# Fidelity National Information Services, Inc. (FIS)

Informational only - not investment advice.

CIK: 0001136893
SIC: 7389 Services-Business Services, NEC
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7389 Services-Business Services, NEC](/industry/7389/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=1136893
Filing source: https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001136893-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001136893.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 10,677,000,000 USD | 2025 | verified |
| Net income | 382,000,000 USD | 2025 | verified |
| Assets | 33,488,000,000 USD | 2025 | verified |
| Free cash flow | 2,454,000,000 USD | 2025 | computed |
| Net margin | 3.58% | 2025 | computed |
| Operating margin | 16.31% | 2025 | computed |
| Revenue YoY | +5.43% | 2025 | computed |
| ROE | 2.75% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | FIS | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 3.6% | 5.8% | 40 | 59 |
| Operating margin | 16.3% | 9.2% | 73 | 56 |
| Revenue growth | 5.4% | 8.4% | 37 | 58 |
| FCF margin | 23.0% | 14.2% | 75 | 58 |
| ROE | 2.7% | 8.7% | 37 | 52 |
| ROA | 1.1% | 2.9% | 36 | 59 |
| Liabilities / equity | 1.41 | 1.52 | 40 | 54 |
| Current ratio | 0.59 | 1.34 | 0 | 57 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7389 Services-Business Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 10677000000 | USD | 2025 | 2026-02-24 |
| Net income | 382000000 | USD | 2025 | 2026-02-24 |
| Assets | 33488000000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001136893.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 8,831,000,000 | 8,668,000,000 | 8,423,000,000 | 10,333,000,000 | 12,552,000,000 | 9,339,000,000 | 9,720,000,000 | 9,831,000,000 | 10,127,000,000 | 10,677,000,000 |
| Net income | 525,000,000 | 1,261,000,000 | 846,000,000 | 298,000,000 | 158,000,000 | 417,000,000 | -16,752,000,000 | -6,655,000,000 | 1,450,000,000 | 382,000,000 |
| Operating income | 1,229,000,000 | 1,432,000,000 | 1,458,000,000 | 969,000,000 | 552,000,000 | 1,040,000,000 | 1,176,000,000 | 1,447,000,000 | 1,709,000,000 | 1,741,000,000 |
| Gross profit | 2,936,000,000 | 2,874,000,000 | 2,854,000,000 | 3,723,000,000 | 4,204,000,000 | 3,349,000,000 | 3,461,000,000 | 3,656,000,000 | 3,804,000,000 | 3,936,000,000 |
| Diluted EPS | 1.59 | 3.75 | 2.55 | 0.66 | 0.25 | 0.67 | -27.74 | -11.26 | 2.61 | 0.73 |
| Operating cash flow |  |  |  |  |  |  | 1,622,000,000 | 2,078,000,000 | 2,175,000,000 | 2,608,000,000 |
| Capital expenditures | 145,000,000 | 145,000,000 | 127,000,000 | 200,000,000 | 263,000,000 | 320,000,000 | 227,000,000 | 115,000,000 | 97,000,000 | 154,000,000 |
| Dividends paid |  |  |  |  |  |  |  | 1,231,000,000 | 800,000,000 | 847,000,000 |
| Share buybacks | 40,000,000 | 153,000,000 | 1,255,000,000 | 453,000,000 | 112,000,000 | 2,114,000,000 | 1,938,000,000 | 522,000,000 | 4,045,000,000 | 1,425,000,000 |
| Assets | 26,031,000,000 | 24,526,000,000 | 23,770,000,000 | 83,806,000,000 | 83,842,000,000 | 82,931,000,000 | 63,278,000,000 | 54,973,000,000 | 33,784,000,000 | 33,488,000,000 |
| Liabilities | 16,186,000,000 | 13,706,000,000 | 13,548,000,000 | 34,350,000,000 | 34,355,000,000 | 35,399,000,000 | 35,872,000,000 | 35,917,000,000 | 18,084,000,000 | 19,586,000,000 |
| Stockholders' equity | 9,741,000,000 | 10,711,000,000 | 10,215,000,000 | 49,440,000,000 | 49,300,000,000 | 47,347,000,000 | 27,218,000,000 | 19,050,000,000 | 15,698,000,000 | 13,899,000,000 |
| Cash and cash equivalents | 683,000,000 | 665,000,000 | 703,000,000 | 1,152,000,000 | 1,959,000,000 | 2,010,000,000 | 456,000,000 | 440,000,000 | 834,000,000 | 599,000,000 |
| Free cash flow |  |  |  |  |  |  | 1,395,000,000 | 1,963,000,000 | 2,078,000,000 | 2,454,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 5.94% | 14.55% | 10.04% | 2.88% | 1.26% | 4.47% |  | -67.69% | 14.32% | 3.58% |
| Operating margin | 13.92% | 16.52% | 17.31% | 9.38% | 4.40% | 11.14% | 12.10% | 14.72% | 16.88% | 16.31% |
| Return on equity | 5.39% | 11.77% | 8.28% | 0.60% | 0.32% | 0.88% | -61.55% | -34.93% | 9.24% | 2.75% |
| Return on assets | 2.02% | 5.14% | 3.56% | 0.36% | 0.19% | 0.50% | -26.47% | -12.11% | 4.29% | 1.14% |
| Liabilities / equity | 1.66 | 1.28 | 1.33 | 0.69 | 0.70 | 0.75 | 1.32 | 1.89 | 1.15 | 1.41 |
| Current ratio | 1.36 | 0.92 | 1.19 | 0.84 | 0.80 | 0.74 | 0.79 | 0.75 | 0.85 | 0.59 |

## As-reported value updates

17 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/FIS/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001136893.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.41 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.24 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -11.14 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,489,000,000 | -449,000,000 | -0.76 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 2,510,000,000 | 251,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 2,467,000,000 | 724,000,000 | 1.25 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,489,000,000 | 243,000,000 | 0.44 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 | 2,490,000,000 | 238,000,000 | 0.43 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,599,000,000 | 281,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 2,532,000,000 | 77,000,000 | 0.15 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,616,000,000 | -470,000,000 | -0.90 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,717,000,000 | 264,000,000 | 0.50 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 2,812,000,000 | 510,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 3,295,000,000 | 2,366,000,000 | 4.58 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 3,377,000,000 | 231,000,000 | 0.45 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FIS's latest 10-K: [/company/FIS/business/](/company/FIS/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FIS's latest 10-K: [/company/FIS/risk-factors/](/company/FIS/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1136893/000113689326000050/fis-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Unless stated otherwise or the context otherwise requires, all references to "FIS," "we," "our," "us," the "Company" or the "registrant" are to Fidelity National Information Services, Inc., a Georgia corporation, and its subsidiaries.

The following discussion should be read in conjunction with Item 1. Condensed Consolidated Financial Statements (Unaudited) and the Notes thereto included elsewhere in this report. The statements contained in this Form 10-Q or in our other documents or in oral presentations or other management statements that are not purely historical are 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, fluctuations 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;

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•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;

•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 this report, and in our other filings with the SEC.

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.

Overview

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 systems. 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. FIS is incorporated under the laws of the State of Georgia as Fidelity National Information Services, Inc., and our stock is traded under the trading symbol "FIS" on the New York Stock Exchange.

Growth and Strategy Objectives

Our growth continues to be driven by the expansion of our clients' businesses, our internal development of innovative

solutions, our focused sales and marketing efforts and our deepening reach across global financial ecosystems. Strategic

acquisitions and partnerships have further enhanced our offerings, diversified our client portfolio, and expanded our reach into

new and attractive markets aligned with our long-term objectives. As we advance our transformation into a platform company,

we are embedding artificial intelligence ("AI") across our solutions and operations. We have shifted to a functional operating

model, streamlining decision-making, fostering closer collaboration across the organization and with our clients. By

reallocating resources toward high-value, integrated client experiences and modernizing our technology infrastructure, we are

strengthening our competitive position and operational resilience.

Worldpay Sale and Issuer Solutions Acquisition

On January 31, 2024, we completed the sale (the "2024 Worldpay Sale") of a 55% equity interest in our Worldpay Merchant Solutions business to private equity funds managed by GTCR, LLC (such funds, the "Buyer"). FIS retained a non-controlling 45% equity interest in a new standalone joint venture, Worldpay Holdco, LLC ("Worldpay"), following the closing of the 2024 Worldpay Sale. In connection with the 2024 Worldpay Sale, FIS and Worldpay entered into commercial

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agreements, preserving a key value proposition for clients of both businesses and reducing potential dis-synergies. FIS and Worldpay also entered into additional agreements as described in Note 2 to the consolidated financial statements.

On April 17, 2025, FIS entered into definitive agreements to (i) buy the Issuer Solutions business (the "Issuer Solutions Business") from Global Payments Inc. ("Global Payments") (the "Issuer Solutions Acquisition") and (ii) sell its remaining equity interest in Worldpay to Global Payments (the "2026 Worldpay Minority Interest Sale"). The transaction closed on January 9, 2026. We funded the Issuer Solutions Acquisition through a combination of approximately $7.7 billion of new debt and the 2026 Worldpay Minority Interest Sale.

Business Trends and Conditions

Revenue Sources and Markets

Our revenue from continuing operations is primarily derived from a combination of technology and processing solutions, transaction processing fees, professional services and software license fees. While we are a global company and do business around the world, the majority of our revenue is generated by clients in the U.S. The majority of our international revenue is generated by clients in the United Kingdom, Canada, Germany, Australia, India, and Ireland. In addition, the majority of our revenue has historically been recurring under multi-year Banking and Capital Markets contracts that contribute relative stability to our revenue stream. These

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm
Complete FY 2025 MD&A: /company/FIS/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations

The following section discusses management's view of the financial condition and results of operations of FIS and its consolidated subsidiaries as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023, unless otherwise noted.

This section should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this Annual Report. Management's Discussion and Analysis of Financial Condition and Results of Operations

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contains forward-looking statements. See "Statement Regarding Forward-Looking Information" and "Risk Factors" in Item 1A of this Annual Report for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements that could cause future results to differ materially from those reflected in this section.

Business Trends and Conditions

Revenue Sources and Markets

Our revenue from continuing operations is primarily derived from a combination of technology and processing solutions, transaction processing fees, professional services and software license fees. While we are a global company and do business around the world, the majority of our revenue is generated by clients in the U.S. The majority of our international revenue is generated by clients in the United Kingdom, Germany, Canada, Australia, Switzerland, France, South Africa, the Netherlands and India. In addition, the majority of our revenue has historically been recurring under multi-year Banking and Capital Markets contracts that contribute relative stability to our revenue stream. These solutions, in general, are considered critical to our clients' operations. Professional services revenue is typically non-recurring, though recognition often occurs over time rather than at a point in time. Sales of software licenses are typically non-recurring with point-in-time recognition and are less predictable.

Economic Trends

We continue to experience relatively stable sales cycles and levels of client activity across our businesses. While inflation remains elevated on a multi‑year basis, recent inflation levels in our primary markets have moderated compared to the peak levels observed over the past several years. However, we have experienced, and continue to experience, significant cost increases from vendors, and market conditions limit our ability to fully offset these increases through pricing actions. Relatively high interest rates have had, and may continue to have, a negative impact on our interest expense. During 2024, we used a portion of the net proceeds from the 2024 Worldpay Sale to repay our borrowings under our commercial paper programs and reduce our long-term debt, which decreased our interest expense from previous levels. However, we incurred approximately $7.7 billion of new debt upon closing of the Issuer Solutions Acquisition, as further discussed in Note 1 to the consolidated financial statements, which will increase our interest expense in 2026. Given the volatility of exchange rates and the mix of currencies involved in both revenues and expenses, the direction and magnitude of future effects of currency fluctuations are uncertain. We continue to monitor the potential impacts of recently enacted and potential future tariff regimes in the U.S. and internationally. As of December 31, 2025, tariffs have not had a significant impact on our financial condition or results of operations.

2024 Worldpay Sale

The Company completed the 2024 Worldpay Sale on January 31, 2024, for cash consideration in a transaction valuing the Worldpay Merchant Solutions business at an enterprise value of $18.5 billion, including $1.0 billion of consideration contingent on the returns realized by Buyer exceeding certain thresholds. FIS will no longer receive the contingent consideration as a result of the completion of the 2026 Worldpay Minority Interest Sale, as discussed below. The net cash proceeds received by FIS at the closing were greater than $12 billion, net of estimated closing adjustments, debt restructuring fees, taxes and transaction costs. We used the proceeds from the 2024 Worldpay Sale in 2024 primarily to retire debt and repurchase shares, as well as for general corporate purposes. In connection with the 2024 Worldpay Sale, FIS and Worldpay entered into commercial agreements, preserving a key value proposition for clients of both businesses and minimizing potential dis-synergies. FIS and Worldpay also entered into additional agreements as described in Note 4 to the consolidated financial statements. Upon closing of the 2026 Worldpay Minority Interest Sale, the commercial and other agreements were amended and extended as also discussed in Note 4 to the consolidated financial statements. Following the 2024 Worldpay Sale, we accounted for our non-controlling 45% equity interest in Worldpay using the equity method of accounting, and our share of the net income of Worldpay was reported as Equity method investment earnings (loss), net of tax, in our consolidated statements of earnings (loss).

As a result of the 2024 Worldpay Sale, we recorded a cumulative loss on sale of $578 million during 2024. During 2024, we also recorded a cumulative tax benefit of $1.1 billion, primarily from the release of U.S. deferred tax liabilities that were not transferred in the 2024 Worldpay Sale, net of the then-estimated U.S. tax cost of the 2024 Worldpay Sale. See "2026 Worldpay Minority Interest Sale" below for a discussion of subsequent changes to our U.S. deferred tax liabilities arising from our agreement to sell our remaining interest in Worldpay.

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2026 Worldpay Minority Interest Sale

As a result of the 2026 Worldpay Minority Interest Sale, we expect to recognize an estimated pre-tax gain of $2.2 billion in the first quarter of 2026, 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, adjusted for the impact of our share of Worldpay's cumulative translation adjustments recorded in accumulated other comprehensive earnings (loss). The estimated gain remains subject to change based on customary post-closing purchase price adjustments and final determination of these amounts, and the final gain could differ materially from the current estimate.

Investments in Innovation

We continue to assist financial institutions and other businesses in migrating to outsourced integrated technology solutions to improve their profitability and address increasing and ongoing regulatory requirements. We believe our integrated solutions and outsourced services are well-positioned to address this outsourcing trend across the markets we serve.

We continue to invest in modernization, innovation and integrated solutions to meet the demands of the markets we serve and to compete with global banks, financial and other technology providers, and emerging technology innovators. We invest both internally and through investment opportunities in companies building complementary technologies in the financial services space. Our internal development activities have related primarily to the modernization of our proprietary core systems in each of our segments, design and development of next-generation digital and innovative solutions and development of processing systems and related software applications and risk management platforms. We expect to continue to invest an appropriate level of resources to maintain, enhance and extend the functionality of our proprietary systems and existing software applications, to develop new and innovative software applications and systems to address emerging technology trends in response to the needs of our clients, and to enhance the capabilities of our outsourcing infrastructure.

Digital One Platform

Consumer preference, particularly in younger generations, continues to shift to digital-first banking solutions. It is increasingly clear that a priority for our clients is to provide a unified, engaging and inclusive banking experience powered by digital capabilities across all channels and customer activities. Our Digital One platform helps our clients, from top-tier large financial institutions with over $10 billion in assets to top-tier and mid-tier community banks, provide a set of modern digital solutions to support all customer types, including retail consumers, sole proprietors, small businesses and large corporations, through any channel, including desktop, tablet, smartphone, and branch. The uniform customer experience extends to support a broad range of financial services including opening new accounts, servicing existing accounts, money movement, and personal financial management, as well as other consumer, small business and commercial banking capabilities. The Digital One platform is host-agnostic, and our digital suite has been enabled across multiple FIS core banking platforms, including IBS, Horizon, Modern Banking Platform, AffinityEdge, and Systematics, in addition to non-FIS platforms run by banking financial institutions who demand market-leading digital capabilities.

Banking Industry Consolidation

We expect 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. However, consolidation resulting from specific merger and acquisition transactions may be beneficial to our business. When consolidations of financial institutions occur, merger partners often operate systems obtained from competing service providers. The newly formed entity generally makes a determination to migrate its core and payments systems to a single platform. When a financial institution processing client is involved in a consolidation, we may benefit if the client retains our solutions and expands the use of them following the consolidation to support the newly combined entity. Conversely, we may lose revenue if our solutions are not chosen to support the newly combined entity. It is also possible that larger financial institutions resulting from consolidation may have greater leverage in negotiating terms or could decide to perform in-house some or all of the solutions that we currently provide or could provide. We seek to mitigate the risks of consolidations by offering other competitive solutions to take advantage of specific opportunities at the surviving company.

Demand in the Payments Market

We continue to see demand in the payments market for innovative solutions that will deliver faster, more convenient payment options in mobile channels, internet applications, in-store cards, and digital currencies. The payment processing industry is adopting new technologies, developing new solutions, evolving new business models, and is being affected by new

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market entrants and by an evolving regulatory environment. As financial institutions respond to these changes by seeking solutions to help them enhance their own offerings to consumers, including the ability to accept card-not-present payments in eCommerce and mobile environments, as well as contactless cards and mobile wallets at the point of sale, FIS believes that payment processors will seek to develop additional capabilities in order to serve clients' evolving needs. To facilitate this expansion, we believe that payment processors will need to enhance their technology platforms so they can deliver these capabilities and differentiate their offerings from other providers.

We believe that these market changes present both an opportunity and a risk for us, and we cannot predict which emerging technologies or solutions will be successful. However, FIS believes that payment processors, like FIS, that have scalable, integrated busine

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/FIS/mda/fy2025/
All MD&A years: /company/FIS/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/FIS/mda/fy2024/): filed 2025-02-13; accession 0001136893-25-000014 (https://www.sec.gov/Archives/edgar/data/1136893/000113689325000014/fis-20241231.htm)
- [FY 2023 MD&A](/company/FIS/mda/fy2023/): filed 2024-02-26; accession 0001136893-24-000015 (https://www.sec.gov/Archives/edgar/data/1136893/000113689324000015/fis-20231231.htm)
- [FY 2022 MD&A](/company/FIS/mda/fy2022/): filed 2023-02-27; accession 0001136893-23-000028 (https://www.sec.gov/Archives/edgar/data/1136893/000113689323000028/fis-20221231.htm)
- [FY 2021 MD&A](/company/FIS/mda/fy2021/): filed 2022-02-23; accession 0001136893-22-000038 (https://www.sec.gov/Archives/edgar/data/1136893/000113689322000038/fis-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7389 Services-Business Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FIS.md · JSON record: /company/FIS.json · verified financials: /company/FIS/financials.json / /company/FIS/financials.csv · machine TOC for the whole site: /llms.txt