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Factset Research Systems cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$177M in Q4 FY26

Operating cash flow$205M
Capital spending−$27.4M
Free cash flow+$177M
Cash / net income1.7×
Cash conversion cycle0 days

Analysis

In Q4 FY26, Factset Research Systems generated $205M of operating cash flow and spent $27.4M on capital projects, leaving free cash flow of $177M. That is $827K less than in Q4 FY25 ($178M).

Operating cash flow was $205M against net income of $121M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: employee-related liabilities +$55.0M, depreciation & amortization +$47.1M, deferred taxes −$35.1M.

Its cash conversion cycle was 0 days (receivables 43 + inventory 0 − payables 42).

Free cash flow

Factset Research Systems: free cash flow by quarterFactset Research Systems: free cash flow by quarter$60.5MQ1 FY25$150MQ2 FY25$229MQ3 FY25$178MQ4 FY25$90.4MQ1 FY26$186MQ2 FY26$254MQ3 FY26$177MQ4 FY26
Operating cash flow less capital spending.
Factset Research Systems: operating cash flow against capital spendingFactset Research Systems: operating cash flow against capital spendingOperating cash flowCapital spending$86.4M$25.9MQ1 FY25$174M$23.7MQ2 FY25$254M$25.2MQ3 FY25$212M$34.0MQ4 FY25$121M$30.8MQ1 FY26$212M$26.0MQ2 FY26$285M$30.5MQ3 FY26$205M$27.4MQ4 FY26
Latest (Q4 FY26): Operating cash flow $205M, Capital spending $27.4M.

Capital allocation, year by year

Factset Research Systems: where the cash came from (up) and went (down), by fiscal yearFactset Research Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $538MFY22: Net borrowing $1.4BFY22: Shares issued $86.0MFY22: Capital spending −$51.2MFY22: Acquisitions −$2.0BFY22: Buybacks −$18.6MFY22: Dividends −$126M$2.0BFY22FY23: Operating cash flow $646MFY23: Net borrowing −$375MFY23: Shares issued $72.0MFY23: Capital spending −$60.8MFY23: Acquisitions −$23.6MFY23: Buybacks −$177MFY23: Dividends −$139M$718MFY23FY24: Operating cash flow $700MFY24: Net borrowing −$250MFY24: Shares issued $91.7MFY24: Capital spending −$85.7MFY24: Buybacks −$235MFY24: Dividends −$151M$792MFY24FY25: Operating cash flow $726MFY25: Net borrowing −$1.6MFY25: Shares issued $81.7MFY25: Asset sales $25.0MFY25: Capital spending −$109MFY25: Acquisitions −$348MFY25: Buybacks −$300MFY25: Dividends −$160M$833MFY25FY26: Operating cash flow $822MFY26: Net borrowing −$1.6MFY26: Shares issued $33.3MFY26: Capital spending −$115MFY26: Buybacks −$644MFY26: Dividends −$164M$855MFY26
Over these 5 years operating cash flow totalled $3.4B; the largest uses were acquisitions ($2.4B) and buybacks ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$265M
Debt$1.4B
Net debt$1.1B
Due within a year$500M

Factset Research Systems funds itself: free cash flow was — over the last twelve months, and $265M of cash and investments stands against $1.4B of debt ($500M due within a year, 0.5× covered by cash).

Factset Research Systems: debt maturities by year (FY26)Factset Research Systems: debt maturities by year (FY26)$500MYear 1$375MYear 3$500MAfter year 5
Principal due in each year as disclosed in the annual report, against $265M of cash and investments now.

Where the cash came from and went

Factset Research Systems: sources (+) and uses (−) of cash, Q4 FY26Factset Research Systems: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$205MBuybacks−$138MCash drawn (+) / kept (−)$54.8MDividends−$41.5MOther investing−$35.7MCapital spending−$27.4MNet borrowing (+) / repaid (−)−$21.6MShares issued$5.8MExchange rates−$631KOther financing−$430K

From profit to cash

Factset Research Systems: net income to operating cash flow, Q4 FY26Factset Research Systems: net income to operating cash flow, Q4 FY26Net income$121MDepreciation & amortization$47.1MStock-based pay$22.6MDeferred taxes−$35.1MOther non-cash$3.0MReceivables−$10.2MPayables−$27.2MEmployee-related liabilities$55.0MDeferred revenue−$2.0MPrepaid and other assets$1.6MIncome taxes payable$31.2MOperating cash flow$205M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY2643—420
Q3 FY2645—46-1
Q2 FY2645—45-0
Q1 FY2642—45-3
Q4 FY2542—45-3
Q3 FY2543—45-2
Q2 FY2542—47-5
Q1 FY2538—58-19

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$205M−$27.4M—−$138M−$41.5M−$21.6M$5.8M$54.8M$177M
Q3 FY26$285M−$30.5M—−$203M−$40.3M$20.0M$10.9M−$17.0M$254M
Q2 FY26$212M−$26.0M—−$163M−$41.0M—$8.1M$7.1M$186M
Q1 FY26$121M−$30.8M—−$140M−$41.4M—$8.5M$67.2M$90.4M
Q4 FY25$212M−$34.0M—−$107M−$41.6M−$62.5M$9.1M$18.7M$178M
Q3 FY25$254M−$25.2M−$5.8M−$80.7M−$39.5M−$44.1M$12.3M−$78.8M$229M
Q2 FY25$174M−$23.7M−$227M−$64.4M−$39.6M$112M$21.5M−$2.4M$150M
Q1 FY25$86.4M−$25.9M−$115M−$48.8M−$39.2M−$7.5M$38.9M$134M$60.5M

Factset Research Systems: income statement and cash flow

Factset Research Systems, Q4 FY26: revenue $635M (+6% year over year), operating margin 24.7%. The chart follows the revenue to costs, profit and cash.

Factset Research Systems: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.