8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 23, 2023

FactSet Research Systems Inc.

(Exact name of registrant as specified in its charter)

Delaware	1-11869	13-3362547
(State or other jurisdiction of	(Commission	(I.R.S. Employer
incorporation)	File Number)	Identification No.)

45 Glover Avenue

Norwalk, Connecticut 06850

(Address of principal executive offices) (Zip code)

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

Former name or former address, if changed since last report: None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). 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. ☐

Item 2.02 Results of Operations and Financial Condition 

On March 23, 2023, FactSet Research Systems Inc. ("FactSet" or the "Company") issued a press release announcing its results for the three months ended February 28, 2023. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated by reference herein. The information furnished pursuant to this Item 2.02 (Results of Operations and Financial Condition), including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Exhibit 99.1 to this Report contains certain financial measures that are considered non-GAAP financial measures as defined in the rules issued by the Securities and Exchange Commission (the "Commission"). Exhibit 99.1 to this Report also contains the reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles, as well as the reasons why the Company’s management believes that presentation of the non-GAAP financial measures provides useful information to investors regarding FactSet’s results of operations and, to the extent material, a statement disclosing any other additional purposes for which the Company’s management uses the non-GAAP financial measures.

Item 7.01 Regulation FD Disclosure

FactSet hereby furnishes the presentation (the "Investor Presentation") that the Company intends to use from time to time on or after March 23, 2023. FactSet may use the Investor Presentation with investors, analysts, lenders, creditors, insurers, vendors, clients, employees and others. The Investor Presentation is furnished herewith as Exhibit 99.2 and also will be made available on the Company's website at factset.com.

The information contained in the Investor Presentation is summary information that should be considered in the context of the Company's filings with the Commission and other public announcements that the Company may make, by press release or otherwise, from time to time. The Investor Presentation is current as of the date of this Current Report on Form 8-K. To the extent that estimates, targets or other forward-looking statements are included in the Investor Presentation, the Company specifically disclaims any duty or obligation to publicly update or revise such information, although it may do so from time to time.

The information in this Current Report on Form 8-K, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The furnishing of this information hereby shall not be deemed an admission as to the materiality of any such information.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description
99.1	Press Release of FactSet Research Systems Inc., dated March 23, 2023, announcing its results for the three months ended February 28, 2023
99.2	Investor Presentation of FactSet Research Systems Inc. dated March 23, 2023
104	Cover page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	FACTSET RESEARCH SYSTEMS INC. (Registrant)
March 23, 2023	By:	/s/ LINDA S. HUBER
		Linda S. Huber Executive Vice President, Chief Financial Officer (Principal Financial Officer)

EX-99.1

News Release I For Immediate Release

FactSet Reports Results for Second Quarter 2023

◦Q2 GAAP revenues of $515.1 million, up 19.5% from Q2 2022

◦Organic Q2 ASV plus professional services of $1.9 billion, up 9.1% year over year

◦Q2 GAAP operating margin of 32.9%, up 430 bps year over year, and adjusted operating margin of 37.0%, up 330 bps over the prior year

◦Q2 GAAP diluted EPS of $3.38, up 19.0% from the prior year, and adjusted diluted EPS of $3.80, up 16.2% year over year

◦FactSet is updating fiscal 2023 guidance, with expected ASV + professional services growth of 7% - 9%, adjusted operating margin of 34%-35% and adjusted diluted EPS growth of 8% - 11%.

NORWALK, Conn., March 23, 2023 - FactSet ("FactSet" or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its second quarter ended February 28, 2023.

Second Quarter Fiscal 2023 Highlights

•GAAP revenues increased 19.5%, or $84.0 million, to $515.1 million for the second quarter of fiscal 2023 compared with $431.1 million for the same period in fiscal 2022. The increase was primarily due to the addition of CUSIP Global Services (CGS) and higher sales of Content & Technology and Analytics & Trading solutions. Organic revenue, which excludes the effects of acquisitions and dispositions completed within the last 12 months and foreign currency movements, grew 8.9% to $469.5 million during the second quarter of fiscal 2023 from the prior year period.

•Annual Subscription Value (ASV) plus professional services was $2.1 billion at February 28, 2023, compared with $1.8 billion at February 28, 2022. Organic ASV plus professional services, which excludes the effects of acquisitions and dispositions completed within the last 12 months and foreign currency movements, was $1.9 billion at February 28, 2023, up $158.7 million from the prior year at a growth rate of 9.1%.

•Organic ASV plus professional services increased $53.8 million over the last three months. The primary contributors to this growth were increased sales of Content & Technology and Analytics & Trading solutions. Please see the “ASV + Professional Services” section of this press release for details.

•GAAP operating margin increased to 32.9% compared with 28.6% for the same period last year. Adjusted operating margin improved to 37.0% compared with 33.7% in the prior year period. Both measures were driven by higher revenue, lower personnel cost as a percentage of revenue, lower third-party content costs, the lapping of the previous year's impairment charge of $10.3 million, and reduced facilities expenses, partially offset by higher technology expense and operating costs related to CGS.

•GAAP diluted earnings per share (EPS) increased 19.0% to $3.38 compared with $2.84 for the same period in fiscal 2022, primarily due to higher revenue and margin expansion, partially offset by higher interest expenses and increased income taxes. Adjusted diluted EPS increased 16.2% to $3.80, compared with $3.27 for the prior year period, due to the same drivers.

•Adjusted EBITDA increased to $199.7 million, up 35.8%, for the second quarter of fiscal 2023, compared with $147.0 million for the same period in fiscal 2022, driven by higher operating income.

•In connection with the acquisition of CGS, FactSet entered into a new credit agreement providing for a $1 billion term loan and revolving credit facilities. In the second quarter of fiscal 2023, FactSet made a $125 million prepayment of the principal amount of the term loan. As of February 28, 2023, a total of $500 million in term loan principal prepayments have been made.

•The Company’s effective tax rate for the second quarter of fiscal 2023 increased to 16.1% compared with 9.9% for the three months ended February 28, 2022, primarily due to higher pre-tax income and lower stock option exercises.

•FactSet updated its annual outlook for fiscal 2023. Please see the "Annual Business Outlook" section of this press release for details.

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News Release I For Immediate Release

“We are pleased with our second-quarter results, reflecting the continued strength of our diverse product portfolio,” said Phil Snow, CEO, FactSet. “Our digital platform has allowed us to successfully navigate a challenging operating environment and meet the increased demand for our data and technology. As we enter the second half of the year, we are well-positioned to deliver value to our clients and shareholders.”

Key Financial Measures*

(Condensed and Unaudited)	Three Months Ended
	February 28,
(In thousands, except per share data)	2023			2022			Change
Revenues	$	515,085		$	431,119		19.5	%
Organic revenues	$	469,547		$	431,057		8.9	%
Operating income	$	169,250		$	123,348		37.2	%
Adjusted operating income	$	190,721		$	145,139		31.4	%
Operating margin	32.9		%	28.6		%
Adjusted operating margin	37.0		%	33.7		%
Net income	$	131,593		$	109,938		19.7	%
Adjusted net income	$	148,114		$	126,675		16.9	%
Adjusted EBITDA	$	199,710		$	147,047		35.8	%
Diluted EPS	$	3.38		$	2.84		19.0	%
Adjusted diluted EPS	$	3.80		$	3.27		16.2	%

* See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.

"Our business continues to be resilient, with top-line growth and adjusted margin expansion exceeding our guidance for the second quarter," said Linda Huber, CFO, FactSet. "We are updating our ASV guidance for fiscal 2023, adding $10 million for the CGS business and reducing the core business ASV growth target by $15 million. In total, we expect that our organic ASV will be in the range of $145 million to $175 million for fiscal 2023, inclusive of CGS and consistent with our medium term growth outlook of 8-9%."

Annual Subscription Value (ASV) + Professional Services

ASV at any given point in time represents the forward-looking revenues for the next twelve months from all subscription services currently supplied to clients. Professional services are revenues derived from project-based consulting and implementation.

ASV plus professional services was $2,074 million at February 28, 2023, compared with $1,750 million at February 28, 2022. Organic ASV plus professional services was $1,902 million at February 28, 2023, up $158.7 million from the prior year at a growth rate of 9.1%. Organic ASV, which excludes the effects of acquisitions and dispositions completed within the last 12 months and foreign currency movements, plus professional services, increased $53.8 million over the last three months.

Buy-side and sell-side organic ASV growth rates for the second quarter of fiscal 2023 were 8.1% and 15.8%, respectively. Buy-side clients, including asset managers, wealth managers, asset owners, hedge funds, channel partners and corporate clients, accounted for approximately 83% of organic ASV. The remaining organic ASV came from sell-side firms including broker-dealers, banking and advisory, private equity and venture capital firms. Supplementary tables covering organic buy-side and sell-side ASV growth rates may be found on the last page of this press release.

Segment Revenues and ASV

ASV from the Americas region was $1,315.3 million compared with ASV in the prior year period of $1,085.6 million. Organic ASV increased 9.3% to $1,188.6 million. Americas revenues for the quarter increased to $331.1 million compared with $273.7 million in

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News Release I For Immediate Release

the second quarter last year. Excluding the effects of acquisitions and dispositions completed in the last 12 months, the Americas region's organic revenues growth rate was 8.2%.

ASV from the EMEA region was $528.5 million compared with ASV in the prior year period of $459.9 million. Organic ASV increased 8.1% to $494.3 million. EMEA revenues were $132.5 million compared with $114.6 million in the second quarter of fiscal 2022. Excluding the effects of acquisitions and dispositions completed in the last 12 months and foreign currency impacts, the EMEA region's organic revenues growth rate was 8.2%.

ASV from the Asia Pacific region was $207.1 million compared with ASV in the prior year period of $180.5 million. Organic ASV increased 10.8% to $195.6 million. Asia Pacific revenues were $51.5 million compared with $42.9 million in the second quarter of fiscal 2022. Excluding the effects of acquisitions and dispositions completed in the last 12 months and foreign currency impacts, the Asia Pacific region's organic revenues growth rate was 15.3%.

Segment ASV does not include professional services, which totaled $23.2 million at February 28, 2023.

Operational Highlights – Second Quarter Fiscal 2023

•Client count as of February 28, 2023 was 7,730, a net increase of 99 clients in the past three months, primarily driven by an increase in corporate and wealth management clients and channel partners. The count includes clients with ASV of $10,000 and more.

•User count increased by 5,504 to 186,463 in the past three months, primarily driven by an increase in wealth management and corporate users.

•Annual ASV retention was greater than 95%. When expressed as a percentage of clients, annual retention was 92%.

•Employee count was 11,896 as of February 28, 2023, up 10.3% over the last twelve months, driven primarily by an increase in the content, sales, and technology organizations.

•Net cash provided by operating activities increased to $164.7 million compared with $122.0 million for the second quarter of fiscal 2022, primarily related to higher net income. Quarterly free cash flow increased to $147.2 million compared with $110.1 million a year ago, an increase of 33.8%, driven by higher net income partially offset by an increase in capitalized costs related to internal use software.

•A quarterly dividend of $34.1 million, or $0.89 per share, was paid on December 15, 2022, to holders of record of FactSet’s common stock at the close of business on November 30, 2022.

•FactSet announced that it has been selected as the primary market data provider for BMO’s Wealth Management division. The Company is deploying its modern, flexible Advisor Workstation to BMO Wealth Management professionals across Canada to support its digital transformation objectives.

•The Company announced its collaboration with Coin Metrics to integrate the company’s leading digital assets data across FactSet’s solutions. The integration empowers users to monitor their digital assets workflow from research to asset allocation, stay abreast of the latest market trends, and fully analyze portfolios in FactSet's portfolio analytics, performance attribution, predicted risk and reporting solutions.

•FactSet won the Glassdoor Employees' Choice Award, honoring the Best Place to Work in 2023. This list is one of the only awards based solely on employee reviews.

•The Company was named to Newsweek’s list of America’s Most Responsible Companies for 2023. This award, presented by Newsweek and Statista Inc., is based on publicly available key performance indicators focused on company performance in the Environmental, Social, and Governance (ESG) areas.

Share Repurchase Program

FactSet did not repurchase any of its common stock during the second quarter under the Company's existing share repurchase program. FactSet had suspended share repurchases, except for potential minor repurchases to offset dilution from grants of stock options, until at least the second half of fiscal 2023 to prioritize debt repayment. FactSet anticipates resuming the existing share

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News Release I For Immediate Release

repurchase program in the third and fourth fiscal quarters of 2023. As of February 28, 2023, $181.3 million is available for share repurchases under the Company's existing share repurchase program.

Annual Business Outlook

FactSet is updating its outlook for fiscal 2023. The following forward-looking statements reflect FactSet's expectations as of today's date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement.

Fiscal 2023 Expectations

•Inclusive of CUSIP Global Services, which is now included in the revised guidance range, Organic ASV plus professional services is expected to be in the range of $145 million to $175 million during fiscal 2023. FactSet expects organic ASV growth of $135-$165 million from its core business and an additional $10 million from CGS. This represents growth of 8.0% at the midpoint of $160 million, a deceleration of 100 basis points when compared to previous guidance of $150 million to $180 million, due to an expected decline in ASV growth in the core business during the second half of the fiscal year.

•GAAP revenues are expected to be in the range of $2,080 million to $2,100 million.

•GAAP operating margin is expected to be in the range of 29.5% to 30.5%.

•Adjusted operating margin is expected to be in the range of 34.0% to 35.0%

•FactSet's annual effective tax rate is expected to be in the range of 13.5% to 14.5%.

•GAAP diluted EPS is expected to be in the range of $12.45 to $12.85. Adjusted diluted EPS is expected to be in the range of $14.50 to $14.90.

Both GAAP operating margin and GAAP diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2023. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.

Conference Call

Second Quarter 2023 Conference Call Details

Date:            Thursday, March 23, 2023

Time:            11:00 a.m. Eastern Time

Participant Registration:    FactSet Q2 2023 Earnings Call Registration

Please register for the conference call using the above link before the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The conference call will have a live Q&A session.

A replay will be available on the Company’s investor relations website after 1:00 p.m. Eastern Time on March 23, 2023, through March 23, 2024. The earnings call transcript will be available via FactSet CallStreet.

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News Release I For Immediate Release

Forward-looking Statements

This news release contains forward-looking statements based on management's current expectations, estimates, forecasts and projections about industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company's strategy for growth, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like "expects," "believes," "anticipates," "plans," "intends," "estimates," "projects," "should," "indicates," "continues," "may" and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet's filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, as well as others, could cause results to differ materially from those stated. Forward-looking statements speak only as of the date they are made, and FactSet assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

About Non-GAAP Financial Measures

Financial measures in accordance with U.S. GAAP including revenues, operating income and margin, net income, diluted earnings per share and cash provided by operating activities have been adjusted.

FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these adjusted financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods and may also facilitate comparisons to its historical performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Adjusted revenues exclude the impact of the fair value of deferred revenues acquired in a business combination. Organic revenues further exclude the effects of acquisitions and dispositions completed in the last 12 months and foreign currency movements in all periods presented. Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude intangible asset amortization, the impact of the fair value of deferred revenues acquired in a business combination and non-recurring items. EBITDA excludes interest expense, provision for income taxes and depreciation and amortization expense, while Adjusted EBITDA further excludes non-recurring non-cash expenses. The Company believes that these adjusted financial measures help to fully reflect the underlying economic performance of FactSet.

Cash flows provided by operating activities has been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow. FactSet uses this financial measure both in presenting its results to stockholders and the investment community and in the Company’s internal evaluation and management of the business. Management believes that this financial measure is useful to investors because it permits investors to view the Company’s performance using the same metric that management uses to gauge progress in achieving its goals and is an indication of cash flow that may be available to fund further investments in future growth initiatives.

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News Release I For Immediate Release

About FactSet

FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to over 7,000 global clients, including over 180,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms and corporations, achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P500, we are committed to sustainable growth and have repeatedly scored 100 on the Human Rights Campaign® Corporate Equality Index and been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on Twitter and LinkedIn.

FactSet

Investor Relations Contact:             

Kendra Brown                    

+1.203.810.2684                

kbrown@factset.com

Media Contact

Megan Kovach

+1.512.736.2795

megan.kovach@factset.com

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News Release I For Immediate Release

Consolidated Statements of Income (Unaudited)
	Three Months Ended				Six Months Ended
	February 28,				February 28,
(In thousands, except per share data)	2023		2022		2023		2022
Revenues	$	515,085	$	431,119	$	1,019,900	$	855,844
Operating expenses
Cost of services	240,806		199,413		467,848		406,544
Selling, general and administrative	104,582		98,066		210,178		189,304
Asset impairments	447		10,292		729		13,987
Total operating expenses	345,835		307,771		678,755		609,835
Operating income	169,250		123,348		341,145		246,009
Other income (expense), net
Interest expense, net	(13,834)		(1,673)		(28,166)		(3,167)
Other income (expense), net	1,346		281		1,668		(956)
Income before income taxes	156,762		121,956		314,647		241,886
Provision for income taxes	25,169		12,018		46,256		24,301
Net income	$	131,593	$	109,938	$	268,391	$	217,585
Diluted earnings per common share	$	3.38	$	2.84	$	6.89	$	5.63
Diluted weighted average common shares	38,981		38,761		38,947		38,628

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News Release I For Immediate Release

Consolidated Balance Sheets (Unaudited)
(In thousands)	February 28, 2023		August 31, 2022
ASSETS
Cash and cash equivalents	$	445,326	$	503,273
Investments	32,022		33,219
Accounts receivable, net of reserves of $3,120 at February 28, 2023 and $2,776 at August 31, 2022	257,408		204,102
Prepaid taxes	41,605		38,539
Prepaid expenses and other current assets	82,293		91,214
Total current assets	858,654		870,347
Property, equipment and leasehold improvements, net	78,424		80,843
Goodwill	977,359		965,848
Intangible assets, net	1,869,774		1,895,909
Deferred taxes	5,662		3,153
Lease right-of-use assets, net	150,174		159,458
Other assets	57,662		38,747
TOTAL ASSETS	$	3,997,709	$	4,014,305
LIABILITIES
Accounts payable and accrued expenses	$	116,857	$	108,395
Current lease liabilities	28,573		29,185
Accrued compensation	63,720		114,808
Deferred revenues	164,190		152,039
Dividends payable	34,099		33,860
Total current liabilities	407,439		438,287
Long-term debt	1,735,609		1,982,424
Deferred taxes	6,600		8,800
Deferred revenues, non-current	6,137		7,212
Taxes payable	34,825		34,211
Long-term lease liabilities	196,669		208,622
Other liabilities	3,276		3,341
TOTAL LIABILITIES	$	2,390,555	$	2,682,897
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	$	1,607,154	$	1,331,408
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,997,709	$	4,014,305

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News Release I For Immediate Release

Consolidated Statements of Cash Flows (Unaudited)
	Six Months Ended
	February 28,
(In thousands)	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	268,391	$	217,585
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	52,208		32,827
Amortization of lease right-of-use assets	19,596		22,172
Stock-based compensation expense	27,500		25,937
Deferred income taxes	(6,470)		(3,264)
Asset impairments	729		13,987
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable, net of reserves	(54,294)		(37,704)
Accounts payable and accrued expenses	12,102		10,183
Accrued compensation	(51,714)		(34,680)
Deferred revenues	11,069		6,201
Taxes payable, net of prepaid taxes	(2,576)		(21,824)
Lease liabilities, net	(22,877)		(23,863)
Other, net	17,650		(12,605)
Net cash provided by operating activities	271,314		194,952
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, equipment, leasehold improvements and internal-use software	(35,416)		(20,546)
Acquisition of businesses, net of cash and cash equivalents acquired	—		(50,018)
Purchases of investments	(10,889)		(250)
Net cash used in investing activities	(46,305)		(70,814)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of debt	(250,000)		—
Dividend payments	(67,478)		(61,448)
Proceeds from employee stock plans	43,605		56,928
Repurchases of common stock	—		(18,639)
Other financing activities	(11,781)		(3,258)
Net cash provided by/(used in) financing activities	(285,654)		(26,417)
Effect of exchange rate changes on cash and cash equivalents	2,698		(6,574)
Net (decrease) increase in cash and cash equivalents	(57,947)		91,147
Cash and cash equivalents at beginning of period	503,273		681,865
Cash and cash equivalents at end of period	$	445,326	$	773,012

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News Release I For Immediate Release

Reconciliation of U.S. GAAP Results to Adjusted Financial Measures

Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted EPS and cash provided by operating activities, have been adjusted below. FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Adjusted measures may also facilitate comparisons to FactSet’s historical performance.

Revenues

The table below provides a reconciliation of revenues to adjusted revenues and organic revenues.

(Unaudited)	Three Months Ended
	February 28,
(In thousands)	2023		2022		Change
Revenues	$	515,085	$	431,119	19.5	%
Deferred revenues fair value adjustment (a)	—		(62)
Adjusted revenues	515,085		431,057		19.5	%
Acquired revenues (b)	(47,370)		—
Currency impact (c)	1,832		—
Organic revenues	$	469,547	$	431,057	8.9	%

(a)The amortization effect of purchase accounting adjustment on the fair value of acquired deferred revenue.

(b)Revenues from acquisitions completed within the last 12 months.

(c)The impact from foreign currency movements over the past 12 months.

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News Release I For Immediate Release

Non-GAAP Financial Measures

The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA and adjusted diluted EPS.

(Unaudited)	Three Months Ended
	February 28,
(In thousands, except per share data)	2023			2022			Change
Operating income	$	169,250		$	123,348		37.2	%
Deferred revenues fair value adjustment	—			(62)
Intangible asset amortization	17,709			6,291
Business acquisition / integration costs (a)	3,329			5,048
Restructuring / severance	433			200
Real estate charges (b)	—			9,734
Transformation costs (c)	—			580
Adjusted operating income	$	190,721		$	145,139		31.4	%
Operating margin	32.9		%	28.6		%
Adjusted operating margin (d)	37.0		%	33.7		%
Net income	$	131,593		$	109,938		19.7	%
Deferred revenues fair value adjustment	—			(55)
Intangible asset amortization	14,717			5,543
Business acquisition / integration costs (a)	2,766			4,448
Restructuring / severance	360			177
Real estate charges (b)	—			8,578
Transformation costs (c)	—			512
Income tax items	(1,322)			(2,466)
Adjusted net income (e)	$	148,114		$	126,675		16.9	%
Net income	$	131,593		$	109,938
Interest expense	16,737			1,962
Income taxes	25,169			12,018
Depreciation and amortization expense	26,211			13,395
EBITDA	$	199,710		$	137,313		45.4	%
Real estate charges	—			9,734
Adjusted EBITDA	$	199,710		$	147,047		35.8	%
Diluted earnings per common share	$	3.38		$	2.84		19.0	%
Deferred revenues fair value adjustment	—			0.00
Intangible asset amortization	0.37			0.14
Business acquisition / integration costs (a)	0.07			0.11
Restructuring / severance	0.01			0.01
Real estate charges(b)	—			0.22
Transformation costs (c)	—			0.01
Income tax items	(0.03)			(0.06)
Adjusted diluted earnings per common share (e)	$	3.80		$	3.27		16.2	%
Weighted average common shares (Diluted)	38,981			38,761

11

News Release I For Immediate Release

(a)Related to acquisition and integration costs of the CGS acquisition.

(b)Related to impairment charges of lease right-of-use assets and property, equipment and leasehold improvements associated with vacating certain leased office space.

(c)Primarily related to professional fees associated with the ongoing multi-year investment plan.

(d)Adjusted operating margin is calculated as adjusted operating income divided by adjusted revenues as shown in the revenues table above.

(e)For purposes of calculating adjusted net income and adjusted diluted earnings per share, all adjustments were taxed at the quarterly effective tax rates of 16.9% for fiscal 2023 and 11.9% for fiscal 2022.

Business Outlook Operating Margin, Net Income and Diluted EPS

(Unaudited)
	Annual Fiscal 2023 Guidance
(In millions, except per share data)	Low end of range			High end of range
Revenues	$	2,080		$	2,100
Operating income	$	614		$	641
Operating margin	29.5		%	30.5		%
Intangible asset amortization (a)	71			71
Real estate charges	15			16
Business acquisition / integration costs (b)	7			7
Adjusted operating income	$	707		$	735
Adjusted operating margin (c)	34.0		%	35.0		%
Net income	$	480		$	500
Intangible asset amortization (a)	61			61
Real estate charges	13			14
Business acquisition / integration costs (b)	6			6
Discrete tax items	(1)			(5)
Adjusted net income	$	559		$	576
Diluted earnings per common share	$	12.45		$	12.85
Intangible asset amortization (a)	1.58			1.56
Real estate charges	0.33			0.37
Business acquisition / integration costs (b)	0.14			0.14
Discrete tax items	(0.01)			(0.03)
Adjusted diluted earnings per common share	$	14.50		$	14.90

(a)The income tax effect related to intangible asset amortization is $10.0 million for the period presented above.

(b)Related to integration costs of the CGS acquisition.

(c)Adjusted operating margin is calculated as adjusted operating income divided by adjusted revenues as shown in the organic revenues table above.

12

News Release I For Immediate Release

Free Cash Flow

(Unaudited)	Three Months Ended
	February 28,
(In thousands)	2023		2022		Change
Net Cash Provided for Operating Activities	$	164,678	$	122,034
Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software	(17,456)		(11,963)
Free Cash Flow	$	147,222	$	110,071	33.8	%

Supplementary Schedules of Historical ASV by Client Type

The following table presents the percentages and growth rates of organic ASV by client type, excluding the impact of currency movements, and may be useful to facilitate historical comparisons. Organic ASV excludes acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements. The numbers below do not include professional services.

	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
% of ASV from buy-side clients	82.8%	82.8%	82.9%	83.7%	83.6%	83.1%	83.2%	83.8%
% of ASV from sell-side clients	17.2%	17.2%	17.1%	16.3%	16.4%	16.9%	16.8%	16.2%
ASV Growth rate from buy-side clients	8.1%	8.0%	8.5%	9.6%	8.4%	8.5%	6.5%	5.6%
ASV Growth rate from sell-side clients	15.8%	14.4%	13.8%	12.9%	12.6%	13.2%	12.0%	8.0%

The following table presents the calculation of organic ASV plus professional services.

(Details may not sum to total due to rounding)

(In millions)	Q2'23
As reported ASV plus Professional Services (a)	$	2,074.0
Currency impact (b)	(1.0)
Acquisition ASV (c)	(171.3)
Organic ASV plus Professional Services	$	1,901.7
Organic ASV plus Professional Services growth rate	9.1		%

(a)Includes $23.2 million in professional services as of February 28, 2023.

(b)The impact of foreign currency movements.

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

13

EX-99.2

FactSet Overview MARCH 23, 2023 Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Forward-Looking Statements and Non-GAAP Measures This presentation, and other statements that FactSet may make in connection with this presentation, contains forward-looking statements based on management's current expectations, assumptions, estimates, forecasts and projections as of the date such statements are made about future events and circumstances. All statements that address expectations, guidance, outlook or projections about the future, including statements about our strategy, future financial results, anticipated growth, expected expenditure, product development, market position and trends, are forward-looking statements. Forward-looking statements may be identified by words like "expects," "believes," "anticipates," "plans," "intends," "estimates," "projects," "should," "indicates," "continues," "may," and similar expressions. These statements are not guarantees of future performance and involve numerous risks, uncertainties, and assumptions. Many factors, including those discussed more fully in FactSet's filings with the Securities and Exchange Commission, particularly our latest annual report on Form 10-K and quarterly reports on Form 10-Q, could cause results to differ materially from those stated. These documents are available on our website at http://investor.factset.com and on the SEC's website at http://www.sec.gov. FactSet believes our expectations and assumptions are reasonable, but there can be no assurance that the expectations reflected herein will be achieved. Unless legally required, we undertake no obligation to update any forward-looking statements made in this presentation whether because of new information, future events or otherwise. In addition, this presentation, and oral statements that may be made in connection with this presentation, references non-GAAP financial measures, such as ASV, adjusted operating metrics, adjusted diluted EPS, EBITDA, and free cash flow. Forward-looking non-GAAP financial measures reflect management’s current expectations and beliefs, and we are not able to reconcile such non-GAAP measures to reported measures without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact or exact timing of items that may impact comparability. Non-GAAP measures should be considered in addition to, not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, as more fully discussed in FactSet's financial statements and filings with the SEC. The use of these non-GAAP measures are limited as they include and/or do not include certain items not included and/or included in the most directly comparable GAAP measure. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the appendix to this presentation. 2Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Our purpose is to drive the investment community to see more, think bigger, and do its best work We are transforming the way our users discover, decide, and act on opportunities We are a growth company We drive sustainable growth through continued investment and executional excellence. Our subscription business provides stability Our subscription-based model provides stable revenues and strong client retention. Our large addressable market​ provides opportunity We are a market leader with unique content that provides a deep competitive moat. Innovation drives us We relentlessly focus on products and solutions to meet the evolving needs of the market. Talent and culture are our foundation​ We focus on recruiting, retaining, and rewarding a diverse and empowered workforce. 01 02 03 04 05 3Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

FactSet at a glance1 20G L O B A L F O O T P R I N T ( C O U N T R I E S ) 38O F F I C E S 11K+E M P L O Y E E S 186K+U S E R S C L I E N T S 7K+ 1 Figures as of FactSet Q2 FY2023, February 28, 2023 2 LTM Organic ASV + Professional Services based on last twelve months as of February 28, 2023 3 Q2 FY2023 actual as of February 28, 2023 4 Includes CUSIP Global Services (CGS) $1.9B 2 A S V 37.0% 3,4 43 $3.803,4 9.1% 3 F Y 2 3 A S V O R G A N I C G R O W T H R A T E F Y 2 3 A D J U S T E D O P E R A T I N G M A R G I N C O N S E C U T I V E Y E A R S O F R E V E N U E G R O W T H D I L U T E D A D J U S T E D E P S 4Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

The market continues to respond favorably to our performance and digital strategy Notes: Market prices for the past 5 years through to March 20, 2023 FactSet began trading on the New York Stock Exchange on June 28, 1996 FDS (+91%) S&P 500 (+45%) Market Cap: $16B$8B $9B $8B $12B $17B 5Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only Mar 2023

Efficiency of Operations Technology Disruption, Generational Shift Alpha Driven by Depth of Data Value Investing and Regulation Multi-Asset Class Content and Analytics Five key trends inform our strategic investments to drive growth 6Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

We continued to deliver on our strategy: to build the leading open content and analytics platform that delivers differentiated advantage for our clients’ success S c a l e U p O u r C o n t e n t R e f i n e r y N e x t G e n e r a t i o n W o r k f l o w S o l u t i o n s C l i e n t O b s e s s i o n Provide the most comprehensive and connected inventory of client, proprietary and third-party content in our industry Build differentiated next generation solutions to streamline our clients’ workflows and deliver tangible efficiencies for the front, middle, and back office Provide open, flexible, adaptive, solutions as part of our open ecosystem with hyper- personalized digital products to provide the next best action across the investment lifecycle 7Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Centralize Content Expanded content access | Data decision support | Enabling data science Our digital platform is critical to the success of the investment community Digital Platform Operational Efficiencies Cohesive investment process | Frictionless user experience Cost Rationalization Simplification of platforms | Optimize vendor usage Outperformance Best of breed multi-asset capabilities | Differentiated data for investment decisions Competitive Differentiation Access to robust analytics | Enhanced digital engagement Outcomes for the Investment Community Open, cloud-based platform Superior client service Integrated digital products Broad and connected content suite Extensive data hierarchy and taxonomy Deep investment process analytics 8Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

20% • Listings • Securities • Entities • People • Transactions • Relationships – Associations (e.g., Revenue, Frequency, History) Data Connectivity Expansive coverage, depth, and speed of FactSet’s core proprietary content portfolio • Core Content: Speed • Core Content: Depth • Unique Data: Broad coverage FactSet Proprietary Content Utilizes FactSet’s powerful data connectivity model to ease the onboarding process of third-party data • Concordance to FactSet permanent entity identifiers • Consolidated contractual process • Sandbox for testing Open: FactSet Marketplace 35 Core Proprietary Content Sets 800+ Third Party Data Vendors 5M+ Client Portfolios DIVERSE DATA MARKET LEADING SYMBOLOGY SCREENED & CONNECTED BY FACTSET INSIGHTS & IDEA GENERATION Comprehensive and connected inventory of client, proprietary and third-party content that drives broader discoverability Our content refinery expands our clients’ knowledge and trust 9Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

S Y M B O L O G Y C O N C O R D A N C E B E S T I N C L A S S T E C H N O L O G Y B E S T I N B R E E D D A T A R E S E A R C H P O R T F O L I O C O N S T R U C T I O N T R A D I N G P E R F O R M A N C E + A T T R I B U T I O N R E P O R T I N G • Generate ideas and discover opportunities with unique data. • Monitor the global markets, research public and private companies, and gain industry and market insights. • Monitor real-time portfolio performance, risk, characteristics, and composition. • Perform exploratory data and portfolio construction analysis to optimize expected returns. • Ensure pre- and post- trade compliance with active and passive breach management. • Oversee order and execution management and allocations. • Automate trade execution and optimize algorithm selection. • Understand and analyze sources of performance, risk, and exposure historically and over time. • Calculate and manage workflows to lock down official performance or any other analytics. • Combine key analytics and results with proprietary content in client- ready customizable and automated reports. • Distribute results and commentary via reports, web, API or feeds. F R O N T O F F I C E M I D D L E O F F I C E R I S K M A N A G E M E N T • Measure performance, risk, style, and characteristics for multiple portfolios and asset classes. • Choose the risk methodologies that match investment processes. B A C K O F F I C E D A T A M A N A G E M E N T S O L U T I O N S • Optimized integration of internal and third-party content sets • Exploitation of data structure and connectivity to uncover actionable insights • Leverage data connections to create summary views to manage security-level and counter-party risk more effectively • Significantly reduce the costs associated with regulatory reporting requirements Next-generation workflow solutions built on our content refinery 10Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Transforming the way our users discover, decide, and act on opportunities using our digital platform Hyper-Personalized Products Open Ecosystem & Self-ServiceTrusted Partner ❖ Remove friction from the client experience with solutions that are open, flexible, and easy to use ❖ Advance the Digital Transformation of our clients through our API program ❖ Offer a modern data layer with database capabilities in the cloud, including cloud marketplace integrations ❖ Partner with our clients to provide the best services in the industry ❖ Provide an elevated level of technology and content expertise ❖ Expand our capabilities in professional services ❖ Push ideas and actions across the portfolio lifecycle ❖ Support anytime, anywhere decision- making via responsive, adaptable and accessible platforms Our clients are at the center of what we do 11Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

We see significant opportunity to capture more of the addressable market Total Addressable Market Opportunity A S V CAGR Buy Side Banking Wealth PE/VC Corporates FactSet ASV and Opportunity Size (ASV vs. CAGR) Total Addressable Market (TAM) Serviceable Addressable Market (SAM) $32B Total Addressable Market1 $10B Serviceable Addressable Market1 $1.8B FactSet (FY22)2 1 TAM and SAM are 2020 figures. Source: FactSet internal data, BCG analysis 2 Organic ASV + Professional Services Note: Total addressable market (TAM) is the total market demand for a product or service. Serviceable addressable market (SAM) is the segment of the TAM targeted by FactSet’s products and services within our geographic segments. 12Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Historical LTM Organic ASV Growth Strong execution drives higher retention in the Americas and strategic wins within Premier accounts Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only $60 $71 $71 $79 $88 $82 $77 $72 $58 $62 $72 $78 $74 $83 $89 $112 $142 $150 $163 $157 $150 $159 5.1% 5.9% 5.5% 5.9% 6.6% 6.0% 5.6% 5.1% 4.1% 4.3% 5.0% 5.3% 5.0% 5.5% 5.8% 7.2% 8.9% 9.4% 10.1% 9.3% 8.8% 9.1% 2018/Q1 2018/Q2 2018/Q3 2018/Q4 2019/Q1 2019/Q2 2019/Q3 2019/Q4 2020/Q1 2020/Q2 2020/Q3 2020/Q4 2021/Q1 2021/Q2 2021/Q3 2021/Q4 2022/Q1 2022/Q2 2022/Q3 2022/Q4 2023/Q1 2023/Q2 Average 6.5% 13

186K+ G L O B A L U S E R S 9% change since Q2/2022 7.7K+ G L O B A L C L I E N T S 8% change since Q2/2022 1 LTM Organic ASV + Professional Services Growth Rate is based on the last twelve months as of February 28, 2023 2 Includes CUSIP Global Services (CGS) * FY23 Outlook as of March 23, 2023 $M 98.5% 98.1% 98.7% 98.5% 98.7% 98.7% FY18 FY19 FY20 FY21 FY22 FY23 YTD $1.9B O r g a n i c A S V + P r o f e s s i o n a l S e r v i c e s 1 Incremental ASV1,2 growth FY23 outlook* $145-$175 million ASV retention remains strong We have accelerated top-line growth and maintained high retention Subscription based-business model 98.5% 98.5% 98.4% 98.6% 98.7% 98.8% FY18 FY19 FY20 FY21 FY22 FY23 YTD $79 $72 $78 $112 $163 FY18 FY19 FY20 FY21 FY22 FY23* $145-$175*7%-9% 14Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

83% 63% 48% 17% 26% 36% 10% 17%APAC EMEA Americas Content Technology Solutions Analytics & Trading Research & Advisory Sell-Side Buy-Side ASV Split by Client, Geography and Business 1 Percentage of Organic ASV + Professional Services as of February 28, 2023 2 Professional Services of $23M not allocated by client type and geography Solutions for investment portfolio lifecycle connecting all essential front and middle office functions CTS A&T R&A Optimized workflows delivering integrated content for vital aspects of the research and advisory process Off-platform products delivering data directly and leveraging FactSet’s core content and technology By Client Type2 By Geography1,2 By Business1 Executing our strategy through three workflow solutions that leverage our content refinery 15Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use OnlyNote: Amounts may not add due to rounding

Our strategy building the leading open content and analytics platform has driven growth Americas $1,189M 1 EMEA $494M 1 AsiaPac $196M 1 • Deep sector and private market investments drive banking growth • Asset Managers growing due to our Portfolio Lifecycle strategy • Large Wealth deals contributing • Significantly higher retention due to our product investments • Higher demand for feeds and APIs • Buy Side and analytics growth accelerating • Buy Side driving growth • Balanced demand across both global and regional clients • Increasing growth with existing business 3.9% 4.6% 5.6% 8.4% 8.1% FY19 FY20 FY21 FY22 FY23 YTD 10.7% 7.5% 12.3% 12.0% 10.8% FY19 FY20 FY21 FY22 FY23 YTD 4.7% 5.2% 7.4% 9.3% 9.3% FY19 FY20 FY21 FY22 FY23 YTD 1 FY19 to FY22 Q3 Organic ASV LTM Growth Rates by Region FY23 Q2 Ending ASV; excludes $23M Professional Services ASV 16Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

E s ta b lis h e d G ro w th Our client-centric solutions drive value in established and growing markets % ASV by Solution Client Need FactSet Value Insights, ESG, Consolidation Performance, Risk, Truvalue Alternative Investments, ESG Cabot, Signals, Private Market Banker Efficiency, Deal Velocity Productivity Tools, Signals/APIs Connectivity, Speed, Flexibility Alt Content, Quant tools Connectivity of Content Data Management Solutions, APIs Sourcing, Portfolio Monitoring Private Company, Cobalt Market Research, Idea Generation Screening, Deep Sector Analytics + Trading Content + Technology Research + Advisory Asset Managers Asset Owners Hedge Funds Banking PE/VC Wealth Corporate Partners Client Engagement Advisor Dashboard, Portfolio Guide Percentage of Organic ASV + Professional Services as of February 28, 2023 17Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Headquarters San Francisco, CA Boston, MA Lakewood, CO Boston, MA New York, NY Founded 2013 2004 2014 2011 1968 Sponsoring SBU CTS Analytics & Trading Research & Advisory Research & Advisory CTS Strategic Alignment ESG Portfolio Lifecycle Deep Sector Private Markets Data Management Solutions Deal Rationale Expand ESG footprint and enhance technology- enabled content collection capabilities Address product gap in behavioral analytics to differentiate our PLC offering Accelerate the Power/Energy sub- strategy of our Deep Sector roadmap Building block to accelerate entry into private market workflows and path to differentiated data Enhances symbology, concordance, and reference data management Transaction Timing Closed in Q1 FY21 (November 2, 2020) Closed in Q4 FY21 (June 1, 2021) Closed in Q4 FY21 (July 1, 2021) Closed in Q1 FY22 (October 12, 2021) Closed in Q3 FY22 (March 1, 2022) Recent deals complement our product offerings 18Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Maintaining CGS’s positive trajectory while minimizing business disruption during migration off TSA Annual Subscription Value (ASV) Annual Revenues % Operating Margin Mid-to-High Single Digit Growth Mid-to-High Single Digit Growth > Mid-50% ✓ Prior Guidance Achievement of Goal ✓ ✓ % Subscription > 85% ✓ • All systems transitioned to FactSet with zero disruption and no major issues • Successfully exited transition services agreement (TSA) on time and under budget • Strong financial performance despite market uncertainty - $190M+ revenue since acquisition (LTM Q2 FY23) - Added $170M+ to FactSet organic ASV (Feb 28, 2023) • Pursuing growth plans in Loan Entity ID’s (CEI / LSTA collaboration) and Private Entity / Alt ID’s • Continuing to “seed the (asset class) garden” with further efforts and partnerships in Crypto, Digital Assets, ESG/Carbon Credits Solid first year of ownership under FactSet Key Financial Metrics Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only 19

Our people and culture power our growth agenda • Our client focus drives the creation of industry-leading products and services • Our culture of innovation and collaboration makes FactSet an attractive firm for top talent, including technologists • Our focused investment in learning and development allows us to “upskill” the workforce of the future • The evolution of “the way we work” offers flexibility to support work/life balance and to increase productivity We empower our diverse and engaged team to meet our business needs and the needs of our clients 20Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

2022 Sustainability Report – Key Highlights Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only. Scan QR code to read FactSet’s 2022 Sustainability Report

Our Awards B E S T D A T A A N A L Y T I C S P R O V I D E R Inside Market Data & Inside Reference Data Award Buy-Side Technology Award Fund Technology & WSL Awards B E S T R E P O R T I N G S Y S T E M P R O V I D E R Waters Ranking Awards Wealth Briefing European Award B E S T O V E R A L L T E C H N O L O G Y P R O V I D E R Buy-Side Technology Award Inside Market Data and Inside Reference Data Awards Financial Technologies Forum Awards B E S T B U Y - S I D E P E R F O R M A N C E M E A S U R E M E N T A N D A T T R I B U T I O N Buy-Side Technology Awards | Waters Ranking Awards Wealth & Finance International Alternative Investment Awards B E S T R I S K M A N A G E M E N T T E C H N O L O G Y P R O V I D E R MENA Fund Services Award Ranked 19 in Chartis RiskTech100 Private Equity Wire M A R K E T P L A C E P A R T N E R O F T H E Y E A R Snowflake 22Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Financial Review | Q2 Fiscal 2023

Key Highlights Robust financial model with 95% subscription-based revenues supported by pricing discipline, demonstrated EBITDA flow-through and strong free cash flow conversion Strategic investments drive best-in-class solutions and scale up the content refinery, accelerating top-line growth Disciplined capital allocation drives value creation while investment grade balance sheet ensures flexibility Sustainable earnings growth driven by ASV growth, strategic investments and enterprise- wide productivity initiatives *FY23 Q2 Ending ASV and ASV LTM growth LTM Growth 37.0% FY23 ASV* $1.9B FY23 Adjusted Operating Margin 9.1% FY23 LTM Growth* 01 02 03 04 24Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

352 368 428 494 487 23683.1% 73.7% 83.8% 91.7% 77.5% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 110.0% - 100 200 300 400 500 600 FY18 FY19 FY20 FY21 FY22 FY23 YTD Free Cash Flow % FCF Conversion Attractive financial model with demonstrated strong free cash flow conversion Revenues Adjusted EBITDA and EBITDA Margin1 Capital Expenditures as % of Revenues Free Cash Flow2 Note: Figures as of FactSet Q2 FY23 end February 28, 2023 1 See appendix for a reconciliation of EBITDA to GAAP net income. EBITDA margin is defined as EBITDA as a percentage of Revenues. 2 See appendix for a reconciliation of Free Cash Flow to Cash Flows from Operations. FCF conversion is defined as Free Cash Flow as a percentage of EBITDA. 1,350 1,435 1,494 1,591 1,844 1,020 FY18 FY19 FY20 FY21 FY22 FY23 YTD $M $M $M 2.5% 4.1% 5.2% 3.9% 2.8% 3.5% FY18 FY19 FY20 FY21 FY22 FY23 YTD +8.1% +10.2% +8.4% +18.9% YoY % +37.0%+19.2 YoY % 426 503 514 540 628 400 31.5% 35.0% 34.4% 33.9% 34.1% 28.0% 30.0% 32.0% 34.0% 36.0% 38.0% 40.0% FY18 FY19 FY20 FY21 FY22 FY23 YTD - 100 200 300 400 500 600 700 EBITDA % Margin 39.2% 59.0% 25Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

31% 33% 28% 30% 30% 32% FY17 FY18 FY19 FY20 FY21 FY22 81 89 100 110 118 126 FY17 FY18 FY19 FY20 FY21 FY22 $261 $304 $220 $200 $265 $19 FY17 FY18 FY19 FY20 FY21 FY22 Returning capital to shareholders $0.6B over the last six years $1.27B over the last six years $M $M 284 352 368 428 494 487 FY17 FY18 FY19 FY20 FY21 FY22 Avg 30.7% $M +11.4% 29% 25% 27% 26% 24% 26% FY17 FY18 FY19 FY20 FY21 FY22 Avg 25.6% Net Income Payout Ratio 2 Free Cash Flow 1 Cash Flow Payout Ratio 3 +9.3% Amounts may not add due to rounding 1 Please see Appendix for free cash flow details. 2 Net income payout ratio reflects dividends as a percentage of net income. 3 Cash flow payout ratio reflects dividends as a percentage of free cash flow. Dividends Share Repurchases 26Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Strategic investments have accelerated top-line growth FY19 FY20 FY21 FY22 Base growth Acceleration from Investments 1 Cumulative three-year investments (FY20 - FY22) based on internal attribution estimates 2 Organic LTM growth reported for respective FY Digital Platform Private Markets Other Deep Sector 5.1% 5.3% 7.2% 9.3% Organic ASV + Professional Services Growth~$150M Incremental ASV from ~$100M Investment 1 2 27Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Digital Platform Private Markets Other Deep Sector 28Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only Investments (R&D / CapEx) Share Repurchas Dividends Acquisitions Capital Allocation Framework Medium Term Goals Target annual organic investment net ~100 to 150 bps of revenues CapEx goal 2.5% – 3% revenues Target quarterly dividend ~ 25% - 30% of net income Current focus on cash flow neutral tuck-in acquisitions and partnerships Normalized share repurchase (targeting to resume ~ late FY23) with expanded share repurchase authorization amount Maintain disciplined capital allocation framework to sustain value creation

29Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only Optimizing capital structure to ensure flexibility Debt incurred for CGS on March 1, 2022, included $1.0B of new senior notes, $1.0B of new term loan, $250M drawn new revolver, net of repayment of $575M previous revolver 1 Based on $575M of drawn revolver as of February 28, 2022, and $561M of FY22 Q2 LTM Adjusted EBITDA (excludes CGS); see appendix for Adjusted EBITDA reconciliation 2 Based on Feb 28, 2023, net of repayment of $125m of the term facility, Q2 Debt of $1,736m / $736m FY23 Q2 LTM Adj. EBITDA = 2.4x Gross Leverage (Debt / LTM EBITDA) • Investment grade ratings from Moody’s (Baa3) and Fitch (BBB) • New credit agreement with $500 million revolver ($250 million drawn) and additional $750 million accordion feature • $1 billion unsecured senior notes issued (5 year $500 million 2.9% coupon; 10 year $500 million 3.45% coupon) • $1 billion pre-payable three-year term loan - $500 million outstanding as of February 28, 2023 • Annual interest expense ~$50 million, ramping down to ~$40 million as term loan is repaid • Floating rate exposure hedged with 24-month fixed rate swap Capital Structure Optimization

$1.4 $1.4 $1.5 $1.6 $1.8 $2.080-$2.100 FY18 FY19 FY20 FY21 FY22 FY23* $79 $72 $78 $112 $163 $145-$175 FY18 FY19 FY20 FY21 FY22 FY23* $8.53 $10.00 $10.87 $11.20 $13.43 $14.50-$14.90 FY18 FY19 FY20 FY21 FY22 FY23* In fiscal year 2023, we expect to deliver 7%-9% higher ASV1 growth and expanded margin …building on momentum of the last several years $2.080- $2.100B Revenue2 Adj Operating margin1,2,4 Adj Diluted EPS1,2 34.0- 35.0%$145-175M ASV growth3 $14.50-14.90 31.3% 33.2% 33.6% 32.5% 33.9% 34.0%- 35.0% FY18 FY19 FY20 FY21 FY22 FY23* $B$M $ +9.4%4 +9.9%2,4,5 +12.3%4 YoYYoY YoY YoY 1 Please see Appendix for a reconciliation of these non-GAAP metrics to GAAP metrics. 2 Includes CUSIP Global Services (CGS) 3 Incremental ASV Growth 4 FY18-FY22 actual; *FY23 guidance (mid-point March 23, 2023) 5 Total Organic ASV Growth +8.5%4 Avg 33.1% 30Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Disciplined expense management drives our margin expansion plan • Actively manage key expense drivers: people, real estate, technology and third-party data • Reduce real estate footprint to mitigate costs • Focus on sustainable margin expansion to fund investment, coupled with careful expense management and productivity goals People 7% - 8% growth1 (lower than ASV2 growth) Real Estate ~150 bps reduction (as % Revenues) Technology Support growth and investments (8.5% - 9.0% of Revenues) Third-Party Data Costs 5% - 6% growth1 (lower than ASV2 growth) • Increase workforce productivity with improved technology and “upskilling” • 65% in COE locations3 • Prioritize resources for new investments and growth opportunities • Reduced real estate footprint due to hybrid operating model • Significant reduction of real estate footprint completed, with total charges of $62 million3 • Additional rationalization planned for later FY 23 • Continue to invest in Cloud to optimize performance • Increase expense growth to support investment strategy • Provide incremental client products and functionality • Rationalize data sources • Support strategic initiatives while managing base cost growth to inflation increases . 1 Average target growth rate through FY25 2 Organic ASV + Professional Services 3 As of February 28, 2023 31Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Fiscal 2023 guidance is in line with our medium-term outlook shared on Investor Day FactSet Organic ASV Growth 2, 3, 5 FactSet Adjusted Operating Margin 4, 5 FactSet Adjusted Diluted EPS Growth 3, 5 8 - 9% 35 - 36% 11 - 13% Medium Term Outlook1 Research + Advisory Analytics + Trading Content + Technology Solutions 1 Medium term outlook represents FactSet’s expectations as of March 23, 2023. Actual results may differ materially from expectations above. 2 Organic ASV + Professional Services $145 - $175 million 34.0% - 35.0% $14.50 - $14.90 FY23 Adj. Guidance Range 3 Average target growth rate through FY25 (per year on average) 4 Target margin by year-end FY25 5 Includes CUSIP Global Services (CGS) 32Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

APPENDIX

Committed to Sustainable Growth in the Communities in Which We Live and Work As of 2/28, Board consists of eight directors: 7/8 independent, 3/8 women, 3/8 less than 5 years on Board, 6/8 less than 10 years on Board Independent Board Chair separate from CEO Board in process of becoming declassified Stockholders have ability to call a special meeting Amended charter to remove certain business combination restrictions, a creditor compromise provision, and supermajority voting provisions Comprehensive cybersecurity program designed to protect our enterprise environment, manage cyber risk, and maintain compliance Completed a Global Pay Equity Audit in fiscal 2022 that found that there was not a statistically significant association between salary and gender, worldwide, or between salary and race/ethnicity, in the U.S. Established DE&I goals for all employees as part of our annual performance review process Published our workplace demographics, including our EEO-1 Federal data Incorporated the FactSet Charitable Foundation to facilitate our corporate social responsibility goals During FY22 FactSet volunteers contributed over 17,000 hours of service Environmental Social Governance Announced goal of achieving net zero emissions by 2040 Committed to setting a near-term emission reduction target in line with the Science Based Targets initiative (SBTi) Continued to publish our validated Scope 1 and Scope 2 greenhouse gas (GHG) emissions Conducted a screening of Scope 3 emissions for the first time Earned EcoVadis Silver Medal and received B- score from CDP Of FactSet’s global locations, 13 buildings have received LEED or LEED-equivalent certifications Created a Sustainable Procurement Policy and a Global Procurement Diversity Policy FactSet is committed to sustainable growth for our clients, employees, partners, investors, and our communities. We are continually monitoring and improving our social practices, our environmental and climate actions, and our governance initiatives while maintaining and strengthening our relationship with stakeholders. To learn more about our sustainability efforts, please see our 2022 Sustainability Report 34Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Updated FY23 guidance includes CUSIP Global Services (+$10mm) and slightly reduced core ASV (-$15mm). GAAP Operating Margin guidance is moderately lower. FISCAL 2023 OUTLOOK As of March 23, 2023 FISCAL 2023 OUTLOOK As of September 22, 2022 Organic ASV + Professional Services Growth1 $145 - $175 million2 $150 - $180 million Revenues $2,080 - $2,100 million $2,100 - $2,115 million GAAP Operating Margin 29.5% - 30.5% 30.0% - 31.0% Adjusted Operating Margin 34.0% - 35.0% 34.0% - 35.0% Effective Tax Rate 13.5% - 14.5% 13.5% - 14.5% GAAP Diluted EPS $12.45 - $12.85 $12.70 - $13.10 Adjusted Diluted EPS $14.50 - $14.90 $14.50 - $14.90 1 Organic ASV + Professional Services growth over fiscal 2023 2 Core ASV guidance was reduced by $15M ($135 - $165m), Including CGS organic ASV increased the range by $10M The Fiscal 2023 Outlook shown here is a forward-looking statement. Given the risks, uncertainties and assumptions related to FactSet's business and operations, FactSet’s actual future results may differ materially from these expectations. Investors should review the Company’s cautionary statements and risk factors referred to in this presentation Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only 35

FactSet EBITDA and Adjusted EBITDA reconciliation FY2018 1 FY2019 1 FY2020 1 FY2021 1 FY2022 1 LTM Q2FY2023 2 YTD Q2 FY2023 3 Net Income $267.1 $352.8 $372.9 $399.6 $396.9 $447.7 $268.4 Interest Expense 4 16.3 20.1 13.1 8.2 35.7 65 33.3 Income Taxes 84.8 69.2 54.2 68.0 46.7 68.6 46.3 Depreciation and Amortization Expense 57.3 60.5 57.6 64.5 86.7 106.1 52.2 EBITDA $425.5 $502.6 $497.8 $540.3 $566.0 $687.5 $400.1 Non-Recurring Non- Cash Expenses 5 __ __ 16.5 __ 62.2 48.8 __ Adjusted EBITDA $425.5 $502.6 $514.3 $540.3 $628.2 $736.3 $400.1 ($ in millions) Note: Columns may not foot due to rounding 1 Fiscal year ending August 31 2 Last twelve months ending February 28, 2023 3 Three months ending February 28, 2023 4 Gross interest expense 5 FY2020 Impairment charge to reflect the estimated fair value of an investment in a company and 2022 impairment charge related to the exit of certain leased office space 36Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

($ in thousands) Note: Columns may not foot due to rounding 1 Fiscal year ending August 31 2 Three months ending February 28, 2023 3 Includes property, equipment, leasehold improvements and capitalized internal-use software ($ millions) FY2018 1 FY2019 1 FY2020 1 FY2021 1 FY20221 YTD Q2 FY20232 Net cash provided by operating activities $385.7 $427.1 $505.8 $555.2 $538.3 $271.3 Capital Expenditures 3 (33.5) (59.4) (77.6) (61.3) (51.2) (35.4) Free Cash Flow $352.1 $367.8 $428.2 $493.9 $487.1 $235.9 FactSet free cash flow reconciliation 37Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

Non-GAAP Reconciliations Business Outlook Operating Margin, Net Income Fiscal 2023 (Forward Looking) Low End of Range High End of Range Revenues $2,080 $2,100 Operating Income $614 $641 Operating Margin 29.5% 30.5% Intangible Asset Amortization 71 71 Real estate charges 15 16 Business Acquisition / Integration Costs 7 7 Adjusted Operating Income $ 707 $ 735 Adjusted Operating Margin 34.0% 35.0% Net Income $480 $500 Intangible Asset Amortization 61 61 Real estate charges 13 14 Business Acquisition /Integration Costs 6 6 Discrete tax items (1) (5) Adjusted Net Income $559 $576 (in millions, except per share data) 38Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only

($ in thousands)(In Millions Excet Per Share Data) Low-end of range High-end of range Diluted earnings per common share $12.45 $12.85 Intangible asset amortization 1.58 1.56 Real estate charges 0.33 0.37 Business acquisition / integration costs 0.14 0.14 Discrete tax items (0.01) (0.03) Adjusted diluted earnings per common share $14.50 $14.90 The Fiscal 2023 Outlook shown here is a forward-looking statement. Given the risks, uncertainties and assumptions related to FactSet's business and operations, FactSet’s actual future results may differ materially from these expectations. Investors should review the Company’s cautionary statements and risk factors referred to in this presentation Non-GAAP Reconciliations Business Outlook Adjusted Diluted EPS 39Copyright © 2023 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only Note: Amounts may not add due to rounding

XML

Cover	Mar. 23, 2023
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Document Period End Date	Mar. 23, 2023
Entity Registrant Name	FactSet Research Systems Inc.
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Entity Tax Identification Number	13-3362547
Entity Address, Address Line One	45 Glover Avenue
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Security Exchange Name	NYSE
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