Snapshot

FactSet generated revenue of $2.5 billion in FY2026, net income of $533.5 million in FY2026 and diluted EPS of $14.57 in FY2026. Gross profit was $1.3 billion in FY2026, while operating income was $700.0 million in FY2026. Revenue reached $634.7 million in Q4 FY2026, with gross profit of $308.4 million in Q4 FY2026, operating income of $156.6 million in Q4 FY2026 and net income of $121.1 million in Q4 FY2026. Revenue increased 6.33% in Q4 FY2026 against Q4 FY2025. Market capitalisation was $10.9 billion as of August 28, 2026.

Growth

Revenue was $2.5 billion in FY2026, growing 6.65% in FY2026 against FY2025. Revenue compound annual growth was 5.89% in FY2023–FY2026 and 9.24% in FY2021–FY2026. Diluted EPS was $14.57 in FY2026, declining −6.29% in FY2026 against FY2025, while its compound annual growth was 6.60% in FY2023–FY2026 and 7.06% in FY2021–FY2026. Free cash flow was $707.5 million in FY2026, rising 14.6% in FY2026 against FY2025; its compound annual growth was 6.55% in FY2023–FY2026 and 7.45% in FY2021–FY2026.

In Q4 FY2026, revenue was $634.7 million and increased 1.89% against Q3 FY2026 and 6.33% against Q4 FY2025. Diluted EPS of $3.41 in Q4 FY2026 declined −2.71% against Q3 FY2026 and −15.5% against Q4 FY2025. Free cash flow was $177.3 million in Q4 FY2026, down −30.2% against Q3 FY2026 and −0.46% against Q4 FY2025.

Profitability

Gross margin was 50.6% in FY2026, operating margin was 28.3% in FY2026, pre-tax margin was 26.2% in FY2026 and net margin was 21.5% in FY2026. From FY2021–FY2026, gross margin changed 0.0 percentage points, operating margin changed −1.5 percentage points, pre-tax margin changed −3.1 percentage points and net margin changed −3.6 percentage points. Over FY2025–FY2026, gross margin changed −2.1 percentage points, operating margin changed −4.0 percentage points, pre-tax margin changed −4.8 percentage points and net margin changed −4.2 percentage points.

Return on assets was 12.6% in FY2026, compared with 12.7% in FY2022. Return on invested capital was 14.1% in FY2026, compared with 10.6% in FY2022. Return on equity was reported as 0.00% in FY2026, compared with 33.8% in FY2022.

Balance sheet

Total debt was $1.4 billion in FY2026, unchanged from $1.4 billion in FY2025. Net debt was $1.1 billion in FY2026, following $1.0 billion in FY2025. Cash and short-term investments were $265.3 million in FY2026, compared with $355.1 million in FY2025. Shareholders’ equity was $2.0 billion in FY2026, compared with $2.2 billion in FY2025, and book value per share was $54.90 in FY2026, compared with $57.65 in FY2025.

Working capital was −$437.6 million in FY2026, compared with $208.5 million in FY2025. The current ratio was 0.6× in Q4 FY2026, while debt to equity was 0.7× in Q4 FY2026. Net debt was $1.1 billion in Q4 FY2026, increasing by $91.5 million against Q4 FY2025.

Cash flow & capital return

Operating cash flow was $822.2 million in FY2026, increasing 13.2% in FY2026 against FY2025. Capital expenditure was $114.7 million in FY2026, compared with $108.8 million in FY2025, and depreciation and amortisation was $213.1 million in FY2026. Free cash flow was $707.5 million in FY2026, up 14.6% in FY2026 against FY2025, and represented 132.6% of net income in FY2026.

Dividends paid were $164.2 million in FY2026 and net share repurchases were $610.7 million in FY2026. Capital returned to shareholders totalled $774.9 million in FY2026 and $1.7 billion in FY2022–FY2026. Weighted average shares were 36.5 million shares in FY2026, compared with 37.9 million shares in FY2025; share count changed −3.67% in FY2021–FY2026.

Valuation

As of August 28, 2026, the P/E was 20.2×, below the five-year median P/E of 30.2× as of August 28, 2026, over the five fiscal years to FY2026, and below the ten-year median P/E of 32.0× as of August 28, 2026, over the ten fiscal years to FY2026. The P/E was 0.9× the industry median as of August 28, 2026; the industry median P/E was 21.4× as of August 28, 2026.

As of August 28, 2026, the P/S was 4.6×, below its five-year median of 7.4× and ten-year median of 7.3×. The P/S was 0.6× the industry median as of August 28, 2026; the industry median P/S was 7.4× as of August 28, 2026. The P/B was 5.5× as of August 28, 2026, below its five-year median of 8.5× and ten-year median of 11.7×, but above the industry median P/B of 3.6× as of August 28, 2026.

What changed since last quarter

Revenue was $634.7 million in Q4 FY2026, increasing 1.89% against Q3 FY2026 and 6.33% against Q4 FY2025. Diluted EPS was $3.41 in Q4 FY2026, declining −2.71% against Q3 FY2026 and −15.5% against Q4 FY2025. Gross margin was 48.6% in Q4 FY2026, down −1.3 percentage points against Q3 FY2026 and −3.0 percentage points against Q4 FY2025. Operating margin was 24.7% in Q4 FY2026, down −2.0 percentage points against Q3 FY2026 and −5.0 percentage points against Q4 FY2025.

Management attributed the Q3 FY2026 operating-margin decline to higher operating expenses, mainly employee compensation costs, including restructuring charges and CEO compensation costs, partly offset by revenue growth. Management also cited higher technology-related expenses and amortisation of intangible assets in its Q3 FY2026 discussion. That discussion does not identify the causes of Q4 FY2026 movements.

Open questions

• What factors drove the further decline in gross and operating margins during the latest quarter?
• How will employee compensation, restructuring charges and technology-related expenses develop after the latest quarter?
• What caused working capital to move into a negative position at the end of the fiscal year?
• How will future capital allocation be divided among dividends, repurchases, debt management and internal investment?

Sources

• Form 10-Q filed July 1, 2026 — management’s discussion and analysis