FactSet Research Systems Inc.

Looking only at revenue and operating income, FactSet's reported record shows substantial expansion across the fiscal years from 2018 through 2025. Revenue climbed from $1.35 billion to $2.32 billion, about 1.7 times the starting level, while operating income rose from $366.2 million to $748.3 million, about 2.0 times. Because operating income grew faster than revenue over that span, the operating margin widened from about 27.1% in fiscal 2018 to about 32.3% in fiscal 2025. The path was not a straight line, however. Fiscal 2022 stands out: revenue growth of roughly 15.7% produced almost no operating income gain, and the margin fell to about 25.8% before recovering in the following years. These two line items alone cannot show whether that gap reflected cost increases, acquisitions, timing differences, or other factors, so it is a question for the complete filing. Operating income also does not by itself show how much cash the business generated, so a reader cannot use these figures to judge cash conversion. The fair takeaway is that the reported top-line and profit trends have been consistent in most years, with one notable interruption in 2022 that has since reversed on the reported numbers. Readers may want to look at the full annual report and the cash flow statement before drawing firm conclusions about how durable these trends will be.

Catalyst.Revenue rose from $2.2 billion in fiscal 2024 to $2.32 billion in fiscal 2025, an increase of about 5.5%. Operating income rose from $701.3 million to $748.3 million over the same period, an increase of about 6.7%, so profit grew slightly faster than sales. Over the longer span from fiscal 2018 to fiscal 2025, revenue climbed from $1.35 billion to $2.32 billion. The reported figures in this dataset show the size and direction of these changes but do not identify the specific drivers behind them, so readers will need the full annual report to understand what is pushing the numbers higher.

Hidden risk.The 2022 fiscal year is easy to miss. Revenue grew from $1.59 billion in fiscal 2021 to $1.84 billion in fiscal 2022, about 15.7%, yet operating income was nearly flat, moving from $474.04 million to $475.48 million, about 0.3%. As a result, the operating margin fell from about 29.8% to about 25.8%. The margin recovered to about 30.1% in fiscal 2023, about 31.9% in fiscal 2024, and about 32.3% in fiscal 2025. Revenue growth alone does not show that profit is keeping pace, and operating income is an accounting measure rather than a direct count of cash generated.