US Market News
1月前
FIS Reports First Quarter 2026 Results and Reiterates Full-Year OutlookMay 8, 2026 7:30 AM
Business Wire First quarter GAAP Diluted EPS of $4.58 Adjusted EPS of $1.36 increased 12% over the prior year period Revenue increased 30% on a GAAP basis to $3.3 billion, increasing 31% on an adjusted basis and 6.5% on a Pro Forma basis Net cash provided by operating activities was $713 million and Free cash flow1 increased 111% over the prior-year period Reiterates full-year 2026 outlook, including Adjusted revenue growth of 30-31%, Adjusted EBITDA growth of 34-35%, Adjusted EPS growth of 8-10% and Free Cash Flow1 growth of 27-33%2 Reiterates 2026 outlook for Pro Forma revenue growth of 5.1-5.7% and Pro Forma Adjusted EBITDA growth of 7.2-8.4%2 FIS® (NYSE: FIS), a global leader in financial technology, today reported its first quarter 2026 results. “We delivered a strong start to 2026, with disciplined execution driving margin expansion and robust cash flow generation,” said FIS CEO and President Stephanie Ferris. “The market is strong, banks are investing, and the innovation that is redefining financial services runs through FIS. As evidenced by our recent announcements and partnerships, we are positioning ourselves at the forefront of this new era of modern banking.” First Quarter 2026 Financial Results On a GAAP basis, revenue increased 30% as compared to the prior-year period to approximately $3.3 billion. GAAP net earnings attributable to common stockholders were $2.4 billion or $4.58 per diluted share, reflecting an estimated gain of $2.2 billion, net of tax, from the Worldpay Sale. On an adjusted basis, revenue increased 31% as compared to the prior-year period. Adjusted EBITDA increased 36% to approximately $1.3 billion and Adjusted EBITDA margin expanded by 176 basis points (bps) compared to the prior-year period to 39.6%, reflecting the acquisition of the high margin Total Issuing Solutions™ business, favorable mix and cost savings. Adjusted net earnings were $705 million, and Adjusted EPS increased by 12% as compared to the prior-year period to $1.36 per diluted share. On a Pro Forma basis, revenue increased 6.5% as compared to the prior-year period, including recurring revenue growth of 4.8%. Pro Forma adjusted EBITDA increased 9.4% and Pro Forma adjusted EBITDA margin expanded by 87 basis points (bps) compared to the prior-year period to 39.6%, reflecting favorable mix and cost savings. ($ millions, except per share data, unaudited) Three Months Ended March 31, % Adjusted Pro Forma 2026 2025 Change Growth Growth** Banking Solutions Revenue 2,374 1,633 45% 44% 7.7% Capital Market Solutions Revenue 823 787 5% 3% 2.9% Operating Segment Total Revenue $ 3,197 $ 2,420 32% 31% 6.5% Corporate and Other Revenue 98 112 (12)% - - Consolidated FIS Revenue $ 3,295 $ 2,532 30% - - Adjusted EBITDA $ 1,304 $ 958 36% - 9.4% Adjusted EBITDA Margin 39.6 % 37.8 % 176 bps - 87 bps Net Earnings (Loss) (GAAP) $ 2,366 $ 77 * Diluted Earnings (Loss) Per Common Share (GAAP) $ 4.58 $ 0.15 * Adjusted Net Earnings $ 705 $ 643 10% Adjusted EPS $ 1.36 $ 1.21 12% Free Cash Flow1 $ 474 $ 224 111% *Indicates comparison not meaningful **Pro Forma revenue growth and margins include 8 days of contribution from Total Issuing™ Solutions acquisition Segment Information Banking Solutions:
First quarter revenue increased 45% on a GAAP basis and 44% on an adjusted basis as compared to the prior-year period to $2.4 billion. Adjusted EBITDA increased 56% to $1.0 billion and Adjusted EBITDA margin expanded by 299 basis points as compared to the prior-year period to 43.7%, reflecting the acquisition of the high margin Total Issuing Solutions™ business and strong margin expansion across FIS’ core banking and payments businesses. On a Pro Forma basis, revenue increased 7.7% as compared to the prior-year period, including recurring revenue growth of 5.2%. Pro Forma adjusted EBITDA increased 15.3% and Pro Forma adjusted EBITDA margin expanded by 243 basis points (bps) compared to the prior-year period to 43.7%, led by favorable mix and cost savings. Capital Market Solutions:
First quarter revenue increased by 5% on a GAAP basis and 3% on an adjusted basis as compared to the prior-year period to $823 million, reflecting recurring revenue growth of 3.6%. Adjusted EBITDA increased 8% to $424 million and Adjusted EBITDA margin expanded by 162 basis points as compared to the prior-year period to 51.6%, reflecting favorable mix and cost savings. Corporate and Other:
First quarter revenue decreased by 12% as compared to the prior-year period to $98 million. Adjusted EBITDA loss was $158 million, including $161 million of corporate expenses. Balance Sheet and Cash Flows First quarter net cash provided by operating activities was $713 million and Free cash flow1 was $474 million, up 111% as compared to the prior-year period. The Company returned $262 million of capital to shareholders through $30 million of share repurchases and $232 million of dividends paid. As of March 31, 2026, debt outstanding totaled $21.1 billion. Capital Allocation The Company will continue to pay quarterly dividends targeting dividend per share growth in line with Adjusted EPS growth. Consistent with prior communications, the Company has temporarily paused share repurchases and tuck-in M&A to accelerate deleveraging. The Company expects to resume its existing capital allocation priorities once it has achieved its target gross leverage of 2.8x. Second Quarter and Full-Year 2026 Outlook For the full-year, the Company is reiterating its outlook, projecting Adjusted revenue growth of 30-31%, Adjusted EBITDA growth of 34-35% and Adjusted EPS growth of 8-10%. On a Pro Forma basis, revenue and Adjusted EBITDA are projected to grow by 5.1-5.7% and 7.2-8.4% respectively2. Additionally, the Company is reiterating its target for Free Cash Flow1 of $2.05 - $2.15 billion, or growth of 27-33% as compared to the prior year. ($ millions, except share data) 2Q 2026 FY 2026 Revenue $3,375 - $3,395 $13,770 - $13,850 Adjusted EBITDA (Non-GAAP)2 $1,395 - $1,415 $5,800 - $5,860 Adjusted EPS (Non-GAAP)2 $1.45 - $1.49 $6.22 - $6.32 1Our 2026 Free Cash Flow outlook is defined as Free cash flow excluding cash transaction taxes on the Worldpay sale. 2The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. Webcast FIS will host a live webcast of its earnings conference call with the investment community beginning at 8:30 a.m. (EDT) on Friday, May 8, 2026. To access the webcast, go to the Investor Relations section of FIS’ homepage, www.investor.fisglobal.com. A replay will be available after the conclusion of the live webcast. About FIS FIS is a financial technology company providing solutions to financial institutions, businesses and developers. We unlock financial technology to the world across the money lifecycle underpinning the world's financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. To learn more, visit FISglobal.com. Follow FIS on LinkedIn, Facebook and X. FIS Use of Non-GAAP Financial Information Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting in the United States. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, we have provided certain non-GAAP financial measures. These non-GAAP measures include constant currency revenue, Adjusted revenue growth, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Adjusted EPS, Free cash flow and Free cash flow excluding cash transaction taxes on the Worldpay sale. Due to the financial impact of the acquisition of the Issuer Solutions Business, FIS is also providing additional information to improve the understanding of the Company’s operating performance and has recalculated certain non-GAAP measures of the Company’s historical financial performance on an adjusted combined company basis for the periods shown herein. This information includes Pro forma combined revenue, Pro forma combined revenue growth, Adjusted pro forma combined EBITDA and Adjusted pro forma combined EBITDA margin. The Company has derived certain pro forma measures from the unaudited pro forma condensed combined financial information of FIS and the Issuer Solutions Business and notes thereto prepared in accordance with Article 11 of Regulation S-X for the year ended December 31, 2025, in Exhibit 99.2 to the Company’s Form 8-K/A filed on February 24, 2026. We believe these non-GAAP measures help investors better understand the underlying fundamentals of our business. As further described below, the non-GAAP revenue and earnings measures presented eliminate items management believes are not indicative of FIS’ operating performance. The constant currency revenue and Adjusted revenue growth measures adjust for the effects of exchange rate fluctuations and exclude discontinued operations, while Adjusted revenue growth also excludes revenue from Corporate and Other, giving investors further insight into our performance. Finally, Free cash flow and Free cash flow excluding cash transaction taxes on the Worldpay sale provide further information about the ability of our business to generate cash. For these reasons, management also uses these non-GAAP measures in its assessment and management of FIS’ performance. Constant currency revenue represents reported segment revenue excluding the impact of fluctuations in foreign currency exchange rates in the current period. Adjusted revenue growth reflects the percentage change in constant currency revenue for the current period as compared to the prior period. Constant currency revenue is calculated by applying prior-year period foreign currency exchange rates to current-period revenue. When referring to Adjusted revenue growth, revenue from our Corporate and Other segment is excluded. Adjusted EBITDA reflects net earnings (loss) before interest, other income (expense), taxes, equity method investment earnings (loss), and depreciation and amortization, and excludes certain costs that do not constitute normal, recurring, cash operating expenses necessary to operate our business. These excluded costs generally include acquisition, integration and certain other costs and asset impairments. Adjusted EBITDA for the respective segments excludes the foregoing items. This measure is reported to the chief operating decision maker, the Company's Chief Executive Officer and President, who utilizes the measure for purposes of making decisions about allocating resources to the segments and assessing their performance. For this reason, Adjusted EBITDA, as it relates to our segments, is presented in conformity with FASB ASC Topic 280, Segment Reporting. Adjusted EBITDA margin reflects Adjusted EBITDA, as defined above, divided by revenue. Adjusted net earnings excludes the effect of purchase price amortization, as well as certain costs that do not constitute normal, recurring, cash operating expenses necessary to operate our business. For purposes of calculating Adjusted net earnings, our equity method investment earnings (loss) ("EMI") from Worldpay is also adjusted to exclude certain costs and other transactions in a similar manner. Adjusted pro forma combined EBITDA reflects net earnings (loss) before interest, other income (expense), taxes, equity method investment earnings (loss), and depreciation and amortization, and excludes certain costs that do not constitute normal, recurring, cash operating expenses for FIS and Total Issuing Solutions™ combined for pre-acquisition periods and assumes the Issuer Solutions acquisition occurred on January 1, 2025, unless otherwise indicated. These excluded costs generally include acquisition, integration and certain other costs and asset impairments. Adjusted pro forma combined EBITDA margin reflects Adjusted pro forma combined EBITDA, as defined above, divided by Pro forma combined revenue. Adjusted EPS reflects Adjusted net earnings, as defined above, divided by weighted average diluted shares outstanding. Free cash flow reflects net cash provided by operating activities from continuing operations, less capital expenditures (additions to property and equipment and additions to software from the statement of cash flows). Free cash flow excluding cash transaction taxes on the Worldpay sale reflects Free cash flow excluding cash transaction taxes on the Worldpay sale. Pro forma combined revenue includes reported revenue for FIS and Total Issuing™ Solutions combined for pre-acquisition periods and assumes the Issuer Solutions acquisition occurred on January 1, 2025, unless otherwise indicated. Pro forma combined revenue growth represents Pro forma combined revenue excluding the impact of fluctuations in foreign currency exchange rates in the current period as compared to the prior period Pro forma combined revenue. When referring to Pro forma combined revenue growth, revenue from our Corporate and Other segment is excluded. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP measures. Further, FIS’ non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures, including footnotes describing the adjustments, are provided in the attached schedules and in the Investor Relations section of the FIS website, www.investor.fisglobal.com. Forward-Looking Statements This earnings release and today’s webcast contain “forward-looking statements” within the meaning of the U.S. federal securities laws. Statements that are not historical facts, as well as other statements about our expectations, beliefs, intentions, or strategies regarding the future, or other characterizations of future events or circumstances, are forward-looking statements. Forward-looking statements include statements about anticipated financial outcomes, including any earnings outlook or projections, projected revenue or expense synergies or dis-synergies, business and market conditions, outlook, foreign currency exchange rates, deleveraging plans, expected dividends and share repurchases of the Company, the Company’s sales pipeline and anticipated profitability and growth, plans, strategies and objectives for future operations, strategic value creation, risk profile and investment strategies, any statements regarding future economic conditions or performance and any statements with respect to the future impacts of the recently completed acquisition of the Issuer Solutions Business, which has been rebranded as FIS Total Issuing™ Solutions. These statements may be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “will,” “should,” “could,” “would,” “project,” “continue,” “likely,” and similar expressions, and include statements reflecting future results or outlook, statements of outlook and various accruals and estimates. These statements relate to future events and our future results and involve a number of risks and uncertainties. Forward-looking statements are based on management’s beliefs as well as assumptions made by, and information currently available to, management. Actual results, performance or achievement could differ materially from these forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include the following, without limitation: changes in general economic, business and political conditions, a recession, intensified or expanded international hostilities, acts of terrorism, fluctuation in rates of inflation or interest, effects of announced or future tariff increases and any resulting regulatory changes in global trade relations and changes in consumer or business confidence; changes in either or both the United States and international lending, capital and financial markets or currency fluctuations; the risk that acquired businesses, including FIS Total Issuing™ Solutions, will not be integrated successfully, will not provide the expected benefits, or that the integration will be more costly or more time-consuming and complex than anticipated; the risk that cost savings and synergies anticipated to be realized from acquisitions, including the Issuer Solutions Acquisition, may not be fully realized or may take longer to realize than expected or that costs may be greater than anticipated; the risks of doing business internationally; the effect of legislative initiatives or proposals, statutory changes, governmental or applicable regulations and/or changes in industry requirements, including privacy, data protection, cybersecurity, cyber resilience and AI laws and regulations; our ability to comply with climate change legal and regulatory requirements and to maintain practices that meet our stakeholders' evolving expectations; the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in, or new laws or regulations affecting, the banking, retail and financial services industries or due to financial failures or other setbacks suffered by firms in those industries; changes in the growth rates of the markets for our solutions; the amount, declaration and payment of future dividends is at the discretion of our Board of Directors and depends on, among other things, our investment opportunities, results of operations, financial condition, cash requirements, future prospects, and other factors that may be considered relevant by our Board of Directors, including legal and contractual restrictions; the amount and timing of any future share repurchases is subject to, among other things, our share price, our other investment opportunities and cash requirements, our results of operations and financial condition, our future prospects and other factors that may be considered relevant by our Board of Directors and management; failures to adapt our solutions to changes in technology or in the marketplace; internal or external security or privacy breaches of our systems, including those relating to unauthorized access, theft, corruption or loss of personal information and computer viruses and other malware affecting our software or platforms, and the reactions of customers, card associations, government regulators and others to any such events; the risk that implementation of software, including software updates, for customers or at customer locations or employee error in monitoring our software and platforms may result in the corruption or loss of data or customer information, interruption of business operations, outages, exposure to liability claims or loss of customers; the risk that partners and third parties may fail to satisfy their legal obligations to us; the risks associated with managing pension cost, cybersecurity issues and IT outages experienced; our ability to navigate the opportunities and risks associated with using and/or incorporating AI technologies into our business; the reaction of current and potential customers to communications from us or regulators regarding information security, risk management, internal audit or other matters; competitive pressures on pricing related to the decreasing number of community banks in the U.S., the development of new disruptive technologies competing with one or more of our solutions, increasing presence of international competitors in the U.S. market and the entry into the market by global banks and global companies with respect to certain competitive solutions, each of which may have the impact of unbundling individual solutions from a comprehensive suite of solutions we provide to many of our customers; the failure to innovate in order to keep up with new emerging technologies, which could impact our solutions and our ability to attract new, or retain existing, customers; an operational or natural disaster at one of our major operations centers; failure to comply with applicable requirements of payment networks or changes in those requirements; fraud by bad actors; and other risks detailed elsewhere in the “Risk Factors” section and other sections of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in our other filings with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have a material adverse effect on our business, financial condition, results of operations and prospects. Accordingly, readers should not place undue reliance on these forward-looking statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Except as required by applicable law or regulation, we do not undertake (and expressly disclaim) any obligation and do not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise. Fidelity National Information Services, Inc. Earnings Release Supplemental Financial Information May 8, 2026 Exhibit A Condensed Consolidated Statements of Earnings (Loss) - Unaudited for the three months ended March 31, 2026 and 2025 Exhibit B Condensed Consolidated Balance Sheets - Unaudited as of March 31, 2026, and December 31, 2025 Exhibit C Condensed Consolidated Statements of Cash Flows - Unaudited for the three months ended March 31, 2026 and 2025 Exhibit D Supplemental Non-GAAP Adjusted Revenue Growth - Unaudited for the three months ended March 31, 2026 and 2025 Exhibit E Supplemental Disaggregation of Revenue - Unaudited for the three months ended March 31, 2026 and 2025 Exhibit F Supplemental Non-GAAP Adjusted Free Cash Flow Measures - Unaudited for the three months ended March 31, 2026 and 2025 Exhibit G Supplemental GAAP to Non-GAAP Reconciliations - Unaudited for the three months ended March 31, 2026 and 2025 FIDELITY NATIONAL INFORMATION SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – UNAUDITED (In millions, except per share amounts) Exhibit A Three months ended March 31, 2026 2025 Revenue $ 3,295 $ 2,532 Cost of revenue 2,187 1,653 Gross profit 1,108 879 Selling, general, and administrative expenses 605 558 Asset impairments 104 2 Other operating (income) expense, net (including related party transactions of $- and $28 million) (24 ) (28 ) Operating income 423 347 Other income (expense): Interest expense, net (197 ) (80 ) Other income (expense), net 33 (37 ) Total other income (expense), net (164 ) (117 ) Earnings (loss) before income taxes and equity method investment earnings (loss) 259 230 Provision (benefit) for income taxes 106 81 Equity method investment earnings (loss), net of tax 2,214 (71 ) Net earnings (loss) 2,367 78 Net (earnings) loss attributable to noncontrolling interest (1 ) (1 ) Net earnings (loss) attributable to FIS $ 2,366 $ 77 Net earnings (loss) per share-basic attributable to FIS $ 4.59 $ 0.15 Weighted average shares outstanding-basic 515 528 Net earnings (loss) per share-diluted attributable to FIS $ 4.58 $ 0.15 Weighted average shares outstanding-diluted 517 531 Amounts in table may not sum or calculate due to rounding. FIDELITY NATIONAL INFORMATION SERVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED (In millions, except per share amounts) Exhibit B March 31,
2026 December 31,
2025 ASSETS Current assets: Cash and cash equivalents $ 755 $ 599 Settlement assets 610 515 Trade receivables, net 2,269 1,944 Other receivables 113 432 Receivable from related party — 39 Prepaid expenses and other current assets 1,234 959 Total current assets 4,981 4,488 Property and equipment, net 1,113 691 Goodwill 24,585 17,762 Intangible assets, net 4,450 959 Software, net 5,220 2,876 Equity method investment 13 3,681 Other noncurrent assets 1,831 1,710 Deferred contract costs, net 1,291 1,321 Total assets $ 43,484 $ 33,488 LIABILITIES AND EQUITY Current liabilities: Accounts payable, accrued and other liabilities $ 2,446 $ 2,097 Settlement payables 676 549 Deferred revenue 1,084 957 Short-term borrowings 4,164 2,729 Current portion of long-term debt 101 1,284 Total current liabilities 8,471 7,616 Long-term debt, excluding current portion 16,791 9,069 Deferred income taxes 327 1,215 Other noncurrent liabilities 1,915 1,686 Total liabilities 27,504 19,586 Equity: FIS stockholders' equity: Preferred stock $0.01 par value — — Common stock $0.01 par value 6 6 Additional paid in capital 47,444 47,317 (Accumulated deficit) retained earnings (20,581 ) (22,718 ) Accumulated other comprehensive earnings (loss) (628 ) (504 ) Treasury stock, at cost (10,264 ) (10,202 ) Total FIS stockholders' equity 15,977 13,899 Noncontrolling interest 3 3 Total equity 15,980 13,902 Total liabilities and equity $ 43,484 $ 33,488 Amounts in table may not sum or calculate due to rounding. FIDELITY NATIONAL INFORMATION SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED (In millions) Exhibit C Three months ended March 31, 2026 2025 Cash flows from operating activities: Net earnings (loss) $ 2,367 $ 78 Adjustment to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 628 456 Amortization of debt issuance costs 16 4 Asset impairments 104 2 Loss (gain) on sale of businesses, investments and other (15 ) 31 Stock-based compensation 44 47 Loss (gain) from equity method investment (2,214 ) 71 Deferred income taxes (5 ) (9 ) Net changes in assets and liabilities, net of effects from acquisitions and foreign currency: Trade and other receivables (8 ) (9 ) Receivable from related party 38 55 Settlement activity 19 (10 ) Prepaid expenses and other assets (140 ) (34 ) Deferred contract costs (88 ) (71 ) Deferred revenue 66 65 Accounts payable, accrued liabilities and other liabilities (99 ) (219 ) Net cash provided by operating activities 713 457 Cash flows from investing activities: Additions to property and equipment (50 ) (37 ) Additions to software (211 ) (196 ) Cash divested from sale of business — (1,417 ) Acquisitions, net of cash acquired (7,859 ) (1 ) Coupon payments on interest rate swaps (23 ) (22 ) Distributions from equity method investments 32 44 Other investing activities, net (60 ) (47 ) Net cash provided by (used in) investing activities (8,171 ) (1,676 ) Cash flows from financing activities: Borrowings 35,992 12,488 Repayment of borrowings and other financing arrangements (27,982 ) (12,029 ) Debt issuance costs (57 ) — Net proceeds from stock issued under stock-based compensation plans 1 — Treasury stock activity (67 ) (537 ) Dividends paid (232 ) (220 ) Other financing activities, net (1 ) 33 Net cash provided by (used in) financing activities 7,654 (265 ) Net cash provided by (used in) operating activities from discontinued operations (1) — 303 Effect of foreign currency exchange rate changes on cash (16 ) 40 Net increase (decrease) in cash, cash equivalents and restricted cash 180 (1,141 ) Cash, cash equivalents and restricted cash, beginning of period 599 1,946 Cash, cash equivalents and restricted cash, end of period $ 779 $ 805 Amounts in table may not sum or calculate due to rounding. (1) As discussed in Note 1 to our consolidated financial statements, the Company completed the 2024 Worldpay Sale on January 31, 2024. Certain assets included as part of the 2024 Worldpay Sale did not convey until the first quarter of 2025 after receiving all required regulatory approvals. These assets generated operating cash flows from discontinued operations but did not generate any net earnings from discontinued operations during the three months ended March 31, 2025. FIDELITY NATIONAL INFORMATION SERVICES, INC. SUPPLEMENTAL NON-GAAP ADJUSTED REVENUE GROWTH — UNAUDITED (In millions) Exhibit D Three months ended March 31, 2026 2025 Revenue FX Constant Currency Revenue Revenue (1) Adjusted Growth (2) Banking Solutions $ 2,374 $ (25 ) $ 2,350 $ 1,633 44 % Capital Market Solutions 823 (12 ) 811 787 3 % Operating segment total 3,197 (37 ) 3,160 2,420 31 % Corporate and Other 98 (2 ) 96 112 Consolidated FIS $ 3,295 $ (39 ) $ 3,256 $ 2,532 Amounts in table may not sum or calculate due to rounding. (1) As a result of the Company's acquisition of the Issuer Solutions Business, the Company reassessed its reportable segments and included the Issuer Solutions Business within the Banking Solutions segment. In connection with this reassessment, the Company also reclassified certain businesses among the Banking Solutions, Capital Market Solutions, and Corporate and Other segments. All prior-period segment information was recast to conform to the Company's revised reportable segment presentation. (2) Adjusted growth excludes Corporate and Other, which includes certain non-strategic businesses. FIDELITY NATIONAL INFORMATION SERVICES, INC. SUPPLEMENTAL DISAGGREGATION OF REVENUE — UNAUDITED (In millions) Exhibit E In the following tables, revenue is disaggregated by primary geographical market and type of revenue. The tables also include a reconciliation of the disaggregated revenue with the Company's reportable segments. For the three months ended March 31, 2026 (in millions): Banking Solutions Capital Market Solutions Corporate and Other Total Primary Geographical Markets: North America $ 1,981 $ 499 $ 75 $ 2,555 All others 393 324 23 740 Total $ 2,374 $ 823 $ 98 $ 3,295 Type of Revenue: Recurring revenue: Transaction processing and services $ 1,820 $ 416 $ 80 $ 2,316 Software maintenance 112 166 1 279 Other recurring 90 26 4 120 Total recurring 2,022 608 85 2,715 Software license 90 119 — 209 Professional services 134 94 2 230 Other non-recurring 128 2 11 141 Total $ 2,374 $ 823 $ 98 $ 3,295 For the three months ended March 31, 2025 (1) (in millions): Banking Solutions Capital Market Solutions Corporate and Other Total Primary Geographical Markets: North America $ 1,413 $ 500 $ 75 $ 1,988 All others 220 287 37 544 Total $ 1,633 $ 787 $ 112 $ 2,532 Type of Revenue: Recurring revenue: Transaction processing and services $ 1,230 $ 401 $ 96 $ 1,727 Software maintenance 89 153 1 243 Other recurring 65 24 5 94 Total recurring 1,384 578 102 2,064 Software license 21 108 — 129 Professional services 117 94 5 216 Other non-recurring 111 7 5 123 Total $ 1,633 $ 787 $ 112 $ 2,532 (1) As a result of the Company's acquisition of the Issuer Solutions Business, the Company reassessed its reportable segments and included the Issuer Solutions Business within the Banking Solutions segment. In connection with this reassessment, the Company also reclassified certain businesses among the Banking Solutions, Capital Market Solutions, and Corporate and Other segments. All prior-period segment information was recast to conform to the Company's revised reportable segment presentation. Amounts in table may not sum or calculate due to rounding. FIDELITY NATIONAL INFORMATION SERVICES, INC. SUPPLEMENTAL NON-GAAP CASH FLOW MEASURES — UNAUDITED (In millions) Exhibit F Three Months Ended March 31 2026 2025 Net cash provided by operating activities $ 713 $ 457 Capital expenditures (261 ) (233 ) Free cash flow 452 224 Cash transaction taxes on the Worldpay Sale 22 — Free cash flow excluding cash transaction taxes on the Worldpay Sale $ 474 $ 224 Amounts in table may not sum or calculate due to rounding. Free cash flow reflects net cash provided by operating activities less capital expenditures (additions to property and equipment and additions to software from the statement of cash flows). Neither Free cash flow nor Free cash flow excluding cash transaction taxes on the Worldpay sale represents our residual cash flows available for discretionary expenditures, as we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from the measure. FIDELITY NATIONAL INFORMATION SERVICES, INC. SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED (In millions, except per share amounts) Exhibit G Three months ended March 31, 2026 2025 Net earnings (loss) attributable to FIS from continuing operations $ 2,366 $ 77 Provision (benefit) for income taxes 106 81 Interest expense, net 197 80 Equity method investment (earnings) loss, net of tax (2,214 ) 71 Other, net (32 ) 38 Operating income (loss), as reported 423 347 Depreciation and amortization, excluding purchase accounting amortization 339 287 Non-GAAP adjustments: Purchase accounting amortization (1) 290 169 Acquisition, integration and other costs (2) 148 153 Asset impairments (3) 104 2 Adjusted EBITDA from continuing operations $ 1,304 $ 958 Net earnings (loss) attributable to FIS from discontinued operations $ — $ — Interest expense, net — (1 ) Other, net — (1 ) Operating income (loss) — (2 ) Adjusted EBITDA from discontinued operations $ — $ (2 ) Adjusted EBITDA $ 1,304 $ 956 See Notes to Exhibit G. Amounts in table may not sum or calculate due to rounding. FIDELITY NATIONAL INFORMATION SERVICES, INC. SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED (In millions, except per share amounts) Exhibit G (continued) Three months ended March 31, 2026 2025 Earnings (loss) attributable to FIS $ 2,366 $ 77 Equity method investment (earnings) loss, net of tax (2,214 ) 71 Earnings (loss) attributable to FIS, excluding equity method investment earnings (loss) 152 148 Non-GAAP adjustments: Purchase accounting amortization (1) 290 169 Acquisition, integration and other costs (2) 167 153 Asset impairments (3) 104 2 Non-operating (income) expense (4) (33 ) 37 Non-GAAP tax (provision) benefit (5) 14 10 Total non-GAAP adjustments 542 371 Adjusted net earnings attributable to FIS, excluding equity method investment earnings (loss) 694 519 Equity method investment earnings (loss), net of tax and gain on sale (6) 8 (71 ) Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes (7) 3 195 Adjusted equity method investment earnings (loss) 11 124 Adjusted net earnings attributable to FIS $ 705 $ 643 See Notes to Exhibit G. Amounts in table may not sum or calculate due to rounding. FIDELITY NATIONAL INFORMATION SERVICES, INC. SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED (In millions, except per share amounts) Exhibit G (continued) Three months ended March 31, 2026 2025 Earnings (loss) attributable to FIS $ 4.58 $ 0.15 Equity method investment (earnings) loss, net of tax (4.28 ) 0.13 Earnings (loss) attributable to FIS, excluding equity method investment earnings (loss) 0.29 0.28 Non-GAAP adjustments: Purchase accounting amortization (1) 0.56 0.32 Acquisition, integration and other costs (2) 0.32 0.29 Asset impairments (3) 0.20 — Non-operating (income) expense (4) (0.06 ) 0.07 Non-GAAP tax (provision) benefit (5) 0.03 0.02 Total non-GAAP adjustments 1.05 0.70 Adjusted net earnings attributable to FIS, excluding equity method investment earnings (loss) 1.34 0.98 Equity method investment earnings (loss), net of tax and gain on sale (6) 0.02 (0.13 ) Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes (7) 0.01 0.37 Adjusted equity method investment earnings (loss) 0.02 0.23 Adjusted net earnings attributable to FIS $ 1.36 $ 1.21 Weighted average shares outstanding-diluted 517 531 See Notes to Exhibit G. Amounts in table may not sum or calculate due to rounding. FIDELITY NATIONAL INFORMATION SERVICES, INC. SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED (In millions, except per share amounts) Exhibit G (continued) Notes to Unaudited - Supplemental GAAP to Non-GAAP Reconciliations for the three months ended March 31, 2026 and 2025. (1) This item represents purchase price amortization expense on all intangible assets acquired through various Company acquisitions, including customer relationships, contract value, technology assets, trademarks and trade names. The Company has excluded the impact of purchase price amortization expense as such amounts can be significantly impacted by the timing and/or size of acquisitions. Although the Company excludes these amounts from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of assets that relate to past acquisitions will recur in future periods until such assets have been fully amortized. Any future acquisitions may result in the amortization of future assets. (2) This item represents costs comprised of the following: Three months ended March 31, 2026 2025 Continuing operations: M&A transaction and integration expenses $ 55 $ 30 Enterprise transformation initiatives 93 113 Other — 10 Subtotal 148 153 Financing costs - Issuer Solutions acquisition (a) 19 — Total $ 167 $ 153 (a) This item represents financing costs incurred primarily to secure funding for the Issuer Solutions Business acquisition from Global Payments. These costs are recorded as Interest expense, net on our consolidated statements of earnings (loss). Accordingly, this item is included in Acquisition, integration and other costs for purposes of calculating Adjusted net earnings but not Adjusted EBITDA. Amounts in table may not sum due to rounding. 2025 amounts have been reclassified to conform to current-period presentation. (3) For the three months ended March 31, 2026 and 2025, this item included impairments primarily related to the abandonment or termination of certain internally developed software. (4) Non-operating (income) expense primarily consists of other income and expense items outside of the Company's operating activities, including fair value adjustments on certain non-operating assets and liabilities and foreign currency transaction remeasurement gains and losses. (5) This adjustment is based on an adjusted effective tax rate of 11.7% for the period ended March 31, 2026, primarily reflecting certain cash tax benefits from our acquisition of the Issuer Solutions Business, and 12.0% for the period ended March 31, 2025, primarily reflecting certain cash tax benefits from our equity method investment in Worldpay. (6) FIS completed the sale of its non-controlling 45% stake in Worldpay on January 9, 2026. For the three months ended March 31, 2026, this item reflects our share of the net earnings (loss), net of tax, attributable to Worldpay for the period from January 1 to January 8, 2026, and excludes the gain on sale, net of tax, which is recorded within Equity method investment earnings (loss), net of tax. For the three months ended March 31, 2025, this item reflects our share of net earnings (loss), net of tax, attributable to Worldpay. (7) This item represents FIS' proportionate share of Worldpay's non-GAAP adjustments on its net earnings (loss) consistent with FIS' non-GAAP measures and is comprised of the following: FIDELITY NATIONAL INFORMATION SERVICES, INC. SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED (In millions, except per share amounts) Three months ended March 31, 2026 2025 FIS' share of Worldpay: Purchase accounting amortization $ 14 $ 158 Acquisition, integration and other costs (a) 4 49 Non-operating (income) expense (1 ) 11 Non-GAAP tax (provision) benefit (14 ) (23 ) Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes $ 3 $ 195 (a) Worldpay acquisition, integration, and other costs consist primarily of transaction and transition costs related to the separation from FIS. Amounts in table may not sum due to rounding. View source version on businesswire.com: https://www.businesswire.com/news/home/20260508554336/en/ For More Information
Ellyn Raftery, 904.438.6083
Chief Marketing & Communications Officer
FIS Global Marketing & Corporate Communications
Ellyn.Raftery@fisglobal.com George Mihalos, 904.438.6438
Senior Vice President
FIS Investor Relations
Georgios.Mihalos@fisglobal.com Original: FIS Reports First Quarter 2026 Results and Reiterates Full-Year Outlook
US Market News
3月前
FIS Reports Full-Year 2025 Results and Introduces 2026 OutlookFebruary 24, 2026 7:30 AM
Business Wire
Full-year 2025 GAAP Diluted EPS of $0.73
Full-year 2025 Adjusted EPS of $5.75 increased 10% over the prior year
Full-year 2025 revenue increased 5% on a GAAP basis and 6% on an adjusted basis to $10.7 billion
Full-year 2025 Net cash provided by operating activities was $2.6 billion; Free cash flow increased 19% and Adjusted free cash flow increased 18% over the prior year
Returned $2.1 billion of capital to shareholders in 2025, inclusive of $1.3 billion of share repurchases
On January 9, 2026, FIS closed the acquisition of Total Issuing™ Solutions and simultaneous sale of its Worldpay stake
Introduces 2026 outlook, projecting Adjusted revenue growth of 30-31%, Adjusted EBITDA growth of 34-35%, Adjusted EPS growth of 8-10% and Free Cash Flow1 growth of 27-33%2
Projecting 2026 Pro Forma revenue growth of 5.1-5.7% and Pro Forma Adjusted EBITDA growth of 7.2-8.4%2
FIS® (NYSE:FIS), a global leader in financial technology, today reported its fourth quarter and full-year 2025 results.
“We are entering 2026 with continued strong momentum as our commercial excellence initiatives and investments in innovation are driving durable revenue growth and expanding margins,” said FIS CEO and President Stephanie Ferris. “With the Issuing acquisition, FIS now operates the most comprehensive financial data set in the industry - spanning the entire money lifecycle. We are executing against a differentiated strategy, driving innovation across the enterprise, and are uniquely positioned for this generational moment in financial services.”
Financial Reporting Considerations for Closed Total Issuing™ Solutions Acquisition and Worldpay Minority Stake Sale
On January 9, 2026, the Company completed its planned acquisition of the Issuer Solutions Business, which has been rebranded as FIS Total Issuing™ Solutions, and simultaneous sale of its remaining 45% Worldpay minority stake. Accordingly, the Company has furnished unaudited historical pro forma financials for the combined company which can be found in our SEC filings.
Additionally, the Company is expanding its Banking Solutions segment revenue reporting to align with a new operating structure and to enhance financial disclosures. The Company’s reportable operating segments consist of Banking Solutions, inclusive of two divisions: “Payments” and “Banking,” and Capital Market Solutions. Historical segment results have been recast to reflect the segment realignment and supplemental data can be found in our SEC filings.
Fourth Quarter 2025 Financial Results
On a GAAP basis, revenue increased 8% as compared to the prior-year period to approximately $2.8 billion. GAAP net earnings attributable to common stockholders from continuing operations were $511 million or $0.98 per diluted share.
On an adjusted basis, revenue increased 7% as compared to the prior-year period, reflecting recurring revenue growth of 8%. Adjusted EBITDA increased 7% to approximately $1.2 billion, and Adjusted EBITDA margin contracted by 36 basis points (bps) compared to the prior-year period to 42.5%, reflecting a more normalized level of corporate expense as compared to the prior-year period. Adjusted net earnings from continuing operations were $874 million, and Adjusted EPS increased by 20% as compared to the prior-year period to $1.68 per diluted share.
($ millions, except per share data, unaudited)
Three Months Ended December 31,
%
Adjusted
Continuing Operations
2025
2024
Change
Growth
Banking Solutions Revenue
$
1,866
$
1,717
9%
8%
Capital Market Solutions Revenue
883
821
8%
6%
Operating Segment Total Revenue
$
2,749
$
2,538
8%
7%
Corporate and Other Revenue
63
61
3%
-
Consolidated FIS Revenue
$
2,812
$
2,599
8%
-
Adjusted EBITDA
$
1,196
$
1,115
7%
Adjusted EBITDA Margin
42.5
%
42.9
%
(36) bps
Net Earnings (Loss) (GAAP)
$
511
$
304
68%
Diluted Earnings (Loss) Per Common Share (GAAP)
$
0.98
$
0.56
75%
Adjusted Net Earnings
$
874
$
754
16%
Adjusted EPS
$
1.68
$
1.40
20%
Full-Year 2025 Financial Results
On a GAAP basis, revenue increased 5% as compared to the prior year to approximately $10.7 billion. GAAP net earnings attributable to common stockholders from continuing operations were $382 million or $0.73 per diluted share, including $(539) million of non-cash expense to reflect an increase in our deferred tax liability arising from our agreement to sell our remaining interest in Worldpay that was recognized in the second quarter.
On an adjusted basis, revenue increased 6% as compared to the prior year, reflecting recurring revenue growth of 6%. Adjusted EBITDA increased 5% to approximately $4.3 billion, and Adjusted EBITDA margin contracted by 28 basis points (bps) compared to the prior year to 40.6%, primarily reflecting the short-term dilutive impact from strategic acquisitions and lower TSA income. Adjusted net earnings from continuing operations were $3.0 billion, and Adjusted EPS increased by 10% as compared to the prior year to $5.75 per diluted share.
($ millions, except per share data, unaudited)
Twelve Months Ended December 31,
%
Adjusted
Continuing Operations
2025
2024
Change
Growth
Banking Solutions Revenue
$
7,285
$
6,892
6%
6%
Capital Market Solutions Revenue
3,196
2,979
7%
6%
Operating Segment Total Revenue
$
10,481
$
9,871
6%
6%
Corporate and Other Revenue
196
256
(23)%
-
Consolidated FIS Revenue
$
10,677
$
10,127
5%
-
Adjusted EBITDA
$
4,331
$
4,136
5%
Adjusted EBITDA Margin
40.6
%
40.8
%
(28) bps
Net Earnings (Loss) (GAAP)
$
382
$
787
(51)%
Diluted Earnings (Loss) Per Common Share (GAAP)
$
0.73
$
1.42
(49)%
Adjusted Net Earnings
$
3,023
$
2,897
4%
Adjusted EPS
$
5.75
$
5.22
10%
Segment Information
Banking Solutions:
Fourth quarter revenue increased 9% on a GAAP basis and 8% on an adjusted basis as compared to the prior-year period to $1.9 billion, including recurring revenue growth of 9%. Adjusted EBITDA increased 12% to $819 million and Adjusted EBITDA margin expanded by 132 basis points as compared to the prior-year period to 43.9%, primarily driven by continued cost management and favorable revenue mix.
Full-year revenue increased 6% on a GAAP basis and 6% on an adjusted basis as compared to the prior year to $7.3 billion, including recurring revenue growth of 6%. Adjusted EBITDA increased 4% to $3.2 billion and Adjusted EBITDA margin contracted by 56 basis points as compared to the prior year to 43.4%, primarily driven by the short-term dilutive impact from strategic M&A and revenue mix, partially offset by continued cost management.
Capital Market Solutions:
Fourth quarter revenue increased by 8% on a GAAP basis and 6% on an adjusted basis as compared to the prior-year period to $883 million, reflecting recurring revenue growth of 5%. Adjusted EBITDA increased 12% to $507 million and Adjusted EBITDA margin expanded by 227 basis points as compared to the prior-year period to 57.4%, reflecting favorable revenue mix, operating leverage and cost management.
Full-year revenue increased 7% on a GAAP basis and 6% on an adjusted basis as compared to the prior year to $3.2 billion, including recurring revenue growth of 6%. Adjusted EBITDA increased 9% to $1.7 billion and Adjusted EBITDA margin expanded by 86 basis points as compared to the prior year to 51.8%, reflecting an increase in higher-margin license revenue, operating leverage and cost management.
Corporate and Other:
Fourth quarter revenue increased by 3% as compared to the prior-year period to $63 million. Adjusted EBITDA loss was $130 million, including $144 million of corporate expenses.
Full-year revenue decreased by 23% as compared to the prior year to $196 million, primarily due to the divestiture of a non-strategic business. Adjusted EBITDA loss was $491 million, including $553 million of corporate expenses.
Balance Sheet and Cash Flows
As of December 31, 2025, debt outstanding totaled $13.1 billion. For the year, net cash provided by operating activities was $2.6 billion. Free cash flow was $1.6 billion, up 19%, and Adjusted free cash flow was $2.2 billion, an increase of 18% as compared to the prior year. For the year, the Company returned $2.1 billion of capital to shareholders through $1.3 billion of share repurchases and $847 million of dividends paid.
Capital Allocation
The Company repurchased $291 million of shares in the fourth quarter of 2025, resulting in total share repurchases of $1.3 billion for full-year 2025. Additionally, the Company will continue to pay quarterly dividends targeting dividend per share growth in line with Adjusted EPS growth. On January 29, 2026, FIS’ Board of Directors approved a 10% increase in the quarterly dividend to $0.44 per share.
Consistent with prior communications, the Company expects to temporarily pause share repurchases and tuck-in M&A to accelerate deleveraging. The Company expects to resume its existing capital allocation priorities once it has achieved its target gross leverage of 2.8x.
First Quarter and Full-Year 2026 Outlook
The Company is introducing its first quarter and full-year 2026 outlook, inclusive of 8 days of contribution from Worldpay equity method investment earnings (loss) (EMI) and 357 days of contribution from the Total Issuing™ Solutions acquisition. For the full-year, the Company is projecting Adjusted revenue growth of 30-31%, Adjusted EBITDA growth of 34-35% and Adjusted EPS growth of 8-10%. On a pro forma basis, revenue and Adjusted EBITDA are projected to grow by 5.1-5.7% and 7.2-8.4% respectively2. Additionally, the Company is targeting Free Cash Flow1 of $2.05 - $2.15 billion, or growth of 27-33% as compared to the prior year.
($ millions, except share data)
1Q 2026
FY 2026
Revenue
$3,270 - $3,290
$13,770 - $13,850
Adjusted EBITDA (Non-GAAP)2
$1,275 - $1,290
$5,800 - $5,860
Adjusted EPS (Non-GAAP)2
$1.26 - $1.30
$6.22 - $6.32
1Our 2026 Free Cash Flow outlook is excluding transaction taxes on Worldpay sale.
2The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort.
Webcast
FIS will host a live webcast of its earnings conference call with the investment community beginning at 8:30 a.m. (EST) on Tuesday, February 24, 2026. To access the webcast, go to the Investor Relations section of FIS’ homepage, www.investor.fisglobal.com. A replay will be available after the conclusion of the live webcast.
About FIS
FIS is a financial technology company providing solutions to financial institutions, businesses and developers. We unlock financial technology to the world across the money lifecycle underpinning the world's financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. To learn more, visit FISglobal.com. Follow FIS on LinkedIn, Facebook and X.
FIS Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting in the United States. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, we have provided certain non-GAAP financial measures.
These non-GAAP measures include constant currency revenue, Adjusted revenue growth, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Adjusted EPS, Free cash flow, Adjusted free cash flow, Adjusted free cash flow conversion, Pro forma revenue, Pro forma revenue growth, Pro forma adjusted EBITDA, and Pro forma adjusted EBITDA margin. These non-GAAP measures may be used in this release and/or in the attached supplemental financial information.
We believe these non-GAAP measures help investors better understand the underlying fundamentals of our business. As further described below, the non-GAAP revenue and earnings measures presented eliminate items management believes are not indicative of FIS’ operating performance. The constant currency revenue and Adjusted revenue growth measures adjust for the effects of exchange rate fluctuations and exclude discontinued operations, while Adjusted revenue growth also excludes revenue from Corporate and Other, giving investors further insight into our performance. Finally, Free cash flow and Adjusted free cash flow provide further information about the ability of our business to generate cash. For these reasons, management also uses these non-GAAP measures in its assessment and management of FIS’ performance.
Constant currency revenue represents reported segment revenue excluding the impact of fluctuations in foreign currency exchange rates in the current period.
Adjusted revenue growth reflects the percentage change in constant currency revenue for the current period as compared to the prior period. Constant currency revenue is calculated by applying prior-year period foreign currency exchange rates to current-period revenue. When referring to Adjusted revenue growth, revenue from our Corporate and Other segment is excluded.
Adjusted EBITDA reflects net earnings (loss) before interest, other income (expense), taxes, equity method investment earnings (loss), and depreciation and amortization, and excludes certain costs that do not constitute normal, recurring, cash operating expenses necessary to operate our business. These excluded costs generally include purchase price amortization of acquired intangible assets, as well as acquisition, integration and certain other costs and asset impairments. These excluded costs are recorded in the Corporate and Other segment. Adjusted EBITDA for the respective segments excludes the foregoing items. This measure is reported to the chief operating decision maker, the Company's Chief Executive Officer and President, who utilizes the measure for purposes of making decisions about allocating resources to the segments and assessing their performance. For this reason, Adjusted EBITDA, as it relates to our segments, is presented in conformity with FASB ASC Topic 280, Segment Reporting.
Adjusted EBITDA margin reflects Adjusted EBITDA, as defined above, divided by revenue.
Adjusted net earnings excludes the effect of purchase price amortization, as well as certain costs that do not constitute normal, recurring, cash operating expenses necessary to operate our business. For purposes of calculating Adjusted net earnings, our equity method investment earnings (loss) ("EMI") from Worldpay is also adjusted to exclude certain costs and other transactions in a similar manner.
Adjusted EPS reflects Adjusted net earnings, as defined above, divided by weighted average diluted shares outstanding.
Free cash flow reflects net cash provided by operating activities from continuing operations, less capital expenditures (additions to property and equipment and additions to software from the statement of cash flows).
Adjusted free cash flow reflects Free cash flow, adjusted for the net change in settlement assets and obligations, and excludes cash payments for certain transactions that do not constitute normal, recurring operating expenses necessary to operate our business and are not indicative of future operating cash flows. Neither Free cash flow nor Adjusted free cash flow represents our residual cash flow available for discretionary expenditures since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from the measure. Free cash flow and Adjusted free cash flow as presented in this earnings release exclude cash flow from discontinued operations.
Adjusted free cash flow conversion reflects Adjusted free cash flow, as defined above, divided by Adjusted net earnings, excluding the contribution from our equity method investment earnings (loss) ("EMI") from Worldpay.
Pro forma revenue includes reported revenue for FIS and Total Issuing™ Solutions combined for pre-acquisition periods.
Pro forma revenue growth represents pro forma revenue excluding the impact of fluctuations in foreign currency exchange rates in the current period as compared to the prior period pro forma revenue. When referring to pro forma revenue growth, revenue from our Corporate and Other segment is excluded.
Pro forma adjusted EBITDA reflects EBITDA for FIS and Total Issuing™ Solutions combined for pre-acquisition periods and excludes certain costs and other transactions which management deems non-operational in nature, such as purchase accounting amortization, acquisition, integration and severance costs and restructuring costs, the removal of which improves comparability of operating results across reporting periods.
Pro forma adjusted EBITDA margin reflects Pro forma adjusted EBITDA, as defined above, divided by Pro forma revenue.
Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP measures. Further, FIS’ non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures, including footnotes describing the adjustments, are provided in the attached schedules and in the Investor Relations section of the FIS website, www.investor.fisglobal.com.
Forward-Looking Statements
This earnings release and today’s webcast contain “forward-looking statements” within the meaning of the U.S. federal securities laws. Statements that are not historical facts, as well as other statements about our expectations, beliefs, intentions, or strategies regarding the future, or other characterizations of future events or circumstances, are forward-looking statements. Forward-looking statements include statements about anticipated financial outcomes, including any earnings outlook or projections, projected revenue or expense synergies or dis-synergies, business and market conditions, outlook, foreign currency exchange rates, deleveraging plans, expected dividends and share repurchases of the Company, the Company’s sales pipeline and anticipated profitability and growth, plans, strategies and objectives for future operations, strategic value creation, risk profile and investment strategies, any statements regarding future economic conditions or performance and any statements with respect to the future impacts of the recently completed acquisition of the Issuer Solutions Business, which has been rebranded as FIS Total Issuing™ Solutions. These statements may be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “will,” “should,” “could,” “would,” “project,” “continue,” “likely,” and similar expressions, and include statements reflecting future results or outlook, statements of outlook and various accruals and estimates. These statements relate to future events and our future results and involve a number of risks and uncertainties. Forward-looking statements are based on management’s beliefs as well as assumptions made by, and information currently available to, management.
Actual results, performance or achievement could differ materially from these forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include the following, without limitation:
changes in general economic, business and political conditions, a recession, intensified or expanded international hostilities, acts of terrorism, fluctuation in rates of inflation or interest, effects of announced or future tariff increases and any resulting regulatory changes in global trade relations and changes in consumer or business confidence;
changes in either or both the United States and international lending, capital and financial markets or currency fluctuations;
the risk that acquired businesses, including FIS Total Issuing™ Solutions, will not be integrated successfully, will not provide the expected benefits, or that the integration will be more costly or more time-consuming and complex than anticipated;
the risk that cost savings and synergies anticipated to be realized from acquisitions, including the Issuer Solutions Acquisition, may not be fully realized or may take longer to realize than expected or that costs may be greater than anticipated;
the risks of doing business internationally;
the effect of legislative initiatives or proposals, statutory changes, governmental or applicable regulations and/or changes in industry requirements, including privacy, data protection, cybersecurity, cyber resilience and AI laws and regulations;
our ability to comply with climate change legal and regulatory requirements and to maintain practices that meet our stakeholders' evolving expectations;
the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in, or new laws or regulations affecting, the banking, retail and financial services industries or due to financial failures or other setbacks suffered by firms in those industries;
changes in the growth rates of the markets for our solutions;
the amount, declaration and payment of future dividends is at the discretion of our Board of Directors and depends on, among other things, our investment opportunities, results of operations, financial condition, cash requirements, future prospects, and other factors that may be considered relevant by our Board of Directors, including legal and contractual restrictions;
the amount and timing of any future share repurchases is subject to, among other things, our share price, our other investment opportunities and cash requirements, our results of operations and financial condition, our future prospects and other factors that may be considered relevant by our Board of Directors and management;
failures to adapt our solutions to changes in technology or in the marketplace;
internal or external security or privacy breaches of our systems, including those relating to unauthorized access, theft, corruption or loss of personal information and computer viruses and other malware affecting our software or platforms, and the reactions of customers, card associations, government regulators and others to any such events;
the risk that implementation of software, including software updates, for customers or at customer locations or employee error in monitoring our software and platforms may result in the corruption or loss of data or customer information, interruption of business operations, outages, exposure to liability claims or loss of customers;
the risk that partners and third parties may fail to satisfy their legal obligations to us;
the risks associated with managing pension cost, cybersecurity issues and IT outages experienced;
our ability to navigate the opportunities and risks associated with using and/or incorporating AI technologies into our business;
the reaction of current and potential customers to communications from us or regulators regarding information security, risk management, internal audit or other matters;
competitive pressures on pricing related to the decreasing number of community banks in the U.S., the development of new disruptive technologies competing with one or more of our solutions, increasing presence of international competitors in the U.S. market and the entry into the market by global banks and global companies with respect to certain competitive solutions, each of which may have the impact of unbundling individual solutions from a comprehensive suite of solutions we provide to many of our customers;
the failure to innovate in order to keep up with new emerging technologies, which could impact our solutions and our ability to attract new, or retain existing, customers;
an operational or natural disaster at one of our major operations centers;
failure to comply with applicable requirements of payment networks or changes in those requirements;
fraud by bad actors; and
other risks detailed elsewhere in the “Risk Factors” section and other sections of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in our other filings with the Securities and Exchange Commission.
Other unknown or unpredictable factors also could have a material adverse effect on our business, financial condition, results of operations and prospects. Accordingly, readers should not place undue reliance on these forward-looking statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Except as required by applicable law or regulation, we do not undertake (and expressly disclaim) any obligation and do not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise.
Fidelity National Information Services, Inc.
Earnings Release Supplemental Financial Information
February 24, 2026
Exhibit A
Condensed Consolidated Statements of Earnings (Loss) - Unaudited for the three months and years ended December 31, 2025 and 2024
Exhibit B
Condensed Consolidated Balance Sheets - Unaudited as of December 31, 2025 and 2024
Exhibit C
Condensed Consolidated Statements of Cash Flows - Unaudited for the years ended December 31, 2025 and 2024
Exhibit D
Supplemental Non-GAAP Adjusted Revenue Growth - Unaudited for the three months and years ended December 31, 2025 and 2024
Exhibit E
Supplemental Disaggregation of Revenue - Recast and Unaudited for the three months and years ended December 31, 2025 and 2024
Exhibit F
Supplemental Non-GAAP Adjusted Free Cash Flow Measures - Unaudited for the three months and years ended December 31, 2025 and 2024
Exhibit G
Supplemental GAAP to Non-GAAP Reconciliations - Unaudited for the three months and years ended December 31, 2025 and 2024
Exhibit H
Supplemental Financial Information of Worldpay Holdco, LLC - Unaudited for the three and eleven months ended December 31, 2025
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) — UNAUDITED
(In millions, except per share amounts)
Exhibit A
Three months ended
Years ended
December 31,
December 31,
2025
2024
2025
2024
Revenue
$
2,812
$
2,599
$
10,677
$
10,127
Cost of revenue
1,736
1,622
6,741
6,323
Gross profit
1,076
977
3,936
3,804
Selling, general and administrative expenses
549
483
2,263
2,185
Asset impairments
14
32
18
52
Other operating (income) expense, net - related party
(16
)
(32
)
(86
)
(142
)
Operating income
529
494
1,741
1,709
Other income (expense):
Interest expense, net
(88
)
(67
)
(367
)
(250
)
Other income (expense), net
(10
)
60
(198
)
(162
)
Total other income (expense), net
(98
)
(7
)
(565
)
(412
)
Earnings (loss) before income taxes and equity method investment earnings (loss)
431
487
1,176
1,297
Provision (benefit) for income taxes
85
146
265
362
Equity method investment earnings (loss), net of tax
166
(36
)
(526
)
(145
)
Net earnings (loss) from continuing operations
512
305
385
790
Earnings (loss) from discontinued operations, net of tax
—
(23
)
—
663
Net earnings (loss)
512
282
385
1,453
Net (earnings) loss attributable to noncontrolling interest from
continuing operations
(1
)
(1
)
(3
)
(3
)
Net earnings (loss) attributable to FIS
$
511
$
281
$
382
$
1,450
Net earnings (loss) attributable to FIS:
Continuing operations
$
511
$
304
$
382
$
787
Discontinued operations
—
(23
)
—
663
Total
$
511
$
281
$
382
$
1,450
Basic earnings (loss) per common share attributable to FIS:
Continuing operations
$
0.99
$
0.57
$
0.73
$
1.42
Discontinued operations
—
(0.04
)
—
1.20
Total
$
0.99
$
0.52
$
0.73
$
2.62
Diluted earnings (loss) per common share attributable to FIS:
Continuing operations
$
0.98
$
0.56
$
0.73
$
1.42
Discontinued operations
—
(0.04
)
—
1.19
Total
$
0.98
$
0.52
$
0.73
$
2.61
Weighted average common shares outstanding:
Basic
517
536
523
553
Diluted
519
540
525
555
Amounts in table may not sum or calculate due to rounding.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(In millions, except per share amounts)
Exhibit B
December 31,
2025
2024
ASSETS
Current assets:
Cash and cash equivalents
$
599
$
834
Settlement assets
515
479
Trade receivables, net
1,944
1,876
Other receivables
432
160
Receivables from related party
39
84
Prepaid expenses and other current assets
959
638
Current assets held for sale
—
1,115
Total current assets
4,488
5,186
Property and equipment, net
691
646
Goodwill
17,762
17,260
Intangible assets, net
959
1,318
Software, net
2,876
2,526
Equity method investment
3,681
3,858
Other noncurrent assets
1,710
1,749
Deferred contract costs, net
1,321
1,241
Total assets
$
33,488
$
33,784
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable, accrued and other liabilities
$
2,097
$
1,994
Settlement payables
549
500
Deferred revenue
957
902
Short-term borrowings
2,729
636
Current portion of long-term debt
1,284
968
Current liabilities held for sale
—
1,094
Total current liabilities
7,616
6,094
Long-term debt, excluding current portion
9,069
9,686
Deferred income taxes
1,215
863
Other noncurrent liabilities
1,686
1,441
Total liabilities
19,586
18,084
Equity:
FIS stockholders’ equity:
Preferred stock $0.01 par value
—
—
Common stock $0.01 par value
6
6
Additional paid in capital
47,317
47,129
(Accumulated deficit) retained earnings
(22,718
)
(22,257
)
Accumulated other comprehensive earnings (loss)
(504
)
(364
)
Treasury stock, at cost
(10,202
)
(8,816
)
Total FIS stockholders’ equity
13,899
15,698
Noncontrolling interest
3
2
Total equity
13,902
15,700
Total liabilities and equity
$
33,488
$
33,784
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(In millions)
Exhibit C
Years ended December 31,
2025
2024
Cash flows from operating activities from continuing operations:
Net earnings (loss)
$
385
$
1,453
Less earnings (loss) from discontinued operations, net of tax
—
663
Net earnings (loss) from continuing operations
385
790
Adjustments to reconcile net earnings (loss) from continuing operations to net cash provided by operating activities:
Depreciation and amortization
1,883
1,737
Amortization of debt issuance costs
37
20
Asset impairments
18
52
Loss on extinguishment of debt
—
174
Loss (gain) on sale of businesses, investments and other
119
62
Stock-based compensation
181
186
Loss from equity method investment
526
145
Deferred income taxes
(31
)
(204
)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:
Trade and other receivables
(246
)
(94
)
Receivable from related party
44
(84
)
Settlement activity
14
2
Prepaid expenses and other assets
(135
)
(205
)
Deferred contract costs
(469
)
(509
)
Deferred revenue
64
31
Accounts payable, accrued liabilities and other liabilities
218
72
Net cash provided by operating activities
2,608
2,175
Cash flows from investing activities from continuing operations:
Additions to property and equipment
(154
)
(97
)
Additions to software
(835
)
(720
)
Settlement of net investment hedge cross-currency interest rate swaps
—
(8
)
Acquisitions, net of cash acquired
(573
)
(514
)
Net proceeds from sale of businesses and investments
—
12,833
Cash divested from sale of business
(1,417
)
(3,150
)
Coupon payments on interest rate swaps
(112
)
(122
)
Distributions from equity method investments
147
47
Other investing activities, net
(98
)
(91
)
Net cash provided by (used in) investing activities
(3,042
)
8,178
Cash flows from financing activities from continuing operation:
Borrowings
55,428
25,430
Repayment of borrowings and other financing arrangements
(54,348
)
(33,175
)
Debt issuance costs
(30
)
(6
)
Net proceeds from stock issued under stock-based compensation plans
8
3
Treasury stock activity
(1,425
)
(4,045
)
Dividends paid
(847
)
(800
)
Other financing activities, net
35
43
Net cash provided by (used in) financing activities
(1,179
)
(12,550
)
Cash flows from discontinued operations:
Net cash provided by (used in) operating activities
208
(104
)
Net cash provided by (used in) investing activities
—
(39
)
Net cash provided by (used in) financing activities
—
(65
)
Net cash provided by (used in) discontinued operations
208
(208
)
Effect of foreign currency exchange rate changes on cash from continuing operations
58
(31
)
Effect of foreign currency exchange rate changes on cash from discontinued operations
—
(32
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(1,347
)
(2,468
)
Cash, cash equivalents and restricted cash, beginning of year
1,946
4,414
Cash, cash equivalents and restricted cash, end of year
$
599
$
1,946
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP ADJUSTED REVENUE GROWTH — UNAUDITED
(In millions)
Exhibit D
Three months ended December 31,
2025
2024
Constant
Currency
Adjusted
Revenue
FX
Revenue
Revenue
Growth (1)
Banking Solutions
$
1,866
$
(7
)
$
1,859
$
1,717
8
%
Capital Market Solutions
883
(17
)
866
821
6
%
Operating segment total
2,749
(23
)
2,725
2,538
7
%
Corporate and Other
63
(1
)
62
61
Consolidated FIS
$
2,812
$
(24
)
$
2,787
$
2,599
Years ended December 31,
2025
2024
Constant
Currency
Adjusted
Revenue
FX
Revenue
Revenue
Growth (1)
Banking Solutions
$
7,285
$
(6
)
$
7,280
$
6,892
6
%
Capital Market Solutions
3,196
(29
)
3,166
2,979
6
%
Operating segment total
10,481
(35
)
10,446
9,871
6
%
Corporate and Other
196
—
195
256
Consolidated FIS
$
10,677
$
(35
)
$
10,641
$
10,127
Amounts in table may not sum or calculate due to rounding.
(1)
Adjusted growth excludes Corporate and Other, which includes certain non-strategic businesses.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL DISAGGREGATION OF REVENUE — RECAST AND UNAUDITED
(In millions)
Exhibit E
In the following tables, revenue is disaggregated by primary geographical market and type of revenue. The tables also include a reconciliation of the disaggregated revenue with the Company's reportable segments.
For the three months ended December 31, 2025 (in millions):
Banking
Solutions
Capital
Market
Solutions
Corporate and
Other
Total
Primary Geographical Markets:
North America
$
1,603
$
507
$
43
$
2,153
All others
263
376
20
659
Total
$
1,866
$
883
$
63
$
2,812
Type of Revenue:
Recurring revenue:
Transaction processing and services
$
1,378
$
394
$
33
$
1,805
Software maintenance
98
156
1
255
Other recurring
86
26
—
112
Total recurring
1,562
576
34
2,172
Software license
57
205
—
262
Professional services
124
97
1
222
Other non-recurring
123
5
28
156
Total
$
1,866
$
883
$
63
$
2,812
For the three months ended December 31, 2024 (in millions):
Banking
Solutions
Capital
Market
Solutions
Corporate and
Other
Total
Primary Geographical Markets:
North America
$
1,469
$
490
$
28
$
1,987
All others
248
331
33
612
Total
$
1,717
$
821
$
61
$
2,599
Type of Revenue:
Recurring revenue:
Transaction processing and services
$
1,275
$
382
$
49
$
1,706
Software maintenance
95
144
1
240
Other recurring
61
16
1
78
Total recurring
1,431
542
51
2,024
Software license
54
175
—
229
Professional services
146
103
1
250
Other non-recurring
86
1
9
96
Total
$
1,717
$
821
$
61
$
2,599
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL DISAGGREGATION OF REVENUE — RECAST AND UNAUDITED
(In millions)
Exhibit E (continued)
For the year ended December 31, 2025 (in millions):
Banking
Solutions
Capital
Market
Solutions
Corporate and
Other
Total
Primary Geographical Markets:
North America
$
6,283
$
1,916
$
107
$
8,306
All others
1,002
1,280
89
2,371
Total
$
7,285
$
3,196
$
196
$
10,677
Type of Revenue:
Recurring revenue:
Transaction processing and services
$
5,412
$
1,578
$
146
$
7,136
Software maintenance
389
607
2
998
Other recurring
309
99
1
409
Total recurring
6,110
2,284
149
8,543
Software license
176
499
—
675
Professional services
522
385
5
912
Other non-recurring
477
28
42
547
Total
$
7,285
$
3,196
$
196
$
10,677
For the year ended December 31, 2024 (in millions):
Banking
Solutions
Capital
Market
Solutions
Corporate and
Other
Total
Primary Geographical Markets:
North America
$
5,893
$
1,839
$
117
$
7,849
All others
999
1,140
139
2,278
Total
$
6,892
$
2,979
$
256
$
10,127
Type of Revenue:
Recurring revenue:
Transaction processing and services
$
5,146
$
1,507
$
207
$
6,860
Software maintenance
362
576
2
940
Other recurring
244
62
3
309
Total recurring
5,752
2,145
212
8,109
Software license
196
431
1
628
Professional services
551
399
4
954
Other non-recurring
393
4
39
436
Total
$
6,892
$
2,979
$
256
$
10,127
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP ADJUSTED FREE CASH FLOW MEASURES — UNAUDITED
(In millions)
Exhibit F
Three months ended
Year ended
December 31, 2025
December 31, 2025
Net cash provided by operating activities
$
757
$
2,608
Capital expenditures
(324
)
(989
)
Free cash flow
433
1,619
Non-GAAP adjustments:
Acquisition, integration and other payments (1)
155
562
Settlement activity
(10
)
(14
)
Adjusted free cash flow
$
578
$
2,167
Three months ended
Year ended
December 31, 2024
December 31, 2024
Net cash provided by operating activities
$
782
$
2,175
Capital expenditures
(189
)
(817
)
Free cash flow
593
1,358
Non-GAAP adjustments:
Acquisition, integration and other payments (1)
114
475
Settlement activity
(5
)
(2
)
Adjusted free cash flow
$
702
$
1,831
(1)
Adjusted free cash flow for the three months and years ended December 31, 2025 and 2024, excludes cash payments for certain acquisition, integration and other costs (see Note 2 to Exhibit G), net of related tax impact. The related tax impact totaled $14 million and $25 million for the three months and $69 million and $87 million for years ended December 31, 2025 and 2024, respectively.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G
Three months ended
December 31,
Years ended
December 31,
2025
2024
2025
2024
Net earnings (loss) attributable to FIS from continuing operations
$
511
$
304
$
382
$
787
Provision (benefit) for income taxes
85
146
265
362
Interest expense, net
88
67
367
250
Equity method investment (earnings) loss, net of tax
(166
)
36
526
145
Other, net
11
(59
)
201
165
Operating income (loss), as reported
529
494
1,741
1,709
Depreciation and amortization, excluding purchase accounting amortization
316
273
1,215
1,062
Non-GAAP adjustments:
Purchase accounting amortization (1)
151
173
668
675
Acquisition, integration and other costs (2)
186
143
689
624
Asset impairments (3)
14
32
18
52
Indirect Worldpay business support costs (4)
—
—
—
14
Adjusted EBITDA from continuing operations
$
1,196
$
1,115
$
4,331
$
4,136
Net earnings (loss) attributable to FIS from discontinued operations
$
—
$
(23
)
$
—
$
663
Provision (benefit) for income taxes
—
(68
)
—
(1,062
)
Interest expense, net
—
(1
)
(1
)
(3
)
Other, net
—
—
(1
)
6
Operating income (loss)
—
(92
)
(2
)
(396
)
Depreciation and amortization, excluding purchase accounting amortization
—
3
—
3
Non-GAAP adjustments:
Acquisition, integration and other costs (2)
—
—
—
13
Loss on sale of disposal group (10)
—
87
—
578
Indirect Worldpay business support costs (4)
—
—
—
(14
)
Adjusted EBITDA from discontinued operations
$
—
$
(2
)
$
(2
)
$
184
Adjusted EBITDA
$
1,196
$
1,113
$
4,329
$
4,320
See notes to Exhibit G.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G (continued)
Three months ended
December 31,
Years ended
December 31,
2025
2024
2025
2024
Earnings (loss) attributable to FIS from continuing operations
$
511
$
304
$
382
$
787
Equity method investment (earnings) loss, net of tax
(166
)
36
526
145
Earnings (loss) attributable to FIS from continuing operations, excluding equity method investment earnings (loss)
345
340
908
932
Non-GAAP adjustments from continuing operations:
Purchase accounting amortization (1)
151
173
668
675
Acquisition, integration and other costs (2)
186
143
709
624
Asset impairments (3)
14
32
18
52
Indirect Worldpay business support costs (4)
—
—
—
14
Non-operating (income) expense (5)
10
(60
)
198
162
Non-GAAP tax (provision) benefit (6)
18
9
(39
)
(73
)
Total non-GAAP adjustments from continuing operations
379
297
1,554
1,454
Adjusted net earnings attributable to FIS from continuing operations, excluding equity method investment earnings (loss)
724
637
2,462
2,386
Equity method investment earnings (loss), net of tax (7)
166
(36
)
(526
)
(145
)
Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes (7) (8)
(16
)
153
1,087
656
Adjusted equity method investment (earnings) loss (7)
150
117
561
511
Adjusted net earnings attributable to FIS from continuing operations
$
874
$
754
$
3,023
$
2,897
Earnings (loss) attributable to FIS from discontinued operations, net of tax
$
—
$
(23
)
$
—
$
663
Non-GAAP adjustments from discontinued operations:
Acquisition, integration and other costs (2)
—
—
—
13
Loss on sale of disposal group (10)
—
87
—
578
Indirect Worldpay business support costs (4)
—
—
—
(14
)
Amortization on long-lived assets held for sale (9)
—
—
—
(30
)
Non-operating (income) expense (5)
—
—
—
6
Non-GAAP tax (provision) benefit (6)
—
(67
)
—
(1,084
)
Total non-GAAP adjustments from discontinued operations
—
20
—
(531
)
Adjusted net earnings attributable to FIS from discontinued operations
$
—
$
(3
)
$
—
$
132
Adjusted net earnings attributable to FIS common stockholders
$
874
$
751
$
3,023
$
3,029
Amounts in table may not sum or calculate due to rounding.
See notes to Exhibit G.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G (continued)
Three months ended
December 31,
Years ended
December 31,
2025
2024
2025
2024
Earnings (loss) attributable to FIS from continuing operations
$
0.98
$
0.56
$
0.73
$
1.42
Equity method investment (earnings) loss, net of tax
(0.32
)
0.07
1.00
0.26
Earnings (loss) attributable to FIS from continuing operations, excluding equity method investment earnings (loss)
0.66
0.63
1.73
1.68
Non-GAAP adjustments from continuing operations:
Purchase accounting amortization (1)
0.29
0.32
1.27
1.22
Acquisition, integration and other costs (2)
0.36
0.26
1.35
1.12
Asset impairments (3)
0.03
0.06
0.03
0.09
Indirect Worldpay business support costs (4)
—
—
—
0.03
Non-operating (income) expense (5)
0.02
(0.11
)
0.38
0.29
Non-GAAP tax (provision) benefit (6)
0.03
0.02
(0.07
)
(0.13
)
Total non-GAAP adjustments from continuing operations
0.73
0.55
2.96
2.62
Adjusted net earnings attributable to FIS from continuing operations, excluding equity method investment earnings (loss)
1.39
1.18
4.69
4.30
Equity method investment earnings (loss), net of tax (7)
0.32
(0.07
)
(1.00
)
(0.26
)
Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes (7) (8)
(0.03
)
0.28
2.07
1.18
Adjusted equity method investment (earnings) loss (7)
0.29
0.22
1.07
0.92
Adjusted net earnings attributable to FIS from continuing operations
$
1.68
$
1.40
$
5.75
$
5.22
Earnings (loss) attributable to FIS from discontinued operations, net of tax
$
—
$
(0.04
)
$
—
$
1.19
Non-GAAP adjustments from discontinued operations:
Purchase accounting amortization (1)
—
—
—
—
Acquisition, integration and other costs (2)
—
—
—
0.02
Loss on sale of disposal group (10)
—
0.16
—
1.04
Indirect Worldpay business support costs (4)
—
—
—
(0.03
)
Amortization on long-lived assets held for sale (9)
—
—
—
(0.05
)
Non-operating (income) expense (5)
—
—
—
0.01
Non-GAAP tax (provision) benefit (6)
—
(0.12
)
—
(1.95
)
Total non-GAAP adjustments from discontinued operations
—
0.04
—
(0.96
)
Adjusted net earnings attributable to FIS from discontinued operations
$
—
$
(0.01
)
$
—
$
0.24
Adjusted net earnings attributable to FIS common stockholders
$
1.68
$
1.39
$
5.75
$
5.46
Weighted average shares outstanding diluted
519
540
525
555
Amounts in table may not sum or calculate due to rounding.
See notes to Exhibit G.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G (continued)
Notes to Unaudited - Supplemental GAAP to Non-GAAP Reconciliations for the three months and years ended December 31, 2025 and 2024.
(1)
This item represents purchase price amortization expense on all intangible assets acquired through various Company acquisitions, including customer relationships, contract value, technology assets, trademarks and trade names. The Company has excluded the impact of purchase price amortization expense as such amounts can be significantly impacted by the timing and/or size of acquisitions. Although the Company excludes these amounts from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of assets that relate to past acquisitions will recur in future periods until such assets have been fully amortized. Any future acquisitions may result in the amortization of future assets.
(2)
This item represents costs comprised of the following:
Three months ended
Years ended
December 31,
December 31,
2025
2024
2025
2024
Continuing operations:
Acquisition and integration
51
18
$
136
$
88
Enterprise transformation, including Future Forward and platform modernization
56
57
157
262
Severance and other termination expenses
43
22
247
56
Separation of the Worldpay Merchant Solutions business
1
30
54
148
Incremental stock compensation directly attributable to specific programs
6
12
33
58
Other, including divestiture-related expenses and enterprise cost control and other initiatives
29
4
62
12
Subtotal
186
143
689
624
Financing fees - Issuer Solutions acquisition (a)
—
—
20
—
Total
$
186
$
143
$
709
$
624
Discontinued operations:
Acquisition and integration
$
—
$
—
$
—
$
—
Enterprise transformation, including Future Forward and platform modernization
—
—
—
1
Severance and other termination expenses
—
—
—
1
Separation of the Worldpay Merchant Solutions business
—
—
—
8
Other, including divestiture-related expenses and enterprise cost control and other initiatives
—
—
—
3
Total from discontinued operations
—
—
—
13
Total consolidated
$
186
$
143
$
709
$
637
(a)
This item represents bridge facility fees incurred to secure funding for the pending Issuer Solutions business acquisition from Global Payments. These fees are recorded as a component of Interest expense, net on our consolidated statements of earnings (loss). Accordingly, this item is included in Acquisition, integration and other costs for purposes of calculating Adjusted net earnings but not Adjusted EBITDA.
(3)
There were no material impairments during the three months and year ended December 31, 2025. For the three months and year ended December 31, 2024, this item primarily includes an estimated loss recorded on the expected sale of a non-strategic business. For the year ended December 31, 2024, this item also includes impairments primarily related to the termination of certain internally developed software projects.
(4)
This item represents costs that were incurred in support of the Worldpay Merchant Solutions business prior to the separation but are not directly attributable to it and thus were not recorded in discontinued operations. The Company was being reimbursed for these expenses during 2025 as part of Transition Services Agreements with the buyer and/or eliminated them post separation; therefore, the expenses have been adjusted out of continuing operations and added to discontinued operations.
(5)
Non-operating (income) expense primarily consists of other income and expense items outside of the Company's operating activities, including fair value adjustments on certain non-operating assets and liabilities and foreign currency transaction remeasurement gains and losses. For the year ended December 31, 2025, earnings from continuing operations also includes a $108 million write down, triggered by the Worldpay Minority Interest Sale agreement, of the contingent consideration included as part of the 2024 sale of a 55% ownership interest in its Worldpay Merchant Solutions business (the "2024 Worldpay Sale"). For the year ended December 31, 2024, non-operating (income) expense from continuing operations also includes loss on extinguishment of debt of approximately $174 million relating to tender discounts and fees; the write-off of unamortized bond discounts, debt issuance costs and fair value basis adjustments; and gains on related derivatives instruments.
(6)
This adjustment is based on an average adjusted effective tax rate of 11% and 15.4% for the annual periods ended December 31, 2025 and 2024, respectively, which reflects adjustments to our GAAP effective tax rate to take into account primarily certain cash tax benefits from our equity method investment in Worldpay. For the year ended December 31, 2024, the Company recorded a tax benefit of $1.1 billion in its earnings from discontinued operations primarily from the write-off of U.S. deferred tax liabilities that were not transferred in the 2024 Worldpay Sale, net of the estimated U.S. tax cost that the Company expects to incur as a result of the 2024 Worldpay Sale. This adjustment includes the removal of the impact of this tax benefit from our earnings from discontinued operations for this period.
(7)
FIS completed the separation of Worldpay on January 31, 2024, retaining a non-controlling 45% ownership interest that is recorded under the equity method of accounting, net of investor-level tax. FIS' share of Worldpay's results under the equity method of accounting reflects activity beginning on February 1, 2024. Our investor-level tax benefit (expense) was $206 million and $(17) million for the three months ended December 31, 2025 and 2024, and $(307) million and $67 million for the year ended December 31, 2025, and the eleven months ended December 31, 2024, respectively. Our investor-level taxes for the three months and year ended December 31, 2025, include the impact of remeasurements of deferred tax liabilities and valuation allowances on our U.S. capital loss carryforward.
(8)
This item represents FIS' proportionate share of Worldpay's non-GAAP adjustments on its earnings (loss) consistent with FIS' non-GAAP measures and is comprised of the following:
Three months ended
December 31,
Year ended
December 31,
Eleven months ended
December 31,
2025
2024
2025
2024
FIS' share of Worldpay:
Purchase accounting amortization
$
157
$
165
$
632
$
607
Acquisition, integration and other costs (a)
36
43
153
182
Non-operating (income) expense
9
(48
)
38
(19
)
Non-GAAP tax (provision) benefit
(218
)
(7
)
264
(114
)
Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes
$
(16
)
$
153
$
1,087
$
656
Amounts in table may not sum due to rounding.
(a)
Worldpay acquisition, integration, and other costs for the three months December 31, 2025 and 2024, year ended December 31, 2025, and eleven months ended December 31, 2024, consist primarily of transaction and transition costs related to the separation from FIS.
(9)
The Company stopped recording depreciation and amortization on the long-lived assets classified as held for sale beginning July 5, 2023. The amount of depreciation and amortization that would have been recorded in discontinued operations had these assets not been classified as held for sale has been deducted from adjusted net earnings for year ended December 31, 2024, for comparability purposes.
(10)
As a result of the 2024 Worldpay Sale, during the year ended December 31, 2024, we recorded a loss on sale of disposal group of $578 million, including the impact of post-closing adjustments recorded to date, $87 million of which were recorded in the fourth quarter.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL FINANCIAL INFORMATION OF WORLDPAY HOLDCO, LLC — UNAUDITED
(In millions)
Exhibit H
Summary Worldpay Holdco, LLC financial information is as follows:
Three months ended
December 31,
Year ended
December 31,
Eleven months ended
December 31,
2025
2024
2025
2024 (1)
Revenue
$
1,357
$
1,303
$
5,476
$
4,732
Gross profit
$
668
$
651
$
2,687
$
2,422
Earnings (loss) before income taxes
$
(89
)
$
(15
)
$
(434
)
$
(342
)
Net earnings (loss) attributable to Worldpay Holdco, LLC
$
(92
)
$
(13
)
$
(496
)
$
(444
)
FIS share of net earnings (loss) attributable to Worldpay Holdco, LLC, net of tax (2)
$
166
$
(36
)
$
(526
)
$
(145
)
The following is a GAAP to Non-GAAP reconciliation of Adjusted EBITDA for Worldpay Holdco LLC.
Three months ended
December 31,
Year ended
December 31,
Eleven months ended
December 31,
2025
2024
2025
2024 (1)
Net earnings (loss) attributable to Worldpay Holdco, LLC
$
(92
)
$
(13
)
$
(496
)
$
(444
)
Provision (benefit) for income taxes
3
(4
)
62
98
Interest expense, net
144
136
581
545
Other, net
20
(105
)
86
(39
)
Operating income (loss)
75
14
233
160
Depreciation and amortization, excluding purchase accounting amortization
66
38
223
90
Non-GAAP adjustments:
Purchase accounting amortization
351
369
1,405
1,351
Transition, acquisition, integration and other costs (3)
80
96
340
404
Adjusted EBITDA
$
572
$
517
$
2,201
$
2,005
(1)
FIS completed the separation of Worldpay on January 31, 2024. Accordingly, Worldpay's results reflects activity beginning on February 1, 2024.
(2)
Amount includes our share of the net income attributable to Worldpay and our investor-level tax benefit (expense) of $206 million and $(17) million for the three months ended December 31, 2025 and 2024, and $(307) million and $67 million for the year ended December 31, 2025, and the eleven months ended December 31, 2024, respectively, as well as the impact of intra-entity eliminations. This is reported as equity method investment earnings (loss), net of tax on our consolidated statement of earnings. Our investor-level taxes for the three months and year ended December 31, 2025, include the impact of remeasurements of deferred tax liabilities and valuation allowances on our U.S. capital loss carryforward.
(3)
This item represents primarily transaction and transition costs associated with the separation of Worldpay from FIS.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260224901786/en/
For More Information
Ellyn Raftery, 904.438.6083
Chief Marketing & Communications Officer
FIS Global Marketing & Corporate Communications
Ellyn.Raftery@fisglobal.com
George Mihalos, 904.438.6438
Senior Vice President
FIS Investor Relations
Georgios.Mihalos@fisglobal.com
Original: FIS Reports Full-Year 2025 Results and Introduces 2026 Outlook
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
getmenews
1年前
SmokyStock
3年前
DavidPro__1
4年前
DFLY
6年前
ValueInvestor15
9年前
Natural Treasures
12年前
Penny Roger$
14年前
メールアドレスで登録
