Core Insights - FactSet Research Systems (NYSE: FDS) reported Q3 FY2025 results, showing a nearly 4% increase in share price, indicating strong market confidence in the company's performance [1] Financial Performance - The company demonstrated resilience with predictable revenue streams and robust financial results, reinforcing its position in the market [1] Market Reaction - Following the earnings release, the positive market reaction reflects investor confidence in the company's ongoing performance and strategic direction [1]

Core Insights - FactSet (FDS) reported third-quarter fiscal 2025 results with earnings per share of $4.27, missing the Zacks Consensus Estimate, while revenues of $585.5 million exceeded expectations [1][9] - The company experienced a 2.3% year-over-year decline in earnings, but revenues increased by 5.9% compared to the previous year [1][9] Revenue Performance - Organic revenues rose 4.4% year-over-year to $577.2 million, with regional growth of 5% in the Americas, 2.3% in EMEA, and 6.4% in Asia Pacific [3] - Revenues from the Americas segment were $380.5 million, up 6.7% year-over-year, while EMEA revenues were $145.7 million, a 3.1% increase, and Asia Pacific revenues reached $59.3 million, marking 7.8% growth [4] Annual Subscription Value (ASV) and Client Metrics - FactSet's Annual Subscription Value plus professional services totaled $2.3 billion, reflecting a 4.5% year-over-year increase, with 82% generated by buy-side firms [5] - The company added 166 clients in the third quarter, bringing the total to 8,811, with a client retention rate of 91% [6] Operating Results - Adjusted operating income was $194.2 million, a decrease of 4.1% year-over-year, but exceeded estimates [7] - The adjusted operating margin was 36.8%, down 260 basis points from the previous year [7] Balance Sheet and Cash Flow - FactSet ended the quarter with cash and cash equivalents of $356.4 million, up from $278.5 million in the previous quarter, and long-term debt decreased to $1.4 billion [8] - The company generated $253.8 million in cash from operating activities, with capital expenditures of $25.2 million, resulting in a free cash flow utilization of $228.6 million [8] Fiscal Year 2025 Guidance - For fiscal 2025, FactSet anticipates revenues between $2.305 billion and $2.325 billion, with the midpoint slightly above the Zacks Consensus Estimate [10] - Earnings per share guidance is set at $16.8 to $17.4, with the midpoint aligning with consensus estimates, and an adjusted operating margin projected at 36-37% [10]

Core Insights - FactSet Research reported revenue of $585.52 million for the quarter ended May 2025, marking a year-over-year increase of 5.9% [1] - The earnings per share (EPS) for the same period was $4.27, slightly down from $4.37 a year ago, with an EPS surprise of -0.93% compared to the consensus estimate of $4.31 [1] Financial Performance Metrics - Total Annual Subscription Value (ASV) reached $2.34 billion, exceeding the average estimate of $2.32 billion [4] - The total number of clients increased to 8,811, surpassing the estimated 8,718 [4] - Total users were reported at 220,496, slightly below the average estimate of 225,123 [4] - ASV from buy-side clients remained stable at 82.3%, matching the average estimate [4] - Domestic ASV was reported at $1.51 billion, slightly above the estimated $1.50 billion [4] - International ASV was $822 million, marginally below the estimate of $824.51 million [4] - Organic ASV was $2.30 billion, just under the average estimate of $2.31 billion [4] Revenue Breakdown - Revenues from U.S. clients were $380.5 million, exceeding the average estimate of $376.58 million, reflecting a year-over-year increase of 6.7% [4] - Revenues from international clients totaled $205 million, slightly above the estimate of $204.15 million, with a year-over-year change of 4.5% [4] - Revenues from Asia Pacific clients were reported at $59.30 million, above the average estimate of $58.64 million, representing a year-over-year increase of 7.8% [4] - Revenues from EMEA clients reached $145.70 million, marginally exceeding the estimate of $145.59 million, with a year-over-year change of 3.2% [4] Stock Performance - FactSet shares have returned -8.7% over the past month, contrasting with the Zacks S&P 500 composite's +0.5% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - Organic ASV grew by $22.6 million in Q3 2025, representing a 4.5% year-over-year increase [28] - GAAP revenues increased by 5.9% year-over-year, reaching $586 million [28] - Adjusted diluted EPS decreased by $0.10 or 2.3% to $4.27 [33] - GAAP operating margin was 33.2%, a decrease of 350 basis points compared to the previous year [32] Business Line Data and Key Metrics Changes - Wealth organic ASV maintained double-digit growth, with new business sales nearly doubling compared to the previous year [15] - Dealmaker banking gains were driven by improved retention and multiyear deals [17] - Private equity and venture capital (PEVC) saw its fourth consecutive quarter of accelerating growth [19] Market Data and Key Metrics Changes - In The Americas, organic ASV increased by 5%, driven by higher banking and asset manager retention [14] - EMEA experienced organic ASV growth of 2%, impacted by lower contributions from annual price increases [14] - Asia Pacific saw a 7% increase in organic ASV, primarily due to higher retention in the banking sector [14] Company Strategy and Development Direction - The company is focused on driving top-line growth and expanding its footprint in enterprise solutions [22] - Investments are being made in technology, particularly in generative AI capabilities, to enhance product innovation [30] - The leadership transition to Sanoq Viswanathan is expected to guide the company through its next growth phase [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment has not significantly changed, but client transformations are ongoing [40] - There is optimism regarding the pipeline for Q4, with strong demand anticipated from the institutional buy side [23] - The company reaffirmed its FY 2025 guidance, indicating confidence in achieving targets [36] Other Important Information - The company repurchased approximately 184,000 shares for around $81 million during the quarter [34] - A new share repurchase authorization of up to $400 million was approved, effective September 1, 2025 [34] - The company has returned $415 million to shareholders over the past twelve months through dividends and share repurchases [35] Q&A Session Summary Question: Change in macro environment and ASP growth - Management indicated that there has not been a significant change in the macro environment, attributing ASP growth to better execution and product traction [39][40] Question: Q4 outlook and comparison to last year - Management noted that both The Americas and EMEA regions look strong, with enterprise solutions driving growth [48][49] Question: Thoughts on fiscal 2026 - Management stated that they are focused on Q4 and will discuss fiscal 2026 in the September call [56][57] Question: Headwinds from asset owners optimizing costs - Management acknowledged competitive pressures but expressed optimism for future improvements [60][62] Question: Adjusted operating margin expectations for Q4 - Management confirmed that they expect to remain within the margin guidance range, with increased investments in technology and acquisitions [66][67] Question: Internal efficiency initiatives related to GenAI - Management highlighted ongoing efforts to improve internal efficiencies through AI, with positive early results [72][78] Question: Demand for data solutions - Management noted increased momentum in data solutions due to a broader suite of offerings and a refocused sales team [101][104]

Financial Data and Key Metrics Changes - Organic ASV grew by $22.6 million in Q3 2025, representing a 4.5% year-over-year increase [25] - GAAP revenues increased by 5.9% year-over-year, reaching $586 million [25] - Adjusted diluted EPS decreased by $0.10 or 2.3% to $4.27 [30] - GAAP operating margin was 33.2%, a decrease of 350 basis points compared to the previous year [29] - Free cash flow grew to $229 million in Q3, up 5% over the same period last year [31] Business Line Data and Key Metrics Changes - Wealth organic ASV maintained double-digit growth, with new business sales nearly doubling compared to the previous year [12] - Dealmaker banking gains were driven by improved retention and several multiyear deals [14] - Private equity and venture capital (PEVC) saw its fourth consecutive quarter of accelerating growth [16] - Hedge funds experienced growth due to new fund launches and increased adoption of data products [19] Market Data and Key Metrics Changes - In the Americas, organic ASV increased by 5%, driven by higher banking and asset manager retention [11] - EMEA saw organic ASV growth of 2%, impacted by lower contributions from annual price increases [11] - Asia Pacific experienced a 7% increase in organic ASV, primarily due to higher retention in the banking sector [11] Company Strategy and Development Direction - The company is focused on driving top-line growth and expanding its footprint in wealth management and institutional buy-side solutions [20][22] - Investments in technology, particularly in generative AI, are prioritized to enhance product offerings and operational efficiency [27][33] - The leadership transition to Sanoq Viswanathan is expected to guide the company through its next growth phase [7] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are no significant macroeconomic changes, client demand for technology and data solutions remains strong [38] - The company is optimistic about Q4 performance, reaffirming its FY 2025 guidance based on a healthy pipeline and growing momentum [9][33] - Management highlighted the importance of executing on a diverse portfolio of opportunities to achieve projected results [95] Other Important Information - The company repurchased approximately 184,000 shares for around $81 million during the quarter [31] - A new share repurchase authorization of up to $400 million was approved, effective September 1, 2025 [31] - The company has returned $415 million to shareholders over the past twelve months through dividends and share repurchases [32] Q&A Session Summary Question: Changes in macro environment and ASP growth - Management indicated that there hasn't been a significant change in the macro environment, attributing ASP growth to better execution and product traction [37][38] Question: Q4 outlook and comparisons to last year - Management noted that both The Americas and EMEA regions look strong, with growth driven by enterprise solutions and improved retention [47][49] Question: Thoughts on fiscal 2026 - Management stated that they are focused on Q4 and will discuss fiscal 2026 in the September call [55] Question: Headwinds from asset owners optimizing costs - Management acknowledged competitive pressures but expressed optimism for improvement in the future [58][60] Question: Adjusted operating margin expectations for Q4 - Management confirmed that they expect to remain within the adjusted margin guidance range of 36% to 37% [65] Question: Internal efficiency initiatives related to GenAI - Management is focused on applying GenAI internally to improve productivity and reduce administrative tasks [72][76] Question: Demand for data solutions and momentum - Management highlighted a return to historical levels of demand for data solutions, driven by a broader suite of offerings [99][101]

FactSet Research (FDS) came out with quarterly earnings of $4.27 per share, missing the Zacks Consensus Estimate of $4.31 per share. This compares to earnings of $4.37 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -0.93%. A quarter ago, it was expected that this financial data firm would post earnings of $4.19 per share when it actually produced earnings of $4.28, delivering a surprise of +2.15%. Over the last four quarters ...

Financial Performance - Q3 2025 - Revenues increased by 5.9% to $585.52 million compared to $552.708 million in the same period last year [27] - Organic Revenues increased by 4.4% to $577.2 million compared to $552.708 million in the same period last year [27] - Adjusted Diluted EPS decreased by 2.3% to $4.27 from $4.37 year over year [11, 28] - Free Cash Flow increased by 5.4% to $228.603 million from $216.896 million year over year [28] - Adjusted Operating Margin decreased 270 bps to 36.8% mainly due to lapping of both a lower bonus accrual and one-time payroll tax adjustment that occurred in the prior year, partially offset by growth in revenues [11, 27] Key Metrics - Organic ASV grew by 4.5% [11] - ASV Retention remained high at >95% [14] - User Count increased by 6% to 220,496 [16, 17] - Client Count increased by 10% to 8,811 [19, 20] ASV Growth by Region - Americas ASV grew by 5% to $1,486 million [22] - EMEA ASV grew by 2% to $575 million [22] - Asia Pacific ASV grew by 7% to $236 million [22] Fiscal Year 2025 Outlook - The company reaffirms its Fiscal 2025 outlook, expecting Organic ASV Growth of ~$100 - $130 million (~4.4% to ~5.8%) and Revenues of $2,305 - $2,325 million [33]

NORWALK, Conn., June 23, 2025 (GLOBE NEWSWIRE) -- FactSet ("FactSet" or the "Company") (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its third quarter fiscal 2025 ended May 31, 2025. (2) Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet's offerings toward providing more managed servi ...

[Third Quarter Fiscal 2025 Financial Performance](index=1&type=section&id=Third%20Quarter%20Fiscal%202025%20Financial%20Performance) FactSet reported a 5.9% increase in Q3 fiscal 2025 GAAP revenues to $585.5 million, driven by strong ASV growth across client segments and geographies, despite a decline in operating margins due to higher expenses [Key Financial Highlights](index=1&type=section&id=Third%20Quarter%20Fiscal%202025%20Highlights) FactSet reported Q3 fiscal 2025 GAAP revenues of $585.5 million, a 5.9% increase year-over-year, driven by wealth and institutional buy-side clients, though profitability declined with GAAP operating margin falling 350 basis points to 33.2% and GAAP diluted EPS decreasing 5.4% to $3.87, primarily due to higher operating expenses Key Financial Measures | Key Financial Measures | Q3 2025 | Q3 2024 | Change YoY | | :--- | :--- | :--- | :--- | | **GAAP Revenues** | $585.5 million | $552.7 million | +5.9% | | **Organic Revenues** | $577.2 million | $552.7 million | +4.4% | | **GAAP Operating Margin** | 33.2% | 36.6% | -350 bps | | **Adjusted Operating Margin** | 36.8% | 39.4% | -270 bps | | **GAAP Diluted EPS** | $3.87 | $4.09 | -5.4% | | **Adjusted Diluted EPS** | $4.27 | $4.37 | -2.3% | | **Organic ASV** | $2,296.9 million | - | +4.5% | - The decrease in operating margins was primarily attributed to lapping a **lower bonus accrual** and a **one-time payroll tax adjustment** from the prior year, along with **higher annual base salaries**[4](index=4&type=chunk) - Net cash provided by operating activities increased by **6.5%** to **$253.8 million**, and free cash flow grew by **5.4%** to **$228.6 million** for the quarter[4](index=4&type=chunk) [Annual Subscription Value (ASV) Analysis](index=2&type=section&id=Annual%20Subscription%20Value%20(ASV)) As of May 31, 2025, total Annual Subscription Value (ASV) reached $2,335.1 million, with organic ASV, excluding recent acquisitions and currency impacts, growing 4.5% year-over-year to $2,296.9 million, driven equally by 4.0% expansion in both buy-side and sell-side client segments Annual Subscription Value Metrics | ASV Metric | Value (as of May 31, 2025) | YoY Growth | | :--- | :--- | :--- | | **Total ASV** | $2,335.1 million | - | | **Organic ASV** | $2,296.9 million | +4.5% | | **Organic ASV Increase (YoY)** | +$98.5 million | - | | **Organic ASV Increase (QoQ)** | +$22.6 million | - | - Buy-side clients, including asset managers, wealth managers, and hedge funds, constitute **82%** of organic ASV, while sell-side firms account for the remaining **18%**[8](index=8&type=chunk) - Both buy-side and sell-side segments reported an organic ASV annual growth rate of **4.0%**[8](index=8&type=chunk) [Segment Performance by Geography](index=2&type=section&id=Segment%20Revenues%20and%20ASV) The Americas remains the largest segment, contributing $1,513.1 million in ASV with a 5.0% organic growth rate, while the Asia Pacific region demonstrated the highest organic ASV growth at 7.1%, reaching $235.7 million, and EMEA showed more modest growth with organic ASV increasing by 2.1% Regional Organic Growth Rates | Region | Q3 Organic ASV Growth | Q3 Organic Revenue Growth | | :--- | :--- | :--- | | **Americas** | 5.0% | 5.0% | | **EMEA** | 2.1% | 2.3% | | **Asia Pacific** | 7.1% | 6.4% | - Americas: ASV reached **$1,513.1 million**, with quarterly revenues of **$380.5 million**[9](index=9&type=chunk) - EMEA: ASV stood at **$581.9 million**, with quarterly revenues of **$145.7 million**[10](index=10&type=chunk) - Asia Pacific: ASV was **$240.1 million**, with quarterly revenues of **$59.3 million**[11](index=11&type=chunk) [Operational Highlights and Corporate Developments](index=3&type=section&id=Operational%20Highlights%20and%20Corporate%20Developments) FactSet demonstrated strong operational performance with increased client and user counts, high ASV retention, and strategic capital allocation through share repurchases and dividend increases, alongside a key CEO leadership transition [Key Operational Metrics](index=3&type=section&id=Operational%20Highlights%20%E2%80%93%20Third%20Quarter%20Fiscal%202025) FactSet's operational metrics showed positive momentum in Q3 2025, with the client base growing by **166** to **8,811** and user count increasing by **1,355** to **220,496**, driven by wealth management, while annual ASV retention remained strong at **greater than 95%** and employee headcount rose **2.6%** year-over-year to **12,579** - Client count increased by **166** in the past three months to **8,811**, driven by hedge fund, corporate, and wealth management clients[16](index=16&type=chunk) - User count rose by **1,355** to **220,496**, primarily due to an increase in wealth management users[16](index=16&type=chunk) - Annual ASV retention was **greater than 95%**, and client retention was **91%**[16](index=16&type=chunk) - Employee headcount grew **2.6%** over the last 12 months to **12,579**, with increases mainly in sales and technology groups and from recent acquisitions[16](index=16&type=chunk) [Capital Allocation](index=3&type=section&id=Share%20Repurchase%20Program) During the third quarter, FactSet executed on its capital return strategy by repurchasing **$80.7 million** of its common stock, increasing its quarterly dividend by **6%** to **$1.10 per share** for the 26th consecutive year, and refinancing its debt with a new credit agreement including a **$500 million term loan** and an undrawn **$1.0 billion revolving credit facility** - Repurchased **184,050 shares** for **$80.7 million** during Q3, with the Board approving a new **$400 million** share repurchase authorization available from September 1, 2025[13](index=13&type=chunk) - Paid a quarterly dividend of **$1.10 per share**, a **6% increase** from the previous quarter, marking the **26th consecutive year** of dividend growth[16](index=16&type=chunk) - Entered into a new credit agreement with a **$500 million term loan** and a **$1.0 billion revolving credit facility** to repay previous borrowings[16](index=16&type=chunk) [Corporate Updates](index=1&type=section&id=Corporate%20Updates) FactSet announced a significant leadership transition, with **Sanoke Viswanathan** appointed as the **new CEO**, succeeding **Phil Snow**, effective early September 2025, and received recognition as **Databricks' Financial Services Data Partner of the Year**, highlighting its data integration capabilities - **Sanoke Viswanathan** was appointed as the **new CEO**, effective early September 2025, succeeding **Phil Snow**, who is retiring[4](index=4&type=chunk)[16](index=16&type=chunk) - FactSet was named **Databricks' Financial Services Data Partner of the Year**, making its data available on the Databricks Marketplace to streamline client data integration[16](index=16&type=chunk) - After the quarter, CUSIP Global Services collaborated with Aumni, Inc. to expand CUSIP coverage for private equity and venture-backed companies[16](index=16&type=chunk) [Fiscal 2025 Business Outlook](index=3&type=section&id=Fiscal%202025%20Business%20Outlook) FactSet reaffirmed its full-year fiscal 2025 guidance, projecting continued organic ASV growth and stable revenue and earnings per share ranges [Reaffirmed Guidance](index=3&type=section&id=Fiscal%202025%20Expectations) FactSet reaffirmed its full-year fiscal 2025 guidance, projecting organic ASV growth between $100 million and $130 million, with GAAP revenues expected in the range of $2,305 million to $2,325 million and adjusted diluted EPS between $16.80 and $17.40 Fiscal 2025 Guidance | Metric | Fiscal 2025 Guidance Range | | :--- | :--- | | **Organic ASV Growth** | $100 million to $130 million | | **GAAP Revenues** | $2,305 million to $2,325 million | | **GAAP Operating Margin** | 32.0% to 33.0% | | **Adjusted Operating Margin** | 36.0% to 37.0% | | **Annual Effective Tax Rate** | 17% to 18% | | **GAAP Diluted EPS** | $14.80 to $15.40 | | **Adjusted Diluted EPS** | $16.80 to $17.40 | [Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) FactSet's financial statements for Q3 fiscal 2025 show revenue growth but a decline in net income, an increase in total assets driven by goodwill, and a net decrease in cash from operating, investing, and financing activities [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20(Unaudited)) For the third quarter of fiscal 2025, FactSet's revenues grew to $585.5 million from $552.7 million in the prior year, but due to an 11.7% increase in total operating expenses, operating income declined by 4.1% to $194.2 million, and net income fell by 6.1% to $148.5 million Consolidated Statements of Income (in thousands) | (In thousands) | Three Months Ended May 31, 2025 | Three Months Ended May 31, 2024 | | :--- | :--- | :--- | | **Revenues** | $585,520 | $552,708 | | **Operating Income** | $194,155 | $202,459 | | **Net Income** | $148,542 | $158,135 | | **Diluted EPS** | $3.87 | $4.09 | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets%20(Unaudited)) As of May 31, 2025, FactSet's total assets increased to $4.34 billion from $4.06 billion at the end of fiscal 2024, primarily driven by a significant increase in Goodwill to $1.28 billion reflecting recent acquisitions, while total liabilities saw a modest increase to $2.18 billion with long-term debt rising to $1.43 billion Consolidated Balance Sheets (in thousands) | (In thousands) | May 31, 2025 | August 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $356,361 | $422,979 | | **Goodwill** | $1,277,855 | $1,011,129 | | **Total Assets** | $4,338,762 | $4,055,040 | | **Long-term debt** | $1,430,197 | $1,241,131 | | **Total Liabilities** | $2,183,580 | $2,142,580 | | **Total Stockholders' Equity** | $2,155,182 | $1,912,460 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) For the nine months ended May 31, 2025, net cash from operating activities was $514.2 million, a slight decrease from the prior year, with investing activities using $369.4 million primarily for business acquisitions, and financing activities using $199.3 million for share repurchases and dividend payments, resulting in a net decrease in cash of $52.6 million Consolidated Statements of Cash Flows (in thousands) | (In thousands) | Nine Months Ended May 31, 2025 | Nine Months Ended May 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $514,160 | $537,177 | | **Net cash used in investing activities** | ($369,373) | ($104,658) | | **Net cash used in financing activities** | ($199,327) | ($402,908) | | **Net decrease in cash** | ($52,574) | $27,700 | [Reconciliation of U.S. GAAP to Adjusted Financial Measures](index=9&type=section&id=Reconciliation%20of%20U.S.%20GAAP%20Results%20to%20Adjusted%20Financial%20Measures) This section reconciles FactSet's GAAP results to adjusted financial measures, detailing adjustments for operating income, net income, and EPS, and providing a reconciliation of free cash flow and organic ASV by client type [Reconciliation of Key Metrics](index=10&type=section&id=Non-GAAP%20Financial%20Measures) FactSet's adjusted financial measures for Q3 2025 exclude items like intangible asset amortization and business acquisition costs, resulting in adjusted operating income of $215.3 million with a margin of 36.8%, adjusted net income of $163.9 million, and an adjusted diluted EPS of $4.27, compared to the GAAP figure of $3.87 Reconciliation of GAAP to Adjusted Financial Measures (in thousands, except per share) | (In thousands, except per share) | Q3 2025 GAAP | Adjustments | Q3 2025 Adjusted | | :--- | :--- | :--- | :--- | | **Operating Income** | $194,155 | $21,158 | $215,313 | | **Net Income** | $148,542 | $15,379 | $163,921 | | **Diluted EPS** | $3.87 | $0.40 | $4.27 | - The primary adjustments to derive non-GAAP figures are the exclusion of **intangible asset amortization ($19.2 million)** and **business acquisition-related costs ($2.0 million)**[35](index=35&type=chunk) [Free Cash Flow Reconciliation](index=11&type=section&id=Free%20Cash%20Flow) In Q3 2025, FactSet generated $228.6 million in free cash flow, a 5.4% increase from the $216.9 million generated in the same period last year, calculated by subtracting $25.2 million in capital expenditures from the $253.8 million in net cash provided by operating activities Free Cash Flow Reconciliation (in thousands) | (In thousands) | Q3 2025 | Q3 2024 | Change | | :--- | :--- | :--- | :--- | | **Net Cash Provided for Operating Activities** | $253,833 | $238,235 | +6.5% | | **Less: Capital Expenditures** | ($25,230) | ($21,339) | - | | **Free Cash Flow** | $228,603 | $216,896 | +5.4% | [Organic ASV Reconciliation and Client Type Analysis](index=12&type=section&id=Supplementary%20Schedules%20of%20Historical%20ASV%20by%20Client%20Type) FactSet's organic ASV growth of 4.5% in Q3 2025 was driven by 4.0% growth from both its buy-side and sell-side client segments, with the buy-side representing 82.3% of total ASV and seeing its growth rate moderate from 5.3% in the prior year, while the reported ASV of $2,335.1 million is adjusted for a negative currency impact of $5.7 million and $32.5 million from recent acquisitions to arrive at the organic ASV of $2,296.9 million Organic ASV Growth Rate by Client Type | ASV Growth Rate | Q3'25 | Q3'24 | | :--- | :--- | :--- | | **Buy-side clients** | 4.0% | 5.3% | | **Sell-side clients** | 4.0% | 3.7% | Organic ASV Reconciliation (in millions) | (In millions) | As of May 31, 2025 | | :--- | :--- | | **As reported ASV** | $2,335.1 | | **Currency impact** | ($5.7) | | **Acquisition ASV** | ($32.5) | | **Organic ASV** | $2,296.9 |

Core Viewpoint - FactSet Research Systems Inc. (FDS) is expected to report its third-quarter fiscal 2025 results on June 23, with a consensus estimate for revenues at $581.3 million, reflecting a 5.2% increase year-over-year [1][2][9] Revenue Expectations - Revenues from the Americas are projected to be $374.8 million, indicating a 5.2% year-over-year growth, driven by strength in wealth and hedge funds [3] - EMEA revenues are estimated to rise 4.2% year-over-year to $147.2 million, supported by continued momentum in hedge funds and private equity venture capital [3] - Asia Pacific revenues are anticipated to reach $58.4 million, implying a 6.2% increase year-over-year, attributed to robust sales of Data Solutions among various financial sectors [4] Earnings Forecast - The consensus estimate for earnings per share (EPS) is $4.31, suggesting a 1.4% decline year-over-year [4][9] - The company's Earnings ESP is 0.00% with a Zacks Rank of 4 (Sell), indicating that the model does not predict an earnings beat this time [5]