FactSet Research Systems (FDS) financial statements
FactSet Research Systems reported revenue of $2.3B in fiscal 2025, up 8.4% a year over 9 years.
Net income was $597M and the operating margin 32.2%, against 31.0% in 2016.
Free cash flow was $617M, and the company returned $160M in dividends and $300M in net buybacks.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from FactSet Research Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.4B | $1.4B | $1.5B | $1.6B | $1.8B | $2.1B | $2.2B | $2.3B |
| Cost of revenue | $487M | $567M | $659M | $663M | $695M | $786M | $871M | $973M | $1.0B | $1.1B |
| Gross profit | $640M | $655M | $691M | $772M | $799M | $805M | $973M | $1.1B | $1.2B | $1.2B |
| Research and development | — | $215M | $217M | $215M | $224M | $250M | $255M | $267M | $265M | $301M |
| Selling, general and admin | $290M | $302M | $325M | $334M | $343M | $331M | $433M | $483M | $490M | $476M |
| Operating income | $350M | $352M | $366M | $438M | $440M | $474M | $475M | $629M | $701M | $748M |
| Interest expense | — | $8M | $16M | $20M | $13M | $8M | $36M | $66M | $66M | $56M |
| Pre-tax income | $461M | $344M | $352M | $422M | $427M | $468M | $444M | $584M | $652M | $721M |
| Income tax | $122M | $86M | $85M | $69M | $54M | $68M | $47M | $116M | $114M | $124M |
| Net income | $339M | $258M | $267M | $353M | $373M | $400M | $397M | $468M | $537M | $597M |
| EPS (diluted) | $8.19 | $6.51 | $6.78 | $9.08 | $9.65 | $10.36 | $10.25 | $12.04 | $13.91 | $15.55 |
| Diluted shares | 41M | 40M | 39M | 39M | 39M | 39M | 39M | 39M | 39M | 38M |
| Gross margin | 56.8% | 53.6% | 51.2% | 53.8% | 53.5% | 50.6% | 52.8% | 53.3% | 54.1% | 52.7% |
| Operating margin | 31.0% | 28.8% | 27.1% | 30.5% | 29.4% | 29.8% | 25.8% | 30.2% | 31.8% | 32.2% |
| Net margin | 30.1% | 21.1% | 19.8% | 24.6% | 25.0% | 25.1% | 21.5% | 22.4% | 24.4% | 25.7% |
Balance sheet
Fiscal years, from FactSet Research Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $253M | $227M | $238M | $386M | $605M | $718M | $536M | $458M | $493M | $355M |
| Receivables | $98M | $148M | $157M | $146M | $155M | $151M | $204M | $238M | $228M | $271M |
| Total current assets | $369M | $409M | $431M | $584M | $842M | $934M | $870M | $770M | $836M | $730M |
| Property, plant and equipment | $85M | $100M | $101M | $119M | $133M | $131M | $81M | $86M | $83M | $85M |
| Goodwill | $453M | $708M | $702M | $686M | $710M | $754M | $966M | $1.0B | $1.0B | $1.3B |
| Total assets | $1.0B | $1.4B | $1.4B | $1.6B | $2.1B | $2.2B | $4.0B | $4.0B | $4.1B | $4.3B |
| Total current liabilities | $158M | $201M | $221M | $219M | $276M | $316M | $438M | $484M | $667M | $521M |
| Long-term debt | — | — | — | — | — | $575M | $2.0B | $1.6B | $1.2B | $1.4B |
| Total liabilities | $502M | $854M | $894M | $888M | $1.2B | $1.2B | $2.7B | $2.3B | $2.1B | $2.1B |
| Shareholders' equity | $517M | $560M | $526M | $672M | $896M | $1.0B | $1.3B | $1.6B | $1.9B | $2.2B |
| Net debt | -$228M | -$195M | -$209M | -$360M | -$586M | -$107M | $1.5B | $1.2B | $943M | $1.0B |
Cash flow
Fiscal years, from FactSet Research Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $331M | $321M | $386M | $427M | $506M | $555M | $538M | $646M | $700M | $726M |
| Capital spending | $48M | $37M | $34M | $59M | $78M | $61M | $51M | $61M | $86M | $109M |
| Free cash flow | $283M | $284M | $352M | $368M | $428M | $494M | $487M | $585M | $615M | $617M |
| Stock-based compensation | $30M | $34M | $32M | $32M | $37M | $45M | $56M | $62M | $64M | $61M |
| Dividends paid | $74M | $81M | $89M | $100M | $110M | $118M | $126M | $139M | $151M | $160M |
| Share buybacks (net) | -$357M | -$261M | -$304M | -$220M | -$200M | -$265M | -$19M | -$177M | -$235M | -$300M |
| Net borrowing | $265M | $275M | $0 | $0 | $0 | $0 | $1.4B | -$375M | -$250M | -$2M |
| Free cash flow margin | 25.1% | 23.2% | 26.1% | 25.6% | 28.7% | 31.0% | 26.4% | 28.0% | 27.9% | 26.6% |
| Dividends per share | $1.79 | $2.04 | $2.27 | $2.57 | $2.86 | $3.06 | $3.25 | $3.56 | $3.90 | $4.17 |
Questions
What was FactSet Research Systems's revenue in 2025?
$2.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does FactSet Research Systems generate?
$617M in fiscal 2025 (operating cash flow minus capital spending).
From FactSet Research Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.