Financial research concept

Financial Data GAAP Operating Margin

measures GAAP operating income as a percentage of financial-data revenue.

By Lee BaileyPublished Oct 1, 2026

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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.

One-time compensation and restructuring weighed on margin
GAAP and adjusted margin should stay separate
Part of the Financial Data Subscription Economics
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Financial data GAAP operating margin measures operating income as a percentage of revenue under GAAP.

FactSet reported a 24.7% GAAP operating margin in the fourth quarter of fiscal 2026, down from 29.7% a year earlier.

One-time compensation and restructuring weighed on margin

FactSet cited higher employee compensation costs, including one-time restructuring charges and ASV-linked incentive plans.

That makes the quarter's GAAP margin different from underlying subscription growth.

GAAP and adjusted margin should stay separate

FactSet also reported an adjusted operating margin of 33.0%.

Compare it with adjusted operating margin and organic revenue 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 MarginGAAP Operating MarginCurrent concept
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

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:Adjusted Operating Margin

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Compare financial-data subscription economics

Compare FactSet GAAP operating margin separately from adjusted operating margin and subscription growth.

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