Analyst Consensus ?
ConsensusHold30 ratings
Bullish310.0%
Neutral2066.7%
Bearish723.3%
FactSet Research Systems Inc. · FDS · FY2026 Q2 · Calendar Q1 2026
FactSet raises FY2026 outlook on accelerating ASV growth after strong Q2 beat
FactSet's Q2 FY2026 results support the case that sustained earnings growth and resilient demand can carry the stock: ASV growth accelerated for a fourth consecutive quarter to 6.7%, EPS of $4.46 beat consensus, and management raised full-year ASV, revenue and EPS guidance. The evidence points to durable demand driven by AI-enhanced data adoption, longer-dated enterprise contracts and productivity-led margin expansion rather than cyclical tailwinds. Risks center on pacing of AI uptake and second-half investment spend.
Reported Before market openNYSEFinancial Services
$9.65B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.46
Consensus $4.38
EPS surprise
+1.8%
Reported versus consensus
Reported revenue
$611.0M
Consensus $604.8M
Revenue surprise
+1.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+6.1%
Event window
SPY move
+2.9%
Same window
Abnormal move
+3.2%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
+7.1%
Up to 20 sessions
FDSSPY benchmark
Ask FN2 about FDS FY2026 Q2
Transcript, numbers and history already loaded
Why did FDS rise 6.1% after beating EPS estimates in FY2026 Q2?What changed in FDS's guidance and outlook in FY2026 Q2?Give me the bull and bear case for FDS after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
FactSet beat Q2 estimates (EPS $4.46 vs. $4.38; revenue $611.0M vs. $604.8M) and raised FY2026 guidance for ASV, revenue and EPS, while leaving operating-margin guidance unchanged. ASV growth improved to 6.7%, a fourth straight quarterly acceleration, supported by AI product adoption, longer-term enterprise contracts and new partnerships with Snowflake, Databricks, Anthropic and OpenAI. Management said AI-driven automation in engineering and data operations has already delivered over half of the targeted 100 bps margin improvement.
Guidance delta
Raised. Management increased FY2026 guidance for ASV, revenue and EPS, while keeping operating-margin guidance unchanged. Management reaffirmed a disciplined investment pace and expects continued AI-driven productivity gains to capture the remaining roughly 50 bps of the targeted margin improvement.
Key takeaways
- Q2 EPS of $4.46 beat consensus of $4.38 (+1.8%); revenue of $611.0M beat the $604.8M estimate (+1.0%).
- ASV growth accelerated to 6.7% (to $2.45B), a fourth straight quarter of faster growth.
- Management raised FY2026 guidance for ASV, revenue and EPS; operating-margin guidance held unchanged.
- Productivity and AI automation have already delivered over half of the targeted 100 bps margin improvement.
- Capital returns continued: $163M of share repurchases in Q2, with $700M remaining under the $1B authorization.
Management priorities
- Scale AI integration across data operations, engineering and client workflows.
- Roll out new pricing, packaging and longer-term enterprise contracts (extended >30% on average).
- Expand partnerships with cloud and AI providers (Snowflake, Databricks, Anthropic, OpenAI, Finster) and the MCP Server data API platform.
- Grow real-time exchange data feeds to open new total addressable markets.
- Drive targeted productivity gains to capture the remaining ~50 bps of margin improvement.
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Analyst 52W Price Targets
$273.08Current
$210Low
$343.63Average
$521High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Deutsche Bank | Hold | Hold | Maintain | Sep 11, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 10, 2026 |
| William Blair | Outperform | Market Perform | Upgrade | Sep 8, 2026 |
| Barclays | Underweight | Underweight | Maintain | Sep 8, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 27, 2026 |
| Wolfe Research | Underperform | Underperform | Maintain | Jul 2, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | Jul 2, 2026 |
| UBS | Buy | Buy | Maintain | Jul 2, 2026 |
| Jefferies | Hold | Hold | Maintain | Jul 2, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 2, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 2, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Jul 2, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Apr 1, 2026 |
| Stifel | Hold | Hold | Maintain | Dec 19, 2025 |
| Rothschild & Co | Neutral | Sell | Upgrade | Sep 12, 2025 |
| Raymond James | Market Perform | Underperform | Upgrade | Jun 26, 2025 |
| Redburn Atlantic | Sell | Neutral | Downgrade | Oct 9, 2024 |
| Oppenheimer | Perform | Perform | Maintain | Mar 22, 2024 |
| Redburn Partners | Neutral | Sell | Upgrade | Mar 28, 2023 |
| Credit Suisse | Outperform | Neutral | Upgrade | Jan 12, 2023 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Mar 27, 2020 |
| Stifel Nicolaus | Hold | Hold | Maintain | Sep 27, 2019 |
| Bank of America | Underperform | Neutral | Downgrade | Sep 27, 2019 |
| DA Davidson | Neutral | Neutral | Maintain | Jun 17, 2019 |
| Northcoast Research | Neutral | Buy | Downgrade | Dec 5, 2017 |
| Piper Sandler | Neutral | Neutral | Maintain | Jun 17, 2015 |
| BTIG Research | Neutral | Sell | Upgrade | Jun 17, 2015 |
| BTIG | Neutral | Sell | Upgrade | Jun 17, 2015 |
| PiperJaffray | Neutral | Overweight | Downgrade | Sep 17, 2014 |
| JP Morgan | Neutral | Neutral | Maintain | Mar 14, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $273.08. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Deutsche Bank | Analyst unavailable | $299 | $259.61 | +9.5% | Sep 11, 2026 |
| Morgan Stanley | Analyst unavailable | $300 | $280.88 | +9.9% | Sep 10, 2026 |
| UBS | Analyst unavailable | $304 | $302.07 | +11.3% | Aug 27, 2026 |
| Barclays | Analyst unavailable | $216 | $250.09 | -20.9% | Jul 6, 2026 |
| Jefferies | Analyst unavailable | $253 | $249.66 | -7.4% | Jul 2, 2026 |
| Deutsche Bank | Analyst unavailable | $280 | $247.25 | +2.5% | Jul 2, 2026 |
| UBS | Alex Kramm | $340 | $247.47 | +24.5% | Jul 2, 2026 |
| Evercore ISI | Analyst unavailable | $275 | $247.99 | +0.7% | Jul 2, 2026 |
| BMO Capital | Analyst unavailable | $275 | $245.55 | +0.7% | Jul 2, 2026 |
| UBS | Analyst unavailable | $230 | $245.55 | -15.8% | Jul 2, 2026 |
| Wells Fargo | Analyst unavailable | $210 | $245.55 | -23.1% | Jul 2, 2026 |
| Wolfe Research | Analyst unavailable | $240 | $245.55 | -12.1% | Jul 1, 2026 |
| Stifel Nicolaus | Analyst unavailable | $254 | $245.55 | -7.0% | Jul 1, 2026 |
| Redburn Partners | Analyst unavailable | $215 | $228.3 | -21.3% | Jun 18, 2026 |
| RBC Capital | Ashish Sabadra | $240 | $230.92 | -12.1% | May 27, 2026 |
| Barclays | Analyst unavailable | $210 | $195.05 | -23.1% | Feb 23, 2026 |
| Wells Fargo | Analyst unavailable | $215 | $222.62 | -21.3% | Feb 4, 2026 |
| Evercore ISI | Analyst unavailable | $321 | $295.8 | +17.5% | Jan 8, 2026 |
| BMO Capital | Jeffrey Silber | $305 | $288.54 | +11.7% | Dec 22, 2025 |
| Stifel Nicolaus | Analyst unavailable | $295 | $273.39 | +8.0% | Dec 19, 2025 |
| Goldman Sachs | Analyst unavailable | $253 | $273.39 | -7.4% | Dec 19, 2025 |
| Jefferies | Surinder Thind | $305 | $273.39 | +11.7% | Dec 19, 2025 |
| Morgan Stanley | Toni Kaplan | $307 | $293 | +12.4% | Dec 17, 2025 |
| Wolfe Research | Scott Wurtzel | $290 | $277.94 | +6.2% | Nov 14, 2025 |
| BMO Capital | Jeffrey Silber | $324 | $301.23 | +18.6% | Sep 19, 2025 |
| Morgan Stanley | Toni Kaplan | $293 | $301.23 | +7.3% | Sep 19, 2025 |
| Barclays | Manav Patnaik | $300 | $301.23 | +9.9% | Sep 19, 2025 |
| Wells Fargo | Analyst unavailable | $296 | $301.23 | +8.4% | Sep 18, 2025 |
| Evercore ISI | Analyst unavailable | $394 | $361.76 | +44.3% | Sep 10, 2025 |
| UBS | Analyst unavailable | $452 | $437.6 | +65.5% | Jun 24, 2025 |
| UBS | Analyst unavailable | $393 | $437.6 | +43.9% | Jun 24, 2025 |
| Wells Fargo | Analyst unavailable | $405 | $437.6 | +48.3% | Jun 24, 2025 |
| UBS | Analyst unavailable | $466 | $432.11 | +70.6% | Mar 24, 2025 |
| UBS | Analyst unavailable | $390 | $432.86 | +42.8% | Mar 21, 2025 |
| Wells Fargo | Analyst unavailable | $450 | $440.73 | +64.8% | Mar 7, 2025 |
| BMO Capital | Jeff Silber | $521 | $483.69 | +90.8% | Nov 15, 2024 |
| Evercore ISI | David Motemeden | $470 | $454.98 | +72.1% | Oct 1, 2024 |
| RBC Capital | Ashish Sabadra | $503 | $469.48 | +84.2% | Sep 20, 2024 |
| Wells Fargo | Jason Hass | $503 | $469.48 | +84.2% | Sep 20, 2024 |
| BMO Capital | Jeff Silber | $440 | $457.8 | +61.1% | Sep 19, 2024 |
| Wolfe Research | Scott Wurtzel | $410 | $458.65 | +50.1% | Sep 19, 2024 |
| Wells Fargo | Jason Haas | $435 | $397.04 | +59.3% | Aug 12, 2024 |
| Barclays | Manav Patnaik | $390 | $416.14 | +42.8% | Jul 23, 2024 |
| UBS | Alex Kramm | $455 | $434.34 | +66.6% | Jun 24, 2024 |
| UBS | Ashish Sabadra | $464 | $434.72 | +69.9% | Jun 24, 2024 |
| Deutsche Bank | Faiza Alwy | $461 | $434.97 | +68.8% | Jun 24, 2024 |
| Morgan Stanley | Toni Kaplan | $355 | $423.73 | +30.0% | Jun 23, 2024 |
| Stifel Nicolaus | Shlomo Rosenbaum | $469 | $408.35 | +71.7% | Jun 21, 2024 |
| Morgan Stanley | Toni Kaplan | $350 | $404.26 | +28.2% | Jun 3, 2024 |
| Wolfe Research | Scott Wurtzel | $430 | $428.67 | +57.5% | Apr 11, 2024 |
| BMO Capital | Jeff Silber | $458 | $447.46 | +67.7% | Mar 22, 2024 |
| Barclays | Manav Patnaik | $460 | $450.66 | +68.4% | Mar 21, 2024 |
| RBC Capital | Ashish Sabadra | $464 | $459.1 | +69.9% | Dec 18, 2023 |
| Deutsche Bank | George Hill | $454 | $423.34 | +66.3% | Jun 22, 2023 |
| Credit Suisse | Analyst unavailable | $500 | $412.82 | +83.1% | Jan 12, 2023 |
| Deutsche Bank | Analyst unavailable | $477 | $403.76 | +74.7% | Dec 21, 2022 |
| Deutsche Bank | Analyst unavailable | $483 | $394.75 | +76.9% | Sep 23, 2022 |
| RBC Capital | Analyst unavailable | $500 | $452.85 | +83.1% | Aug 18, 2022 |
| RBC Capital | Ashish Sabadra | $475 | $391.15 | +73.9% | Jun 28, 2022 |
| Stifel Nicolaus | Shlomo Rosenbaum | $394 | $391.15 | +44.3% | Jun 28, 2022 |
| Deutsche Bank | Faiza Alwy | $418 | $391.15 | +53.1% | Jun 28, 2022 |
| Barclays | Manav Patnaik | $440 | $391.15 | +61.1% | Jun 28, 2022 |
| Deutsche Bank | Faiza Alwy | $402 | $348.71 | +47.2% | Jun 17, 2022 |
| RBC Capital | Ashish Sabadra | $525 | $432.14 | +92.3% | Apr 11, 2022 |
| Stifel Nicolaus | Shlomo Rosenbaum | $432 | $429.12 | +58.2% | Apr 2, 2022 |
| Goldman Sachs | George Tong | $351 | $473.84 | +28.5% | Dec 21, 2021 |
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Start freeCompany context
Snapshot as of publicationFactSet Research Systems Inc. is a financial intelligence firm providing a comprehensive suite of integrated data and analytical software. The company serves the global investment community, with its operations spanning the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. FactSet delivers critical insights and information through specialized workflow solutions covering research, analytics, and trading, complemented by its content, technology platforms, and wealth management resources. Its diverse clientele includes portfolio managers, investment banks, asset managers, wealth advisors, corporate entities, and various other financial sector organizations. FactSet was established in 1978 and is headquartered in Norwalk, Connecticut.
Historical context
All FDS earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
Get the FDS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T23:21:09.167861+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T23:21:09.164976+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.