F3Q26 First Take—Top Line Beat and Accelerating Growth with Some Margin Noise

Research evidence excerpt

F3Q26 First Take—Top Line Beat and Accelerating Growth with Some Margin Noise

USA | Information Services

FactSet EquityJulyResearch1, 2026

FLASH NOTEF3Q26 First Take—Top Line Beat and

RATING HOLDAccelerating Growth with Some Margin Noise

PRICE $230.08^

F3Q results were mostly better than anticipated, but not enough to impact

F2026 guidance, which was reiterated as expected. Adj operating margins PRICE TARGET | % TO PT $225.00 | -2%

missed expectations as mgmt continues to invest in AI-related products and 52W HIGH-LOW $453.41 - $185.00

capabilities. The key take here is a continuation of accelerating top-line growth FLOAT (%) | ADV MM (USD) 94.1% | 221.77

that potentially sets up for a top-line year-end beat next quarter. The outlook for MARKET CAP $8.9B

margins will likely be the one debate here. We expect more color on the call. TICKER FDS ^Prior trading day's closing price unless otherwise

noted.

Solid F3Q results. Revenues totaled $623M (+6.4% y/y), which handily beat our expectations and

consensus (Jefferies: $617M, Consensus: $616M). Organic revenue growth was a solid +7.0% y/y,

with Organic ASV growing +7.1% y/y to $2,486M. On profitability, adj operating margins of 34.0%

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were below expectations (Jefferies: 35.2%, Consensus: 34.8%) as compensation and technology-

related expenses remain elevated. Nevertheless, adj EPS of $4.53 beat (Jefferies: $4.33, Consensus: AI Debate Intensifying as Anthropic

$4.45) on below the line items. See Exhibit 2 for details. Releases New Agents for Financial

Services (5/5/2026)

ASV growth better than anticipated. Organic ASV ended the quarter at $2,486M ($2,484M total),

which reflects y/y growth of approx +7.1% (approx. +6.4% reported), up from +6.7% last quarter. This F2Q25 Results—A Long Awaited Beat