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AI核心结论
FDS reported Q3 FY2026 revenue growth of 6.4% to $622.9M, but net income fell 14.7% to $126.7M as a 30.5% surge in SG&A expenses and higher cost of revenue compressed operating margin by ~640 basis points to 26.7%.
营业收入
$622.92M
同比 ++6.39%
每股收益（基本）
$3.51
同比 -10.46%
营业利润
$166.3M
同比 -14.35%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Factset Research Systems (FDS) Q3 FY2026 营收 $622.92M，同比增长 6.4%。 净利润 $126.72M，同比下降 14.7%，稀释每股收益 $3.50。
FDS grew Q3 FY2026 revenue 6.4% year-over-year to $622.9M (from $585.5M), reflecting continued demand for its financial data and analytics services, though the growth rate was partially offset by cost pressures.
来源: Source: 10-Q Income Statement
SG&A expenses jumped 30.5% YoY to $144.4M (from $110.6M), which was the primary driver behind the sharp decline in operating income of 14.3% to $166.3M, suggesting elevated investment in sales, marketing, or administrative functions.
来源: Source: 10-Q Income Statement
Cost of revenue increased 11.2% YoY to $312.2M, outpacing the 6.4% revenue growth rate, which compressed gross profit and contributed to margin deterioration across the income statement.
来源: Source: 10-Q Income Statement
Cumulative fiscal year-to-date operating cash flow rose 20.1% to $617.5M (from $514.2M), demonstrating solid cash generation capacity even as reported earnings declined, with D&A of $45.9M supporting the cash flow conversion.
来源: Source: 10-Q Cash Flow Statement
Year-to-date share buybacks surged 161.0% to $506.0M (from $193.8M), while dividends paid rose 3.7% to $122.7M, resulting in total financing outflows of $603.7M YTD and a meaningful reduction in cash balances by 19.2% to $288.1M.
来源: Source: 10-Q Cash Flow Statement
FDS's current ratio stands at 0.68, meaning current liabilities of $1.065B significantly exceed current assets of $727.5M. Current liabilities more than doubled YoY (+105.2%), likely reflecting reclassification of debt or deferred revenue obligations, which could strain short-term liquidity if not refinanced.
来源: Source: 10-Q Balance Sheet
Operating margin declined approximately 640 basis points YoY to 26.7%, driven by SG&A growing at 30.5% and cost of revenue growing at 11.2%, both well above the 6.4% revenue growth rate. Sustained cost inflation without corresponding revenue acceleration could further erode profitability.
来源: Source: 10-Q Income Statement
FDS carries long-term debt of $1.39B against stockholders' equity of $2.03B, resulting in a debt-to-equity ratio of 1.06. Combined with the aggressive buyback program consuming $506M YTD, the balance sheet is becoming more leveraged, reducing financial flexibility.
来源: Source: 10-Q Balance Sheet
Cash and equivalents fell 19.2% YoY to $288.1M, as the company deployed significant capital into share repurchases ($506M YTD) and dividends ($122.7M YTD). If operating cash flow growth moderates, sustaining this level of capital return could require additional borrowing.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Basic EPS fell 10.5% YoY to $3.51 and diluted EPS fell 9.6% to $3.50, even as revenue grew 6.4%. This disconnect indicates that cost growth is materially outpacing revenue growth, and continued SG&A escalation without revenue acceleration poses a risk to earnings per share trends.
来源: Source: 10-Q Income Statement
Q3 FY2026 实际 EPS $4.53，分析师一致预期 $4.50，超预期 +0.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $622.92M | $585.52M | +6.39% |
营业成本 | $312.19M | $280.73M | +11.21% |
营业利润 | $166.3M | $194.16M | -14.35% |
净利润 | $126.72M | $148.54M | -14.69% |
每股收益（基本） | $3.51 | $3.92 | -10.46% |
每股收益（稀释） | $3.50 | $3.87 | -9.56% |
销售及管理费用 | $144.43M | $110.64M | +30.54% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $4.19B | $4.34B | -3.38% |
流动资产 | $727.52M | $760.48M | -4.33% |
总负债 | $2.16B | $2.18B | -1.09% |
流动负债 | $1.06B | $518.92M | +105.18% |
股东权益 | $2.03B | $2.16B | -5.70% |
现金及等价物 | $288.11M | $356.36M | -19.15% |
长期债务 | $1.39B | $1.43B | -2.83% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $617.49M | $514.16M | +20.10% |
投资活动现金流YTD | $-69.36M | $-369.37M | +81.22% |
筹资活动现金流YTD | $-603.74M | $-199.33M | -202.89% |
股息支出YTD | $122.68M | $118.33M | +3.68% |
股票回购YTD | $506M | $193.84M | +161.04% |
折旧及摊销 | $45.87M | $40.84M | +12.30% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 26.7% | 33.2% | -6.46% |
净利率 | 20.3% | — | — |
净资产收益率 | 6.2% | — | — |
总资产收益率 | 3.0% | — | — |
流动比率 | $0.683 | — | — |
资产负债率 | $1.063 | — | — |
预计发布日期、分析师预期与关注要点
FDS delivered 7.1% revenue growth in Q2 FY2026 to $611.0M, but net income fell 8.1% to $133.1M as rising costs and higher SG&A compressed margins and weighed on EPS.
FDS delivered solid Q1 FY2026 revenue growth of 6.9% to $607.6M, but operating margin contracted 200 bps to 31.6% as cost of revenue rose 11.3%, while operating cash flow surged 40.4% and the company returned $181.3M to shareholders via buybacks and dividends.
Financial Exchanges & Data 行业其他公司
Based on the filing data alone, FDS reported Q3 FY2026 diluted EPS of $3.50, down 9.6% from $3.87 in the prior year period. Whether this beat or missed Wall Street consensus estimates cannot be determined from the 10-Q filing itself, as analyst estimates are not included in SEC filings.
FDS's revenue grew 6.4% YoY to $622.9M, but net income fell 14.7% to $126.7M because costs grew much faster than revenue. Specifically, SG&A expenses surged 30.5% to $144.4M and cost of revenue rose 11.2% to $312.2M, together compressing operating margin from 33.2% to 26.7%.
The key takeaways are: revenue grew a solid 6.4% to $622.9M, but profitability deteriorated sharply with operating income down 14.3% and net income down 14.7% due to a 30.5% spike in SG&A. On the positive side, YTD operating cash flow was strong at $617.5M (+20.1%), and the company aggressively returned capital via $506M in buybacks YTD.
FDS shows mixed financial health: operating cash flow is robust at $617.5M YTD, but the current ratio of 0.68 (below 1.0) signals near-term liquidity risk as current liabilities more than doubled to $1.065B. Long-term debt of $1.39B and a debt-to-equity ratio of 1.06 reflect moderate leverage, while the aggressive $506M YTD buyback program has reduced the cash balance by 19.2% to $288.1M.
On a cumulative fiscal year-to-date basis through Q3 FY2026, FDS spent $506.0M on share repurchases, a 161.0% increase compared to $193.8M in the same YTD period of the prior fiscal year. This aggressive buyback activity, combined with $122.7M in dividends paid YTD, contributed to total financing outflows of $603.7M and a decline in cash to $288.1M.