What the changes say
- Added focus on internal control weaknesses impacting financial reporting.
- New disclosures addressing client cybersecurity and DORA compliance demands.
- Expanded risks around artificial intelligence competition and ESG regulatory scrutiny.
What changed since the prior 10-K
New
- NewCybersecurity, Technology and Data Security Risks
Clients are seeking additional contractual protections that may create additional liabilities for us
Financial services clients are demanding stricter contractual cybersecurity and DORA compliance, exposing us to penalties and contract terminations if we fail.
- NewCybersecurity, Technology and Data Security Risks
Increased scrutiny with respect to sustainability matters
New ESG laws and public scrutiny in Europe and globally could harm our reputation and limit demand for our climate-focused products.
- NewOperational Risks
If we fail to maintain proper and effective internal control and remediate any future control deficiencies, our ability or perceived ability to produce accurate and timely financial statements or reporting could be impaired, which could harm our business
A previously identified material weakness in IT general controls supporting our revenues, accounts receivable, and deferred revenues could impair accurate financial reporting.
- NewLegal and Regulatory Risks
Compliance with global data privacy laws which are constantly evolving
Global data privacy laws such as GDPR, CCPA, and India's DPDP Act create compliance burdens and cross-border transfer risks for sensitive information.
- NewRisks Relating to Our Debt
Our indebtedness may impair our financial condition and operations and restrict our activities or our ability to satisfy our obligations
Our indebtedness and variable interest rates increase our financial vulnerability, restrict business activities, and raise interest expense during rate hikes.
Dropped
- DroppedTechnology and Data Security Risks
Loss, corruption and misappropriation of data and information relating to clients and others
Loss, corruption and misappropriation of data and information relating to clients and others.
- DroppedTechnology and Data Security Risks
Successful access to prohibited data and other cyber-attacks and the failure of cyber-security systems and procedures
Successful access to prohibited data and cyber-attacks on internal or third-party infrastructure.
- DroppedTechnology and Data Security Risks
revenues required to provide the desired results. Our failure or inability to anticipate and respond to changes in the marketplace, including competitor and supplier developments, may also adversely affect our business, operations and growth
- DroppedRisks Relating to Our Debt
e.placing us at a competitive disadvantage compared with those of our competitors that have less debt; and
- DroppedRisks Relating to Our Debt
f.exposing us to risks inherent in interest rate fluctuations because some of our borrowings are at variable rates of interest, which could result in higher interest expense in the event of increases in market interest rates
- DroppedRisks Relating to Our Debt
The restrictive covenants in our debt may affect our ability to operate our business successfully
Reworded
- 95% rewrittenOperational Risks
Inability to hire and retain key qualified personnel or navigate key management transitions
Added specific focus on executive leadership transitions and detailed the factors influencing our ability to attract engineering, technology, and sales talent.
Was: Inability to hire and retain key qualified personnel
- 75% rewrittenFinancial Market Risks
Exposure to fluctuations in currency exchange rates and the failure of hedging arrangements
Clarified that foreign currency forward contracts are specifically designed to offset currency impacts on a portion of projected operating expenses.
- 73% rewrittenLegal and Regulatory Risks
Adverse resolution of litigation or governmental investigations
Named a specific purported class action lawsuit (Dinosaur Financial Group LLC et al. v. S&P Global, Inc. et al) regarding the CGS business acquisition.
- 64% rewrittenLegal and Regulatory Risks
Legislative and regulatory changes in the environments in which we and our clients operate
Retained substantially the same text regarding legislative and regulatory changes in operating environments.
- 63% rewrittenFinancial Market Risks
Economic, political and other forces beyond our control could adversely affect our business
Added natural and man-made disasters and public health crises such as pandemics to the list of macroeconomic and geopolitical risk factors.
Was: Economic, political and market forces beyond our control could adversely affect our business
- 59% rewrittenLegal and Regulatory Risks
Additional cost due to tax assessments resulting from ongoing and future audits by tax authorities as well as changes in tax laws
Provided specific historical dates (August 2019 through February 2024) for sales tax audit notices received from the Commonwealth of Massachusetts.
- 46% rewrittenCybersecurity, Technology and Data Security Risks
Competition in our industry may cause price reductions or loss of market share, or limit our growth or profitability
Added threats from competitors leveraging AI, cloud computing, alternative data, and fintech solutions that could make our products outdated.
Was: Competition in our industry may cause price reductions or loss of market share
- 45% rewrittenCybersecurity, Technology and Data Security Risks
Our use of AI technologies may not be successful and may present business, compliance, and reputational risks
Expanded AI risks to specifically cite emerging generative and agentic AI technologies and the risk of failing to launch competitive products.
Was: Our use of artificial intelligence technologies may not be successful and may present business, compliance, and reputational risks
- 43% rewrittenOperational Risks
Failure to enter into, renew or comply with contracts supplying new and existing content sets or products on competitive terms
Was: Failure to enter into, renew or comply with contracts supplying new and existing data sets or products on competitive terms
- 41% rewrittenCybersecurity, Technology and Data Security Risks
Transition to new technologies, applications and processes could expose us to unanticipated disruptions or impacts
Was: Transition to new technologies, applications and processes could expose us to unanticipated disruptions
- 35% rewrittenCybersecurity, Technology and Data Security Risks
Volatility or downturns in the financial markets may delay the spending pattern of clients and reduce future ASV growth
- 33% rewrittenOperational Risks
Increased accessibility to free or relatively inexpensive information sources may reduce demand for our products and services
- 21% rewrittenFinancial Market Risks
Business performance may not be sufficient to meet financial guidance or publicly disclosed long-term targets
All 25 risk factors
Headings as the filing states them, in filing order.
Cybersecurity, Technology and Data Security Risks
- 01Transition to new technologies, applications and processes could expose us to unanticipated disruptions or impacts41% rewritten
- 02Our use of AI technologies may not be successful and may present business, compliance, and reputational risks45% rewritten
- 03Competition in our industry may cause price reductions or loss of market share, or limit our growth or profitability46% rewritten
- 04The continued shift from active to passive investing could negatively impact user count growth and revenues
- 05A decline in equity and/or fixed income returns may impact the buying power of investment management clients
- 06Uncertainty or downturns in the global economy and consolidation in the financial services industry may cause us to lose clients and users
- 07Volatility or downturns in the financial markets may delay the spending pattern of clients and reduce future ASV growth35% rewritten
- 08Clients are seeking additional contractual protections that may create additional liabilities for usNew
- 09Failure to identify, integrate, or realize anticipated benefits of acquisitions and strains on resources as a result of growth
- 10Failure to maintain reputation
- 11Increased scrutiny with respect to sustainability mattersNew
Operational Risks
- 12Operations outside the U.S. involve additional requirements and burdens that we may not be able to control or manage successfully
- 13Failure to enter into, renew or comply with contracts supplying new and existing content sets or products on competitive terms43% rewritten
- 14Increased accessibility to free or relatively inexpensive information sources may reduce demand for our products and services33% rewritten
- 15Inability to hire and retain key qualified personnel or navigate key management transitions95% rewritten
- 16If we fail to maintain proper and effective internal control and remediate any future control deficiencies, our ability or perceived ability to produce accurate and timely financial statements or reporting could be impaired, which could harm our businessNew
Legal and Regulatory Risks
- 17Legislative and regulatory changes in the environments in which we and our clients operate64% rewritten
- 18Adverse resolution of litigation or governmental investigations73% rewritten
- 19Third parties may claim we infringe upon their intellectual property rights or they may infringe upon our intellectual property rights
- 20Compliance with global data privacy laws which are constantly evolvingNew
- 21Additional cost due to tax assessments resulting from ongoing and future audits by tax authorities as well as changes in tax laws59% rewritten
Financial Market Risks
- 22Exposure to fluctuations in currency exchange rates and the failure of hedging arrangements75% rewritten
- 23Business performance may not be sufficient to meet financial guidance or publicly disclosed long-term targets21% rewritten
- 24Economic, political and other forces beyond our control could adversely affect our business63% rewritten
Risks Relating to Our Debt
- 25Our indebtedness may impair our financial condition and operations and restrict our activities or our ability to satisfy our obligationsNew
Other Factset Research Systems 10-Ks
- FY2026 10-K risk factors24 risks4 new5 dropped12 reworded
New risks emphasize reliance on a dominant cloud provider, possible service outages, and limits in disaster recovery and system-change controls.
Filed Oct 20, 2026 - FY2024 10-K risk factors26 risks
Technology evolution and artificial intelligence integration dominate the risk profile alongside cybersecurity and third-party data dependencies. Market shifts from active to passive investing and financial sector consolidation threaten core asset management clients. International operations span multiple jurisdictions with significant non-U.S. revenue and employee concentration.
Filed Oct 29, 2024
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.