Research · Sep 3, 2026
[FDS] FactSet Thesis 2026: Workflow Subscription Compounds Through Bloomberg-Refinitiv Wedge
FactSet Research Systems Inc. FY2025 revenue ~$2.3-2.4B (+5-7%) with adj. EPS ~$16.20-16.80 reflecting continued workflow subscription growth despite selected post-2022-2024 buy-side budget compression + selected layoffs at hedge funds + asset managers + selected operational excellence under continued CEO Phil Snow. Financial data + analytics + portfolio management software firm focused on buy-side + sell-side institutional clients; founded 1978 by Howard Wille + Charles Snyder in Greenwich Connecticut (IPO 1996); headquartered in Norwalk, Connecticut; ~12,000+ employees globally across ~60+ offices. ~205,000+ users across ~8,200+ clients with ASV (annual subscription value) ~$2.3-2.4B (selected steady single-digit growth FY2024-2025); ~95% recurring subscription revenue; ~92-93% retention rate (selected slightly below MSCI/Bloomberg historical 95%+ levels reflecting buy-side budget pressure); fiscal year ends August. Geographic mix: Americas 63% ($1.5B), EMEA 25% ($0.6B), Asia Pacific 9% ($0.2B); client mix: buy-side ~85% (asset managers + hedge funds + wealth managers + private equity) + sell-side ~15% (investment banks + selected research). CEO Phil Snow since July 2015 (succeeded Phil Hadley CEO 2000-2015 retired; Snow ex-FactSet Senior Vice President + ~27+ year FactSet career; deep operational + product heritage). Snow's tenure has executed continued operational excellence + CGS Analyst $1.93B acquisition January 2022 (regulatory data) + selected post-pandemic budget compression navigation + selected workforce optimization + selected AI/analytics integration (selected OpenAI partnership 2023 + selected proprietary AI capabilities). Capital return: dividend $4.04-4.32/share annual (~26 consecutive year increases) + buybacks $200-400M; investment-grade Baa3/BBB- credit rating. FY2026 thesis: workflow subscription resilience + Bloomberg-Refinitiv competitive wedge + AI/analytics integration + capital return. Risks: buy-side budget compression, competitive intensity, client retention.