FDS · CIK 1013237
What FactSet Research Systems Inc. told the SEC could break it.
FactSet's disclosures center on dependence on concentrated third parties and an offshore workforce. It aggregates other firms' data into its platform, and certain content sets have few suppliers — two data suppliers each represented more than 10% of its total data costs in fiscal 2025 (and two more than 10% of content costs) — so a license dispute could raise costs or cost it rights. Its operations are heavily offshore, with about 80% of employees outside the U.S. (its India and Philippines centers alone roughly 68%) and 39% of revenue from non-U.S. operations, concentrating workforce and currency risk. And while it uses multiple cloud providers, one supplied the majority of its cloud computing in fiscal 2025, concentrating its infrastructure on a single dominant vendor.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Supplier concentration
- two data/content suppliers each >10% of total data and content costs (unnamed)high
FactSet aggregates third-party data into its platform; certain content sets have a limited number of suppliers, and two data suppliers each represented more than 10% of its total data costs (and two more than 10% of total content costs) in fiscal 2025 — and content-license disputes could raise licensing costs or cause loss of rights.
“We are not dependent on any individual third-party data supplier to meet the needs of our clients, with two data suppliers each representing more than 10 % of our total data costs for the year ended August 31, 2025.”
SEC filing →As of 2025
Geographic concentration
- ~80% of employees outside US (India/Philippines COEs ~68%); 39% of revenue ex-USmedium
Approximately 80% of FactSet's employees are located outside the US — with global centers of excellence primarily in India and the Philippines accounting for ~68% of employees — and ~39% of fiscal 2025 revenue came from non-US operations, concentrating workforce/operational and FX risk in those geographies.
“In fiscal 2025, approximately 39% of our revenues related to operations located outside the U.S. In addition, approximately 80% of our employees are located in offices outside the U.S., including India and the Philippines.”
SEC filing →As of 2025
Other disclosures
- cloud-provider concentration (one supplier provided majority of cloud computing)medium
FactSet's delivery of time-sensitive data and applications depends on its ability to process large data volumes rapidly; although it uses multiple cloud providers, one supplier provided the majority of its cloud computing support in fiscal 2025, concentrating infrastructure dependence on a single dominant cloud vendor (mitigated by backup facilities and redundancy).
“We currently use multiple providers of cloud services; however, one supplier provided the majority of our cloud computing support for fiscal 2025.”
SEC filing →As of 2025
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