FactSet Research Systems Inc.

FactSet Research Systems Inc. is an American financial data and analytics company that provides a digital platform of expansive data, sophisticated analytics, and AI-powered workflow tools to investment professionals worldwide, generating $2,321.7 million in revenue in fiscal 2025. Founded in 1978 and a member of the S&P 500, FactSet serves approximately 9,000 institutional clients — primarily on the buy-side — with a subscription model that produces annual ASV retention above 95%.

This is a story about a high-quality information-services franchise confronting the defining technological shift of its industry. A year ago, FactSet's stock had fallen 59% from its peak, priced as if AI would commoditize financial data and hollow out the terminal-based business model. The subsequent twelve months have delivered a very different set of facts: ASV growth has accelerated for five consecutive quarters, AI products now contribute over 10% of new ASV, and clients adopting AI tools are growing their FactSet spend 50% faster than those that have not. The file turns on a single question: whether AI — the technology widely expected to disrupt financial data — is instead reinforcing FactSet's position as the connective tissue of institutional investment workflows.