costs increased by 50 basis points, mainly due to higher variable compensation costs driven by a lower bonus accrual in the prior year period.
Current report
Operating income decreased 4.1% to $194.2 million for the three months ended May 31, 2025, compared with $202.5 million in the prior year period. This decrease was primarily driven by higher employee compensation costs and amortization of intangible assets, partially offset by growth in revenues.
Current report
Operating income decreased 0.4% to $571.0 million for the nine months ended May 31, 2025, compared with $573.4 million in the prior year period. This decrease was primarily due to higher employee compensation costs and amortization of intangible assets, partially offset by growth in revenues.
Current report
Americas operating income decreased 7.0% to $81.6 million during the three months ended May 31, 2025, compared with $87.7 million in the same period a year ago. This decrease was primarily due to higher employee compensation costs and amortization of intangible assets, partially offset by growth in revenues of 6.7%.
Current report
•Employee compensation costs increased mainly due to higher variable compensation costs driven by a lower bonus accrual in the prior year period and an increase in payroll taxes due to a one-time payroll tax adjustment that occurred in the prior year period.
Current report
•Amortization of intangible assets increased mainly due to higher amortization from our capitalized internal-use software development costs.
Current report
•Employee compensation costs increased mainly due to higher variable compensation costs driven by a lower bonus accrual in the prior year period.
Current report
The decrease in Net income and Diluted EPS for the nine months ended May 31, 2025, compared to the respective prior year period, was primarily driven by lower interest income and operating income, partially offset by lower interest expense.
Current report
The 2025 Term Facility is subject to scheduled quarterly amortization payments, commencing on August 31, 2025, with each amortization payment equal to 1.25% of the original principal amount of the 2025 Term Facility. The 2025 Credit Facilities are not otherwise subject to any mandatory prepayments. We may voluntarily prepay loans under the 2025 Credit Facilities at any time without premium or penalty. Prepayments of the 2025 Term Facility shall be applied to reduce the subsequent scheduled amortization payments in direct order of maturity.
Current report
During the three and nine months ended May 31, 2025, we voluntarily prepaid $62.5 million under the 2025 Term Facility. From the effective date of the 2025 Revolving Facility through May 31, 2025, we have had no borrowings under the 2025 Revolving Facility.
Current report
2022 Credit Agreement
Current report
The 2022 Term Facility, originally due to mature on March 1, 2025, was repaid in full following $125.0 million of repayments made during the six months ended February 28, 2025. During the nine months ended May 31, 2025, we borrowed $305.0 million and repaid $555.0 million under the 2022 Revolving Facility. The 2022 Credit Agreement was terminated on April 8, 2025, concurrent with entering into the 2025 Credit Agreement.
Current report
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).
Current report
2025 Swap Agreement
Current report
On April 24, 2025, we entered into an interest rate swap agreement ("2025 Swap Agreement) to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 4.086%. The 2025 Swap Agreement matures on February 28, 2026.
Current report
2024 Swap Agreement
Current report
2022 Swap Agreement
Current report
5, we repurchased 184,050 shares for $80.7 million and 425,239 shares for $193.8 million, respectively. For the three and nine months ended May 31, 2024, we repurchased 135,150 shares for $59.8 million and 384,150 shares for $171.9 million, respectively.
Current report
LiquidityBook
Removed paragraphs (22)
Previous report
Fiscal 2025 Second Quarter in Review
Previous report
Americas revenues increased 4.8% to $369.7 million during the three months ended February 28, 2025, compared with $352.6 million from the same period a year ago. This 4.8% growth in revenues was driven by a 4.0% increase in organic revenues and a 0.9% increase from acquisition-related revenues, partially offset by a net decrease of 0.1% from foreign currency exchange rate fluctuations. The increase in revenues was driven by workstations, CGS and front office solutions.
Previous report
Revenues from EMEA increased 3.0% to $287.1 million during the six months ended February 28, 2025, compared with $278.7 million from the same period a year ago. This 3.0% growth in revenues was driven by a 2.9% increase in organic revenues and a 0.2% increase from acquisition-related revenues, partially offset by a net decrease of 0.1% from foreign currency exchange rate fluctuations. The increase in revenues was mainly from middle office solutions, CGS and data solutions.
Previous report
•Computer-related expenses increased by 120 basis points, primarily driven by higher spend related to cloud-based hosting services and licensed software arrangements.
Previous report
•Employee compensation costs decreased by 210 basis points, primarily driven by a decrease in restructuring charges, partially offset by an increase in variable compensation costs.
Previous report
•Professional fees increased by 140 basis points, mainly due to acquisition-related costs.
Previous report
•Bad debt expense decreased by 50 basis points, primarily due to improved client collections.
Previous report
•Professional fees increased by 110 basis points, mainly due to acquisition-related costs.
Previous report
•Employee compensation costs increased by 40 basis points, mainly due to an increase in variable compensation costs.
Previous report
Operating income increased 2.0% to $185.5 million for the three months ended February 28, 2025, compared with $181.9 million in the prior year period. This increase was primarily driven by growth in revenues, partially offset by an increase in professional fees, computer-related expenses and amortization of intangible assets. Based on the operating income for the three months ended February 28, 2025, comparing the average foreign currency exchange rates for the three months ended February 28, 2025 to the rates for the three months ended February 29, 2024, net of hedge activity, resulted in an increase in operating income of $1.3 million.
Previous report
Operating income increased 1.6% to $376.8 million for the six months ended February 28, 2025, compared with $371.0 million in the prior year period. This increase was primarily due to growth in revenues, partially offset by higher amortization of intangible assets, professional fees and computer-related expenses. Based on the operating income for the six months ended February 28, 2025, comparing the average foreign currency exchange rates for the six months ended February 28, 2025 to the rates for the six months ended February 29, 2024, net of hedge activity, resulted in an increase in operating income of $0.2 million.
Previous report
Americas operating income decreased 10.5% to $73.1 million during the three months ended February 28, 2025, compared with $81.7 million in the same period a year ago. This decrease was primarily due to higher professional fees, computer-related expenses and amortization of intangible assets, partially offset by growth in revenues of 4.8%.
Previous report
•Computer-related expenses increased primarily due to higher spend related to cloud-based hosting services and licensed software arrangements.
Previous report
•Professional fees increased mainly due acquisition-related costs.
Previous report
•Computer-related expenses increased primarily due to higher spend related to licensed software arrangements and cloud-based hosting services.
Previous report
Our effective tax rate for the six months ended February 28, 2025 was 16.2%, compared with 15.8% for the six months ended February 29, 2024. This increase was primarily due to lower excess tax benefits related to stock-based compensation, partially offset by lower U.S. tax on foreign earnings.
Previous report
We may voluntarily prepay loans under the 2022 Credit Facilities at any time without premium or penalty. During the three and six months ended February 28, 2025, we repaid $62.5 million and $125.0 million, respectively, under the 2022 Term Facility. As of February 28, 2025, the 2022 Term Facility has been fully repaid.
Previous report
During the six months ended February 28, 2025, we borrowed $305.0 million and repaid $75.0 million for total net borrowings of $230.0 million under the 2022 Revolving Facility. As of February 28, 2025, the outstanding borrowings under the 2022 Revolving Facility were $480.0 million.
Previous report
The 2022 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 2022 Credit Agreement, the lenders may, among other things, terminate their commitments and declare all outstanding borrowings immediately due and payable.
Previous report
The 2022 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 3.50 to 1.00 as of February 28, 2025. We were in compliance with all covenants and requirements of the 2022 Credit Agreement as of February 28, 2025.
Previous report
Liquid Holdings, LLC ("LiquidityBook")
Previous report
Platform Group Limited ("Irwin")
Reworded paragraphs (79)
Previous wording
This Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be read in conjunction with the Consolidated Financial Statements and related Notes included in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the fiscal year ended August 31, 2024, our Current Reports on Form 8-K and our other filings with the Securities and Exchange Commission. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause such differences include, but are not limited to, those identified below and those discussed in Part I, Item 1A. Risk Factorsin our Annual Report on Form 10-K for the fiscal year ended August 31, 2024.
Current wording
This Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be read in conjunction with the Consolidated Financial Statements and related Notes included in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the fiscal year ended August 31, 2024, our Current Reports on Form 8-K and our other filings with the Securities and Exchange Commission. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause such differences include, but are not limited to, those identified below and those discussed in Part I, Item 1A. Risk Factorsin our Annual Report on Form 10-K for the fiscal year ended August 31, 2024 and those discussed in Part II, Item 1A. Risk Factors in this Quarterly Report on Form 10-Q.
Previous wording
FactSet Research Systems Inc. and its wholly-owned subsidiaries (collectively, "we," "our," "us," the "Company" or "FactSet") is a global financial digital platform and enterprise solutions provider with open and flexible technologies that deliver financial intelligence to investment professionals worldwide.
Current wording
FactSet Research Systems Inc. and its wholly-owned subsidiaries ("we," "our," "us," or "FactSet") is a global financial digital platform and enterprise solutions provider with open and flexible technologies that deliver financial intelligence to investment professionals worldwide.
Previous wording
Our platform delivers expansive data, sophisticated analytics, and flexible technology used by global financial professionals to power their critical investment workflows. As of February 28, 2025, we had more than 8,600 clients comprised of over 219,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals. Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected data and technology platform. Our products and services include workstations, portfolio analytics and enterprise data solutions. We also offer managed services that operate as an extension of our clients' internal teams to support data, performance, risk and reporting workflows.
Current wording
Our platform delivers expansive data, sophisticated analytics, and flexible technology used by global financial professionals to power their critical investment workflows. As of May 31, 2025, we had more than 8,800 clients comprised of over 220,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals. Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected data and technology platform. Our products and services include workstations, portfolio analytics and enterprise data solutions. We also offer managed services that operate as an extension of our clients' internal teams to support data, performance, risk and reporting workflows.
Previous wording
•"Partnerships and CGS": "Partnerships" delivers solutions to firms in the financial services ecosystem including data, analytics and technology platform providers. "CGS" is a leader in securities identification, managed on behalf of the American Bankers Association to bring reliability to all sectors of the global financial markets.
Current wording
•"Partnerships and CGS": "Partnerships" delivers solutions to firms in the financial services ecosystem including data, analytics and technology platform providers. "CGS" is an originator of securities identification, managed on behalf of the American Bankers Association, for all sectors of the global financial markets.
Previous wording
Revenues in the second quarter of fiscal 2025 were $570.7 million, an increase of 4.5% from the comparable prior year period. This 4.5% growth in revenues was driven by a 4.0% increase in organic revenues and a 0.7% increase from acquisition-related revenues, partially offset by a net decrease of 0.2% from foreign currency exchange rate fluctuations. Revenues increased in all our segments, primarily in the Americas. Revenues increased primarily from workstations and CGS. Refer to Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, Non-GAAP Financial Measures, of this Quarterly Report on Form 10-Q for the definition of organic revenues and a reconciliation between revenues and organic revenues.
Current wording
Revenues in the third quarter of fiscal 2025 were $585.5 million, an increase of 5.9% from the comparable prior year period. This 5.9% growth in revenues was driven by a 4.4% increase in organic revenues, a 1.4% increase from acquisition-related revenues and a 0.1% net increase from foreign currency exchange rate fluctuations. Revenues increased in all our segments, primarily in the Americas. Revenues increased primarily from workstations and, to a lesser extent, front office solutions and CGS. Refer to Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, Non-GAAP Financial Measures, of this Quarterly Report on Form 10-Q for the definition of organic revenues and a reconciliation between revenues and organic revenues.
Previous wording
As of February 28, 2025, organic annual subscription value ("Organic ASV") totaled $2,276.2 million, an increase of 4.1% over the prior year. Organic ASV increased in all our segments, with the majority of the increase in the Americas. The Organic ASV increase was mainly from workstations and, to a lesser extent, CGS. Refer to Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value, of this Quarterly Report on Form 10-Q for the definition of Organic ASV.
Current wording
As of May 31, 2025, organic annual subscription value ("Organic ASV") totaled $2,296.9 million, an increase of 4.5% over the prior year. Organic ASV increased in all our segments, with the majority of the increase in the Americas. The Organic ASV increase was mainly driven by workstations and, to a lesser extent, CGS and data solutions. Refer to Part I, Item 2. Management's Discussion and
Previous wording
Operating margin was 32.5% for the second quarter of fiscal 2025, compared to 33.3% in the prior year period. When expenses are expressed as a percentage of revenues, this decrease in operating margin was mainly due to higher professional fees and computer-related expenses, partially offset by growth in revenues and a decrease in employee compensation costs. Diluted earnings per common share ("Diluted EPS") was $3.76 for the second quarter of fiscal 2025, an increase of 3.0% from the comparable prior year period, primarily driven by higher operating income.
Current wording
Operating margin was 33.2% for the third quarter of fiscal 2025, compared to 36.6% in the prior year period. When expenses are expressed as a percentage of revenues, this decrease in operating margin was mainly due to higher employee compensation costs and amortization of intangible assets, partially offset by growth in revenues and a benefit from the net settlement of our foreign currency forward contracts. Diluted earnings per common share ("Diluted EPS") was $3.87 for the third quarter of fiscal 2025, a decrease of 5.4% from the comparable prior year period, primarily driven by lower operating income.
Previous wording
We returned $104.0 million to our stockholders in the form of share repurchases and dividends during the three months ended February 28, 2025.
Current wording
We returned $120.2 million to our stockholders in the form of share repurchases and dividends during the three months ended May 31, 2025.
Previous wording
As of February 28, 2025, our client and user count was 8,645 and 219,141, respectively. Our employee headcount was 12,598 as of February 28, 2025, up 2.6% compared to the prior year. This increase was driven by net headcount growth of 4.8% in Americas, 3.1% in EMEA and 1.9% in Asia Pacific.
Current wording
As of May 31, 2025, our client and user count was 8,811 and 220,496, respectively. Our employee headcount was 12,579 as of May 31, 2025, up 2.6% compared to the prior year. This increase was driven by net headcount growth of 5.2% in Americas, 3.4% in EMEA and 1.7% in Asia Pacific.
Previous wording
As of February 28, 2025, Organic ASV was $2,276.2 million, an increase of 4.1% compared with February 29, 2024. Organic ASV increased in all our segments, with the majority of the increase in the Americas. The increase in Organic ASV was driven by higher sales to existing clients, price increases to existing clients and sales to new clients, partially offset by existing client cancellations. More specifically, the increase in Organic ASV was mainly from workstations and, to a lesser extent, CGS.
Current wording
As of May 31, 2025, Organic ASV was $2,296.9 million, an increase of 4.5% compared with May 31, 2024. Organic ASV increased in all our segments, with the majority of the increase in the Americas. The increase in Organic ASV was primarily due to higher sales to existing clients and to a lesser extent, price increases to existing clients and sales to new clients, all primarily driven by workstations and, to a lesser extent, CGS and data solutions. This increase was partially offset by existing client cancellations.
Previous wording
As of February 28, 2025, ASV from the Americas represented 65% of total ASV and was $1,501.1 million, an increase from $1,413.6 million as of February 29, 2024. Americas Organic ASV was $1,474.9 million as of February 28, 2025, a 4.4% increase from the prior year period. The Organic ASV increase in the Americas was primarily driven by workstations and, to a lesser extent, CGS.
Current wording
As of May 31, 2025, ASV from the Americas represented 65% of total ASV and was $1,513.1 million, an increase from $1,415.3 million as of May 31, 2024. Americas Organic ASV was $1,486.0 million as of May 31, 2025, a 5.0% increase from the prior year period. The Organic ASV increase in the Americas was primarily driven by workstations and, to a lesser extent, CGS.
Previous wording
As of February 28, 2025, ASV from EMEA represented 25% of total ASV and was $571.3 million, an increase from $556.5 million as of February 29, 2024. EMEA Organic ASV was $571.4 million as of February 28, 2025, a 2.6% increase from the prior year period. The EMEA Organic ASV increase was mainly from CGS and data solutions.
Current wording
As of May 31, 2025, ASV from EMEA represented 25% of total ASV and was $581.9 million, an increase from $565.0 million as of May 31, 2024. EMEA Organic ASV was $575.2 million as of May 31, 2025, a 2.1% increase from the prior year period. The EMEA Organic ASV increase was mainly from CGS and data solutions.
Previous wording
As of February 28, 2025, ASV from Asia Pacific represented 10% of total ASV and was $233.7 million, an increase from $215.5 million as of February 29, 2024. Asia Pacific Organic ASV was $229.9 million as of February 28, 2025, a 6.8% increase from the prior year period. The Asia Pacific Organic ASV increase was primarily driven by workstations and data solutions.
Current wording
As of May 31, 2025, ASV from Asia Pacific represented 10% of total ASV and was $240.1 million, an increase from $218.8 million as of May 31, 2024. Asia Pacific Organic ASV was $235.7 million as of May 31, 2025, a 7.1% increase from the prior year period. The Asia Pacific Organic ASV increase was primarily driven by workstations and data solutions.
Previous wording
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 account for approximately 82% of our Organic ASV, consistent with the prior year period, and primarily include institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients. The remaining
Current wording
The buy-side and sell-side Organic ASV annual growth rates as of May 31, 2025 were each 4.0%. Buy-side clients account for approximately 82% of our Organic ASV, consistent with the prior year period, and primarily include institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients. The remaining Organic ASV is derived from sell-side firms, primarily including broker-dealers, banking and advisory firms, and private equity and venture capital firms.
Previous wording
(1)The client count includes clients with ASV of $10,000 and above and does not reflect the acquisition of Liquid Holdings, LLC ("LiquidityBook").
Current wording
(1)The client count includes clients with ASV of $10,000.
Previous wording
(2)The user count does not reflect the Platform Group Limited ("Irwin") and LiquidityBook acquisitions.
Current wording
(2)The user count does not reflect users associated with our fiscal 2025 acquisitions.
Previous wording
Our total client count was 8,645 as of February 28, 2025, a net increase of 7.8% or 625 clients in the last 12 months, mainly due to an increase in corporates, which now includes clients from the Irwin acquisition, and wealth management clients.
Current wording
Our total client count was 8,811 as of May 31, 2025, a net increase of 9.7% or 782 clients in the last 12 months, mainly due to an increase in corporates, primarily driven by clients from the Platform Group Limited ("Irwin") acquisition.
Previous wording
As of February 28, 2025, there were 219,141 professionals using FactSet, representing a net increase of 6.1% or 12,663 users in the last 12 months, primarily driven by an increase in wealth management users.
Current wording
As of May 31, 2025, there were 220,496 professionals using FactSet, representing a net increase of 5.9% or 12,356 users in the last 12 months, primarily driven by an increase in wealth management users. The user count does not reflect our fiscal 2025 acquisitions.
Previous wording
As of February 28, 2025, our net employee headcount increased by 2.6% to 12,598, compared with 12,279 employees as of February 29, 2024. This net headcount growth was primarily driven by our Irwin and LiquidityBook acquisitions and an increase in employees based in India as a result of our continued investment in our centers of excellence ("COEs"). Approximately 67% of our employees are located in our COEs.
Current wording
As of May 31, 2025, our net employee headcount increased by 2.6% to 12,579, compared with 12,262 employees as of May 31, 2024. This net headcount growth was primarily driven by our Irwin and Liquid Holdings, LLC ("LiquidityBook") acquisitions and continued investment in our centers of excellence ("COEs") through an increase in employees based in the Philippines and India. Approximately 67% of our employees are located in our COEs.
Previous wording
As of February 28, 2025, compared to February 29, 2024, our net headcount growth was 4.8% in the Americas, 3.1% in EMEA and 1.9% in Asia Pacific. As of February 28, 2025, we had 8,681 employees located in Asia Pacific, 2,475 in the Americas and 1,442 in EMEA.
Current wording
As of May 31, 2025, compared to May 31, 2024, our net headcount growth was 5.2% in the Americas, 3.4% in EMEA and 1.7% in Asia Pacific. As of May 31, 2025, we had 8,668 employees located in Asia Pacific, 2,466 in the Americas and 1,445 in EMEA.
Previous wording
For an understanding of the significant factors that influenced our performance for the three and six months ended February 28, 2025 and February 29, 2024, the following discussion should be read in conjunction with the Consolidated Financial Statements and related Notes presented in Part I, Item 1. in this Quarterly Report on Form 10-Q.
Current wording
For an understanding of the significant factors that influenced our performance for the three and nine months ended May 31, 2025 and May 31, 2024, the following discussion should be read in conjunction with the Consolidated Financial Statements and related Notes presented in Part I, Item 1. in this Quarterly Report on Form 10-Q.
Previous wording
Revenues for the three months ended February 28, 2025 were $570.7 million, an increase of 4.5%. This 4.5% growth in revenues was driven by a 4.0% increase in organic revenues, which totaled $568.0 million for the three months ended February 28, 2025, and a 0.7% increase from acquisition-related revenues, partially offset by a net decrease of 0.2% from foreign currency exchange rate fluctuations. Revenues increased in all our segments, primarily in the Americas. The increase in revenues was primarily driven by workstations and, to a lesser extent, CGS.
Current wording
Revenues for the three months ended May 31, 2025 were $585.5 million, an increase of 5.9%. This 5.9% growth in revenues was driven by a 4.4% increase in organic revenues, which totaled $577.2 million for the three months ended May 31, 2025, and a 1.4% increase from acquisition-related revenues, partially offset by a net increase of 0.1% from foreign currency exchange rate fluctuations. Revenues increased in all our segments, primarily in the Americas. The increase in revenues was primarily driven by workstations and, to a lesser extent, front office solutions and CGS.
Previous wording
Revenues for the six months ended February 28, 2025 were $1,139.3 million, an increase of 4.7%. This 4.7% growth in revenues was driven by a 4.4% increase in organic revenues, which totaled $1,135.7 million for the six months ended February 28, 2025, and a 0.4% increase from acquisition-related revenues, partially offset by a net decrease of 0.1% from foreign currency exchange rate fluctuations. Revenues increased in all our segments, primarily in the Americas. The increase in revenues was mainly from workstations and, to a lesser extent, CGS and data solutions.
Current wording
Revenues for the nine months ended May 31, 2025 were $1,724.8 million, an increase of 5.1%. This 5.1% growth in revenues was driven by a 4.4% increase in organic revenues, which totaled $1,712.9 million for the nine months ended May 31, 2025, and a 0.7% increase from acquisition-related revenues. Revenues increased in all our segments, primarily in the Americas. The increase in revenues was mainly from workstations and, to a lesser extent, CGS.
Previous wording
Asia Pacific revenues increased 6.4% to $57.6 million during the three months ended February 28, 2025, compared with $54.1 million from the same period a year ago. This growth in revenues was driven by a 6.8% increase in organic revenues and a 0.2% increase from acquisition-related revenues, partially offset by a net decrease of 0.6% from foreign currency exchange rate fluctuations. The increase in revenues was driven by data solutions and workstations.
Current wording
Asia Pacific revenues increased 7.9% to $59.3 million during the three months ended May 31, 2025, compared with $55.0 million from the same period a year ago. This 7.9% growth in revenues was driven by a 6.4% increase in organic revenues, a 0.9% increase from acquisition-related revenues and a 0.6% net benefit from foreign currency exchange rate fluctuations. The increase in revenues was driven by data solutions and workstations.
Previous wording
Revenues from the Americas increased 5.1% to $736.9 million during the six months ended February 28, 2025, compared with $701.0 million from the same period a year ago. This 5.1% growth in revenues was driven by a 4.6% increase in organic revenues and a 0.6% increase from acquisition-related revenues, partially offset by a net decrease of 0.1% from foreign currency exchange rate fluctuations. The increase in revenues was driven by workstations and, to a lesser extent, CGS and front office solutions.
Current wording
Revenues from the Americas increased 5.7% to $1,117.4 million during the nine months ended May 31, 2025, compared with $1,057.5 million from the same period a year ago. This 5.7% growth in revenues was driven by a 4.7% increase in organic revenues and a 1.0% increase from acquisition-related revenues. The increase in revenues was driven by workstations and, to a lesser extent, CGS and front office solutions.
Previous wording
EMEA revenues increased 3.0% to $143.4 million during the three months ended February 28, 2025, compared with $139.2 million from the same period a year ago. This 3.0% growth in revenues was driven by a 3.1% increase in organic revenues and a 0.3% increase from acquisition-related revenues, partially offset by a net decrease of 0.4% from foreign currency exchange rate fluctuations. The increase in revenues was mainly from CGS, data solutions and middle office solutions.
Current wording
Revenues from EMEA increased 3.1% to $432.9 million during the nine months ended May 31, 2025, compared with $420.0 million from the same period a year ago. This 3.1% growth in revenues was driven by a 2.7% increase in organic revenues, a 0.3% increase from acquisition-related revenues and a 0.1% net increase from foreign currency exchange rate fluctuations. The increase in revenues was mainly from CGS, data solutions and middle office solutions.
Previous wording
Revenues from Asia Pacific increased 6.3% to $115.3 million during the six months ended February 28, 2025, compared with $108.4 million from the same period a year ago. This 6.3% growth in revenues was driven by a 6.5% increase in organic revenues and a 0.1% increase from acquisition-related revenues, partially offset by a 0.3% decrease from foreign currency exchange rate fluctuations. The increase in revenues was driven by data solutions and workstations.
Current wording
Revenues from Asia Pacific increased 6.8% to $174.6 million during the nine months ended May 31, 2025, compared with $163.4 million from the same period a year ago. This 6.8% growth in revenues was driven by a 6.5% increase in organic revenues and a 0.3% increase from acquisition-related revenues. The increase in revenues was driven by data solutions and workstations.
Previous wording
Selling, general and administrative ("SG&A") consists primarily of employee compensation costs and also includes expenses related to occupancy costs, professional fees, depreciation of furniture and fixtures, amortization of leasehold improvements, travel and entertainment expenses, marketing costs, other employee-related expenses, internal communication costs and bad debt expense.
Current wording
Selling, general and administrative ("SG&A") consists primarily of employee compensation costs and also includes expenses related to occupancy costs, professional fees, depreciation of furniture and fixtures, amortization of leasehold improvements, travel and entertainment expenses, marketing costs, other employee-related expenses, internal communication costs, bad debt expense and the impact from our foreign currency forward contracts.
Previous wording
Cost of services increased 4.3% to $528.4 million for the six months ended February 28, 2025, compared with $506.8 million in the same period a year ago, primarily due to an increase in amortization of intangible assets and computer-related expenses, partially offset by a decrease in employee compensation costs.
Current wording
Cost of services increased 13.7% to $280.7 million for the three months ended May 31, 2025, compared with $247.0 million for the same period a year ago, primarily due to an increase in employee compensation costs and amortization of intangible assets.
Previous wording
Cost of services, when expressed as a percentage of revenues, was 47.2% for the three months ended February 28, 2025, an increase of 50 basis points compared with the same period a year ago. This increase was primarily due to higher computer-related expenses, amortization of intangible assets and other expenses included in Cost of services, partially offset by a decrease in employee compensation costs.
Current wording
Cost of services, when expressed as a percentage of revenues, was 47.9% for the three months ended May 31, 2025, an increase of 330 basis points compared with the same period a year ago. This increase was primarily due to higher employee compensation costs and amortization of intangible assets.
Previous wording
Cost of services increased 5.7% to $269.6 million for the three months ended February 28, 2025, compared with $255.1 million for the same period a year ago, primarily due to an increase in computer-related expenses and amortization of intangible assets, partially offset by a decrease in employee compensation costs.
Current wording
Cost of services increased 7.3% to $809.1 million for the nine months ended May 31, 2025, compared with $753.7 million in the same period a year ago, primarily due to an increase in amortization of intangible assets, computer-related expenses, and employee compensation costs.
Previous wording
Cost of services, when expressed as a percentage of revenues, was 46.4% for the six months ended February 28, 2025, a decrease of 20 basis points compared with the same period a year ago. This decrease was primarily driven by lower employee compensation costs, partially offset by an increase in amortization of intangible assets.
Current wording
Cost of services, when expressed as a percentage of revenues, was 46.9% for the nine months ended May 31, 2025, an increase of 100 basis points compared with the same period a year ago. This increase was primarily driven by an increase in amortization of intangible assets, partially offset by lower employee compensation costs.
Previous wording
•Amortization of intangible assets increased 100 basis points, mainly due to higher amortization from capitalized costs related to the development of our internal-use software.
Current wording
•Amortization of intangible assets increased 100 basis points, mainly due to higher amortization from our capitalized internal-use software development costs.
Previous wording
•Employee compensation costs decreased 190 basis points, primarily due to a decrease in restructuring charges, partially offset by an increase in variable compensation costs.
Current wording
•Employee compensation costs decreased 80 basis points primarily due to revenues outpacing the increase in employee compensation costs and a decrease in restructuring charges, partially offset by higher variable compensation costs driven by a lower bonus accrual in the prior year period.
Previous wording
SG&A increased 6.2% to $115.6 million for the three months ended February 28, 2025, compared with $108.9 million in the same period a year ago, primarily driven by higher professional fees.
Current wording
SG&A increased 7.1% to $110.6 million for the three months ended May 31, 2025, compared with $103.3 million in the same period a year ago, primarily driven by higher employee compensation costs, partially offset by a benefit from the net settlement of our foreign currency forward contracts.
Previous wording
SG&A, when expressed as a percentage of revenues, was 20.3% for the three months ended February 28, 2025, an increase of 30 basis points compared with the same period a year ago. This increase was primarily driven by higher professional fees, partially offset by a decrease in bad debt expense.
Current wording
SG&A, when expressed as a percentage of revenues, was 18.9% for the three months ended May 31, 2025, an increase of 20 basis points compared with the same period a year ago. This increase was primarily driven by higher employee compensation costs, partially offset by a benefit from the net settlement of our foreign currency forward contracts.
Previous wording
SG&A expenses increased 11.3% to $234.1 million for the six months ended February 28, 2025, compared with $210.4 million for the same period a year ago, primarily driven by higher professional fees and employee compensation costs.
Current wording
SG&A expenses increased 9.9% to $344.8 million for the nine months ended May 31, 2025, compared with $313.7 million for the same period a year ago, primarily driven by higher employee compensation costs and professional fees.
Previous wording
SG&A expenses, when expressed as a percentage of revenues, were 20.5% for the six months ended February 28, 2025, an increase of 120 basis points compared with the same period a year ago. This increase was primarily due to higher professional fees and employee compensation costs.
Current wording
SG&A expenses, when expressed as a percentage of revenues, were 20.0% for the nine months ended May 31, 2025, an increase of 90 basis points compared with the same period a year ago. This increase was primarily due to higher professional fees and employee compensation costs.
Previous wording
•Amortization of intangible assets increased by 80 basis points, mainly due to higher amortization from increased capitalized costs related to the development of our internal-use software.
Current wording
•Professional fees increased by 80 basis points, mainly due to acquisition-related costs.
Previous wording
Operating margin decreased to 32.5% during the three months ended February 28, 2025, compared with 33.3% in the prior year period. When expenses are expressed as a percentage of revenues, this decrease in operating margin was mainly due to higher professional fees and computer-related expenses, partially offset by growth in revenues and a decrease in employee compensation costs.
Current wording
Operating margin decreased to 33.2% during the three months ended May 31, 2025, compared with 36.6% in the prior year period. When expenses are expressed as a percentage of revenues, this decrease in operating margin was mainly due to higher employee compensation costs and amortization of intangible assets, partially offset by growth in revenues and a benefit from the net settlement of our foreign currency forward contracts.
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Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Analysis of Financial Condition and Results of Operations, Annual Subscription Value, of this Quarterly Report on Form 10-Q for the definition of Organic ASV.
Current report — wording carried from elsewhere
The 2025 Term Facility matures on April 8, 2028, and the 2025 Revolving Facility matures on April 8, 2030. The 2025 Revolving Facility provides for up to $100.0 million in the form of letters of credit, up to $100.0 million in the form of swingline loans. We may seek additional commitments of up to $1.0 billion under the 2025 Revolving Facility from lenders or other financial institutions.
Current report — wording carried from elsewhere
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 preliminary working capital adjustments. The purchase price includes 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.
Current report — wording carried from elsewhere
Irwin is a leading investor relations and capital markets platform for public companies and their advisors. This acquisition builds on a recent 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.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Organic ASV is derived from sell-side firms, primarily including broker-dealers, banking and advisory firms, and private equity and venture capital firms.
Previous report — wording carried elsewhere
•Amortization of intangible assets increased mainly due to higher amortization from capitalized costs related to the development of our internal-use software.
Previous report — wording carried elsewhere
Refer to Note 11, Debt in the Notes to the Consolidated Financial Statements included in Part I, Item 1. of this Quarterly Report on Form 10-Q, for further discussion of the 2022 Credit Agreement.