Fidelity National Information Services, Inc. operates as a financial technology company providing solutions to financial institutions, businesses and developers, unlocking financial technology across the money lifecycle that underpins the world's financial systems. The company is a member of the Fortune 500 and the Standard & Poor's 500 Index, headquartered in Jacksonville, Florida, and incorporated under the laws of the State of Georgia. The industry is intensely competitive, with competition based on brand recognition, product quality, price, and innovation, and the company faces direct competition from internal technology departments within financial institutions, global and regional companies providing banking, payment and capital markets solutions, embedded payment solution providers, securities exchanges, asset managers, card associations, clearing networks, trust companies, independent computer services firms, companies that develop verticalized software applications, companies owned by global banks, companies that provide customized development and support services, emerging technology innovators, and business process outsourcing companies.

The company's competitive strengths include a highly respected brand known globally for innovation and thought leadership in the financial services sector, extensive domain expertise and portfolio breadth enabling delivery of a broad range of innovative software applications and flexible service offerings, excellent and long-term relationships with clients under multi-year recurring contracts resulting in high client retention rates, data and cloud-based technologies harnessing advanced analytics, AI, and real-time data insights, and global distribution and scale as a global leader in many markets supported by a large talent pool. Primary competitors named include internal technology or software development departments within financial institutions, global and regional companies providing banking, payment and capital markets solutions, embedded payment solution providers, securities exchanges, asset managers, card associations, clearing networks or associations, trust companies, independent computer services firms, companies that develop verticalized software applications, companies owned by global banks selling competitive solutions, companies that provide customized development, implementation and support services, emerging technology innovators and business process outsourcing companies.

The company generates revenue primarily from a combination of technology and processing solutions, transaction processing fees, professional services and software license fees, with the majority of revenue historically recurring under multi-year Banking and Capital Markets contracts that contribute relative stability to the revenue stream. The company's solutions are considered critical to clients' operations, and professional services revenue is typically non-recurring though often recognized over time, while sales of software licenses are typically non-recurring with point-in-time recognition and less predictable. The company reports financial performance based on three segments: Banking Solutions, Capital Market Solutions, and Corporate and Other, with the Worldpay Merchant Solutions business results recast as discontinued operations for all periods presented.

The Banking Solutions segment focuses on serving financial institutions with core processing software, transaction processing software and complementary applications and services, with clients including global financial institutions, U.S. regional and community banks, credit unions and commercial lenders, as well as government institutions and other commercial organizations. Solutions in this segment include core processing and ancillary applications, digital including mobile and online offerings, fraud risk management and compliance solutions, card and retail payments technology, electronic funds transfer and network services, wealth and retirement solutions, and item processing and output solutions. Revenue for the Banking Solutions segment was $7,285 million ¹ in 2025, $6,892 million ² in 2024, and $6,743 million ³ in 2023. The Capital Market Solutions segment focuses on serving global financial services clients and multi-national corporations with buy- and sell-side, treasury, risk management and lending solutions, with clients including asset managers, private equity firms, sell-side securities brokerage and trading firms, insurers, asset and auto financiers and other commercial organizations. Solutions in this segment include trading and asset services, lending solutions offering full life-cycle commercial lending functionality, and treasury and risk solutions. Revenue for the Capital Market Solutions segment was $3,196 million ⁴ in 2025, $2,979 million ⁵ in 2024, and $2,766 million ⁶ in 2023. The Corporate and Other segment consists of corporate overhead expense, certain leveraged functions and miscellaneous expenses not included in the operating segments, as well as certain non-strategic businesses, and its revenue was $196 million ⁷ in 2025, $256 million ⁸ in 2024, and $322 million ⁹ in 2023.

The Banking Solutions segment's revenue growth in 2025 was driven primarily by recurring revenue which grew 6% from broad-based growth across the portfolio led by core and digital and payments businesses, while Adjusted EBITDA margin decreased year over year primarily due to unfavorable revenue mix. The Capital Market Solutions segment's revenue increased 7% in 2025 driven primarily by recurring revenue which grew 6% from implementation of new sales, favorable pricing and acquisitions, with non-recurring revenue contributing 2% to the segment revenue growth rate primarily due to increased license sales, and Adjusted EBITDA margin increased year over year primarily due to cost management and favorable revenue mix partially offset by the dilutive impact of a business acquired in December 2024.

On January 31, 2024, the company completed the sale of a 55% equity interest in its Worldpay Merchant Solutions business to private equity funds managed by GTCR, LLC, retaining a non-controlling 45% equity interest in a new standalone joint venture, Worldpay Holdco, LLC. On April 17, 2025, FIS entered into definitive agreements to buy the Issuer Solutions business from Global Payments Inc. and sell its remaining equity interest in Worldpay to Global Payments, with the transaction closing on January 9, 2026, funded through a combination of approximately $7.7 billion ¹⁰ of new debt and the 2026 Worldpay Minority Interest Sale. The company repurchased approximately 18 million ¹¹ shares for an aggregate of $1.3 billion ¹² in 2025, inclusive of repurchases completed under the 2021 Repurchase Program under which the company repurchased approximately 1 million ¹³ shares for an aggregate of $110 million ¹⁴ in 2025, and approximately $1.8 billion ¹⁵ remained available for repurchase under the 2024 Repurchase Program as of December 31, 2025. In January 2026, the Board of Directors approved a quarterly dividend of $0.44 ¹⁶ per share beginning with the first quarter of 2026.

Total consolidated revenue for 2025 was $10,677 million ¹⁷, compared to $10,127 million ¹⁸ in 2024 and $9,831 million ¹⁹ in 2023, representing a 5% ²⁰ increase from 2024 and a 3% ²¹ increase from 2023. Net earnings from continuing operations attributable to FIS were $382 million ²² in 2025, compared to $787 million ²³ in 2024 and $502 million ²⁴ in 2023. Diluted earnings per share from continuing operations attributable to FIS was $0.73 ²⁵ in 2025, compared to $1.42 ²⁶ in 2024 and $0.85 ²⁷ in 2023. Operating income was $1,741 million ²⁸ in 2025, compared to $1,709 million ²⁹ in 2024 and $1,447 million ³⁰ in 2023, with operating margins of 16% ³¹, 17% ³², and 15% ³³ respectively. Net cash provided by operating activities from continuing operations was $2,608 million ³⁴ in 2025, compared to $2,175 million ³⁵ in 2024 and $2,078 million ³⁶ in 2023.

A major growth vector is the Issuer Solutions Acquisition, which closed on January 9, 2026, and is expected to strengthen FIS' banking and capital markets solutions by complementing FIS' existing processing capabilities while also extending its suite of payment products. The purchase price paid by FIS in respect of the Issuer Solutions Business was based on a $13.5 billion ³⁷ enterprise valuation of the Issuer Solutions Business, subject to customary adjustments. The company expects to recognize an estimated pre-tax gain of $2.2 billion ³⁸ in the first quarter of 2026 from the 2026 Worldpay Minority Interest Sale, representing the excess of the net selling price over the estimated carrying value of the Worldpay equity method investment as of the date of closing.

Another growth vector is the continued investment in innovation and modernization, including the Digital One platform which helps clients provide modern digital solutions supporting all customer types through any channel, and is host-agnostic having been enabled across multiple FIS core banking platforms including IBS, Horizon, Modern Banking Platform, AffinityEdge, and Systematics, in addition to non-FIS platforms. The company is expanding AI capabilities of its key solutions through a combination of in-house development and partnership with industry leaders, with a focus on agentic capabilities and the development of select use cases in collaboration with clients. The company also continues to assist financial institutions and other businesses in migrating to outsourced integrated technology solutions to improve their profitability and address increasing regulatory requirements.

The company's cost of revenue increased 7% ³⁹ in 2025 compared to 2024, primarily due to increased direct cost of revenue associated with higher transaction volumes and higher amortization of internally developed software. Gross profit margin decreased in 2025 as the cost of revenue increased faster than the pace of revenue due to higher amortization of internally developed software. Selling, general and administrative expenses increased 4% ⁴⁰ in 2025 primarily due to higher net personnel costs including an increase in one-time severance costs incurred as part of enterprise-wide cost savings initiatives, as well as an increase in the amortization of deferred commissions. The company expects to continue investing an appropriate level of resources to maintain, enhance and extend the functionality of proprietary systems and existing software applications, to develop new and innovative software applications and systems, and to enhance the capabilities of the outsourcing infrastructure.

The company invested approximately $989 million ⁴¹ in capital expenditures (excluding purchases of certain hardware and software subject to financing or other long-term payment arrangements) during 2025, compared to $817 million ⁴² in 2024 and $780 million ⁴³ in 2023. The company expects to continue investing in software and in property and equipment to support its business. As of December 31, 2025, the company had $4,655 million ⁴⁴ of available liquidity, including $599 million ⁴⁵ of cash and cash equivalents and $4,056 million ⁴⁶ of capacity available under its revolving credit facilities. Debt outstanding totaled $13.1 billion ⁴⁷, with an effective weighted average interest rate of 3.0% ⁴⁸.

The company's capital allocation strategy includes share repurchases, with the Board of Directors approving a share repurchase program in August 2024 authorizing the repurchase of up to $3.0 billion ⁴⁹ in aggregate value of shares of common stock. The company repurchased approximately 18 million ⁵⁰ shares for approximately $1.3 billion ⁵¹ during 2025 inclusive of repurchases completed under the share repurchase program authorized in January 2021, and approximately $1.8 billion ⁵² remained available for repurchase under the 2024 Repurchase Program as of December 31, 2025. Following the closing of the Issuer Solutions Acquisition, the company temporarily paused repurchases under this program and will resume at management's discretion taking into account the target leverage ratio. In January 2026, the Board of Directors approved a quarterly dividend of $0.44 ⁵³ per share beginning with the first quarter of 2026, with a regular quarterly dividend of $0.44 ⁵⁴ per common share payable on March 24, 2026, to shareholders of record as of the close of business on March 10, 2026.

A structural headwind is the continued consolidation within the banking industry, primarily in the form of merger and acquisition activity among financial institutions, which generally increases competition among financial technology providers and may result in loss of revenue if the company's solutions are not chosen to support the newly combined entity. The company also faces headwinds from relatively high interest rates which have had and may continue to have a negative impact on interest expense, and the company incurred approximately $7.7 billion ⁵⁵ of new debt upon closing of the Issuer Solutions Acquisition which will increase interest expense in 2026. The company continues to experience significant cost increases from vendors, and market conditions limit the ability to fully offset these increases through pricing actions.

A key constraint is the evolving regulatory landscape, including the designation of the company as a Critical Third-Party Provider under the E.U. Digital Operational Resilience Act in November 2025, which places the company under direct supervision and oversight of the European Supervisory Authorities with respect to DORA compliance and the management of operational and cyber risks for clients in the European financial sector. The company is also subject to an increasing number of privacy and data protection laws globally, including the GDPR in the E.U., the CCPA as amended by the CPRA, and various consumer privacy acts in other U.S. states, which place restrictions on the ability to efficiently transfer, access and use personal data across the business. The company's international operations represented approximately 23% ⁵⁶ of total 2025 revenue and are largely conducted in currencies other than the U.S. Dollar, exposing the company to foreign currency exchange rate fluctuations.

Management's message emphasizes the company's transformation into a platform company, embedding artificial intelligence across solutions and operations, and shifting to a functional operating model to streamline decision-making and foster closer collaboration. The strategic priorities emphasized for the period ahead include building, buying, or partnering to add solutions to win new clients and cross-sell to existing clients, supporting clients through innovation particularly in digital delivery, information security and AI, driving efficiency and scalability through investments in new technologies and infrastructure modernization, expanding distribution through the global sales force and strategic commercial partnerships, and allocating capital and resources strategically while continually reviewing the portfolio of assets and businesses. Management states that the company expects to recognize an estimated pre-tax gain of $2.2 billion ⁶⁶ in the first quarter of 2026 from the 2026 Worldpay Minority Interest Sale, and that following the closing of the Issuer Solutions Acquisition, the company expects to limit further investment in acquisitions to accelerate deleveraging until it returns to its target leverage ratio.

Total revenue from continuing operations was $10,677 million ⁶⁷ in 2025, compared to $10,127 million ⁶⁸ in 2024 and $9,831 million ⁶⁹ in 2023. Net earnings from continuing operations attributable to FIS were $382 million ⁷⁰ in 2025, compared to $787 million ⁷¹ in 2024 and $502 million ⁷² in 2023. Diluted earnings per share from continuing operations attributable to FIS was $0.73 ⁷³ in 2025, compared to $1.42 ⁷⁴ in 2024 and $0.85 ⁷⁵ in 2023. Operating income was $1,741 million ⁷⁶ in 2025, compared to $1,709 million ⁷⁷ in 2024 and $1,447 million ⁷⁸ in 2023, with operating margins of 16% ⁷⁹, 17% ⁸⁰, and 15% ⁸¹ respectively. Net cash provided by operating activities from continuing operations was $2,608 million ⁸² in 2025, compared to $2,175 million ⁸³ in 2024 and $2,078 million ⁸⁴ in 2023. Total debt as of December 31, 2025 was approximately $13.1 billion ⁸⁵ with an effective weighted average interest rate of 3.0% ⁸⁶, and cash and cash equivalents were $599 million ⁸⁷. Significant one-time items in 2025 included a $(108) million ⁸⁸ write-off of the contingent consideration included as part of the 2024 Worldpay Sale triggered by the 2026 Worldpay Minority Interest Sale agreement, and equity method investment loss of $526 million ⁸⁹ net of tax which included $383 million ⁹⁰ of expense related to an increase to the deferred tax liability from the agreement to sell the remaining interest in Worldpay. In 2024, the company recorded a loss on extinguishment of debt of approximately $(174) million ⁹¹ and a cumulative loss on sale of the Worldpay disposal group of $578 million ⁹² with a cumulative tax benefit of $1.1 billion ⁹³. For the Banking Solutions segment, Adjusted EBITDA was $3,165 million ⁹⁴ in 2025 with a margin of 43.4% ⁹⁵, compared to $3,032 million ⁹⁶ with a margin of 44.0% ⁹⁷ in 2024. For the Capital Market Solutions segment, Adjusted EBITDA was $1,657 million ⁹⁸ in 2025 with a margin of 51.8% ⁹⁹, compared to $1,519 million ¹⁰⁰ with a margin of 51.0% ¹⁰¹ in 2024.

The company faces material risks from security breaches, privacy breaches, cyberattacks, and unintentional disclosures of confidential information, as the company and its vendors, service providers, technology partners, and clients electronically receive, process, store and transmit sensitive and confidential information including Social Security Numbers, financial account numbers, and cardholder data, and the company is a regular target of attempts to identify and exploit system vulnerabilities. The company is subject to a broad range of complex federal, state, and international regulations, including designation as a Critical Third-Party Provider under the E.U. Digital Operational Resilience Act in November 2025, which places the company under direct supervision of the European Supervisory Authorities. The company has substantial goodwill of $17.8 billion ⁵⁷ as of December 31, 2025, representing 53% ⁵⁸ of total assets, and intangible assets of $1.0 billion ⁵⁹ representing 3% ⁶⁰ of total assets, which could become impaired if economic conditions decline significantly. The company's existing debt levels of approximately $13.1 billion ⁶¹ as of December 31, 2025, and the additional $7.7 billion ⁶² of new debt incurred on January 9, 2026 to finance the Issuer Solutions Acquisition, could adversely affect financial condition and business flexibility, and a 100 basis-point increase in the weighted-average interest rate on variable-rate debt would have increased 2025 annual interest expense by $29 million ⁶³. The company's international operations represented approximately 23% ⁶⁴ of total 2025 revenue and are exposed to foreign currency exchange rate fluctuations, with a 10% movement in average exchange rates for major currencies resulting in a $121 million ⁶⁵ increase or decrease in reported revenue for 2025.