Workstations meet workflows; PO to $210; Reiterate U/P

Research evidence excerpt

Workstations meet workflows; PO to $210; Reiterate U/P

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FactSet Research Systems

Workstations meet workflows; PO to $210;

Reiterate U/P

Reiterate Rating: UNDERPERFORM | PO: 210.00 USD | Price: 245.55 USD

3Q above Street & ASV accelerates; guide maintained 01 July 2026

3Q26 Rev/Adj. EPS of $623mn/$4.53 came in above our/Street ests of $617mn/$616mn Equity

on revs and $4.39/$4.45 on EPS. We continue to see strength in Wealth (+9%) and APAC

(+10%), alongside growing adoption of AI-enabled data feeds and workflows, as

Key Changessupportive of the ASV growth story. Mgmt. maintained FY26 organic ASV growth of

$130-160mn, EPS guidance of $17.25-17.75, and adj. operating margin of 34-35.5%. (US$) Previous Current

Early proof points are encouraging, though margin pressure remains a lingering earnings Price Obj. 205.00 210.00

risk as mgmt. balances growth investments with productivity savings. We reiterate U/P. 2026E Rev (m) 2,455.7 2,473.3

2027E Rev (m) 2,589.6 2,614.7

AI workflows gain ground 2028E Rev (m) 2,715.4 2,760.5

FY26 ASV growth reflects deeper workflow entrenchment, expansion of enterprise- 2026E EPS 17.67 17.87

based contracts and renewal lengths extending ~30%. We view continued traction in off- 2027E EPS 19.08 19.71

platform and AI-ready datasets as early evidence that FDS’s expansion beyond the 2028E EPS 19.83 21.44

workstation is gaining momentum, supported by 3x API usage growth and 450+ clients

trialing AI offerings. Partnerships with TIFIN.AI and Google add incremental distribution, Curtis Nagle, CFA

infrastructure, and workflow capabilities, while opening future opportunities to expand Research Analyst

BofAS

agentic solutions across the FDS client base. +1 646 855 2939

c.nagle@bofa.com

FY27E revenue/EPS to $2.62bn/$19.71 Ryan Rivera