FACTSET RESEARCH SYSTEMS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FACTSET RESEARCH SYSTEMS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,127	1,221	1,350	1,435	1,494	1,591	1,844	2,086	2,203	2,322
Cost of revenue	487	567	659	663	695	786	871	973	1,012	1,098
Gross profit	640	655	691	772	799	805	973	1,112	1,191	1,224
Research and development		215	217	215	224	250	255	267	265	301
Selling, general and administrative	290	302	325	334	343	331	433	483	490	476
Operating expenses	777	869	984
Operating income	350	352	366	438	440	474	475	629	701	748
Interest expense		8.4	15.9	19.8	12.9	8.07	35.7	66.3	65.8	56.3
Interest income						1.81	6.18	12.8	14.4	6.53
Other non-operating income	111	-7.82	-14.4	-16.1	-12.5	-6.42	-31.9	-45.3	-49.8	-27.3
Pre-tax income	461	344	352	422	427	468	444	584	652	721
Income tax	122	86.1	84.8	69.2	54.2	68	46.7	116	114	124
Net income	339	258	267	353	373	400	397	468	537	597
EBITDA	388	400	423	498	497	539	562	735	826	906
EPS, basic	8.29	6.55	6.90	9.25	9.83	10.56	10.48	12.26	14.11	15.74
EPS, diluted	8.19	6.51	6.78	9.08	9.65	10.36	10.25	12.04	13.91	15.55
Shares, basic (weighted)	40.9	39.4	38.7	38.1	37.9	37.9	37.9	38.2	38.1	37.9
Shares, diluted (weighted)	41.4	39.6	39.4	38.9	38.6	38.6	38.7	38.9	38.6	38.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	228	195	209	360	586	682	503	425	423	338
Short-term investments	24.2	32.4	29.3	25.8	19.6	36	33.2	32.2	69.6	17.4
Receivables	97.8	148	157	146	155	151	204	238	228	271
Other current assets	15.7	24.1	30.1	36.9	43.7	50.6	91.2	50.6	60.1	70.4
Total current assets	369	409	431	584	842	934	870	770	836	730
Property, plant and equipment	84.6	100	101	119	133	131	80.8	86.1	82.5	85.2
Lease right-of-use assets				0	249	239	159	142	130	122
Goodwill	453	708	702	686	710	754	966	1,005	1,011	1,285
Intangible assets	93.2	174	149	124	121	135	1,896	1,859	1,844	1,916
Other non-current assets	5.78	15	27.5	39.2	28.6	29.5	38.7	73.7	89.6	105
Total assets	1,019	1,413	1,419	1,560	2,083	2,225	4,014	3,963	4,055	4,304
Accounts payable	45.8	59.2	72.1	79.6	82.1	85.8	108	122	178	135
Accrued liabilities	51	61.1	66.5	64.2	81.9	104	115	113	93.3	131
Deferred revenue	33.2	47.5	49.7	47.7	54	63.1	152	152	160	168
Short-term debt								0	125	0
Total current liabilities	158	201	221	219	276	316	438	484	667	521
Long-term debt						575	1,982	1,613	1,241	1,368
Lease liabilities				0	272	260	209	198	178	157
Other non-current liabilities	33.1	37.2	39	42	7.33	4.94	3.34	6.84	6.61	11.2
Total liabilities	502	854	894	888	1,187	1,209	2,683	2,343	2,143	2,118
Total debt	300	575	575	574	574	575	1,982	1,613	1,366	1,368
Paid-in capital	623	742	668	807	939	1,048	1,190	1,324	1,479	1,622
Retained earnings	1,284	1,459	123	373	633	913	1,180	1,505	1,889	2,323
Treasury stock	-1,322	-1,607	-213	-434	-637	-906	-931	-1,122	-1,376	-1,695
Other comprehensive income	-68.6	-34.7	-51.4	-74.5	-39.3	-39	-108	-87.1	-79.6	-63.7
Shareholders' equity	517	560	526	672	896	1,016	1,331	1,620	1,912	2,186
Total equity	517	560	526	672	896	1,016	1,331	1,620	1,912	2,186
Total liabilities and equity	1,019	1,413	1,419	1,560	2,083	2,225	4,014	3,963	4,055	4,304
Shares outstanding	40	39	38.2	38.1	38	37.6	38	38	38	37.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	339	258	267	353	373	400	397	468	537	597
Depreciation and amortization	38.1	48.3	57.3	60.5	57.6	64.5	86.7	105	125	158
Stock-based compensation	29.8	34.2	31.5	32.4	36.6	45.1	56	62	63.5	61.2
Deferred income tax	4.53	4.88	-1.91	-2.28	10.6	-4.6	-8.72	-31.1	-32	-3.55
Change in receivables	-3.54	-29.5	-8.42	10.2	-8.61	3.65	-33	-40.1	2.2	-42.5
Change in payables	5.53	-2.23	12.1	-2.29	12.4	2.07	12.8	8.39	55.3	-59.4
Cash from operations	331	321	386	427	506	555	538	646	700	726
Capital expenditures	-47.7	-36.9	-33.5	-59.4	-77.6	-61.3	-51.2	-60.8	-85.7	-109
Acquisitions	-263	-303	-15	0	0	-58.1	-1,982	-23.6	0	-348
Purchases of investments	-18.1	-30.8	-12.5	-11.1	-2.74	-18.8	-0.88	-11	-58.6	-18.9
Sales and maturities of investments				14.4	6.75	2.18	0	0	0	58.2
Cash from investing	-158	-347	-48.5	-56.1	-73.6	-136	-2,034	-95.4	-144	-393
Debt issued	265	640	0	575	0	0	2,238	0	0	803
Debt repaid		-365	0	-575	0	0	-825	-375	-250	-805
Share buybacks	-357	-261	-304	-220	-200	-265	-18.6	-177	-235	-300
Dividends paid	-74.2	-80.9	-89.4	-100	-110	-118	-126	-139	-151	-160
Cash from financing	-91	-8.16	-320	-214	-218	-323	1,339	-632	-561	-408
Exchange rate effect	-12.2	1.26	-3.21	-5.59	11.7	-0.26	-22.4	4.02	2.36	3.05
Net change in cash	69.5	-33.7	13.9	151	226	96.3	-179	-77.8	-2.47	-71.3
Free cash flow	283	284	352	368	428	494	487	585	615	617
Interest paid	3.01	8.47	15.7	19.5	12.9	8.02	29.5	76.5	65.9	54.8
Income taxes paid	87.5	74.8	68.7	90	69.1	46.6	76.3	91.2	157	103

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $273.08 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	51.4%	Gross profit / revenue.
Operating margin	29.6%	Operating income / revenue.
EBITDA margin	36.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	28.5%	Pre-tax income / revenue.
Net margin	23.2%	Net income / revenue.
FCF margin	29.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.0%	Cash from operations / revenue.
Effective tax rate	18.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.5%	Net income / average total assets.
Return on invested capital (ROIC)	18.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	21.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.0%	Capital expenditures / revenue.
D&A / revenue	7.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	6.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	9.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	11.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	14.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	3.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	0.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	19.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.68x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.68x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.2%	Total debt / total assets.
Liabilities / assets	51.5%	Total liabilities / total assets.
Net debt	$1.09B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.21x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	13.6x	Operating income / interest expense.
Working capital	-$337.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	75.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.12B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	29.6x	Revenue / average property, plant and equipment.
Receivables turnover	8.41x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
FCF conversion	125.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$15.64	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$67.38	Revenue / diluted weighted shares.
FCF per share	$19.57	Free cash flow / diluted weighted shares.
Operating cash flow per share	$22.92	Cash from operations / diluted weighted shares.
Book value per share	$56.80	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$31.29	Tangible book value / shares outstanding.
Cash per share	$8.50	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	86.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.71B	Share price x shares outstanding.
Enterprise value	$10.80B	Market cap + total debt - cash - short-term investments.
P/E	17.2x	Market cap / net income. Only when net income is positive.
P/S	3.98x	Market cap / revenue.
P/B	4.78x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	13.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.7x	Market cap / cash from operations, when positive.
EV/Sales	4.43x	Enterprise value / revenue.
EV/EBIT	15.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.3%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.7%	Dividends paid over the period / market cap.
Shareholder yield	8.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.15x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FACTSET RESEARCH SYSTEMS INC's revenue in fiscal 2025?

FACTSET RESEARCH SYSTEMS INC reported revenue of $2.32B for fiscal 2025, 5.4% higher than the year before.

Was FACTSET RESEARCH SYSTEMS INC profitable in fiscal 2025?

Yes. Net income was $597.0M, a net margin of 25.7%.

How much free cash flow did FACTSET RESEARCH SYSTEMS INC generate in fiscal 2025?

Cash from operations of $726.3M minus capital expenditures of $108.8M left free cash flow of $617.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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