FIS Reports Full-Year 2025 Results and Introduces 2026 Outlook

• 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

JACKSONVILLE, Fla.: 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.

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.

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.
  ull-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.
  ull-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.
  ull-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.

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 opp

Fonte: Business Wire