Subtext

FactSet Research Systems Inc. FDS

SectorFinancials
Transcripts22
Date range2019-12-19 – 2025-03-20
Calls charted22

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-18-9+0+9+182020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32025 Q22020 Q1 · Overall: +8.62020 Q2 · Overall: +4.32020 Q3 · Overall: +9.02020 Q4 · Overall: +11.12021 Q1 · Overall: +5.22021 Q2 · Overall: +12.62021 Q3 · Overall: +9.02021 Q4 · Overall: +13.32022 Q1 · Overall: +15.72022 Q2 · Overall: +8.72022 Q3 · Overall: +10.32022 Q4 · Overall: +9.92023 Q1 · Overall: +5.52023 Q2 · Overall: +5.72023 Q3 · Overall: +3.72023 Q4 · Overall: +10.82024 Q1 · Overall: +6.32024 Q2 · Overall: +5.52024 Q3 · Overall: +0.62024 Q4 · Overall: +7.22025 Q1 · Overall: +13.12025 Q2 · Overall: +12.1
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-29-15+0+15+292020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32025 Q22020 Q1 · CEO: +19.52020 Q2 · CEO: +10.72020 Q3 · CEO: +15.52020 Q4 · CEO: +20.92021 Q1 · CEO: +12.42021 Q2 · CEO: +20.22021 Q3 · CEO: +25.62021 Q4 · CEO: +22.82022 Q1 · CEO: +22.32022 Q2 · CEO: +18.52022 Q3 · CEO: +19.22022 Q4 · CEO: +21.02023 Q1 · CEO: +13.92023 Q2 · CEO: +13.42023 Q3 · CEO: +13.42023 Q4 · CEO: +22.32024 Q1 · CEO: +16.72024 Q2 · CEO: +16.82024 Q3 · CEO: +11.62024 Q4 · CEO: +12.42025 Q1 · CEO: +19.92025 Q2 · CEO: +16.72020 Q1 · CFO: +10.42020 Q2 · CFO: +5.62020 Q3 · CFO: +8.12020 Q4 · CFO: +7.92021 Q1 · CFO: +4.62021 Q2 · CFO: +9.72021 Q3 · CFO: +7.12021 Q4 · CFO: +15.32022 Q1 · CFO: +15.12022 Q2 · CFO: +7.32022 Q3 · CFO: +9.62022 Q4 · CFO: +9.42023 Q1 · CFO: +6.32023 Q2 · CFO: +7.12023 Q3 · CFO: +0.52023 Q4 · CFO: +6.62024 Q1 · CFO: +3.52024 Q2 · CFO: +4.42024 Q3 · CFO: +3.52024 Q4 · CFO: +7.62025 Q1 · CFO: +9.12025 Q2 · CFO: +8.1
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-24-12+0+12+242020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32025 Q22020 Q1 · Prepared remarks: +18.92020 Q2 · Prepared remarks: +10.02020 Q3 · Prepared remarks: +9.92020 Q4 · Prepared remarks: +17.02021 Q1 · Prepared remarks: +6.82021 Q2 · Prepared remarks: +15.72021 Q3 · Prepared remarks: +17.52021 Q4 · Prepared remarks: +19.52022 Q1 · Prepared remarks: +20.52022 Q2 · Prepared remarks: +11.12022 Q3 · Prepared remarks: +8.62022 Q4 · Prepared remarks: +18.22023 Q1 · Prepared remarks: +4.72023 Q2 · Prepared remarks: +10.12023 Q3 · Prepared remarks: +13.72023 Q4 · Prepared remarks: +8.22024 Q1 · Prepared remarks: +3.12024 Q2 · Prepared remarks: +1.42024 Q3 · Prepared remarks: +6.52024 Q4 · Prepared remarks: +6.22025 Q1 · Prepared remarks: +16.72025 Q2 · Prepared remarks: +15.92020 Q1 · Q&A responses: +12.52020 Q2 · Q&A responses: +7.02020 Q3 · Q&A responses: +13.02020 Q4 · Q&A responses: +12.52021 Q1 · Q&A responses: +11.02021 Q2 · Q&A responses: +14.62021 Q3 · Q&A responses: +11.22021 Q4 · Q&A responses: +16.32022 Q1 · Q&A responses: +18.12022 Q2 · Q&A responses: +11.42022 Q3 · Q&A responses: +16.92022 Q4 · Q&A responses: +11.42023 Q1 · Q&A responses: +11.52023 Q2 · Q&A responses: +8.42023 Q3 · Q&A responses: +4.02023 Q4 · Q&A responses: +17.92024 Q1 · Q&A responses: +10.92024 Q2 · Q&A responses: +13.92024 Q3 · Q&A responses: +6.62024 Q4 · Q&A responses: +14.32025 Q1 · Q&A responses: +16.12025 Q2 · Q&A responses: +15.0
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$9.73$13.97$18.212020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32025 Q22020 Q1: $10.322020 Q2: $10.322020 Q3: $10.882020 Q4: $11.262021 Q1: $11.542021 Q2: $11.742021 Q3: $11.922021 Q4: $12.612022 Q1: $13.232022 Q2: $14.222022 Q3: $14.912022 Q4: $15.322023 Q1: $15.792023 Q2: $16.162023 Q3: $16.752023 Q4: $16.672024 Q1: $16.942024 Q2: $17.182024 Q3: $17.382024 Q4: $17.62

Forward P/E

19.9829.2438.512020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32025 Q22020 Q1: 21.262020 Q2: 29.072020 Q3: 30.712020 Q4: 30.662021 Q1: 27.402021 Q2: 27.802021 Q3: 32.202021 Q4: 37.232022 Q1: 31.702022 Q2: 25.032022 Q3: 30.112022 Q4: 29.332023 Q1: 25.632023 Q2: 25.442023 Q3: 25.622023 Q4: 27.532024 Q1: 28.442024 Q2: 23.702024 Q3: 25.712024 Q4: 26.82

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2021 Q1 tone ↓ -5.9 fwd EPS ↑ +0.28 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -3.6 fwd EPS ↑ +0.18 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -7.0 fwd EPS ↑ +0.99 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -4.4 fwd EPS ↑ +0.47 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -4.5 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -4.9 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q22025-03-20+12.1——View →
2025 Q12024-12-19+13.1——View →
2024 Q42024-09-19+7.2$17.6226.8View →
2024 Q32024-06-21+0.6$17.3825.7View →
2024 Q22024-03-21+5.5$17.1823.7View →
2024 Q12023-12-19+6.3$16.9428.4View →
2023 Q42023-09-21+10.8$16.6727.5View →
2023 Q32023-06-22+3.7$16.7525.6View →