This Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be read in conjunction with the Consolidated Financial Statements and related Notes included in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the fiscal year ended August 31, 2025, our Current Reports on Form 8-K and our other filings with the Securities and Exchange Commission. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause such differences include, but are not limited to, those discussed in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended August 31, 2025. Our MD&A is designed to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. Our MD&A is presented in the following sections: •Executive Overview •Annual Subscription Value ("ASV") •Client and User Additions •Employee Headcount •Results of Operations •Non-GAAP Financial Measures •Liquidity and Capital Resources •Off-Balance Sheet Arrangements •Foreign Currency Exposure •Critical Accounting Estimates •New Accounting Pronouncements Executive Overview FactSet Research Systems Inc. and its wholly-owned subsidiaries ("we," "our," "us," the "Company" or "FactSet") is a global financial digital platform and enterprise solutions provider with open and flexible technologies that deliver financial intelligence to investment professionals worldwide. Our platform delivers expansive data, sophisticated analytics, and flexible, artificial intelligence ("AI")-powered technologies used by global financial professionals to power their critical investment workflows. As of May 31, 2026, we had more than 9,100 clients comprised of over 247,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, hedge funds, corporate users, and private equity and venture capital professionals. Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected data and technology platform. Our products and services include workstations, portfolio analytics and enterprise data solutions. We also offer managed services that operate as an extension of our clients' internal teams to support data, performance, risk and reporting workflows. We drive our business based on a detailed understanding of our clients' workflows, which helps us to solve their most complex challenges. We provide financial data and market intelligence on securities, companies, industries and people to enable our clients to research investment ideas and analyze, monitor and manage their portfolios. Our solutions span the investment lifecycle of investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting. We provide open and flexible technology offerings, including a configurable desktop and mobile platform, comprehensive data solutions, cloud-based digital solutions, and application programming interfaces ("APIs"). AI is embedded across these offerings to enhance data discovery, automate routine workflows and improve the speed and accuracy of client insights. The CUSIP Global Services ("CGS") business supports security master files relied on by the investment industry for critical front, middle and back-office functions. All of our platforms and solutions are supported by our client service team. We operate our business through three reportable segments ("segments"): the Americas, EMEA and Asia Pacific. Refer to Note 15, Segment Information, in the Notes to the Consolidated Financial Statements included in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information on our segments. Within each segment, we offer data, products and analytical applications by firm type: Institutional Buyside, Dealmakers, Wealth, and Market Infrastructure. In fiscal 2026, we renamed "Partnerships and CGS" to "Market Infrastructure". 33 Table of Contents •"Institutional Buyside" focuses on global asset managers, asset owners, and hedge fund professionals, •"Dealmakers" focuses on investment bankers, sell-side research analysts, corporate users, investor relations officers and private equity and venture capital professionals, •"Wealth" focuses on wealth management clients, and •"Market Infrastructure" focuses on partnerships that deliver solutions to firms in the financial services ecosystem including data, analytics and technology platform providers, and includes CGS, the exclusive issuer of Committee on Uniform Security Identification Procedures ("CUSIP") and CUSIP International Number System ("CINS") identifiers globally. Business Strategy We strive to be a trusted enterprise partner and service provider to our clients across the financial services spectrum, delivering relevant intelligence, insights and execution solutions tailored to our clients' business models. We are focused on growing our global business through three strategically aligned geographic segments: the Americas, EMEA and Asia Pacific. This approach allows us to better manage resources, target solutions and interact with clients effectively. To execute our strategy, we are focused on three core pillars and primary areas of investment: •Expanding our data offerings and delivery capabilities: We continue to scale up our data ecosystem to provide a comprehensive inventory of industry, proprietary and third-party data. This includes granular data for key industry verticals, real-time market data, fund data and sustainable finance. In addition to using our growing data catalog to drive our AI-powered workstation products, we aim to continue to expand our data delivery capabilities in the cloud and through other methods to advance our position as an enterprise data provider for our clients. •Embedding deeper in client workflows: Through continued innovation, we aim to deepen our integration into our clients' workflows. We are focused on expanding further into the buy-side front office by leveraging our expertise in portfolio performance, analytics, and risk management. In addition, we are building on our strong presence on advisor desktops by expanding into prospecting and digital reporting workflows. We are also working to introduce next-generation automation in research, financial modeling, and pitch creation. •Innovating with AI: We believe sustainable success in enterprise AI depends on trusted, high-quality data, secure integration with models and workflows, and deep domain expertise. We continue to advance a pragmatic, open, and flexible strategy for integrating AI and natural language processing into our clients’ workflows, aiming to boost productivity by surfacing actionable insights throughout the portfolio lifecycle and automating routine research and content processing tasks. FactSet is delivering AI embedded workflow solutions for various personas including research analysts, bankers, portfolio managers, wealth advisors and engineering teams across our clients. Fiscal 2026 Third Quarter in Review Revenues in the third quarter of fiscal 2026 were $622.9 million, an increase of 6.4% from the comparable prior year period. The growth in revenues was driven by a 7.0% increase in organic revenues, partially offset by a 0.6% decrease in revenues due to the disposition of a business at the end of the prior fiscal year. Revenues increased in all our segments, primarily in the Americas. The increase in revenues was primarily from workstations and data solutions. Refer to Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, Non-GAAP Financial Measures, of this Quarterly Report on Form 10-Q for the definition of organic revenues and a reconciliation between revenues and organic revenues. As of May 31, 2026, organic annual subscription value ("Organic ASV") totaled $2,485.6 million, an increase of 7.1% over the prior year. Organic ASV increased in all our segments, with the majority of the increase in the Americas. The Organic ASV increase was mainly driven by data solutions and workstations. Refer to Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value, of this Quarterly Report on Form 10-Q for the definition of Organic ASV. Operating margin was 26.7% for the third quarter of fiscal 2026, compared to 33.2% in the prior year period. When expenses are expressed as a percentage of revenues, this decrease was primarily driven by higher operating expenses, mainly due to an increase in employee compensation costs, including one-time restructuring charges and Chief Executive Officer ("CEO") compensation costs pursuant to the terms of his employment agreement, partially offset by growth in revenues. 34 Table of Contents Net income for the third quarter of fiscal 2026 was $126.7 million, a decrease of 14.7% from the prior year period. Diluted earnings per common share ("Diluted EPS") was $3.50 for the third quarter of fiscal 2026, a decrease of 9.6% compared with the prior year period. These decreases were driven by higher operating expenses, partially offset by growth in revenues. The decrease in Diluted EPS was also partially offset by a reduction in the diluted weighted average common shares outstanding of approximately 2.2 million shares. We returned $243.4 million to our stockholders in the form of share repurchases and dividends during the three months ended May 31, 2026. As of May 31, 2026, our client and user count was 9,130 and 247,766, respectively. Our employee headcount was 12,694 as of May 31, 2026, up 0.9% compared to the prior year. This increase was driven by net headcount growth of 1.1% in Asia Pacific, 0.6% in EMEA and 0.4% in the Americas. Annual Subscription Value ("ASV") We believe ASV reflects our ability to grow recurring revenues and generate positive cash flows, and thus serves as a key indicator of the successful execution of our business strategy. –ASV at any point in time represents our forward-looking revenues for the next 12 months from all subscription services currently being supplied to clients. –Organic ASV at any point in time equals our ASV excluding ASV from acquisitions and the comparable impact of dispositions and discontinued lines of business effected within the last 12 months and the impact of foreign currency movements. Organic ASV The following table presents the calculation of Organic ASV as of May 31, 2026. With proper notice provided as contractually required, our clients can add to, delete portions of, or terminate service, subject to certain limitations. (dollar amounts in millions) As of May 31, 2026 ASV $ 2,484.3 Impact from foreign currency movements 1.3 Organic ASV $ 2,485.6 Organic ASV annual growth rate(1) 7.1 % (1)For comparability purposes, in calculating the organic ASV annual growth rate, the prior year excludes ASV from dispositions completed in the last 12 months. Organic ASV increased in all our segments, with the majority of the increase in the Americas. The increase in Organic ASV was primarily driven by data solutions and workstations. This increase is derived from higher net sales to existing clients and, to a lesser extent, sales to new clients. Segment ASV As of May 31, 2026, ASV from the Americas represented 65% of total ASV and was $1,621.0 million, an increase from $1,513.1 million as of May 31, 2025. Americas Organic ASV was $1,621.0 million as of May 31, 2026, a 7.2% increase from the prior year. The Organic ASV increase in the Americas was primarily driven by workstations and data solutions. As of May 31, 2026, ASV from EMEA represented 24% of total ASV and was $608.1 million, an increase from $581.9 million as of May 31, 2025. EMEA Organic ASV was $608.7 million as of May 31, 2026, a 5.6% increase from the prior year. The EMEA Organic ASV increase was mainly from data solutions and workstations. As of May 31, 2026, ASV from Asia Pacific represented 11% of total ASV and was $255.2 million, an increase from $240.1 million as of May 31, 2025. Asia Pacific Organic ASV was $255.9 million as of May 31, 2026, a 10.0% increase from the prior year. The Asia Pacific Organic ASV increase was primarily driven by middle office solutions, data solutions and workstations. 35 Table of Contents Client and User Additions The table below presents our total clients and users: As of May 31, 2026 2025 Change Clients(1) 9,130 8,811 3.6 % Users 247,766 220,496 12.4 % (1)The client count includes clients with ASV of $10,000 and above. Client count increased mainly due to corporate clients and user count increased primarily due to wealth management users. Annual ASV retention was greater than 95% of ASV as of May 31, 2026 and May 31, 2025. When expressed as a percentage of clients, annual retention was 90% and 91% as of May 31, 2026 and May 31, 2025, respectively. Employee Headcount As of May 31, 2026, our net employee headcount increased by 0.9% to 12,694, compared with 12,579 employees as of May 31, 2025. This net headcount growth was primarily driven by our continued investment in our centers of excellence ("COEs"), mainly through an increase in employees based in India. As of May 31, 2026, compared to May 31, 2025, our net headcount growth was 1.1% in Asia Pacific, 0.6% in EMEA and 0.4% in the Americas. As of May 31, 2026, we had 8,765 employees located in Asia Pacific, 2,476 in the Americas and 1,453 in EMEA. Approximately 68% of our employees are located in our COEs. Results of Operations For an understanding of the significant factors that influenced our performance for the three and nine months ended May 31, 2026 and May 31, 2025, the following discussion should be read in conjunction with the Consolidated Financial Statements and related Notes presented in Part I, Item 1. in this Quarterly Report on Form 10-Q. The following table summarizes the results of operations for the periods presented: Three Months Ended Nine Months Ended May 31, % Change May 31, % Change (in thousands, except per share data) 2026 2025 2026 2025 Revenues $ 622,918 $ 585,520 6.4 % $ 1,841,558 $ 1,724,847 6.8 % Cost of services 312,190 280,729 11.2 % 896,848 809,112 10.8 % Selling, general and administrative 144,427 110,636 30.5 % 401,377 344,753 16.4 % Operating income $ 166,301 $ 194,155 (14.3) % $ 543,333 $ 570,982 (4.8) % Net income $ 126,718 $ 148,542 (14.7) % $ 412,354 $ 443,424 (7.0) % Diluted weighted average common shares 36,191 38,344 36,957 38,457 Diluted EPS $ 3.50 $ 3.87 (9.6) % $ 11.16 $ 11.53 (3.2) % Revenues Three months ended May 31, 2026 compared with three months ended May 31, 2025 The growth in revenues of 6.4% was driven by a 7.0% increase in organic revenues, which totaled $622.9 million for the three months ended May 31, 2026, partially offset by a 0.6% decrease in revenues due to the disposition of a business at the end of the prior fiscal year. Revenues increased in all our geographic segments, primarily in the Americas. The increase in revenues was primarily driven by workstations and data solutions. 36 Table of Contents Nine months ended May 31, 2026 compared with nine months ended May 31, 2025 The growth in revenues of 6.8% was driven by a 6.6% increase in organic revenues, which totaled $1,829.1 million for the nine months ended May 31, 2026 and a 0.2% net increase from foreign currency exchange rate fluctuations. Revenues increased in all our segments, primarily in the Americas. The increase in revenues was mainly from workstations, data solutions and portfolio management and trading solutions. Revenues by Segment The following table summarizes our revenues by segment: Three Months Ended Nine Months Ended May 31, % Change May 31, % Change (dollar amounts in thousands) 2026 2025 2026 2025 Americas $ 407,240 $ 380,501 7.0 % $ 1,203,099 $ 1,117,404 7.7 % % of revenues 65.4 % 65.0 % 65.3 % 64.8 % EMEA $ 151,940 $ 145,741 4.3 % $ 450,577 $ 432,853 4.1 % % of revenues 24.4 % 24.9 % 24.5 % 25.1 % Asia Pacific $ 63,738 $ 59,278 7.5 % $ 187,882 $ 174,590 7.6 % % of revenues 10.2 % 10.1 % 10.2 % 10.1 % Consolidated $ 622,918 $ 585,520 6.4 % $ 1,841,558 $ 1,724,847 6.8 % Three months ended May 31, 2026 compared with three months ended May 31, 2025 Americas The growth in revenues of 7.0% was driven by a 7.0% increase in organic revenues and a 0.1% net increase from foreign currency exchange rate fluctuations, partially offset by a 0.1% decrease in revenues due to the disposition of a business at the end of the prior fiscal year. The increase in revenues was primarily driven by workstations and data solutions. EMEA The growth in revenues of 4.3% was driven by a 5.3% increase in organic revenues and a 0.5% net increase from foreign currency exchange rate fluctuations, partially offset by a 1.5% decrease in revenues due to the disposition of a business at the end of the prior fiscal year. The increase in revenues was mainly from data solutions and workstations, partially offset by a decrease in revenues due to the disposition. Asia Pacific The growth in revenues of 7.5% was driven by a 10.5% increase in organic revenues, partially offset by a 2.0% decrease in revenues due to the disposition of a business at the end of the prior fiscal year and a 1.0% net decrease from foreign currency exchange rate fluctuations. The increase in revenues was primarily driven by middle office solutions, workstations and data solutions, partially offset by a decrease in revenues due to the disposition. Nine months ended May 31, 2026 compared with nine months ended May 31, 2025 Americas The growth in revenues of 7.7% was driven by a 7.0% increase in organic revenues and a 0.7% increase from acquisition revenues, net of a decrease in revenues from the disposition of a business at the end of the prior fiscal year. The increase in revenues was mainly driven by workstations, data solutions and portfolio management and trading solutions. EMEA The growth in revenues of 4.1% was driven by a 4.4% increase in organic revenues and a 0.7% net increase from foreign currency exchange rate fluctuations, partially offset by a 1.0% decrease in revenues from the disposition of a business at the end of the prior fiscal year, net of acquisition revenues. The increase in revenues was mainly from data solutions and workstations, partially offset by a decrease in revenues due to the disposition. 37 Table of Contents Asia Pacific The growth in revenues of 7.6% was driven by a 9.5% increase in organic revenues, partially offset by a 1.6% decrease in revenues from the disposition of a business at the end of the prior fiscal year, net of acquisition revenues, and a 0.3% net decrease from foreign currency exchange rate fluctuations. The increase in revenues was primarily driven by data solutions, workstations and middle office solutions, partially offset by a decrease in revenues due to the disposition. Principal Operating Expenses Cost of services is mainly comprised of employee compensation costs and also includes expenses related to data costs, technology-related expenses, amortization of intangible assets, royalty fees, telecommunication costs and computer depreciation. Selling, general and administrative ("SG&A") consists primarily of employee compensation costs and also includes expenses related to occupancy costs, professional fees, depreciation of furniture and fixtures, amortization of leasehold improvements, travel and entertainment expenses, marketing costs, other employee-related expenses, internal communication costs, bad debt expense, the impact from our foreign currency forward contracts and asset impairments. Employee compensation costs are a major component of both our Cost of services and SG&A. These expenses primarily include costs related to salaries, incentive compensation and sales commissions, stock-based compensation, benefits, employment taxes, and restructuring costs. We assign employee compensation costs between Cost of services and SG&A based on the roles and activities associated with each employee. We categorize employees within the content collection, consulting, product development, software and systems engineering groups as Cost of services personnel. Employees included in our sales department and those that serve in various other support departments, including marketing, finance, legal, human resources and administrative services, are classified as SG&A. The following table summarizes the components of our total operating expenses and operating margin: Three Months Ended Nine Months Ended May 31, May 31, % Change (dollar amounts in thousands) 2026 2025 % Change 2026 2025 Cost of services $ 312,190 $ 280,729 11.2 % $ 896,848 $ 809,112 10.8 % SG&A 144,427 110,636 30.5 % 401,377 344,753 16.4 % Total operating expenses $ 456,617 $ 391,365 16.7 % $ 1,298,225 $ 1,153,865 12.5 % Operating income $ 166,301 $ 194,155 (14.3) % $ 543,333 $ 570,982 (4.8) % Operating margin 26.7 % 33.2 % 29.5 % 33.1 % Cost of Services Three months ended May 31, 2026 compared with three months ended May 31, 2025 The increase in Cost of services was primarily due to higher employee compensation costs and, to a lesser extent, an increase in technology-related expenses and amortization of intangible assets. Cost of services, when expressed as a percentage of revenues, was 50.1% for the three months ended May 31, 2026, an increase of 220 basis points compared with the same period a year ago. This increase was primarily due to higher employee compensation costs and, to a lesser extent, technology-related expenses and amortization of intangible assets. When expressed as a percentage of revenues: •Employee compensation costs increased by 90 basis points, primarily driven by restructuring charges to drive organizational efficiencies. •Technology-related expenses increased by 40 basis points, primarily driven by higher spend in cloud-based hosting services, licensed software arrangements and AI token consumption. 38 Table of Contents •Amortization of intangible assets increased by 40 basis points, mainly due to higher amortization from our capitalized internal-use software development costs. Nine months ended May 31, 2026 compared with nine months ended May 31, 2025 The increase in Cost of services was primarily due to higher employee compensation costs and, to a lesser extent, an increase in amortization of intangible assets and technology-related expenses. Cost of services, when expressed as a percentage of revenues, was 48.7% for the nine months ended May 31, 2026, an increase of 180 basis points compared with the same period a year ago. This increase was primarily driven by higher amortization of intangible assets, technology-related expenses and employee compensation costs. When expressed as a percentage of revenues: •Amortization of intangible assets increased by 60 basis points, mainly due to higher amortization from our capitalized internal-use software development costs. •Technology-related expenses increased by 50 basis points, primarily driven by higher spend in cloud-based hosting services and licensed software arrangements. •Employee compensation costs increased by 30 basis points, mainly due to higher annual base salaries, primarily driven by annual merit increases, and restructuring charges to drive organizational efficiencies. Selling, General and Administrative Three months ended May 31, 2026 compared with three months ended May 31, 2025 The increase in SG&A was primarily driven by higher employee compensation costs. SG&A, when expressed as a percentage of revenues, was 23.2% for the three months ended May 31, 2026, an increase of 430 basis points compared with the same period a year ago. The increase was primarily driven by higher employee compensation costs and a loss from the net settlement of our foreign currency forward contracts. When expressed as a percentage of revenues: •Employee compensation costs increased by 290 basis points, primarily due to higher variable compensation costs, restructuring charges and an increase in stock-based compensation expense. Variable compensation costs increased mainly due to financial achievement against targets. In addition, variable compensation costs and stock-based compensation expense increased due to the recognition, over their respective service periods, of the one-time cash awards and equity awards, respectively, granted to our CEO pursuant to the terms of his employment agreement. The restructuring charges were related to driving organizational efficiencies. •SG&A increased by 50 basis points due to a loss from the net settlement of foreign currency forward contracts. Nine months ended May 31, 2026 compared with nine months ended May 31, 2025 The increase in SG&A was primarily driven by higher employee compensation costs. SG&A, when expressed as a percentage of revenues, was 21.8% for the nine months ended May 31, 2026, an increase of 180 basis points compared with the same period a year ago. This increase was primarily driven by higher employee compensation costs. When expressed as a percentage of revenues, employee compensation costs increased by 190 basis points, mainly due to higher variable compensation costs, stock-based compensation expense and annual base salaries. Variable compensation costs and stock-based compensation expense increased mainly due to the recognition, over their respective service periods, of the one-time cash awards and equity awards, respectively, granted to our CEO pursuant to the terms of his employment agreement. In addition, variable compensation costs increased mainly due to financial achievement against targets. The increase in annual base salaries was primarily driven by annual merit increases. Operating Income and Operating Margin Three months ended May 31, 2026 compared with three months ended May 31, 2025 Operating income decreased 14.3% to $166.3 million for the three months ended May 31, 2026, compared with $194.2 million in the prior year period. Operating margin decreased to 26.7% for the three months ended May 31, 2026, compared with 33.2% in the prior year period. These decreases were primarily driven by higher operating expenses, mainly due to an increase in 39 Table of Contents employee compensation costs, partially offset by growth in revenues. In addition, foreign currency exchange rate fluctuations, net of hedge activity, decreased operating income by $3.4 million for the three months ended May 31, 2026 compared with the prior year period. Nine months ended May 31, 2026 compared with nine months ended May 31, 2025 Operating income decreased 4.8% to $543.3 million for the nine months ended May 31, 2026, compared with $571.0 million in the prior year period. Operating margin decreased to 29.5% for the nine months ended May 31, 2026, compared with 33.1% in the prior year period. These decreases were primarily driven by higher employee compensation costs, amortization of intangible assets and technology-related expenses, partially offset by growth in revenues. Operating Income by Segment We operate our business through three segments: the Americas; EMEA; and Asia Pacific. Refer to Note 15, Segment Information in the Notes to the Consolidated Financial Statements included in Part I, Item 1. of this Quarterly Report on Form 10-Q for further discussion regarding our segments. The following table summarizes our operating income by segment: Three Months Ended Nine Months Ended May 31, % Change May 31, % Change (dollar amounts in thousands) 2026 2025 2026 2025 Americas $ 63,587 $ 81,565 (22.0) % $ 216,321 $ 236,490 (8.5) % EMEA 58,182 69,027 (15.7) % 192,578 208,633 (7.7) % Asia Pacific 44,532 43,563 2.2 % 134,434 125,859 6.8 % Total Operating Income $ 166,301 $ 194,155 (14.3) % $ 543,333 $ 570,982 (4.8) % Three months ended May 31, 2026 compared with three months ended May 31, 2025 Americas Americas operating income decreased primarily due to higher employee compensation costs and, to a lesser extent, technology-related expenses and amortization of intangible assets, partially offset by growth in revenues of 7.0%. •Employee compensation costs increased primarily due to restructuring charges, higher stock-based compensation expense and an increase in variable compensation costs. The restructuring charges were related to driving organizational efficiencies. The increase in stock-based compensation expense and variable compensation costs were driven by the recognition, over their respective service periods, of the one-time equity awards and cash awards, respectively, granted to our CEO pursuant to the terms of his employment agreement. In addition, variable compensation costs increased due to financial achievement against targets. •Technology-related expenses increased mainly due to higher spend in cloud-based hosting services, licensed software arrangements and AI token consumption. •Amortization of intangible assets increased primarily due to higher amortization from our capitalized internal-use software development costs. EMEA EMEA operating income decreased primarily due to higher employee compensation costs, partially offset by growth in revenues of 4.3%. Employee compensation costs increased mainly from restructuring charges, to drive organizational efficiencies, and an increase in annual base salaries, primarily driven by annual merit increases. Asia Pacific Asia Pacific operating income increased mainly due to growth in revenues of 7.5%, partially offset by higher employee compensation costs. Employee compensation costs increased primarily from higher variable compensation costs, due to financial achievement against targets, and an increase in annual base salaries, mainly driven by annual merit increases. 40 Table of Contents Nine months ended May 31, 2026 compared with nine months ended May 31, 2025 Americas Americas operating income decreased primarily due to higher employee compensation costs and, to a lesser extent, an increase in amortization of intangible assets and technology-related expenses, partially offset by growth in revenues of 7.7%. •Employee compensation costs increased primarily due to higher variable compensation costs, stock-based compensation expense and restructuring charges. Variable compensation costs and stock-based compensation expense increased mainly due to the recognition, over their respective service periods, of the one-time cash awards and equity awards, respectively, granted to our CEO pursuant to the terms of his employment agreement. In addition, variable compensation costs increased due to financial achievement against targets. The restructuring charges were related to driving organizational efficiencies. •Amortization of intangible assets increased mainly due to higher amortization from our capitalized internal-use software development costs. •Technology-related expenses increased mainly due to higher spend in cloud-based hosting services. EMEA EMEA operating income decreased primarily due to higher employee compensation costs, partially offset by growth in revenues of 4.1%. Employee compensation costs increased primarily due to higher annual base salaries, driven by annual merit increases, and restructuring charges related to driving organizational efficiencies. Asia Pacific Asia Pacific operating income increased mainly due to growth in revenues of 7.6%, partially offset by higher employee compensation costs. Employee compensation costs increased primarily due to higher annual base salaries, mainly driven by annual merit increases. Income Taxes The provision for income taxes and the effective tax rate are as follows: Three Months Ended Nine Months Ended May 31, May 31, (dollar amounts in thousands) 2026 2025 % Change 2026 2025 % Change Income before income taxes $ 154,121 $ 179,948 (14.4) % $ 505,345 $ 532,007 (5.0) % Provision for income taxes $ 27,403 $ 31,406 (12.7) % $ 92,991 $ 88,583 5.0 % Effective tax rate 17.8 % 17.5 % 18.4 % 16.7 % We are subject to taxation in the United States ("U.S.") and various state, local and foreign jurisdictions in which we conduct our business. Our effective tax rate will vary based on, among other factors, changes in levels of foreign income, as well as other non-recurring events. Our provision for income taxes for interim periods is calculated by applying an estimate of our annual effective tax rate to our quarter and year-to-date results, adjusted for discrete items recorded in the period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pretax income (or loss) for the year, projections of the proportion of pretax income (or loss) attributable to, and subject to tax in, foreign jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets, then adjusted for any discrete items. On a quarterly basis, we update the estimate of our annual effective tax rate as new events occur, assumptions change, or additional information is obtained. Our effective tax rate for the three months ended May 31, 2026 and May 31, 2025 was 17.8% and 17.5%, respectively. The increase was primarily due to the limitation on the deductibility of executive compensation. Our effective tax rate for the nine months ended May 31, 2026 and May 31, 2025 was 18.4% and 16.7%, respectively. The increase was primarily due to a stock-based compensation tax shortfall for the nine months ended May 31, 2026, compared to an excess tax benefit for the prior year period. 41 Table of Contents For the periods presented, our effective tax rates were lower than the applicable U.S. corporate income tax rate ("U.S. tax rate") primarily due to the U.S. tax impact of foreign earnings, research and development ("R&D") tax credits, and a foreign derived intangible income ("FDII") tax deduction, partially offset by the impact of state income taxes. In addition, our effective tax rate was lower than the U.S. tax rate for the three and nine months ended May 31, 2025 due to excess tax benefits from stock-based compensation. Net Income and Diluted EPS Three Months Ended Nine Months Ended May 31, May 31, (in thousands, except per share data) 2026 2025 % Change 2026 2025 % Change Net income $ 126,718 $ 148,542 (14.7) % $ 412,354 $ 443,424 (7.0) % Diluted weighted average common shares 36,191 38,344 (5.6) % 36,957 38,457 (3.9) % Diluted EPS $ 3.50 $ 3.87 (9.6) % $ 11.16 $ 11.53 (3.2) % The decrease in Net income and Diluted EPS for the three and nine months ended May 31, 2026, compared to the prior year period, was mainly driven by higher operating expenses, partially offset by growth in revenues. The decrease in Diluted EPS was also partially offset by lower diluted weighted average common shares outstanding. Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), we use non-GAAP financial measures including organic revenues, adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA, adjusted Diluted EPS and free cash flow. Reconciliations from our financial measures calculated and presented in accordance with GAAP to these non-GAAP financial measures are shown in the tables below, and the reconciliation of free cash flow is included in the Liquidity and Capital Resources section. These non-GAAP financial measures should not be considered in isolation from, as a substitute for, or superior to, financial measures reported in accordance with GAAP. Moreover, these non-GAAP financial measures have limitations in that they do not reflect all the items associated with the operations of our business as determined in accordance with GAAP. Other companies may calculate similarly titled non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes. Despite the limitations of these non-GAAP financial measures, we believe these adjusted financial measures and the information they provide are useful in viewing our performance using the same tools that management uses to gauge progress in achieving our goals. Adjusted measures may also facilitate comparisons to our historical performance. Organic revenues exclude the current year impact of revenues from acquisitions and the comparable impact of dispositions and discontinued lines of business, effected within the past 12 months ("Acquisition revenues", and disposition and discontinued lines of business together, "Disposition revenues", respectively) and the current year impact of foreign currency movements. In addition, for year to date comparisons, organic revenues excludes current year revenues that were earned prior to the first anniversary date of the acquisition. The table below provides an unaudited reconciliation of revenues to organic revenues: Three Months Ended Nine Months Ended May 31, % Change May 31, % Change (dollar amounts in thousands) 2026 2025 2026 2025 Revenues $ 622,918 $ 585,520 6.4 % $ 1,841,558 $ 1,724,847 6.8 % Acquisition revenues — — (10,066) — Disposition revenues — (3,296) — (9,063) Currency impact (52) — (2,421) — Organic revenues $ 622,866 $ 582,224 7.0 % $ 1,829,071 $ 1,715,784 6.6 % The table below provides an unaudited reconciliation of Operating income, operating margin, Net income and Diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA and adjusted Diluted EPS. Adjusted operating income and margin, adjusted net income, and adjusted Diluted EPS exclude the impact of acquisition- 42 Table of Contents related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization, while adjusted EBITDA further excludes non-recurring non-cash expenses. Three Months Ended Nine Months Ended May 31, May 31, (in thousands, except per share data) 2026 2025 % Change 2026 2025 % Change Operating income $ 166,301 $ 194,155 (14.3) % $ 543,333 $ 570,982 (4.8)% Intangible asset amortization 18,981 19,182 57,330 53,900 Restructuring/severance 19,629 — 19,301 (317) CEO compensation costs(1) 4,322 — 14,956 — Business disposition, acquisitions and related costs 1,769 1,976 6,475 14,769 Client bankruptcy charges 750 — 750 — India Labor Codes Reform — — 2,883 — Asset impairment — — 887 — Sales Tax Dispute(2) — — — 2,398 Adjusted operating income $ 211,752 $ 215,313 (1.7) % $ 645,915 $ 641,732 0.7% Operating margin 26.7% 33.2% 29.5% 33.1% Adjusted operating margin(3) 34.0% 36.8% 35.1% 37.2% Net income $ 126,718 $ 148,542 (14.7) % $ 412,354 $ 443,424 (7.0)% Intangible asset amortization 14,534 13,943 44,799 39,809 Restructuring/severance 15,030 — 15,080 (234) CEO compensation costs(1) 3,309 — 11,687 — Business disposition, acquisitions and related costs 1,355 1,436 5,060 10,908 Impairment within Other assets(4) 2,297 — 12,503 — Client bankruptcy charges 574 — 586 — India Labor Codes Reform — — 2,253 — Asset impairment — — 693 — Sales Tax Dispute(2) — — — 1,771 Gain on sale of investments — — (5,082) — Non-operating income from business disposition (48) — (470) — Income tax items — — (852) 1,351 Adjusted net income(5) $ 163,769 $ 163,921 (0.1) % $ 498,611 $ 497,029 0.3% Net income $ 126,718 $ 148,542 (14.7) % $ 412,354 $ 443,424 (7.0)% Interest expense 13,839 15,122 40,286 43,438 Income taxes 27,403 31,406 92,991 88,583 Depreciation and amortization expense 45,869 40,845 133,707 114,972 EBITDA $ 213,829 $ 235,915 (9.4) % $ 679,338 $ 690,417 (1.6)% Non-recurring non-cash expenses(6) 6,336 — 22,857 — Adjusted EBITDA $ 220,165 $ 235,915 (6.7) % $ 702,195 $ 690,417 1.7% Diluted EPS $ 3.50 $ 3.87 (9.6) % $ 11.16 $ 11.53 (3.2)% Intangible asset amortization 0.40 0.36 1.20 1.03 Restructuring/severance 0.42 — 0.40 (0.01) CEO compensation costs(1) 0.09 — 0.32 — Business disposition, acquisitions and related costs 0.04 0.04 0.14 0.28 Impairment within Other assets(4) 0.06 — 0.34 — 43 Table of Contents Client bankruptcy charges 0.02 — 0.02 — India Labor Codes Reform — — 0.06 — Asset impairment — — 0.02 — Sales Tax Dispute(2) — — — 0.05 Gain on sale of investments — — (0.14) — Non-operating income from business disposition 0.00 — (0.01) — Income tax items — — (0.02) 0.04 Adjusted Diluted EPS(5) $ 4.53 $ 4.27 6.1 % $ 13.49 $ 12.92 4.4% Weighted average common shares (diluted) 36,191 38,344 36,957 38,457 (1)Related to the recognition, over their respective service periods, of one-time make-whole cash and equity awards issued to our CEO. (2)Related to a resolved matter with the Massachusetts Department of Revenue. Refer to Note 11, Commitments and Contingencies in the Notes to the Consolidated Financial Statements included in Part I, Item 1. of this Quarterly Report on Form 10-Q, for further discussion on this matter. (3)Adjusted operating margin is calculated as Adjusted operating income divided by Revenues. (4)Related to the impairment of an equity investment. (5)For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended May 31, 2026 and May 31, 2025 were taxed at an adjusted tax rate of 23.4% and 27.3%, respectively. The nine months ended May 31, 2026 and May 31, 2025, were taxed at an adjusted tax rate of 21.9% and 26.1%, respectively. (6)Primarily related to the impairment of certain equity investments and the recognition, over their respective service periods, of one-time equity awards issued to our CEO. Liquidity and Capital Resources As of May 31, 2026, Cash and cash equivalents were $288.1 million and restricted cash was $6.3 million, compared with Cash and cash equivalents of $337.7 million and restricted cash of $14.0 million as of August 31, 2025. Refer to Summary of Cash Flows, within this section below, for more information on cash flows during the nine months ended May 31, 2026 and May 31, 2025. Our cash and cash equivalents as of May 31, 2026 are held in numerous locations throughout the world, with $128.0 million in EMEA (with the largest balance held in the UK), $88.2 million in the Americas (with the largest balance held in the U.S.) and the remaining $71.9 million in Asia Pacific (with the largest balances held in India and the Philippines). Our cash flows provided by operating activities, existing cash and cash equivalents, supplemented with our debt borrowings, have been sufficient to fund our operations while allowing us to invest in activities that support the long-term growth of our operations. Generally, some or all of our remaining available cash flows have been used to, among other things, service our existing and future debt obligations, satisfy our working capital requirements and fund various activities, including our capital expenditures, acquisitions, investments, dividend payments and repurchases of our common stock. Based on past performance and current expectations, we believe our sources of liquidity, including the available capacity under our existing revolving credit facility and other financing alternatives, will provide us the necessary capital to fund these transactions and achieve our planned growth for the next 12 months and the foreseeable future. Sources of Liquidity Debt and Interest Rate Swap Agreements In addition to the discussion below, refer to Note 10, Debt in the Notes to the Consolidated Financial Statements included in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information on our outstanding borrowings and interest rate swap agreements. 2025 Credit Agreement On April 8, 2025, we entered into a credit agreement (the "2025 Credit Agreement") and borrowed $500.0 million under a senior unsecured term loan credit facility (the "2025 Term Facility"). We used the proceeds from the 2025 Term Facility borrowing to repay the outstanding balance under the 2022 Revolving Facility (as defined below). The 2025 Credit Agreement also provides for a $1.0 billion senior unsecured revolving credit facility (the "2025 Revolving Facility"). The 2025 Revolving Facility, together with the 2025 Term Facility, are referred to as the "2025 Credit Facilities". 44 Table of Contents The 2025 Revolving Facility provides for up to $100.0 million in the form of letters of credit, and up to $100.0 million in the form of swingline loans. We may seek additional commitments of up to $1.0 billion under the 2025 Revolving Facility from lenders or other financial institutions. The 2025 Term Facility matures on April 8, 2028, and the 2025 Revolving Facility matures on April 8, 2030. The 2025 Term Facility is subject to scheduled quarterly principal payments, commencing on August 31, 2025, with each quarterly principal payment equal to 1.25% of the original principal amount of the 2025 Term Facility. The 2025 Credit Facilities are not otherwise subject to any other mandatory repayments. We may voluntarily prepay loans under the 2025 Credit Facilities at any time without premium or penalty. Prepayments of the 2025 Term Facility shall be applied to reduce the subsequent scheduled quarterly principal payments in direct order of maturity. We have satisfied all scheduled quarterly principal payments through maturity. As of May 31, 2026, our outstanding debt under the 2025 Term Facility was $375.0 million and under the 2025 Revolving Facility was $20.0 million. Subsequent to May 31, 2026, an additional $80.0 million was borrowed under the 2025 Revolving Facility. From the borrowing date through May 31, 2026, the outstanding borrowings under the 2025 Credit Facilities bore interest at a rate equal to the applicable one-month Term Secured Overnight Financing Rate ("SOFR") plus a 0.975% spread (comprised of a 0.875% interest rate margin, based on a pricing grid determined by reference to our senior unsecured non-credit enhanced long-term debt rating and our total leverage ratio, plus a 0.1% credit spread adjustment). We pay a commitment fee on the daily unused amount of the 2025 Revolving Facility using a pricing grid based on our senior unsecured non-credit enhanced long-term debt rating and our total leverage ratio. The commitment fee remained consistent at 0.1% from the borrowing date through May 31, 2026. The 2025 Credit Agreement contains usual and customary affirmative and negative covenants for facilities of this type, including a financial covenant requiring maintenance of a total leverage ratio of no greater than 3.75 to 1.00 as of the last day of each fiscal quarter (subject to an increase to 4.25 to 1.00 for five consecutive fiscal quarters in connection with certain material acquisitions). We were in compliance with all covenants and requirements of the 2025 Credit Agreement as of May 31, 2026. 2022 Credit Agreement On March 1, 2022, we entered into a credit agreement (the "2022 Credit Agreement") and borrowed $1.0 billion under a senior unsecured term loan credit facility (the "2022 Term Facility") and $250.0 million of the available $500.0 million under a senior unsecured revolving credit facility (the "2022 Revolving Facility"). The 2022 Revolving Facility, together with the 2022 Term Facility, are referred to as the "2022 Credit Facilities". On January 31, 2025, we entered into a joinder agreement to our 2022 Credit Agreement pursuant to which commitments under the 2022 Revolving Facility were increased by $100.0 million, to a total of $600.0 million. All other terms of the 2022 Credit Agreement remained unchanged. Borrowings previously outstanding under the 2022 Credit Facilities bore interest at a rate equal to the applicable one-month Term SOFR plus a spread using a debt leverage pricing grid and a credit spread adjustment (with total spread ranging from 0.975% to 1.1% over the term of the debt). The 2022 Credit Agreement was terminated on April 8, 2025, concurrent with entering into the 2025 Credit Agreement. Senior Notes On March 1, 2022, we completed a public offering issuing $500.0 million of 2.900% Senior Notes due March 1, 2027 (the "2027 Notes") and $500.0 million of 3.450% Senior Notes due March 1, 2032 (the "2032 Notes" and, together with the 2027 Notes, the "Senior Notes"). The Senior Notes were issued pursuant to an indenture, dated as of March 1, 2022, by and between us and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"), as supplemented by the supplemental indenture, dated as of March 1, 2022, between us and the Trustee (the "Supplemental Indenture"). Interest on the Senior Notes is payable semiannually in arrears on March 1 and September 1 of each year. We may redeem the Senior Notes, in whole or in part, at any time at specified redemption prices, plus any accrued and unpaid interest. Upon the occurrence of a change of control triggering event (as defined in the Supplemental Indenture), we must offer to repurchase the Senior Notes at 101% of their principal amount, plus any accrued and unpaid interest. 45 Table of Contents Interest Rate Swap Agreements We may leverage interest rate swap agreements to manage our floating interest rate exposure with a fixed interest rate. Our interest rate swap agreements are designated as cash flow hedges at inception. 2025 Swap Agreement On April 24, 2025, we entered into an interest rate swap agreement ("2025 Swap Agreement") with a notional amount of $200.0 million to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 4.086%. The notional amount of the 2025 Swap Agreement declined by $50.0 million on a quarterly basis beginning May 31, 2025. The 2025 Swap Agreement matured on February 28, 2026. 2024 Swap Agreement On March 1, 2024, we entered into an interest rate swap agreement ("2024 Swap Agreement") with a notional amount of $200.0 million to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 5.145%. The notional amount of the 2024 Swap Agreement declined by $50.0 million on a quarterly basis beginning May 31, 2024. The 2024 Swap Agreement matured on February 28, 2025. Uses of Liquidity Returning Value to Stockholders We returned $628.7 million and $312.2 million to our stockholders in the form of share repurchases and dividends during the nine months ended May 31, 2026 and May 31, 2025, respectively. Over the last 12 months, we returned $776.9 million to our stockholders in the form of share repurchases and dividends. Share Repurchase Program We may repurchase shares of our common stock under our share repurchase program from time-to-time in the open market or via privately negotiated transactions, subject to market conditions. During the nine months ended May 31, 2026 and May 31, 2025, we repurchased 2,056,220 shares for $506.0 million and 425,239 shares for $193.8 million, respectively. There is no defined number of shares to be repurchased over a specified timeframe through the life of our share repurchase program. On June 17, 2025, our Board of Directors authorized up to $400 million for share repurchases on or after September 1, 2025. On December 16, 2025, our Board of Directors approved an additional $600 million in share repurchase authority, which is available immediately with no expiration date. The additional authorization also removed the expiration date from the June 17, 2025 authorization. As of May 31, 2026, $494.0 million remained available under our share repurchase program. Refer to Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds, of this Quarterly Report on Form 10-Q for further discussion on our share repurchase program. Dividends In the third quarter of fiscal 2026, our Board of Directors approved a 5% increase in the regular quarterly dividend from $1.10 to $1.16 per share. Fiscal 2026 marks the 27th consecutive fiscal year we have increased dividends on a stock split-adjusted basis, highlighting our continued commitment to returning value to our stockholders. During the nine months ended May 31, 2026 and May 31, 2025, we paid dividends of $122.7 million and $118.3 million, respectively. Future cash dividend payments are subject to final determination by our Board of Directors and will depend on our earnings, capital requirements, financial condition and other relevant factors. Capital Expenditures For the nine months ended May 31, 2026, capital expenditures increased by 16.7% to $87.3 million, compared with $74.8 million for the same period a year ago. This increase was primarily due to higher capitalized costs related to the development of our internal-use software and an increase in leasehold improvements related to the build-out of our London office. 46 Table of Contents Acquisitions Our acquisitions with the most significant cash flows during fiscal 2025 through the third quarter of fiscal 2026 included Liquid Holdings, LLC ("LiquidityBook") and Platform Group Limited ("Irwin"). Refer to Note 5, Acquisitions in the Notes to the Consolidated Financial Statements included in Part I, Item 1. of this Quarterly Report on Form 10-Q for further discussion on these acquisitions. LiquidityBook On February 7, 2025, we completed the acquisition of LiquidityBook for a purchase price of $243.2 million, net of cash acquired, and inclusive of working capital adjustments. The purchase price included contingent consideration of $11.9 million, which reflects the acquisition date fair value of potential future payments that are contingent upon the achievement of certain specified milestones. We finalized the purchase accounting for the LiquidityBook acquisition during the second quarter of fiscal 2026. LiquidityBook provides cloud-native trading solutions to hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients. LiquidityBook operates a proprietary FIX network that enables streamlined connectivity to over 200 brokers and order routing to more than 1,600 destinations across 80 markets globally. This acquisition adds technology-forward order management and investment book of record capabilities and enhances FactSet’s ability to serve the integrated workflow needs of clients across the portfolio life cycle. Irwin On November 5, 2024, we completed the acquisition of Irwin for a purchase price of $120.2 million, net of cash acquired, and inclusive of working capital adjustments. The purchase price included contingent consideration of $9.6 million, which reflects the acquisition date fair value of potential future payments that are contingent upon the achievement of certain specified milestones. We finalized the purchase accounting for the Irwin acquisition during the third quarter of fiscal 2025. Irwin is a leading investor relations and capital markets platform for public companies and their advisors. This acquisition builds on a successful partnership between FactSet and Irwin, and expands our ability to address the holistic workflow needs of investor relations professionals with an integrated, modern solution. Contractual Obligations Purchase obligations represent our legally-binding agreements to purchase fixed or minimum quantities at determinable prices. As of August 31, 2025, we had total purchase obligations with suppliers and vendors of approximately $352 million. Our total purchase obligations as of August 31, 2025 primarily related to hosting services, acquisition of data and, to a lesser extent, third-party software providers. During the second quarter of fiscal 2026, we entered into a multi-year contract renewal with a supplier, resulting in total purchase commitments of approximately $62.5 million. We also have contractual obligations related to our lease liabilities and outstanding debt. Refer to Note 9, Leases and Note 10, Debt in the Notes to the Consolidated Financial Statements included in Part I, Item 1. of this Quarterly Report on Form 10-Q for information regarding our lease commitments and outstanding debt obligations, respectively. 47 Table of Contents Summary of Cash Flows The following table provides a summary of our net cash flow activity for the periods presented: Nine Months Ended May 31, (dollar amounts in thousands) 2026 2025 $ Change Net cash provided by operating activities $ 617,492 $ 514,160 $ 103,332 Net cash provided by (used in) investing activities (69,355) (369,373) 300,018 Net cash provided by (used in) financing activities (603,744) (199,327) (404,417) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,678) 1,966 (3,644) Net increase (decrease) in cash, cash equivalents and restricted cash $ (57,285) $ (52,574) $ (4,711) Operating For the nine months ended May 31, 2026, net cash provided by operating activities was $617.5 million, which included net income of $412.4 million, non-cash charges of $254.7 million and a net cash outflow of $49.6 million to support our working capital requirements. The non-cash charges were primarily driven by depreciation and amortization. The change in our working capital was primarily driven by timing of payments related to taxes and leases. For the nine months ended May 31, 2025, net cash provided by operating activities was $514.2 million, which included net income of $443.4 million, non-cash charges of $195.9 million and a net cash outflow of $125.1 million to support our working capital requirements. The non-cash charges were primarily driven by depreciation and amortization. The change in our working capital was primarily driven by cash outflows related to payments to resolve the Sales Tax Dispute and timing of client collections. Investing For the nine months ended May 31, 2026, net cash used in investing activities was $69.4 million. The cash used in investing activities primarily consisted of $87.3 million of capital expenditures mainly due to the capitalization of internal-use software development costs, partially offset by $36.1 million in proceeds from the sale of certain equity investments. For the nine months ended May 31, 2025, net cash used in investing activities was $369.4 million. The cash used in investing activities primarily consisted of $348.3 million of acquisition-related consideration related to the Irwin and LiquidityBook transactions and $74.8 million of capital expenditures driven by the capitalization of internal-use software development costs, partially offset by $58.2 million in proceeds from our investments in mutual funds. Financing For the nine months ended May 31, 2026, net cash used in financing activities was $603.7 million, consisting mainly of $506.0 million of share repurchases and $122.7 million of dividend payments. For the nine months ended May 31, 2025, net cash used in financing activities was $199.3 million, consisting mainly of $742.5 million related to the repayment of the 2022 Credit Facilities, $193.8 million of share repurchases and $118.3 million of dividend payments, partially offset by $803.4 million of proceeds from borrowings under the 2025 Term Facility and the 2022 Revolving Facility, in periods prior to its termination, and $72.6 million of proceeds from employee stock plans. Free Cash Flow We define free cash flow, a non-GAAP financial measure, as cash provided by operating activities less purchases of property, equipment and leasehold improvements ("PPE") and capitalized internal-use software. We believe free cash flow is a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures, may be available to pay debt obligations, make strategic acquisitions and investments, pay dividends, repurchase stock, and strengthen the balance sheet. Free cash flow should be considered in addition to consolidated net income and net cash provided by operating activities, but should not be used as a substitute for these key measures of our performance and liquidity. 48 Table of Contents The following table reconciles our net cash provided by operating activities to free cash flow: Nine Months Ended May 31, (dollar amounts in thousands) 2026 2025 $ Change Net cash provided by operating activities $ 617,492 $ 514,160 $ 103,332 Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software (87,319) (74,840) (12,479) Free cash flow $ 530,173 $ 439,320 $ 90,853 Off-Balance Sheet Arrangements As of May 31, 2026 and August 31, 2025, we had no off-balance sheet financing other than letters of credit incurred in the ordinary course of business. Refer to Note 10, Debt and Note 11, Commitments and Contingencies in the Notes to the Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on our available and outstanding letters of credit. As of May 31, 2026 and August 31, 2025, we also had no other arrangements with unconsolidated entities or financial partnerships (such as entities often referred to as structured finance or special purpose entities) established for purposes of facilitating off-balance sheet financing, other debt arrangements, or other contractually limited purposes. Foreign Currency Exposure As we operate globally, we are exposed to the risk that our financial condition, results of operations and cash flows could be impacted by changes in foreign currency exchange rates. During the nine months ended May 31, 2026 and May 31, 2025, we maintained a series of foreign currency forward contracts to hedge a portion of our projected operating expenses in our primary currency exposures, namely the British Pound Sterling, Euro, Indian Rupee and Philippine Peso. As of May 31, 2026, the hedge maturity periods of our outstanding foreign currency forward contracts range from the fourth quarter of fiscal 2026 through the third quarter of fiscal 2027. Refer to Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk of this Quarterly Report on Form 10-Q for more information on our foreign currency exposures. Critical Accounting Estimates We prepare the Consolidated Financial Statements in conformity with GAAP, which requires us to make certain estimates and apply judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. We base our estimates on historical experience and other assumptions that we believe to be reasonable at the time the Consolidated Financial Statements are prepared and, as such, they may ultimately differ materially from actual results. We describe our significant accounting policies in Note 2, Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements included in Part II, Item 8. of our Annual Report on Form 10-K for the fiscal year ended August 31, 2025. These accounting policies were consistently applied in preparing our Consolidated Financial Statements for the nine months ended May 31, 2026. We disclosed our critical accounting estimates in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Critical Accounting Estimates, of our Annual Report on Form 10-K for the fiscal year ended August 31, 2025. There were no significant changes in our critical accounting estimates during the nine months ended May 31, 2026. New Accounting Pronouncements For a discussion of accounting pronouncements recently adopted and those issued but not yet adopted, refer to Note 2, Summary of Significant Accounting Policies, in the Notes to the Consolidated Financial Statements included in Part I, Item 1. of this Quarterly Report on Form 10-Q, which we include herein by reference. 49 Table of Contents