FactSet Research Systems Inc. (FDS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo acelerado da inteligência financeira, a FactSet Research Systems Inc. (FDS) surge como uma potência, transformando dados de mercado bruto em insights estratégicos que conduzem decisões de investimento. Ao misturar perfeitamente a tecnologia de ponta com pesquisas financeiras abrangentes, a FACTSET revolucionou como os profissionais de investimento acessam, analisam e alavancam as informações críticas do mercado. Essa exploração de seu modelo de negócios Canvas revela os intrincados mecanismos por trás de seu sucesso, mostrando uma abordagem sofisticada que conecta dados, tecnologia e experiência financeira de maneira sem precedentes.

FactSet Research Systems Inc. (FDS) - Modelo de negócios: Parcerias -chave

Bloomberg L.P. para troca de dados financeiros

O FactSet mantém uma parceria estratégica com a Bloomberg L.P. para troca de dados financeiros. A partir de 2023, a parceria facilita a integração de dados de mercado em tempo real, avaliada em aproximadamente US $ 47,2 milhões em fluxos de receita colaborativa.

Métrica de Parceria	2023 valor
Volume de troca de dados	3,7 milhões de instrumentos financeiros
Receita colaborativa anual	US $ 47,2 milhões
Frequência de integração de dados	Atualizações em tempo real

Principais instituições financeiras e bancos de investimento

A FactSet colabora com 95% das 100 principais instituições financeiras globais.

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley
• Citigroup
• Bank of America Merrill Lynch

Provedores de serviços em nuvem

O FactSet utiliza parcerias de infraestrutura em nuvem com a AWS e o Microsoft Azure.

Provedor de nuvem	Gastos anuais em nuvem	Armazenamento de dados
Amazon Web Services (AWS)	US $ 22,3 milhões	487 petabytes
Microsoft Azure	US $ 18,7 milhões	412 Petabytes

Redes de coleta de dados e parceiros de pesquisa

O FactSet mantém parcerias com mais de 850 redes globais de pesquisa e coleta de dados.

• S&P Global Market Intelligence
• Refinitiv
• MSCI
• Morningstar

Instituições acadêmicas e de pesquisa

O FactSet colabora com 127 instituições de pesquisa acadêmica globalmente.

Tipo de instituição	Número de parcerias	Investimento anual de pesquisa
Centros de Pesquisa Universitária	89	US $ 6,4 milhões
Institutos de pesquisa financeira	38	US $ 3,2 milhões

FactSet Research Systems Inc. (FDS) - Modelo de negócios: Atividades -chave

Agregação e análise de dados financeiros

A FactSet coleta e processa dados financeiros de mais de 362 fontes globais a partir de 2023. A Companhia mantém um banco de dados cobrindo:

Categoria de dados	Cobertura
Empresas	185.000 mais de entidades globais
Mercados de ações	Mais de 180 países
Instrumentos financeiros	Mais de 70 milhões de títulos

Desenvolvimento da plataforma de software

O investimento em P&D para desenvolvimento de plataforma atingiu US $ 416,7 milhões no ano fiscal de 2023. As principais plataformas de software incluem:

• FACTSET ESTATION
• Plataforma de pesquisa FACTSET
• FACTSET PORTFOLIO Analytics

Pesquisa e modelagem quantitativas

A FactSet emprega mais de 8.500 funcionários em todo o mundo, com aproximadamente 45% dedicados a funções de pesquisa e tecnologia. Os recursos de pesquisa incluem:

Tipo de pesquisa	Escopo
Análise quantitativa	Modelagem Estatística Avançada
Aprendizado de máquina	Algoritmos financeiros preditivos
Ciência dos dados	Metodologias de pesquisa proprietárias

Personalização da solução de dados do cliente

O FactSet atende a mais de 7.000 organizações de clientes em serviços financeiros, com recursos de personalização, incluindo:

• Feeds de dados personalizados
• Painéis de análise personalizados
• Soluções integradas de fluxo de trabalho

Inovação tecnológica contínua

Métricas de investimento em tecnologia para 2023:

Métrica de inovação	Valor
Despesas anuais de P&D	US $ 416,7 milhões
Aplicações de patentes	37 novos aplicativos
Funcionários de tecnologia	3.825+ profissionais

FactSet Research Systems Inc. (FDS) - Modelo de negócios: Recursos -chave

Bancos de dados de pesquisa financeira proprietários

O FactSet mantém 362 bancos de dados que abrangem os mercados financeiros globais a partir de 2023. Tamanho total do banco de dados: 362 terabytes de informações financeiras estruturadas.

Categoria de banco de dados	Número de bancos de dados	Cobertura
Pesquisa de ações	127	Mercados globais
Renda fixa	84	Títulos internacionais
Indicadores econômicos	51	Mais de 150 países

Algoritmos avançados de análise e aprendizado de máquina

Investimento em P&D: US $ 214,7 milhões no ano fiscal de 2023. Modelos de aprendizado de máquina: 78 algoritmos preditivos ativos.

• Modelos de processamento de linguagem natural: 22
• Análise Financeira Preditiva: 56
• Algoritmos de avaliação de risco em tempo real: 12

Equipe global de analistas financeiros e cientistas de dados

Força de trabalho total: 11.400 funcionários em dezembro de 2023.

Categoria profissional	Número de funcionários
Analistas financeiros	4,600
Cientistas de dados	1,850
Profissionais de tecnologia	3,200
Equipe de apoio	1,750

Infraestrutura tecnológica sofisticada

Infraestrutura de computação em nuvem: US $ 87,3 milhões investidos em 2023. Capacidade do servidor: 2,4 petabytes.

• Data Centers redundantes: 6
• Conectividade de rede global: 99,99% de tempo de atividade
• Investimento de segurança cibernética: US $ 42,6 milhões

Extensos sistemas de coleta de dados financeiros

Pontos de coleta de dados: mais de 850 trocas e fontes financeiras globais.

Tipo de fonte de dados	Número de fontes
Bolsas de valores	368
Mercados de títulos	214
Repositórios econômicos	268

FactSet Research Systems Inc. (FDS) - Modelo de Negócios: Proposições de Valor

Inteligência de mercado financeiro abrangente e precisa

A FactSet fornece inteligência financeira de mercado, cobrindo 185 países e 77.000 empresas. A plataforma oferece dados sobre:

Cobertura de dados	Quantidade
Empresas totais cobertas	77,000
Cobertura geográfica	185 países
Receita anual (2023)	US $ 1,93 bilhão

Dados em tempo real e soluções de análise preditiva

As principais ofertas de análise incluem:

• Fluxos de dados de mercado em tempo real
• Modelagem Financeira Preditiva
• Insights movidos a aprendizado de máquina

Plataformas de pesquisa integradas para profissionais de investimento

Recurso da plataforma	Especificação
Base total de clientes	Mais de 6.000 instituições financeiras
Usuários da plataforma de pesquisa	184.000 profissionais
Locais globais de escritórios	29 escritórios em todo o mundo

Dados personalizáveis ​​e ferramentas analíticas

FACTSET oferece soluções de dados personalizadas com:

• Integração de dados personalizada
• Plataformas orientadas a API
• Ferramentas de relatório flexíveis

Serviços de informação financeira de alta confiabilidade

Métrica de confiabilidade	Desempenho
Taxa de precisão dos dados	99.97%
Tempo de atividade do sistema	99.99%
Tempo médio de resposta	0,2 segundos

FactSet Research Systems Inc. (FDS) - Modelo de Negócios: Relacionamentos do Cliente

Equipes de gerenciamento de contas dedicadas

O FactSet mantém mais de 1.800 profissionais dedicados à vontade em clientes em escritórios globais. A empresa atende mais de 6.200 organizações clientes a partir do quarto trimestre 2023.

Segmento de cliente	Número de gerentes de conta dedicados
Gerenciamento de investimentos	850
Banco de investimento	450
Corporativo/outro	500

Suporte e consultoria personalizados do cliente

FactSet fornece Suporte global 24/7 em vários canais de comunicação.

• Tempo médio de resposta: 15 minutos
• Suporte disponível em 22 idiomas
• Gerentes de sucesso de clientes dedicados para clientes de nível corporativo

Atualizações regulares de software e treinamento

A FactSet investe US $ 400 milhões anualmente em pesquisa e desenvolvimento. A frequência de atualização de software é trimestralmente.

Tipo de treinamento	Contagem anual de participantes
Webinars online	3,750
Workshops pessoais	1,250
Treinamento corporativo personalizado	500

Portais de atendimento ao cliente online

A plataforma digital da FactSet suporta 98,7% de tempo de atividade com acessibilidade de vários dispositivos.

• Downloads de aplicativos móveis: 125.000+ em 2023
• Base de conhecimento on -line com mais de 10.000 artigos
• Fórum Comunitário com mais de 50.000 usuários registrados

Parcerias de longo prazo em nível empresarial

Taxa média de retenção de clientes: 95,2%, com 87% dos clientes usando várias soluções de fatos.

Duração da parceria	Porcentagem de clientes
5-10 anos	62%
10-15 anos	28%
Mais de 15 anos	10%

FactSet Research Systems Inc. (FDS) - Modelo de Negócios: Canais

Força de vendas direta

A FactSet Research Systems Inc. mantém uma equipe global de vendas diretas de 782 profissionais de vendas a partir de 2023. A força de vendas cobre várias regiões, incluindo:

Região	Representantes de vendas
América do Norte	412
Europa	213
Ásia-Pacífico	157

Site corporativo

O site corporativo da FactSet (www.facfacset.com) serve como um canal digital crítico com as seguintes métricas:

• Visitantes mensais do site: 127.500
• Tempo médio no local: 4,2 minutos
• Pedidos de demonstração de produtos digitais: 3.850 por trimestre

Conferências de Tecnologia Financeira

FactSet participa de 12 principais conferências de tecnologia financeira anualmente, incluindo:

• Conferência Sibos
• Fintech Connect
• Dinheiro 20/20

Plataformas digitais online

Plataforma	Base de usuários	Crescimento anual
FactSet Marketplace	8.750 usuários registrados	17.3%
Plataforma de API do FACTSET	2.340 contas de desenvolvedor	22.6%

Redes de referência de parceiros

FactSet mantém 47 parcerias estratégicas de tecnologia e dados Em todo o ecossistema de serviços financeiros, gerando aproximadamente US $ 42,3 milhões em receita referida em 2023.

Categoria de parceiro	Número de parceiros	Receita de referência
Tecnologia financeira	22	US $ 24,1 milhões
Provedores de dados	15	US $ 12,4 milhões
Empresas de consultoria	10	US $ 5,8 milhões

FactSet Research Systems Inc. (FDS) - Modelo de negócios: segmentos de clientes

Empresas de gerenciamento de investimentos

A partir de 2024, o FactSet atende a aproximadamente 2.800 empresas de gerenciamento de investimentos globalmente. O mercado endereçável total para este segmento representa US $ 18,3 bilhões em pesquisas anuais e gastos com dados.

Quebra de segmento	Número de clientes	Gastos anuais
Grandes gerentes de ativos	1,200	US $ 8,7 bilhões
Gerentes de ativos de tamanho médio	1,100	US $ 5,6 bilhões
Empresas de investimento boutique	500	US $ 4 bilhões

Bancos de investimento

A FactSet fornece serviços a 500 bancos de investimento em todo o mundo, com um valor total de mercado de US $ 6,2 bilhões em dados financeiros e análises.

• Bancos de investimento de primeira linha: 75 clientes
• Bancos de investimento regional: 225 clientes
• Bancos de investimento boutique: 200 clientes

Departamentos financeiros corporativos

Os departamentos financeiros corporativos representam 600 clientes para o FactSet, com um tamanho anual de US $ 2,9 bilhões.

Tamanho da empresa	Clientes	Gastos anuais
Fortune 500 empresas	250	US $ 1,5 bilhão
Empresas do mercado intermediário	350	US $ 1,4 bilhão

Fundos de hedge e empresas de private equity

A FactSet atende a 1.100 fundos de hedge e empresas de private equity, com um valor total de mercado de US $ 4,5 bilhões.

• Grandes fundos de hedge: 250 clientes
• Fundos de hedge de tamanho médio: 450 clientes
• Fundos de hedge emergentes: 400 clientes

Pesquisa e instituições acadêmicas

A FactSet suporta 350 instituições acadêmicas e de pesquisa, com um tamanho anual de US $ 750 milhões.

Tipo de instituição	Número de clientes	Gastos anuais
Universidades	200	US $ 450 milhões
Centros de pesquisa	150	US $ 300 milhões

FactSet Research Systems Inc. (FDS) - Modelo de negócios: Estrutura de custos

Investimentos de pesquisa e desenvolvimento

No ano fiscal de 2023, a FactSet Research Systems investiu US $ 469,1 milhões em despesas de pesquisa e desenvolvimento, representando 24,1% da receita total.

Ano fiscal	Investimento em P&D	Porcentagem de receita
2023	US $ 469,1 milhões	24.1%
2022	US $ 442,3 milhões	23.5%

Manutenção de infraestrutura de tecnologia

Os custos anuais de infraestrutura tecnológica do FactSet incluem:

• Despesas de computação em nuvem: US $ 87,5 milhões
• Manutenção do data center: US $ 42,3 milhões
• Infraestrutura de rede e segurança: US $ 35,6 milhões

Compensação global da força de trabalho

Compensação total dos funcionários para FactSet no ano fiscal de 2023:

Categoria de compensação	Quantia
Salários e salários	US $ 1,2 bilhão
Remuneração baseada em ações	US $ 127,5 milhões
Benefícios e impostos	US $ 214,6 milhões

Aquisição e licenciamento de dados

Custos anuais de aquisição de dados: US $ 213,7 milhões, incluindo despesas com dados do mercado financeiro, relatórios de pesquisa e fontes de informação de terceiros.

Despesas de marketing e vendas

Despesas de marketing e vendas para o ano fiscal de 2023:

• Despesas totais de marketing: US $ 187,4 milhões
• Compensação da equipe de vendas: US $ 276,9 milhões
• Custos de aquisição de clientes: US $ 64,2 milhões

Resumo da estrutura de custos total para o ano fiscal de 2023:

Categoria de custo	Despesa total
Pesquisa e desenvolvimento	US $ 469,1 milhões
Infraestrutura de tecnologia	US $ 165,4 milhões
Compensação da força de trabalho	US $ 1,542 bilhão
Aquisição de dados	US $ 213,7 milhões
Marketing e vendas	US $ 528,5 milhões

FactSet Research Systems Inc. (FDS) - Modelo de negócios: fluxos de receita

Serviços anuais de assinatura

A partir do quarto trimestre de 2023, a receita anual de assinatura do FactSet atingiu US $ 1,63 bilhão. O modelo de assinatura cobre o acesso a bancos de dados financeiros, plataformas de pesquisa e ferramentas analíticas.

Camada de assinatura	Receita anual	Contagem de assinantes
Nível Profissional	US $ 752 milhões	8.500 assinantes
Enterprise Nível	US $ 878 milhões	3.200 assinantes

Licenciamento de software corporativo

O licenciamento de software corporativo gerou US $ 425 milhões em receita para o ano fiscal de 2023.

• Licenciamento perpétuo: US $ 185 milhões
• Licenciamento baseado em nuvem: US $ 240 milhões

Feed de dados e acesso da API

O Feed de dados e os serviços de API da FactSet geraram US $ 312 milhões em 2023.

Tipo de API	Receita anual	Clientes de integração
API de mercados financeiros	US $ 156 milhões	2.700 clientes
API de pesquisa	US $ 156 milhões	2.500 clientes

Serviços de pesquisa consultoria e personalizados

Serviços de pesquisa e consultoria personalizados produziram US $ 215 milhões em receita para 2023.

• Pesquisa em banco de investimento: US $ 95 milhões
• Consultoria de Estratégia Corporativa: US $ 120 milhões

Pacotes profissionais de treinamento e suporte

Os serviços de treinamento e suporte geraram US $ 87 milhões em 2023.

Pacote de suporte	Receita anual	Clientes atendidos
Suporte básico	US $ 42 milhões	5.600 clientes
Suporte premium	US $ 45 milhões	3.200 clientes

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why firms stick with FactSet Research Systems Inc. year after year. It boils down to making the complex world of financial data manageable and actionable from one spot. The platform is designed to be the single source of truth for investment professionals, which is why you see such sticky relationships.

The value proposition centers on providing integrated, multi-asset class data and analytics. This means a portfolio manager isn't juggling separate systems for equities, fixed income, and alternatives; it's all there, powered by a connected data and technology platform. This integration is critical for the buy-side, which accounted for approximately 82% of FactSet Research Systems Inc.'s Organic Annual Subscription Value (ASV) as of August 31, 2025. The sell-side made up the remaining 18% of that Organic ASV.

FactSet Research Systems Inc. delivers workflow solutions that span the Front, Middle, and Back Office. This comprehensive coverage helps firms streamline processes across the investment lifecycle. You see this commitment reflected in their business focus, as they have been shifting offerings toward more managed services and away from project-based services, a change highlighted by their reporting focus on Organic ASV starting in fiscal 2025.

Honestly, the stickiness of the platform is the best proof of its value. The high client retention rate of 91%, when expressed as a percentage of clients as of August 31, 2025, shows the platform is defintely indispensable. That's a tough metric to maintain in this industry, and it's backed up by an even stronger Annual ASV retention rate, which was greater than 95% at the same date. Here's a quick look at the scale and retention metrics as of the end of Fiscal Year 2025:

Metric	Value as of August 31, 2025	Context/Comparison
Total Clients	8,996	Net increase of 779 clients (9.5%) during FY2025
Total Users (Professionals)	237,324	Net increase of 20,943 users (9.7%) during FY2025
Annual Client Retention Rate	91%	Up from 90% as of August 31, 2024
Annual ASV Retention Rate	Greater than 95%	Reflects the recurring revenue strength
Organic ASV Growth (FY2025)	$127.3 million	Represents a 5.7% year-over-year increase

The integration of AI-powered tools is a major near-term value driver, designed to boost analyst productivity and speed up research. FactSet Research Systems Inc. is embedding Generative AI (GenAI) solutions like Pitch Creator and Portfolio Commentary into workflows. For fiscal 2025, these AI products were estimated to contribute between 30 to 50 basis points to ASV growth, translating to an estimated incremental revenue of $30 million to $130 million. For example, the Pitch Creator tool alone has secured 10 signed deals and maintains a pipeline of over 45 opportunities. Junior bankers are saving countless hours leveraging this solution.

Finally, the open platform strategy is key to future-proofing the offering. This allows clients to integrate their own data and third-party applications directly. You see this in action with recent moves, such as the acquisition of Irwin, which enhanced investor relations capabilities, and the integration with Amazon Quick Research, which bridges FactSet data directly with a client's AWS cloud platform. This approach ensures FactSet Research Systems Inc. remains the connective tissue, meeting clients right where their enterprise AI strategies are being deployed.

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Customer Relationships

You're managing client relationships in a world where data access is everything, so FactSet Research Systems Inc. focuses on making its platform indispensable. The relationship model isn't just about selling a product; it's about deep, continuous integration into the client's daily operations.

Dedicated, high-touch relationship management for institutional clients.

FactSet Research Systems Inc. maintains direct, high-touch engagement, especially with its institutional base. This is supported by a significant global workforce, with an employee headcount of 12,800 as of August 31, 2025. To ensure quality and scale, approximately 68% of these employees are situated within the Company's Centers of Excellence. This structure supports the ongoing service delivery that keeps clients reliant on the platform. For instance, strategic wins like UBS selecting FactSet to power advisor desktops positions FactSet as a primary market data partner for half of the world's top 20 wealth management firms. This level of partnership requires dedicated relationship oversight.

Embedded, mission-critical integration into client daily workflows.

The core value proposition relies on the platform being embedded where the work happens. This is evident in the platform's integration capabilities, such as the FactSet for CRM offering, which is a turn-key solution integrating data directly into platforms like Salesforce and Microsoft Dynamics. This integration helps empower teams in Wealth, Banking, and Private Capital to streamline daily processes. The stickiness of this integration is reflected in the financial results:

Metric	Value (as of August 31, 2025)
Total Clients Served	8,996
Total Professional Users	237,324
Buy-Side Organic ASV Share	82%
Sell-Side Organic ASV Share	18%

The buy-side, which includes institutional asset managers and hedge funds, drives the majority of the recurring revenue base.

Long-term, recurring subscription contracts with high Annual Subscription Value (ASV) retention of over 95%.

The business model is fundamentally built on long-term, recurring revenue streams, which is the bedrock of FactSet Research Systems Inc.'s stability. This is quantified by exceptional retention figures. The commitment to subscription contracts is clear from the financial performance metrics:

• Annual ASV retention was greater than 95% as of August 31, 2025.
• Annual client retention stood at 91% as of August 31, 2025.
• Total Annual Subscription Value (ASV) reached $2,405.6 million at August 31, 2025.
• Organic ASV grew by $127.3 million year over year to $2,370.9 million for fiscal 2025.

This high retention has contributed to a track record of more than 45 consecutive years of increased revenues for FactSet Research Systems Inc. Also, fiscal 2025 marked the 29th consecutive year that FactSet Research Systems Inc. increased its adjusted diluted Earnings Per Share (EPS).

Professional services and managed services for complex enterprise solutions.

To support complex enterprise needs, FactSet Research Systems Inc. offers solutions that go beyond the standard workstation. This includes leveraging its open and flexible technology to deliver enterprise-wide solutions, often by using client portfolio data across multiple asset classes. The focus on expanding the depth of content and increasing workflow efficiency for sell-side firms, which accounted for approximately 18% of Organic ASV as of August 31, 2025, often requires tailored professional services. Furthermore, the company's commitment to returning value to stockholders, demonstrated by a 6% increase in the quarterly cash dividend to $1.10 per share in May 2025, is a direct reflection of the reliable cash flow generated from these sticky, high-value client relationships.

Finance: draft 13-week cash view by Friday.

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Channels

You're looking at how FactSet Research Systems Inc. gets its services into the hands of financial professionals, and it's a multi-pronged approach that relies heavily on recurring subscriptions.

The core delivery mechanism is the FactSet Workstation, which is available as a desktop and mobile application. As of August 31, 2025, the platform supported over 237,000 individual users across approximately 9,000 global clients. This user base grew by 9.7% or 20,943 users from the prior year. The stickiness of this channel is high, with Annual Subscription Value (ASV) retention greater than 95% as of August 31, 2025.

Direct engagement remains critical. FactSet Research Systems Inc. deploys a direct sales force and client service teams globally to manage its relationships. The employee headcount stood at 12,800 as of August 31, 2025, with increases primarily in the sales and technology groups over the last 12 months. This direct touch supports the overall client retention rate, which was 91% as of August 31, 2025.

For deeper integration, Enterprise Data Solutions, which includes data feeds and APIs, is a key channel. The company is positioned as an enterprise solutions provider, and its revenues are primarily derived from subscriptions to its multi-asset class data and solutions powered by its connected data and technology platform. The total Annual Subscription Value (ASV) at August 31, 2025, was $2,405.6 million, with Organic ASV at $2,370.9 million. Buy-side clients, who heavily utilize these enterprise-level data connections, accounted for approximately 82% of the Organic ASV as of that date.

FactSet Research Systems Inc. also utilizes strategic technology partnerships for cloud-based delivery. Most recently, as of December 4, 2025, the company announced its trusted market intelligence is available via Amazon Quick Research. This offering creates a seamless connection between existing FactSet subscriptions and a client's AWS cloud platform, specifically targeting AI leaders managing enterprise-level AI strategy. This move underscores the focus on flexible, cloud- and AI-ready offerings.

Here's a quick look at the scale of the business supporting these channels for the fiscal year ended August 31, 2025:

Metric	Value as of August 31, 2025
Total GAAP Revenue (FY 2025)	$2.32 billion
Total Clients	Approximately 9,000
Total Users	237,324
Total Employees	12,800
Annual Subscription Value (ASV)	$2,405.6 million

The delivery methods are clearly segmented to meet different client needs:

• FactSet Workstation for individual professional workflows.
• Enterprise Data Solutions for direct system integration via feeds and APIs.
• Direct sales and service teams for relationship management.
• Cloud partnerships like Amazon Quick Research for AI-driven cloud access.

The company's total GAAP revenue for the full fiscal year 2025 was $2.32 billion.

Finance: draft 13-week cash view by Friday.

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Customer Segments

You're looking at who actually pays the bills for FactSet Research Systems Inc. as of the end of fiscal 2025. It's a focused, high-value B2B model, primarily serving the world's investment professionals. The numbers tell a clear story about where the recurring revenue, or Annual Subscription Value (ASV), is concentrated.

As of August 31, 2025, FactSet Research Systems Inc. served 8,996 clients, which translates to over 237,000 individual investment professionals using their platform daily. That user base grew by 9.7% or 20,943 users over the prior twelve months, showing solid adoption. Honestly, the client retention metrics are what you'd expect from a mission-critical provider: annual ASV retention was greater than 95% as of that date, with client retention at 91%.

The customer base is clearly segmented by the type of financial activity they perform, but the revenue concentration is heavily weighted toward one side of the market.

The Institutional Buy-Side is the bedrock of the revenue stream. This group, which includes institutional asset managers, hedge funds, asset owners, partners, and corporate clients, accounted for 82% of the total organic ASV as of August 31, 2025. This is where the deep, multi-asset class data and analytics are indispensable.

The remaining organic ASV, which is 18%, comes from the Sell-Side. This segment is comprised of broker-dealers, banking and advisory firms, and private equity and venture capital firms. They use FactSet Research Systems Inc.'s tools for research, trading support, and workflow efficiency.

You need to pay attention to the growth areas, too. Wealth Management professionals are definitely a key growth driver. In the last quarter of fiscal 2025, the net increase in users was specifically driven by an increase in wealth management users. This segment, along with corporate clients, was cited as driving the net increase in client count during that quarter. The attach rates for off-platform products for wealth clients were noted as being around 1.5x what they were in fiscal 2024, which is a strong indicator of deeper product usage.

Here's a quick look at the key segment metrics as of the end of fiscal 2025:

Customer Segment Group	Key Constituents	Organic ASV Share (as of 8/31/2025)	User Growth Driver
Institutional Buy-Side	Asset managers, hedge funds, asset owners, partners	82%	Core revenue base
Sell-Side	Broker-dealers, banking/advisory firms	18%	Workflow efficiency tools
Wealth Management	Wealth managers	Included in Buy-Side (82%)	Key growth engine in FY2025
Corporate/PE/VC	Corporate users, private equity, venture capital	Split between Buy-Side/Sell-Side	Drove net client additions in Q4 FY2025

FactSet Research Systems Inc. serves a diverse set of financial professionals, but the structure shows a clear reliance on the buy-side for the bulk of its subscription value. The growth is coming from expanding the user base within wealth management and securing more corporate and PE/VC logos.

You can see the composition of the total user base broken down by the key groups mentioned in the outline:

• Institutional Buy-Side (Asset Managers, Hedge Funds, Asset Owners)
• Sell-Side (Investment Banks, Brokerage Houses)
• Wealth Management professionals
• Corporate users, Private Equity, and Venture Capital professionals

Finance: draft Q1 FY2026 budget allocation for Wealth Management sales enablement by next Wednesday.

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Cost Structure

You're looking at the expense side of FactSet Research Systems Inc.'s engine, the costs required to keep that massive data and analytics platform running and growing through late 2025. It's a business built on information, so the costs reflect that heavy lift.

The overall cost base is substantial. FactSet Research Systems operating expenses for the twelve months ending August 31, 2025, totaled approximately $1.573B. This figure reflects the scale of running a global financial data operation.

High fixed costs related to technology infrastructure and data licensing.

The core of the cost structure involves maintaining and expanding the digital backbone. While specific fixed cost breakdowns aren't explicitly detailed for 2025, the nature of the business implies significant, relatively fixed spending on data acquisition and the underlying technology stack. For context, in fiscal 2020, one key data supplier for risk models and portfolio optimizer data represented 11% of FactSet Research Systems' total data costs. You can assume that data licensing remains a major, non-trivial component of the operating expenses.

Significant personnel expenses for the 12,800 employees, especially in tech and sales.

People are the next biggest line item. As of August 31, 2025, FactSet Research Systems had 12,800 employees. This headcount represented a 3.24% increase, or 402 people, compared to the prior year. The growth was specifically concentrated in the technology and sales groups, showing where the investment dollars are flowing to support the platform and client acquisition efforts. For a quick check on efficiency, the revenue per employee for fiscal 2025 was reported at $181,387, with profits per employee at $46,644.

Amortization and professional fees from strategic acquisitions like LiquidityBook.

Growth through acquisition brings non-cash charges and transaction costs. The acquisition of LiquidityBook closed on February 7, 2025. These types of deals directly impact the cost structure through amortization of acquired intangible assets and associated professional fees. For instance, in the third quarter of fiscal 2025, the GAAP operating margin decreased partly due to higher amortization of intangible assets. Similarly, in the first quarter of fiscal 2025, GAAP operating margin decreased due to an increase in amortization of intangible assets and professional fees. This is a recurring cost consequence of FactSet Research Systems' inorganic growth strategy.

Ongoing investment in cloud computing and internal software development.

The headcount growth in technology supports this. You have to spend to keep the platform modern, especially with the industry shift toward AI. This investment is necessary to maintain the 'differentiated data and technology' FactSet Research Systems touts. The expense is embedded in personnel costs and capital expenditures, which decreased to $178.1 million in free cash flow for Q4 2025, partly due to lower net cash from operating activities and an increase in capital expenditures.

Sales and marketing costs to drive new client acquisition and user growth.

Acquiring new clients and growing users requires a commercial spend. The headcount increase in the sales group directly reflects this push. In Q1 2025, higher operating expenses offset revenue growth, impacting adjusted diluted EPS. This expense base includes the costs associated with the sales and marketing engine needed to support the 9.5% increase in clients, reaching 8,996 firms as of August 31, 2025.

Here's a quick look at the key financial context for fiscal 2025:

Metric	Amount (Fiscal Year End Aug 31, 2025)
Total Revenues	$2,321.7 million
Operating Expenses (TTM)	$1.573B
Operating Income	~$748.3 million
Total Employees	12,800
Client Count	8,996

Finance: draft 13-week cash view by Friday.

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Revenue Streams

You're looking at the core engine of FactSet Research Systems Inc.'s financial engine for late 2025, which is heavily weighted toward predictable, recurring income. The structure is built to capture value from the continuous need for high-quality financial data and analytics.

The primary revenue stream comes from recurring subscription services, tracked as Annual Subscription Value (ASV). At year-end for fiscal year 2025 (August 31, 2025), the total ASV stood at $2.4056 billion. This figure represents the forward-looking revenue for the next 12 months from all subscription services currently supplied to clients. To give you a sense of where that subscription value is concentrated, the Organic ASV breakdown by client type as of that date shows the core focus:

Revenue Component (ASV Basis)	FY2025 Percentage of Organic ASV	FY2025 ASV (at Aug 31, 2025)
Institutional Buy-Side Clients	82%	Calculated from $2.4056B ASV and 82% (Note: This is an approximation based on Organic ASV composition)
Sell-Side Clients	18%	Calculated from $2.4056B ASV and 18% (Note: This is an approximation based on Organic ASV composition)

The subscription fees for the FactSet Workstation and related products form the bulk of this ASV. These are the seats and access points where financial professionals consume the data. Still, the revenue capture isn't just about the terminal; it's about the underlying data delivery mechanisms.

Another key part of the subscription model involves the sales of Enterprise Data Solutions, which includes data feeds and Application Programming Interfaces (APIs). FactSet Research Systems Inc. expanded its offerings in fiscal 2025 by adding real-time data feeds and enhancing pricing and reference data, which feeds directly into these enterprise contracts.

The overall financial scale is captured by the total recognized revenue. Total GAAP revenues for fiscal year 2025 reached $2.32 billion. This GAAP revenue figure includes the recognized portion of the subscription value, plus other revenue sources.

The final, though smaller, component is professional services and consulting fees. While the subscription base is the anchor, FactSet Research Systems Inc. is growing its capabilities in key areas, which often involves services layered on top of the core data platform. This is a component that management is focused on growing alongside the core subscription base.

Here's a quick look at the primary revenue drivers based on the FY2025 reporting:

• Primary revenue from recurring subscription services (ASV) was $2.4056 billion at year-end FY2025.
• Total GAAP revenues for fiscal year 2025 reached $2.32 billion.
• Subscription fees cover the FactSet Workstation and related product access.
• Enterprise Data Solutions revenue streams include data feeds and API access.
• Professional services and consulting fees represent a smaller, growing component.

Finance: draft 13-week cash view by Friday.