Financial research concept

Financial Data Adjusted Operating Margin

measures adjusted operating income as a percentage of financial-data revenue under the issuer's non-GAAP methodology.

By Lee BaileyPublished Oct 1, 2026

Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date: Oct 1, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 10 connected conceptsPart of the reviewed Financial Data Subscription Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Technology and compensation costs pressured adjusted margin
Adjusted margin is issuer-defined
Part of the Financial Data Subscription Economics
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Financial data adjusted operating margin measures adjusted operating income as a percentage of revenue under FactSet's non-GAAP methodology.

FactSet reported a 33.0% adjusted operating margin in the fourth quarter of fiscal 2026, compared with 33.8% a year earlier.

Technology and compensation costs pressured adjusted margin

FactSet cited higher compensation expense from ASV-linked incentive plans and technology-related expenses.

The adjusted measure removes acquisition-related intangible amortization and specified non-recurring items.

Adjusted margin is issuer-defined

It should not be treated as a standardized margin across financial-data providers.

Read it with GAAP operating margin and organic ASV growth.

Primary source: FactSet Q4/FY2026 SEC-filed earnings release.

Part of the Financial Data Subscription Economics

Connects FactSet Organic ASV, organic recognized revenue, regional subscription growth, and GAAP versus adjusted operating-margin conversion.

Browse the full operating model in Company Analysis →

Where this concept fits

GAAP and adjusted margin conversionCurrent relationship
GAAP and adjusted operating margins distinguish reported cost conversion from FactSet's non-GAAP view that excludes acquisition-related amortization and specified non-recurring items.
Adjusted Operating MarginCurrent conceptGAAP Operating Margin
Subscription growth and revenue recognition
Global Organic ASV growth and organic revenue growth separate the forward-looking subscription run rate from recognized revenue.
Organic ASV Growth Organic Revenue Growth
Regional subscription and revenue growth
Americas, EMEA, and APAC Organic ASV and organic revenue growth show regional subscription momentum and recognized-revenue conversion while preserving differences in scale.
Americas Organic ASV Growth Americas Organic Revenue Growth APAC Organic ASV Growth APAC Organic Revenue Growth EMEA Organic ASV Growth EMEA Organic Revenue Growth

Adjusted Operating MarginCurrent concept
Americas Organic ASV Growth
Americas Organic Revenue Growth
APAC Organic ASV Growth
APAC Organic Revenue Growth
EMEA Organic ASV Growth
EMEA Organic Revenue Growth
GAAP Operating Margin
Organic ASV Growth
Organic Revenue Growth

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

FDSOpen operating-model research →10 of 10 reviewed concepts in Financial Data Subscription EconomicsGAAP and adjusted margin conversion2 of 2 bridge concepts supportedContinue through this bridge:GAAP Operating Margin

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Compare financial-data subscription economics

Compare FactSet adjusted operating margin while preserving non-GAAP exclusions and compensation or technology cost effects.

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