FY3Q26 First Thoughts: Adj. EPS Beat; Organic ASV Growth Accel.; Margins Miss

研报英文原文证据摘录

FY3Q26 First Thoughts: Adj. EPS Beat; Organic ASV Growth Accel.; Margins Miss

July 1, 2026 | 08:16 ET~

FactSet Research Systems Business Services

Jeffrey M. Silber Analyst

jeff.silber@bmo.com (917) 239-4910

FDS-NYSE Rating Price: Jun-30 Target Total Rtn

Market Perform $230.08 $257.00 14% Ryan Griffin, CFA VP Associate

ryan.griffin@bmo.com (347) 274-1822

Legal Entity: BMO Capital Markets Corp.

FY3Q26 First Thoughts: Adj. EPS Beat; Organic ASV

Growth Accel.; Margins Miss

Bottom Line:

FDS reported a beat to consensus largely driven by lower share count, partially offset

by weaker margins. However, organic ASV growth accelerated sequentially and 550 2YR Price Volume Chart

was positive in all regions with APAC reporting the strongest growth. Management 500

reaffirmed its FY2026E guidance across the board. The stock is down pre-market slightly 450

given the margin miss and lack of raised guidance. 350 5

300 4

Key Points 250 2

200 1

FDS reported F3Q26 adjusted EPS of $4.53 vs. $4.45 consensus and our $4.30 150 Dec Jun Dec Jun 0

estimates. Most of the beat (at least vs. our estimates) was largely driven by lower LHS: Price ($) / RHS: Volume (mm) Source: FactSet

share count given repurchases, mitigating a margin miss.

Revenues of $622.9 million rose 6.4% y/y (7% organic), compared with $617.9

million consensus and our $620 million estimates. On an organic basis, revenue growth

was strongest in APAC (10.5%), Americas (7%), and EMEA at (5.3%). Revenue growth

was driven by institutional buy-side and wealth management clients.

Organic annual subscription value (ASV) was $2.485 billion, up 7.1% y/y vs.

consensus 6.3% estimate and accelerating sequential growth. Organic ASV growth

by geography was strongest in APAC (10%), Americas (7.2%) and EMEA (5.6%). Annual