On this page of StockholderLetter.com we present the latest annual shareholder letter from FACTSET RESEARCH SYSTEMS INC — ticker symbol FDS. Reading current and past FDS letters to shareholders can bring important insights into the investment thesis.

 •  10/27/2025 Letter Continued (Full PDF)
 •  10/30/2023 FDS Stockholder Letter
 •  10/30/2024 FDS Stockholder Letter
 •  More "Information Technology Services" Category Stockholder Letters
 •  FDS Benford's Law Stock Score = 97

FDS Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT

Dear FactSet Shareholders,
We are at the start of a new era for FactSet, one defined by innovation, growth, and opportunity. The
financial industry is at a strategic inflection point, with digital and data-driven innovation
transforming how institutions operate, invest, and serve their clients. FactSet is uniquely positioned
to deliver the products and services that enable this ongoing transformation. We are increasing our
commitment to move with speed, clarity, and disciplined execution, and to apply AI thoughtfully as
a core part of our strategy.
What I have seen and heard since joining FactSet as Chief Executive O  icer in September confirms
that we have real and distinctive strengths: a powerful brand, di  erentiated data and technology, and
a culture that consistently puts clients first. My 25 years of experience in the financial industry has
given me firsthand appreciation for the power of the FactSet platform and the di  erence trusted data
and technology can make. The feedback from clients, partners, and financial professionals who rely
on our solutions every day strongly echoes this.
Fiscal 2025 was a record year for FactSet. Revenue reached $2.3 billion with operating income of
~$750 million. Our client base expanded by nearly 10% to 9,000 firms. These results reflect
disciplined execution across the organization and demonstrate both the resilience of our business
model and the critical role FactSet plays in client workflows. They also highlight the growth
opportunity for FactSet and the imperative to deliver stronger financial performance for our
shareholders.
During fiscal 2025, we expanded our capabilities in key growth areas. We added real-time data feeds,
enhanced pricing and reference data, and deepened sector-specific data coverage. We introduced
advanced prospecting solutions that help wealth managers identify and engage potential clients. We
grew our after-market research universe for our dealmaking clients. We enhanced our investor
relations platform for corporate clients with the acquisition of Irwin. We improved our Execution
Management System with faster, more intelligent order routing and added an Order Management
System through our acquisition of LiquidityBook. Both acquisitions have been powerful additions to
our product suite, bringing new skills and capabilities that strengthen the FactSet franchise while
expanding our addressable market.
AI was a growth driver for FactSet in 2025, despite broader concerns around AI-led disruption to the
information services business model. We made meaningful progress with the use of AI, delivering
positive outcomes for our clients, and embedding deeper into their workflows. Our AI-powered
research tools enable analysts to process earnings calls and regulatory filings in minutes rather than
hours, freeing them to focus on higher-value strategic analysis. Junior bankers save countless hours
leveraging Pitch Creator, our AI-powered pitchbook building solution. Wealth advisors use our

Advisor Dashboard to view and manage their clients    portfolios with a level of insight and actionability
that was unimaginable just years ago.
Our mission to Supercharge Financial Intelligence could not be more relevant than it is today.
Looking ahead, I see three priorities:


Help our clients capture more value from their data modernization and AI initiatives,
leveraging FactSet   s expertise and deep knowledge of their specific workflows,
processes, and requirements.
Accelerate the delivery of di  erentiated products, including new content sets and
delivery mechanisms.
Strengthen and scale our partnerships across the data and technology ecosystem and
maximize the delivery of FactSet   s trusted financial intelligence to our clients around the
world.
These priorities will guide our investment in opportunities that advance disciplined, sustainable
growth   always led by client needs and focused on generating attractive returns for shareholders.
Along the way, we must continue to adapt to an evolving technology landscape, identify AI-driven
growth opportunities, and articulate how we expect to capture them.
The coming decade for our industry will be defined by those companies that deliver trusted,
integrated financial data and intelligence with speed, personalization, and precision. We operate
from a position of strength     with extensive data expertise, deep knowledge of our clients    workflows,
and an open and agile architecture.
FactSet has a unique combination of talent, technology, and culture that inspires me and gives me
confidence that we are well-positioned to be a leading provider of financial intelligence, and a strong
long-term value creator for clients and shareholders.
Thank you for your continued trust and support as we build this new chapter together.
Sincerely,
Sanoke Viswanathan
Chief Executive O  icer, FactSet



 10/27/2025 Letter Continued (Full PDF)