FactSet Research Systems Inc.

What drives the forecast

• Capital IQ's September 24 consensus is $629.85m revenue and $4.35 normalized EPS (16 normalized EPS contributors); this is not September 26 consensus.
• At the July 1 FY26 guidance midpoint, FY26 adjusted EPS of $17.50 implies roughly $4.01 in Q4 after the first three reported quarters, versus $4.35 Capital IQ consensus; even the top end implies roughly $4.26.
• The July 1 revenue guidance top end implies Q4 revenue of $628.44m, below Capital IQ's $629.85m; the forecast's $627.50m is near the top of management's range.
• FactSet's Q3 subscription value grew 7.1% organically but its 34.0% adjusted operating margin fell from 36.8% a year earlier, amid AI/technology and compensation spending.
• A September 25 Zacks preview reported a negative -2.21% Earnings ESP and a $4.32 EPS / $628.23m revenue reference, although MSCI and LSEG reported supportive subscription demand.