FactSet provides financial data, analytics, and workflow software to investment professionals. The core product is a desktop workstation that gives users access to financial data on companies, securities, and markets, along with tools to research investments, analyze portfolios, build financial models, and prepare presentations. FactSet sells primarily to buy-side institutions — asset managers, hedge funds, and wealth managers — which account for roughly 82% of Annual Subscription Value (ASV, the key metric representing recurring revenue run rate), with the sell side making up the remaining 18%. Beyond the workstation, FactSet delivers data via feeds and APIs, provides managed services embedded in client workflows, and operates CUSIP Global Services, the exclusive issuer of CUSIP identifiers used to identify securities across the financial industry. FactSet's business model is almost entirely subscription-based, with revenue driven by user seat counts, annual price increases, and expansion into additional products. ASV retention above 95% makes the business highly predictable. FactSet's cost structure is primarily people-related, with nearly half of its roughly 12,800 employees working in Content Operations in India and the Philippines. FactSet's three growth priorities are wealth management (displacing legacy providers), data and AI (six AI products launched in FY25, including tools for pitch book automation and investment commentary), and building a front-to-back portfolio lifecycle platform for buy-side clients.