UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K


☒			Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended August 31, 2025


☐			Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 1-11869

FACTSET RESEARCH SYSTEMS INC.

(Exact name of registrant as specified in its charter)


Delaware						13-3362547
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

45 Glover Avenue, Norwalk, Connecticut 06850

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (203) 810-1000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	FDS	New York Stock Exchange LLC
		The Nasdaq Stock Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes x No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicated by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

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The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant based upon the closing price of a share of the registrant’s common stock on February 2928, ~~2024~~2025, the last business day of the registrant’s most recently completed second fiscal quarter, as reported by the New York Stock Exchange on that date, was $17,~~602~~509,~~720~~083,~~964~~420.

As of October 2115, ~~2024~~2025, there were 37,~~988~~456,~~845~~326 shares of the registrant's common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Certain information required by Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for our ~~2024~~2025 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after August 31, ~~2024~~2025.

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FactSet Research Systems Inc.

Form 10-K

For The Fiscal Year Ended August 31, 2025

			Page
PART I
	Item 1.	Business	5
	Item 1A.	Risk Factors	1314
	Item 1B.	Unresolved Staff Comments	2223
	Item 1C.	Cybersecurity	2223
	Item 2.	Properties	2425
	Item 3.	Legal Proceedings	2526
	Item 4.	Mine Safety Disclosures	2526
PART II
	Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	2627
	Item 6.	Reserved	2728
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2829
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	4647
	Item 8.	Financial Statements and Supplementary Data	4849
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	9493
	Item 9A.	Controls and Procedures	9493
	Item 9B.	Other Information	95
PART III
	Item 10.	Directors, Executive Officers and Corporate Governance	96
	Item 11.	Executive Compensation	96
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	96
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	96
	Item 14.	Principal Accounting Fees and Services	9796
PART IV
	Item 15.	Exhibits, Financial Statement Schedules	9897
	Item 16.	Form 10-K Summary	~~100~~99
SIGNATURES			~~101~~100

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Special Note Regarding Forward-Looking Statements

~~FactSet~~This ~~Research~~report ~~Systems~~contains ~~Inc.~~forward-looking ~~has~~statements ~~made~~that ~~statements~~express ~~under~~management's ~~the~~current ~~captions~~views ~~Part~~concerning Iexpectations, ~~Item~~estimates, ~~1. Business~~trends, ~~Part~~forecasts I,and ~~Item~~projections ~~1A.~~about ~~Risk~~future ~~Factors,~~events ~~Part~~and IIcircumstances, ~~Item~~industries 7.in ~~Management’s~~which ~~Discussion~~FactSet operates and ~~Analysis~~the ofbeliefs ~~Financial Condition~~ and ~~Results~~assumptions of ~~Operations~~management. ~~and~~These instatements ~~other~~may ~~sections~~include projections of ~~this~~our ~~Annual~~future ~~Report~~financial onperformance ~~Form~~and ~~10-K~~anticipated ~~that~~trends ~~are~~in ~~forward-looking~~our ~~statements~~business. In some cases, you can identify these statements by words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "intends," "projects," "indicates," "predicts," "potential," or "continue," and similar expressions. Statements concerning our financial position, business strategy and plans or objectives for future operations are forward-looking statements.

~~These forward~~Forward-looking statements, ~~which~~ are ~~subject~~not toguarantees ~~risks,~~of ~~uncertainties~~future performance and ~~assumptions~~involve ~~about~~a ~~us,~~number ~~may include projections~~ of ~~our~~risks, ~~future~~uncertainties ~~financial~~and ~~performance~~assumptions. ~~and~~Factors ~~anticipated~~that ~~trends~~could incause our ~~business.~~actual ~~These~~results, ~~statements~~level ~~are~~of ~~only~~activity, ~~predictions~~performance ~~based~~or onachievements ~~our~~to ~~current~~differ ~~expectations,~~materially ~~estimates,~~from ~~forecasts~~those ~~and~~expressed ~~projections~~or ~~about~~implied ~~future~~in ~~events.~~forward-looking ~~These~~ statements ~~are~~include, ~~not~~among ~~guarantees~~others, ofthe ~~future~~factors ~~performance~~discussed ~~and~~under ~~involve~~Part aI, ~~number~~Item of1A., ~~risks~~Risk Factors, ~~uncertainties~~that ~~and~~should ~~assumptions.~~be ~~There~~specifically ~~are~~considered. ~~many~~FactSet ~~important~~cautions ~~factors~~readers ~~that~~not ~~could~~to ~~cause~~place ~~our~~undue ~~actual~~reliance ~~results,~~on ~~level~~any offorward-looking ~~activity~~statements, ~~performance~~which orspeak ~~achievements~~only toas ~~differ~~of ~~materially~~the ~~from~~dates ~~the~~on ~~results,~~which ~~level~~they ofare ~~activity,~~made. ~~performance~~FactSet orundertakes ~~achievements~~no ~~expressed~~obligations orto ~~implied~~update byor ~~the~~revise any forward-looking ~~statements,~~statement ~~including~~to ~~the~~reflect ~~numerous~~results, ~~factors~~revised ~~discussed~~expectations, ~~under~~events ~~Item~~or ~~1A.~~circumstances ~~Risk~~arising ~~Factors~~after inthe ~~this~~date ~~Annual~~on ~~Report~~which onit ~~Form~~is ~~10-K~~made, ~~that~~except ~~should~~as berequired ~~specifically~~by ~~considered.~~applicable law.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Forward-looking statements speak only as of the date they are made, and actual results could differ materially from those anticipated in forward-looking statements. We do not intend, and are under no duty, to update any of these forward-looking statements after the date of this Annual Report on Form 10-K to reflect actual results, future events or circumstances, or revised expectations.

We intend that all forward-looking statements we make will be subject to safe harbor protection of the federal securities laws as found in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

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Part I

ITEM 1. BUSINESS

Corporate History

FactSet Research Systems Inc. and its wholly-owned subsidiaries (~~collectively,~~ "we," "our," "us," the "Company" or "FactSet") was founded in 1978 and has been publicly traded since June 1996. We are dual-listed on the New York Stock Exchange ("NYSE") and the NASDAQ Stock Market ("NASDAQ") under the symbol "FDS". FactSet has been a member of the S&P 500 since December 2021.

Business Overview

FactSet is a global financial digital platform and enterprise solutions provider with open and flexible technologies that ~~aims~~deliver financial intelligence to ~~supercharge~~investment ~~financial~~professionals ~~intelligence~~worldwide.

Our platform delivers expansive data, sophisticated analytics, and flexible, ~~technology~~artificial intelligence ("AI")-powered technologies used by global financial professionals to power their critical investment workflows. As of August 31, ~~2024~~2025, we had ~~more~~approximately ~~than 8~~9,~~200~~000 clients comprised of over ~~216~~237,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals. Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected data and technology platform. Our products and services include workstations, portfolio analytics and enterprise data solutions. We also offer managed services that operate as an extension of our clients' internal teams to support data, performance, risk and reporting workflows.

We drive our business based on a detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges. We provide financial data and market intelligence on securities, companies, industries and people to enable our clients to research investment ideas and analyze, monitor and manage their portfolios. Our solutions span the investment lifecycle of investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting. We provide open and flexible technology offerings, including a configurable desktop and mobile platform, comprehensive data feeds, cloud-based digital solutions, and application programming interfaces ("APIs"). AI is embedded across these offerings to enhance data discovery, automate routine workflows and improve the speed and accuracy of client insights. The CUSIP Global Services ("CGS") business supports security master files relied on by the investment industry for critical front, middle and back-office functions. All of our platforms and solutions are supported by our dedicated client service team.

We operate our business through three reportable segments ("segments"): the Americas, EMEA and Asia Pacific. ~~During~~Within ~~fiscal~~each ~~2024~~segment, we ~~revised our internal organization within each segment to~~ offer data, products and analytical applications by firm type: Institutional Buyside, Dealmakers, Wealth, and Partnerships and CGS. ~~We believe organization by firm type better aligns with our clients, the long-term view of our business and our commitment to investing for growth and efficiency.~~

As our chief operating decision maker ("CODM") continues to review our business and operating results based on our segments, the realignment of our internal organization by firm type did not impact our segments for fiscal 2024. Refer to Part II, Item 8. Note 18, Segment Information, in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our segments and CODM.

Segments

Our segment revenues are based on the geographic region where the sale originated:

•Americas: The Americas segment primarily sells to clients in North, Central and South America. In the Americas, we have offices in nine states in the United States ("U.S."), including our corporate headquarters located in Norwalk, Connecticut. Additionally, we have data centers in two states in the U.S. and an office in each of Brazil and Canada. Revenues from the Americas represented 6465% of total revenues during fiscal ~~2024~~2025.

•EMEA: The EMEA segment primarily sells to clients in Europe, the Middle East and Africa via offices in Bulgaria, England, France, Germany, Italy, Latvia, Luxembourg, the Netherlands, Sweden and the United Arab Emirates. Revenues from EMEA represented 25% of total revenues during fiscal 2025.

•Asia Pacific: The Asia Pacific segment primarily sells to clients in Asia and Australasia via office locations in Australia, China, Hong Kong Special Administrative Region ("SAR") of China, India, Japan, the Philippines and Singapore. Revenues from Asia Pacific represented 10% of total revenues during fiscal 2025.

Refer to Part II, Item 8. Note 17, Segment Information, in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our segments.

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•EMEA: The EMEA segment primarily sells to clients in Europe, the Middle East and Africa via offices in Bulgaria, England, France, Germany, Italy, Ireland, Latvia, Luxembourg, the Netherlands, Sweden and the United Arab Emirates. Revenues from EMEA represented 26% of total revenues during fiscal 2024.

Firm Types

Institutional Buyside

Institutional Buyside ~~offers~~focuses on multi-asset class solutions, toincluding AI-powered workflows and insights, for global asset managers, asset owners and hedge fund professionals across the investment portfolio lifecycle. This firm type includes workflows for research analysts, portfolio managers, and traders in the front office, as well as performance analysts, risk managers, and client service and marketing professionals in the middle office. Our front office on-platform solutions are designed for ~~portfolio construction,~~ research management, order management, portfolio construction, and trade execution capabilities. Our middle office on-platform solutions are designed for performance measurement, attribution, ~~risk~~reporting ~~management,~~ and ~~reporting~~risk management capabilities, and are ~~complimented~~complemented by our middle office managed services. In addition to our on-platform workstation offerings, we offer comprehensive off-platform data and technology solutions including data feeds, APIs, and programmatic access for clients to engage with us in the environment best suited to them.

Dealmakers

Dealmakers ~~delivers~~focuses on workflow solutions for investment bankers, sell-side research analysts, corporate users, investor relations officers, and private equity and venture capital professionals. We provide comprehensive solutions to our clients including workstations, mobile solutions, data feeds, APIs, proprietary and third-party data, and productivity tools for Microsoft® Office. We also deliver firm type tailored solutions for client relationship management ("CRM") and ~~research~~AI-powered ~~management~~ solutions ~~("RMS")~~to ~~for~~bring ~~research~~automation ~~authoring~~to time-consuming and ~~publishing~~manual aspects of our clients’ daily workflows. Our tools are used to ~~monitor investments, generate ideas,~~ analyze companies and markets, perform fundamental research, ~~and~~generate ideas, build and distribute presentations and monitor investments. We offer global coverage of public and private markets, granular industry metrics, deep history, and transparency through proprietary and third-party sourced databases.

Wealth

Wealth ~~delivers~~focuses on comprehensive solutions to wealth management clients including our web-based workstation, book-of-business dashboards for advisors, data feeds, APIs, proprietary and third-party data, and productivity tools for Microsoft® Office. ItWe also ~~provides~~offer ~~RMS~~AI-powered ~~for~~prospecting, ~~research~~monitoring ~~authoring~~and proposal generation tools that enable financial advisors to grow and ~~publishing~~enhance existing client relationships. Our Wealth solution enables our clients to easily integrate our products into their CRM software and internally developed applications. Wealth clients use our advisory tools to provide support for their businesses, including home office, advisory, and client engagement work. We continue to focus on expanding our relevant data offerings and increasing workflow efficiency across the investment portfolio lifecycle for wealth management firms.

Partnerships and CGS

Partnerships delivers solutions such as data and technology solutions ~~(including feeds and APIs)~~, workstations, and digital or analytics solutions to firms in the financial services ecosystem including data, analytics and technology platform providers. This includes curated datasets and turnkey APIs to enable technologists and developers to power new AI-based workflows with programmatic access to FactSet’s high-quality, connected content. CGS is the exclusive issuer of CUSIP and CINS identifiers globally. CGS also acts as the official numbering agency for International Securities Identification Number ("ISIN") identifiers in the ~~United~~U.S. ~~States~~ and as a substitute ISIN agency for more than 30 other countries.

Business Strategy

We strive to be a trusted enterprise partner and service provider to our clients across the financial services spectrum, delivering relevant intelligence, insights and execution solutions tailored to our clients’ business models.

We are focused on growing our global business through three strategically aligned geographic segments: the Americas, EMEA and Asia Pacific. This approach allows us to better manage resources, target solutions and interact with clients effectively.

To execute our strategy, we are focused on three core pillars and primary areas of investment:

•Expanding our data offerings and delivery capabilities: We continue to scale up our data ecosystem to provide a comprehensive inventory of industry, proprietary and third-party data. This includes granular data for key industry verticals, real-time market data, fund data and sustainable finance. In addition to using our growing data catalog to drive our AI-powered workstation products, we aim to continue to expand our data delivery capabilities in the cloud and through other methods to advance our position as an enterprise data provider for our clients.

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To execute our strategy, we are focused on three core pillars and primary areas of investment:

•Expanding our data offerings: We continue to scale up our data ecosystem to provide a comprehensive inventory of industry, proprietary and third-party data. This includes granular data for key industry verticals, real-time market data, fund data and sustainable finance. We believe that our breadth of high-quality, connected data will serve as critical raw material for large language models. In addition to using our growing data catalog to power our AI-powered workstation products, we aim to continue to expand our data delivery capabilities in the cloud and through other methods to advance our position as an enterprise data provider for our clients.

•Embedding deeper in client workflows: Through continued innovation, we aim to deepen our integration into our clients' workflows. We are focused on expanding further into the buy-side front office by leveraging our expertise in portfolio performance, analytics, and risk management. In addition, we are building on our strong presence on advisor desktops by expanding into prospecting and digital reporting workflows. We are also working to introduce next-generation automation in research, financial modeling, and pitch creation.

•Innovating with AI: Our ~~artificial~~AI ~~intelligence~~ roadmap, driven by our FactSet AI Blueprint, ~~continues~~is toresonating ~~resonate~~ with our clients., Weand ~~recently~~FactSet's ~~launched new~~ AI~~-powered~~ solutions ~~for~~are generating ~~portfolio~~usage, ~~performance~~demand ~~commentary,~~and ~~analyzing~~commercial ~~earnings~~transactions. ~~call~~We ~~transcripts~~continue to advance a pragmatic, open, and ~~requesting~~flexible ~~FactSet~~strategy ~~data~~for ~~using~~integrating AI and natural language ~~queries~~processing ininto ~~client-built~~our ~~environments~~clients’ workflows, aiming to boost productivity by surfacing actionable insights throughout the portfolio lifecycle and ~~chatbots~~automating routine research and content processing tasks. WeFactSet ~~believe~~is ~~that~~delivering ~~our~~AI ~~pragmatic~~embedded workflow solutions for various personas including research analysts, ~~open~~bankers, portfolio managers, wealth advisors and ~~flexible~~engineering ~~approach~~teams toacross ~~leveraging~~our AIclients. toThese ~~enhance~~outcomes accelerate decision making for our clients’ ~~workflows~~and will differentiate FactSet from our competitors and drive growth.

Executive Leadership Transition

On September 8, 2025, Sanoke Viswanathan assumed the role of Chief Executive Officer and joined FactSet’s Board of Directors. Mr. Viswanathan succeeds F. Philip Snow, who retired from these roles effective on Mr. Viswanathan's start date. To support a smooth leadership transition, Mr. Snow is continuing employment with FactSet in an advisory capacity until December 31, 2025.

Revenues and Annual Subscription Value ("ASV")

We believe ASV reflects our ability to grow recurring revenues and generate positive cash flows, and thus serves as a key indicator of the successful execution of our business strategy. ASV at any point in time represents our forward-looking revenues for the next 12 months from all subscription services currently being supplied to clients. Organic ASV at any point in time represents ASV excluding ASV from acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

FactSet Clients and Users

We had 8,~~217~~996 clients and ~~216~~237,~~381~~324 professionals using FactSet as of August 31, ~~2024~~2025. Our client count includes clients with ASV of $10,000 and above and our user count does not reflect users associated with our fiscal 2025 acquisitions. For the year ended August 31, ~~2024~~2025, annual ASV retention was greater than 95% and, when expressed as a percentage of clients, annual retention was ~~approximately 90~~91%.

Buy-side

Buy-side clients continue to shift toward multi-asset class investment strategies and investing in their front- and middle office solutions, where we are well-positioned to be a partner of choice. We are able to compete for greater market share given our ability to provide enterprise-wide solutions to our clients by leveraging their portfolio data for multiple asset classes. Buy-side clients primarily include institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients. These clients access our multi-asset class tools through our workstations, analytics and trading tools, proprietary and third-party content, data feeds, APIs and portfolio services. Buy-side clients accounted for approximately 82% of our Organic ASV as of August 31, ~~2024~~2025.

Sell-side

We deliver comprehensive solutions to sell-side clients including ~~workstation~~workstations, data feeds, web and mobile solutions, APIs, proprietary and third-party content, and productivity tools for Microsoft® Office~~, web and mobile, and RMS for research authoring and publishing~~. Our focus remains on expanding the depth of content offered and increasing workflow efficiency for sell-side firms. These firms primarily include broker-dealers, banking and advisory firms, and private equity and venture capital firms. Sell-side clients accounted for approximately 18% of our Organic ASV as of August 31, ~~2024~~2025.

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Third-Party Content

We aggregate content from third-party data suppliers, news sources, exchanges, brokers and contributors into our dedicated managed databases, which our clients access through our flexible delivery platforms. We seek to maintain contractual relationships with a minimum of two content providers for each major type of financial data, though certain data sets on which we rely have a limited number of suppliers. We make every effort to assure that, where reasonable, alternative sources are available. We have entered into third-party content agreements of varying lengths, which in some cases can be terminated with one year’s notice, at predefined dates, and in other cases on shorter notice. We are not dependent on any one third-party data supplier to meet the needs of our clients, with ~~only~~ two data suppliers each representing more than 10% of our total data costs during fiscal ~~2024~~2025.

Data Centers and Cloud Computing

Our business is dependent on our ability to process substantial volumes of data and transactions rapidly and efficiently on our networks and systems. Our global technology infrastructure supports our operations and is designed to facilitate reliable and efficient processing and delivery of data and analytics to our clients. As part of our hybrid cloud strategy, we operate two fully redundant, physically separated data centers in the U.S. that provide client services, while also using market-leading cloud providers to run products and services to best benefit from the cloud's elasticity, resiliency, security, and regionalization. We currently use several cloud providers; however, one supplier provided the majority of our cloud computing support for fiscal ~~2024~~2025. Our physical data centers provide layers of redundancy to enhance system performance, including maintaining, processing and storing data at multiple locations. In the event of a single site failure or localized disaster, client workloads will automatically move to unaffected sites. We continue to focus on maintaining a global technological infrastructure that allows us to support our growing business.

Intellectual Property

We have registered trademarks and copyrights for many of our products and services and will continue to evaluate the registration of additional trademarks and copyrights as appropriate. We enter into confidentiality agreements with our employees, clients, data suppliers and vendors. We strive to protect our workflow solutions, documentation and other written materials under trade secret, copyright and patent laws. While we do not believe we are dependent on any one of our intellectual property rights, we do rely on the combination of intellectual property rights and other measures to protect our proprietary rights. Despite these efforts, existing intellectual property laws may afford only limited protection.

Research and Product Development Costs

A key aspect of our growth strategy is to offer new solutions and enhance our existing products by making them faster and more robust with deeper data and insights. We ~~strive~~continue to ~~rapidly~~invest ~~adopt~~in ~~new~~AI ~~technology~~solutions that ~~can~~adapt ~~improve~~as ~~the~~our clients’ workflows evolve, helping professionals leverage automation, generative intelligence, and dynamic analytics—rapidly embracing new technologies to improve discoverability and usability of our products and services.

The Competitive Landscape

We are a part of the financial information services industry focused on delivering expansive data, sophisticated analytics, and flexible technology through our open platform to the global investment community. We offer clients comprehensive solutions with a broad set of products delivered through a desktop or mobile user interface, cloud-based platforms, or through standardized or bespoke data feeds, as well as APIs. In addition, our applications, ~~and~~ client support and service offerings are entrenched in the workflow of many financial professionals given the data management, ~~and~~ portfolio analysis and screening capabilities offered. We are entrusted with significant amounts of our clients' own proprietary data, including portfolio holdings. As a result, we believe our products are central to our clients’ investment analysis, decision-making and operations.

We ~~expect~~operate itin ~~would~~a behighly ~~difficult~~competitive ~~for another vendor to quickly replicate the extensive data we currently offer, therefore, we believe there are high barriers to entry to our business~~environment. Our current competitive market is comprised of both large, well-capitalized companies and smaller, niche firms including market data suppliers, news and information providers, technology firms, and many third-party content providers that supply us with financial information included in our products. Our largest competitors are Bloomberg L.P., S&P's Market Intelligence division, and London Stock Exchange Group's ("LSEG's") Data & Analytics division (formerly known as Refinitiv). Other competitors and competitive products include online database suppliers and integrators and their applications, such as BlackRock Aladdin, MSCI Inc. and Morningstar Inc. Many of these firms provide products or services similar to our offerings.

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Human Capital Management

~~Our~~At ~~employees~~FactSet, our people are ~~key~~central to delivering long-term value to our ~~success~~clients, stockholders, and ~~enable~~communities. usWe toview ~~execute~~human atcapital as a ~~high~~strategic ~~level~~asset and prioritize the health, engagement, safety, and well-being of our workforce. WeFactSet’s ~~have~~human ~~built~~capital astrategy ~~collaborative~~is ~~culture~~designed ~~that~~to ~~recognizes~~align our workforce with our mission. Through strategic hiring, focused upskilling, and ~~rewards~~transparent ~~innovation~~career pathways, we position our people and ~~offers~~teams ~~employees~~to adeliver ~~variety~~on ofour ~~opportunities~~business objectives and ~~experiences~~create sustainable growth. WeBy ~~believe~~emphasizing ~~that~~innovation, agility, recognition, and connectedness, we foster a culture where employees thrive while advancing outcomes for our ~~continued~~clients, ~~focus~~our communities, and our stockholders. Our human capital strategy focuses on attracting and retaining top talent, developing future-ready skills, fostering an inclusive and purpose-driven culture, and providing comprehensive wellbeing programs. We align our ~~employees~~workforce ~~helps~~initiatives uswith tobusiness ~~provide~~priorities, ~~high~~so ~~quality~~that ~~products~~employees are equipped, empowered, and ~~service~~motivated to ~~our~~contribute ~~clients~~meaningfully to FactSet’s mission and long-term objectives.

Our Employees

As of August 31, ~~2024~~2025, we had 35 offices in 2019 countries with 12,~~398~~800 employees, representing an increase of 1.3.2% compared with August 31, ~~2023~~2024. Of our total employees, 8,~~632~~854 (7069%) were located in Asia Pacific, 2,~~367~~510 (1920%) in the Americas and 1,~~399~~436 (11%) in EMEA. WeTo support sustainable growth, we continue to invest in our global centers of excellence ("COEs"), primarily located in India and the Philippines, which accounted for approximately 6968% of our employees.

Functionally, as of August 31, ~~2024~~2025, 4847% of our employees were in Content Operations, 2728% were in Technology and Product Development, 21% were in Sales and Client Solutions and 4% were in Corporate Support. As of August 31, ~~2024~~2025, ~~433~~434 of our employees were represented by mandatory works councils in our French and German locations and 2425 of our employees were represented by collective bargaining agreements in the ~~United~~U.S. ~~States~~Our global workforce enables scale, operational efficiency, and delivery of specialized expertise across the enterprise.

~~Employee~~Workforce ~~Engagement~~Strategy and Talent Development

InFactSet ~~line~~invests ~~with~~strategically ~~our~~in ~~commitment to foster a positive work environment and culture~~attracting, ~~we conduct an annual~~developing, ~~anonymous,~~ and ~~confidential~~retaining ~~global~~top ~~employee~~talent ~~engagement survey administered by a third-party. The survey empowers employees~~ to ~~share~~support ~~feedback~~growth ~~on a range of topics, including workplace culture, job satisfaction, leadership, career opportunities, employee well-being, compensation~~ and ~~benefits, team collaboration, and communication~~innovation. ~~Senior~~Key ~~leadership~~initiatives ~~and~~include: managers review the aggregated results to identify key areas of focus and formulate strategies to enhance employee experiences, satisfaction, and overall effectiveness. We share the survey results with employees to highlight our strengths and to note opportunities for positive change. In our fiscal 2024 employee engagement survey, we achieved an 89% response rate, which is substantially higher than the third-party response benchmark. Our score for 'Action Taking' was above the benchmark, indicating employee confidence that meaningful action will be taken as a result of the survey, reflecting the work we’ve done in previous years to improve employee engagement based on survey results. The majority of our employees indicated that they feel they are treated fairly regardless of diversity characteristics, appreciate their managers for providing open and honest feedback, and understand how their work contributes to the Company’s success.

~~Diversity~~•Strategic Hiring: Recruitment in critical roles, ~~Equity~~including &data ~~Inclusion~~solutions, AI, machine learning, product management, and client-facing positions.

As•Future-Ready ~~part~~Skills: ofIn ~~our~~fiscal ~~core values and our efforts to attract and retain top talent~~2025, we94% ~~are committed to building a globally diverse, equitable and inclusive workplace. Diversity, Equity, and Inclusion ("DE&I") at FactSet is supported by our DE&I Council, comprised~~ of ~~executive~~employees ~~leaders~~participated ~~and~~in ~~chaired~~learning ~~by our CEO~~programs, ~~Phil~~completing ~~Snow. An important component of our DE&I strategy is our Business Resource Groups ("BRGs")~~339,000 ~~which~~hours ~~help create an inclusive culture for all our employees~~globally. WePrograms ~~have~~include ~~eight such groups - the Asian BRG~~mentorship, ~~Black~~leadership ~~BRG~~development, ~~Families~~department-specific ~~BRG~~training, ~~Pride BRG, Multicultural BRG, Latinx BRG, Women’s BRG,~~ and ~~Veterans~~the ~~BRG.~~EXCEL ~~The BRGs are supported by senior leaders who serve as executive sponsors~~program. ~~Our BRGs host a variety of educational and networking events globally and many also co-sponsor external community events.~~

~~During~~•AI ~~fiscal~~Capabilities: ~~2024,~~A wemajor ~~continued~~focus toin ~~publish~~fiscal ~~our~~2025 ~~workforce~~was ~~demographics~~enhancing ~~and~~our ~~annual~~AI ~~EEO-1~~capabilities ~~Federal~~that ~~data~~were inaligned with our ~~Sustainability~~innovation ~~Report.~~and ~~Our~~AI ~~DE&I~~monetization ~~efforts~~goals. ~~included~~Employees ~~adhering~~advanced toskills ~~inclusive~~in ~~hiring~~prompt ~~best~~engineering, ~~practices~~coding, vector databases, and ~~requiring~~data ~~all~~querying, ~~hiring~~enabling ~~managers~~teams to ~~complete~~embed ~~unconscious~~AI ~~bias~~across ~~training~~product design, client solutions, and internal efficiency initiatives.

~~Hybrid~~•Career ~~Workforce~~Pathways: To encourage employees to apply their skills toward long-term careers at FactSet, we refreshed our job architecture, offering transparent career pathways and consistent role expectations across functions.

InEmployee ~~fiscal~~Engagement ~~2024 we rolled out our updated "How We Work" policy for flexible working arrangements. Employees in many of our locations, where local laws~~ and regulations and the role and department permit, have the option to work full-time in the office, in a hybrid arrangement (usually two to three days per week in the office) or, in some cases, entirely remotely. Some employees may also elect to work a flexible schedule. These arrangements help to retain talent, increase employee satisfaction, and support our commitment to creating a diverse, equitable and inclusive workplace. Additionally, we appointed senior site leaders at each of our locations to collaborate with our employees and local culture committees to drive engagement and improve in-office experiences. Culture

FactSet fosters a culture where employees feel empowered, recognized, and connected to the Company’s mission. Key initiatives and outcomes include:

•Engagement and Feedback: We conduct an annual confidential employee engagement survey to assess satisfaction, gather feedback, and identify opportunities for improvement. In fiscal 2025, our engagement survey achieved an 88% response rate, significantly outpacing typical third-party benchmark response rates, reflecting strong employee engagement in the process. The survey results indicated employees are closely aligned with the Company's purpose and confident that their work contributes meaningful value to the organization.

•Corporate Responsibility and Purpose: We foster a culture of service that enriches our communities and enhances the employee experience. In fiscal 2025, FactSet employees contributed 17,200 volunteer hours across 391 events, with more than 85% of employees participating in philanthropic initiatives focused on education, hunger alleviation, environmental protection, and disaster response.

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~~Learning~~•Flagship Initiatives: Programs such as Hunger Awareness, one of FactSet’s largest annual initiatives, have resulted in over 9 million meals donated since 2019, reinforcing a culture of purpose while enhancing employee engagement and ~~Development~~collective impact.

We•Employee-Led ~~offer~~Engagement aPrograms: ~~range~~FactSet ofsupports ~~learning~~a ~~opportunities~~network toof ~~empower~~site-level ~~employees~~culture ~~through~~committees, ~~experiences~~business ~~that~~resource ~~support~~groups ~~their~~open ~~personal and professional growth. We identify learning needs~~ to ~~ensure~~all ~~that our~~ employees, ~~have the skills~~ and ~~knowledge~~wellness ~~to excel in their roles~~champions, ~~grow~~empowering ~~their~~employees ~~careers, and contribute~~ to ~~the~~drive ~~success of our organization. During fiscal 2024~~inclusion, ~~our employees increasingly leveraged our non~~well-~~mandatory learning~~being, ~~with particular focus on our expanded technical learning~~ and ~~training~~local ~~courses.~~engagement During fiscal 2024, we implemented specialized programming to upskill employees in Generative AI, adopting a tailored approach that catered to varying levels of existing knowledge, ranging from offering foundational insights into GenAI concepts to providing advanced technical training aimed at equipping our engineers with the knowledge to develop cutting-edge GenAI productsinitiatives.

~~Compensation, Benefits and~~ Well-being and Benefits

~~Our~~Employee ~~Total~~wellbeing ~~Rewards~~is ~~program~~a ~~provides~~central ~~our~~component ~~employees~~of ~~with~~FactSet’s ~~pay,~~human ~~benefits,~~capital ~~and recognition intended to be equitable, comprehensive, locally market-aligned, and spanning the full well-being spectrum~~strategy. Our ~~compensation~~programs ~~and~~are ~~benefits program is reflective of our values and culture,~~ designed to ~~meet~~support ~~the~~physical, ~~diverse needs of our global employee population~~mental, and isfinancial ~~essential~~health towhile ~~our~~fostering ~~recruitment~~a safe, ~~development~~inclusive, and ~~retention~~resilient ~~strategies~~workplace. Key initiatives include:

~~Our~~•Comprehensive ~~compensation~~Health ~~philosophy~~and isWellness ~~designed~~Programs: toFactSet ~~reward~~provides ~~performance~~robust ~~and~~health ~~support~~benefits, ~~corporate~~as ~~growth.~~well ~~Our~~as ~~employee~~a ~~compensation~~range ~~includes one or more~~ of ~~the~~wellness ~~following~~initiatives ~~elements:~~that ~~base~~support ~~salaries~~physical, ~~annual incentive awards~~emotional, ~~sales incentive awards~~social, and ~~equity~~financial ~~awards~~health. WeIn ~~differentiate~~fiscal ~~individual salary~~2025, ~~bonus~~we ~~and~~expanded ~~equity~~mental ~~awards~~health ~~based~~resources onthrough ~~performance~~Journey, ~~against~~a ~~key~~global ~~objectives~~platform ~~and~~providing ~~how~~access ~~effectively~~to ~~our~~on-demand ~~employees~~clinical ~~demonstrate~~experts, ~~behaviors~~confidential ~~consistent~~counseling, ~~with~~and ~~our~~personalized ~~values~~wellness ~~and culture~~content.

We•Flexible ~~are~~Work ~~committed~~Arrangements: toPolicies ~~offering high-quality, affordable,~~ and ~~locally~~programs ~~competitive~~support ~~benefit~~work-life ~~options~~integration, ~~designed~~including toremote ~~support~~and ~~our~~hybrid ~~employees~~work atoptions, ~~all~~parental ~~stages of their lives with health~~leave, ~~welfare,~~and time-off, ~~and~~programs ~~retirement~~tailored ~~benefits~~ to ~~meet~~employee ~~their diverse~~ needs ~~and thrive physically, emotionally, socially, and financially~~.

Government Regulation

We are subject to reporting requirements, disclosure obligations and other recordkeeping requirements of the Securities and Exchange Commission ("SEC") and the various local authorities that regulate each location in which we operate. Our P.A.N. Securities, LP subsidiary is a member of the Financial Industry Regulatory Authority, Inc. and is a registered broker-dealer under Section 15 of the Securities Exchange Act of 1934. P.A.N. Securities, LP, as a registered broker-dealer, is subject to Rule 15c3-1 under the Securities Exchange Act of 1934, which requires that we maintain minimum net capital requirements. We claim exemption under Rule 15c3-3(k)(2)(i).

Corporate Contact Information

FactSet was founded as a Delaware corporation in 1978, and our principal executive office is in Norwalk, Connecticut.

Mailing address of FactSet's headquarters: 45 Glover Avenue, Norwalk, CT 06850

Telephone number: +1 (203) 810-1000

Website address: www.factset.com

Available Information

Through the Investor Relations section of our website (https://investor.factset.com), we make available free of charge the following filings as soon as practicable after they are electronically filed with, or furnished to, the SEC: our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements for the annual stockholder meetings, Reports on Forms 3, 4 and 5, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended. The SEC maintains a website that contains reports, proxy and information statements and other information that we file with the SEC at www.sec.gov.

Additionally, we broadcast our quarterly earnings calls live via the investor relations section of our website. We also provide notifications of news or announcements regarding our financial performance, including investor events and press and earnings releases on our investor relations website. The contents of this website section are not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC and any reference to this section of our website is intended to be inactive textual references only.

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Executive Officers of the Registrant

The following table shows our current executive officers:

Name of Officer	Age	Office Held with FactSet	Officer Since
F. Philip Snow	60	Chief Executive Officer	2014
Sanoke Viswanathan	50	Chief Executive Officer	2025
Helen L. Shan	5758	Executive Vice President, Chief Financial Officer	2018
Robert J. Robie	4546	Executive Vice President, Head of Institutional Buyside	2018
Goran Skoko	6364	Executive Vice President, Chief Revenue Officer, Managing Director EMEA and Asia Pacific	2019
Kristina W. Karnovsky	4546	Executive Vice President, Head of Dealmakers and Wealth	2021
John Costigan	5556	Executive Vice President, Chief Data Officer	2022
Katherine M. Stepp	3940	Executive Vice President, Chief Technology Officer	2022
Catrina Harding	52	Executive Vice President, Chief People Officer	2023
Christopher R. Ellis	5253	Executive Vice President, Head of Strategic Initiatives and Partnerships	2023
Christopher McLoughlin	46	Executive Vice President, Chief Legal Officer and Corporate Secretary	2024

F.Sanoke ~~Philip~~Viswanathan ~~Snow~~ – Chief Executive Officer. Mr. ~~Snow~~Viswanathan was appointed Chief Executive Officer effective ~~July~~September 18, ~~2015~~2025. ~~Prior~~Mr. toViswanathan ~~that~~has held a range of leadership roles, ~~Mr.~~most ~~Snow~~recently ~~held~~served as the ~~title~~Chief ofExecutive ~~President.~~Officer Heof ~~began~~International ~~his~~Consumer ~~career~~and atWealth ~~FactSet~~of inJPMorgan ~~1996~~and as a ~~Consultant,~~member ~~before~~of ~~moving~~JPMorgan’s toOperating ~~Asia~~Committee towhere ~~hold~~he ~~positions~~oversaw ininternational ~~the~~consumer ~~Tokyo~~businesses ~~and~~as ~~Sydney~~well ~~offices.~~as ~~Following~~the ~~his~~International ~~move~~Private ~~back~~Bank toand ~~the~~Workplace USolutions.S. inPrior ~~2000~~to that, ~~Mr.~~Viswanathan ~~Snow~~served ~~held~~as ~~various~~JPMorgan’s ~~sales~~Chief ~~leadership~~Strategy ~~roles~~and ~~prior~~Growth toOfficer ~~assuming~~from ~~the~~2022 ~~role~~to of2024 ~~Senior~~and ~~Vice~~Chief ~~President,~~Administrative ~~Director~~Officer of ~~U.S.~~the Corporate and Investment ~~Management~~Bank. ~~Sales~~Earlier in ~~2013.~~his ~~Mr.~~career, ~~Snow~~he ~~received~~was a ~~Bachelor~~Managing Director and Head of ~~Arts~~Corporate inStrategy ~~Chemistry~~for ~~from~~JPMorgan ~~the~~and ~~University~~a ofPartner ~~California~~and atCo-Head ~~Berkeley~~of Global Corporate and Investment Banking for McKinsey & Company. Mr. Viswanathan holds a ~~Master~~post-graduate ofdiploma ~~International~~in ~~Management~~management from the ~~Thunderbird~~Indian ~~School~~Institute of ~~Global~~ Management., HeAhmedabad, ~~has~~and ~~earned~~a ~~the~~bachelors ~~right~~in toMechanical ~~use~~Engineering from the ~~Chartered~~Indian ~~Financial~~Institute ~~Analyst~~of ~~designation~~Technology, Chennai.

Helen L. Shan – Executive Vice President, Chief Financial Officer. Ms. Shan was appointed Executive Vice President, Chief Financial Officer effective July 23, 2024. As the Chief Financial Officer, she is responsible for FactSet's global finance organization and oversees all financial functions, including accounting, corporate development, financial planning and analysis, investor relations, real estate, tax, and treasury. She also served in this role from September 2018 through October 2021. From May 2021 through August 2024, Ms. Shan served as Executive Vice President, Chief Revenue Officer. ~~In that role~~Previously, she was ~~responsible for driving revenue growth by managing global sales, client solutions, marketing and media relations. Prior to that, she was~~ at Marsh McLennan Companies, where she served in a variety of roles, including as the company's Corporate Treasurer and as Chief Financial Officer for Mercer. Preceding that, Ms. Shan held executive positions at Pitney Bowes Inc. and J.P. Morgan. In September 2018, Ms. Shan joined the Board of Directors of EPAM Systems, Inc., ~~a global provider of digital platform engineering~~ and ~~software development services, and~~ currently is the Chairperson of the Audit Committee and also serves on the Compensation Committee. Ms. Shan holds dual degrees with a Bachelor of Science and a Bachelor of Applied Science from the University of Pennsylvania’s Wharton School of Business and School of Applied Science and Engineering. Ms. Shan also has a Master of Business Administration from Cornell University’s SC Johnson College of Business.

Robert J. Robie – Executive Vice President, Head of Institutional Buyside. Mr. Robie was appointed Executive Vice President, Head of Institutional Buyside, effective September 1, 2023. In his current role, he oversees strategy, research, development and engineering for Institutional Buyside solutions. Prior to that, he served as Executive Vice President, Head of Analytics & Trading Solutions starting in September 2018. Mr. Robie joined FactSet in July 2000 as a Product Sales Specialist. During his tenure at FactSet, Mr. Robie has held several positions of increased responsibility, including Senior Director of Analytics and Director of Global Fixed Income. Although Mr. Robie joined FactSet in 2000, he did work at BTN Partners from 2004 through 2005 in their quantitative portfolio management and performance division, before returning to continue his career with FactSet. Mr. Robie holds a Bachelor of Arts in Economics and Fine Arts from Beloit College.

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Goran Skoko – Executive Vice President, Chief Revenue Officer, Managing Director EMEA and Asia Pacific. Mr. Skoko was appointed Executive Vice President, Chief Revenue Officer, Managing Director EMEA and Asia Pacific effective September 1, 2024. In this role, he is responsible for driving revenue growth by managing global sales, client solutions, marketing and media relations. Prior to this, Mr. Skoko served as Executive Vice President, Managing Director EMEA and Asia Pacific, Head of Dealmakers & Wealth, and was responsible for providing direction to address the product and content needs for EMEA and Asia Pacific clients while also focusing on increased deployment and building community within our Dealmakers & Wealth space. He also previously served as Executive Vice President, Managing Director EMEA and Asia Pacific and Head of Research & Advisory Solutions and Executive Vice President, Managing Director EMEA and Asia Pacific and Head of Wealth Solutions. He joined FactSet in 2004 as a Senior Product developer and has held a number of positions of increased responsibility. Prior to FactSet, he spent 16 years in various engineering and product management roles at Thomson Financial. Mr. Skoko earned his B.S. in Physics and Computer Science from Fordham University.

Kristina W. Karnovsky – Executive Vice President, Head of Dealmakers and Wealth. Ms. Karnovsky was appointed Executive Vice President, Head of Dealmakers and Wealth effective September 1, 2024. InSince ~~this~~joining ~~role~~FactSet in 2001, she ishas ~~responsible~~held ~~for~~leadership ~~focusing~~roles onspanning ~~increased~~sales, ~~deployment~~product and ~~building~~strategy, ~~community~~including ~~within~~roles ~~our~~as ~~Dealmakers~~Global &Head ~~Wealth~~of ~~space.~~Research ~~From~~Solutions ~~July~~ (2017-2021), ~~through~~and ~~August~~Chief ~~31,~~Product ~~2024,~~Officer Ms(2021-2024). ~~Karnovsky~~In ~~served~~her ascurrent ~~Executive~~position, ~~Vice~~she ~~President,~~is ~~Chief~~responsible ~~Product~~for ~~Officer~~setting strategy, ~~working~~and ~~across~~leading ~~the~~execution ~~entire~~across product ~~portfolio~~development toand ~~deliver~~engineering afor ~~differentiated~~FactSet's ~~advantage~~solutions for ~~clients~~wealth ~~and~~management, ~~support their success. Prior to that role~~banking, ~~Ms.~~and ~~Karnovsky~~dealmaking ~~was~~clients ~~Head of Research Solutions~~worldwide. ~~Ms.~~Over ~~Karnovsky~~her ~~joined~~tenure, ~~FactSet~~she inhas ~~2001~~played as a ~~Consultant~~key ~~and~~role ~~spent~~in ~~over~~growing ~~a decade building~~ FactSet's sell-side business, inadvancing ~~Sales~~enterprise ~~leadership~~AI ~~roles~~capabilities, and strengthening relationships with clients. Ms. Karnovsky ~~earned~~holds a ~~bachelor's~~B.S. ~~degree~~ from the University of Scranton.

John Costigan – Executive Vice President, Chief Data Officer. Mr. Costigan was appointed Executive Vice President, Chief Data Officer of FactSet effective June 1, 2023. ~~Prior to that, he served as Chief Content Officer of FactSet starting in April 2022.~~ As Chief Data Officer, he is responsible for FactSet's enterprise-wide data strategy and leads data development from planning through production. This includes data digital transformation using modern techniques and technology to drive timeliness, accuracy, coverage, consistency and usability across all FactSet data assets. Prior to that, he served as Chief Content Officer of FactSet starting in April 2022. Mr. Costigan has been at FactSet since September 2007 in a variety of roles. Prior to joining FactSet, Mr. Costigan served as Vice President, Product Management at Thomson Financial, and spent 11 years in a variety of Product Management roles at First Call, Autex, ILX, and Tradeweb. Mr. Costigan earned a Bachelor's degree in Economics from St. Michael's College.

Katherine M. Stepp – Executive Vice President, Chief Technology Officer. Ms. Stepp was appointed Executive Vice President, Chief Technology Officer, effective September 1, 2022. As Chief Technology Officer, she is responsible for leading FactSet's technology organization and overseeing its digital transformation strategy. Ms. Stepp joined FactSet in 2008 and previously served as Senior Director of Product Management within FactSet's Research and Advisory workflow solutions ~~business~~. Prior to that role, she was Senior Director of Engineering within FactSet's Research workflow solutions ~~business~~. Ms. Stepp holds a B.S. in Computer Science from Carnegie Mellon University.

Catrina Harding - Executive Vice President, Chief People Officer. Ms. Harding was appointed Executive Vice President, Chief People Officer in July 2023. Prior to that, Ms. Harding served as Chief Human Resources Officer at Gerson Lehrman Group, a financial and global information services company, and Senior Vice President of Human Resources at Synchrony Financial, a consumer financial services company and former division of GE Capital. She has more than 20 years of experience in senior human resources roles at major companies, including U.S. Steel Corporation, General Electric Company, and Ford Motor Company. Ms. Harding holds a Bachelor of Science from Western Michigan University and a Masters in Industrial and Organizational Psychology from the University of Detroit Mercy.

Christopher R. Ellis - Executive Vice President, Head of Strategic Initiatives and Partnerships. Mr. Ellis was appointed Executive Vice President, Head of Strategic Initiatives and Partnerships effective November 1, 2023. In this role, he collaborates on a range of initiatives to help FactSet better address the needs of our clients, most specifically asset managers and asset owners. Mr. Ellis joined FactSet in 1994 in Client Solutions. His career path since then has included successfully defining and expanding the Portfolio Manager Workstation Sales ~~business unit~~solutions, ultimately becoming its Vice President before assuming the position of Director of Portfolio Analytics. He subsequently led the development team for FactSet's core workstation. Prior to his current role, he led the business development function at FactSet through a series of successful acquisitions and strategic partnerships. Mr. Ellis is a graduate of Stanford University and a CFA charterholder.

~~Additional~~Christopher ~~Information~~McLoughlin - Executive Vice President, Chief Legal Officer and Corporate Secretary. Mr. McLoughlin was appointed Executive Vice President, Chief Legal Officer effective December 2, 2024. In this role, he oversees the global legal, compliance, and risk functions for the Company, together with government and regulatory affairs. Previously, Mr. McLoughlin served as the General Counsel of S&P Global Market Intelligence, where he led a global team providing legal and compliance support to the entire division and served as a member of the S&P Global Market Intelligence Operating Committee. Prior, he was Deputy General Counsel and Company Secretary of IHS Markit Ltd. He has also worked at various international law firms

			Page(s)
Management’s Discussion and Analysis of Financial Condition and Results of Operations			28
Quantitative and Qualitative Disclosures about Market Risk			46
Notes to the Consolidated Financial Statements			60

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~~ITEM 1A~~on a range of corporate, transactional, and advisory matters. ~~RISK~~Mr. ~~FACTORS~~McLoughlin has earned a legal degree LLB (Hons), from the University of Manchester and attended Nottingham Law School.

~~The~~Additional following risks could materially and adversely affect our business, financial condition, results of operations, and cash flows and, as a result, the trading price of our common stock could decline. These risk factors do not identify all risks that we face; our operations could also be affected by factors that are not presently known to us or that we currently consider to be immaterial to our operations. Due to risks and uncertainties, known and unknown, our past financial results may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. Investors should also refer to the other information set forth in this Annual Report on Form 10-K, including Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and our Consolidated Financial Statements including the related Notes. Investors should carefully consider all risks, including those disclosed here, before making an investment decision.Information

Additional information with respect to our business is included in the following pages and is incorporated herein by reference:

Technology and Data Security Risks


			Page(s)
Management’s Discussion and Analysis of Financial Condition and Results of Operations			29
Quantitative and Qualitative Disclosures about Market Risk			47
Notes to the Consolidated Financial Statements			62

Loss, corruption and misappropriation of data and information relating to clients and others

Many of our products, as well as our internal systems and processes, involve the collection, retrieval, processing, storage and transmission through a variety of media channels of our own, as well as supplier and customer, proprietary information and sensitive or confidential data. We rely on, and continuously invest in, a complex system of internal processes and controls, along with policies, procedures and training, designed to protect data that we receive in the ordinary course of business, including information from client portfolios and strategies. However, these measures do not guarantee security, and improper access to or release of confidential information may still occur through, for example, employee error or malfeasance, system error, other inadvertent release, failure to properly purge and protect data, or cybersecurity threats or attacks. Additionally, the maintenance and enhancement of our systems may not be completely effective in preventing loss, unauthorized access or misappropriation. Data misappropriation, unauthorized access or data loss could instill a lack of confidence in our products and systems and damage our brand, reputation and business. Breaches of security measures could expose us, our clients or the individuals affected to a risk of loss or misuse of this information, potentially resulting in litigation and liability for us, as well as the loss of existing or potential clients and suppliers. Many jurisdictions in which we operate have laws and regulations relating to data privacy and protection of personal information, including, for example, the European Union's General Data Protection Regulation, an increasing number of U.S. state laws, such as California's Consumer Privacy Act and Connecticut's Personal Data Privacy and Online Monitoring Act, China's Personal Information Protection Law, and India's Digital Personal Data Protection Act. These laws contain requirements regarding the handling of personal and sensitive data, including our use, protection and the ability of persons whose data is stored to correct or delete such data about themselves. The law in this area continues to develop and the changing nature of these laws could impact our processing and cross-border transfer of personal and sensitive information related to our content, operations, employees, clients, suppliers and others, and may expose us to claims of violations.

Successful access to prohibited data and other cyber-attacks and the failure of cyber-security systems and procedures

In providing our digital-enabled products and services to clients, we rely on information technology infrastructure that is managed internally along with placing reliance on third-party service providers for critical functions. We and these third-party service providers are subject to the risks of system failures and security breaches, including cyber-attacks (such as those sponsored by nation-states, terrorist organizations, or global corporations seeking to illicitly obtain technology or other intellectual property and those accomplished by phishing scams, hacking, viruses, denials of service attacks, tampering, intrusions, physical break-ins, ransomware and malware), as well as employee errors or malfeasance. In some cases, these risks might be heightened when employees are working remotely. Our and our vendors' use of mobile and cloud technologies may increase our risk for such threats. Our protective systems and procedures and those of third parties to which we are connected, such as cloud computing providers, may not be effective against these threats. Our information technology systems must be constantly updated and patched to protect against known vulnerabilities and to optimize performance.

While we have dedicated resources responsible for maintaining appropriate levels of cybersecurity and implemented systems and processes intended to help identify cyberattacks and protect and remediate our network infrastructure, we are aware that these attacks have become increasingly frequent, sophisticated, and difficult to detect and, as a result, we may not be able to anticipate, prevent or detect all such attacks. We also may be impacted by a cyberattack targeting one of our vendors or within our technology supply chain or infrastructure. Our contracts with service providers typically require them to implement and maintain adequate security controls, but we may not have the ability to effectively monitor these security measures. As a result, inadequacies of the third-party security technologies and practices may not be detected until after a security breach has occurred. These risks may be heightened in connection with employees working from remote work environments, as our dependency on certain service providers, such as video conferencing and web conferencing services, has significantly increased. In addition, to access our network, products and services, customers and other third parties may use personal mobile devices or computing devices that are outside of our network environment and are subject to their own security risk.

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We could suffer significant damage to our brand and reputation: if a cyber-attack or other security incident were to allow unauthorized access to, or modification of, clients’ or suppliers’ data, other external data, internal data or information technology systems; if the products and services provided to clients were disrupted; or if products and services were perceived as having security vulnerabilitiesITEM 1A. ~~The~~RISK costs we would incur to address and resolve these security incidents would increase our expenses. These types of security incidents could also lead to lawsuits, regulatory investigations and claims, loss of business and increased legal liability. Cyberattacks, security breaches or third-party reports of perceived security vulnerability to our systems, even if no breach has occurred, also could damage our brand and reputation, result in litigation, regulatory actions, loss of client confidence and increased legal liability. We also make acquisitions periodically. While significant effort is placed on addressing information technology security issues with respect to the acquired companies, we may inherit such risks when these acquisitions are integrated into our infrastructure. While we maintain insurance coverage that is intended to address certain aspects of cybersecurity and data protection risks, such coverage may not include, or may not be sufficient to cover, all or the majority of the costs, losses or types of claims.FACTORS

AThe ~~prolonged~~following orrisks ~~recurring~~could ~~outage~~materially atand adversely affect our ~~data~~business, ~~centers~~financial condition, results of operations, and ~~other~~cash ~~business~~flows ~~continuity~~and, ~~disruptions~~as ata ~~facilities~~result, the trading price of our common stock could ~~result~~decline. inThese ~~reduced~~risk ~~service~~factors do not identify all risks that we face; our operations could also be affected by factors that are not presently known to us or that we currently consider to be immaterial to our operations. Due to risks and uncertainties, known and unknown, our past financial results may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. Investors should also refer to the ~~loss~~other information set forth in this Annual Report on Form 10-K, including Item 7. Management’s Discussion and Analysis of ~~clients~~Financial Condition and Results of Operations and our Consolidated Financial Statements including the related Notes. Investors should carefully consider all risks, including those disclosed here, before making an investment decision.

~~Our clients rely on us for the delivery of time-sensitive~~Cybersecurity, ~~up-to-date~~Technology ~~data~~ and ~~applications.~~Data ~~Our~~Security business is dependent on our ability to process substantial volumes of data and transactions rapidly and efficiently on our computer-based networks, database storage facilities, and other network infrastructure, which are located across multiple facilities globally. If we experience significant growth of our customer base, increases in the number of products or services, or increase in the speed at which we are required to provide products and services, it may strain our systems. Additionally, our systems and networks may become strained due to aging or end-of-life technology that we have not yet updated or replaced. Risks

~~Our~~Unauthorized ~~computer~~access ~~operations, as well as our other business centers, and those of our suppliers and clients, may be vulnerable~~ to ~~interruption~~confidential bydata ~~fire,~~including ~~natural~~client ~~disaster~~data, ~~extreme~~other ~~weather or climate conditions, power loss, telecommunications failures, terrorist~~ cyber-attacks, ~~acts of war or civil unrest, internet failures, computer viruses or security breaches, employee or systems errors,~~ and ~~other events beyond our reasonable control. In addition, in~~ the ~~remote~~failure ~~work environments, the daily activities and productivity~~ of our ~~workforce~~cyber-security issystems ~~now more closely tied to key vendors, such as video conferencing services, consistently delivering their services without material disruption. Our ability to deliver information using the internet~~ and ~~to operate in a remote working environment may be impaired because of infrastructure failures, service outages at third-party internet providers, malicious attacks, or other factors.~~ procedures

WeMany ~~also~~of ~~currently~~our ~~use~~products, ~~multiple~~as ~~providers~~well ofas ~~cloud~~our ~~services;~~internal ~~however,~~systems ~~one~~and ~~supplier~~processes, ~~provided~~involve the ~~majority~~collection, retrieval, processing, storage and transmission of our ~~cloud~~own, ~~computing~~as ~~support~~well ~~for~~as ~~fiscal~~supplier ~~2024~~and client, proprietary information and sensitive or confidential data through a variety of media channels. ~~While~~We werely ~~believe~~on, ~~this~~and ~~provider~~continuously invest in, internal processes, controls, policies, procedures and employee training programs designed to beprotect ~~reliable~~confidential data received in the ordinary course of business, weincluding ~~have~~information ~~limited~~from ~~control~~client ~~over~~portfolios ~~its~~and ~~performance~~strategies. However, these measures do not guarantee security, and aimproper ~~disruption~~access to or ~~loss~~release of ~~service~~confidential ~~from~~information ~~this~~may ~~provider~~still ~~could~~occur—whether ~~impair~~due ~~our~~to employee error or malfeasance, system's ~~operation~~error, ~~and~~inadvertent ~~our~~release, ~~ability~~failure to ~~operate~~properly ~~for~~purge aor ~~period~~protect ofdata, ~~time.~~or through cyber-attacks.

WeOur ~~maintain~~size, ~~back-up~~scale ~~facilities~~ and ~~certain~~role ~~other~~in ~~redundancies~~the ~~for~~financial ~~each~~markets ofincreases our ~~data centers to minimize the~~ risk ~~that~~for ~~any~~cyber-attacks ~~such~~and ~~event~~our ~~will~~exposure ~~disrupt~~to ~~those~~other ~~operations~~cyber-security risks. We ~~are~~use ~~currently~~third-party inservice ~~the~~providers ~~midst~~for ofcertain acritical ~~multi-year~~functions. ~~project~~We toand ~~enhance~~ our ~~information~~third-party ~~technology~~service ~~disaster~~providers ~~recovery~~are ~~processes~~subject ~~with modernized tooling and automation~~ to ~~maximize resiliency and minimize recovery time in~~ the ~~event~~risks of asystem ~~service disruption. However~~failures, asecurity ~~loss~~breaches ofand ~~our~~cyber-attacks, ~~services~~such ~~involving~~as ~~our~~those ~~significant~~sponsored ~~facilities~~by ~~may~~nation-states, ~~materially~~terrorist ~~disrupt~~organizations, ~~our~~or ~~business~~global ~~and~~corporations ~~may~~seeking ~~induce our clients~~ to ~~seek~~illicitly ~~alternative~~obtain ~~data~~technology ~~suppliers. Any such losses~~ or ~~damages~~other weintellectual ~~incur~~property, ~~could~~including ~~have~~through athe ~~material~~use ~~adverse~~of ~~effect~~generative onAI, ~~our~~agentic ~~business.~~AI, ~~Although~~phishing wescams, ~~seek~~hacking, toviruses, ~~minimize~~denial ~~these~~of ~~risks~~service ~~through~~attacks, ~~security measures~~tampering, ~~controls~~intrusions, ~~back-up~~physical ~~data centers~~break-ins, ~~emergency~~ransomware ~~planning~~ and ~~disaster recovery processes~~malware, ~~there~~employee ~~can~~errors ~~be no assurance that such efforts will be successful~~ or ~~effective~~malfeasance. ~~Additionally, we may also face significant increases in our use of power and data storage and may experience a shortage of capacity and increased costs associated with such usage.~~

~~Transition~~Cyber-security torisks ~~new~~also ~~technologies~~may be derived from fraud or malice on the part of our employees or third-party service providers, ~~applications~~or may result from human error, software bugs, server malfunctions, software or hardware failures or other technological failures. Our and ~~processes~~our ~~could~~vendors' ~~expose~~use of mobile and cloud technologies may increase our risk for such threats. Our protective systems and procedures and those of third parties to which we are connected, such as cloud computing providers, may not be effective against these threats. In addition, failure by our clients or third-party service providers to notify us of system failures or security breaches in a timely manner could lead to ~~unanticipated~~unauthorized ~~disruptions~~access to our systems and data, resulting in adverse effects on our business, operating results or financial condition.

~~The~~We ~~technology~~also ~~landscape~~make isacquisitions ~~constantly evolving~~periodically. ToWhile ~~remain~~significant ~~competitive,~~effort weis ~~must~~placed ~~adapt~~on ~~and~~addressing ~~migrate~~information ~~to new technologies, applications and processes, including the evolving use of AI~~ technology. ~~Use~~security ofissues ~~more~~with ~~advanced~~respect ~~technologies and infrastructure is critical~~ to the ~~development~~companies ofwe ~~our products and services~~acquire, ~~the~~we ~~scaling~~may ofinherit ~~our~~such ~~business~~risks ~~for~~when ~~future~~these ~~growth,~~acquisitions ~~and~~are ~~the~~integrated ~~accurate~~into ~~maintenance of~~ our ~~data and operations~~infrastructure. ~~The~~Although ~~implementation~~we ofconduct ~~new~~due ~~technologies~~diligence ~~and~~during ~~infrastructure,~~acquisition ~~such as migration to new cloud-based systems and increased utilization of AI internally and in our products and services~~processes, isacquired ~~complex~~businesses ~~and~~may ~~can~~not ~~involve~~have ~~substantial~~invested ~~expenditures~~ as ~~well~~heavily ~~as risks inherent~~ in ~~the~~security ~~conversion~~measures toand ~~any new system~~technology, ~~including potential loss of information~~ and ~~disruption~~this ~~to operations. We~~ may ~~experience~~introduce ~~unanticipated~~additional interruption and delay in the performance and delivery of certain of our products and services. Certain of our technologies are also dependent upon third-party providers to maintain adequate systems to protect the security ~~of our confidential information and data~~risk. Failure by our providers to maintain appropriate security could result in unauthorized access to our systems or a network disruption that could further lead to improper disclosure of confidential information or data, regulatory penalties and remedial costs. Any disruption to either the

While we have dedicated resources responsible for maintaining appropriate levels of cybersecurity, and implemented systems and processes intended to help identify cyberattacks and protect and remediate our network infrastructure, we may not be able to anticipate, prevent or detect all such attacks. As these threats continually evolve, we are required to devote additional resources and investment to modify or enhance our systems and processes, including patch and vulnerability management, which we may not be able to do in a timely or complete manner, or without adversely impacting our business, financial condition or results of operations.

We make a range of commitments to our clients regarding our security practices, processes and security posture. If we do not adequately implement and enforce these security practices to the satisfaction of our clients, we could be in violation of our commitments to our clients. Cyberattacks, security breaches or third-party reports of perceived security vulnerability to our systems, even if no breach has occurred, also could damage our brand and reputation, result in litigation, regulatory actions, loss of client confidence and increased legal liability. While we maintain insurance coverage that is intended to address certain aspects of cybersecurity and data protection risks, such coverage may not include, or may not be sufficient to cover, all or the majority of the costs, losses or types of claims.

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~~provider’s~~A ~~systems~~prolonged or ~~the~~recurring ~~communication~~outage ~~links between us~~ and ~~the~~other ~~provider~~business ~~could~~continuity ~~negatively~~disruptions ~~affect our ability to operate our data systems and~~ could ~~impair~~result ~~our~~in ~~ability~~a toreduced ~~provide products and services to our clients. If the products and services to our clients are disrupted,~~ or iftotal ~~there~~loss isof ~~unauthorized~~service; ~~access to~~ the ~~confidential~~loss ~~information~~ of ~~our~~ clients ~~or our vendors, we could suffer significant damage to our brand~~ and ~~reputation~~adverse ~~and~~impact lose clients. We also may incur increased operating expenses to recover data, repair or remediate systems, equipment or facilities, and to protect ourselves from such disruptions. As we increase our reliance on ~~third-party systems,~~ our ~~exposure to damages from services disruptions may increase, and we may incur additional costs to remedy damages caused by these disruptions.~~ reputation

Our clients rely on us for the delivery of time-sensitive, accurate, complete and up-to-date data and applications. Our business is dependent on our ability to process substantial volumes of data and transactions rapidly and efficiently on our computer-based networks, database storage facilities, and other network infrastructure, which are located across multiple facilities globally. If we experience significant growth of our client base, increases in the number of products or services we offer, or increases in the speed at which we are required to provide products and services, it may strain our systems. Additionally, our systems and networks may become strained due to aging or end-of-life technology that we have not yet updated or replaced.

Our computer operations, as well as our other business centers, and those of our suppliers and clients, may be vulnerable to interruption by fire, natural disaster, public health crisis (e.g., pandemics), extreme weather or climate conditions, power loss, telecommunication failures, terrorist attacks, acts of war or civil unrest, internet failures, computer viruses, security breaches, employee or systems errors, and other events beyond our reasonable control. In addition, in remote work environments, the daily activities and productivity of our workforce is now more closely tied to key vendors consistently delivering their services without material disruption. Our ability to deliver information using the internet and to operate in a remote working environment may be impaired because of infrastructure failures, service outages at third-party internet providers, malicious attacks, or other factors.

We also currently use multiple providers of cloud services; however, one supplier provides the majority of our cloud computing support. While we believe this provider to be reliable, we have limited control over its performance, and a disruption or loss of service from this provider could impair our system's operation and our ability to operate for a period of time.

We maintain back-up facilities and certain other redundancies for each of our data centers to minimize the risk that any event will disrupt those operations, but if we were to suffer such an event it may mean we are unable to provide our service for a prolonged period of time, and our IT disaster recovery processes may not be adequate. From time to time we have experienced outages across certain of our products and service providers, and we may still experience outages or other disruptions in the future, and such outages or disruptions may have a material adverse effect on the Company.

We are currently implementing a multi-year project to enhance our information technology disaster recovery processes with modernized tooling and automation to maximize resiliency and minimize recovery time in the event of a service disruption. However, a loss of our services involving our significant facilities may materially disrupt our business and may induce our clients to seek alternative data suppliers. Any such losses or damages we incur could have a material adverse effect on our business. Although we seek to minimize these risks through security measures, controls, back-up data centers, emergency planning and disaster recovery processes, there can be no assurance that such efforts will be successful or effective. Additionally, we may face significant increases in our use of power and data storage and may experience a shortage of capacity and increased costs associated with such usage.

Transition to new technologies, applications and processes could expose us to unanticipated disruptions or impacts

The technology landscape is constantly evolving. To remain competitive, we must invest, adapt and migrate to new technologies, applications and processes, including the evolving use of AI technology and agentic AI (see "Our use of AI technologies may not be successful and may present business, compliance, and reputational risks" below for further discussion). Use of more advanced technologies and infrastructure is critical to the development of our products and services, the scaling of our business for future growth, and the accurate maintenance of our data and operations. The implementation of new technologies and infrastructure, such as migration to new cloud-based systems and increased utilization of AI internally and in our products and services, is complex and can involve substantial expenditures, as well as, risks inherent in the conversion to any new system, including potential loss of information and disruption to operations.

Use of open source software could introduce security vulnerabilities, impose unanticipated restrictions on our ability to commercialize our products and services, and subject us to increased costs

We use open source code in our software development and incorporate it into our products and internal systems. The use of open source code may entail greater risks than the use of third-party commercial software. Open source licensors generally do not provide warranties or other contractual protections regarding infringement claims or the quality or security of the code. Some open source licenses provide that if we combine our proprietary applications with the open source software in a certain manner, we could be required to release the source code of our proprietary applications to the public. This would allow our competitors to create similar products with less development effort and time and ultimately put us at a competitive disadvantage. We have implemented procedures to control the use of open source code so as to mitigate this risk; however, the terms of many open source licenses are also ambiguous and have not been interpreted by U.S. or other courts. Therefore, there is a risk that our internal procedures controlling the use of open source code could fail, or that the licenses could be construed in a manner that imposes unanticipated conditions or restrictions on us. If any of this were to occur, we could be required to seek alternative third-party licenses at increased costs or reduced scope, to re-engineer products or systems, or potentially to discontinue the licensing of certain products. Any remedial actions could divert resources away from our development efforts, be time intensive and have a significant cost.

Our use of artificial intelligence technologies may not be successful and may present business, compliance, and reputational risks

We use, and are expanding our use of, machine learning and artificial intelligence ("AI") technologies in our products and processes. If we fail to keep pace with rapidly evolving AI technological developments, our competitive position and business results may be negatively impacted. Our use of AI technologies requires resources to develop, test and maintain such products, which is costly. Despite our investments in, and commitment of resources to, the development of AI products and technologies, we may not be successful in generating revenues from these efforts. In addition, third parties may be able to use AI to create technology that could reduce demand for our products and services.

The introduction of AI technologies, particularly generative AI, into new or existing offerings may result in new or expanded risks and liabilities, due to enhanced governmental or regulatory scrutiny, litigation, compliance issues, ethical concerns, confidentiality, data privacy or security risks, as well as other factors that could adversely affect our business, reputation, and financial results. If the content, analyses, or recommendations that AI applications assist in producing are, or are alleged to be, deficient, inaccurate, unreliable, misleading, biased, discriminatory or otherwise flawed, any of which may not be easily detectable, our business and reputation may be adversely affected. Use of AI technologies, and the evolving legal, regulatory and compliance framework for AI, could impact our ability to protect our data and intellectual property, as well as vendor and client information, and could expose us to intellectual property or other claims by third parties. Use of AI technologies may also increase risks related to cyberattacks or other security incidents or result in a failure to protect confidential information. Because AI technology is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to our use of AI.

Strategy and Market Demand Risks

Competition in our industry may cause price reductions or loss of market share

We continue to experience intense competition across all markets for our products and services, with competitors ranging in size from smaller, highly specialized, single-product businesses to multi-billion-dollar companies. While we believe the breadth and depth of our suite of products and applications offer benefits to our clients that are a competitive advantage, our competitors may offer price incentives to attract new business. Future competitive pricing pressures may result in decreased sales volumes and price reductions, resulting in lower revenues and ASV. Weak economic conditions may also result in clients seeking to utilize lower-cost information that is available from alternative sources. The impact of cost-cutting pressures across the industries we serve could lower demand for our products and services. Clients within the financial services industry that strive to reduce their operating costs may seek to reduce their spending on financial market data and related services, such as

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~~ours.~~is Ifa risk that our ~~clients~~internal ~~consolidate~~procedures ~~their~~controlling ~~spending~~the ~~with~~use ~~fewer~~of ~~suppliers~~open source code could fail, byor ~~selecting~~that ~~suppliers~~the ~~with~~licenses ~~lower-cost~~could ~~offerings~~be construed in a manner that imposes unanticipated conditions or byrestrictions ~~self~~on us. If any of this were to occur, we could be required to seek alternative third-~~sourcing~~party ~~their~~licenses ~~needs~~at ~~for~~increased ~~financial~~costs ~~market~~or ~~data~~reduced scope, ~~our~~to ~~business~~re-engineer products or systems, or potentially to discontinue the licensing of certain products. Any remedial actions could divert resources away from our development efforts, be ~~negatively~~time ~~affected~~intensive and have a significant cost.

Our use of AI technologies may not be successful and may present business, compliance, and reputational risks

We use, and are expanding our use of, machine learning and AI technologies in our products and processes. If we fail to keep pace with rapidly evolving AI technological developments, or fail to launch products that are competitive, our competitive position and business results may be negatively impacted. If our competitors or other third parties incorporate AI technologies, such as emerging generative and agentic AI, into their products and processes more quickly or more successfully than us, this could impair our ability to compete effectively. Our use of AI technologies, including generative and agentic AI, requires resources to develop, test and maintain such products, which is costly. Despite our investments in, and commitment of resources to, the development of AI products and technologies, we may not be successful in generating revenues from these efforts. In addition, third parties may be able to use AI to create technology that could reduce demand for our products and services.

The introduction of AI technologies, particularly generative and agentic AI, into new or existing offerings may result in new or expanded risks and liabilities, due to enhanced governmental or regulatory scrutiny, litigation, compliance issues, ethical concerns, confidentiality, data privacy or security risks, as well as other factors that could adversely affect our business, reputation, and financial results. For example, AI technologies can lead to unintended consequences and errors, including generating content that appears correct but is factually inaccurate, misleading or otherwise flawed, or that results in unintended biases and discriminatory outcomes, which could harm our reputation and expose us to liability. If the content, analyses, or recommendations that AI applications assist in producing are, or are alleged to be, deficient, inaccurate, unreliable, misleading, biased, discriminatory or otherwise flawed, any of which may not be easily detectable, our business and reputation may be adversely affected. Use of AI technologies, and the evolving legal, regulatory and compliance framework for AI, could impact our ability to protect our data and intellectual property, as well as vendor and client information, and could expose us to intellectual property or other claims by third parties. Use of AI technologies may also increase risks related to cyberattacks or other security incidents or result in a failure to protect confidential information. Because AI technology is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to our use of AI. These risks include the possibility of enhanced governmental or regulatory scrutiny, litigation or other legal liability, compliance issues, ethical concerns, negative client perceptions, confidentiality or security risks, as well as other factors. Any of these issues could materially adversely affect our business, financial condition or results of operations.

AI technologies used in our products and processes may use or incorporate data from third-party sources, including information they input into the AI tools, which may expose us to risks associated with data rights and protection.

Strategy and Market Demand Risks

Competition in our industry may cause price reductions or loss of market share, or limit our growth or profitability

We continue to experience intense competition across all of our products and services, with competitors ranging in size from smaller, highly specialized, single-product businesses to multi-billion-dollar companies. New and existing competitors are constantly developing innovative products or business models, including alternative data, analytics, technology-enabled platforms, and fintech solutions. Many of these competitors also have significant AI capabilities and funding. Some of these competitors may be able to introduce new technology, deliver products and services, or leverage data and analytics faster or more effectively than we can. The rapid pace of technological change, including advances in AI, cloud computing, and machine learning, along with evolving client demands, could cause our products and services to become outdated or less competitive. If we fail to keep pace with innovation, invest in developing new technology or data products, or successfully respond to disruptive competitors and emerging industry standards, our market position, revenues and operating results could be adversely affected. While we believe the breadth and depth of our suite of products and applications offer benefits to our clients that are a competitive advantage, our competitors may offer price incentives to attract new business. Future competitive pricing pressures may result in decreased sales volumes and price reductions, resulting in lower revenues and ASV. Weak economic conditions may also result in clients seeking to utilize lower-cost information that is available from alternative sources. The impact of cost-cutting pressures across the industries we serve could lower demand for our products and services. Clients within the financial services industry that strive to reduce their operating costs may seek to reduce their spending on financial market data and related services, such as ours. If our clients consolidate their spending with fewer suppliers, by selecting suppliers with lower-cost offerings or by self-sourcing their needs for financial market data, our business could be negatively affected.

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The continued shift from active to passive investing could negatively impact user count growth and revenues

The predominant investment strategy today is no longer active investing, which attempts to outperform the market. The main advantage of active management is the expectation that the investment managers will be able to outperform market indices. They make informed investment decisions based on their experiences, insights, knowledge and ability to identify opportunities that can translate into superior performance. The main advantage of passive investing is that it closely matches the performance of market indices. Passive investing requires little decision-making by investment managers and low operating costs which result in lower fees for the investor. A continued shift to passive investing, resulting in an increased outflow to passively managed index funds, could reduce demand for the services of active investment managers and consequently, the demand of our clients for our products and services.

A decline in equity and/or fixed income returns may impact the buying power of investment management clients

~~The~~A ~~majority~~significant portion of our ASV is derived from our investment management clients, and the profitability and management fees of many of these clients are tied to assets under management. An equity market decline not only depresses the value of assets under management but also could cause a significant increase in redemption requests from our clients’ customers, further reducing their assets under management. Reduced client profits and management fees may cause our clients to cut costs. Moreover, extended declines in the equity and fixed income markets may reduce new fund or client creation. Each of these developments may result in lower demand from investment managers for our products and services, which could negatively affect our business.

Uncertainty or downturns in the global economy and consolidation in the financial services industry may cause us to lose clients and users

Many of our clients are asset and wealth managers, investment and commercial bankers, hedge funds, private equity and venture capital professionals, and other financial services entities. Uncertainty or downturns in the global economy or a lack of confidence in the global financial system could negatively impact our clients, which could cause a corresponding negative impact on our business results. Mergers, consolidation or contraction of our clients in the financial services industry also could directly impact the number of clients, prospective clients and users of our products and services. If our clients merge with or are acquired by other entities that are not our clients, or that use fewer of our products and services, they may discontinue or reduce their use of our products and services. Thus, economic uncertainty, economic downturns, lack of confidence in the global financial system, and consolidation in this sector could adversely affect our business, financial results and future growth.

Volatility or downturns in the financial markets may delay the spending pattern of clients and reduce future ASV growth

The decision on the part of large institutional clients to purchase our products and services often requires management-level sponsorship and typically depends upon the size of the client, with larger clients having more complex and time-consuming purchasing processes. The process is also influenced by market volatility and market downturns. These characteristics often lead us to engage in relatively lengthy sales efforts. Purchases (and incremental ASV) may therefore be delayed as uncertainties or downturns in the financial markets may cause clients to remain cautious about capital and data content expenditures, particularly in uncertain economic environments. Market volatility or market downturns may curtail our client's spending and lead them to delay or defer purchasing decisions or product service implementations, or cause them to cancel or reduce their spending with us, which could negatively impact our revenues and future growth.

Failure to develop and market new products and enhancements that maintain our technological and competitive position and failure to anticipate and respond to changes in the marketplace for our products and ~~customer~~client demands

The market for our products is characterized by rapid technological change, including developing technologies such as AI, including agentic AI, methods and speed of delivery, changes in client demands, development of new investment instruments and evolving industry standards. The direction of these trends can render our existing products less competitive, obsolete or unmarketable. As a result, our future success will continue to depend upon our ability to identify and develop new products and enhancements that address the future needs of our target markets and to respond to their changing standards and practices. We may not be successful in developing, introducing, marketing, licensing and implementing new products and enhancements on a timely and cost-effective basis or without impacting the stability and efficiency of existing products and ~~customer~~client systems. Further, any new products and enhancements may not adequately meet the requirements of the marketplace or achieve market acceptance. We must make long-term investments and commit significant resources, for example, to developing and utilizing AI technology, before knowing whether these investments will eventually result in products and services that satisfy our clients' needs and generate revenues required to provide the desired results. Our failure or inability to anticipate and respond to changes in the marketplace, including competitor and supplier developments, may also adversely affect our business, operations and growth.

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revenues required to provide the desired results. Our failure or inability to anticipate and respond to changes in the marketplace, including competitor and supplier developments, may also adversely affect our business, operations and growth.

Errors or defects can exist at any point in a product's life cycle, but are more frequently found after the introduction of new products or enhancements to existing products. Despite internal testing and testing by clients, our products may contain errors. We may also experience delays while developing and introducing new products for various reasons, such as difficulties in licensing data inputs. Defects, errors, or delays in our products that are significant, or are perceived to be significant, could result in rejection or delay in market acceptance, damage to our reputation, loss of revenues, lower rate of license renewals or upgrades, diversion of development resources, product liability claims or regulatory actions, or increases in service and support costs.

WeClients have provisions in our client contracts to limit our exposure to potential liability claims brought by clients based on the use of our products or services or our delay or failure to provide products and services. Contracts with customers also increasingly include service level requirements and audit rights to review our security. Many of our customers in the financial services sector are ~~also~~seeking ~~subject~~additional tocontractual ~~regulations~~protections ~~and requirements to adopt risk management processes commensurate with the level of risk and complexity of their third-party relationships, and provide rigorous oversight of relationships~~ that ~~involve certain "critical activities," some of which~~ may becreate ~~deemed~~additional toliabilities befor ~~provided by~~ us. Any failure on our part to comply with the specific provisions in customer contracts could result in the imposition of various penalties, which may include termination of contracts, service credits, suspension of payments, contractual penalties, adverse monetary judgments, and, in the case of government contracts, suspension from future government contracting. Even if the outcome of any claims brought against us were ultimately favorable, such a claim would require the time and attention of our management, personnel, as well as financial and other resources and potentially pose a significant disruption to our normal business operations.

Clients are increasingly looking to pass on contractual obligations to us, which may include service level, information and cyber-security requirements and audit rights. Many of our clients in the financial services sector are also subject to regulations and requirements to adopt risk management processes commensurate with the level of risk and complexity of their third-party relationships (including as required under the European Union ("EU") Digital Operational Resilience Acts ("DORA")), and provide rigorous oversight of relationships that involve certain "critical activities," some of which may be deemed to be provided by us. Any failure on our part to comply with the specific provisions in client contracts, including having appropriate information security capabilities, could result in the imposition of various penalties, which may include termination of contracts, service credits, suspension of payments, contractual penalties, adverse monetary judgments, and, in the case of government contracts, suspension from future government contracting. Even if the outcome of any claims brought against us were ultimately favorable, such a claim would require the time and attention of our management, personnel, as well as financial and other resources and potentially pose a significant disruption to our normal business operations and reputational damage.

Failure to identify, integrate, or realize anticipated benefits of acquisitions and strains on resources as a result of growth

In fiscal 2025, we completed several corporate transactions, including the acquisition of Irwin, LiquidityBook and LogoIntern. There can be no assurance that we will be able to identify suitable candidates for successful acquisition at acceptable prices. Additionally, there may be integration risks or other risks resulting from acquired businesses~~, including our acquisition of CGS during fiscal 2022~~. Our ability to achieve the expected returns and synergies from past and future acquisitions and alliances depends in part upon our ability to integrate the offerings, technology, sales, administrative functions and key personnel of these businesses effectively into our core business. We cannot guarantee that our acquired businesses will perform at the levels anticipated. In addition, past and future acquisitions may subject us to unanticipated risks or liabilities or disrupt operations.

Growth, such as the addition of new clients and acquisitions, puts demands on our resources, including our internal systems and infrastructure. These may require improvements or replacement to meet the additional demands of a larger organization. Further, the addition of new clients and the implementation of such improvements would require additional management time and resources. These needs may result in increased costs that could negatively impact results of operations. Failure to implement needed improvements, such as improved scalability, could result in a deterioration in the performance of our internal systems and negatively impact the performance of our business.

Failure to maintain reputation

We enjoy a positive reputation in the marketplace. Our ability to attract and retain clients and employees is affected by external perceptions of our brand and reputation. Reputational damage from negative perceptions or publicity, including, without limitation, market perception of our sustainability and corporate responsibility policies and practices, could affect our ability to attract and retain clients and employees and our ability to maintain our pricing for our products and services. Although we monitor developments for areas of potential risk to our reputation and brand, negative perceptions or publicity could have a material adverse effect on our business and financial results.

~~Operational~~Increased ~~Risks~~scrutiny with respect to sustainability matters

~~Operations~~New ~~outside~~laws, ~~the~~regulations, ~~United~~policies, ~~States~~and ~~involve~~international ~~additional~~agreements relating to environmental, social and governance (“ESG”) matters are being developed and formalized in Europe and elsewhere globally, which requires us to comply with specific, target-driven frameworks, disclosure and other requirements in multiple jurisdictions. Increased public, political or media scrutiny concerning ESG or climate matters may negatively affect our reputation. We may face criticism in respect of our climate and ~~burdens~~ESG ~~that~~products. weWe may ~~not~~also beface ~~able~~increased scrutiny from political leaders, organizations or groups criticizing ESG or climate-focused products, or our compliance with global ESG regulations. Such scrutiny may impact demand for our products or limit our ability to ~~control~~attract and retain clients, resulting in adverse effects on our business, operating results or ~~manage~~financial ~~successfully~~condition.

In fiscal 2024, approximately 39% of our revenues related to operations located outside the U.S. In addition, approximately 81% of our employees are located in offices outside the U.S. We expect our growth to continue outside the U.S. Our non-U.S. operations involve risks that differ from or are in addition to those faced by our U.S. operations. These risks include difficulties in developing products, services and technology tailored to the needs of non-U.S. clients, including in emerging markets; different employment laws and rules; rising labor costs in lower-wage countries; difficulties in staffing and managing personnel that are located outside the U.S.; different regulatory, legal and compliance requirements, including in the areas of privacy and data protection, anti-bribery and anti-corruption, trade sanctions and restraints and currency controls, marketing and sales and 18

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~~other~~Operational barriers to conducting business; social and cultural differences, such as language; diverse or less stable political, operating and economic environments and market fluctuations; civil disturbances or other catastrophic events that reduce business activity, including the risk that the current conflicts between Ukraine and Russia and in the Middle East expand in a way that impacts our business and operations; limited recognition of our brand and intellectual property protection; differing accounting principles and standards; restrictions on or adverse tax consequences from entity management efforts; and changes in U.S. or foreign tax laws. If we are not able to adapt efficiently or manage the business effectively in markets outside the U.S., our business prospects and operating results could be materially and adversely affected.Risks

~~Failure~~Operations tooutside ~~enter~~the ~~into,~~U.S. ~~renew~~involve oradditional ~~comply~~requirements ~~with~~and ~~contracts~~burdens ~~supplying~~that ~~new~~we ~~and~~may ~~existing~~not ~~data~~be ~~sets~~able orto ~~products~~control onor ~~competitive~~manage ~~terms~~successfully

WeIn ~~collect~~fiscal ~~and aggregate third-party content from data suppliers~~2025, ~~news~~approximately ~~sources,~~39% ~~exchanges,~~of ~~brokers and contributors into~~ our ~~own~~revenues ~~dedicated~~related ~~managed databases, which clients access~~ to ~~perform~~operations ~~their~~located ~~analyses.~~outside ~~We combine~~ the ~~data~~U.S. ~~from~~In ~~these~~addition, ~~sources~~approximately ~~into~~80% of our ~~own~~employees ~~dedicated~~are ~~databases.~~located ~~Clients~~in ~~have~~offices ~~access~~outside to the ~~data~~U.S., ~~and~~including ~~content~~India ~~found~~and ~~within~~the ~~our databases~~Philippines. ~~These~~We ~~databases~~expect ~~are~~our ~~important~~growth to ~~our~~continue ~~operations~~outside asthe ~~they~~U.S. ~~provide~~Our ~~clients with key information~~non-U.S. Weoperations ~~have~~involve ~~entered~~risks ~~into~~that ~~third-party~~differ ~~content~~from ~~agreements~~or ofare ~~varying~~in ~~lengths,~~addition ~~which~~to inthose ~~some~~faced ~~cases~~by ~~can~~our beU.S. ~~terminated~~operations. onThese ~~one~~risks ~~year’s~~include ~~notice~~difficulties atin ~~predefined~~developing ~~dates~~products, services and intechnology ~~other~~tailored ~~cases~~to onthe ~~shorter~~needs ~~notice. Some~~ of ~~our~~non-U.S. ~~content provider agreements are with competitors~~clients, ~~who~~including ~~may~~in ~~attempt~~emerging tomarkets; ~~make~~different ~~renewals~~employment ~~difficult~~laws orand ~~expensive.~~rules; Werising ~~seek~~labor tocosts ~~maintain~~in ~~favorable~~lower-wage ~~contractual~~countries; ~~relationships~~difficulties ~~with~~in ~~our~~staffing ~~data~~and ~~suppliers,~~managing ~~including~~personnel ~~those~~ that are ~~also~~located ~~competitors.~~outside ~~However,~~the weU.S.; ~~cannot~~different ~~control~~regulatory, ~~the~~legal ~~actions~~ and ~~policies~~compliance ofrequirements, ~~our~~including ~~data~~in ~~suppliers~~the ~~and~~areas weof ~~may~~privacy ~~have~~and data ~~suppliers~~protection, ~~who~~anti-bribery ~~provide~~and ~~us with notice of termination~~anti-corruption, ortrade ~~exclude~~sanctions orand ~~restrict~~restraints usand ~~from~~currency ~~use of their content~~controls, ormarketing ~~only~~and ~~license~~sales ~~such~~and ~~content~~other atbarriers ~~prohibitive cost. Additionally, despite our efforts~~ to ~~comply~~conducting ~~with~~business; ~~our~~social ~~third-party~~and ~~data~~cultural ~~supplier agreements~~differences, ~~there~~such ~~can~~as belanguage; nodiverse ~~assurances~~or ~~that~~less ~~third~~stable ~~parties may not challenge our use of their content~~political, ~~which~~operating ~~could~~and ~~result~~economic inenvironments ~~increased~~and ~~licensing~~market ~~costs,~~fluctuations; ~~loss~~extreme ofweather ~~rights~~conditions, ~~and~~civil ~~costly~~disturbances ~~legal~~or ~~actions.~~other ~~Certain~~catastrophic ~~data~~events ~~sets~~ that wereduce ~~rely~~business ~~on have a limited number of suppliers~~activity, ~~although~~including wethe ~~make~~risk ~~every effort to assure~~ that, ~~where~~the ~~reasonable,~~current ~~alternative~~conflicts ~~sources~~in ~~are~~Ukraine ~~available.~~and WeRussia ~~are~~and ~~not~~in ~~dependent~~the onMiddle ~~any~~East ~~one~~expand ~~third-party~~in ~~data~~a ~~supplier~~way tothat ~~meet~~impacts ~~the needs of~~ our ~~clients,~~business ~~with~~and ~~only~~operations; ~~two~~limited ~~data~~recognition ~~suppliers each representing more than 10%~~ of our ~~total~~brand ~~data~~and ~~costs~~intellectual ~~for~~property ~~fiscal~~protection; ~~2024.~~differing ~~Our~~accounting ~~failure~~principles toand bestandards; ~~able~~restrictions toon ~~maintain our supplier relationships,~~ or ~~the~~adverse ~~failure~~tax ofconsequences ~~our~~from ~~suppliers~~entity tomanagement ~~deliver~~efforts; ~~accurate~~and ~~data~~changes or in aU.S. ~~timely manner,~~ or ~~the~~foreign ~~occurrence~~tax oflaws. aIf ~~dispute~~we ~~with~~are anot ~~vendor~~able ~~over~~to ~~use~~adapt ofefficiently ~~their~~or ~~content,~~manage ~~could~~the ~~increase~~business ~~our~~effectively ~~costs~~in ~~and~~markets ~~reduce~~outside the ~~type~~U.S., ofour ~~content~~business ~~and~~prospects ~~products~~ and ~~services~~operating ~~available~~results ~~to our clients, which~~ could ~~harm~~be ~~our~~materially ~~reputation in the marketplace~~ and adversely ~~affect our business~~affected.

Failure to enter into, renew or comply with contracts supplying new and existing content sets or products on competitive terms

We collect and aggregate third-party content from data suppliers, news sources, exchanges, brokers and contributors into our own dedicated managed databases, which clients access to perform their analyses. These databases are important to our operations as they provide clients with key information. We have entered into third-party content agreements of varying lengths, which in some cases can be terminated on one year’s notice at predefined dates, and in other cases on shorter notice. Some of our content provider agreements are with competitors or smaller entities who may be acquired by our competitors, who may attempt to make renewals difficult or expensive. We seek to maintain favorable contractual relationships with our content suppliers, including those that are also competitors. However, we cannot control the actions and policies of our content suppliers and we may have content suppliers who provide us with notice of termination, or exclude or restrict us from use of their content, or only license such content at prohibitive cost. Additionally, despite our efforts to comply with our third-party content supplier agreements, there can be no assurances that third parties may not challenge our use of their content, especially during periods of economic uncertainty, which could result in increased licensing costs, loss of rights, and costly legal actions. Certain content sets that we rely on have a limited number of suppliers, although we make every effort to assure that, where reasonable, alternative sources are available. We are not dependent on any one third-party content supplier to meet the needs of our clients, with two data suppliers each representing more than 10% of our total content costs for fiscal 2025. Additionally, we use AI technologies from third party suppliers, which may include open-source software. If we are unable to maintain rights to use these AI technologies on commercially reasonable terms, we may be forced to acquire or develop alternate AI technologies. Our failure to be able to maintain our supplier relationships, or the failure of our suppliers to deliver accurate content or in a timely manner, or the occurrence of a dispute with a vendor over use of their content, could increase our costs and reduce the type of content and products and services available to our clients, which could harm our reputation in the marketplace and adversely affect our business.

Increased accessibility to free or relatively inexpensive information sources may reduce demand for our products and services

Each year, an increasing amount of free or relatively inexpensive information becomes available, particularly through the internet, and this trend ~~may~~is likely to continue, especially with the deployment of AI tools. The availability of free or relatively inexpensive information may reduce demand for our products and services. While we believe our offerings are distinguished by such factors as ~~customization~~standardization, timeliness, normalization, accuracy, ease-of-use, completeness and other value-added factors, if users choose to obtain the information they need from public or other sources, our business, results of operations, and cash flows could be adversely affected.

~~Inability to hire and retain key qualified personnel~~19

Our business is based on successfully attracting, motivating and retaining talented and diverse employees. Creating a diverse and inclusive environment that promotes empowerment and engagement is key to our ability to attract, retain, and develop talent. Competition for talent, especially engineering personnel, is strong. We need technical resources such as engineers to help develop new products and services and enhance existing products and services. We rely upon sales personnel to sell our products and services and maintain healthy business relationships. Our future success also is dependent on the continued service and performance of the members of our senior leadership team. All of these personnel possess business and technical capabilities that are difficult to replace. If we are unsuccessful in our recruiting efforts, or if we are unable to retain key employees, our ability to develop and deliver successful products and services may be negatively affected and could have a material, adverse effect on our business.

Pandemics and other global public health epidemics may adversely impact our business, our future results of operations and our overall financial performance

Our business could be materially and adversely affected by the risk, or the public perception of risk, related to a pandemic or widespread health crisis, such as the COVID-19 pandemic. A significant outbreak, epidemic or pandemic of contagious diseases in the human population could result in a widespread health crisis adversely affecting the broader economies, financial markets and overall demand for our products and services. In addition, any preventative or protective actions that governments implement or that we take in respect of a global health crisis, such as travel restrictions, quarantines or site closures, may interfere with the ability of our employees, vendors, and data suppliers to perform their respective responsibilities and

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~~obligations~~Inability ~~relative~~ to ~~the~~hire ~~conduct~~and ofretain ~~our~~key ~~business,~~qualified ~~including~~personnel ~~our ability to gather content. Such results could have a material adverse effect on our operations, business, financial condition, results of operations,~~ or ~~cash~~navigate ~~flows.~~key management transitions

The development, maintenance, sale and support of our products and services are dependent upon the knowledge, experience and ability of our highly skilled, educated and trained key personnel. Accordingly, our business is dependent on successfully attracting, retaining and training talented employees and navigating key management transitions (including in our executive leadership team) in a highly competitive business environment. Competition for talent, especially engineering, technology, and sales personnel, is strong. Our ability to attract and retain talented employees is dependent on a number of factors, including prevailing market conditions and compensation packages offered by companies competing for the same talent.

Key management transitions, such as our recent change in Chief Executive Officer, involve inherent risk, and such transition periods can be disruptive and may result in a loss of personnel with deep institutional or technical knowledge. If we are unsuccessful in our recruiting efforts, or if we are unable to retain key employees or offer competitive compensation and benefit packages and career structures, or if we are unable to navigate key management transitions, our ability to develop and deliver successful products and services or achieve strategic goals may be adversely affected, which could have a material adverse effect on our business and results of operations.

If we fail to maintain proper and effective internal control and remediate any future control deficiencies, our ability or perceived ability to produce accurate and timely financial statements or reporting could be impaired, which could harm our business.

The Sarbanes-Oxley Act places certain requirements on public reporting companies with respect to internal controls for financial reporting and disclosure controls and procedures. As such, public reporting companies are required to furnish a report by management on, among other things, the effectiveness of internal control over financial reporting. This assessment will include disclosure of any material weaknesses identified by management in a company’s internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

As previously disclosed in our Annual Report on Form 10-K for the fiscal year ended August 31, 2024, we identified a material weakness in our internal control over financial reporting related to the design and operation of our information technology (“IT”) general controls that support our revenues, accounts receivable, and deferred revenues processes. We are still in the process of enhancing our internal controls related to the design and operation of our IT general controls that support our revenues, accounts receivable, and deferred revenues processes and expect to complete these remediation measures in fiscal 2026. However, remediation efforts have placed, and will continue to place, a significant burden on management and add increased pressure to our financial and IT resources and processes. No system of controls, no matter how well designed and operated, can provide absolute assurance that the objectives of the system of controls will be met, and no evaluation of controls can provide absolute assurance that all control deficiencies or material weaknesses have been or will be detected. There is no assurance that any remediation efforts will be fully effective. If we identify one or more additional material weaknesses, or, if we are otherwise unable to maintain effective internal control over financial reporting or disclosure controls and procedures, our financial reporting may be adversely affected and could result in violations of applicable securities laws, stock exchange listing requirements, negatively affect investor confidence in our financial statements, subject us to litigation or investigations and adversely impact our stock price and our ability to access capital markets.

Legal and Regulatory Risks

Legislative and regulatory changes in the environments in which we and our clients operate

As a business, we are subject to numerous laws and regulations in the U.S. and in the other countries in which we operate. These laws, rules, and regulations, and their interpretations, may conflict or change in the future, and compliance with these changes may increase our costs or cause us to make changes in or otherwise limit our business practices. In addition, the global nature and scope of our business operations make it more difficult to monitor areas that may be subject to regulatory and compliance risk. If we fail to comply with any applicable law, rule, or regulation, we could be subject to claims and fines and suffer reputational damage. Uncertainty caused by political change globally and complex relationships across countries heightens the risk of regulatory uncertainty.

Many of our clients operate within a highly regulated environment and must comply with governmental legislation and regulations. The U.S. regulators have increased their focus on the regulation of the financial services industry. Increased regulation of our clients may increase their expenses, causing them to seek to limit or reduce their costs from outside services such as ours. Additionally, if our clients are subjected to investigations or legal proceedings they may be adversely impacted, possibly leading to their liquidation, bankruptcy, receivership, reduction in assets under management, or diminished operations, which would adversely affect our revenues.20

~~Some~~Table recent legislative and regulatory changes that we believe might materially impact us and our clients include: (a) in the European Union ("EU") and the United Kingdom ("UK"), the Markets in Financial Instruments Directive (recast) ("MiFID II"), which became effective in January 2018, may adversely affect demand for our products and services; (b) in the UK, the uncertainty surrounding the UK and EU regulatory frameworks following the UK's departure from the EU in January 2020 ("Brexit"), including the Financial Services and Markets Bill, may negatively impact our revenues or growth; and (c) evolving laws, rules and regulations in a variety of ~~jurisdictions around such areas as climate, data privacy, cybersecurity, AI and data protection.~~Contents

Many of our clients operate within a highly regulated environment and must comply with governmental legislation and regulations. During the last several years, global regulators have increased their focus on the regulation of the financial services industry. Increased regulation of our clients may increase their expenses, causing them to seek to limit or reduce their costs from outside services such as ours. Some recent legislative and regulatory changes that we believe could impact us and our clients include: (a) in the U.S., the Financial Data Transparency Act 2022 ("FDTA"), which requires the FDTA’s sponsoring U.S. government agencies to identify standards, including common identifiers, for reporting financial products and transactions to those agencies; (b) in the EU, the EU’s DORA imposes operational resilience and cyber security standards and obligations, including technical and organizational standards and responsibilities which require technology and/or organizational investment, upon (i) many of our financial market clients, who aim to pass such obligations onto vendors, including us, and (ii) information and communications technology providers designated by the EU as “Critical Third Party Providers.” The United Kingdom ("UK") is advancing similar legislation and other jurisdictions could follow; and (c) in Asia Pacific, we and our clients are subject to a number of regulatory risks. For example, in China, there is an evolving regulatory environment and complex data security and data transfer regulations. These factors may increase compliance risk and costs for us and our clients.

Adverse resolution of litigation or governmental investigations

We are party to lawsuits in the normal course of our business, including a purported class action relating to our acquisition, and operation of, the CGS business (Dinosaur Financial Group LLC et al. v. S&P Global, Inc. et al). Litigation and governmental investigations can be expensive, lengthy and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict. Unfavorable resolution of lawsuits could have a material adverse effect on our business, operating results or financial condition. While we maintain insurance coverage in respect of certain risks, some of these lawsuits may not be covered by existing insurance. Even if we successfully defend against these lawsuits, the costs of defending such lawsuits may be material to our business, operating results or financial condition and may divert our management’s attention from our business operations. For additional information regarding legal matters, see Item 3. Legal Proceedings, of this Annual Report on Form 10-K.

From time to time, we receive client complaints. We believe we have strong contractual protection in the terms and conditions included in our arrangements with our clients. Nonetheless, in the interest of managing client relationships, we may from time to time engage in dialogue with clients in an effort to resolve such complaints, and if such complaints cannot be resolved through dialogue, we may face litigation regarding such complaints.

Third parties may claim we infringe upon their intellectual property rights or they may infringe upon our intellectual property rights

We may receive notice from others claiming that we have infringed upon their intellectual property rights. Responding to these claims may require us to enter into royalty and licensing agreements on unfavorable terms, incur litigation costs, enter into settlements, stop selling or redesign affected products, or pay damages and satisfy indemnification commitments with our clients or suppliers under contractual provisions of various license arrangements. Additionally, third parties may copy, infringe or otherwise profit from the unauthorized use of our intellectual property rights, requiring us to litigate to protect our rights. Certain countries may not offer adequate protection of proprietary rights. If we are required to defend ourselves or assert our rights or take such actions mentioned, our operating margins may decline as a result. We have incurred, and expect to continue to incur, expenditures to acquire the use of technology and intellectual property rights as part of our strategy to manage this risk.

Compliance with global data privacy laws which are constantly evolving

We, and certain types of information we collect, compile, use, and publish, are subject to numerous global laws and regulations governing the protection of personal and confidential information of our clients, employees and products in the jurisdictions in which we operate. These include, for example, the EU's General Data Protection Regulation, an increasing number of U.S. state laws, such as California's Consumer Privacy Act and Connecticut's Personal Data Privacy and Online Monitoring Act, China's Personal Information Protection Law, and India's Digital Personal Data Protection Act. These laws contain requirements regarding the handling of personal and sensitive data, including our use, protection and the ability of persons whose data is stored to correct or delete such data about themselves. The law in this area continues to develop and the changing nature of these laws could impact our processing and cross-border transfer of personal and sensitive information related to our content, operations, employees, clients, suppliers and others, and may expose us to claims of violations. Further, global privacy, data localization, data maintenance, data transfer and data protection legislation, regulatory, enforcement, and policy activity are rapidly and continually evolving and creating a complex regulatory compliance environment.

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Additional cost due to tax assessments resulting from ongoing and future audits by tax authorities as well as changes in tax laws

In the ordinary course of business, we are subject to changes in tax laws as well as tax examinations by various governmental tax authorities. The global and diverse nature of our business means that there could be additional examinations by governmental tax authorities and the resolution of ongoing and other probable audits which could impose a future risk to the results of our business.

For example, asduring ~~discussed~~August in2019 ~~greater~~through ~~detail~~February in2024, we received various assessment and audit notices from the Commonwealth of Massachusetts Department of Revenue with respect to sales taxes, interest and underpayment penalties relating to the tax periods from January 1, 2006 through December 31, 2023 ("Sales Tax Dispute"). We entered into an agreement with the Commonwealth on November 26, 2024 which fully resolved all matters relating to the Sales Tax Dispute, bringing our total charge with respect to that matter to approximately $66.2 million. For a further discussion see Part II, Item 8. Note 1312, Commitments and Contingencies in the Notes to the Consolidated Financial Statements of this Annual Report on Form 10-K. ~~, during fiscal 2024, we took a charge of approximately~~

19Changes in tax laws or the terms of tax treaties in a jurisdiction where we are subject to tax could have an impact on our taxes payable. In addition, as a global taxpayer, we face challenges due to increasing complexities in accounting for, and collecting, taxes in a variety of jurisdictions, which could impact our tax obligations and effective tax rate.

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$54 million related to a sales tax dispute with the Commonwealth of Massachusetts, bringing our total charge with respect to that matter to $64 million. While we do not anticipate taking additional material charges with respect to this matter, and we believe that the assumptions and estimates used to determine the charge are reasonable, future developments could result in further adjustments being made to this amount.

Changes in tax laws or the terms of tax treaties in a jurisdiction where we are subject to tax could have an impact on our taxes payable. In addition, as a global taxpayer, we face challenges due to increasing complexities in accounting for taxes in a variety of jurisdictions, which could impact our tax obligations and effective tax rate.

Financial Market Risks

Exposure to fluctuations in currency exchange rates and the failure of hedging arrangements

Due to the global nature of our operations, we ~~conduct~~are ~~business~~exposed ~~outside~~to ~~the~~market ~~U.S.~~risk arising from fluctuations in ~~several~~foreign ~~currencies.~~currency ~~Our~~exchange rates, particularly in our primary currency exposures, ~~include~~namely the British Pound Sterling, Euro, Indian Rupee and Philippine Peso. These fluctuations can adversely affect our financial results. To the extent our international activities increase in the future, our exposure to fluctuations in currency exchange rates may increase as well. To manage this exposure, we ~~utilize~~use derivative instruments, ~~namely~~specifically foreign currency forward contracts~~. By their nature~~, ~~all~~that ~~derivative~~are ~~instruments~~designed ~~involve elements of market and credit risk. The market risk associated with these instruments resulting from currency exchange movements is expected~~ to offset the ~~market~~impact ~~risk~~ of ~~the~~currency ~~underlying~~movements ~~transactions,~~on ~~assets~~a ~~and~~portion ~~liabilities~~of ~~being~~our ~~hedged.~~projected ~~Credit~~operating ~~risk~~expenses isrelated ~~managed through the continuous monitoring of exposure~~ to ~~the~~our ~~counterparties associated with these instruments. Our~~ primary ~~objective in holding derivatives is to reduce the volatility of earnings with changes in foreign~~ currency exposures. Although we believe that our foreign exchange hedging policies are reasonable and prudent under the circumstances, our attempt to hedge ~~against~~fluctuations ~~these~~in ~~risks~~foreign currency exchange rates may not be successful, which could cause an adverse impact on both our results of operations and cash flows.

Business performance may not be sufficient to meet financial guidance or publicly disclosed long-term targets

We provide public, full-year financial guidance based upon assumptions regarding our expected financial performance, including our ability to grow revenues and Organic ASV ~~plus professional services~~, to meet our planned expenses and maintain a certain tax rate, and ~~our ability~~ to achieve our profitability targets. We can provide no assurances that we will be able to maintain the levels of growth and profitability that we have experienced in the past, or that our growth strategies will be successful. If we are unable to successfully execute on our strategies to achieve our growth objectives and retain our existing clients, or if we experience higher than expected operating costs or taxes, we risk not meeting our full-year financial guidance or may find it necessary to revise such guidance during the year, which could have an adverse impact on our stock price.

Economic, political and ~~market~~other forces beyond our control could adversely affect our business.

Our costs and the demand for our products and services may be impacted by domestic and international factors that are beyond our control. Negative conditions in the general economy in either the ~~United~~U.S. ~~States~~ or abroad, including conditions resulting from financial and credit market fluctuations, changes in economic policy, inflation rate fluctuations and trade uncertainty, including changes in tariffs, sanctions, international treaties and other trade restrictions, or other geopolitical events, such as the ongoing military conflicts between Russia and Ukraine and in the Middle East, natural and man-made disasters and public health crises (e.g., pandemics) could result in an increase in our costs and/or a reduction in demand for our products and services, which could have an adverse effect on our results of operations and financial condition.

~~Risks Relating to Our Debt~~22

Our indebtedness may impair our financial condition and prevent us from fulfilling our obligations under the Senior Notes and our other debt instruments

As of August 31, 2024, our total outstanding principal amount of debt was $1.4 billion, none of which is secured. This includes our obligations under the Senior Notes and the 2022 Credit Facilities. In addition, under the 2022 Revolving Facility, we have $250.0 million of unused commitments and an option to increase the size of the facility by an additional $750.0 million. Refer to Part II, Item 8. Note 12, Debt in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for definitions of these terms and more information on our debt.

Our indebtedness could have important consequences to investors, including:

a.making it more difficult for us to satisfy our obligations;

b.limiting our ability to borrow additional amounts to fund working capital, capital expenditures, acquisitions, debt service requirements, execution of our growth strategy and other purposes;

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cIn addition, the U.~~requiring~~S. ushas toimposed ~~dedicate~~tariffs aon ~~substantial~~many ~~portion~~foreign ofproducts, ~~our~~including ~~cash~~tariffs ~~flows~~on imports from ~~operations~~China, tothat ~~pay~~in ~~interest~~the past have resulted in and may result in future retaliatory tariffs on ~~our~~U.S. ~~debt~~goods and ~~scheduled~~products ~~amortization~~and restrictions on exports to the ~~2022~~U.S. ~~Term~~Such ~~Facility~~developments have the potential to adversely impact the U.S. economy, ~~which~~our ~~would~~industry ~~reduce~~and ~~availability~~the ofdemand for our ~~cash~~products. ~~flow~~There remains uncertainty surrounding tariffs imposed by the U.S. and China and trade relations between the two countries, and we cannot predict whether these policies will continue, or if new policies will be enacted (which may restrict our ability to ~~fund~~operate ~~working~~in ~~capital~~China, ~~capital~~or ~~expenditures~~lead to other consequences, ~~acquisitions~~such as the need to comply with data localization requirements). As a result, ~~execution~~such ofchanges could have a material adverse effect on our ~~strategy~~business, ~~and~~financial ~~other~~condition ~~general~~and ~~corporate~~results ~~purposes;~~of operations.

~~d.making~~Risks usRelating ~~more vulnerable~~ to ~~adverse~~Our changes in general economic, industry and government regulations and in our business by limiting our flexibility in planning for, and making it more difficult for us to react quickly to, changing conditions;Debt

~~e.placing~~Our usindebtedness atmay aimpair ~~competitive~~our ~~disadvantage~~financial ~~compared~~condition ~~with~~and ~~those~~operations ofand restrict our ~~competitors~~activities ~~that~~or ~~have~~our ~~less~~ability ~~debt;~~to ~~and~~satisfy our obligations

~~f.exposing~~Our usindebtedness tocould ~~risks~~have ~~inherent~~important inconsequences ~~interest~~for ~~rate~~our ~~fluctuations~~business, ~~because~~including ~~some~~making ofit more difficult to satisfy our ~~borrowings~~obligations, ~~are~~increasing atour ~~variable~~vulnerability ~~rates~~to ofgeneral ~~interest~~adverse economic and industry conditions, ~~which~~limiting ~~could~~our ~~result~~flexibility in ~~higher~~planning ~~interest~~for, ~~expense~~or reacting to, changes in ~~the~~our ~~event~~business ofand ~~increases~~the industry in ~~market~~which ~~interest~~we ~~rates~~operate, and placing us at a competitive disadvantage compared to our peers.

InOur ~~addition,~~ability weto ~~may~~meet ~~not~~our bepayment ~~able~~and toother ~~generate~~obligations ~~sufficient~~under ~~cash flows from~~ our ~~operations~~debt todepends ~~repay~~on our ~~indebtedness~~ability ~~when~~to itgenerate ~~becomes~~sufficient ~~due~~cash ~~and~~flow toin ~~meet~~the ~~our~~future. ~~other~~We ~~cash~~cannot ~~needs.~~be Ifcertain wethat ~~are~~our ~~not~~business ~~able~~will togenerate ~~pay~~cash ~~our~~flow ~~debts~~from asoperations, ~~they~~or ~~become~~that ~~due,~~future weborrowings will be ~~required~~available to ~~pursue~~us ~~one~~under our existing or ~~more~~any ~~alternative~~future ~~strategies~~credit facilities or otherwise, ~~such~~in asan ~~selling~~amount ~~assets,~~sufficient ~~refinancing~~to orenable ~~restructuring~~us to meet our indebtedness orobligations ~~selling~~and ~~additional~~to ~~debt~~fund orother ~~equity~~liquidity ~~securities~~needs. WeCertain ~~may~~of ~~not~~our beborrowings ~~able~~are tobased ~~refinance~~upon ~~our~~variable ~~debt~~interest orrates, ~~sell~~and ~~additional~~although ~~debt~~we orleverage ~~equity~~interest ~~securities~~rate orswap ~~our~~agreements ~~assets~~to onmanage ~~favorable~~a ~~terms,~~portion ifof atour ~~all,~~floating ~~and~~interest ifrate weexposure, ~~must~~in ~~sell~~the ~~our~~event ~~assets,~~of itincreases ~~may~~in ~~negatively~~interest ~~affect~~rates, ~~our~~this ~~ability~~could toresult ~~generate~~in ~~revenues~~higher interest expense.

~~Despite~~In ~~current~~addition, ~~indebtedness~~we ~~levels~~are subject to certain covenants, weincluding ~~may~~financial ~~still~~covenants ~~incur~~and ~~more~~certain ~~debt.~~limitations ~~The~~on the incurrence of additional debt, the creation of liens, our ability to enter certain transactions, and other matters. These covenants could ~~further~~adversely ~~exacerbate~~affect our ability to finance our future operations or capital needs and pursue available business opportunities. Events beyond our control, including changes in general economic and business conditions, may affect our ability to meet required financial covenants. A breach of any of these covenants or any other restrictive covenants contained in the ~~risks~~definitive ~~associated~~documentation ~~with~~governing our indebtedness would result in a default or an event of default, which could result in all of our debt becoming immediately due and payable or require us to negotiate an amendment to financial or other covenants that could cause us to incur additional fees and expenses.

~~Subject to certain limitations, the 2022 Credit Agreement and the indenture governing the Senior Notes permit us and our subsidiaries to incur additional debt.~~ If new debt is added to our ~~or any such subsidiary’s~~ current debt levels, the risks described above ~~in the previous risk factor~~ could intensify.

The restrictive covenants in our debt may affect our ability to operate our business successfully

The 2022 Credit Agreement contains, and our future debt instruments may contain, various provisions that limit our ability to, among other things: incur liens; incur additional indebtedness, guarantees or other contingent obligations; enter into sale and leaseback transactions; engage in mergers and consolidations; make investments and acquisitions; change the nature of our business; and make sales, transfers and other dispositions of property and assets. The indenture governing the Senior Notes also contains various provisions that limit our ability to, among other things: incur liens; enter into sale and leaseback transactions; engage in mergers and consolidations; and make sales, transfers and other dispositions of property and assets. These covenants could adversely affect our ability to finance our future operations or capital needs and pursue available business opportunities.

In addition, the 2022 Credit Agreement requires us to maintain specified financial ratios and satisfy certain financial condition tests. Events beyond our control, including changes in general economic and business conditions, may affect our ability to meet those financial ratios and financial condition tests. There can be no assurance that we will meet those tests or that the lenders will waive any failure to meet those tests. A breach of any of these covenants or any other restrictive covenants contained in the definitive documentation governing our indebtedness would result in a default or an event of default. If an event of default in respect of any of our indebtedness occurs, the holders of the affected indebtedness could declare all amounts outstanding, together with accrued interest, to be immediately due and payable, which, in turn, could cause the default and acceleration of the maturity of our other indebtedness. We expect we will be permitted to incur substantial amounts of secured debt under the covenants in the indenture governing the Senior Notes and the 2022 Credit Facilities. If, upon an acceleration, we were unable to pay amounts owed in respect of any such indebtedness secured by liens on our assets, then the lenders of such indebtedness could proceed against the collateral pledged to them.

Certain of our borrowings and other obligations are based upon variable rates of interest, which could result in higher expense in the event of increases in interest rates

The 2022 Credit Agreement provides that (i) loans denominated in U.S. dollars, at our option, will bear interest at either the one-month Term Secured Overnight Financing Rate ("SOFR") (with a 0.1% credit spread adjustment and subject to a "zero" floor), (ii) the Daily Simple SOFR (with a 0.1% credit spread adjustment and subject to a "zero" floor) or (iii) an alternate base rate. Under the 2022 Credit Agreement, loans denominated in Pounds Sterling will bear interest at the Daily Simple Sterling Overnight Index Average ("SONIA") (subject to a "zero" floor) and loans denominated in Euros will bear interest at the Euro Interbank Offered Rate ("EURIBOR") (subject to a "zero" floor), in each case, plus an applicable interest rate margin. The interest rate margin will fluctuate based upon our senior unsecured non-credit enhanced long-term debt rating and our total leverage ratio. An increase in the alternate base rate, Term SOFR, Daily Simple SOFR, SONIA or EURIBOR would increase our interest payment obligations under the 2022 Credit Facilities and could have a negative effect on our cash flow and financial condition.

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To mitigate this exposure, on March 1, 2022, we entered into an interest rate swap agreement to hedge the variable interest rate obligation on a portion of our outstanding balance under the 2022 Credit Facilities. The 2022 Swap Agreement matured on February 28, 2024, and on March 1, 2024, we entered into the 2024 Swap Agreement to hedge a portion of our outstanding floating SOFR debt. However, as the interest rate swap agreement covers only a portion of our outstanding balance under the 2022 Credit Facilities, a substantial portion of our outstanding balance under the 2022 Credit Facilities continues to be exposed to interest rate volatility. An increase in the applicable rates would increase our interest payment obligations under the 2022 Credit Facilities and could have a negative effect on our cash flow and financial condition.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Cybersecurity Risk Management and Strategy

~~FactSet~~We ~~recognizes~~maintain ~~the~~an ~~importance~~information ofsecurity ~~identifying,~~program ~~assessing,~~with ~~and~~a ~~managing~~dedicated ~~material~~internal ~~risks~~team ~~associated~~that is tasked with leading enterprise-wide cybersecurity ~~threats.~~strategy, ~~These~~policy, ~~risks~~standards, ~~include~~architecture, ~~among~~and ~~other~~processes. ~~things~~Our information security team is responsible for identifying, ~~operational~~assessing, managing, and responding to cybersecurity risks, ~~intellectual~~threats ~~property~~and ~~theft~~incidents relating to the protection of our information assets, ~~fraud~~systems and operations. The information security team also oversees the detection, ~~extortion~~prevention, ~~violation~~mitigation ofand ~~data~~remediation ~~privacy~~of orall cybersecurity ~~laws,~~incidents. ~~legal~~Our ~~and~~information ~~regulatory~~security ~~risks,~~team proactively monitors emerging cyber threat activity to proactively tune and ~~reputational~~upgrade ~~risks~~our cyber capabilities to maintain a robust security posture.

WeOur ~~maintain an~~ information security program ~~with~~is managed by a dedicated ~~internal~~Chief ~~team~~Information ~~that~~Security isOfficer ~~tasked~~("CISO") ~~with~~who ~~leading~~reports ~~enterprise-wide~~to ~~cybersecurity~~our ~~strategy,~~Chief ~~policy,~~Technology ~~standards~~Officer, ~~architecture,~~a ~~and~~member ~~processes~~of our Executive Leadership Team ("ELT"). Our CISO has a graduate degree in computer engineering and has worked in cybersecurity for over two decades, including at a major financial institution. The information security team is ~~responsible~~comprised ~~for~~of ~~identifying,~~approximately ~~assessing,~~60 ~~managing~~employees, ~~and~~with ~~responding~~dedicated toteams ~~cybersecurity~~assigned ~~risks~~to governance, ~~threats~~risk and ~~incidents~~compliance, ~~relating~~identity toand ~~the~~access ~~protection~~management, ofstrategy ~~our~~and ~~information assets~~architecture, ~~systems,~~and analytics and ~~operations~~automation. The ~~information~~team ~~security~~operates ~~team~~from ~~also~~FactSet ~~oversees~~locations around the ~~detection~~world, ~~prevention,~~including ~~mitigation,~~offices ~~and~~in ~~remediation~~the ofU.S., ~~all~~India, ~~cybersecurity~~the ~~incidents~~Philippines and Europe.

Our information security program is managed by a dedicated Chief Information Security Officer ("CISO") who reports to our Chief Technology Officer, a member of our Executive Leadership Team ("ELT"). Our current acting CISO has a graduate degree in computer engineering and has worked in cybersecurity for over a decade. The information security team is comprised of approximately 60 employees, with dedicated teams assigned to governance, risk and compliance, identity and access management, strategy and architecture, and analytics and automation. The team operates from FactSet locations around the world, including offices in the U.S., India, the Philippines, and Europe.23

~~FactSet's~~Table information security and governance framework is guided by International Organization for Standardization ("ISO") 27002 and System and Organization Control ("SOC") 2 Trust Service Criteria. We also have implemented the National Institute of ~~Standards and Technology ("NIST") Cybersecurity Framework.~~Contents

~~Cybersecurity risk management is integrated into our broader Enterprise Risk Management ("ERM") framework.~~ FactSet's ~~ERM~~information ~~program~~security ~~is designed to identify, prioritize,~~ and ~~assess~~governance ~~the~~framework ~~most~~is ~~significant~~guided ~~risks~~by ~~that~~International ~~could~~Organization ~~impact~~for ~~our~~Standardization ~~ability~~("ISO") to27001 ~~achieve~~and ~~our~~System ~~strategic business objectives. ERM activities include conducting enterprise risk assessments to better understand risk exposures, emerging risks,~~ and ~~steps~~Organization ~~that~~Control ~~management~~("SOC") ~~has~~2 ~~taken~~Trust toService ~~monitor~~Criteria and ~~control~~the ~~such~~National ~~exposures.~~Institute ~~Our information security leadership team, in concert with our ERM team, reviews our oversight~~ of ~~cybersecurity~~Standards ~~risks~~and atTechnology ~~least~~("NIST") ~~annually~~Cybersecurity ~~through our enterprise risk assessment process~~Framework.

~~FactSet's~~Cybersecurity ~~information~~risk ~~security~~management ~~program~~ is ~~grounded~~integrated ininto aour ~~risk-based~~broader ~~approach.~~Enterprise ~~Our~~Risk ~~information~~Management ~~security~~("ERM") ~~team~~framework. ~~undertakes~~FactSet's ~~various~~ERM ~~activities~~program tois ~~assess,~~designed to identify, ~~and~~prioritize ~~manage risks from cybersecurity threats, including managing security controls, conducting penetration testing, leading training~~ and ~~tabletop~~assess ~~exercises,~~the ~~and~~most ~~conducting~~significant ~~internal~~risks ~~and~~that ~~external~~could ~~vulnerability~~impact ~~assessments. Findings from~~ our ~~internal~~ability ~~and~~to ~~external~~achieve ~~vulnerability~~our ~~assessments~~strategic ~~are classified using a combination of scores and internal~~ business ~~metrics~~objectives. ~~Findings~~Our ~~are~~information ~~remediated~~security ~~commensurate~~leadership ~~with~~team, ~~the~~in ~~respective~~concert ~~risk~~with ~~rating.~~our ~~FactSet's~~ERM ITteam, ~~Risk~~reviews ~~Management~~our ~~Policy~~cybersecurity ~~includes~~risks ~~severity-based~~each ~~escalation~~quarter ~~requirements~~through ~~designed~~our toenterprise ~~ensure proper management-level visibility and evaluation of~~ risk ~~issues,~~assessment ~~regardless of the source of that risk~~process.

FactSet's information security program is grounded in a risk-based approach. Our information security team undertakes various activities to assess, identify and manage risks from cybersecurity threats, including managing security controls, conducting penetration testing, leading training and tabletop exercises (including an annual tabletop exercise with the ELT), and conducting internal and external vulnerability assessments. All FactSet's employees receive mandatory annual cybersecurity training; software engineers receive training on secure software development best practices; and other ad hoc training is provided to employees on the latest cyber threat landscape. In addition, we also perform quarterly "phishing simulations" to test the effectiveness of our security training program.

FactSet's information security team performs annual penetration testing with leading service providers, to mimic motivated threat actors, to assess the internal and external security posture of the Company. Findings from the penetration test and our internal and external vulnerability assessments are classified using a combination of scores and internal business metrics.

We have processes to identify and mitigate cybersecurity risks stemming from our relationships with third parties, including protocols to assess vendors' cybersecurity programs before we engage them and to monitor vendors, once engaged, for ongoing compliance with our cybersecurity standards.

We also have an incident response plan that provides procedures for how we can detect, respond to, and recover from potential cybersecurity incidents, which include processes designed to triage, assess severity, escalate, contain, investigate, and remediate any incident, as well as to comply with any applicable legal obligations and mitigate potential brand and reputational damage.

22Our information security program is regularly evaluated by internal and external experts with the results of those reviews reported to senior management, including the ELT and the FactSet Audit Committee, and, where appropriate, the Board of Directors (the "Board"). We also actively engage with key vendors, industry participants, and intelligence and law enforcement communities as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures.

~~Table~~The cybersecurity threat landscape is dynamic and volatile and requires significant investment. To date, risks from cybersecurity threats have not materially affected, and we do not believe are reasonably likely to materially affect, our business strategy, results of ~~Contents~~operations, or financial condition. As discussed more fully under Item 1A, Risk Factors in this Annual Report on Form 10-K, although our processes are designed to help identify, detect, prevent, respond to, and mitigate cybersecurity risks, cybersecurity threats are rapidly evolving and we may not be able to anticipate, prevent, or detect all such attacks and there is no guarantee that a future cybersecurity incident could not materially affect our business strategy, results of operations, or financial condition.

Our information security program is regularly evaluated by internal and external experts with the results of those reviews reported to senior management, including the ELT and the FactSet Board of Directors (the "Board"). We also actively engage with key vendors, industry participants, and intelligence and law enforcement communities as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures.

The cybersecurity threat landscape is dynamic and volatile and requires significant investment. To date, risks from cybersecurity threats have not materially affected our business strategy, results of operations, or financial condition. As discussed more fully under Item 1A, Risk Factors in this Annual Report on Form 10-K, although our processes are designed to help identify, detect, prevent, respond to, and mitigate cybersecurity risks, cybersecurity threats are rapidly evolving and we may not be able to anticipate, prevent, or detect all such attacks and there is no guarantee that a future cybersecurity incident could not materially affect our business strategy, results of operations, or financial condition.

Cybersecurity Governance

Cybersecurity is an important part of our Audit Committee, Board' and ELT’s risk management focus. ~~Regular~~The ~~reporting~~Board oncoordinates with the ~~results~~Audit ~~and~~Committee ~~status~~for ofactive ~~our~~Board- ~~ERM~~and ~~function,~~Committee-level asoversight ~~well~~of asthe ~~our~~Company’s ~~information~~technology ~~security~~and ~~program,~~cyber isrisk ~~provided to our senior management~~profile, ~~including~~cyber ~~the~~strategies ~~ELT~~ and ~~the~~information ~~Board~~security initiatives.

The ~~Board~~Audit isCommittee ~~responsible~~monitors ~~for~~management’s ~~overseeing~~responsibility ~~our~~in ~~risk~~the ~~management~~area ~~governance~~of risk oversight, ~~and~~including ~~our~~cybersecurity ~~Board,~~risks. ~~together~~At ~~with~~each ~~its~~regular ~~committees~~meeting, ~~engages~~the ~~with~~Audit ~~our~~Committee ~~management~~receives ~~team~~updates infrom ~~monitoring~~the ~~Company~~CISO, ~~risks~~regarding trends, ~~including~~emergent ~~cybersecurity~~risks ~~and~~to ~~data~~our ~~protection~~technology ~~risks.~~infrastructure, ~~The~~major ~~Audit~~updates ~~Committee~~on issecurity ~~responsible~~assessments ~~for~~and ~~risk~~threat ~~oversight~~landscape, ~~including~~and ~~risks~~the ~~related~~steps we are taking to ~~cybersecurity~~respond ~~threats,~~to ~~and~~these ~~periodically~~matters. ~~reviews~~The ~~our~~CISO ~~information~~also ~~security~~provides ~~programs~~an annual update to the Board, ~~including~~or ~~our~~as ~~cybersecurity~~may ~~efforts~~otherwise be required.

~~Our~~Management ~~CISO~~has ~~regularly~~day-to-day ~~updates~~responsibility ~~the~~for ~~Audit~~identifying ~~Committee~~risks onfacing ~~our~~FactSet, ~~information~~formulating ~~security~~risk ~~program~~management policies and procedures, ~~providing~~managing anour ~~overview~~key ofrisk ~~risks~~exposures ~~and~~on ~~trends~~a day-to-day basis and ~~addressing~~setting ~~topics~~the ~~including~~right ~~our~~“tone ~~incident~~at ~~response~~the ~~plan,~~top.” ~~cybersecurity~~As ~~threat~~part ~~developments~~of this, the ERM and technology teams, including the ~~steps~~CISO, wealso ~~are~~deliver ~~taking~~regular updates to ~~respond~~the toELT ~~these~~on cybersecurity and related matters.

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ITEM 2. PROPERTIES

As of August 31, ~~2024~~2025, we have 35 offices worldwide, including our corporate headquarters located at 45 Glover Avenue, Norwalk, Connecticut where we occupy 91,718 square feet of office space. These offices include our data content collection offices located in India, and the Philippines ~~and Latvia~~. We also have two data centers that support our technological infrastructure located in the U.S.

Refer to the table set forth below for the listing of our leased office space by geographic location. We believe ~~the~~our ~~amount~~existing ofand planned leased space asis ofsuitable ~~August 31,~~and ~~2024 is~~ adequate for our current business needs. We regularly review our real estate footprint to best support our operations and should our real estate needs increase, we believe additional space will be available.

Segment Location Americas Austin, Texas Boston, Massachusetts Charlotte, North Carolina Chicago, Illinois Lakewood, Colorado Los Angeles, California New York, New York Norwalk, Connecticut Piscataway, New Jersey Reston, Virginia San Francisco, California Sao Paulo, Brazil Toronto, Canada Youngstown, Ohio EMEA Amsterdam, the Netherlands Dubai, United Arab Emirates ~~Dublin, Ireland~~ Frankfurt, Germany Gothenburg, Sweden London, England Luxembourg, Luxembourg Milan, Italy Paris, France Riga, Latvia Sofia, Bulgaria Stockholm, Sweden Asia Pacific Chennai, India Hong Kong SAR, China Hyderabad, India Manila, the Philippines Melbourne, Australia Mumbai, India Shanghai, China Singapore Sydney, Australia Tokyo, Japan

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ITEM 3. LEGAL PROCEEDINGS

From time to time, we are subject to legal proceedings, claims and litigation arising in the ordinary course of business. Based on currently available information, our management does not believe that the ultimate outcome of these unresolved matters against us, individually or in the aggregate, is likely to have a material adverse effect on our consolidated financial position, annual results of operations and cash flows. However, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. Refer to Part II, Item 8. Note 1312, Commitments and Contingencies in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K, for more information on contingent matters.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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Part II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Our common stock is listed on the NYSE and NASDAQ under the symbol "FDS".

Holders of Record – As of October 2115, ~~2024~~2025, we had approximately 21,~~158~~896 holders of record of our common stock. However, because many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders.

Dividends - We paid four quarterly dividends during fiscal ~~2024~~2025. In the third quarter of fiscal ~~2024~~2025, we increased our quarterly cash dividend from $01.9804 to $1.0410 per share. Future cash dividend payments are subject to final determination by our Board of Directors and will depend on our earnings, capital requirements, financial condition and other relevant factors. Refer to Part II, Item 8. Note 1413, Stockholders' Equity, in the Notes to the Consolidated Financial Statements of this Annual Report on Form 10-K for more information on our dividends.

Recent Sales of Unregistered Securities

There were no sales of unregistered equity securities during fiscal ~~2024~~2025.

Issuer Purchases of Equity Securities

The following table provides a month-to-month summary of the share repurchase activity during the three months ended August 31, ~~2024~~2025:

(in thousands, except share and per share data)
Period	Total numberof sharespurchased(1)	Averageprice paid pershare(2)		Total number of shares purchased as part ofpublicly announced plans or programs(23)	Approximate dollar value of shares that may yet bepurchased under the plans or programs(23)
June 2024	48,364	$	408.07	47,150	$	108,842
June 2025	65,097	$	432.58	64,775	$	79,126
July 2024	51,800	$	419.37	51,800	$	87,119
July 2025	80,850	$	433.81	80,850	$	44,052
August 2024	55,849	$	408.74	54,700	$	64,765
August 2025	117,061	$	381.76	114,096	$	523
	156,013			153,650
	263,008			259,721

(1)Includes ~~153~~259,~~650~~721 shares repurchased under the stock repurchase program, as well as 23,~~363~~287 shares repurchased to satisfy withholding tax obligations due upon the vesting of stock-based awards.

(2)WeAmount ~~had~~excludes ~~$64.8~~any ~~million~~excise ~~that~~tax ~~remained~~imposed ~~authorized~~on ~~under~~corporate ~~our~~stock ~~share repurchase program as of August 31, 2024, all of which expired upon the conclusion of fiscal 2024 and were not available for share~~ repurchases ~~after~~required ~~that~~under ~~date. On September 17, 2024, our Board of Directors authorized up to $300 million for share repurchases, which will be available during fiscal 2025. Repurchases may be made from time-to-time in~~ the ~~open~~Inflation ~~market~~Reduction orAct ~~via privately negotiated transactions, subject to market conditions. There is no defined number~~ of ~~shares to be repurchased over a specified timeframe through the life of our share repurchase program~~2022. It is expected that share repurchases will be paid using existing and future cash generated by operations. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources, of this Annual Report on Form 10-K for further discussion on our share repurchase program.

~~Trading~~(3)We ~~Arrangements~~had $0.5 million that remained authorized under our share repurchase program as of August 31, 2025, all of which expired upon the conclusion of fiscal 2025 and were not available for share repurchases after that date. On June 17, 2025, our Board of Directors authorized up to $400 million for share repurchases on or after September 1, 2025 through September 30, 2026. Repurchases may be made from time-to-time in the open market or via privately negotiated transactions, subject to market conditions. There is no defined number of shares to be repurchased over a specified timeframe through the life of our share repurchase program. It is expected that share repurchases will be paid using existing and future cash generated by operations. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources, of this Annual Report on Form 10-K for further discussion on our share repurchase program.

On August 11, 2023, we entered into an agreement to adopt a trading arrangement for the repurchase of shares of our common stock in the open market consistent with the provisions of Rule 10b5-1 of the Securities Exchange Act of 1934 ("Rule 10b5-1"). The arrangement provides for the repurchase of up to $250 million of our common stock during the period from September 1, 2023 through August 31, 2024 pursuant to a written algorithm for determining the amount, price and date for purchase of shares of our common stock.

On September 26, 2024, we entered into an agreement to adopt a trading arrangement for the repurchase of shares of our common stock in the open market consistent with the provisions of Rule 10b5-1. The arrangement provides for the repurchase of up to $250 million of our common stock during the period from September 27, 2024 through August 28, 2025 pursuant to a

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written algorithm for determining the amount, price and date for purchase of shares of our common stock.

Securities Authorized for Issuance under Equity Compensation Plans

Refer to Part III, Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, of this Annual Report on Form 10-K.

Stock Performance Graph

The annual changes for the five-year period shown in the graph below assume $100 had been invested in our common stock, the S&P 500 Index, the Dow Jones U.S. Financial Services Index and the S&P 500 Financial Exchange and Data Index on August 31, ~~2019~~2020.

The total cumulative dollar returns shown on the graph represent the value that such investments would have had on August 31, 2024. Stockholder returns over the indicated period are based on historical data and should not be considered indicative of future stockholder returns.

	2019		2020		2021		2022		2023		2024
FactSet Research Systems Inc.	$	100	$	129	$	140	$	159	$	160	$	155
S&P 500 Index	$	100	$	120	$	155	$	135	$	154	$	193
Dow Jones U.S. Financial Services Index	$	100	$	97	$	144	$	118	$	122	$	162
S&P 500 Financial Exchanges and Data Index	$	100	$	116	$	145	$	119	$	132	$	166

The information contained in the above graph shall not be deemed to be soliciting material or filed or incorporated by reference in future filings with the SEC, or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934, except to the extent that we specifically incorporate it by reference into a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934.

ITEM 6. RESERVED

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The total cumulative dollar returns shown on the graph represent the value that such investments would have had on August 31, 2025. Stockholder returns over the indicated period are based on historical data and should not be considered indicative of future stockholder returns.


	2020		2021		2022		2023		2024		2025
FactSet Research Systems Inc.	$	100	$	109	$	124	$	125	$	121	$	107
S&P 500 Index	$	100	$	129	$	113	$	129	$	161	$	185
Dow Jones U.S. Financial Services Index	$	100	$	149	$	122	$	126	$	168	$	209
S&P 500 Financial Exchanges and Data Index	$	100	$	124	$	102	$	113	$	142	$	157

ITEM 6. RESERVED

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be read in conjunction with the Consolidated Financial Statements and related Notes included in Part II, Item 8. Financial Statements and Supplementary Data, of this Annual Report on Form 10-K, our Current Reports on Form 8-K and our other filings with the Securities and Exchange Commission. For a similar detailed discussion comparing fiscal ~~2023~~2024 and ~~2022~~2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations within our Annual Report on Form 10-K for the fiscal year ended August 31, ~~2023~~2024. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause such differences include, but are not limited to, those identified below and those discussed in Part I, Item 1A. Risk Factors of this Annual Report on Form 10-K.

Our MD&A is designed to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. Our MD&A is presented in the following sections:

•Executive Overview

•Annual Subscription Value ("ASV")

•Client and User Additions

•Employee Headcount

•Results of Operations

•Non-GAAP Financial Measures

•Liquidity and Capital Resources

•Off-Balance Sheet Arrangements

•Foreign Currency Exposure

•Critical Accounting Estimates

•New Accounting Pronouncements

Executive Overview

FactSet ~~Research Systems Inc. and its wholly-owned subsidiaries (collectively, "we," "our," "us," the "Company" or "FactSet")~~ is a global financial digital platform and enterprise solutions provider with open and flexible technologies that ~~aims~~deliver financial intelligence to ~~supercharge~~investment ~~financial~~professionals ~~intelligence~~worldwide.

Our platform delivers expansive data, sophisticated analytics, and flexible, ~~technology~~AI-powered technologies used by global financial professionals to power their critical investment workflows. As of August 31, ~~2024~~2025, we had ~~more~~approximately ~~than 8~~9,~~200~~000 clients comprised of over ~~216~~237,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals. Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected data and technology platform. Our products and services include workstations, portfolio analytics and enterprise data solutions. We also offer managed services that operate as an extension of our clients' internal teams to support data, performance, risk and reporting workflows.

We drive our business based on a detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges. We provide financial data and market intelligence on securities, companies, industries and people to enable our clients to research investment ideas and analyze, monitor and manage their portfolios. Our solutions span the investment lifecycle of investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting. We provide open and flexible technology offerings, including a configurable desktop and mobile platform, comprehensive data feeds, cloud-based digital solutions, and ~~application~~APIs. ~~programming~~AI ~~interfaces~~is ~~("APIs").~~embedded ~~The~~across ~~CUSIP~~these ~~Global~~offerings ~~Services~~to ("enhance data discovery, automate routine workflows and improve the speed and accuracy of client insights. The CGS") business supports security master files relied on by the investment industry for critical front, middle and back-office functions. All of our platforms and solutions are supported by our dedicated client service team.

We operate our business through three ~~reportable~~ segments ~~("segments")~~: the Americas, EMEA and Asia Pacific. ~~During~~Within ~~fiscal~~each ~~2024~~segment, we ~~revised our internal organization within each segment to~~ offer data, products and analytical applications by firm type: Institutional Buyside, Dealmakers, Wealth, and Partnerships and CGS.

Refer to Part I, Item 1. Business - Business Overview and Business Strategy and Part II, Item 8. Note 1817, Segment Information, in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information.

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Fiscal 2024 in Review

Revenues for fiscal 2024 were $2,203.1 million, an increase of 5.6% from the comparable prior year. The growth in revenues was reflective of organic revenues growth of 5.7% during fiscal 2024, compared with the prior year. Revenues increased in all our segments, primarily in the Americas. Revenues increased due to higher demand and price increases primarily from workstations, data solutions and middle office solutions. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Non-GAAP Financial Measures, of this Annual Report on Form 10-K for a definition of organic revenues and a reconciliation between revenues and organic revenues.

As of August 31, 2024, organic annual subscription value ("Organic ASV") plus Professional Services totaled $2,272.8 million, an increase of 4.8% over the prior year. Organic ASV increased in all our segments, with the majority of the increase in the Americas. Organic ASV growth was driven by higher demand and price increases primarily from workstations and, to a lesser extent, CGS subscriptions, middle office solutions and data solutions. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value, of this Annual Report on Form 10-K for the definitions of Organic ASV and Organic ASV plus Professional Services.

Operating margin increased to 31.8% for fiscal 2024, compared with 30.2% for fiscal 2023. This increase was primarily due to growth in revenues and, when expressed as a percentage of revenues, a decrease in employee compensation costs and lower asset impairment charges, partially offset by charges related to a Massachusetts sales tax dispute ("Sales Tax Dispute") and an increase in amortization of intangible assets. Refer to Part II, Item 8. Note 13, Commitments and Contingencies in the Notes to the Consolidated Financial Statements of this Annual Report on Form 10-K for more information on the Sales Tax Dispute.

Net income for fiscal 2024 was $537.1 million, an increase of 14.7% from the prior year. Diluted earnings per common share ("Diluted EPS") for fiscal 2024 was $13.91, an increase of 15.5% compared with the prior year. The increase in Net income and Diluted EPS was primarily driven by higher operating income. Diluted EPS further increased as a result of lower diluted weighted average common shares outstanding compared with the prior year.

We returned $385.9 million to our stockholders in the form of share repurchases and dividends during fiscal 2024.

As of August 31, 2024, our client and user count was 8,217 and 216,381, respectively. Our employee headcount was 12,398 as of August 31, 2024, up 1.3% compared to the prior year. This increase was driven by net headcount growth in Asia Pacific of 3.7%, while the Americas and EMEA experienced a net headcount decrease of 4.8% and 2.0%, respectively.

CUSIP Global Services Acquisition

On March 1, 2022, we completed our acquisition of CGS for a cash price of $1.932 billion, inclusive of working capital adjustments. We acquired CGS to expand our critical role in the global capital markets. Revenues from CGS are recognized based on geographic business activities in accordance with how our segments are currently aligned.

The purchase price for the CGS acquisition was financed from the net proceeds of the issuance of the Senior Notes and borrowings under the 2022 Credit Facilities. Refer to Part II, Item 8. Note 6, Acquisitions and Note 12, Debt in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on these defined terms as well as our acquisition of CGS, the Senior Notes and the 2022 Credit Facilities, respectively.

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Fiscal 2025 in Review

Revenues for fiscal 2025 were $2,321.7 million, an increase of 5.4% from the comparable prior year. The growth in revenues was driven by a 4.4% increase in organic revenues, a 0.9% increase from acquisition-related revenues and a net increase of 0.1% from foreign currency exchange rate fluctuations. Revenues increased in all our segments, primarily in the Americas. Revenues increased primarily from workstations and to a lesser extent, CGS and front office solutions. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Non-GAAP Financial Measures, of this Annual Report on Form 10-K for a definition of organic revenues and a reconciliation between revenues and organic revenues.

As of August 31, 2025, organic annual subscription value ("Organic ASV") totaled $2,370.9 million, an increase of 5.7% over the prior year. Organic ASV increased in all our segments, with the majority of the increase in the Americas. Organic ASV growth was mainly driven by workstations, data solutions and, to a lesser extent, CGS. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value, of this Annual Report on Form 10-K for the definition of Organic ASV.

Operating margin was 32.2% for fiscal 2025, compared with 31.8% for fiscal 2024. This increase in operating margin was mainly due to growth in revenues and, when expressed as a percentage of revenues, charges related to the Sales Tax Dispute that were recorded in the prior year, partially offset by higher amortization of intangible assets in the current year. Refer to Part II, Item 8. Note 12, Commitments and Contingencies in the Notes to the Consolidated Financial Statements of this Annual Report on Form 10-K for more information on the Sales Tax Dispute.

Net income for fiscal 2025 was $597.0 million, an increase of 11.2% from the prior year. Diluted earnings per common share ("Diluted EPS") for fiscal 2025 was $15.55, an increase of 11.8% compared with the prior year. The increase in Net income and Diluted EPS was primarily driven by higher operating income and a gain from the divestiture of a business.

We returned $460.4 million to our stockholders in the form of share repurchases and dividends during fiscal 2025.

As of August 31, 2025, our client and user counts were 8,996 and 237,324, respectively. Our employee headcount was 12,800 as of August 31, 2025, up 3.2% compared to the prior year. This increase was driven by net headcount growth of 6.0% in the Americas and 2.6% in each of EMEA and Asia Pacific.

Annual Subscription Value ("ASV")

We believe ASV reflects our ability to grow recurring revenues and generate positive cash flows, and thus serves as a key indicator of the successful execution of our business strategy.

–"ASV" at any point in time represents our forward-looking revenues for the next 12 months from all subscription services currently being supplied to clients~~, excluding revenues from Professional Services~~.

–"Organic ASV" at any point in time equals our ASV excluding ASV from acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

~~–"Professional~~Beginning ~~Services"~~in fiscal 2025, we are ~~revenues~~reporting ~~derived~~Organic ~~from~~ASV, ~~project-based~~rather ~~consulting~~than ~~and~~Organic ~~implementation~~ASV plus professional services, ~~annualized~~to ~~over~~focus on the ~~past~~recurring 12nature ~~months~~of our revenues. This underscores the shift of our offerings toward providing more managed services and less project-based services.

–"Organic ASV plus Professional Services" at any point in time equals the sum of Organic ASV and Professional Services.

Organic ASV plus Professional Services

The following table presents the calculation of Organic ASV plus Professional Services as of August 31, 2024. With proper notice provided as contractually required, our clients can add to, delete portions of, or terminate service, subject to certain limitations.

(dollar amounts in millions)	As of August 31, 2024
As reported ASV plus Professional Services(1)	$	2,276.0
Currency impact(2)	(3.2)
Organic ASV plus Professional Services	$	2,272.8
Organic ASV plus Professional Services annual growth rate	4.8		%

(1) Includes $18.3 million in Professional Services as of August 31, 2024.

(2) The impact from foreign currency movements.

As of August 31, 2024, Organic ASV plus Professional Services was $2,272.8 million, an increase of 4.8% compared with August 31, 2023. Organic ASV increased in all our segments, with the majority of the increase related to the Americas. This increase in Organic ASV was primarily driven by higher sales to existing clients and, to a lesser extent, price increases to existing clients and sales to new clients, partially offset by existing client cancellations. These higher sales and price increases were primarily attributable to workstations and, to a lesser extent, CGS subscriptions, middle office solutions and data solutions.

Segment ASV

As of August 31, 2024, ASV from the Americas represented 65% of total ASV and was $1,456.8 million, an increase from $1,376.9 million as of August 31, 2023. Americas Organic ASV was $1,456.8 million as of August 31, 2024, a 6.1% increase from the prior year. The Organic ASV increase in the Americas was driven by higher demand and price increases primarily from workstations and, to a lesser extent, CGS subscriptions.

As of August 31, 2024, ASV from EMEA represented 25% of total ASV and was $570.3 million, an increase from $559.6 million as of August 31, 2023. EMEA Organic ASV was $569.3 million as of August 31, 2024, a 1.8% increase from the prior year. The EMEA Organic ASV increase was driven by higher demand and price increases mainly from middle office solutions and data solutions.

As of August 31, 2024, ASV from Asia Pacific represented 10% of total ASV and was $230.6 million, an increase from $215.4 million as of August 31, 2023. Asia Pacific Organic ASV was $228.4 million as of August 31, 2024, a 7.1% increase from the prior year. The Asia Pacific Organic ASV increase was driven by higher demand and price increases primarily from data solutions, workstations and middle office solutions.

Buy-side and Sell-side Organic ASV Growth

The buy-side and sell-side Organic ASV annual growth rates as of August 31, 2024 were 4.9% and 3.8%, respectively. Buy-side clients account for approximately 82% of our Organic ASV, consistent with the prior year, and primarily include institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients. The remainder of our

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Organic ASV ~~is derived from sell-side firms and primarily include broker-dealers, banking and advisory, and private equity and venture capital firms.~~

The following table presents the calculation of Organic ASV as of August 31, 2025. With proper notice provided as contractually required, our clients can add to, delete portions of, or terminate service, subject to certain limitations.


(dollar amounts in millions)	As of August 31, 2025
ASV	$	2,405.6
Impact from foreign currency movements	(0.6)
Acquisition ASV(1)	(34.1)
Organic ASV	$	2,370.9
Organic ASV annual growth rate(2)	5.7		%

(1) ASV from acquisitions completed within the last 12 months.

(2) For comparability purposes, in calculating the organic ASV annual growth rate, the prior year excludes ASV from dispositions completed in the last 12 months.

As of August 31, 2025, Organic ASV was $2,370.9 million, an increase of 5.7% compared with August 31, 2024. Organic ASV increased in all our segments, with the majority of the increase in the Americas. The increase in Organic ASV was primarily due to higher sales to existing clients and, to a lesser extent, sales to new clients and price increases to existing clients, all primarily attributable to workstations, data solutions and, to a lesser extent, CGS. This increase was partially offset by existing client cancellations.

Segment ASV

As of August 31, 2025, ASV from the Americas represented 65% of total ASV and was $1,570.1 million, an increase from $1,455.4 million as of August 31, 2024. Americas Organic ASV was $1,541.9 million as of August 31, 2025, a 6.0% increase from the prior year. The Organic ASV increase in the Americas was primarily driven by workstations and, to a lesser extent, data solutions.

As of August 31, 2025, ASV from EMEA represented 25% of total ASV and was $591.6 million, an increase from $569.7 million as of August 31, 2024. EMEA Organic ASV was $586.3 million as of August 31, 2025, a 4.2% increase from the prior year. The EMEA Organic ASV increase was mainly from data solutions.

As of August 31, 2025, ASV from Asia Pacific represented 10% of total ASV and was $243.9 million, an increase from $230.3 million as of August 31, 2024. Asia Pacific Organic ASV was $242.7 million as of August 31, 2025, a 7.2% increase from the prior year. The Asia Pacific Organic ASV increase was primarily driven by data solutions and workstations.

Buy-side and Sell-side Organic ASV Growth

The buy-side and sell-side Organic ASV annual growth rates as of August 31, 2025 were 5.5% and 4.3%, respectively. Buy-side clients account for approximately 82% of our Organic ASV, consistent with the prior year, and primarily include institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients. The remaining Organic ASV is derived from sell-side firms and primarily include broker-dealers, banking and advisory firms, and private equity and venture capital firms.

Client and User Additions

The table below presents our total clients and users:

	As of August 31,
	2024	2023	% Change
	2025	2024	% Change
Clients(1)	8,~~217~~996	78,~~921~~217	39.75	%
Users	216,381	189,972	13.9	%
Users(2)	237,324	216,381	9.7	%

(1)The client count includes clients with ASV of $10,000 and above.

~~Our~~(2)The ~~total~~user ~~client~~ count ~~was~~does ~~8,217~~not asreflect ofusers ~~August 31,~~associated ~~2024,~~with aour ~~net~~fiscal ~~increase~~2025 ~~of 3~~acquisitions.7% ~~or 296 clients in the last twelve months, mainly due to an increase in corporate clients and wealth management clients.~~

~~As of August~~ 31~~, 2024, there were 216,381 professionals using FactSet, representing a net increase of 13.9% or 26,409 users in the last twelve months, primarily driven by an increase in wealth users.~~

~~Annual~~Table ~~ASV retention was greater than 95%~~ of ASV for the year ended August 31, 2024 and August 31, 2023. When expressed as a percentage of clients, annual retention was approximately 90% for the year ended August 31, 2024, compared with approximately 91% for the year ended August 31, 2023.Contents

Our total client count was 8,996 as of August 31, 2025, a net increase of 9.5% or 779 clients in the last 12 months, mainly due to an increase in corporate clients, primarily driven by clients from the Platform Group Limited ("Irwin") acquisition.

As of August 31, 2025, there were 237,324 professionals using FactSet, representing a net increase of 9.7% or 20,943 users in the last twelve months, primarily driven by an increase in wealth management users. The user count does not reflect our fiscal 2025 acquisitions.

Annual ASV retention was greater than 95% of ASV as of August 31, 2025 and August 31, 2024. When expressed as a percentage of clients, annual retention was 91% as of August 31, 2025, compared with 90% as of August 31, 2024.

Employee Headcount

As of August 31, ~~2024~~2025, our net employee headcount increased by 1.3.2% to 12,~~398~~800, compared with 12,~~237~~398 employees as of August 31, ~~2023~~2024. This net headcount ~~growth~~increase was primarily ~~due~~in tothe ~~our~~technology and sales groups mainly driven by continued investment in our ~~centers of excellence ("~~COEs"), ~~primarily~~through ~~located~~an increase in ~~India~~employees ~~and~~based in the Philippines and India, ~~which~~and ~~accounted~~our ~~for~~Irwin ~~approximately~~and ~~69%~~Liquid ofHoldings, ~~our~~LLC ~~employees~~("LiquidityBook") acquisitions.

As of August 31, ~~2024~~2025, compared to August 31, ~~2023~~2024, our net headcount growth ~~in Asia Pacific~~ was 36.70%, ~~while~~in the Americas and ~~EMEA~~2.6% ~~experienced~~in aeach ~~net headcount decrease~~ of ~~4.8%~~ EMEA and ~~2.0%,~~Asia ~~respectively~~Pacific. As of August 31, ~~2024~~2025, we had 8,~~632~~854 employees located in Asia Pacific, 2,~~367~~510 in the Americas and 1,~~399~~436 in EMEA. Approximately 68% of our employees are located in our COEs.

Results of Operations

For an understanding of the significant factors that influenced our performance during fiscal ~~2024~~2025 and ~~2023~~2024, the following discussion should be read in conjunction with the Consolidated Financial Statements and related Notes presented in Part II, Item 8. in this Annual Report on Form 10-K.

The following table summarizes the results of operations for the years presented:

	Years ended August 31,
(in thousands, except per share data)	~~2024~~2025		~~2023~~2024		% Change
Revenues	$	2,~~203~~321,~~056~~748	$	2,~~085~~203,~~508~~056	5.64	%
Cost of services	1,~~011~~097,~~945~~782		~~973~~1,~~225~~011,945		48.05	%
Selling, general and administrative	~~485~~475,~~135~~663		~~457~~489,~~130~~812		6(2.19)	%
Asset impairments	4,677		25,946		(82.0)	%
Operating income	$	748,303	$	701,299	6.7	%
Operating income	$	701,299	$	629,207	11.5	%
Net income	$	597,040	$	537,126	11.2	%
Net income	$	537,126	$	468,173	14.7	%
Diluted weighted average common shares	38,385		38,618
Diluted weighted average common shares	38,618		38,898
Diluted EPS	$	15.55	$	13.91	11.8	%
Diluted EPS	$	13.91	$	12.04	15.5	%

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Revenues

Revenues in fiscal ~~2024~~2025 were $2,~~203~~321.17 million, an increase of 5.64%. This 5.4% growth in revenues was ~~primarily~~driven ~~reflective~~by ofa 4.4% increase in organic revenues ~~growth~~which totaled $2,300.2 million for fiscal 2025, a 0.9% increase from acquisition-related revenues and a net increase of 50.71% from foreign currency exchange rate fluctuations. Revenues increased in all our geographic segments, ~~with~~primarily ~~organic~~in the Americas. The increase in revenues ~~increasing~~was mainly from workstations and, to $2a lesser extent,~~203.7~~ ~~million~~CGS ~~for~~and ~~fiscal~~front ~~2024.~~office solutions.

Revenues increased in all our geographic segments, primarily in the Americas. The increase in revenues was mainly due to increased sales to existing clients and, to a lesser extent, price increases to existing clients and sales to new clients, partially offset by existing client cancellations. Revenues increased due to higher demand and price increases primarily from workstations, data solutions and middle office solutions.32

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Revenues by Segment

The following table summarizes our revenues by segment:

	Years ended August 31,
(dollar amounts in thousands)	~~2024~~2025			~~2023~~2024			% Change
Americas	$	1,~~419~~506,~~901~~108		$	1,~~335~~419,~~484~~901		6.31	%
% of revenues	64.49		%	64.04		%
EMEA	$	~~563~~580,~~128~~284		$	~~539~~563,~~843~~128		4.3.0	%
% of revenues	25.60		%	25.96		%
Asia Pacific	$	~~220~~235,~~027~~356		$	~~210~~220,~~181~~027		4.7.0	%
% of revenues	10.01		%	10.10		%
Consolidated	$	2,~~203~~321,~~056~~748		$	2,~~085~~203,~~508~~056		5.64	%

Americas

Revenues from the Americas increased 6.31% to $1,~~419~~506.91 million in fiscal ~~2024~~2025, compared with $1,~~335~~419.59 million in fiscal ~~2023~~2024. This 6.1% growth in revenues was ~~reflective~~driven ofby a 4.9% increase in organic revenues ~~growth~~and ofa 61.32% increase from acquisition-related revenues. The increase in revenues was mainly driven by ~~higher demand and price increases primarily from~~ workstations and, to a lesser extent, ~~CGS~~front ~~subscriptions~~office solutions.

EMEA

Revenues from EMEA increased 4.3.0% to $~~563~~580.23 million in fiscal ~~2024~~2025, compared with $~~539~~563.82 million in fiscal ~~2023~~2024. This 3.0% growth in revenues ~~of 4.3%~~ was ~~reflective~~driven ofby a 42.15% increase in organic revenues, ~~and~~ a ~~net~~0.4% increase offrom acquisition-related revenues and a 0.21% ~~due~~net toincrease from foreign currency exchange rate fluctuations. The increase in revenues was ~~driven by higher demand and price increases~~ primarily from data solutions and middle office solutions.

Asia Pacific

Revenues from Asia Pacific increased 4.7.0% to $~~220~~235.03 million in fiscal ~~2024~~2025, compared with $~~210~~220.20 million in fiscal ~~2023~~2024. This ~~growth in revenues of 4.~~7.0% was ~~reflective~~driven ofby a 56.73% increase in organic revenues, ~~partially~~a ~~offset~~0.5% byincrease afrom ~~net~~acquisition-related ~~decrease~~revenues ofand 1.a 0.2% ~~due~~net toincrease from foreign currency exchange rate fluctuations. The increase in revenues was mainly driven by ~~higher~~data ~~demand~~solutions, workstations and, ~~price~~to ~~increases~~a ~~primarily~~lesser ~~from workstations~~extent, ~~data~~front ~~solutions and middle~~ office solutions.

Operating Expenses

Principal Operating Expenses

Cost of services is mainly comprised of employee compensation costs and also includes expenses related to data costs, computer-related expenses, amortization of intangible assets, royalty fees, telecommunication costs and computer depreciation.

Selling, general and administrative ("SG&A") consists primarily of employee compensation costs and also includes expenses related to occupancy costs, professional fees, depreciation of furniture and fixtures, amortization of leasehold improvements, travel and entertainment expenses, marketing costs, other employee-related expenses, internal communication costs, ~~and~~ bad debt expense, the impact from our foreign currency forward contracts and asset impairments.

Employee compensation costs are a major component of both our Cost of services and SG&A. These expenses primarily include costs related to salaries, incentive compensation and sales commissions, stock-based compensation, benefits, employment taxes, and ~~any applicable~~ restructuring costs.

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We assign employee compensation costs between Cost of services and SG&A based on the roles and activities associated with each employee. We categorize employees within the content collection, consulting, product development, software and systems engineering groups as Cost of services personnel. Employees included in our sales department and those that serve in various other support departments, including marketing, finance, legal, human resources and administrative services, are classified as SG&A.

~~Asset impairments consist primarily of expenses recognized when the carrying value of an asset exceeds its fair value.~~33

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The following table summarizes the components of our total operating expenses and operating margin:

(dollar amounts in thousands)	Years ended August 31,
	2024			2023			% Change
	2025			2024			% Change
Cost of services	$	1,~~011~~097,~~945~~782		$	~~973~~1,~~225~~011,945		48.05	%
SG&A	~~485~~475,~~135~~663			~~457~~489,~~130~~812			6(2.19)	%
Asset impairments	4,677			25,946			(82.0)	%
Total operating expenses	$	1,573,445		$	1,501,757		4.8	%
Total operating expenses	$	1,501,757		$	1,456,301		3.1	%
Operating income	$	748,303		$	701,299		6.7	%
Operating income	$	701,299		$	629,207		11.5	%
Operating margin	32.2		%	31.8		%	1.2	%
Operating margin	31.8		%	30.2		%	5.5	%

Cost of Services

Cost of services increased 48.05% to $1,~~011~~097.98 million in fiscal ~~2024~~2025, compared with $~~973~~1,011.29 million in fiscal ~~2023~~2024, primarily due to an increase in amortization of intangible assets, employee compensation costs and computer-related expenses.

Cost of services, when expressed as a percentage of revenues, was 4547.93% for fiscal ~~2024~~2025, aan ~~decrease~~increase of 70130 basis points compared with fiscal ~~2023~~2024. This ~~decrease~~increase was primarily ~~driven~~from byhigher aamortization ~~decrease~~of inintangible ~~employee compensation costs~~assets, ~~partially~~mainly ~~offset~~driven by ~~higher~~a ~~amortization~~100 ofbasis ~~intangible~~point ~~assets~~increase ~~and~~in ~~computer~~amortization from our capitalized internal-~~related~~use ~~expenses~~software development costs.

•Employee compensation costs decreased 180 basis points primarily due to a decrease in restructuring charges and variable compensation costs, partially offset by an increase in annual base salaries, net of capitalization of certain compensation costs. The increase in annual base salaries was primarily driven by annual merit increases and a net headcount increase in Cost of services of 166, primarily located in our COEs, partially offset by higher capitalization of compensation costs related to the development of our internal-use software.

•Amortization of intangible assets increased 60 basis points mainly due to higher amortization from capitalized costs related to the development of our internal-use software.

•Computer-related expenses increased 30 basis points primarily due to higher spend related to licensed software arrangements and cloud-based hosting services.

Selling, General and Administrative

SG&A expenses ~~increased~~decreased 62.19% to $~~485~~475.17 million during fiscal ~~2024~~2025, compared with $~~457~~489.18 million in fiscal ~~2023,~~2024. The decrease was primarily ~~due~~attributable to charges related to the Sales Tax Dispute recorded in the prior year, partially offset by ahigher ~~decrease in~~ employee compensation costs and professional fees in the current year.

SG&A expenses, when expressed as a percentage of revenues, were 2220.05% for fiscal ~~2024~~2025, ana ~~increase~~decrease of 10170 basis points compared with fiscal ~~2023~~2024. This ~~increase~~decrease was primarily due to charges ~~related~~associated towith the Sales Tax Dispute recorded in the prior year, partially offset by ahigher ~~decrease in~~ employee compensation costs and professional fees in the current year.

~~•The~~When ~~charges~~expressed ~~related~~as toa ~~the~~percentage ~~Sales Tax Dispute increased SG&A by 220 basis points. Refer to Part II, Item 8. Note 13, Commitments and Contingencies in the Notes to the Consolidated Financial Statements~~ of ~~this Annual Report on Form 10-K for more information on the Sales Tax Dispute.~~revenues:

•~~Employee~~The ~~compensation~~charges ~~costs~~related to the Sales Tax Dispute recorded in the prior year decreased ~~170~~SG&A by 240 basis points. ~~primarily~~Refer ~~due~~ to aPart ~~decrease~~II, inItem ~~variable~~8. ~~compensation~~Note ~~costs~~12, Commitments and ~~restructuring~~Contingencies ~~charges~~in the Notes to the Consolidated Financial Statements of this Annual Report on Form 10-K for more information on the Sales Tax Dispute.

~~Asset~~•Employee ~~Impairments~~compensation costs increased by 80 basis points, mainly due to higher variable compensation costs driven by a lower bonus accrual during fiscal 2024.

~~Asset~~•Professional ~~impairments~~fees ~~were~~increased ~~$4.7~~by ~~million~~60 ~~during~~basis ~~fiscal 2024~~points, ~~compared~~mainly ~~with~~due ~~$25.9~~to ~~million during fiscal 2023. The asset impairments were the result of a $3.4 million and $18.0 million charge during fiscal 2024 and 2023, respectively,~~ acquisition-related ~~to our~~ costs.

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lease right-of-use ("ROU") assets and property, equipment and leasehold improvements ("PPE") associated with vacating certain leased office space to rightsize our real estate footprint.

The remaining asset impairments for fiscal 2024 and 2023 were $1.3 million related to Developed technology and $7.9 million related to Developed technology and Trade names, respectively.

Operating Income and Operating Margin

Operating income increased 116.57% to $~~701~~748.3 million in fiscal ~~2024~~2025, compared with $~~629~~701.23 million in fiscal ~~2023~~2024. This increase was primarily ~~due~~driven to by growth in revenues, ~~lower employee compensation costs~~ and ~~a decrease in asset impairment~~ charges, ~~partially~~associated ~~offset~~with ~~by charges related to~~ the Sales Tax Dispute. ~~Foreign~~recorded ~~currency~~in ~~exchange~~the ~~rate~~prior ~~fluctuations~~year, ~~net~~partially ofoffset ~~hedge~~by ~~activity,~~higher ~~decreased~~employee ~~operating~~compensation ~~income~~costs byand ~~$3.1~~amortization ~~million~~of ~~during~~intangible ~~fiscal~~assets ~~2024~~in ~~compared~~the ~~with~~current ~~fiscal 2023~~year.

Operating margin increased to 3132.82% in fiscal ~~2024~~2025, compared with 3031.28% in the prior year. This increase was primarily ~~due~~driven toby growth in revenues and, when expressed as a percentage of ~~revenue~~revenues, acharges ~~decrease~~associated inwith ~~employee~~the ~~compensation~~Sales ~~costs~~Tax ~~and~~Dispute ~~lower~~recorded ~~asset~~in ~~impairment~~the ~~charges~~prior year, partially offset by ~~charges~~higher ~~related~~amortization toof ~~the~~intangible ~~Sales~~assets ~~Tax Dispute and an increase~~ in ~~amortization~~the ofcurrent ~~intangible assets~~year.

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Operating Income by Segment

We operate our business through three segments: the Americas; EMEA; and Asia Pacific. Refer to Part II, Item 8. Note 1817, Segment Information in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further discussion regarding our segments. The following table summarizes our operating income by segment:

	Years ended August 31,
(dollar amounts in thousands)	~~2024~~2025		~~2023~~2024		% Change
Americas	$	~~261~~305,~~790~~963	$	~~239~~261,~~438~~790	916.39	%
EMEA	~~282~~274,~~963~~002		~~243~~282,~~028~~963		16(3.42)	%
Asia Pacific	~~156~~168,~~546~~338		~~146~~156,~~741~~546		6.7.5	%
Total Operating Income	$	~~701~~748,~~299~~303	$	~~629~~701,~~207~~299	116.57	%

Americas

Americas operating income increased 916.39% to $~~261~~306.80 million during fiscal ~~2024~~2025, compared with $~~239~~261.48 million from the prior year. This increase was primarily due to growth in revenues of 6.31% and ~~lower~~charges ~~employee~~associated ~~compensation~~with ~~costs~~the Sales Tax Dispute recorded in the prior year, partially offset by ~~charges~~higher ~~related~~amortization toof ~~the~~intangible ~~Sales~~assets ~~Tax~~and ~~Dispute~~employee compensation costs in the current year.

•~~Employee~~The ~~compensation~~charge ~~costs~~related ~~decreased~~to ~~primarily~~the ~~due~~Sales toTax ~~lower~~Dispute ~~variable~~in ~~compensation~~the ~~and~~prior ayear ~~decrease~~is discussed in ~~annual~~Part ~~base~~II, ~~salaries~~Item ~~mainly~~8. ~~driven~~Note by12, ~~higher~~Commitments ~~capitalization~~and ofContingencies ~~compensation~~in ~~costs~~the ~~related~~Notes to the ~~development~~Consolidated Financial Statements of ~~our~~this ~~internal-use~~Annual ~~software.~~Report on Form 10-K.

•~~The~~Amortization ~~charge~~of ~~related~~intangible toassets ~~the~~increased ~~Sales~~mainly ~~Tax~~due ~~Dispute is discussed in Part II, Item 8. Note 13, Commitments and Contingencies in the Notes~~ to ~~the~~higher ~~Consolidated~~amortization ~~Financial~~from ~~Statements~~our ofcapitalized ~~this~~internal-use ~~Annual~~software ~~Report~~development ~~on Form 10-K~~costs.

•Employee compensation costs increased primarily due to higher variable compensation costs driven by a lower bonus accrual during fiscal 2024.

EMEA

EMEA operating income ~~increased~~decreased 163.42% to $~~283~~274.0 million during fiscal ~~2024~~2025, compared with $~~243~~283.0 million from the prior year. This ~~increase~~decrease was primarily due to higher employee compensation costs, partially offset by growth in revenues of 4.3.0%. Employee compensation costs increased primarily due to higher annual base salaries, adriven ~~decrease~~by an increase in ~~asset~~annual ~~impairment~~merit ~~charges~~and net headcount growth of 37 employees, and, ~~lower~~to ~~employee~~a lesser extent, variable compensation costs, ~~partially~~mainly ~~offset~~due byto ~~higher~~a ~~data~~lower ~~costs.~~bonus accrual during fiscal 2024.

•Asset impairment charges decreased primarily due to lower lease ROU asset and PPE impairment charges associated with vacating certain leased office space during fiscal 2024, compared with fiscal 2023.

•Employee compensation costs decreased primarily due to lower restructuring charges, partially offset by an increase in annual base salaries. The increase in annual base salaries was mainly driven by annual merit increases, partially offset by a net headcount decrease of 29 employees.

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•Data costs increased as the prior year included the release of certain accruals related to the successful resolution of exchange audits that reduced the prior year data costs.

Asia Pacific

Asia Pacific operating income increased 6.7.5% to $~~156~~168.53 million during fiscal ~~2024~~2025, compared with $~~146~~156.85 million from the prior year. This increase was mainly due to growth in revenues of 4.7.0% ~~and a reduction in certain operating expenses~~, partially offset by higher employee compensation costs. Employee compensation costs increased primarily due to higher annual base salaries, driven by annual merit increases and a net headcount increase of ~~310~~222 employees, and higher variable compensation costs mainly due to a lower bonus accrual during fiscal 2024.

Income Taxes

The provision for income taxes and the effective tax rate are as follows:

	Years ended August 31,
(dollar amounts in thousands)	~~2024~~2025			~~2023~~2024			% Change
Income before income taxes	$	~~651~~720,~~503~~958		$	~~583~~651,~~954~~503		1110.67	%
Provision for income taxes	$	~~114~~123,~~377~~918		$	~~115~~114,~~781~~377		(18.2)3	%
Effective tax rate	17.62		%	1917.86		%	(112.51)	%

We are subject to taxation in the ~~United States ("~~U.S.") and various state, local and foreign jurisdictions in which we conduct our business. Our effective tax rate ~~is based on recurring factors and non-recurring events, including the taxation of foreign income. Our effective tax rate~~ will vary based on, among other ~~things~~factors, changes in levels of foreign income, as well as other non-recurring events.

Our effective tax rate was lower than the applicable U.S. corporate income tax rate for fiscal 2024 driven mainly by the utilization of foreign tax credits, research and development ("R&D") tax credits, a tax benefit from the exercise of stock options and a foreign derived intangible income ("FDII") deduction, partially offset by our net state taxes.

Our effective tax rate was lower than the applicable U.S. corporate income tax rate for fiscal 2023 driven mainly by R&D tax credits, a tax benefit from the exercise of stock options and a FDII deduction, partially offset by a one-time out-of-period adjustment related to a review and analysis of certain tax positions, as well as our net state taxes.

Our effective tax rate for fiscal 2024 was 17.6% compared with 19.8% for fiscal 2023. This decrease was primarily due to the increased utilization of foreign tax credits and a prior year out-of-period adjustment related to a review and analysis of certain tax positions. The adjustment related to the accounting of tax balance sheet accounts. All local, federal and foreign taxes payable were paid in a timely manner, subject to normal audits of open years. The decrease in the effective tax rate was partially offset by higher pretax income, which reduced the effective tax rate impact of certain tax benefits.

Net Income and Diluted EPS

	Years ended August 31,
(in thousands, except per share data)	2024		2023		% Change
Net income	$	537,126	$	468,173	14.7	%
Diluted weighted average common shares	38,618		38,898		(0.7)	%
Diluted EPS	$	13.91	$	12.04	15.5	%

The increase in Net income and Diluted EPS for fiscal 2024, compared with fiscal 2023, was primarily driven by higher operating income. Diluted EPS further increased as a result of lower diluted weighted average common shares outstanding.

Non-GAAP Financial Measures

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~~they~~Our doeffective ~~not~~tax ~~reflect~~rate ~~all~~for ~~the~~fiscal ~~items~~2025 ~~associated~~was 17.2% compared with ~~the~~17.6% ~~operations~~for offiscal ~~our~~2024. ~~business~~This asdecrease ~~determined~~was inprimarily ~~accordance~~due ~~with~~to ~~GAAP~~a lower U.S. ~~Other~~tax ~~companies~~impact ~~may~~of ~~calculate~~foreign ~~similarly~~earnings. ~~titled~~All ~~non-GAAP~~local, ~~financial~~federal ~~measures~~and ~~differently~~foreign ~~than~~taxes wepayable ~~do,~~were ~~limiting~~paid ~~the~~in ~~usefulness~~a oftimely ~~those~~manner, ~~measures~~subject ~~for~~to ~~comparative~~normal ~~purposes~~audits of open years.

For the periods presented, our effective tax rates were lower than the applicable U.S. corporate income tax rate. This was primarily attributable to excess tax benefits from stock-based compensation, a lower U.S. tax impact of foreign earnings, research and development ("R&D") tax credits and a foreign derived intangible income ("FDII") tax deduction, partially offset by our state income taxes.

Net Income and Diluted EPS


	Years ended August 31,
(in thousands, except per share data)	2025		2024		% Change
Net income	$	597,040	$	537,126	11.2	%
Diluted weighted average common shares	38,385		38,618		(0.6)	%
Diluted EPS	$	15.55	$	13.91	11.8	%

The increase in Net income and Diluted EPS for fiscal 2025, compared with fiscal 2024, was primarily driven by higher operating income and a gain from the divestiture of a business.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), we use non-GAAP financial measures including organic revenues, adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA, adjusted Diluted EPS and free cash flow. Reconciliations from our financial measures calculated and presented in accordance with GAAP to these non-GAAP financial measures are shown in the tables below, and the reconciliation of free cash flow is included in the Liquidity and Capital Resources section. These non-GAAP financial measures should not be considered in isolation from, as a substitute for, or superior to, financial measures reported in accordance with GAAP. Moreover, these non-GAAP financial measures have limitations in that they do not reflect all the items associated with the operations of our business as determined in accordance with GAAP. Other companies may calculate similarly titled non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

Despite the limitations of these non-GAAP financial measures, we believe these adjusted financial measures and the information they provide are useful in viewing our performance using the same tools that management uses to gauge progress in achieving our goals. Adjusted measures may also facilitate comparisons to our historical performance.

Organic revenues ~~exclude~~excludes the current year impact of revenues from acquisitions and dispositions completed within the past ~~twelve~~12 months ("Acquisition revenues" and "Disposition revenues", respectively) and the current year impact from changes in foreign currency. In addition, for our year to date comparisons, organic revenues also excludes current year revenues that were incurred prior to the first anniversary date of an acquisition. The table below provides an unaudited reconciliation of revenues to organic revenues:

	Years ended August 31,
(dollar amounts in thousands)	~~2024~~2025		~~2023~~2024		% Change
Revenues	$	2,~~203~~321,~~056~~748	$	2,~~085~~203,~~508~~056	5.64	%
Acquisition revenues	(~~414~~20,663)		—
Currency impact	~~1,094~~(901)		—
Organic revenues	$	2,~~203~~300,~~736~~184	$	2,~~085~~203,~~508~~056	54.74	%

The table below provides an unaudited reconciliation of Operating income, operating margin, Net income and Diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA and adjusted Diluted EPS. Adjusted operating income and margin, adjusted net income, and adjusted Diluted EPS exclude the impact of acquisition-related intangible asset amortization and non-recurring items. EBITDA ~~and~~represents ~~adjusted EBITDA represent~~ earnings before interest expense, provision for income taxes and depreciation and amortization, while adjusted EBITDA further excludes non-recurring non-cash expenses.

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	Years ended August 31,
(in thousands, except per share data)	~~2024~~2025			~~2023~~2024			% Change
Operating income	$	~~701~~748,~~299~~303		$	~~629~~701,~~207~~299		116.57	%
Intangible asset amortization	6773,~~383~~036			7167,~~503~~383
Sales Tax Dispute	54,048			6,239
Business divestiture, acquisitions and related costs	17,761			884
Restructuring / severance	5,596			19,879
Sales Tax Dispute(1)	2,398			54,048
Asset impairment(1)	3,443			20,327
Executive search costs	1,675			—
Business acquisition / integration costs (2)	884			7,033
Restructuring/severance	259			5,596
Adjusted operating income	$	832,653		$	754,188		10.4	%
Asset impairment	—			3,443
Operating margin	31.8		%	30.2		%
Adjusted operating income	$	843,432		$	832,653		1.3	%
Adjusted operating margin(3)	37.8		%	36.2		%
Operating margin	32.2		%	31.8		%
Net income	$	537,126		$	468,173		14.7	%
Adjusted operating margin(2)	36.3		%	37.8		%
Intangible asset amortization	49,529			59,422
Net income	$	597,040		$	537,126		11.2	%
Sales Tax Dispute	39,727			5,185
Intangible asset amortization	54,074			49,529
Restructuring / severance	4,113			16,520
Gain on business divestiture	(17,205)			—
Asset impairment(1)	2,531			16,893
Business divestiture, acquisitions and related costs	13,150			650
Business acquisition / integration costs(2)	650			5,845
Sales Tax Dispute(1)	1,775			39,727
Income tax items	1,397			(2,316)
Executive search costs	1,240			—
Adjusted net income(4)	$	635,073		$	569,722		11.5	%
Restructuring/severance	192			4,113
Net income	$	537,126		$	468,173		14.7	%
Asset impairment	—			2,531
Interest expense	65,778			66,319
Income tax items	1,351			1,397
Income taxes	114,377			115,781
Adjusted net income(3)	$	651,617		$	635,073		2.6	%
Depreciation and amortization expense	125,187			105,384
Net income	$	597,040		$	537,126		11.2	%
EBITDA	$	842,468		$	755,657		11.5	%
Interest expense	56,324			65,778
Non-recurring non-cash expenses(5)	5,070			20,963
Income taxes	123,918			114,377
Adjusted EBITDA	$	847,538		$	776,620		9.1	%
Depreciation and amortization expense	157,691			125,187
Diluted EPS	$	13.91		$	12.04		15.5	%
EBITDA	$	934,973		$	842,468		11.0	%
Intangible asset amortization	1.27			1.53
Non-recurring non-cash expenses	—			5,070
Sales Tax Dispute	1.03			0.13
Adjusted EBITDA	$	934,973		$	847,538		10.3	%
Restructuring / severance	0.11			0.43
Diluted EPS	$	15.55		$	13.91		11.8	%
Asset impairment(1)	0.07			0.43
Intangible asset amortization	1.41			1.27
Business acquisition / integration costs(2)	0.02			0.15
Gain on business divestiture	(0.45)			—
Income tax items	0.04			(0.06)
Business divestiture, acquisitions and related costs	0.34			0.02
Adjusted Diluted EPS(4)	$	16.45		$	14.65		12.3	%
Sales Tax Dispute(1)	0.05			1.03
Weighted average common shares (Diluted)	38,618			38,898
Executive search costs	0.03			—
Restructuring/severance	0.01			0.11
Asset impairment	—			0.07
Income tax items	0.04			0.04
Adjusted Diluted EPS(3)	$	16.98		$	16.45		3.2	%
Weighted average common shares (diluted)	38,385			38,618

(1)~~The~~Related ~~asset~~to ~~impairment~~a ~~primarily~~resolved ~~relates~~matter towith ~~impairment~~the ~~charges~~Massachusetts Department of ~~lease~~Revenue. ~~ROU~~Refer ~~assets~~to Note 12, Commitments and ~~PPE~~Contingencies ~~associated~~in ~~with~~the ~~rightsizing~~Notes ~~our~~to ~~real~~the ~~estate~~Consolidated ~~footprint~~Financial Statements included in Part II, Item 8. of this Annual Report on Form 10-K, for further discussion on this matter.

(2)~~Fiscal~~Adjusted ~~2024~~operating ~~related~~margin tois ~~certain~~calculated ~~business~~as ~~acquisition~~Adjusted ~~costs~~operating ~~and~~income ~~fiscal~~divided ~~2023~~by ~~related to integration costs from the CGS acquisition~~Revenues.

(3)For purposes of calculating Adjusted ~~operating~~net ~~margin~~income isand ~~calculated~~Adjusted asDiluted EPS, all adjustments were taxed at an adjusted ~~operating~~tax ~~income~~rate ~~divided~~of by26.0% ~~Revenues~~and 26.5% for fiscal 2025 and fiscal 2024, respectively.

(4)For purposes of calculating adjusted net income and adjusted Diluted EPS, all adjustments were taxed at an adjusted tax rate of 26.5% and 16.9% for fiscal 2024 and fiscal 2023, respectively.

(5)Primarily related to asset impairments.

Liquidity and Capital Resources

As of August 31, 2024, Cash and cash equivalents were $423.0 million, compared with $425.4 million as of August 31, 2023. Our cash and cash equivalents are held in numerous locations throughout the world, with $160.2 million in the Americas, $157.6 million in EMEA (predominantly in the UK) and the remaining $105.2 million in Asia Pacific (predominantly in the Philippines and India) as of August 31, 2024.

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AsLiquidity ofand ~~August 31,~~Capital 2024, we have $306.6 million of undistributed foreign earnings of which $87.7 million are permanently reinvested. It is not practicable to determine the deferred tax liability that would be payable if these permanently reinvested earnings were repatriated to the U.S. As of August 31, 2024, we have recorded a deferred tax liability of $3.6 million, which represents the future tax consequences that are expected upon the ultimate repatriation of earnings that are not permanently reinvested. Resources

~~Our~~As ~~cash~~of ~~flows~~August 31, ~~provided by operating activities~~2025, ~~existing~~Cash ~~cash~~ and cash equivalents, ~~supplemented~~were ~~with~~$337.7 ~~our~~million ~~debt~~and ~~borrowings,~~restricted ~~have~~cash ~~been~~was ~~sufficient~~$14.0 tomillion, ~~fund~~compared ~~our~~with ~~operations~~Cash ~~while~~and ~~allowing~~cash usequivalents ~~to invest in activities that support the long-term growth~~ of ~~our operations~~$423.0 ~~Generally,~~million ~~some~~as ~~or all~~ of ~~our~~August 31, ~~remaining~~2024. ~~available~~Refer ~~cash flows have been used~~ to, ~~among~~Summary ~~other~~of ~~things,~~Cash ~~service~~Flows ~~our~~within ~~existing~~this ~~and~~section ~~future debt obligations~~below, ~~satisfy~~for ~~our~~more ~~working~~information ~~capital~~on ~~requirements~~cash ~~and~~flows ~~fund~~during ~~various~~fiscal ~~activities,~~2025 ~~including our capital expenditures, acquisitions, investments, dividend payments~~ and ~~repurchases of our common stock~~2024. ~~Based~~Our onCash ~~past performance~~ and ~~current~~cash ~~expectations,~~equivalents weas ~~believe our sources~~ of ~~liquidity~~August 31, ~~including~~2025 ~~the~~are ~~available~~held ~~capacity~~in ~~under~~numerous ~~our~~locations ~~existing~~throughout ~~revolving~~the ~~credit~~world, ~~facility~~with ~~and~~$169.8 ~~other~~million ~~financing~~in ~~alternatives,~~EMEA ~~will~~(with ~~provide us~~ the ~~necessary~~largest ~~capital~~balance toheld ~~fund~~in ~~these~~the ~~transactions~~UK), ~~and~~$106.1 ~~achieve~~million ~~our~~in ~~planned growth for~~ the ~~next~~Americas ~~twelve months~~ and the ~~foreseeable~~remaining ~~future~~$61.8 Wemillion ~~are exposed to credit risk for our cash and cash equivalents held~~ in ~~financial~~Asia ~~institutions~~Pacific in(with the ~~event~~largest ofbalance aheld ~~default, to the extent that such amounts are~~ in ~~excess of applicable insurance limits; however, we do not believe our concentration of cash and cash equivalents presents a significant credit risk as~~ the ~~counterparties to the instruments consist of multiple high-quality, credit-worthy financial institutions~~Philippines).

As of August 31, 2025, we had $486.9 million of undistributed foreign earnings of which $69.1 million are permanently reinvested. It is our intent to permanently reinvest all foreign undistributed earnings, except in jurisdictions where earnings can be repatriated substantially free of tax. It is not practicable to determine the deferred tax liability that would be payable if these earnings were repatriated to the U.S.

Our cash flows provided by operating activities, existing cash and cash equivalents, supplemented with our debt borrowings, have been sufficient to fund our operations while allowing us to invest in activities that support the long-term growth of our operations. Generally, some or all of our remaining available cash flows have been used to, among other things, service our existing and future debt obligations, satisfy our working capital requirements and fund various activities, including our capital expenditures, acquisitions, investments, dividend payments and repurchases of our common stock. Based on past performance and current expectations, we believe our sources of liquidity, including the available capacity under our existing revolving credit facility and other financing alternatives, will provide us the necessary capital to fund these transactions and achieve our planned growth for the next 12 months and the foreseeable future. We are exposed to credit risk for our cash, cash equivalents and restricted cash held in financial institutions in the event of a default, to the extent that such amounts are in excess of applicable insurance limits; however, we do not believe our concentration of cash, cash equivalents and restricted cash presents a significant credit risk as the counterparties to the instruments consist of multiple high-quality, credit-worthy financial institutions.

Sources of Liquidity

Debt and Swap Agreements

~~2022~~2025 Credit Agreement

On ~~March~~April 18, ~~2022~~2025, we entered into a credit agreement (the "~~2022~~2025 Credit Agreement") and borrowed ~~an aggregate principal amount of~~ $1500.0 ~~billion~~million under ~~its~~a senior unsecured term loan credit facility (the "~~2022~~2025 Term Facility") ~~and $250~~.0 ~~million~~We ofused the ~~available~~proceeds ~~$500.0~~from ~~million under its senior unsecured revolving credit facility (~~the ~~"2022~~2025 ~~Revolving~~Term Facility" ~~and,~~borrowing ~~together~~to ~~with~~repay the ~~2022~~outstanding ~~Term~~balance ~~Facility,~~under the "2022 ~~Credit Facilities"). The 2022 Term Facility matures on March 1, 2025, and the 2022~~ Revolving Facility ~~matures~~(as ondefined ~~March 1, 2027~~below). The ~~2022~~2025 ~~Revolving~~Credit ~~Facility~~Agreement ~~allows~~also provides for ~~the~~a ~~availability of up to~~ $~~100~~1.0 ~~million~~billion insenior ~~the~~unsecured ~~form~~revolving ~~of letters of~~ credit ~~and~~facility ~~up to $50.0 million in~~ (the ~~form~~"2025 ofRevolving ~~swingline loans~~Facility"). WeThe ~~may~~2025 ~~seek~~Revolving ~~additional~~Facility, ~~commitments~~together ofwith ~~up to $750.0 million under~~ the ~~2022~~2025 ~~Revolving~~Term Facility, ~~from~~are ~~lenders~~referred orto ~~other~~as ~~financial~~the ~~institutions~~"2025 Credit Facilities".

WeThe ~~used~~2025 ~~these~~Term ~~borrowings~~Facility matures on April 8, ~~along~~2028, ~~with~~and the ~~net~~2025 ~~proceeds~~Revolving ~~from~~Facility ~~the~~matures ~~issuance~~on ofApril 8, 2030. The 2025 Revolving Facility provides for up to $100.0 million in the ~~Senior~~form ~~Notes~~of ~~(as~~letters ~~defined~~of ~~below)~~credit and ~~cash~~up onto ~~hand,~~$100.0 tomillion ~~finance~~in the ~~consideration~~form ~~for~~of ~~the~~swingline ~~CGS~~loans. ~~acquisition,~~We tomay ~~repay~~seek ~~prior~~additional ~~outstanding~~commitments ~~borrowings~~of ~~and~~up to ~~pay~~$1.0 ~~related~~billion ~~transaction~~under ~~fees,~~the ~~costs~~2025 ~~and~~Revolving ~~expenses.~~Facility from lenders or other financial institutions.

WeThe ~~may~~2025 ~~voluntarily~~Term ~~prepay~~Facility ~~loans~~is ~~under~~subject ~~the~~to ~~2022~~scheduled ~~Credit~~quarterly ~~Facilities~~principal atpayments, ~~any~~commencing ~~time~~on ~~without~~August 31, ~~premium~~2025, orwith ~~penalty.~~each ~~During~~quarterly ~~fiscal~~principal ~~2024,~~payment weequal ~~repaid~~to ~~$250~~1.025% ~~million~~of ~~under~~the original principal amount of the ~~2022~~2025 Term Facility,. ~~inclusive~~The of2025 ~~voluntary~~Credit ~~prepayments~~Facilities ofare ~~$200.0~~not ~~million.~~otherwise ~~Since~~subject ~~loan~~to ~~inception~~any onother ~~March 1,~~mandatory ~~2022,~~repayments. weWe ~~have~~may ~~repaid~~voluntarily ~~$875.0~~prepay ~~million~~loans under the ~~2022~~2025 ~~Term~~Credit ~~Facility,~~Facilities ~~inclusive~~at ofany ~~voluntary~~time ~~prepayments~~without ofpremium ~~$762.5~~or ~~million~~penalty. AsPrepayments of ~~August 31,~~the ~~2024,~~2025 weTerm ~~had~~Facility ~~short-term~~shall ~~liquidity~~be ~~requirements~~applied ~~of $125.0 million related~~ to ~~the~~reduce ~~outstanding balance of~~ the ~~2022~~subsequent ~~Term~~scheduled ~~Facility~~quarterly ~~which~~principal ~~becomes~~payments ~~due~~in ~~March~~direct 1,order ~~2025~~of maturity.

~~From~~During ~~the~~fiscal ~~borrowing date through November 30~~2025, ~~2023,~~we ~~the~~repaid ~~outstanding~~$125.0 ~~borrowings~~million under the ~~2022~~2025 ~~Credit Facilities bore interest at a rate equal to the applicable one-month~~ Term ~~Secured Overnight Financing Rate ("SOFR") plus a 1~~Facility.1% ~~spread~~This ~~(comprised~~included ~~of a 1~~$68.0%8 ~~interest~~million ~~rate~~to ~~margin~~satisfy ~~based~~all onscheduled aquarterly ~~debt~~principal ~~leverage~~payments ~~pricing~~from ~~grid~~loan ~~plus~~inception athrough ~~0.1% credit spread adjustment). From December 1~~maturity, ~~2023~~eliminating ~~through~~any ~~August 31,~~future ~~2024,~~mandatory ~~the~~quarterly ~~spread~~principal ~~decreased~~payment ~~to 0~~requirements.~~975%~~ ~~(comprised~~The ofremaining ~~a 0~~$56.~~875%~~2 ~~interest~~million ~~rate~~was ~~margin~~made ~~based~~as on a ~~debt~~voluntary ~~leverage pricing grid plus a 0~~prepayment.1% ~~credit~~From ~~spread~~the ~~adjustment).~~effective ~~Interest~~date onof the ~~2022~~2025 ~~Credit~~Revolving ~~Facilities~~Facility isthrough ~~currently~~August 31, ~~payable~~2025, onwe ~~the~~have ~~last~~had ~~business~~no ~~day~~borrowings ofunder ~~each~~the ~~month,~~2025 inRevolving ~~arrears~~Facility.

~~Additionally~~From the borrowing date through August 31, we2025, ~~pay~~the outstanding borrowings under the 2025 Credit Facilities bore interest at a ~~commitment~~rate ~~fee~~equal onto the ~~daily~~applicable ~~unused~~one-month ~~amount~~Term Secured Overnight Financing Rate ("SOFR") plus a 0.975% spread (comprised of ~~the~~a ~~2022~~0.875% ~~Revolving~~interest ~~Facility~~rate ~~using~~margin, based on a pricing grid ~~based~~determined onby reference to our senior unsecured non-credit enhanced long-term debt rating and our total leverage ratio~~. From the borrowing date through November 30~~, ~~2023,~~plus ~~the~~a ~~commitment fee was~~ 0.~~125%, which subsequently decreased to 0.~~1% ~~through~~credit ~~August 31,~~spread ~~2024~~adjustment).

The 2022 Credit Agreement contains usual and customary event of default provisions for facilities of this type, which are subject to usual and customary grace periods and materiality thresholds. If an event of default occurs under the 2022 Credit Agreement, the lenders may, among other things, terminate their commitments and declare all outstanding borrowings immediately due and payable.

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~~The~~We ~~2022~~pay ~~Credit~~a ~~Agreement~~commitment ~~contains~~fee ~~usual~~on ~~and~~the ~~customary~~daily ~~affirmative~~unused ~~and~~amount ~~negative~~of ~~covenants~~the ~~for~~2025 ~~facilities~~Revolving ofFacility ~~this~~using ~~type, including~~ a ~~financial~~pricing ~~covenant~~grid ~~requiring~~based ~~maintenance~~on ofour asenior ~~total~~unsecured ~~leverage~~non-credit ~~ratio~~enhanced oflong-term nodebt ~~greater~~rating ~~than~~and ~~3.50~~our tototal ~~1.00~~leverage ~~as of August 31, 2024~~ratio. WeThe ~~were~~commitment infee ~~compliance~~remained ~~with~~consistent ~~all~~at ~~covenants~~0.1% ~~and~~through ~~requirements of the 2022 Credit Agreement as of~~ August 31, ~~2024~~2025.

~~Refer~~Debt issuance costs related to ~~Part~~the ~~II,~~2025 ~~Item~~Credit 8Facilities were $3.4 ~~Note~~million. ~~12,~~These ~~Debt,~~debt issuance costs are presented in the ~~Notes~~Consolidated toBalance Sheets as a direct deduction from the ~~Consolidated~~carrying ~~Financial~~amount ~~Statements~~of ~~included~~the debt liability for the 2025 Term Facility and within Other assets for the 2025 Revolving Facility. Debt issuance costs are amortized to Interest expense in ~~this~~the ~~Annual~~Consolidated ~~Report~~Statements of Income on ~~Form~~a 10straight-Kline ~~for~~basis ~~further~~over ~~discussion~~the contractual term of the ~~2022~~debt ~~Credit~~(which ~~Agreement~~approximates the effective interest method for the 2025 Term Facility).

The 2025 Credit Agreement contains usual and customary event of default provisions for facilities of this type, which are subject to usual and customary grace periods and materiality thresholds. If an event of default occurs under the 2025 Credit Agreement, the lenders may, among other things, terminate their commitments and declare all outstanding borrowings immediately due and payable.

The 2025 Credit Agreement contains usual and customary affirmative and negative covenants for facilities of this type, including a financial covenant requiring maintenance of a total leverage ratio of no greater than 3.75 to 1.00 as of the last day of each fiscal quarter (subject to an increase to 4.25 to 1.00 for five consecutive fiscal quarters in connection with certain material acquisitions). We were in compliance with all covenants and requirements of the 2025 Credit Agreement as of August 31, 2025.

2022 Credit Agreement

On March 1, 2022, we entered into a credit agreement (the "2022 Credit Agreement") and borrowed $1.0 billion under a senior unsecured term loan credit facility (the "2022 Term Facility") and $250.0 million of the available $500.0 million under a senior unsecured revolving credit facility (the "2022 Revolving Facility"). The 2022 Revolving Facility, together with the 2022 Term Facility, are referred to as the "2022 Credit Facilities". On January 31, 2025, we entered into a joinder agreement to our 2022 Credit Agreement pursuant to which commitments under the 2022 Revolving Facility were increased by $100.0 million, to a total of $600.0 million. All other terms of the 2022 Credit Agreement remained unchanged.

The 2022 Term Facility, originally due to mature on March 1, 2025, was repaid in full following $125.0 million of repayments made during the six months ended February 28, 2025. During fiscal 2025, we borrowed $305.0 million and repaid $555.0 million under the 2022 Revolving Facility. The 2022 Credit Agreement was terminated on April 8, 2025, concurrent with entering into the 2025 Credit Agreement.

Borrowings previously outstanding under the 2022 Credit Facilities bore interest at a rate equal to the applicable one-month Term SOFR plus a spread, using a debt leverage pricing grid and a credit spread adjustment (with total spread ranging from 0.975% to 1.1% over the term of the debt).

Interest Rate Swap Agreements

We leverage interest rate swap agreements to manage our floating interest rate exposure with a fixed interest rate. Our interest rate swap agreements are designated as cash flow hedges at inception.

2025 Swap Agreement

On April 24, 2025, we entered into an interest rate swap agreement ("2025 Swap Agreement") with a notional amount of $200.0 million to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 4.086%. The notional amount of the 2025 Swap Agreement declines by $50.0 million on a quarterly basis beginning May 31, 2025 and matures on February 28, 2026. As of August 31, 2025, the notional amount of the 2025 Swap Agreement was $100.0 million.

2024 Swap Agreement

On March 1, 2024, we entered into an interest rate swap agreement ("2024 Swap Agreement") with a notional amount of $200.0 million to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 5.145%. ~~Refer~~The tonotional ~~Part~~amount ~~II,~~of ~~Item 8. Note 5, Derivative Instruments, in~~ the ~~Notes~~2024 toSwap ~~the~~Agreement ~~Consolidated~~declined ~~Financial~~by ~~Statements~~$50.0 ~~included~~million inon ~~this~~a ~~Annual~~quarterly ~~Report~~basis onbeginning ~~Form 10-K~~May 31, ~~for~~2024. ~~more~~The ~~information on the~~ 2024 Swap Agreement matured on February 28, 2025.

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2022 Swap Agreement

On March 1, 2022, we entered into an interest rate swap agreement (~~the~~ "2022 Swap Agreement") with a notional amount of $800.0 million to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 1.162%. The notional amount of the 2022 Swap Agreement ~~matured~~declined onby ~~February 28, 2024~~$100.0 ~~Refer~~million toon ~~Part~~a ~~II,~~quarterly ~~Item~~basis 8.beginning ~~Note~~May 531, ~~Derivative~~2022. ~~Instruments,~~The in2022 ~~the~~Swap ~~Notes~~Agreement tomatured ~~the Consolidated Financial Statements included in this Annual Report~~ on ~~Form 10-K~~February 28, ~~for more information on the 2022 Swap Agreement~~2024.

Refer to Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk, in this Annual Report on Form 10-K, for further discussion of our exposure to interest rate risk on our outstanding floating rate debt.

Senior Notes

On March 1, 2022, we completed a public offering ofissuing $500.0 million ~~aggregate principal amount~~ of 2.900% Senior Notes due March 1, 2027 (the "2027 Notes") and $500.0 million ~~aggregate principal amount~~ of 3.450% Senior Notes due March 1, 2032 (the "2032 Notes" and, together with the 2027 Notes, the "Senior Notes"). The Senior Notes were issued pursuant to an indenture, dated as of March 1, 2022, by and between us and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"), as supplemented by the supplemental indenture, dated as of March 1, 2022, between us and the Trustee (the "Supplemental Indenture"). ~~Interest on the Senior Notes is payable semiannually in arrears on March 1 and September 1 of each year.~~

The Senior Notes were issued at an aggregate discount of $2.8 million and we incurred approximately $9.1 million in debt issuance costs during fiscal 2022. Debt discounts and debt issuance costs are presented in the Consolidated Balance Sheets as a net direct deduction from the carrying amount of the debt liability. The debt discounts and debt issuance costs are amortized to Interest expense in the Consolidated Statements of Income over the contractual term of the debt, leveraging the effective interest method.

Interest on the Senior Notes is payable semiannually in arrears on March 1 and September 1 of each year.

We may redeem the Senior Notes, in whole or in part, at any time at specified redemption prices, plus any accrued and unpaid interest. Upon the occurrence of a change of control triggering event (as defined in the Supplemental Indenture), we must offer to repurchase the Senior Notes at 101% of their principal amount, plus any accrued and unpaid interest.

Uses of Liquidity

Returning Value to Stockholders

We returned $~~385~~460.94 million and $~~315~~385.39 million to our stockholders in the form of share repurchases and dividends during fiscal ~~2024~~2025 and ~~2023~~2024, respectively.

Dividends

During fiscal 2024 and 2023, we paid dividends of $150.7 million and $138.6 million, respectively. In the third quarter of fiscal 2024, our Board of Directors approved a 6% increase in the regular quarterly dividend from $0.98 to $1.04 per share. Fiscal 2024 marked the 25th consecutive fiscal year we have increased dividends on a stock split-adjusted basis, highlighting our continued commitment to returning value to our stockholders. Future cash dividend payments are subject to final determination by our Board of Directors and will depend on our earnings, capital requirements, financial condition and other relevant factors.

Share Repurchase Program

We may repurchase shares of our common stock under our share repurchase program from time-to-time in the open market or via privately negotiated transactions, subject to market conditions. We suspended our share repurchase program beginning in the second quarter of fiscal 2022, with the exception of potential minor repurchases to offset dilution from grants of equity awards or repurchases to satisfy withholding tax obligations due upon the vesting of stock-based awards, to prioritize the repayment of debt under the 2022 Credit Facilities. We resumed our share repurchase program in the third quarter of fiscal 2023. During fiscal ~~2024~~2025 and ~~2023~~2024, we repurchased ~~537~~684,~~800~~960 shares for $~~235~~300.25 million and ~~430~~537,~~350~~800 shares for $~~176~~235.72 million, respectively.

39There is no defined number of shares to be repurchased over a specified timeframe through the life of our share repurchase program. On September 17, 2024, our Board of Directors approved a new share repurchase authorization of up to $300 million in aggregate, which was available during fiscal 2025. This authorization expired upon the conclusion of fiscal 2025 and was not available for share repurchases after that date.

On June 17, 2025, our Board of Directors authorized up to $400 million for share repurchases on or after September 1, 2025 through September 30, 2026.

Refer to Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, of this Annual Report on Form 10-K for further discussion on our share repurchase program.

Dividends

During fiscal 2025 and 2024, we paid dividends of $160.0 million and $150.7 million, respectively. In the third quarter of fiscal 2025, our Board of Directors approved a 6% increase in the regular quarterly dividend from $1.04 to $1.10 per share. Fiscal 2025 marked the 26th consecutive fiscal year we have increased dividends on a stock split-adjusted basis, highlighting our continued commitment to returning value to our stockholders. Future cash dividend payments are subject to final determination by our Board of Directors and will depend on our earnings, capital requirements, financial condition and other relevant factors.

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There is no defined number of shares to be repurchased over a specified timeframe through the life of our share repurchase program. We had $64.8 million that remained authorized under our share repurchase program as of August 31, 2024, all of which expired upon the conclusion of fiscal 2024 and was not available for share repurchases after that date.

On September 17, 2024, our Board of Directors approved a new share repurchase authorization of up to $300 million in aggregate, which will be available during fiscal 2025. Refer to Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, of this Annual Report on Form 10-K for further discussion on our share repurchase program.

Capital Expenditures

For the year ended August 31, ~~2024~~2025, capital expenditures increased by 4127.0% to $85108.78 million, compared with $6085.87 million in fiscal ~~2023~~2024. This increase was primarily due to higher ~~expenditures~~capitalized costs related to the development of ~~capitalized~~our internal-use software.

Acquisitions

Our acquisitions with the most significant cash flows from fiscal ~~2022~~2023 through fiscal ~~2024~~2025 included ~~CGS~~Liquid Holdings, LLC ("LiquidityBook") and ~~Cobalt~~Platform ~~Software,~~Group ~~Inc.~~Limited ("~~Cobalt~~Irwin"). Refer to Part II, Item 8. Note 65, Acquisitions in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further discussion of ~~the~~these ~~CGS and Cobalt~~ acquisitions ~~and Note 19, Subsequent Events, for information on our proposed acquisition of Platform Group Limited ("Irwin")~~.

~~CUSIP Global Services~~LiquidityBook

On ~~March 1,~~February ~~2022~~7, 2025 we completed the acquisition of ~~CGS~~LiquidityBook for a ~~cash~~ purchase price of $1243.~~932~~2 ~~billion~~million, ~~inclusive~~net of ~~working~~cash ~~capital~~acquired, ~~adjustments.~~and ~~CGS~~inclusive ~~manages a database~~ of 60preliminary ~~different~~working ~~data~~capital ~~elements uniquely identifying more than 50 million global financial instruments~~adjustments. ItThe ispurchase ~~the~~price ~~foundation~~includes ~~for~~contingent ~~security~~consideration ~~master~~of ~~files relied on by critical front, middle and back-office functions~~$11.9 ~~CGS~~million, ~~operating~~which onreflects ~~behalf of~~ the ~~ABA,~~acquisition isdate ~~the~~fair ~~exclusive~~value ~~issuer~~ of ~~Committee~~potential onfuture ~~Uniform~~payments ~~Security~~that ~~Identification~~are ~~Procedures~~contingent ~~("CUSIP")~~upon ~~and CUSIP International Number System ("CINS") identifiers globally and also acts as~~ the ~~official~~achievement ~~numbering~~of ~~agency~~certain ~~for~~specified ~~International Securities Identification Number ("ISIN") identifiers in the United States and as a substitute number agency for more than 30 other countries~~milestones. ~~We acquired CGS to expand our critical role in the global capital markets.~~

~~Cobalt~~LiquidityBook ~~Software~~provides cloud-native trading solutions to hedge fund, ~~Inc~~asset and wealth management, outsourced trading, and sell-side middle office clients. LiquidityBook operates a proprietary FIX network that enables streamlined connectivity to over 200 brokers and order routing to more than 1,600 destinations across 80 markets globally. This acquisition adds technology-forward order management and investment book of record capabilities and enhances FactSet’s ability to serve the integrated workflow needs of clients across the portfolio life cycle.

On October 12, 2021, we acquired all of the outstanding shares of Cobalt for a purchase price of $50.0 million, net of cash acquired and inclusive of working capital adjustments. Cobalt is a leading portfolio monitoring platform for the private capital industry. We acquired Cobalt to scale our data and workflow solutions through targeted investments as part of our multi-year investment plan and to expand our private markets offering.Irwin

On November 5, 2024, we completed the acquisition of Irwin for a purchase price of $120.2 million, net of cash acquired, and inclusive of working capital adjustments. The purchase price includes contingent consideration of $9.6 million, which reflects the acquisition date fair value of potential future payments that are contingent upon the achievement of certain specified milestones. We finalized the purchase accounting for the Irwin acquisition during the third quarter of fiscal 2025.

Irwin is a leading investor relations and capital markets platform for public companies and their advisors. This acquisition builds on a recent successful partnership between FactSet and Irwin, and expands our ability to address the holistic workflow needs of investor relations professionals with an integrated, modern solution.

Contractual Obligations

Purchase obligations represent our legally-binding agreements to purchase fixed or minimum quantities at determinable prices. As of August 31, ~~2024~~2025 and ~~2023~~2024, we had total purchase obligations with suppliers and vendors of approximately $~~382.6~~352 million and $~~362.2~~383 million, respectively. Our total purchase obligations as of August 31, ~~2024~~2025 and ~~2023~~2024 primarily related to hosting services, acquisition of data and, to a lesser extent, third-party software providers.

We also have contractual obligations related to our lease liabilities and outstanding debt. Refer to Part II, Item 8. Note 1110, Leases and Note 1211, Debt in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for information regarding our lease commitments and outstanding debt obligations, respectively.

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Summary of Cash Flows

The following table provides a summary of our net cash flow activity for the fiscal years presented:

	Years ended August 31,
(dollar amounts in thousands)	~~2024~~2025		~~2023~~2024		$ Change
Net cash provided by operating activities	$	~~700~~726,~~338~~260	$	~~645~~700,~~573~~338	$	5425,~~765~~922
Net cash provided by (used in) investing activities	(~~144~~392,~~317~~773)		(95144,~~393~~317)		(48248,~~924~~456)
Net cash provided by (used in) financing activities	(~~560~~407,~~850~~821)		(~~632~~560,~~024~~850)		71153,~~174~~029
Effect of exchange rate changes on cash and cash equivalents	2,364		4,015		(1,651)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,050		2,364		686
Net increase (decrease) in cash and cash equivalents	$	(2,465)	$	(77,829)	$	75,364
Net increase (decrease) in cash, cash equivalents and restricted cash	$	(71,284)	$	(2,465)	$	(68,819)

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Operating

For fiscal ~~2024~~2025, net cash provided by operating activities was $~~700~~726.3 million, which included net income of $~~537~~597.10 million, non-cash charges of $~~191~~235.70 million and a net cash outflow of $28105.57 million to support our working capital requirements. The non-cash charges were primarily driven by depreciation and amortization ~~and, to a lesser extent, stock-based compensation expense~~. The change in our working capital was primarily driven by cash outflows related to ~~lease~~ payments ~~and~~to ~~prepaid~~resolve ~~expenses,~~the ~~partially~~Sales ~~offset~~Tax byDispute, ~~the~~ timing of vendor payments toand ~~vendors~~client collections, as well as lease payments.

For fiscal ~~2023~~2024, net cash provided by operating activities was $~~645~~700.63 million, which included net income of $~~468~~537.21 million, non-cash charges of $~~194~~201.6 million and a net cash outflow of $1738.24 million to support our working capital requirements. The non-cash charges were primarily driven by depreciation and amortization, ~~stock-based compensation expense~~ and, ~~amortization~~to ofa ~~lease~~lesser ~~ROU assets~~extent, ~~partially~~stock-based ~~offset~~compensation ~~by deferred income taxes~~expense. The ~~net~~change ~~cash outflow~~ in our working capital was primarily ~~due to an increase in accounts receivable~~ driven by ~~sales~~cash ~~and~~outflows ~~the~~related ~~timing~~to oflease ~~client~~ payments and ~~cash~~prepaid ~~outflows for lease payments~~expenses, partially offset by anthe ~~increase in net taxes payable due to an out-of-period adjustment related to a review and analysis of certain tax positions and~~ timing of ~~tax~~ payments into ~~certain jurisdictions~~vendors.

Investing

For fiscal ~~2024~~2025, net cash used in investing activities was $~~144~~392.38 million. The cash used in investing activities ~~was~~ primarily consisted of $348.3 million of acquisition-related consideration related mainly to ~~capital~~the ~~expenditures~~Irwin ofand LiquidityBook transactions, $85108.78 million of capital expenditures mainly driven by the capitalization of internal-use software development costs, ~~and~~partially offset by $58.62 million in ~~investments,~~proceeds ~~primarily~~from ~~related~~our toinvestments ~~the~~in ~~purchase of~~ mutual funds.

For fiscal ~~2023~~2024, net cash used in investing activities was $95144.43 million,. ~~mainly~~The ~~driven~~cash byused ~~capital~~in ~~expenditures~~investing ofactivities ~~$60.8~~was ~~million,~~ primarily ~~due~~related to ~~capitalization~~capital expenditures of ~~compensation~~$85.7 ~~costs~~million, ~~related~~mainly todriven ~~development~~by ofthe ~~capitalized~~capitalization of internal-use software ~~and,~~development tocosts ~~a lesser extent, investments in network-related equipment, mainly at our data centers~~ and ~~laptops~~$58.6 ~~Cash~~million ~~used~~ in ~~investing~~investments, ~~activities~~primarily ~~was~~related ~~also~~to ~~driven by~~ the ~~acquisition~~purchase of amutual ~~business for $23~~funds.~~6 million.~~

Financing

For fiscal 2025, net cash used in financing activities was $407.8 million, consisting mainly of $805.0 million related primarily to the repayment of the 2022 Credit Facilities, $300.5 million of share repurchases and $160.0 million of dividend payments, partially offset by $803.4 million of proceeds from borrowings under the 2025 Term Facility and the 2022 Revolving Facility, in periods prior to its termination, and $81.7 million of proceeds from employee stock plans.

For fiscal 2024, net cash used in financing activities was $560.9 million, consisting mainly of $250.0 million related to the partial repayment of the 2022 Term Facility, $235.2 million of share repurchases and $150.7 million of dividend payments, partially offset by $91.7 million of proceeds from employee stock plans.

For fiscal 2023, net cash used in financing activities was $632.0 million, consisting mainly of $375.0 million related to the partial repayment of the 2022 Term Facility, $176.7 million of share repurchases and $138.6 million of dividend payments, partially offset by $72.0 million of proceeds from employee stock plans.

Free Cash Flow

We define free cash flow, a non-GAAP financial measure, as cash provided by operating activities, less purchases of property, equipment and leasehold improvements ("PPE") and capitalized internal-use software. We believe free cash flow is a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures, can be used for strategic opportunities, including returning value to stockholders, investing in our business, making strategic acquisitions, and strengthening the balance sheet. Free cash flow should be considered in addition to, ~~rather than as a substitute for,~~ consolidated net income ~~as a measure of our performance~~ and net cash provided by operating activities, but should not be used as a ~~measure~~substitute for these key measures of our performance and liquidity.

The following table reconciles our net cash provided by operating activities to free cash flow:


	Years ended August 31,
(dollar amounts in thousands)	2025		2024		$ Change
Net cash provided by operating activities	$	726,260	$	700,338	$	25,922
Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software	(108,806)		(85,681)		(23,125)
Free cash flow	$	617,454	$	614,657	$	2,797

We generated free cash flow of $617.5 million during fiscal 2025, an increase of $2.8 million compared with fiscal 2024. This increase was driven by $25.9 million in cash provided by operating activities, partially offset by higher PPE mainly from capitalized costs related to the development of our internal-use software.

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	Years ended August 31,
(dollar amounts in thousands)	2024		2023		$ Change
Net cash provided by operating activities	$	700,338	$	645,573	$	54,765
Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software	(85,681)		(60,786)		(24,895)
Free cash flow	$	614,657	$	584,787	$	29,870

We generated free cash flow of $614.7 million during fiscal 2024, an increase of $29.9 million compared with fiscal 2023. This increase was driven by higher cash provided by operating activities, mainly due to an increase in net income, partially offset by higher capitalized costs mainly related to the development of our internal-use software.

Off-Balance Sheet Arrangements

As of August 31, ~~2024~~2025 and August 31, ~~2023~~2024, we had no off-balance sheet financing other than letters of credit incurred in the ordinary course of business. Refer to Part II, Item 8. Note 1211, Debt and Note 1312, Commitments and Contingencies in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our letters of credit.

As of August 31, ~~2024~~2025 and August 31, ~~2023~~2024, we also had no other arrangements with unconsolidated entities or financial partnerships (such as entities often referred to as structured finance or special purpose entities) established for purposes of facilitating off-balance sheet financing, other debt arrangements, or other contractually limited purposes.

Foreign Currency Exposure

The following table summarizes the gross notional value of our foreign currency forward contracts to purchase the respective local currency with U.S. dollars as of August 31, 2024 and August 31, 2023:

	August 31, 2024				August 31, 2023
(in thousands)	Local Currency Amount		Notional Contract Amount (USD)		Local Currency Amount		Notional Contract Amount (USD)
Indian Rupee	£	4,651,351	$	55,200	£	3,363,150	$	40,300
British Pound Sterling	€	41,200	52,372		€	45,000	56,098
Euro	Rs	43,800	48,183		Rs	39,000	42,646
Philippine Peso	₱	1,850,674	32,400		₱	1,888,541	33,600
Total			$	188,155			$	172,644

Refer to Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in this Annual Report on Form 10-K for more information on our foreign currency exposures.

Critical Accounting Estimates

We prepare the Consolidated Financial Statements in conformity with GAAP, which requires us to make certain estimates and apply ~~judgements~~judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. We base our estimates on historical experience and other assumptions that we believe to be reasonable at the time the Consolidated Financial Statements are prepared and, as such, they may ultimately differ materially from actual results.

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We describe our significant accounting policies in Part II, Item 8. Note 2, Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K.

The Audit Committee of our Board of Directors reviews the development and selection of our critical accounting estimates. The critical accounting estimates and judgments that we believe to have the most significant impacts to our Consolidated Financial Statements are described below.

Income Taxes

We are subject to taxation in the ~~United~~U.S. ~~States~~ and various state, local and foreign jurisdictions in which we conduct our business. Our provision for income taxes is an estimate based on our understanding of laws in these federal, state, local and foreign tax jurisdictions. These laws can be complicated and are difficult to apply to any business. The tax laws also require us to allocate our taxable income to many jurisdictions based on subjective allocation methodologies and information collection processes. Our effective tax rate differs from the statutory rate primarily due to the impact of state taxes, foreign operations, R&D and other tax credits, tax audit settlements, the tax benefit from stock option exercises and the FDII tax deduction.

Our provision for income taxes is subject to volatility and could be adversely impacted by numerous factors such as changes in earnings or tax laws, regulations, or accounting principles, including accounting for uncertain tax positions or interpretations of them. Significant judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and unrecognized tax benefits.

Further, as a result of certain ongoing employment and capital investment actions and commitments, our income in certain countries is subject to reduced tax rates. Our failure to meet these employment and capital investment actions and commitments could adversely affect our provision for income taxes. In addition, we are subject to the continuous examination of our income tax returns by the Internal Revenue Service and other tax authorities. We regularly assess the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes. There can be no assurance that the outcomes from these continuous examinations will not adversely impact our operating results and financial condition.

Significant judgment is required in determining our uncertain tax positions. We follow a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not (defined as a likelihood of more than 50%) that a tax position will be sustained based on its technical merits as of the reporting date. The second step, for those positions that meet the recognition criteria, is to measure and recognize the largest amount of benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority. As the determination of liabilities related to uncertain tax positions and associated interest and penalties requires significant estimates and assumptions, there can be no assurance that we will accurately predict the outcomes of these audits. For this reason and due to ongoing audits by multiple tax authorities, we regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. We adjust these reserves in light of changing facts and circumstances, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. We accrue interest on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. The Provision for income taxes on our Consolidated Statements of Income includes the impact of changes to reserves and any related interest. We have no reason to believe that such audits will result in the payment of additional taxes and/or penalties that would have a material adverse effect on our results of operations or financial position, beyond current estimates.

Refer to Part II, Item 8. Note 10, Income Taxes in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further information.

Stock-based Compensation

We measure and recognize stock-based compensation expense for all stock-based awards granted to our employees and our non-employee members of the Board of Directors ("non-employee directors") based on their estimated grant date fair value. To estimate the grant date fair value, we utilize a lattice-binomial option-pricing model ("binomial model") for our employee stock options and the Black-Scholes model for non-employee directors stock options and common stock purchased by eligible employees under our Employee Stock Purchase Plan. Both models involve certain estimates and subjective assumptions regarding our stock price volatility, the expected life of the award, the term selected for the risk-free rate and the expected dividend yield. The binomial model also incorporates market conditions, vesting restrictions and exercise patterns.

Our performance share units ("PSUs") require management to make assumptions regarding the probability of achieving specified performance levels established at the time of grant, which are reviewed on a quarterly basis. The ultimate number of

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~~common~~criteria, ~~shares~~is to measure and recognize the largest amount of benefit that ~~may~~is greater than 50% likely of being realized upon effective settlement with a taxing authority. As the determination of liabilities related to uncertain tax positions and associated interest and penalties requires significant estimates and assumptions, there can be ~~earned~~no ~~from~~assurance that we will accurately predict the outcomes of these audits. For this reason and due to ongoing audits by multiple tax authorities, we regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. We adjust these reserves in light of changing facts and circumstances, such as the closing of a ~~PSU~~tax audit or the refinement of an estimate. To the extent that the final outcome of these matters is ~~determined~~different ~~pursuant~~than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. We accrue interest on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. The Provision for income taxes on our Consolidated Statements of Income includes the impact of changes to reserves and any related interest. We have no reason to believe that such audits will result in the payment of additional taxes and/or penalties that would have a ~~payout~~material ~~range~~adverse ~~based~~effect on ~~the~~our ~~achievement~~results of ~~specified~~operations ~~performance~~or ~~levels~~financial position, beyond current estimates.

Refer to Part II, Item 8. Note 9, Income Taxes in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further information.

Stock-based Compensation

We measure and recognize stock-based compensation expense for all stock-based awards and purchases of common stock under the employee stock purchase plan ("ESPP") based on their estimated grant date fair value.

We utilize a lattice-binomial option-pricing model ("binomial model") to estimate the grant date fair value for our employee stock options and the Black-Scholes model to estimate the grant date fair value for stock options granted to the members of the Board of Directors ("non-employee directors") and common stock purchased by eligible employees under our ESPP.

Both the binomial model and Black-Scholes model involve certain estimates and assumptions such as:

•Risk-free interest rate - based on the U.S. Treasury yield curve in effect at the time of grant with maturities equal to the expected terms of the stock-based awards granted.

•Expected life - the weighted average period the stock-based awards are expected to remain outstanding.

•Expected volatility - based on a blend of historical volatility of the stock-based award's useful life and the weighted average implied volatility for call option contracts traded in the 90 days preceding the stock-based award's valuation date.

•Dividend yield - the expectation of dividend payouts based on our history.

The binomial model also incorporates market conditions, vesting restrictions and exercise patterns.

For our performance share units ("PSUs"), management makes quarterly assessments of the probability of achieving specified performance criteria established at the time of grant. The ultimate number of common shares that may be earned from a PSU is determined pursuant to a payout range based on the achievement of specified performance levels.

We estimate expected forfeitures of equity awards at the date of grant and recognize compensation expense only for those awards expected to vest. The forfeiture assumption is revised if actual forfeitures differ from those estimates.

The assumptions we use to calculate and account for stock-based compensation awards represent management's best estimates, which involve inherent uncertainties. As a result, if we revise our assumptions and estimates, our stock-based compensation expense could differ from amounts recorded.

Refer to Part II, Item 8. Note 1615, Stock-Based Compensation in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further information.

Goodwill and Intangible Assets

Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired at the acquisition date. ~~On the date of acquisition, goodwill is assigned to one or more reporting units, which are consistent with our segments.~~ Goodwill is not amortized as it is estimated to have an indefinite life. We test goodwill annually for impairment during the fourth quarter of each fiscal year or more frequently if events and circumstances occur indicating that it is more likely than not that the fair value of any one of our reporting units is less than its respective carrying value. Impairment is tested at the reporting unit level and if the carrying value of the reporting unit exceeds the fair value, then the goodwill is considered impaired and written down to the reporting unit’s fair value. The impairment loss for the reporting unit cannot exceed the carrying value of the goodwill allocated to that reporting unit.

We may elect to perform a qualitative analysis for the reporting units to determine whether it is more likely than not (a likelihood of more than 50%) that the fair value of the reporting unit is less than its carrying value. In performing a qualitative assessment, we consider such factors as macro-economic conditions, industry and market conditions in which we operate, including the competitive environment and significant changes in demand for our products or services. We also consider the share price both in absolute terms and in relation to peer companies. If the qualitative analysis indicates that it is more likely than not the fair value of a reporting unit is less than its carrying value or if we elect not to perform a qualitative analysis, a quantitative analysis is performed to determine whether a goodwill impairment exists.

The quantitative goodwill impairment analysis is used to identify potential impairment by comparing the carrying value of a reporting unit with its fair value. To perform this analysis, we apply the income approach which utilizes discounted cash flows, along with other relevant market information. Significant judgment is involved in determining the assumptions used in estimating future cash flows. These assumptions include, but are not limited to, the following estimates: expected sales, working capital needs to support each reporting unit, capital expenditures and related depreciation and amortization, operating expenses, expected tax rates and the weighted average cost of capital for each reporting unit. Our cost of capital is based on assumptions about interest rates, as well as a risk-adjusted rate of return required by our equity investors. Changes in these estimates can impact the present value of expected cash flows used in determining fair value of a reporting unit. If the carrying value of the reporting unit exceeds the fair value, then the goodwill is considered impaired and written down to the reporting unit’s fair value. The impairment loss for the reporting unit cannot exceed the carrying value of the goodwill allocated to that reporting unit.

Intangible Assets

We amortize our identifiable intangible assets over their estimated useful lives, which are evaluated annually to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. Determining the useful life of intangible assets requires judgement and an understanding of our planned use of the asset, among other factors.

Intangible assets are tested for impairment qualitatively on a quarterly basis or whenever events or changes in circumstances indicate that the carrying value of an asset group is not recoverable. If indicators of impairment are present, our intangible assets are tested for impairment by comparing the carrying value to undiscounted cash flows and, if impaired, written down to fair value based on discounted cash flows. Significant judgment is involved in determining the assumptions used in estimating future cash flows.

Refer to Part II, Item 8. Note 8, Goodwill and Note 9, Intangible Assets in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further details.

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The quantitative goodwill impairment analysis is used to identify potential impairment by comparing the carrying value of a reporting unit with its fair value. To perform this analysis, we apply the income approach which utilizes discounted cash flows and other relevant market information. Significant judgment is involved in determining the assumptions used in estimating future cash flows, such as: expected sales, working capital needs to support each reporting unit, capital expenditures and related depreciation and amortization, operating expenses, expected tax rates and the weighted average cost of capital for each reporting unit. Our cost of capital is based on assumptions about interest rates, as well as a risk-adjusted rate of return required by our equity investors. These estimates and judgments are critical, as they directly influence the calculated fair value of our reporting units and, consequently, the results of our goodwill impairment assessment.

Refer to Part II, Item 8. Note 7, Goodwill in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further details.

Business Combinations

We account for business combinations using the purchase method of accounting. ~~The~~Under this method, the acquisition purchase price is allocated to the underlying identified, tangible and intangible assets acquired, and liabilities assumed, based on their respective estimated fair values on the acquisition date. The excess of the purchase consideration over the fair value of the identified assets and liabilities is recorded as goodwill and assigned to one or more reporting units. The value and useful life assigned to acquisition-related tangible and intangible assets impact the amount and timing of future amortization expense. Determining the fair value of assets acquired and liabilities assumed and the expected useful life requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Acquisition-related expenses and restructuring costs, if any, are recognized separately from the business combination and are expensed as incurred.

Refer to Part II, Item 8. Note 65, Acquisitions in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further information.

~~Property,~~PPE ~~Equipment~~ and ~~Leasehold~~Intangible ~~Improvements~~Assets

We ~~review~~amortize our PPE toand ~~determine~~identifiable ifintangible ~~any~~assets ~~indicators~~over oftheir ~~impairment~~estimated ~~are~~useful ~~present~~lives. onDetermining athe ~~quarterly~~useful ~~basis~~life orrequires ~~whenever~~judgment ~~events~~and oran ~~changes~~understanding inof ~~circumstances~~our ~~indicate~~planned ~~that~~use of the ~~carrying~~asset, ~~amount~~among ofother anfactors. ~~asset~~If ~~group~~different ~~may~~useful ~~not~~lives behad ~~recoverable.~~been Ifused, ~~indicators~~the ofresulting ~~impairment~~amortization ~~are~~or ~~present,~~depreciation expense recognized may be materially different. If the ~~asset~~estimate ~~group~~of isthe ~~tested~~remaining ~~for~~useful ~~impairment~~life byis ~~comparing~~changed, the remaining carrying ~~value~~amount toof ~~undiscounted~~the ~~cash~~PPE ~~flows~~ and, ifintangible ~~impaired~~asset is, ~~written~~respectively, ~~down~~amortized toor ~~fair~~depreciated, ~~value~~prospectively ~~based~~over onthat ~~discounted~~revised ~~cash~~remaining ~~flows~~useful life.

AWe ~~significant~~review ~~amount~~our ofPPE ~~judgment~~and isintangible ~~involved~~assets into ~~determining~~determine if anany ~~indicator~~indicators of impairment ~~has~~are ~~occurred~~present ~~and~~on ina ~~calculating~~quarterly ~~the~~basis ~~inputs~~or towhenever ~~the~~events ~~impairment~~or ~~calculation.~~changes ~~Indicators we consider include, but are not limited to, a significant decline~~ in ~~our~~circumstances ~~expected~~indicate ~~future~~that ~~cash~~the ~~flows,~~carrying aamount ~~change~~of in an ~~expected~~asset ~~useful~~group ~~life,~~may ~~unanticipated~~not ~~competition,~~be ~~slower~~recoverable. ~~growth~~If ~~rates,~~indicators ~~ongoing~~of ~~maintenance~~impairment ~~and~~are ~~necessary improvements to the assets~~present, ~~or changes in~~ the ~~usage~~asset orgroup ~~operating~~is ~~performance.~~tested ~~Inputs~~for ~~to an~~ impairment ~~calculation~~by ~~include~~comparing ~~estimates~~the ~~related~~carrying value to ~~future~~undiscounted cash flows and, ~~asset~~if ~~fair values~~impaired, ~~forecasting~~written ~~asset~~down ~~useful~~to ~~lives~~fair ~~and~~value ~~selecting~~based ~~the~~on ~~discount~~discounted ~~rate that reflects the risk inherent in future~~ cash flows. IfIn ~~actual~~performing ~~results~~this ~~are~~assessment, ~~not~~significant ~~consistent~~judgment ~~with~~is ~~our~~involved ~~estimates~~in ~~and~~determining the assumptions ~~included~~used in ~~our~~estimating ~~impairment~~future ~~assessment,~~cash weflows ~~may~~and bethe ~~exposed~~discount ~~to losses that could be material~~rate.

Refer to Part II, Item 8. Note 76, Property, Equipment and Leasehold Improvements and Note 8, Intangible Assets in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further information.

Contingencies

We are subject to various legal proceedings, claims and litigation that have arisen in the ordinary course of business, which involve inherent uncertainties. ~~Assessing~~We accrue for contingencies when we believe that a loss is probable and the amount can be reasonably estimated. Judgment is required to determine both the probability and the estimated amount of loss. If the reasonable estimate of a probable loss is a range, we record an accrual for ~~such~~the ~~contingencies~~most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. We review these accruals on a quarterly basis and ~~determining~~adjust, ~~how~~as necessary, to ~~accrue~~reflect the ~~appropriate~~impact ~~liabilities~~of ~~requires~~negotiations, ~~judgment~~settlements, rulings, advice of legal counsel and other current information. If actual results differ from our assessments, our financial position, results of operations, or cash flows would be ~~affected.~~

Refer to Part II, Item 8. Note 13, Commitments and Contingencies in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our contingent matters.45

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affected. Refer to Part II, Item 8. Note 12, Commitments and Contingencies in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our contingent matters.

For more information on the accounting of our income tax contingencies, refer to Part II, Item 8. Note 9, Income Taxes in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K.

New Accounting Pronouncements

For a discussion of accounting pronouncements recently adopted and those issued but not yet adopted, refer to Part II, Item 8. Note 2, Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In the normal course of business, we are exposed to foreign currency exchange risk and interest rate risk that could impact our financial position and results of operations. Current market events have not required us to materially modify our financial risk management strategies with respect to our exposures to foreign currency exchange risk or interest rate risk.

Foreign Currency Transaction Risk

As we operate globally, we are exposed to the risk that our financial condition, results of operations and cash flows could be impacted by changes in foreign currency exchange rates. During fiscal ~~2024~~2025 and ~~2023~~2024, we maintained a series of foreign currency forward contracts to hedge a portion of our projected operating expenses in these primary currency exposures, namely the British Pound Sterling, Euro, Indian Rupee and Philippine Peso. We entered into these contracts with the intent to hedge between 25% to 75% of the currency exposure related to our projected operating income in these primary currencies over their respective hedge periods. As of August 31, ~~2024~~2025, the hedge maturity periods of our outstanding foreign currency forward contracts range from the first quarter of fiscal ~~2025~~2026 through the fourth quarter of fiscal ~~2025~~2026. ~~Foreign~~Based on the operating income for fiscal 2025, comparing the average quarterly foreign currency exchange ~~rate~~rates ~~fluctuations~~for fiscal 2025 to the respective rates for fiscal 2024, net of hedge activity, ~~decreased~~resulted in an increase in operating income byof $30.13 million ~~during fiscal 2024, when compared to fiscal 2023~~. We utilize cash flow hedges to manage risk and not for speculative or trading purposes.

We performed a sensitivity analysis to determine the effects on both the fair value of our outstanding foreign currency forward contracts and our operating income, excluding these forward contracts, of a hypothetical devaluation of the U.S. dollar by 10% as of August 31, ~~2024~~2025, relative to the other foreign currencies in which we transact. The sensitivity analysis indicated that a devaluation of the U.S. dollar by 10% would have increased the fair value of our outstanding forward contracts by approximately $19 million as of August 31, ~~2024~~2025 and decreased our operating income, excluding these forward contracts, by an estimated $4347 million for fiscal ~~2024~~2025. This sensitivity analysis has inherent limitations as it disregards the possibility that rates of multiple foreign currencies will not always move in the same direction relative to the value of the U.S. dollar over time and does not account for our forward contracts that we utilize to mitigate fluctuations in exchange rates.

Refer to Part II, Item 8. Note 5, Derivative Instruments in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our foreign currency exposures and our foreign currency forward contracts.

Foreign Currency Translation Risk

We are exposed to foreign currency risk due to the translation of our results from certain international operations into U.S. Dollars, as part of the consolidation process. Fluctuations in foreign currency exchange rates can create volatility in our results of operations and our financial condition.

The following table reflects the foreign currency translation adjustment gains and losses recorded in Other comprehensive income (loss):

	Years ended August 31,
(in thousands)	~~2024~~2025		~~2023~~2024
Foreign currency translation adjustment gains (losses)	$	815,565	$	218,~~511~~565

Interest Rate Risk

Cash and Cash Equivalents and Investments

As of August 31, ~~2024~~2025, we had Cash and cash equivalents of $~~423~~337.07 million and Investments of $6917.64 million. Our Cash and cash equivalents consist of cash and highly liquid investments including demand deposits and money market funds and our Investments consist of mutual funds. We are exposed to interest rate risk through fluctuations of interest rates on these investments. As we have a restrictive investment policy, our financial exposure to fluctuations in interest rates is expected to remain low. Refer to Part II, Item 8. Note 2, Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our Cash and cash equivalents.

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Debt

~~2022~~2025 Credit Agreement

As of August 31, ~~2024~~2025, our outstanding ~~variable~~floating ~~interest~~ rate debt included $~~125~~375.0 million under the ~~2022~~2025 ~~Term~~Credit ~~Facility and $250~~Agreement.0 ~~million~~As ~~under~~of ~~the 2022 Revolving Facility. From the borrowing date through November 30~~August 31, ~~2023~~2025, the outstanding borrowings under the ~~2022~~2025 Credit ~~Facilities~~Agreement bore interest at a rate equal to the applicable one-month Term SOFR plus a 1.1% spread (comprised of a 1.0% interest rate margin based on a debt leverage pricing grid plus a 0.1% credit spread adjustment). From December 1, 2023 through August 31, 2024, the spread decreased to 0.975% (comprised of a 0.875% interest rate margin based on a debt leverage pricing grid plus a 0.1% credit spread adjustment).

To mitigate our exposure to interest rate volatility due to changes in SOFR, we entered into the 2022 Swap Agreement on March 1, 2022, to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 1.162%. The 2022 Swap Agreement matured on February 28, 2024. To continue to hedge our outstanding floating SOFR debt, on March 1, 2024, we entered into the 2024 Swap Agreement with a notional amount of $200.0 million at a fixed interest rate of 5.145%. The notional amount of the 2024 Swap Agreement declines by $50.0 million on a quarterly basis beginning May 31, 2024 and matures on February 28, 2025. As of August 31, 2024, the notional amount of the 2024 Swap Agreement was $100.0 million.

Our Senior Notes have a fixed interest rate and are not subject to interest rate change. As such, our interest rate exposure is limited to the outstanding principal balance of our variable rate debt under our 2022 Credit Facilities in excess of our swap agreements. As of August 31, 2024, our interest rate exposure on our variable rate debt, net of our 2024 Swap Agreement, was $275.0 million. Assuming the principal balance of our outstanding variable rate debt, net of the 2024 Swap Agreement, remained at $275.0 million, a hypothetical 25 basis point change (up or down) in the one-month SOFR would result in an approximate $1 million change to our annual interest expense as of August 31, 2024.

Refer to Part II, Item 8. Note 5, Derivative Instruments and Note 12, Debt in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our swap agreements and outstanding borrowings.

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~~ITEM~~one-month 8Term SOFR plus a 0.975% ~~FINANCIAL~~spread ~~STATEMENTS~~(comprised ~~AND~~of ~~SUPPLEMENTARY~~a ~~DATA~~0.875% interest rate margin based on a debt leverage pricing grid plus a 0.1% credit spread adjustment).

Index to Consolidated Financial Statements			Page
Management’s Statement of Responsibility for Financial Statements			49
Management’s Report on Internal Control Over Financial Reporting			49
Reports of Independent Registered Public Accounting Firm Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)			51
Consolidated Financial Statements:
Consolidated Statements of Income for the years ended August 31, 2024, 2023 and 2022			55
Consolidated Statements of Comprehensive Income for the years ended August 31, 2024, 2023 and 2022			56
Consolidated Balance Sheets at August 31, 2024 and 2023			57
Consolidated Statements of Cash Flows for the years ended August 31, 2024, 2023 and 2022			58
Consolidated Statements of Changes in Stockholders’ Equity for the years ended August 31, 2024, 2023 and 2022			59
Notes to the Consolidated Financial Statements			60
Financial Statement Schedule:
Schedule II – Valuation and Qualifying Accounts			98

To mitigate our exposure to interest rate volatility due to changes in SOFR, we entered into the 2025 Swap Agreement on April 24, 2025, to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 4.086%. As of August 31, 2025, the 2025 Swap Agreement has a notional amount of $100.0 million and matures on February 28, 2026.

Our Senior Notes have a fixed interest rate and are not subject to interest rate change. As such, our interest rate exposure as of August 31, 2025 is limited to the outstanding principal balance of our floating rate debt under our 2025 Credit Facilities in excess of the 2025 Swap Agreement. As of August 31, 2025, our interest rate exposure equals the Term SOFR applied to $275.0 million, our outstanding floating rate debt, net of our 2025 Swap Agreement. Assuming the principal balance of our outstanding floating rate debt, net of the 2025 Swap Agreement, remained at $275.0 million, a hypothetical 25 basis point change (up or down) in the one-month SOFR would result in an approximate $1 million change to our annual interest expense as of August 31, 2025.

Refer to Part II, Item 8. Note 11, Debt in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our swap agreements and outstanding borrowings.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


Index to Consolidated Financial Statements			Page
Management’s Statement of Responsibility for Financial Statements			50
Management’s Report on Internal Control Over Financial Reporting			50
Reports of Independent Registered Public Accounting Firm Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)			52
Consolidated Financial Statements:
Consolidated Statements of Income for the years ended August 31, 2025, 2024 and 2023			56
Consolidated Statements of Comprehensive Income for the years ended August 31, 2025, 2024 and 2023			57
Consolidated Balance Sheets at August 31, 2025 and 2024			58
Consolidated Statements of Cash Flows for the years ended August 3 1, 2025, 2024 and 2023			59
Consolidated Statements of Changes in Stockholders’ Equity for the years ended August 31, 2025, 2024 and 2023			61
Notes to the Consolidated Financial Statements			62
Financial Statement Schedule:
Schedule II – Valuation and Qualifying Accounts			97

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Management’s Statement of Responsibility for Financial Statements

Our management prepares and is responsible for the fairness, integrity and objectivity of our Consolidated Financial Statements. The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and include amounts based on our management’s estimates and judgments. All financial information in this Report on Form 10-K has been presented on a basis consistent with the information included in the accompanying financial statements.

Our policies and practices reflect corporate governance initiatives that are compliant with the listing requirements of the New York Stock Exchange, the NASDAQ Stock Market and the corporate governance requirements of the Sarbanes-Oxley Act of 2002. Our management, with oversight by our Board of Directors, has established and maintains a strong ethical climate so that our affairs are conducted to the highest standards of personal and corporate conduct.

We maintain accounting systems, including internal accounting controls, designed to provide reasonable assurance of the reliability of financial records and the protection of assets. The concept of reasonable assurance is based on recognition that the cost of a system should not exceed the related benefits. The effectiveness of those systems depends primarily upon the careful selection of financial and other managers, clear delegation of authority and assignment of accountability, inculcation of high business ethics and conflict-of-interest standards, policies and procedures for coordinating the management of corporate resources, and the leadership and commitment of top management. In compliance with the Sarbanes-Oxley Act of 2002, we assessed our internal control over financial reporting as of August 31, ~~2024~~2025 and issued a report (see below).

Management’s Report on Internal Control Over Financial Reporting

As previously reported in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2024, we had identified a material weakness in the design and operation of information technology (“IT”) general controls that support our revenues, accounts receivable, and deferred revenues processes which, in the aggregate, gave rise to a material weakness in internal control over financial reporting, which we are in the process of remediating.

For fiscal 2025, our management (with the participation of the Chief Executive Officer and Chief Financial Officer) conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management concluded that our internal control over financial reporting was not effective as of August 31, 2025, as a result of the material weakness in internal control over financial reporting described further below, which represents a continuation of a sub-set of the control deficiencies which gave rise to the initial material weakness previously identified. However, giving full consideration to the material weakness, the control deficiencies did not result in any identified misstatements, and the Company's management has concluded that our Consolidated Financial Statements present fairly, in all material respects, our financial position, results of operations and cash flows for the periods disclosed in conformity with GAAP.

In accordance with the guidance issued by the Securities and Exchange Commission, companies are permitted to exclude acquisitions from their first assessment of internal control over financial reporting following the date of acquisition. Based on those guidelines, our management's assessment of the effectiveness of our internal control over financial reporting excluded Platform Group Limited ("Irwin") and Liquid Holdings, LLC ("LiquidityBook"), which we acquired in the first quarter and second quarter of fiscal 2025, respectively. Excluding goodwill and intangible assets, these acquisitions represented a combined 2% of our Total assets as of August 31, 2025 and 1% of our consolidated Revenues for fiscal year 2025. Refer to Note 5, Acquisitions, for additional information on these acquisitions.

Inherent Limitations of Internal Controls over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting for FactSet. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Our management (with the participation of the Chief Executive Officer and Chief Financial Officer) conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management concluded that our internal control over financial reporting was not effective as of August 31, 2024 as a result of the material weakness in internal control over financial reporting described below.

Our management has identified certain control deficiencies related to the design and operation of our information technology (“IT”) general controls (“ITGCs”) that support our revenues, accounts receivable, and deferred revenues processes which, in the aggregate, rise to a material weakness in internal control over financial reporting. The deficiencies related to program change management and user access in connection with segregation of duties and restriction to appropriate users. As a result, the automated controls and IT dependent manual business process controls that rely upon information from the affected financial applications were also deemed not effective. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis.

While we have concluded that these control deficiencies did not result in any material misstatements in our Consolidated Financial Statements or disclosures in any of the fiscal years ended August 31, 2024, 2023 or 2022, they were not remediated as of August 31, 2024, and thus created a reasonable possibility that they could result in a material misstatement to the Consolidated Financial Statements that would not be prevented or detected on a timely basis. Accordingly, we determined that these control deficiencies constituted a material weakness.

After giving full consideration to the material weakness, and the additional analyses and other procedures we performed to ensure that our Consolidated Financial Statements included in this Annual Report on Form 10-K were prepared in accordance

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with GAAP, our management has concluded that our Consolidated Financial Statements present fairly, in all material respects, our financial position, results of operations and cash flows for the periods disclosed in conformity with GAAP.

Ernst & Young LLP (PCAOBID: 42), an independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting and has issued an adverse opinion on the effectiveness of our internal control over financial reporting as stated in their report on the subsequent page.

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Management’s Report on Internal Control Over Financial Reporting

While we have made significant progress remediating the control deficiencies identified during our year ended August 31, 2024, we continue to have certain deficiencies related to the IT general controls that support our revenues, accounts receivable, and deferred revenues processes which, in the aggregate, rise to a material weakness in internal control over financial reporting. The deficiencies related to program change management and user access in connection with segregation of duties and restriction to appropriate users. As a result, the automated controls and IT dependent manual business process controls that rely upon information from the affected financial applications were also deemed not effective. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis.

While we have concluded that these control deficiencies did not result in any material misstatements in our Consolidated Financial Statements or disclosures in any of the fiscal years ended August 31, 2025, 2024 or 2023, they were not remediated as of August 31, 2025, and thus created a reasonable possibility that they could result in a material misstatement to the Consolidated Financial Statements that would not be prevented or detected on a timely basis. Accordingly, we determined that these control deficiencies constituted a material weakness.

As a result of the identification of the material weakness, we performed further analysis and completed additional procedures intended to ensure our consolidated financial statements for the years ended August 31, 2025, 2024, and 2023 fairly present in all material respects the financial condition, results of operations and cash flows of the Company and have been prepared in accordance with GAAP. Based on these procedures and analysis, and notwithstanding the material weakness in our internal control over financial reporting, our management has concluded that our Consolidated Financial Statements present fairly, in all material respects, our financial position, results of operations and cash flows for the periods disclosed in conformity with GAAP.

Ernst & Young LLP (PCAOB ID: 42), an independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting and has issued an adverse opinion on the effectiveness of our internal control over financial reporting as stated in their report on the subsequent page.

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of FactSet Research Systems Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of FactSet Research Systems Inc. (the Company) as of August 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for each of the three years in the period ended August 31, ~~2024~~2025, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at August 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended August 31, ~~2024~~2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of August 31, ~~2024,~~2025 based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated October 2922, ~~2024~~2025 expressed an adverse opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit ~~Matter~~Matters

The critical audit ~~matter~~matters communicated below isare amatters ~~matter~~ arising from the current period audit of the financial statements that ~~was~~were communicated or required to be communicated to the audit committee and that: (1) ~~relates~~relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of ~~the~~ critical audit ~~matter~~matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit ~~matter~~matters below, providing a separate ~~opinion~~opinions on the critical audit ~~matter~~matters or on the ~~account~~accounts or ~~disclosure~~disclosures to which itthey ~~relates~~relate.


			Measurement of income tax provision
Description of the Matter			As discussed in Note 2, Summary of Significant Accounting Policies, and Note 9, Income Taxes, of the Consolidated Financial Statements, the Company serves international markets and is subject to income taxes in the U.S. and various foreign jurisdictions, which affect the Company’s provision for income taxes. The income tax provision is an estimate based on management’s understanding of current enacted tax laws and tax rates of each tax jurisdiction and the use of subjective allocation methodologies to allocate taxable income to tax jurisdictions based upon the structure of the Company’s operations and customer arrangements. For the year-ended August 31, 2025 the Company recognized a consolidated provision for income taxes of $123.9 million with $45.6 million related to its U.S. operations and $78.3 million related to its Non-U.S. operations.

			Auditing management’s calculation of the provision for income taxes required complex audit judgement as the Company’s calculation of the provision for income taxes involved subjective estimation and evaluation of the application of tax laws, including the methods used to allocate taxable income and judgments used in determining uncertain tax positions.

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			Measurement of income tax provision
Description of the Matter			As discussed in Note 2, Summary of Significant Accounting Policies, and Note 10, Income Taxes, of the Consolidated Financial Statements, the Company serves international markets and is subject to income taxes in the U.S. and numerous foreign jurisdictions, which affect the Company’s provision for income taxes. The tax provision is an estimate based on management’s understanding of current enacted tax laws and tax rates of each tax jurisdiction and the use of subjective allocation methodologies to allocate taxable income to tax jurisdictions based upon the structure of the Company’s operations and customer arrangements. For the year-ended August 31, 2024, the Company recognized a consolidated provision for income taxes of $114.4 million with $55.2 million related to its U.S. operations and $59.2 million related to its Non-U.S. operations.Management’s calculation of the provision for income taxes was significant to our audit because the provision for income taxes involved subjective estimation and complex audit judgement related to the evaluation of tax laws, including the methods used to allocate taxable income, and the amounts and disclosures are material to the financial statements.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over management’s calculation of its provision for income taxes. For example, we tested controls over management’s evaluation of the allocation methodologies and management’s review of the assumptions and data utilized in determining the allocation of income to applicable tax jurisdictions.
			Among other audit procedures performed, we evaluated the reasonableness of management’s allocation methodologies by analyzing the methodology based on the Company’s structure, operations and current tax law. We recalculated income tax expense using management’s methodology and agreed the data used in the calculations to the Company’s underlying books and records. We involved our tax professionals to evaluate the application of tax law to management’s allocation methodologies and tax position. This included evaluating third-party reports and advice obtained by the Company. We also performed a sensitivity analysis to evaluate the effect from changes in management’s allocation methodologies and assumptions. We have evaluated the Company’s income tax disclosures included in Note 10, Income Taxes, of the Consolidated Financial Statements in relation to these matters.
			Among other audit procedures performed, we evaluated the reasonableness of management’s allocation methodologies based on the Company’s structure, operations and current tax laws, recalculated income tax expense using management’s methodologies and agreed the data used in the calculations to the Company’s underlying books and records. We involved our tax professionals to evaluate the application of tax laws to management’s allocation methodologies and tax position, including the evaluation of third-party reports and advice obtained by the Company. We also performed a sensitivity analysis to assess the effect of changes in management’s allocation methodologies and assumptions. We have evaluated the Company’s income tax disclosures included in Note 9, Income Taxes, of the Consolidated Financial Statements in relation to these matters.
			Valuation of Acquired Software Technology
Description of the Matter			As disclosed in Note 5, Acquisitions, of the Consolidated Financial Statements, the Company completed its acquisition of Liquid Holdings, LLC for total consideration of $243.2 million and Platform Group Limited for total consideration of $120.2 million in 2025. The transactions were accounted for as business combinations. The considerations paid in the acquisitions were allocated to the acquired assets and liabilities assumed generally based on their fair values, with the excess of the purchase prices over those fair values allocated to goodwill. The acquired software technologies totaled $101.7 million combined.
			Auditing the valuation of the Company’s business combinations was especially challenging and complex due to the significant assumptions and measurement uncertainty involved in determining the fair value of the acquired assets and liabilities assumed, specifically related to the Company’s determination of the fair values of acquired software technologies. In particular, the fair value estimates were sensitive to changes in significant underlying assumptions such as the projected revenue growth rate. This significant assumption included forward-looking considerations and was based on expectations of future economic and market conditions.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design, and tested the operating effectiveness of internal controls over the Company’s accounting for acquisitions and the related fair value estimation process. Specifically, we tested controls over management’s review of the valuation of the acquired software technologies, including management’s review of the valuation models applied and the significant assumptions described above. We also tested management’s internal controls to develop the projected financial information used in the valuation models and validated that the data used in the valuation models was complete and accurate.
			To test the estimated fair value of the acquired software technologies, we performed audit procedures that included, among others, evaluating the Company’s valuation methodology and significant assumptions used by management, testing the completeness and accuracy of the underlying data supporting the significant assumptions described above, and performing sensitivity analyses of significant assumptions to evaluate the changes in the fair values of the acquired software technologies. We involved our valuation specialists to assist with our evaluation of the Company’s valuation methodology and significant assumptions used in the fair value estimates.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2013.

Stamford, Connecticut

October 2922, ~~2024~~2025

5253

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of FactSet Research Systems Inc.

Opinion on Internal Control Over Financial Reporting

We have audited FactSet Research Systems Inc.’s internal control over financial reporting as of August 31, ~~2024~~2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, because of the effect of the material weakness described below on the achievement of the objectives of the control criteria, FactSet Research Systems Inc. (the Company) has not maintained effective internal control over financial reporting as of August 31, ~~2024~~2025, based on the COSO criteria.

As indicated in the accompanying Management’s Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Liquid Holdings, LLC and Platform Group Limited, which are included in the 2025 consolidated financial statements of the Company and which in aggregate, when excluding goodwill and intangible assets, constituted 2% of total assets as of August 31, 2025 and 1% of total revenues for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Liquid Holdings, LLC and Platform Group Limited.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material weakness has been identified and included in management’s assessment. Management has identified a material weakness related to the design and operation of information technology (“IT”) general controls for certain financial applications that support the revenue, accounts receivable, and deferred revenue processes. Consequently, automated controls and IT dependent manual business process controls that rely upon information from the affected financial applications were also deemed ineffective.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of August 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for each of the three years in the period ended August 31, ~~2024~~2025, and the related notes and financial statement schedule listed in the Index at Item 15(a). This material weakness was considered in determining the nature, timing and extent of audit tests applied in our audit of the ~~2024~~2025 ~~and 2023~~ consolidated financial statements, and this report does not affect our report dated October 2922, ~~2024~~2025, which expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

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Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Stamford, Connecticut

October 2922, ~~2024~~2025

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FactSet Research Systems Inc.

(in thousands, except per share data)	For the years ended August 31,
	2024		2023		2022
Revenues	$	2,203,056	$	2,085,508	$	1,843,892
Operating expenses
Cost of services	1,011,945		973,225		871,106
Selling, general and administrative	485,135		457,130		433,032
Asset impairments	4,677		25,946		64,272
Total operating expenses	1,501,757		1,456,301		1,368,410
Operating income	701,299		629,207		475,482
Other income (expense), net
Interest income	14,447		12,809		6,175
Interest expense	(65,778)		(66,319)		(35,697)
Other income (expense), net	1,535		8,257		(2,366)
Total other income (expense), net	(49,796)		(45,253)		(31,888)
Income before income taxes	651,503		583,954		443,594
Provision for income taxes	114,377		115,781		46,677
Net income	$	537,126	$	468,173	$	396,917
Basic earnings per common share	$	14.11	$	12.26	$	10.48
Diluted earnings per common share	$	13.91	$	12.04	$	10.25
Basic weighted average common shares	38,059		38,194		37,864
Diluted weighted average common shares	38,618		38,898		38,736

The accompanying notes are an integral part of these Consolidated Financial Statements.

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FactSet Research Systems Inc.

Consolidated Statements of Income

(in thousands)	For the years ended August 31,
(in thousands, except per share data)	For the years ended August 31,
	2024		2023		2022
	2025		2024		2023
Net income	$	537,126	$	468,173	$	396,917
Revenues	$	2,321,748	$	2,203,056	$	2,085,508
Other comprehensive income (loss), net of tax
Operating expenses
Net unrealized gain (loss) on cash flow hedges(1)	(1,037)		(269)		5,245
Cost of services	1,097,782		1,011,945		973,225
Foreign currency translation adjustment gains (losses)	8,565		21,511		(74,666)
Selling, general and administrative	475,663		489,812		483,076
Other comprehensive income (loss)	7,528		21,242		(69,421)
Total operating expenses	1,573,445		1,501,757		1,456,301
Comprehensive income	$	544,654	$	489,415	$	327,496
Operating income	748,303		701,299		629,207
Other income (expense), net
Interest income	6,533		14,447		12,809
Interest expense	(56,324)		(65,778)		(66,319)
Other income (expense), net	22,446		1,535		8,257
Total other income (expense), net	(27,345)		(49,796)		(45,253)
Income before income taxes	720,958		651,503		583,954
Provision for income taxes	123,918		114,377		115,781
Net income	$	597,040	$	537,126	$	468,173
Basic earnings per common share	$	15.74	$	14.11	$	12.26
Diluted earnings per common share	$	15.55	$	13.91	$	12.04
Basic weighted average common shares	37,924		38,059		38,194
Diluted weighted average common shares	38,385		38,618		38,898

(1) Presented net of a tax benefit of $369 thousand, tax benefit of $61 thousand, and a tax expense of $1,657 thousand for the years ended August 31, 2024, 2023 and 2022, respectively.

The accompanying notes are an integral part of these Consolidated Financial Statements.

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FactSet Research Systems Inc.

Consolidated Statements of Comprehensive Income

(in thousands, except share data)	August 31,
(in thousands)	For the years ended August 31,
	2024		2023
	2025		2024		2023
ASSETS
Net income	$	597,040	$	537,126	$	468,173
Cash and cash equivalents	$	422,979	$	425,444
Other comprehensive income (loss), net of tax
Investments	69,619		32,210
Net unrealized gain (loss) on cash flow hedges(1)	300		(1,037)		(269)
Accounts receivable, net of reserves of $14,581 at August 31, 2024 and $7,769 at August 31, 2023	228,054		237,665
Foreign currency translation adjustment gains (losses)	15,565		8,565		21,511
Prepaid taxes	55,103		24,206
Other comprehensive income (loss)	15,865		7,528		21,242
Prepaid expenses and other current assets	60,093		50,610
Comprehensive income	$	612,905	$	544,654	$	489,415
Total current assets	835,848		770,135
Property, equipment and leasehold improvements, net	82,513		86,107
Goodwill	1,011,129		1,004,736
Intangible assets, net	1,844,141		1,859,202
Deferred taxes	61,337		27,229
Lease right-of-use assets, net	130,494		141,837
Other assets	89,578		73,676
TOTAL ASSETS	$	4,055,040	$	3,962,922
LIABILITIES
Accounts payable and accrued expenses	$	178,250	$	121,816
Current debt	124,842		—
Current lease liabilities	31,073		28,839
Accrued compensation	93,279		112,892
Deferred revenues	159,761		152,430
Current taxes payable	40,391		31,009
Dividends payable	39,470		37,265
Total current liabilities	667,066		484,251
Long-term debt	1,241,131		1,612,700
Deferred taxes	8,452		6,737
Deferred revenues, non-current	1,344		3,734
Taxes payable	40,452		30,344
Long-term lease liabilities	177,521		198,382
Other liabilities	6,614		6,844
TOTAL LIABILITIES	$	2,142,580	$	2,342,992
Commitments and contingencies (see Note 13)
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued	$	—	$	—
Common stock, $0.01 par value, 150,000,000 shares authorized, 42,598,915 and 42,096,628 shares issued, 37,952,270 and 38,025,372 shares outstanding at August 31, 2024 and 2023, respectively	426		421
Additional paid-in capital	1,478,839		1,323,631
Treasury stock, at cost: 4,646,645 and 4,071,256 shares at August 31, 2024 and 2023, respectively	(1,375,696)		(1,122,077)
Retained earnings	1,888,504		1,505,096
Accumulated other comprehensive loss	(79,613)		(87,141)
TOTAL STOCKHOLDERS’ EQUITY	$	1,912,460	$	1,619,930
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,055,040	$	3,962,922

(1) Presented net of a tax expense of $119 thousand, tax benefit of $369 thousand, and a tax benefit of $61 thousand for the years ended August 31, 2025, 2024 and 2023, respectively.

The accompanying notes are an integral part of these Consolidated Financial Statements.

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FactSet Research Systems Inc.

Consolidated Balance Sheets

(in thousands)	Years ended August 31,
(in thousands, except share data)	August 31,
	2024				2023		2022
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
ASSETS
Net income	$	537,126			$	468,173	$	396,917
Cash and cash equivalents	$	337,651	$	422,979
Adjustments to reconcile net income to net cash provided by operating activities
Investments	17,445		69,619
Depreciation and amortization	125,187				105,384		86,683
Accounts receivable, net of reserves of $13,789 at August 31, 2025 and $14,581 at August 31, 2024	270,684		228,054
Amortization of lease right-of-use assets	30,407				32,344		43,032
Prepaid taxes	33,600		55,103
Stock-based compensation expense	63,501				62,038		56,003
Prepaid expenses and other current assets	70,379		60,093
Deferred income taxes	(32,020)				(31,119)		(8,715)
Total current assets	729,759		835,848
Asset impairments	4,677				25,946		64,272
Property, equipment and leasehold improvements, net	85,203		82,513
Changes in assets and liabilities, net of effects of acquisitions
Goodwill	1,284,708		1,011,129
Accounts receivable	2,195				(40,103)		(32,980)
Intangible assets, net	1,916,102		1,844,141
Accounts payable and accrued expenses	55,347				8,393		12,815
Deferred tax assets	61,226		61,337
Accrued compensation	(20,213)				(3,431)		14,524
Lease right-of-use assets, net	121,776		130,494
Deferred revenues	4,939				(3,387)		(6,100)
Other assets	105,498		89,578
Taxes payable, net of prepaid taxes	(11,448)				41,396		(19,275)
TOTAL ASSETS	$	4,304,272	$	4,055,040
Lease liabilities, net	(39,320)				(39,704)		(48,628)
LIABILITIES
Other, net	(20,040)				19,643		(20,271)
Accounts payable and accrued expenses	$	135,262	$	178,250
Net cash provided by operating activities	700,338				645,573		538,277
Current debt	—		124,842
CASH FLOWS FROM INVESTING ACTIVITIES
Current lease liabilities	33,145		31,073
Purchases of property, equipment, leasehold improvements and capitalized internal-use software	(85,681)				(60,786)		(51,156)
Accrued compensation	130,596		93,279
Acquisition of businesses, net of cash and cash equivalents acquired	—				(23,593)		(1,981,641)
Deferred revenues	167,852		159,761
Purchases of investments	(58,636)				(11,014)		(878)
Current taxes payable	13,041		40,391
Net cash provided by (used in) investing activities	(144,317)				(95,393)		(2,033,675)
Dividends payable	41,410		39,470
CASH FLOWS FROM FINANCING ACTIVITIES
Total current liabilities	521,306		667,066
Proceeds from debt	—				—		2,238,355
Long-term debt	1,368,260		1,241,131
Repayments of debt	(250,000)				(375,000)		(825,000)
Deferred tax liabilities	14,902		8,452
Payments of debt issuance costs	—				—		(9,736)
Deferred revenues, non-current	624		1,344
Dividend payments	(150,667)				(138,601)		(125,934)
Taxes payable	45,095		40,452
Proceeds from employee stock plans	91,711				72,006		86,047
Long-term lease liabilities	157,104		177,521
Repurchases of common stock	(235,235)				(176,720)		(18,639)
Other liabilities	10,568		6,614
Other financing activities	(16,659)				(13,709)		(5,859)
TOTAL LIABILITIES	$	2,117,859	$	2,142,580
Net cash provided by (used in) financing activities	(560,850)				(632,024)		1,339,234
Commitments and contingencies (see Note 12)
Effect of exchange rate changes on cash and cash equivalents	2,364				4,015		(22,428)
STOCKHOLDERS’ EQUITY
Net increase (decrease) in cash and cash equivalents	(2,465)				(77,829)		(178,592)
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued	$	—	$	—
Cash and cash equivalents at beginning of period	425,444				503,273		681,865
Common stock, $0.01 par value, 150,000,000 shares authorized, 43,013,266 and 42,598,915 shares issued, 37,645,870 and 37,952,270 shares outstanding at August 31, 2025 and 2024, respectively	430		426
Cash and cash equivalents at end of period	$	422,979			$	425,444	$	503,273
Additional paid-in capital	1,621,753		1,478,839
Supplemental Disclosure of Cash Flow Information
Treasury stock, at cost: 5,367,396 and 4,646,645 shares at August 31, 2025 and 2024, respectively	(1,695,429)		(1,375,696)
Cash paid during the year for interest	$	65,920			$	76,524	$	29,525
Retained earnings	2,323,407		1,888,504
Cash paid during the year for income taxes, net of refunds	$	157,015			$	91,170	$	76,252
Accumulated other comprehensive loss	(63,748)		(79,613)
Supplemental Disclosure of Non-Cash Transactions
TOTAL STOCKHOLDERS’ EQUITY	$	2,186,413	$	1,912,460
Dividends declared, not paid	$	39,470			$	37,265	$	33,860
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,304,272	$	4,055,040

The accompanying notes are an integral part of these Consolidated Financial Statements.

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FactSet Research Systems Inc.

Consolidated Statements of Cash Flows


(in thousands)	Years ended August 31,
	2025		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	597,040	$	537,126	$	468,173
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	157,691		125,187		105,384
Amortization of lease right-of-use assets	30,982		30,407		32,344
Stock-based compensation expense	61,229		63,501		62,038
Deferred income taxes	(3,545)		(32,020)		(31,119)
Gain on divestiture of a business	(23,238)		—		—

Other, net	11,867		14,511		38,010
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable	(42,540)		2,195		(40,103)
Prepaid expenses and other assets	65		(29,874)		7,579
Accounts payable and accrued expenses	(59,400)		55,347		8,393
Accrued compensation	35,666		(20,213)		(3,431)
Deferred revenues	2,249		4,939		(3,387)
Taxes payable, net of prepaid taxes	(1,161)		(11,448)		41,396
Lease liabilities, net	(40,645)		(39,320)		(39,704)
Net cash provided by operating activities	726,260		700,338		645,573
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, equipment, leasehold improvements and capitalized internal-use software	(108,806)		(85,681)		(60,786)
Acquisition of businesses, net of cash and cash equivalents acquired	(348,255)		—		(23,593)
Purchases of investments	(18,867)		(58,636)		(11,014)
Proceeds from maturity or sale of investments	58,155		—		—
Proceeds from divestiture	25,000		—		—
Net cash provided by (used in) investing activities	(392,773)		(144,317)		(95,393)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt	803,410		—		—
Repayments of debt	(805,000)		(250,000)		(375,000)

Dividend payments	(159,973)		(150,667)		(138,601)
Proceeds from employee stock plans	81,688		91,711		72,006
Repurchases of common stock	(300,457)		(235,235)		(176,720)
Other financing activities	(27,489)		(16,659)		(13,709)
Net cash provided by (used in) financing activities	(407,821)		(560,850)		(632,024)

Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,050		2,364		4,015
Net increase (decrease) in cash, cash equivalents and restricted cash	(71,284)		(2,465)		(77,829)
Cash and cash equivalents at beginning of period	422,979		425,444		503,273
Cash, cash equivalents and restricted cash at end of period	$	351,695	$	422,979	$	425,444

Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	337,651	$	422,979	$	425,444
Restricted cash included in Prepaid expenses and other current assets	6,522		—		—
Restricted cash included in Other assets	7,522		—		—
Total cash, cash equivalents and restricted cash	$	351,695	$	422,979	$	425,444

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Supplemental Disclosure of Cash Flow Information
Cash paid during the year for interest	$	54,813	$	65,920	$	76,524
Cash paid during the year for income taxes, net of refunds	$	103,167	$	157,015	$	91,170

Supplemental Disclosure of Non-Cash Transactions
Dividends declared, not paid	$	41,410	$	39,470	$	37,265

The accompanying notes are an integral part of these Consolidated Financial Statements.

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FactSet Research Systems Inc.

Consolidated Statements of Changes in Stockholders’ Equity

(in thousands, except share data)	Common Stock			AdditionalPaid-inCapital		Treasury Stock			RetainedEarnings		AccumulatedOtherComprehensiveLoss		TotalStockholders’Equity
	Shares	Par Value				Shares	Amount
Balance as of August 31, 2021	41,163,192	$	412	$	1,048,305	3,547,773	$	(905,917)	$	912,515	$	(38,962)	$	1,016,353
Net income									396,917				396,917
Other comprehensive income (loss)											(69,421)		(69,421)
Common stock issued for employee stock plans	450,527	5		86,042		260	(128)						85,919
Vesting of restricted stock	39,499	—				14,229	(6,031)						(6,031)
Repurchases of common stock						46,200	(18,639)						(18,639)
Stock-based compensation expense				56,003									56,003
Dividends declared									(129,693)				(129,693)
Balance as of August 31, 2022	41,653,218	$	417	$	1,190,350	3,608,462	$	(930,715)	$	1,179,739	$	(108,383)	$	1,331,408
Net income	—	—		—		—	—		468,173		—		468,173
Other comprehensive income (loss)	—	—		—		—	—		—		21,242		21,242
Common stock issued for employee stock plans	360,375	3		72,003		410	(166)		—		—		71,840
Vesting of restricted stock	83,035	1		(1)		32,034	(13,544)		—		—		(13,544)
Excise tax on share repurchases	—	—		—		—	(932)		—		—		(932)
Repurchases of common stock	—	—		—		430,350	(176,720)		—		—		(176,720)
Stock-based compensation expense	—	—		62,038		—	—		—		—		62,038
Dividends declared	—	—		—		—	—		(142,816)		—		(142,816)
Other	—	—		(759)		—	—		—		—		(759)
Balance as of August 31, 2023	42,096,628	$	421	$	1,323,631	4,071,256	$	(1,122,077)	$	1,505,096	$	(87,141)	$	1,619,930
Net income	—	—		—		—	—		537,126		—		537,126
Other comprehensive income (loss)	—	—		—		—	—		—		7,528		7,528
Common stock issued for employee stock plans	407,542	4		91,708		831	(376)		—		—		91,336
Vesting of restricted stock	94,745	1		(1)		36,758	(16,283)		—		—		(16,283)
Excise tax on share repurchases	—	—		—		—	(1,725)		—		—		(1,725)
Repurchases of common stock	—	—		—		537,800	(235,235)		—		—		(235,235)
Stock-based compensation expense	—	—		63,501		—	—		—		—		63,501
Dividends declared	—	—		—		—	—		(153,718)		—		(153,718)
Balance as of August 31, 2024	42,598,915	$	426	$	1,478,839	4,646,645	$	(1,375,696)	$	1,888,504	$	(79,613)	$	1,912,460
Net income	—	—		—		—	—		597,040		—		597,040
Other comprehensive income (loss)	—	—		—		—	—		—		15,865		15,865
Common stock issued for employee stock plans	325,030	3		81,686		370	(170)		—		—		81,519
Vesting of restricted stock	89,321	1		(1)		35,421	(16,072)		—		—		(16,072)
Excise tax on share repurchases	—	—		—		—	(3,034)		—		—		(3,034)
Repurchases of common stock	—	—		—		684,960	(300,457)		—		—		(300,457)
Stock-based compensation expense	—	—		61,229		—	—		—		—		61,229
Dividends declared	—	—		—		—	—		(162,137)		—		(162,137)
Balance as of August 31, 2025	43,013,266	$	430	$	1,621,753	5,367,396	$	(1,695,429)	$	2,323,407	$	(63,748)	$	2,186,413

The accompanying notes are an integral part of these Consolidated Financial Statements.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FactSet Research Systems Inc.

August 31, ~~2024~~2025

		Page
Note 1	Description of Business	6062
Note 2	Summary of Significant Accounting Policies	6163
Note 3	Revenue Recognition	6870
Note 4	Fair Value Measures	6971
Note 5	~~Derivative Instruments~~Acquisitions	7173
Note 6	~~Acquisitions~~Property, Equipment and Leasehold Improvements	7375
Note 7	~~Property, Equipment and Leasehold Improvements~~Goodwill	75
Note 8	~~Goodwill~~Intangible Assets	76
Note 9	~~Intangible~~Income ~~Assets~~Taxes	7677
Note 10	~~Income Taxes~~Leases	7780
Note 11	~~Leases~~Debt	8082
Note 12	~~Debt~~Commitments and Contingencies	8284
Note 13	~~Commitments~~Stockholders' ~~and Contingencies~~Equity	8486
Note 14	~~Stockholders'~~Earnings ~~Equity~~Per Share	8687
Note 15	~~Earnings~~Stock-Based ~~Per Share~~Compensation	8788
Note 16	~~Stock-Based~~Employee ~~Compensation~~Benefit Plans	8891
Note 17	~~Employee~~Segment ~~Benefit Plans~~Information	91
Note 18	Segment Information	91
Note 19	Subsequent Events	93

1. DESCRIPTION OF BUSINESS

FactSet Research Systems Inc. and its wholly-owned subsidiaries (~~collectively,~~ "we," "our," "us," the "Company" or "FactSet") is a global financial digital platform and enterprise solutions provider with open and flexible technologies that ~~aims~~deliver financial intelligence to ~~supercharge~~investment ~~financial~~professionals ~~intelligence~~worldwide.

Our platform delivers expansive data, sophisticated analytics, and flexible, artificial intelligence ("AI")-powered technology used by global financial professionals to power their critical investment workflows. As of August 31, ~~2024~~2025, we had ~~more~~approximately ~~than 8~~9,~~200~~000 clients comprised of over ~~216~~237,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals. Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected data and technology platform. Our products and services include workstations, portfolio analytics and enterprise data solutions. We also offer managed services that operate as an extension of our clients' internal teams to support data, performance, risk and reporting workflows.

We operate our business through three reportable segments ("segments"): the Americas, EMEA and Asia Pacific. ~~During~~Within ~~fiscal~~each ~~2024~~segment, we ~~revised our internal organization within each segment to~~ offer data, products and analytical applications by firm type: Institutional Buyside, Dealmakers, Wealth, and Partnerships and CGS. Refer to Note 17, Segment Information for further discussion on our segments.

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Our chief operating decision maker ("CODM") continues to review our business and operating results based on our segments, the realignment of our internal organization by firm type did not impact our segments for fiscal 2024. Refer to Note 18, Segment Information for further discussion on our segments and CODM.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

We conduct business globally and manage our business on a geographic basis. The accompanying Consolidated Financial Statements and Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for annual financial information and the instructions to Form 10-K and Article 10 of Regulation S-X. The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries; all intercompany activity and balances have been eliminated.

Reclassifications

For the year ended August 31, 2025, asset impairments were included within Selling, general and administrative ("SG&A") in the Consolidated Statements of Income and within Other, net in the Consolidated Statements of Cash Flows. We conformed the comparative prior year figures to the current year presentation.

For the year ended August 31, 2025, Prepaid expenses and other assets, previously included within Other, net, were presented as a separate component of Cash Flows from Operating Activities in the Consolidated Statements of Cash Flows. We conformed the comparative prior year figures to the current year presentation.

Use of Estimates

The preparation of our Consolidated Financial Statements and related disclosures in conformity with GAAP required management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant ~~estimates~~estimation may ~~include~~be involved in the accounting for income taxes, stock-based compensation, goodwill ~~and intangible assets~~, business combinations, property, equipment and leasehold improvements ("PPE"), ~~contingencies~~intangible assets and ~~impairment assessments~~contingencies. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of our assets and liabilities. Actual results could differ materially from those estimates.

Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Critical Accounting Estimates, of this Annual Report on Form 10-K for further discussion on our use of estimates.

Revenue Recognition

The majority of our revenues are derived from client access to our multi-asset solutions powered by our platform of connected data and technology that is available over the contractual term (referred to as the "Hosted Platform"). The Hosted Platform is a subscription-based service that provides client access to various combinations of products and services including workstations, portfolio analytics and enterprise solutions. In addition, through the CGS platform, we provide subscription access to a database of universally recognized security identifiers reflecting differentiating characteristics for issuers and their financial instruments (referred to as the "Identifier Platform").

Revenues from our products and services are recognized as we transfer control to our clients, in an amount that reflects the consideration we expect to receive in exchange for satisfying our performance obligations. We record revenues net of sales taxes which are subsequently remitted to taxing authorities and are excluded from the transaction price. We determined the majority of our contracts with clients, whether for our Hosted Platform or Identifier Platform service, each represent a single performance obligation covering a series of distinct products and services that are substantially the same and that have the same pattern of transfer to the client. The primary nature of our promise to the client is to provide daily access to each of these data and analytics platforms, with revenue recognized over-time as performance is satisfied on an output time-based measure of progress, as the client is simultaneously receiving and consuming the benefits of the platform.

We record deferred revenues when payments are received in advance of performance under the client contract.

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Stock-Based Compensation

Our stock-based compensation expense consists of:

•Stock options, restricted stock units ("RSUs") and~~/or~~ performance share units ("PSUs") issued to eligible employees under the FactSet Research Systems Inc. Stock Option and Award Plan, as Amended and Restated (the "LTIP").

•Stock options and RSUs issued to non-employee members of the Board of Directors ("non-employee directors") under the FactSet Research Systems Inc. Non-Employee Directors’ Stock Option and Award Plan as Amended and Restated (the "Director Plan").

•Common stock purchased by eligible employees under the FactSet Research Systems Inc. Employee Stock Purchase Plan as Amended and Restated (the "ESPP").

We measure and recognize stock-based compensation expense for all stock-based awards and purchases of common stock under the ESPP based on their estimated grant date fair value. To estimate the grant date fair value, we utilize a lattice-binomial option-pricing model ("binomial model") for our employee stock options and the Black-Scholes model for non-employee director stock options and common stock purchased by eligible employees under our ESPP.

61We utilize a lattice-binomial option-pricing model ("binomial model") to estimate the grant date fair value for our employee stock options and the Black-Scholes model to estimate the grant date fair value for non-employee director stock options and common stock purchased by eligible employees under our ESPP.

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Both the binomial model and Black-Scholes model involve certain estimates and assumptions such as:

•Risk-free interest rate - based on the United States ("U.S.") Treasury yield curve in effect at the time of grant with maturities equal to the expected terms of the stock-based awards granted.

•Expected life - the weighted average period the stock-based awards are expected to remain outstanding.

•Dividend yield - the expectation of dividend payouts based on our history.

The binomial model also incorporates market conditions, vesting restrictions and exercise patterns.

For RSUs and PSUs (collectively, "Restricted Stock Awards"), the grant date fair value is measured by reducing the grant date price of our common stock by the present value of expected future dividend payments on the underlying stock during the requisite service period, discounted at the appropriate risk-free interest rate. The number of PSUs granted assumes target-level achievement of the specified performance levels within the payout range. The ultimate number of common shares that may be earned pursuant to our PSU awards depends on the level of our achievement of stated financial performance objectives.

Stock-based compensation expense for stock option and RSU awards is recognized over the requisite service period using the straight-line method. For ~~stock~~these ~~options and RSU grants~~awards, the amount of stock-based compensation expense recognized on any date is at least equal to the vested portion of the award on that date.

Our PSUs require us to make assumptions regarding the probability of achieving specified performance levels established at the time of grant. We recognize stock-based compensation expense for PSUs using the straight-line method over the requisite service period. The probability of achieving the specified performance levels is reviewed on a quarterly basis to ensure the amount of stock-based compensation expense appropriately reflects the expected achievement.

For our ESPP, stock-based compensation expense is recognized on a straight-line basis over the offering period.

Our stock-based awards are generally subject to the continued employment ~~and~~for employees, or continued service atfor ~~the time of vesting by employees and~~ non-employee directors, ~~respectively~~through the applicable vesting date. Compensation expense for stock-based awards is recorded net of estimated forfeitures, which are based on historical forfeiture rates and are revised if actual forfeitures differ from those estimates.

Research and Product Development Costs

We do not have a separate research and product development ~~("R&D")~~ department, but rather we rely on collaboration across departments, with costs primarily consisting of employee compensation costs, such as salaries and related benefits for our product development, software engineering and technical support departments, as well as certain third party costs. These teams collaborate with our strategists, product and content managers, technologists, sales and other team members to develop new products and process innovations and enhance existing products. Our ~~R&D~~research ~~costs are expensed as incurred~~ and ~~are~~product ~~primarily~~development ~~recorded in employee compensation~~ costs, ~~which~~ are ~~included~~expensed inas our Cost of services and Selling, general and administrative ("SG&A") expenses in the Consolidated Statements of Income, dependent on the nature of the team. We incurred R&D costs of $265.2 million, $267.4 million and $255.1 million during fiscal 2024, 2023 and 2022, respectively.

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incurred and are primarily recorded in employee compensation costs, which are included in our Cost of services and Selling, general and administrative ("SG&A") expenses in the Consolidated Statements of Income, dependent on the nature of the team. We incurred research and product development costs of $300.7 million, $265.2 million and $267.4 million during fiscal 2025, 2024 and 2023, respectively.

Income Taxes

We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recorded for the temporary differences between the financial statement and the tax basis of assets and liabilities. In addition, deferred tax assets and liabilities are recorded for net operating loss carryforwards ("NOLs") and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which they are expected to be realized or settled. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the amount that is more likely than not (defined as a likelihood of more than 50%) to be realized.

Applicable accounting guidance prescribes a comprehensive model for financial statement recognition, measurement, classification and disclosure of uncertain tax positions that a company has taken or expects to take on a tax return. We follow a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not (defined as a likelihood of more than 50%) that a tax position will be sustained based on its technical merits as of the reporting date. The second step, for those positions that meet the recognition criteria, is to measure and recognize the largest amount of benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority. We classify the liability for unrecognized tax benefits as Taxes Payable (non-current) and to the extent we anticipate payment of cash within one year, the benefit is classified as Current taxes payable in the Consolidated Balance Sheets.

62The determination of liabilities related to uncertain tax positions and associated interest and penalties requires significant estimates and assumptions; as such, there can be no assurance that we will accurately predict the outcome. For this reason and due to ongoing audits by multiple tax authorities, we regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. We adjust these reserves in light of changing facts and circumstances, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made.

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more than 50%) that a tax position will be sustained based on its technical merits as of the reporting date. The second step, for those positions that meet the recognition criteria, is to measure and recognize the largest amount of benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority. We classify the liability for unrecognized tax benefits as Taxes Payable (non-current) and to the extent we anticipate payment of cash within one year, the benefit is classified as Current taxes payable in the Consolidated Balance Sheets.

The determination of liabilities related to uncertain tax positions and associated interest and penalties requires significant estimates and assumptions; as such, there can be no assurance that we will accurately predict the outcomes of these audits. For this reason and due to ongoing audits by multiple tax authorities, we regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. We adjust these reserves in light of changing facts and circumstances, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made.

We accrue interest on all income tax exposures for which reserves have been established consistent with jurisdictional tax laws, and recognize this interest in the Provision for income taxes in the Consolidated Statements of Income and in Current taxes payable or Taxes payable (non-current), based on the expected timing of the payment, within the Consolidated Balance Sheets.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments including demand deposits and money market funds available for withdrawal without restriction or with original maturities of 90 days or less. The carrying value of our cash and cash equivalents approximates fair value.

Accounts Receivable

Accounts receivable includes both invoiced and unbilled receivables, net of allowance for any potential uncollectible amounts. Unbilled receivables reflect revenues earned for which we have the unconditional right to payment, even though we have not yet issued an invoice. Amounts included in accounts receivable are expected to be collected within one year. Our allowance for expected credit losses is based on a variety of factors, including collectability trends, our historical write-off activity, current economic environment, ~~customer~~client-specific information and expectations of future economic conditions. Our allowance is recorded to SG&A in the Consolidated Statements of Income and we assess the adequacy of the allowance on a quarterly basis. Recoveries of accounts previously reserved are recognized as a reversal to SG&A when payment is received. We write-off accounts receivable balances when we have exhausted our collection efforts.

Property, Equipment and Leasehold Improvements

PPE are stated at cost, less accumulated depreciation and amortization. Property and equipment are depreciated based on the straight-line method over the estimated useful lives of the assets, ranging from three to five years for computers and related equipment and seven years for furniture and fixtures. Leasehold improvements are amortized on a straight-line basis over the shorter of their respective useful lives or the related lease term. Repairs and maintenance expenditures, which are not considered leasehold improvements and do not extend the useful life of the property and equipment, are expensed as incurred.

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shorter of their respective useful lives or the related lease term. Repairs and maintenance expenditures, which are not considered leasehold improvements and do not extend the useful life of the property and equipment, are expensed as incurred.

We review our PPE to determine if any indicators of impairment are present on a quarterly basis or whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. If indicators of impairment are present, the asset group is tested for impairment by comparing its carrying value to its undiscounted cash flows and if impaired, written down to fair value based on its discounted cash flows. In addition, we periodically evaluate the estimated remaining useful lives of our PPE to determine whether events or changes in circumstances warrant a revision to the remaining period of depreciation or amortization.

Goodwill

We recognize the excess of the purchase price over the fair value of identifiable net assets acquired at the acquisition date as goodwill. Goodwill is not amortized as it is estimated to have an indefinite life and is tested for impairment at the reporting unit level annually, or more frequently if impairment indicators occur. Goodwill is deemed to be impaired and written-down in the period in which the carrying value of the reporting unit exceeds its fair value. We have three reporting units, Americas, EMEA and Asia Pacific, which are consistent with our operating segments.

When assessing goodwill for impairment, we may first elect to perform a qualitative analysis for the reporting units to determine whether it is more likely than not (a likelihood of more than 50 percent) that the fair value of the reporting unit is less than its carrying value. If the qualitative analysis indicates that it is more likely than not the fair value of a reporting unit is less than its carrying value or if we elect not to perform a qualitative analysis, a quantitative analysis is performed to determine whether a goodwill impairment exists.

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than its carrying value or if we elect not to perform a qualitative analysis, a quantitative analysis is performed to determine whether a goodwill impairment exists.

The quantitative goodwill impairment analysis is used to identify potential impairment by comparing the carrying value of a reporting unit with its fair value. To perform this analysis, we apply the income approach which utilizes discounted cash flows, along with other relevant market information. The annual review of the carrying value of goodwill requires us to develop estimates of expected cash flows by reporting unit, based on future business performance, discounted by their respective weighted average cost of capital. Changes in our estimates can impact the present value of expected cash flows used in determining fair value of a reporting unit. If the carrying value of the reporting unit exceeds the fair value, then the goodwill is considered impaired and written down to the reporting unit’s fair value. The impairment loss for the reporting unit cannot exceed the carrying value of the goodwill allocated to that reporting unit.

Intangible Assets

We amortize intangible assets over their estimated useful lives, assuming no residual value. We evaluate the useful lives annually to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life.

Intangible assets are tested for impairment qualitatively on a quarterly basis or whenever events or changes in circumstances indicate that the carrying amount of an asset group is not recoverable. If indicators of impairment are present, ~~our~~the ~~intangible~~asset ~~assets~~group ~~are~~is tested for impairment by comparing ~~the~~its carrying value to undiscounted cash flows and, if impaired, written down to fair value based on discounted cash flows.

Internal-use Software and Implementation Costs of Hosting Arrangements

Our developed technology intangible assets (“Developed technology”) ~~include~~consist of capitalized internal-use software costs, ~~related~~such toas ~~internal~~ employee compensation ~~costs~~ and external expenses incurred during the application development phase., ~~These~~as well as costs ~~relate~~related to ~~the~~upgrades ~~development,~~and ~~modification,~~enhancements orthat ~~acquisition~~add offunctionality, and software acquired for internal- use. ~~and~~These costs are recorded in Intangible assets, net on the Consolidated Balance Sheets. ~~Development costs related to software upgrades and enhancements are capitalized if they provide additional functionality.~~ We also capitalize qualifying implementation costs for hosting arrangements that meet the capitalization criteria per the internal-use software guidance. ~~These~~within ~~implementation costs are recorded in~~ Other assets on the Consolidated Balance Sheets. Our Developed technology and implementation assets are typically amortized over three to five years using the straight-line method.

Leases

Our operating lease arrangements relate to our office space and data centers. We determine if an arrangement qualifies as a lease at inception by evaluating if there is an identified asset and whether we obtain substantially all the economic benefits of and have the right to control the use of an asset. For operating leases with a term greater than one year, we recognize lease right-of-use ("ROU") assets and lease liabilities as the present value of future minimum lease payments over the reasonably certain lease term beginning at the commencement or modification date. The future minimum lease payments include fixed lease payments and certain qualifying index-based variable payments. Our lease ROU assets may further be impacted by prepayments, lease incentives received and initial direct costs incurred. Our operating leases are classified within Lease right-of-use assets, net, Current lease liabilities and Long-term lease liabilities on our Consolidated Balance Sheets.

Our leases generally do not have a readily determinable implicit rate, therefore we use our incremental borrowing rate ("IBR") at the lease commencement or modification date, or on the date of lease modification, if applicable, in determining the present value of future payments. Our IBR is derived by selecting U.S. corporate yield curves observed for public companies that are reflective of our credit rating, adjusted to approximate a secured rate of borrowing. We also consider revisions to the rate to reflect the geographic location where the leased asset is located. 66

Certain of our lease agreements include options to extend and/or terminate the lease, which we do not include in our minimum lease terms unless we are reasonably certain to exercise these options. We account for the lease and non-lease components as a single lease component, which we recognize over the expected term on a straight-line expense basis in occupancy costs (a component of SG&A expense in the Consolidated Statements of Income). Variable lease payments that are not included in the calculation of lease ROU assets and lease liabilities are expensed as incurred within occupancy costs.

We review our lease ROU assets for impairment when there are indicators that an asset may no longer be recoverable. The impairment assessment requires significant judgments and estimates, including estimating subtenant rental income, calculating

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ancertain ~~appropriate~~lease ~~discount~~term ~~rate~~beginning ~~and~~at ~~assessing~~the ~~other~~commencement ~~applicable~~or ~~future~~modification ~~cash~~date. ~~flows~~The ~~associated~~future ~~with~~minimum ~~the~~lease ~~leased~~payments ~~location.~~include ~~These~~fixed ~~estimates~~lease ~~are~~payments ~~based on our experience~~ and ~~knowledge~~certain ofqualifying ~~the~~index-based ~~market~~variable inpayments. ~~which~~Our ~~the~~lease ~~property~~ROU isassets ~~located,~~may ~~previous~~further ~~efforts~~be toimpacted ~~dispose~~by ofprepayments, ~~similar~~lease ~~assets~~incentives received and ~~the~~initial ~~assessment~~direct ofcosts ~~existing~~incurred. ~~market~~Our ~~conditions.~~operating ~~Impairments~~leases are ~~recognized~~classified aswithin ~~a reduction to the carrying value of the~~ Lease right-of-use assets, net, ~~with~~Current alease ~~corresponding~~liabilities ~~increase~~and toLong-term ~~Asset~~lease ~~impairments~~liabilities on our Consolidated Balance Sheets ~~and Consolidated Statements of Income, respectively~~.

~~Derivative~~Our ~~Instruments~~leases generally do not have a readily determinable implicit rate; therefore, we use our incremental borrowing rate ("IBR") at the lease commencement, or on the date of lease modification, if applicable, in determining the present value of future payments. Our IBR is derived by selecting U.S. corporate yield curves observed for public companies that are reflective of our credit rating, adjusted to approximate a secured rate of borrowing. We also consider revisions to the rate to reflect the geographic location where the leased asset is located.

WeCertain ~~use~~of ~~derivative~~our ~~financial~~lease ~~instruments~~agreements ~~("derivatives")~~include options to ~~manage~~extend ~~exposure~~and/or toterminate ~~foreign~~the ~~currency~~lease, ~~exchange~~which ~~rates~~we ~~and~~do ~~variable~~not ~~interest~~include ~~rates.~~in ~~Our~~our ~~primary~~minimum ~~objective~~lease interms ~~holding~~unless ~~derivatives~~we isare reasonably certain to ~~reduce~~exercise these options. We account for the ~~volatility~~lease inand ~~cash~~non-lease ~~flows~~components ~~associated~~as ~~with~~a ~~foreign~~single ~~currency~~lease ~~fluctuations~~component, ~~and~~which ~~funding~~we ~~activities~~recognize ~~arising~~over ~~from~~the ~~changes~~expected term on a straight-line expense basis in ~~interest~~occupancy ~~rates~~costs (a component of SG&A expense in the Consolidated Statements of Income). WeVariable dolease payments that are not ~~employ~~included ~~derivatives~~in ~~for~~the ~~trading~~calculation orof ~~speculative~~lease ~~purposes~~ROU assets and lease liabilities are expensed as incurred within occupancy costs.

~~Foreign~~We ~~Currency~~review ~~Forward~~our ~~Contracts~~lease ROU assets for impairment when there are indicators that an asset may no longer be recoverable. The impairment assessment requires significant judgments and estimates, including estimating subtenant rental income, calculating an appropriate discount rate and assessing other applicable future cash flows associated with the leased location. These estimates are based on our experience and knowledge of the market in which the property is located, previous efforts to dispose of similar assets and the assessment of existing market conditions. Impairments are recognized as a reduction to the carrying value of the Lease right-of-use assets, net with a corresponding increase to SG&A on our Consolidated Balance Sheets and Consolidated Statements of Income, respectively.

As we conduct business outside the U.S. in several currencies, we utilize derivative instruments (foreign currency forward contracts) to mitigate our currency exposures from fluctuations in foreign currency exchange rates that can create volatility in our results of operations, cash flows and financial condition. Our primary currency exposures include the British Pound Sterling, Euro, Indian Rupee and Philippine Peso. In designing a specific hedging approach, we consider several factors, including offsetting exposures, significance of exposures, forecasting risk and potential effectiveness of the hedge.

Interest Rate Swap Agreement

We leverage interest rate swap agreements to hedge the variability of our cash flows resulting from floating interest rates on our debt. Through a swap agreement, for the portion of the debt that is hedged, we pay interest at a fixed interest rate as opposed to a floating interest rate per the contractual terms of our debt agreement, at specified intervals throughout the life of the interest rate swap agreement.

Derivative Instrument Classification

At inception of the hedge accounting relationship and on a quarterly basis, we formally assess whether derivatives designated as cash flow hedges are highly effective in offsetting changes to the forecasted cash flows of the hedged items. If the cash flow hedges are deemed to be highly effective, the gain or loss on the cash flow hedges are initially reported as a component of Accumulated other comprehensive loss ("AOCL") on the Consolidated Balance Sheets. These changes are subsequently reclassified to the Consolidated Statements of Income and recorded in SG&A for the foreign currency forward contracts and Interest expense for the interest rate swap agreements, when the hedged exposure affects earnings. All our derivatives are assessed for effectiveness at each reporting period and are designated as hedging instruments.

Treasury Stock

We account for treasury stock under the cost method and ~~include~~present it within Treasury stock as a component of Stockholders' equity on the Consolidated Balance Sheets. We may repurchase shares of our common stock under our share repurchase program in the open market or via privately negotiated transactions, subject to market conditions. Repurchased shares of our common stock are recorded at the market price on the trade date and are held as treasury shares until they are reissued or retired. When treasury shares are reissued, if the issuance price is higher than the average price paid to acquire the shares ("the cost"), the excess of the issuance price over the cost is credited to additional paid-in capital ("APIC"). If the issuance is lower than the cost, the difference is first charged against any credit balance in APIC from Treasury stock, with the remaining balance charged to Retained earnings on the Consolidated Balance Sheets.

We account for the formal retirement of treasury shares by deducting its par value from Common stock, reflecting any excess over par value as a reduction to APIC (to the extent created by previous issuances of the shares) and then Retained earnings on the Consolidated Balance Sheets.

The Inflation Reduction Act of 2022 ("IRA"), which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. ~~During~~We ~~fiscal~~record ~~2024, we recorded~~ the applicable excise tax in Treasury stock, as part of the cost basis of the stock repurchased, and ~~recorded~~ a corresponding liability for the excise taxes payable in Accounts payable and accrued expenses on the Consolidated Balance Sheets.

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Fair Value Measurements

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The inputs to these methodologies consider market comparable information, taking into account the principal or most advantageous market in which we would transact. The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value based on the reliability of inputs. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Foreign Currency Translation and Remeasurement

Certain wholly-owned subsidiaries operate under a functional currency different from the U.S. dollar. Our primary currency exposures include the British Pound Sterling, Euro, Indian Rupee and Philippine Peso.

The financial statements of our foreign subsidiaries that are local currency functional are translated into U.S. dollars using period-end rates of exchange for assets and liabilities and average monthly rates for revenues and expenses. The resulting translation gains and losses that arise from translating these assets, liabilities, revenues and expenses of our foreign operations are recorded in AOCL in the Consolidated Balance Sheets. 67

~~For~~Table ~~the financial statements~~ of our foreign subsidiaries that are U.S. dollar functional, but maintain their books of record in their respective local currency, we remeasure our revenues and expenses into U.S. dollars at the average rates of exchange for the period, monetary assets and liabilities using period-end rates and non-monetary assets and liabilities at their historical rates. The resulting remeasurement gains and losses are recorded to SG&A in the Consolidated Statements of Income.Contents

For the financial statements of our foreign subsidiaries that are U.S. dollar functional but maintain their books of record in their respective local currency, we remeasure our revenues and expenses into U.S. dollars at the average rates of exchange for the period, monetary assets and liabilities using period-end rates and non-monetary assets and liabilities at their historical rates. The resulting remeasurement gains and losses are recorded to SG&A in the Consolidated Statements of Income.

Concentrations of Credit Risk

Credit risk arises from the potential nonperformance by counterparties to fulfill their financial obligations. Our financial instruments that potentially subject us to concentrations of credit risk consist primarily of our cash, cash equivalents, ~~accounts~~restricted ~~receivable~~cash, investments in mutual funds, accounts receivable and derivative instruments. The maximum credit exposure of our cash, cash equivalents, ~~accounts~~restricted ~~receivable~~cash, ~~and~~ investments in mutual funds and accounts receivable is their carrying values as of the balance sheet date. The maximum credit exposure related to our derivative instruments is based upon their respective gross fair values as of the balance sheet date.

Cash, Cash Equivalents, Restricted Cash and Investments

We are exposed to credit risk on our cash, cash equivalents, restricted cash and investments in mutual funds in the event of default by the financial and governmental institutions with which we transact. We invest in a manner that aligns with our restrictive cash investment practices, preserves capital and provides liquidity, while minimizing our exposure to credit risk. We limit our exposure to credit loss by investing with multiple financial and governmental institutions that we believe are high-quality and credit-worthy. We have not experienced any credit losses relating to our cash, cash equivalents, restricted cash and investments in mutual funds.

Accounts Receivable

Our accounts receivable credit risk is dependent upon the financial stability of our individual clients. As of August 31, ~~2024~~2025 and August 31, ~~2023~~2024, our accounts receivable reserve was $1413.68 million and $714.86 million, respectively. We do not require collateral from our clients; however, no single client represented more than 3.5% of our total annual revenues for fiscal ~~2022~~2023 through fiscal ~~2024~~2025. Due to our large and geographically dispersed client base, our concentration of credit risk related to our accounts receivable is generally limited.

Derivative Instruments

Our use of derivative instruments exposes us to credit risk to the extent counterparties may be unable to meet the terms of their agreements. To mitigate credit risk, we limit counterparties to financial institutions we believe are credit-worthy and use several institutions to reduce concentration risk. We do not expect any losses as a result of default by our counterparties.

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Concentrations of Data Providers

We integrate data from various third-party sources into our hosted proprietary data and analytics platform. As certain data sources have a limited number of suppliers, we make every effort to assure that, where reasonable, alternative sources are available. We are not dependent on any individual third-party data supplier to meet the needs of our clients, with ~~only~~ two data suppliers each representing more than 10% of our total data costs for the year ended August 31, ~~2024~~2025.

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Concentrations of Cloud Providers

Our clients rely on us for the delivery of time-sensitive, up-to-date data and applications. Our business is dependent on our ability to process substantial volumes of data and transactions rapidly and efficiently. We currently use multiple providers of cloud services; however, one supplier provided the majority of our cloud computing support for fiscal ~~2024~~2025. We maintain back-up facilities and other redundancies at our data centers, take security measures and have emergency planning procedures to minimize the risk that an event will disrupt our operations.

Recently Adopted Accounting Pronouncements

WeSegment ~~did~~Reporting ~~not~~- ~~adopt~~Improvements ~~any~~to ~~new~~Reportable ~~standards~~Segment ~~or updates issued by the Financial Accounting Standards Board ("FASB") during fiscal 2024 that had a material impact on our Consolidated Financial Statements.~~Disclosures

~~Accounting~~In ~~Pronouncements~~November ~~Not~~2023, ~~Yet~~the ~~Adopted~~FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU enhances segment disclosures primarily related to significant segment expenses for both interim and annual periods. We adopted this ASU on a retrospective basis for our annual financial statements starting in fiscal 2025. The adoption of this ASU resulted in additional disclosures with no impact to our Consolidated Financial Statements. Refer to Note 17, Segment Information, for further information.

SEC Disclosures - The Enhancement and Standardization of Climate-Related Disclosures for Investors

In March 2024, the SEC adopted a final rule under SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which would require disclosure of certain climate-related information in various filings with the SEC. In April 2024, the SEC stayed implementation of the final rule pending completion of judicial review. We are currently assessing the potential impact of the rule on our disclosures.

Codification Improvements - Amendments to Remove References to the Concepts Statements

In March 2024, the FASB issued ~~Accounting Standards Update ("~~ASU") 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This ASU amends the FASB Accounting Standards Codification ("the Codification") to remove references to various FASB Concepts Statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. ~~The~~We ~~amendments~~early inadopted this ASU ~~are~~on toa beprospective ~~applied~~basis ~~prospectively,~~as ~~although~~of ~~retrospective~~March ~~application is permitted~~1, ~~and are effective for our interim and annual financial statements starting in fiscal 2026~~2025. ~~Early~~The adoption isof ~~permitted.~~this ~~This~~ ASU isdid not ~~expected to~~ have a material impact on our Consolidated Financial Statements or related disclosures.

Accounting Pronouncements Not Yet Adopted

Income Statement - Disaggregation of Income Statement Expenses

In November 2024, the FASB issued Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses. This ASU requires disaggregation of certain income statement expense captions into specified categories to be disclosed within the footnotes to the financial statements. This ASU does not change the expense captions on the income statement. The amendments in this ASU are to be applied prospectively, although retrospective application is permitted, and are effective for our annual financial statements starting in fiscal 2028 and interim periods starting in fiscal 2029. Early adoption is permitted. This ASU is not expected to have a material impact on our Consolidated Financial Statements. We are currently assessing the impact of the new requirements on our disclosures.

U.S. Securities and Exchange Commission ("SEC") Disclosures - The Enhancement and Standardization of Climate-Related Disclosures for Investors

In March 2024, the SEC adopted a final rule under SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which would require disclosure of certain climate-related information in various filings with the SEC. In April 2024, the SEC stayed implementation of the final rule pending completion of judicial review. In March 2025, the SEC stated that it has ended its defense of the rule. We are currently monitoring the legal challenges and assessing the potential impact of the rule on our disclosures.

Income Taxes - Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU enhances annual income tax disclosures primarily related to our effective tax rate reconciliation and income taxes paid. The amendments in this ASU are to be applied prospectively, although retrospective application is permitted, and are effective for our annual financial statements starting in fiscal 2026. Early adoption is permitted. This ASU is not expected to have a material impact on our Consolidated Financial Statements. We are currently assessing the impact of the new requirements on our disclosures.

~~Segment Reporting - Improvements to Reportable Segment Disclosures~~69

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU enhances segment disclosures primarily related to significant segment expenses for both interim and annual periods. The amendments in this ASU are to be applied retrospectively and are effective for our annual financial statements starting in fiscal 2025 and interim periods starting in fiscal 2026. Early adoption is permitted. This ASU is not expected to have a material impact on our Consolidated Financial Statements. We are currently assessing the impact of the new requirements on our disclosures.

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Disclosure Improvements - Codification Amendment in Response to the ~~Securities and Exchange Commission~~SEC's ~~("SEC")~~ Disclosure Update and Simplification Initiative

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. The ASU incorporates several disclosure and presentation requirements currently residing in the SEC Regulations S-X and S-K. The amendments will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As we are currently subject to these SEC requirements, this ASU is not expected to have a material impact on our Consolidated Financial Statements or related disclosures.

No other new accounting pronouncements issued or effective during fiscal ~~2024~~2025 have had, or are expected to have, a material impact on our Consolidated Financial Statements.

3. REVENUE RECOGNITION

We derive most of our revenues by delivering client access to our multi-asset class solutions powered by our platform of connected data and technology that is available over the contractual term (referred to as the "Hosted Platform,"). ~~which~~The Hosted Platform is a subscription-based service that provides ~~clients~~client ~~with~~access ato ~~tailored~~various ~~selection~~combinations of products and services including workstations, portfolio analytics and enterprise solutions. We also derive revenues ~~from~~through the ~~Identifier~~CGS ~~Platform~~platform, a subscription-based ~~CGS platform~~ service that provides access to a database of universally recognized security identifiers and related descriptive data for issuers and their financial instruments (referred to as the "Identifier Platform").

The majority of each of our contracts with clients, whether for Hosted Platform or Identifier Platform services, represents a single performance obligation covering a series of distinct products and services that are substantially the same and that have the same pattern of transfer to the client. The primary nature of the promise to the client is to provide daily access to each of these data and analytics platforms over the associated contractual term. These platforms provide integrated financial information, analytical applications and industry-leading service for the investment community. Based on the nature of the products and services offered by these platforms, we apply an output time-based measure of progress as the client is simultaneously receiving and consuming the benefits of the respective platform. We recognize revenue for the majority of these platforms in accordance with the 'as invoiced' practical expedient, because the consideration that we have the right to invoice corresponds directly with the value of our performance to date. There are no significant judgments that would impact the timing of revenue recognition.

Due to our election of the practical expedient, we do not consider payment terms as a financing component within a client contract when, at contract inception, the period between the transfer of the promised services to the client and the payment timing for those services will be one year or less.

The majority of client contracts have a duration of one year, or the amount we are entitled to receive corresponds directly with the value of our performance obligations completed to date. Therefore, we do not disclose the value of the remaining unsatisfied performance obligations.

Disaggregated Revenues

We disaggregate revenues from our client contracts by segment based on the geographic region where the sale originated. Our business segmentation by geography is aligned with the operational and economic characteristics of our business. Refer to Note 1817, Segment Information, for further information.

The following table presents revenues disaggregated by segment:

Years ended August 31,

(in thousands)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Americas

1,~~419~~506,~~901~~108

1,~~335~~419,~~484~~901

1,~~173~~335,~~946~~484

EMEA

~~563~~580,~~128~~284

~~539~~563,~~843~~128

~~484~~539,~~279~~843

Asia Pacific

~~220~~235,~~027~~356

~~210~~220,~~181~~027

~~185~~210,~~667~~181

Total Revenues

2,~~203~~321,~~056~~748

2,~~085~~203,~~508~~056

12,~~843~~085,~~892~~508

We have not disclosed revenues from external clients by product and service, as it is impracticable for us to do so.

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4. FAIR VALUE MEASURES

Fair Value Hierarchy

The accounting guidance for fair value measurements establishes a three-level fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy ranks the reliability of the inputs, based upon the lowest level of input that is significant to the fair value measurement, used to determine fair value. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. We have categorized our assets and liabilities within the fair value hierarchy as follows:

Level 1 – applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 – applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 – applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The assumptions used in determining fair value represent our best estimates, but these estimates involve inherent uncertainties and the application of our judgment. As a result, if factors change, our fair value estimates could be materially different in the future and may adversely affect our business and financial results.

(a) Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables show, by level within the fair value hierarchy, our assets and liabilities that are measured at fair value on a recurring basis as of August 31, ~~2024~~2025 and August 31, ~~2023~~2024. We did not have any transfers between levels of fair value measurements during fiscal ~~2024~~2025 and ~~2023~~2024.

(in thousands)	Fair Value Measurements as of August 31, ~~2024~~2025
	Level 1		Level 2		Level 23		Total		~~Level 3~~		~~Total~~
Assets
Money market funds(1)	$	~~129~~8,~~635~~649	$	—	$	—	$	8,649	$	—	$	~~129,635~~
Mutual funds(2)	—		17,445		~~69,619~~—		17,445		—		~~69,619~~
Derivative instruments(3)	—		3,590		~~2,619~~—		3,590		—		~~2,619~~
Total assets measured at fair value	$	~~129~~8,~~635~~649	$	21,035	$	~~72,238~~—	$	29,684	$	—	$	~~201,873~~
Liabilities
Derivative instruments(3)	$	—	$	808	$	~~250~~—	$	808	$	—	$	~~250~~
Contingent liability(4)	—				—				4,193		4,193
Contingent liabilities(4)	—		—		24,126		24,126
Total liabilities measured at fair value	$	—	$	808	$	~~250~~24,126	$	24,934	$	~~4,193~~	$	~~4,443~~

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(in thousands)	Fair Value Measurements as of August 31, ~~2023~~2024
	Level 1		Level 2		Level 23		Total		~~Level 3~~		~~Total~~
Assets
Money market funds(1)	$	~~137~~129,~~125~~635	$	—	$	—	$	129,635	$	—	$	~~137,125~~
Mutual funds(2)	—		69,619		~~32,210~~—		69,619		—		~~32,210~~
Derivative instruments(3)	—		2,619		~~4,383~~—		2,619		—		~~4,383~~
Total assets measured at fair value	$	~~137~~129,~~125~~635	$	72,238	$	~~36,593~~—	$	201,873	$	—	$	~~173,718~~
Liabilities
Derivative instruments(3)	$	—	$	250	$	~~608~~—	$	250	$	—	$	~~608~~
Contingent liability(4)	—		—		—4,193		4,193		~~8,008~~		~~8,008~~
Total liabilities measured at fair value	$	—	$	250	$	~~608~~4,193	$	4,443	$	~~8,008~~	$	~~8,616~~

(1) Our money market funds are readily convertible into cash. The net asset value of each fund on the last day of the reporting period is used to determine its fair value. Our money market funds are included in Cash and cash equivalents within the Consolidated Balance Sheets.

(2) Our mutual funds' fair value is based on the fair value of the underlying investments held by the mutual funds, allocated to each share of the mutual fund using a net asset value approach. The fair value of ~~the~~each underlying ~~investments~~investment is based on observable inputs. Our mutual funds are included in Investments within the Consolidated Balance Sheets.

(3) Our derivative instruments ~~include~~included ~~our~~ foreign exchange forward contracts and interest rate swap agreements. We ~~utilize~~utilized the income approach to measure fair value for our foreign exchange forward contracts. The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads. To estimate fair value for our interest rate swap ~~agreement~~agreements, we ~~utilize~~utilized a present value of future cash flows, leveraging a model-derived valuation that uses observable inputs such as interest rate yield curves. ~~Refer~~Our toderivative ~~Note~~instruments 5,in ~~Derivative~~an ~~Instruments~~asset ~~for~~position ~~more~~are ~~information~~included onin ~~our~~Prepaid ~~derivative~~expenses ~~instruments~~and other current assets and ~~their~~those ~~classification~~in a liability position are included in Accounts payable and accrued expenses within the Consolidated Balance Sheets.

(4) Our contingent ~~liability~~liabilities resulted from the ~~acquisition~~acquisitions of avarious ~~business during fiscal 2023~~businesses. ~~This~~These ~~liability~~liabilities ~~reflects~~reflect the present value of potential future payments that are contingent upon the achievement of certain specified milestones. ~~The acquisition date fair value of the contingent liability was $7.9 million~~ and ~~was~~are valued using a scenario-based method. This method incorporates unobservable inputs and assumptions made by management, including the probability of achieving specified milestones, expected time until payment and the discount rate. ~~The~~Refer ~~fair~~to ~~value~~Note ~~of the contingent liability is remeasured each reporting period until the contingency is resolved~~5, ~~with any changes in fair value recorded in SG&A within the Consolidated Statements of Income. During fiscal 2024~~Acquisitions, asfor ~~the~~more ~~achievement~~information ofon ~~a specified milestone was met, we reclassified $4.7 million from our contingent liability to Accounts payable and accrued expenses. The remaining change in~~ the ~~fair value of the~~ contingent ~~liability~~liabilities ~~from~~associated ~~the~~with ~~acquisition date through August 31, 2024 was driven by~~ the ~~passage~~Liquid ofHoldings ~~time,~~LLC ~~with~~("LiquidityBook") noand ~~changes~~Platform ~~made~~Group toLimited ~~key~~("Irwin") ~~assumptions used in our fair value estimates~~acquisitions.

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(b) Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

Assets that are measured at fair value on a non-recurring basis primarily include our PPE, lease ROU assets, goodwill and intangible assets. These assets are assessed for impairment whenever events or circumstances indicate their carrying value may not be fully recoverable, and at least annually for goodwill. The fair values of these non-financial assets are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparable information and discounted cash flow projections.

We recorded asset impairments in the Consolidated Statements of Income of $4.7 million and $25.9 million during fiscal 2024 and fiscal 2023, respectively, to reflect the difference between the fair market value and carrying value of certain assets. These impairments were the result of a $3.4 million and $18.0 million charge during fiscal 2024 and fiscal 2023, respectively, related to our lease ROU assets and PPE. These charges were associated with vacating certain leased office space to rightsize our real estate footprint.

As there were no expected future cash flows from the lease ROU assets for locations we will not sublease, nor for PPE linked to the vacated leased office space, we concluded that these assets hold no remaining fair value and were fully impaired. For those locations we anticipated subleasing, we estimated the fair value of the lease ROU assets as of the cease use date, using a market approach, based on expected future cash flows from sublease income. For this assessment we relied on certain assumptions, which included estimates of the rental rate, period of vacancy, incentives and annual rent increases. Due to the subjective nature of the unobservable inputs used, the fair value measurement for the asset impairments was classified within Level 3 of the fair value hierarchy.

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The remaining asset impairments for fiscal 2024 and 2023 were $1.3 million related to impairment of Developed technology and $7.9 million related to Developed technology and Trade names, respectively.

We elected not to carry our debt, ~~which~~at ~~includes~~fair ~~our~~value ~~Current~~on ~~debt~~the ~~and~~Consolidated ~~Long-term~~Balance ~~debt~~Sheets. Our Senior Notes are publicly traded; therefore, atthe fair value of our Senior Notes is estimated based on quoted prices in active markets as of the ~~Consolidated~~last ~~Balance~~business ~~Sheets~~day of the fiscal year, which are considered Level 1 inputs. The ~~carrying~~fair value of our ~~debt~~2022 isand ~~net~~2025 ofCredit ~~related~~Facilities, ~~unamortized~~for ~~discounts~~their respective outstanding periods, was estimated based on quoted market prices for similar instruments, adjusted for unobservable inputs to ensure comparability to our investment rating, maturity terms and ~~debt~~principal ~~issuance~~outstanding, ~~costs~~which are considered Level 3 inputs. Refer to Note 11, Debt for definitions of, and more information on, our Senior Notes, 2025 Credit Facilities and 2022 Credit Facilities.

Our debt is comprised of our Senior Notes and 2022 Credit Facilities. Our Senior Notes are publicly traded; therefore, the fair value of our Senior Notes is estimated based on quoted prices in active markets as of the reporting date, which are considered Level 1 inputs. The ~~fair~~following ~~value~~table ofsummarizes ~~our~~information ~~2022 Credit Facilities is estimated based~~ on ~~quoted market prices for similar instruments, adjusted for unobservable inputs to ensure comparability to~~ our ~~investment rating, maturity terms and principal~~ outstanding, ~~which~~debt ~~are~~as ~~considered~~of ~~Level 3 inputs. Refer to Note 12~~August 31, ~~Debt~~2025 ~~for definitions of,~~ and ~~more information on~~August 31, ~~our Senior Notes and 2022 Credit Facilities.~~2024:

The following table summarizes information on our outstanding debt as of August 31, 2024 and August 31, 2023:


		August 31, 2025				August 31, 2024
(in thousands)	Fair Value Hierarchy	Principal Amount		Estimated Fair Value		Principal Amount		Estimated Fair Value
2027 Notes	Level 1	$	500,000	$	490,565	$	500,000	$	479,760
2032 Notes	Level 1	500,000		460,440		500,000		449,380
2025 Term Facility	Level 3	375,000		374,866		—		—
2022 Revolving Facility	Level 3	—		—		250,000		246,578
2022 Term Facility	Level 3	—		—		125,000		125,242
Total principal amount		$	1,375,000	$	1,325,871	$	1,375,000	$	1,300,960
Total unamortized discounts and debt issuance costs(1)		(6,740)				(9,027)
Total net carrying value of debt		$	1,368,260			$	1,365,973

		August 31, 2024				August 31, 2023
(in thousands)	Fair Value Hierarchy	Principal Amount		Estimated Fair Value		Principal Amount		Estimated Fair Value
2027 Notes	Level 1	$	500,000	$	479,760	$	500,000	$	460,890
2032 Notes	Level 1	500,000		449,380		500,000		423,700
2022 Revolving Facility	Level 3	250,000		246,578		250,000		246,875
2022 Term Facility	Level 3	125,000		125,242		375,000		376,406
Total principal amount		$	1,375,000	$	1,300,960	$	1,625,000	$	1,507,871
Total unamortized discounts and debt issuance costs		(9,027)				(12,300)
Total net carrying value of debt		$	1,365,973			$	1,612,700

(1) Amount excludes the debt issuance costs related to the 2025 Revolving Facility which are presented within Other assets on the Consolidated Balance Sheets.

5. ~~DERIVATIVE INSTRUMENTS~~ACQUISITIONS

~~Cash~~Our ~~Flow~~acquisitions ~~Hedges~~with the most significant cash flows during fiscal 2023 through fiscal 2025 included:

InLiquid ~~designing our hedging approach~~Holdings, weLLC consider several factors, including offsetting exposures, the significance of exposures, the forecasting of risk and the potential effectiveness of the hedge to reduce the volatility of our earnings and cash flows. Factors considered in the decision to hedge an underlying market exposure include the materiality of the risk, the volatility of the market, the duration of the hedge, the degree to which the underlying exposure is committed, and the availability, effectiveness and cost of derivative instruments. ("LiquidityBook")

WeOn ~~utilize~~February ~~derivative~~7, ~~instruments~~2025, towe ~~manage~~completed ~~risk~~the ~~and~~acquisition ~~not~~of LiquidityBook for ~~speculative~~a orpurchase ~~trading~~price ~~purposes~~of $243.2 Wemillion, ~~limit~~net ~~counterparties~~of tocash ~~financial~~acquired, ~~institutions~~and weinclusive ~~believe~~of ~~are~~preliminary ~~credit-worthy~~working capital adjustments. ~~Refer~~The topurchase ~~Note~~price 2includes contingent consideration of $11.9 million, ~~Summary~~which reflects the acquisition date fair value of ~~Significant~~potential ~~Accounting~~future ~~Policies~~payments -that ~~Concentrations~~are contingent upon the achievement of ~~Credit~~certain ~~Risk~~specified milestones. Refer to Note 4, ~~for~~Fair ~~further~~Value ~~discussion~~Measures, onfor ~~counterparty~~information ~~credit~~regarding ~~risk~~the contingent consideration.

WeLiquidityBook ~~leverage~~provides ~~foreign~~cloud-native ~~currency~~trading ~~forward~~solutions ~~contracts~~to hedge fund, asset and ~~interest~~wealth ~~rate~~management, ~~swap~~outsourced ~~agreements~~trading, toand ~~mitigate~~sell-side ~~certain~~middle ~~operational~~office ~~exposures~~clients. ~~from~~LiquidityBook ~~the~~operates ~~impact~~a ofproprietary ~~changes~~FIX innetwork ~~foreign~~that ~~currency~~enables ~~exchange~~streamlined ~~rates~~connectivity to over 200 brokers and order routing to ~~manage~~more ~~our~~than ~~floating~~1,600 ~~interest~~destinations ~~rate~~across ~~exposure,~~80 ~~respectively~~markets globally. ~~Our~~This ~~foreign~~acquisition ~~currency~~adds technology-forward ~~contracts~~order management and ~~interest~~investment ~~rate~~book ~~swap~~of ~~agreements~~record ~~are~~capabilities ~~designated~~and asenhances ~~cash~~FactSet’s ~~flow~~ability ~~hedges~~to atserve ~~inception.~~the integrated workflow needs of clients across the portfolio life cycle.

~~For~~The ~~highly~~results ~~effective~~of ~~cash~~LiquidityBook's ~~flows~~operations ~~hedges,~~have ~~the~~been ~~change~~included inwithin the ~~derivative's~~Americas, ~~fair~~EMEA ~~value~~and isAsia ~~recorded~~Pacific insegments ~~AOCL, net of tax,~~ in ~~the~~our Consolidated ~~Balance~~Financial ~~Sheets~~Statements. ~~Our~~Pro ~~cash~~forma ~~flow~~information ~~hedges~~has ~~were~~not ~~highly~~been ~~effective~~presented ~~with~~because nothe ~~amount~~effect of ~~ineffectiveness recorded in~~ the ~~Consolidated~~LiquidityBook ~~Statements~~acquisition ofwas ~~Income~~not ~~during~~material ~~fiscal~~to ~~2024~~our ~~and~~Consolidated ~~2023.~~Financial ~~All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness~~Statements.

Realized gains or losses from the settlement of our foreign currency forward contracts and interest rate swap agreements are subsequently reclassified into SG&A and Interest expense, respectively, in the Consolidated Statements of Income. There was no discontinuance of our foreign currency forward contracts during fiscal 2022 through fiscal 2024 nor our interest rate swap agreements during fiscal 2023 and 2024. As such, no corresponding gains or losses related to changes in the fair value of these contracts were reclassified into earnings prior to settlement during those respective periods. Our 2020 interest rate swap agreement was terminated during fiscal 2022 and resulted in a one-time benefit. Refer to the 2022 Swap Agreement discussed within this footnote for more information.

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Foreign Currency Forward Contracts

	August 31, 2024				August 31, 2023
(in thousands)	Local Currency Amount		Notional Contract Amount (USD)		Local Currency Amount		Notional Contract Amount (USD)
Indian Rupee	Rs	4,651,351	$	55,200	Rs	3,363,150	$	40,300
British Pound Sterling	£	41,200	52,372		£	45,000	56,098
Euro	€	43,800	48,183		€	39,000	42,646
Philippine Peso	₱	1,850,674	32,400		₱	1,888,541	33,600
Total			$	188,155			$	172,644

Refer to Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk, of this Annual Report on Form 10-K for further discussion of our exposure to foreign exchange rate fluctuations.

Interest Rate Swap Agreements

2024 Swap Agreement

On March 1, 2024, we entered into an interest rate swap agreement ("2024 Swap Agreement") with a notional amount of $200.0 million to hedge a portion of our outstanding floating Secured Overnight Financing Rate ("SOFR") debt with a fixed interest rate of 5.145%. The notional amount of the 2024 Swap Agreement declines by $50.0 million on a quarterly basis beginning May 31, 2024. As of August 31, 2024, the notional amount of the 2024 Swap Agreement was $100.0 million. The 2024 Swap Agreement matures on February 28, 2025.

2022 Swap Agreement

On March 1, 2022, we entered into an interest rate swap agreement ("2022 Swap Agreement") with a notional amount of $800.0 million to hedge a portion of our outstanding floating SOFR rate debt with a fixed interest rate of 1.162%. The notional amount of the 2022 Swap Agreement declined by $100.0 million on a quarterly basis beginning May 31, 2022. Effective December 30, 2022, we partially novated our 2022 Swap Agreement to equally apportion the then-outstanding notional amount of the interest rate swap between two counterparties. No other terms of the 2022 Swap Agreement were amended, terminated, or otherwise modified prior to its maturity. The 2022 Swap Agreement matured on February 28, 2024.

2020 Swap Agreement

On March 5, 2020, we entered into an interest rate swap agreement ("2020 Swap Agreement") with a notional amount of $287.5 million. The 2020 Swap Agreement hedged a portion of our then outstanding floating London Interbank Offer Rate ("LIBOR") rate debt with a fixed interest rate of 0.7995% to mitigate our interest rate exposure. On March 1, 2022, we terminated the 2020 Swap Agreement, which resulted in a one-time benefit of $3.5 million recognized in Interest expense in the Consolidated Statements of Income during fiscal 2022, based on its fair market value.

Refer to Note 12, Debt, for further discussion of our outstanding floating rate debt and refer to Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk, in this Annual Report on Form 10-K for further discussion of our exposure to interest rate risk on our variable interest rate debt outstanding.

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Gross Notional Value and Fair Value of Derivative Instruments

The following is a summary of the gross notional values of our derivative instruments:

(in thousands)	Gross Notional Value
	August 31, 2024		August 31, 2023
Foreign currency forward contracts	$	188,155	$	172,644
Interest rate swap agreement	100,000		200,000
Total cash flow hedges	$	288,155	$	372,644

	Fair Value of Derivative Instruments
(in thousands)	Derivative Assets					Derivative Liabilities
Derivatives designated as hedging instruments	Balance Sheet Classification	August 31, 2024		August 31, 2023		Balance Sheet Classification	August 31, 2024		August 31, 2023
Foreign currency forward contracts	Prepaid expenses and other current assets	$	2,619	$	1,260	Accounts payable and accrued expenses	$	127	$	608
Interest rate swap agreement	Prepaid expenses and other current assets	—		3,123		Accounts payable and accrued expenses	123		—
Total cash flow hedges		$	2,619	$	4,383		$	250	$	608

Derivative Recognition

The following table provides the pre-tax effect of cash flow hedge accounting on our AOCL for the years ended August 31, 2024, 2023 and 2022:

(in thousands)	Gain (Loss) Recognized in AOCL on Derivatives						Location of Gain (Loss) Reclassified from AOCL into Income	Gain (Loss) Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging Relationships	2024		2023		2022			2024		2023		2022
Foreign currency forward contracts	$	1,771	$	5,783	$	(16,356)	SG&A	$	(69)	$	(3,176)	$	(7,867)
Interest rate swap agreement	41		4,368		17,245		Interest expense	3,287		13,657		1,854
Total cash flow hedges	$	1,812	$	10,151	$	889		$	3,218	$	10,481	$	(6,013)

As of August 31, 2024, we estimate that net pre-tax derivative gains of $2.4 million included in AOCL will be reclassified into earnings within the next 12 months.

Offsetting of Derivative Instruments

We enter into master netting arrangements designed to permit net settlement of derivative transactions among the respective counterparties, settled on the same date and in the same currency. As of August 31, 2024 and 2023, there were no material amounts recorded net in the Consolidated Balance Sheets.

6. ACQUISITIONS

Our acquisitions with the most significant cash flows during fiscal 2022 through fiscal 2024 included CGS and Cobalt Software, Inc. ("Cobalt"). Refer to Note 19, Subsequent Events for information on our proposed acquisition of Platform Group Limited (“Irwin”).

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~~CUSIP~~The ~~Global~~preliminary ~~Services~~purchase price allocation is subject to change pending a final valuation of the assets and liabilities acquired and the finalization of working capital adjustments. We expect to finalize the allocation of the purchase price for LiquidityBook as soon as possible, but in any event, no later than one year from the acquisition date.

On March 1, 2022, we completed the acquisition of CGS for a cash purchase price of $1.932 billion, inclusive of working capital adjustments. CGS manages a database of 60 different data elements uniquely identifying more than 50 million global financial instruments. It is the foundation for security master files relied on by critical front, middle and back-office functions. CGS, operating on behalf of the American Bankers Association ("ABA"), is the exclusive issuer of Committee on Uniform Security Identification Procedures ("CUSIP") and CUSIP International Number System ("CINS") identifiers globally and also acts as the official numbering agency for International Securities Identification Number ("ISIN") identifiers in the United States and as a substitute number agency for more than 30 other countries. We acquired CGS to expand our critical role in the global capital markets. The CGS purchase price was in excess of the fair value of net assets acquired, resulting in the recognition of goodwill. We finalized the purchase accounting for the CGS acquisition during the fourth quarter of fiscal 2022 and did not record any material changes to the preliminary purchase price allocation.

The acquisition date fair values of major classes of assets acquired and liabilities assumed are as follows:

Acquisition Date Fair Value

Acquisition Date ~~Fair~~Useful ~~Value~~Life

Amortization Method

~~Acquisition Date Useful Life~~

~~Amortization Method~~

(in thousands)

(in ~~thousands~~years)

~~(in years)~~

Current assets(1)

29,728

Current assets

3,893

Amortizable intangible assets

ABA business process

1,583,000

36 years

Straight-line

Software technology

65,600

12 years

Straight-line

Client relationships

8,800

~~164,000~~17 years

Straight-line

~~26 years~~

~~Straight-line~~

Acquired databases

46,000

15 years

Straight-line

Trade names

3,400

10 years

Straight-line

Goodwill

164,787

~~214,970~~

Current liabilities(2)

(104,691)

Other assets

487

Deferred revenues, long-term

(1,481)

Current liabilities

Total purchase price

1,931,526

Deferred revenues

(799)

Other current liabilities

(2,386)

Other liabilities

(600)

Total purchase price

243,182

~~(1)~~Goodwill ~~Includes~~totaling an$164.8 ~~accounts~~million ~~receivable~~represents ~~balance~~the excess of ~~$29~~the LiquidityBook purchase price over the fair value of net assets acquired and considers future economic benefits that we expect to achieve as a result of the acquisition.5 ~~million~~The goodwill is included in the Americas, EMEA and Asia Pacific segments and is deductible for income tax purposes.

~~(2)~~Platform ~~Includes~~Group aLimited ~~deferred revenues balance of $99.4 million. The CGS acquisition was accounted for in accordance with ASU No. 2021-08, Business Combinations~~ (~~Topic 805~~"Irwin")~~: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers; as such, the deferred revenues did not include a fair value adjustment.~~

~~Goodwill~~On ~~totaling~~November ~~$215.0~~5, ~~million~~2024, ~~represents~~we completed the ~~excess~~acquisition of ~~the~~Irwin ~~CGS~~for a purchase price ~~over~~of ~~the~~$120.2 ~~fair~~million, ~~value~~net of ~~net~~cash ~~assets~~ acquired, and ~~considers~~inclusive ~~future economic benefits that we expect to achieve as a result~~ of ~~the~~working ~~acquisition~~capital adjustments. The ~~goodwill~~purchase isprice ~~included~~includes incontingent ~~the~~consideration ~~Americas~~of ~~segment and is deductible for income tax purposes~~$9.6 ~~The~~million ~~majority of the net assets acquired relate to an ABA business process intangible~~ which isreflects ~~a renewable license agreement with~~ the ~~ABA~~acquisition todate ~~manage~~fair ~~the~~value ~~issuance, maintenance and access to the CUSIP numbering system and related database~~ of ~~CUSIP~~potential ~~identifiers.~~future ~~This~~payments ~~intangible~~that ~~asset's~~are ~~valuation~~contingent ~~and~~upon ~~associated useful life considers~~ the ~~nature~~achievement of ~~the~~certain ~~business~~specified ~~relationship, multi-year term of the current agreement and the likelihood of long-term renewals~~milestones. ~~The~~Refer ~~useful life assigned~~ to ~~the~~Note ~~Client~~4, ~~relationships~~Fair ~~intangible~~Value ~~asset~~Measures, ~~considers the strong historical client retention and client renewals as a basis~~ for ~~expected~~information ~~future~~regarding ~~retention. The useful life assigned to Acquired databases considers~~ the ~~historical~~contingent ~~period of data collection and the limited changes to the data on an annual basis~~consideration.

~~The~~Irwin ~~results~~is ofa ~~CGS's~~leading ~~operations~~investor ~~have~~relations ~~been~~and ~~included~~capital inmarkets ~~our~~platform ~~Consolidated~~for ~~Financial~~public ~~Statements,~~companies ~~within~~and ~~the~~their ~~Americas,~~advisors. ~~EMEA~~This ~~and~~acquisition ~~Asia~~builds ~~Pacific~~on ~~segments,~~a ~~beginning~~recent ~~with~~successful ~~the~~partnership ~~closing~~between ofFactSet ~~the~~and ~~acquisition on March 1~~Irwin, ~~2022.~~and ~~Pro~~expands ~~forma~~our ~~information~~ability ~~has~~to ~~not~~address ~~been~~the ~~presented~~holistic ~~because~~workflow ~~the~~needs ~~effect~~ of ~~the~~investor ~~CGS~~relations ~~acquisition~~professionals ~~was~~with ~~not~~an ~~material~~integrated, tomodern ~~our Consolidated Financial Statements~~solution.

~~Cobalt~~The ~~Software~~results of Irwin's operations have been included within the Americas, ~~Inc~~EMEA and Asia Pacific segments in our Consolidated Financial Statements. Pro forma information has not been presented because the effect of the Irwin acquisition was not material to our Consolidated Financial Statements.

On October 12, 2021, we acquired all of the outstanding shares of Cobalt for a purchase price of $50.0 million, net of cash acquired, and inclusive of working capital adjustments. Cobalt is a leading portfolio monitoring platform for the private capital industry. We acquired Cobalt to scale our data and workflow solutions through targeted investments as part of our multi-year investment plan and to expand our private markets offering. The Cobalt purchase price was in excess of the fair value of net assets acquired, resulting in the recognition of goodwill. We finalized the purchase accounting for the Cobalt acquisition during the fourth quarter of fiscal 2022 and did not record any material changes to the preliminary purchase price allocation.

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We finalized the purchase accounting for the Irwin acquisition during the third quarter of fiscal 2025 and did not record any material changes to the preliminary purchase price allocation. The acquisition date fair values of major classes of assets acquired and liabilities assumed are as follows:

Acquisition Date Fair Value

Acquisition Date ~~Fair~~Useful ~~Value~~Life

Amortization Method

~~Acquisition Date Useful Life~~

~~Amortization Method~~

(in thousands)

(in ~~thousands~~years)

~~(in years)~~

Current assets

2,393

~~540~~

Amortizable intangible assets

Software technology

36,100

~~7,750~~12 years

Straight-line

~~5 years~~

~~Straight-line~~

Client relationships

1,700

~~4,800~~11 years

Straight-line

~~11 years~~

~~Straight-line~~

Goodwill

41,338

Trade names

1,400

10 years

Straight-line

Other assets

Goodwill

91,376

Current liabilities

~~(4,437)~~

Other liabilities

(7)

Deferred revenues

(4,218)

Total purchase price

50,018

Other current liabilities

(524)

Other liabilities

(8,041)

Total purchase price

120,186

Goodwill totaling $4191.34 million represents the excess of the ~~Cobalt~~Irwin purchase price over the fair value of net assets acquired and considers future economic benefits that we expect to achieve as a result of the acquisition. The goodwill is included in the Americas and EMEA segments and is not deductible for income tax purposes. The useful life assigned to Software technology considers our historical experience and anticipated technological changes. The useful life assigned to the Client relationships intangible asset considers the historical client retention as a basis for expected future retention.

~~The~~6. ~~results of Cobalt's operations have been included in our Consolidated Financial Statements~~PROPERTY, ~~within~~EQUIPMENT ~~the~~AND ~~Americas~~LEASEHOLD and EMEA segments, beginning with its acquisition on October 12, 2021. Pro forma information has not been presented because the effect of the Cobalt acquisition was not material to our Consolidated Financial Statements. IMPROVEMENTS

Property, equipment and leasehold improvements consist of the following:

7. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS


(in thousands)	August 31,
	2025		2024
Leasehold improvements	$	101,425	$	95,840
Computers and related equipment	97,947		84,447
Furniture and fixtures	30,764		28,747
Subtotal	$	230,136	$	209,034
Less accumulated depreciation and amortization	(144,933)		(126,521)
Property, equipment and leasehold improvements, net	$	85,203	$	82,513

(in thousands)	August 31,
	2024		2023
Leasehold improvements	$	95,840	$	97,000
Computers and related equipment	84,447		70,641
Furniture and fixtures	28,747		32,601
Subtotal	$	209,034	$	200,242
Less accumulated depreciation and amortization	(126,521)		(114,135)
Property, equipment and leasehold improvements, net	$	82,513	$	86,107

PPE depreciation and amortization expense was $24.1 million, $20.2 million and $18.1 million for fiscal 2025, 2024 and 2023, respectively.

~~PPE depreciation and amortization expense was $20~~7.2 ~~million, $18.1 million and $24.3 million for fiscal 2024, 2023 and 2022, respectively.~~ GOODWILL

~~During~~Changes ~~fiscal~~in ~~2024,~~the ~~2023~~carrying ~~and~~value ~~2022, we incurred impairment charges~~ of ~~$1.8~~goodwill ~~million,~~by ~~$3.6~~segment ~~million and $30.7 million, respectively,~~ for ~~PPE related to vacating certain leased office space. The impairment charges are included within Asset impairments in~~ the ~~Consolidated~~years ~~Statements~~ended ~~of Income. Refer to Note 4~~August 31, ~~Fair~~2025 ~~Value~~and ~~Measures,~~2024 ~~for~~are ~~more~~as ~~information on the PPE impairment methodology.~~ follows:


(in thousands)	Americas		EMEA		Asia Pacific		Total
Balance at August 31, 2023	$	704,759	$	297,734	$	2,243	$	1,004,736
Acquisitions	(305)		—		—		(305)
Foreign currency translations	—		6,708		(10)		6,698
Balance at August 31, 2024	$	704,454	$	304,442	$	2,233	$	1,011,129
Acquisitions	219,107		32,680		9,034		260,821
Divestiture	(269)		(1,291)		(43)		(1,603)
Foreign currency translations	2,460		8,605		3,296		14,361
Balance at August 31, 2025	$	925,752	$	344,436	$	14,520	$	1,284,708

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8We performed our annual goodwill impairment test during the fourth quarter of fiscal 2025 and 2024. ~~GOODWILL~~During fiscal 2025 and 2024, we utilized a qualitative analysis and concluded there was no impairment as it was more likely than not that the fair value of each of our reporting units was not less than its respective carrying value.

~~Changes~~8. inINTANGIBLE ~~the carrying value of goodwill by segment for the years ended August 31, 2024 and 2023 are as follows:~~ASSETS

(in thousands)	Americas		EMEA		Asia Pacific		Total
Balance at August 31, 2022	$	686,412	$	277,087	$	2,349	$	965,848
Acquisitions	18,347		—		—		18,347
Foreign currency translations	—		20,647		(106)		20,541
Balance at August 31, 2023	$	704,759	$	297,734	$	2,243	$	1,004,736
Acquisitions	(305)		—		—		(305)
Foreign currency translations	—		6,708		(10)		6,698
Balance at August 31, 2024	$	704,454	$	304,442	$	2,233	$	1,011,129

We amortize intangible assets on a straight-line basis over their estimated useful lives. The following table presents the estimated useful life, gross carrying amounts and accumulated amortization related to our identifiable intangible assets as of August 31, 2025 and August 31, 2024:

We performed our annual goodwill impairment test during the fourth quarter of fiscal 2024 and 2023. During fiscal 2024, we utilized a qualitative analysis and concluded there was no impairment as it was more likely than not that the fair value of each of our reporting units was not less than its respective carrying value. During fiscal 2023, we utilized a quantitative analysis, electing to bypass the optional qualitative assessment, and concluded there was no impairment as the fair value of each of our reporting units exceeded its carrying value.


		August 31, 2025						August 31, 2024
(in thousands, except useful lives)	Estimated Useful Life (years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
ABA business process	36	$	1,583,000	$	153,903	$	1,429,097	$	1,583,000	$	109,930	$	1,473,070
Client relationships	11 to 26	280,065		94,365		185,700		266,419		80,904		185,515
Developed technology	3 to 5	260,154		127,669		132,485		181,492		68,286		113,206
Software technology	3 to 12	253,899		131,731		122,168		143,685		117,189		26,496
Data content	7 to 20	86,416		44,490		41,926		84,374		38,725		45,649
Trade names	5 to 10	4,919		326		4,593		—		—		—
Non-compete agreements	4	290		157		133		290		85		205
Total		$	2,468,743	$	552,641	$	1,916,102	$	2,259,260	$	415,119	$	1,844,141

9The weighted average useful life of our intangible assets as of August 31, 2025 was 30.5 ~~INTANGIBLE~~years. ~~ASSETS~~We did not identify a material change to the estimated remaining useful lives of our intangible assets during fiscal 2025 and 2024. The intangible assets have no assigned residual values.

~~We amortize intangible assets on a straight-line basis over their estimated useful lives.~~ The following table presents the ~~estimated~~amortization ~~useful~~expense ~~life,~~for ~~gross~~our ~~carrying~~intangible ~~amounts~~assets ~~and~~which ~~accumulated~~is ~~amortization~~included ~~related~~in toCost ~~our~~of ~~identifiable~~services ~~intangible~~in ~~assets~~our asConsolidated Statements of ~~August 31, 2024 and August 31, 2023~~Income:

			August 31, 2024						August 31, 2023
	Years ended August 31,
(in thousands, except useful lives)	Estimated Useful Life (years)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
(in thousands)	2025		2024		2023
ABA business process	36		$	1,583,000	$	109,930	$	1,473,070	$	1,583,000	$	65,958	$	1,517,042
Amortization expense	$	133,573	$	104,950	$	87,304
Client relationships	11 to 26		266,419		80,904		185,515		265,315		68,701		196,614
Developed technology	3 to 5		181,492		68,286		113,206		109,222		45,560		63,662
Data content (1)	7 to 20		84,374		38,725		45,649		81,021		33,108		47,913
Software technology	3 to 10		143,685		117,189		26,496		142,395		108,702		33,693
Non-compete agreements	4		290		85		205		290		12		278
Total			$	2,259,260	$	415,119	$	1,844,141	$	2,181,243	$	322,041	$	1,859,202

~~(1)During~~As ~~fiscal~~of ~~2024~~August 31, we2025, ~~combined~~estimated ~~our Data content and Acquired databases~~ intangible ~~assets~~asset ~~together,~~amortization ~~currently~~expense ~~presented~~for aseach ~~Data~~of ~~content. We conformed~~ the ~~comparative~~next ~~figures~~five asyears ofand ~~August~~thereafter ~~31,~~is ~~2023~~as ~~to the current year's presentation.~~follows:

The weighted average useful life of our intangible assets as of August 31, 2024 was 31.9 years.


(in thousands)	Estimated Amortization Expense
Fiscal Years Ended August 31,
2026	$	143,686
2027	118,672
2028	89,985
2029	72,983
2030	70,546
Thereafter	1,420,230
Total	$	1,916,102

During fiscal 2024 and 2023, we incurred asset impairment charges of $1.3 million related to Developed technology and $7.9 million related to Developed technology and Trade names, respectively, which is included in Asset impairments in the Consolidated Statements of Income. We did not identify a material change to the estimated remaining useful lives of our intangible assets during fiscal 2024 and 2023. The intangible assets have no assigned residual values.

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~~The~~9. ~~following~~INCOME ~~table~~TAXES ~~presents the amortization expense for our intangible assets which is included in Cost of services in our Consolidated Statements of Income:~~

	Years ended August 31,
(in thousands)	2024		2023		2022
Amortization expense	$	104,950	$	87,304	$	62,382

We are subject to taxation in the U.S. and various state, local and foreign jurisdictions in which we conduct our business. Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement carrying amounts and the tax basis of our assets and liabilities using currently enacted tax rates.

As of August 31, 2024, estimated intangible asset amortization expense for each of the next five years and thereafter is as follows:

(in thousands)	Estimated Amortization Expense
Fiscal Years Ended August 31,
2025	$	115,122
2026	107,673
2027	82,033
2028	64,377
2029	60,986
Thereafter	1,413,950
Total	$	1,844,141

10. INCOME TAXES

We are subject to taxation in the United States and various foreign jurisdictions in which we conduct our business. Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement carrying amounts and the tax basis of our assets and liabilities using currently enacted tax rates.

Provision for Income Taxes and Effective Tax Rate

The provision for income taxes and the effective tax rate are as follows:

(in thousands)	Years ended August 31,
	2024						2023			2022
	2025			2024			2023
U.S. operations	$	~~416~~479,~~093~~288		$	416,093		$	382,702		$	~~281,971~~
Non-U.S. operations	~~235~~241,~~410~~670			235,410			201,252			~~161,623~~
Income before income taxes	$	~~651~~720,~~503~~958		$	651,503		$	583,954		$	~~443,594~~
U.S. operations	$	5545,~~219~~591		$	55,219		$	54,337		$	~~18,107~~
Non-U.S. operations	5978,~~158~~327			59,158			61,444			~~28,570~~
Provision for income taxes	$	~~114~~123,~~377~~918		$	114,377		$	115,781		$	~~46,677~~
Effective tax rate	17.62		%	17.6		%	19.8		%	~~10.5~~		%

The components of the provision for income taxes consist of the following:


(in thousands)	Years ended August 31,
	2025		2024		2023
Current
U.S. federal	$	16,255	$	46,903	$	38,625
U.S. state and local	27,594		40,926		38,600
Non-U.S.	83,614		58,568		69,675
Total current taxes	$	127,463	$	146,397	$	146,900

Deferred
U.S. federal	$	(1,132)	$	(26,962)	$	(17,235)
U.S. state and local	2,875		(5,648)		(5,652)
Non-U.S.	(5,288)		590		(8,232)
Total deferred taxes	$	(3,545)	$	(32,020)	$	(31,119)
Provision for income taxes	$	123,918	$	114,377	$	115,781

Our effective tax rate will vary based on, among other factors, changes in levels of foreign income, as well as other non-recurring events.

Table of Contents

The following table presents a reconciliation between the U.S. corporate income tax rate and our effective tax rate:

The components of the provision for income taxes consist of the following:


	Years ended August 31,
(expressed as a percentage of income before income taxes)	2025		2024		2023
Tax at U.S. Federal statutory tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) in taxes resulting from:
State and local taxes, net of U.S. federal income tax benefit	3.1		2.2		3.1
Foreign income at other than U.S. rates	1.7		1.5		(0.1)
Foreign derived intangible income ("FDII") tax deduction	(2.0)		(2.3)		(1.6)
Income tax benefits from research and development ("R&D") tax credits	(3.1)		(2.8)		(3.8)
Stock-based payments	(1.4)		(2.1)		(2.2)

U.S. impact of foreign income	(3.1)		(2.5)		(0.6)
Uncertain tax positions	1.4		2.3		0.5
One-time adjustment(1)	—		—		3.8
Other, net	(0.4)		0.3		(0.3)
Effective tax rate	17.2	%	17.6	%	19.8	%

(in thousands)	Years ended August 31,
	2024		2023		2022
Current
U.S. federal	$	46,903	$	38,625	$	12,766
U.S. state and local	40,926		38,600		10,936
Non-U.S.	58,568		69,675		31,690
Total current taxes	$	146,397	$	146,900	$	55,392
Deferred
U.S. federal	$	(26,962)	$	(17,235)	$	(4,722)
U.S. state and local	(5,648)		(5,652)		(874)
Non-U.S.	590		(8,232)		(3,119)
Total deferred taxes	$	(32,020)	$	(31,119)	$	(8,715)
Provision for income taxes	$	114,377	$	115,781	$	46,677

(1) During fiscal 2023, we recorded an out-of-period adjustment related to a review and analysis of certain tax positions, resulting in a one-time net charge. The adjustment related to the accounting of tax balance sheet accounts. All local, federal and foreign taxes payable have been paid in a timely manner, subject to normal audits of open years.

~~Our~~Deferred ~~effective~~Tax ~~tax~~Assets ~~rate~~and ~~will vary based on, among other things, changes in levels of foreign income, as well as other non-recurring events.~~ Liabilities

We recognize deferred income taxes to reflect the temporary differences between the financial statement carrying amounts of assets and liabilities and their corresponding tax basis. The tax effects of these differences are as follows:

The following table presents a reconciliation between the U.S. corporate income tax rate and our effective tax rate:


(in thousands)	As of August 31,
	2025		2024
Deferred tax assets:
Lease liabilities	$	35,352	$	41,373
Stock-based compensation	36,675		35,615

Capitalization of R&D costs	143,829		109,664
Sales Tax Dispute	—		14,058
Other	39,793		28,154
Total deferred tax assets	$	255,649	$	228,864

Deferred tax liabilities:
Depreciation on PPE	$	(41,432)	$	(35,666)
Purchased intangible assets, including acquired technology	(141,566)

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