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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Second Quarter Fiscal 2025 Thursday, March 20, 2025 FactSet Earnings Call Copyright © 2025 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. 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 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 made in connection with this presentation reference non-GAAP financial measures, such as ASV, organic revenues, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted net income, adjusted diluted EPS 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 and in FactSet’s earnings release issued on March 20, 2025, which are posted on www.factset.com under the Investor Relations section. 2Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. • Welcome • Business Update • Financial Overview • Questions and Answers • Appendix Agenda 3Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Business Update
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. 1 LTM organic growth rate based on February 28, 2025. Annual Subscription Value (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. Organic ASV excludes the effects of acquisitions and dispositions completed within the last twelve months and foreign currency movements. Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet's offerings toward providing more managed services and less project-based services. 2 Please see Appendix for a reconciliation of these non-GAAP metrics to GAAP metrics. + ADJUSTED OPERATING MARGIN ADJUSTED DILUTED EPS ORGANIC ASV GROWTH + 4.1% 37.3% $4.28 1 2 2 Key Metrics - Second Quarter 2025 5Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only Driven by the strength of our recurring sales model and disciplined execution by our sales team Decreased 100 bps mainly due to higher technology related expenses offset by lapping of the prior year's lower bonus accrual Increased 1.4% year over year driven by growth in revenues, offset by higher operating expenses and a higher tax rate on an adjusted basis
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. 6% change since 2024 | Q2 ASV RETENTION ASV retained from clients over the last twelve months. 91% CLIENT RETENTION Percentage of clients retained over the last twelve months. 219,141 USER COUNT Number of individuals accessing FactSet’s solutions.1 8,645 CLIENT COUNT Companies subscribing to FactSet services with an ASV greater than $10,000.2 >95% Up ~70bps versus 2024 | Q2 8% change since 2024 | Q2 No change versus 2024 | Q2 Key Operational Metrics 6Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only 1 User count does not reflect the Irwin and LiquidityBook acquisitions. 2 Client count includes clients from the Irwin acquisition, but does not reflect the LiquidityBook acquisition.
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. * LTM Organic ASV Growth Rate based on last twelve months as of February 28, 2025 ASV Growth Rates by Global Segments * 7Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use OnlyNote: Figures may not foot due to rounding $2,276M Organic ASV + 4.1% $571M EMEA +3% $230M ASIAPAC +7% $1,475M AMERICAS +4%
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Now, we are on a mission to supercharge financial intelligence 8Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only Innovate across workflows to maintain and build leadership Maximize the value of our data and technology ecosystem Deliver value to our clients as their enterprise partner of choice
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Financial Overview
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Second Quarter 2025 Financial Results* (in thousands, except per share data) * Please see Appendix for a reconciliation of non-GAAP metrics to GAAP metrics. 4.5% Revenues 2/28/25 $570,660 2/29/24 $545,945 4.0% Organic Revenues 2/28/25 $567,985 2/29/24 $545,945 2.0% Operating Income 2/28/25 $185,492 2/29/24 $181,942 (80)bps Operating Margin 2/28/25 32.5% 2/29/24 33.3% 1.6% Adjusted Operating Income 2/28/25 $212,669 02/29/24 $209,326 (100)bps Adjusted Operating Margin 2/28/25 37.3% 2/29/24 38.3% 2.8% Net Income 2/28/25 $144,860 2/29/24 $140,940 1.2% Adjusted Net Income 2/28/25 $164,976 2/29/24 $163,067 3.0% Diluted EPS 2/28/25 $3.76 2/29/24 $3.65 23.3% Free Cash Flow 2/28/25 $150,219 2/29/24 $121,881 1.4% Adjusted Diluted EPS 2/28/25 $4.28 2/29/24 $4.22 3.6% EBITDA 2/28/25 $224,646 2/29/24 $216,826 10Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. * Includes share repurchased from employee stock options for 2017 (in millions except share price) Returning Capital to Shareholders FactSet has steadily increased annual dividends and continued share repurchases in the second quarter 2025 11Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use OnlyNote: Figures may not foot due to rounding $81 $89 $100 $110 $118 $126 $139 $151 $79 $261 $304 $220 $201 $265 $19 $177 $235 $113 $162.62 $197.06 $241.08 $270.10 $330.26 $403.44 $410.64 $437.40 $469.10 '17* '18 '19 '20 '21 '22 '23 '24 'YTD Q2 FY25 Cash Dividends Share Repurchases Average Share Repurchase Price
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FISCAL 2025 OUTLOOK As of December 19, 2024 FISCAL 2025 OUTLOOK As of March 20, 2025 Organic ASV Growth1 $90 - $140 million (~4% to ~6%) $100- $130 million (~4.4% to ~5.8%) Revenues $2,285 - $2,305 million $2,305 - $2,325 million GAAP Operating Margin 32.5% - 33.5% 32.0% - 33.0% Adjusted Operating Margin 36.0% - 37.0% 36.0% - 37.0% GAAP Effective Tax Rate 17.0% - 18.0% 17.0% - 18.0% GAAP Diluted EPS $15.10 - $15.70 $14.80 - $15.40 Adjusted Diluted EPS $16.80 - $17.40 $16.80 - $17.40 The Fiscal 2025 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 Narrowing our organic ASV growth guidance range and reaffirming adjusted operating margin and EPS guidance. Increasing Revenues range and decreasing GAAP margin and EPS ranges to reflect recent acquisitions 1 Expected Organic ASV growth for fiscal 2025 relative to fiscal 2024 12Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Questions & Answers
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Appendix
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Completing the End-to-End Portfolio Lifecycle (PLC) 15Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only Closing our PLC gaps to unlock new growth opportunities in the Front Office and strengthen leadership in the Middle Office by connecting adjacent workflows and further differentiating FactSet’s value proposition F R O N T O F F I C E M I D D L E O F F I C E PERFORMANCE ANALYIS RISK MANAGEMENT REPORTING TRADING PORTFOLIO MANAGEMENT RESEARCH Board Reporting Fact Sheets Pitch Books Regulatory Reporting Internal & External Research Company Analysis Back Testing Universal Screening Street Account News Execution Management Trade Analytics Trade Automation FIX Connectivity Portfolio Construction Portfolio Monitoring Trade Simulation Portfolio Optimization Compliance Order Management Enterprise Risk Management Multi Asset Class Modeling Stress Testing Scenario Analysis Attribution Performance Measurement GIPS Compliance
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Second Quarter 2025 Adjusted Operating Income Walk 16Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use OnlyNote: Columns may not foot due to rounding Figures as of February 28, 2025 (in millions) $571 $225 $28 $60 $16 $29 $213 Revenue People Third Party Content Technology Real Estate Other Adjusted Operating Income
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. (Unaudited) February 28, 2025 February 29, 2024 % Change GAAP Revenues $ 570,660 $ 545,945 4.5% Acquired Revenues (3,793) — Currency Impact 1,118 — Organic Revenues $ 567,985 $ 545,945 4.0% FOR THE THREE MONTHS ENDED Note: Columns may not foot due to rounding Non-GAAP Reconciliations Organic Revenues (in thousands) 17Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only Non-GAAP Reconciliations Adjusted Operating Income, Margin, Net Income (in thousands, except per share data) (Unaudited) February 28, 2025 February 29, 2024 % Change GAAP operating income $185,492 $181,942 2.0% Intangible asset amortization 18,137 16,674 Business acquisitions and related costs(1) 9,040 — Restructuring/severance — 10,710 Adjusted operating income $212,669 $209,326 1.6% Operating margin 32.5% 33.3% Adjusted operating margin(2) 37.3% 38.3% GAAP net income $144,860 $140,940 2.8% Intangible asset amortization 13,425 12,579 Business acquisitions and related costs(1) 6,691 — Restructuring/severance — 8,080 Income tax items — 1,468 Adjusted net income(3) $164,976 $163,067 1.2% FOR THE THREE MONTHS ENDED Note: Columns may not foot due to rounding 1 Primarily related to the acquisition of LiquidityBook. 2 Adjusted operating margin is calculated as Adjusted operating income divided by Revenues. 3 For purposes of calculating Adjusted net income, all adjustments for the three months ended February 28, 2025 and February 29, 2024 were taxed at an adjusted tax rate of 26.0% and 24.6%, respectively. 18
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. (Unaudited) February 28, 2025 February 29, 2024 % Change Net income $ 144,860 $ 140,940 2.8 % Interest expense 13,916 16,599 Income taxes 27,460 27,705 Depreciation and amortization expense 38,410 31,582 EBITDA $ 224,646 $ 216,826 3.6 % Non-recurring non-cash expenses — 1,285 Adjusted EBITDA $ 224,646 $ 218,111 3.0% Note: Columns may not foot due to rounding Non-GAAP Reconciliations EBITDA (in thousands) FOR THE THREE MONTHS ENDED 19Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. (Unaudited) February 28, 2025 February 29, 2024 % Change GAAP diluted earnings per common share $ 3.76 $ 3.65 3.0 % Intangible asset amortization 0.35 0.32 Business acquisitions and related costs(1) 0.17 — Restructuring/severance — 0.21 Income tax items — 0.04 Adjusted diluted earnings per common share(2) $ 4.28 $ 4.22 1.4 % Weighted average common shares (diluted) 38,510 38,650 Non-GAAP Reconciliations Adjusted Diluted EPS (in thousands, except per share data) FOR THE THREE MONTHS ENDED 20Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only Note: Columns may not foot due to rounding 1 Primarily related to the acquisition of LiquidityBook. 2 For purposes of calculating Adjusted diluted earnings per common share, all adjustments for the three months ended February 28, 2025 and February 29, 2024 were taxed at an adjusted tax rate of 26.0% and 24.6%, respectively.
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. (Unaudited) February 28, 2025 February 29, 2024 % Change Net Cash Provided by Operating Activities $ 173,955 $ 143,798 Capital Expenditures (23,736) (21,917) Free Cash Flow $ 150,219 $ 121,881 23.3 % Note: Columns may not foot due to rounding Non-GAAP Reconciliations Free Cash Flow (in thousands) FOR THE THREE MONTHS ENDED 21Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Copyright © 2025 FactSet Research Systems Inc. All rights reserved. Business Use Only Fiscal 2025 (Forward Looking) Low End of Range High End of Range Revenues $2,305 $2,325 Operating Income $761 $744 Operating Margin 33.0 % 32.0 % Intangible Asset Amortization 80 81 Other Adjustments (net) 12 12 Adjusted Operating Income $853 $837 Adjusted Operating Margin 37.0 % 36.0 % Net Income $588 $567 Intangible Asset Amortization 66 66 Other Adjustments (net) 10 10 Discrete Tax Items (4) (4) Adjusted Net Income $660 $640 Diluted Earnings per Common Share $15.40 $14.80 Intangible Asset Amortization 1.73 1.73 Other Adjustments (net) 0.30 0.30 Discrete Tax Items (0.03) (0.03) Adjusted Diluted Earnings per Common Share $17.40 $16.80 Note: Columns may not foot due to rounding The Fiscal 2025 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 Operating Margin, Net Income and Diluted EPS (in millions, except per share data) 22
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Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Thank you