FDS — what changed in the latest 10-K

A section-by-section comparison of FDS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.

Comparing 10-K · 2026-10-20 vs the prior 10-K · 2025-10-22

Section	Outcome	Added	Removed	Minor	Unchanged
Business	Text added/removed	+25	−50	~15	9
Risk factors	Text added/removed	+43	−29	~28	37
MD&A	Text added/removed	+79	−89	~31	40
Market risk (Item 7A)	Text added/removed	+4	−7	~2	3

Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.

Not shown (absent or not faithfully extractable): Legal proceedings

Representative excerpts

Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.

Business

Text added vs the prior filing · source: 10-K · 2026-10-20

We drive our business based on a detailed understanding of our clients’ workflows. We provide financial data and market intelligence on securities, companies, industries and people to enable our clients to research advisory, dealmaking and investment ideas and analyze, monitor and manage their portf…
We deliver trusted, connected financial data, software applications, advanced analytics, and AI-powered solutions embedded in the critical workflows that finance professionals rely on every day. We serve a diverse array of clients in over 80 countries and a wide range of verticals, ranging from the …
As our clients’ needs vary, we tailor our data and technology to become an integral component of the workflows that drive their decision-making. Clients access our capabilities in the form that best fits their operating model, whether through software applications, data feeds and APIs, or managed se…
Underpinning these workflows is a broad and expanding set of financial markets data, including client-owned data, that we ingest, map, normalize, and structure. Our mapping links entities, securities, and identifiers across our content allowing our clients to integrate our data with their own. We al…
•Transforming client workflows with AI: Through continued innovation, we aim to help our clients re-design their core workflows with AI. This includes fundamentally re-imagining our core workstation product and building agentic solutions with specialized domain knowledge across our firm types, inclu…

Text removed vs the prior filing · source: 10-K · 2025-10-22

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, …
Institutional Buyside focuses on multi-asset class solutions, including AI-powered workflows and insights, for global asset managers, asset owners and hedge fund professionals across the investment portfolio lifecycle. This firm type includes workflows for research analysts, portfolio managers, and …
Dealmakers focuses on workflow solutions for investment bankers, sell-side research analysts, corporate users, investor relations officers, and private equity and venture capital professionals. We provide comprehensive solutions to our clients including workstations, mobile solutions, data feeds, AP…
Wealth focuses on comprehensive solutions to wealth management clients including our web-based workstation, book-of-business dashboards for advisors, data feeds, APIs, proprietary and third-party data, and productivity tools for Microsoft® Office. We also offer AI-powered prospecting, monitoring and…
Partnerships delivers solutions such as data and technology solutions, workstations, and digital or analytics solutions to firms in the financial services ecosystem including data, analytics and technology platform providers. This includes curated datasets and turnkey APIs to enable technologists an…

Risk factors

Text added vs the prior filing · source: 10-K · 2026-10-20

Cyber-attacks continue to evolve in sophistication, frequency and volume, including as threat actors exploit generative and agentic AI to discover and exploit vulnerabilities at unprecedented speed and scale, and may be difficult to detect for long periods of time. Our protective measures, and those…
We make a range of commitments to our clients regarding our security practices and posture, and if we do not adequately implement and enforce them, we could be in violation of those commitments. Cyberattacks, security breaches or third-party reports of perceived vulnerability, even if no breach has …
We may be unable to secure data center capacity, power and computing resources on acceptable terms to meet our future needs
Our business, and in particular our growth and our increasing use of AI, depends on access to data center capacity, power and computing resources, including specialized hardware, whether provided through our own facilities or, increasingly, through third-party cloud and data center providers. Demand…
Transition to new and emerging technologies, applications and processes could expose us to unanticipated disruptions or impacts

Text removed vs the prior filing · source: 10-K · 2025-10-22

Cyber-security risks also may be derived from fraud or malice on the part of our employees or third-party service providers, or may result from human error, software bugs, server malfunctions, software or hardware failures or other technological failures. Our and our vendors' use of mobile and cloud…
While we have dedicated resources responsible for maintaining appropriate levels of cybersecurity, and implemented systems and processes intended to help identify cyberattacks and protect and remediate our network infrastructure, we may not be able to anticipate, prevent or detect all such attacks. …
We make a range of commitments to our clients regarding our security practices, processes and security posture. If we do not adequately implement and enforce these security practices to the satisfaction of our clients, we could be in violation of our commitments to our clients. Cyberattacks, securit…
Transition to new technologies, applications and processes could expose us to unanticipated disruptions or impacts
The technology landscape is constantly evolving. To remain competitive, we must invest, adapt and migrate to new technologies, applications and processes, including the evolving use of AI technology and agentic AI (see "Our use of AI technologies may not be successful and may present business, compl…

MD&A

Text added vs the prior filing · source: 10-K · 2026-10-20

We drive our business based on a detailed understanding of our clients’ workflows. We provide financial data and market intelligence on securities, companies, industries and people to enable our clients to research advisory, dealmaking and investment ideas and analyze, monitor and manage their portf…
Operating margin was 28.3% for fiscal 2026, compared with 32.2% for fiscal 2025. This decrease was primarily driven by higher operating expenses as a percentage of revenues, mainly due to an increase in employee compensation costs, primarily driven by restructuring charges, higher variable compensat…
Net income for fiscal 2026 was $533.5 million, a decrease of 10.6% from the prior year. Diluted earnings per common share ("Diluted EPS") for fiscal 2026 was $14.57, a decrease of 6.3% compared with the prior year. These decreases were primarily driven by higher operating expenses, including non-rec…
The following table presents the calculation of Organic ASV as of August 31, 2026. With proper notice provided as contractually required, our clients can add to, delete portions of, or terminate service, subject to certain limitations.
(1) For comparability purposes, in calculating the organic ASV annual growth rate, the prior year excludes ASV from dispositions and discontinued lines of business effected within the last 12 months.

Text removed vs the prior filing · source: 10-K · 2025-10-22

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, …
Operating margin was 32.2% for fiscal 2025, compared with 31.8% for fiscal 2024. This increase in operating margin was mainly due to growth in revenues and, when expressed as a percentage of revenues, charges related to the Sales Tax Dispute that were recorded in the prior year, partially offset by …
Net income for fiscal 2025 was $597.0 million, an increase of 11.2% from the prior year. Diluted earnings per common share ("Diluted EPS") for fiscal 2025 was $15.55, an increase of 11.8% compared with the prior year. The increase in Net income and Diluted EPS was primarily driven by higher operatin…
Beginning in fiscal 2025, we are reporting Organic ASV, rather than Organic ASV plus professional services, to focus on the recurring nature of our revenues. This underscores the shift of our offerings toward providing more managed services and less project-based services.
The following table presents the calculation of Organic ASV as of August 31, 2025. With proper notice provided as contractually required, our clients can add to, delete portions of, or terminate service, subject to certain limitations.

Market risk (Item 7A)

Text added vs the prior filing · source: 10-K · 2026-10-20

As of August 31, 2026, we had Cash and cash equivalents of $233.3 million and Investments of $32.0 million. Our cash equivalents primarily consist of money market funds and our Investments consist of mutual funds. We are exposed to interest rate risk through fluctuations in interest rates on our mon…
We are exposed to credit risk for our cash, cash equivalents and restricted cash held in financial institutions in the event of a default, to the extent that such amounts are in excess of applicable insurance limits; however, we do not believe our concentration of cash, cash equivalents and restrict…
Our Senior Notes have a fixed interest rate and are not subject to interest rate change. As such, our interest rate exposure is limited to the outstanding balance of our floating rate debt under our 2025 Credit Facilities. As of August 31, 2026, this outstanding balance was $375.0 million, which bor…
Refer to Part II, Item 8. Note 10, Debt in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our outstanding borrowings.

Text removed vs the prior filing · source: 10-K · 2025-10-22

Foreign currency translation adjustment gains (losses)$15,565 $8,565
As of August 31, 2025, we had Cash and cash equivalents of $337.7 million and Investments of $17.4 million. Our Cash and cash equivalents consist of cash and highly liquid investments including demand deposits and money market funds and our Investments consist of mutual funds. We are exposed to inte…
As of August 31, 2025, our outstanding floating rate debt included $375.0 million under the 2025 Credit Agreement. As of August 31, 2025, the outstanding borrowings under the 2025 Credit Agreement bore interest at a rate equal to the applicable
one-month Term SOFR plus a 0.975% spread (comprised of a 0.875% interest rate margin based on a debt leverage pricing grid plus a 0.1% credit spread adjustment).
To mitigate our exposure to interest rate volatility due to changes in SOFR, we entered into the 2025 Swap Agreement on April 24, 2025, to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 4.086%. As of August 31, 2025, the 2025 Swap Agreement has a notional amount …

How to read Risk Factors (Item 1A) in a 10-Q

A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:

Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.

This describes the filing structure only — it is never a judgement on whether risk went up or down.

Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice

More on FDS

FDS overview FDS quant rating FDS fair value (DCF)FDS vs peers FDS revenue history FDS AI deep research

Section

Outcome

Added

Removed

Minor

Unchanged

Business

Text added/removed

+25

−50

~15

Risk factors

Text added/removed

+43

−29

~28

MD&A

Text added/removed

+79

−89

~31

Market risk (Item 7A)

Text added/removed

−7

Representative excerpts

Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.

Business

Text added vs the prior filing · source: 10-K · 2026-10-20

We drive our business based on a detailed understanding of our clients’ workflows. We provide financial data and market intelligence on securities, companies, industries and people to enable our clients to research advisory, dealmaking and investment ideas and analyze, monitor and manage their portf…
We deliver trusted, connected financial data, software applications, advanced analytics, and AI-powered solutions embedded in the critical workflows that finance professionals rely on every day. We serve a diverse array of clients in over 80 countries and a wide range of verticals, ranging from the …
As our clients’ needs vary, we tailor our data and technology to become an integral component of the workflows that drive their decision-making. Clients access our capabilities in the form that best fits their operating model, whether through software applications, data feeds and APIs, or managed se…
Underpinning these workflows is a broad and expanding set of financial markets data, including client-owned data, that we ingest, map, normalize, and structure. Our mapping links entities, securities, and identifiers across our content allowing our clients to integrate our data with their own. We al…
•Transforming client workflows with AI: Through continued innovation, we aim to help our clients re-design their core workflows with AI. This includes fundamentally re-imagining our core workstation product and building agentic solutions with specialized domain knowledge across our firm types, inclu…

Text removed vs the prior filing · source: 10-K · 2025-10-22

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, …
Institutional Buyside focuses on multi-asset class solutions, including AI-powered workflows and insights, for global asset managers, asset owners and hedge fund professionals across the investment portfolio lifecycle. This firm type includes workflows for research analysts, portfolio managers, and …
Dealmakers focuses on workflow solutions for investment bankers, sell-side research analysts, corporate users, investor relations officers, and private equity and venture capital professionals. We provide comprehensive solutions to our clients including workstations, mobile solutions, data feeds, AP…
Wealth focuses on comprehensive solutions to wealth management clients including our web-based workstation, book-of-business dashboards for advisors, data feeds, APIs, proprietary and third-party data, and productivity tools for Microsoft® Office. We also offer AI-powered prospecting, monitoring and…
Partnerships delivers solutions such as data and technology solutions, workstations, and digital or analytics solutions to firms in the financial services ecosystem including data, analytics and technology platform providers. This includes curated datasets and turnkey APIs to enable technologists an…

Risk factors

Text added vs the prior filing · source: 10-K · 2026-10-20

Cyber-attacks continue to evolve in sophistication, frequency and volume, including as threat actors exploit generative and agentic AI to discover and exploit vulnerabilities at unprecedented speed and scale, and may be difficult to detect for long periods of time. Our protective measures, and those…
We make a range of commitments to our clients regarding our security practices and posture, and if we do not adequately implement and enforce them, we could be in violation of those commitments. Cyberattacks, security breaches or third-party reports of perceived vulnerability, even if no breach has …
We may be unable to secure data center capacity, power and computing resources on acceptable terms to meet our future needs
Our business, and in particular our growth and our increasing use of AI, depends on access to data center capacity, power and computing resources, including specialized hardware, whether provided through our own facilities or, increasingly, through third-party cloud and data center providers. Demand…
Transition to new and emerging technologies, applications and processes could expose us to unanticipated disruptions or impacts

Text removed vs the prior filing · source: 10-K · 2025-10-22

Cyber-security risks also may be derived from fraud or malice on the part of our employees or third-party service providers, or may result from human error, software bugs, server malfunctions, software or hardware failures or other technological failures. Our and our vendors' use of mobile and cloud…
While we have dedicated resources responsible for maintaining appropriate levels of cybersecurity, and implemented systems and processes intended to help identify cyberattacks and protect and remediate our network infrastructure, we may not be able to anticipate, prevent or detect all such attacks. …
We make a range of commitments to our clients regarding our security practices, processes and security posture. If we do not adequately implement and enforce these security practices to the satisfaction of our clients, we could be in violation of our commitments to our clients. Cyberattacks, securit…
Transition to new technologies, applications and processes could expose us to unanticipated disruptions or impacts
The technology landscape is constantly evolving. To remain competitive, we must invest, adapt and migrate to new technologies, applications and processes, including the evolving use of AI technology and agentic AI (see "Our use of AI technologies may not be successful and may present business, compl…

MD&A

Text added vs the prior filing · source: 10-K · 2026-10-20

We drive our business based on a detailed understanding of our clients’ workflows. We provide financial data and market intelligence on securities, companies, industries and people to enable our clients to research advisory, dealmaking and investment ideas and analyze, monitor and manage their portf…
Operating margin was 28.3% for fiscal 2026, compared with 32.2% for fiscal 2025. This decrease was primarily driven by higher operating expenses as a percentage of revenues, mainly due to an increase in employee compensation costs, primarily driven by restructuring charges, higher variable compensat…
Net income for fiscal 2026 was $533.5 million, a decrease of 10.6% from the prior year. Diluted earnings per common share ("Diluted EPS") for fiscal 2026 was $14.57, a decrease of 6.3% compared with the prior year. These decreases were primarily driven by higher operating expenses, including non-rec…
The following table presents the calculation of Organic ASV as of August 31, 2026. With proper notice provided as contractually required, our clients can add to, delete portions of, or terminate service, subject to certain limitations.
(1) For comparability purposes, in calculating the organic ASV annual growth rate, the prior year excludes ASV from dispositions and discontinued lines of business effected within the last 12 months.

Text removed vs the prior filing · source: 10-K · 2025-10-22

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, …
Operating margin was 32.2% for fiscal 2025, compared with 31.8% for fiscal 2024. This increase in operating margin was mainly due to growth in revenues and, when expressed as a percentage of revenues, charges related to the Sales Tax Dispute that were recorded in the prior year, partially offset by …
Net income for fiscal 2025 was $597.0 million, an increase of 11.2% from the prior year. Diluted earnings per common share ("Diluted EPS") for fiscal 2025 was $15.55, an increase of 11.8% compared with the prior year. The increase in Net income and Diluted EPS was primarily driven by higher operatin…
Beginning in fiscal 2025, we are reporting Organic ASV, rather than Organic ASV plus professional services, to focus on the recurring nature of our revenues. This underscores the shift of our offerings toward providing more managed services and less project-based services.
The following table presents the calculation of Organic ASV as of August 31, 2025. With proper notice provided as contractually required, our clients can add to, delete portions of, or terminate service, subject to certain limitations.

Market risk (Item 7A)

Text added vs the prior filing · source: 10-K · 2026-10-20

As of August 31, 2026, we had Cash and cash equivalents of $233.3 million and Investments of $32.0 million. Our cash equivalents primarily consist of money market funds and our Investments consist of mutual funds. We are exposed to interest rate risk through fluctuations in interest rates on our mon…
We are exposed to credit risk for our cash, cash equivalents and restricted cash held in financial institutions in the event of a default, to the extent that such amounts are in excess of applicable insurance limits; however, we do not believe our concentration of cash, cash equivalents and restrict…
Our Senior Notes have a fixed interest rate and are not subject to interest rate change. As such, our interest rate exposure is limited to the outstanding balance of our floating rate debt under our 2025 Credit Facilities. As of August 31, 2026, this outstanding balance was $375.0 million, which bor…
Refer to Part II, Item 8. Note 10, Debt in the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on our outstanding borrowings.

Text removed vs the prior filing · source: 10-K · 2025-10-22

Foreign currency translation adjustment gains (losses)$15,565 $8,565
As of August 31, 2025, we had Cash and cash equivalents of $337.7 million and Investments of $17.4 million. Our Cash and cash equivalents consist of cash and highly liquid investments including demand deposits and money market funds and our Investments consist of mutual funds. We are exposed to inte…
As of August 31, 2025, our outstanding floating rate debt included $375.0 million under the 2025 Credit Agreement. As of August 31, 2025, the outstanding borrowings under the 2025 Credit Agreement bore interest at a rate equal to the applicable
one-month Term SOFR plus a 0.975% spread (comprised of a 0.875% interest rate margin based on a debt leverage pricing grid plus a 0.1% credit spread adjustment).
To mitigate our exposure to interest rate volatility due to changes in SOFR, we entered into the 2025 Swap Agreement on April 24, 2025, to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 4.086%. As of August 31, 2025, the 2025 Swap Agreement has a notional amount …

How to read Risk Factors (Item 1A) in a 10-Q

A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:

Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.

Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.

Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.

This describes the filing structure only — it is never a judgement on whether risk went up or down.