Short answer
Fidelity National Information Services (FIS) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $10.7B (+5.4% year over year) and net income of $382M.
- Top risk flagged: DORA designation as Critical Third-Party Provider subjects FIS to new EU regulatory oversight, with E.U. AI Act compliance deadlines phased Aug 2025–2027
FY2025 key financial metrics · XBRL
- Revenue
- $10.7B
- +5.4% YoY
- Net income
- $382M
- −73.7% YoY
- Operating margin
- 16.3%
- −0.6 pp YoY
- Gross margin
- 36.9%
- −0.7 pp YoY
- EPS (diluted)
- $0.73
- −72.0% YoY
- ROE
- 2.7%
- −6.5 pp YoY
- Operating cash flow
- $2.6B
- +19.9% YoY
Source: XBRL data from the Fidelity National Information Services (FIS) FY2025 10-K on SEC EDGAR. USD.
Fidelity National Information Services FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: Financial technology platform serving banks, capital markets firms, and businesses across payments, core banking, and capital markets software via multi-year recurring contracts
- Major M&A pivot: Acquired Global Payments' Issuer Solutions business for ~$7.7B (new debt-funded); simultaneously sold remaining 45% Worldpay stake to Global Payments, closing January 9, 2026
- Strategic transformation: Shift to functional operating model + platform company model; embedding AI (including agentic capabilities) across solutions; Merchant Solutions segment eliminated post Worldpay divestiture
- Revenue grew to $10.68B in FY2025 vs $10.13B in FY2024; Banking segment $7.29B, Capital Markets $3.20B, both up YoY
- Designated by EU's European Supervisory Authorities as Critical Third-Party Provider under DORA (November 2025), placing FIS under direct ESA supervision across EU financial sector operations
Management Discussion & Analysis
- Revenue $10,677M in 2025, up $550M (~5%) YoY; Banking +6% to $7,285M, Capital Markets +7% to $3,196M
- Operating margin not explicitly stated as %; Banking Adjusted EBITDA margin 43.4% vs 44.0%; Capital Markets margin 51.8% vs 51.0%
- Best segment: Capital Markets, margin 51.8% (+80bps); worst: Corporate & Other, Adjusted EBITDA –$491M, revenue down 23%
- Operating cash flow $2,608M (+$433M YoY); capex $989M; share buybacks ~$1.3B (18M shares); $1.8B remaining under $3B 2024 repurchase program; quarterly dividend $0.44/share
- ~$7.7B new debt from Issuer Solutions Acquisition will increase 2026 interest expense; buybacks paused; management targeting deleveraging back to target leverage ratio; $2.2B pre-tax gain expected Q1 2026 from Worldpay minority interest sale
Risk Factors
- DORA designation as Critical Third-Party Provider subjects FIS to new EU regulatory oversight, with E.U. AI Act compliance deadlines phased Aug 2025–2027
- International ops ~23% of 2025 revenue exposed to FX and geopolitical risk; BRICS nations actively targeting Western payment infrastructure via cyberattacks
- Total debt ~$13.1B pre-acquisition, then ~$7.7B additional debt incurred Jan 2026 for Issuer Solutions deal, sharply increasing leverage and debt service burden
- Banking sector consolidation reduces client base; larger surviving institutions gain negotiating leverage to demand price cuts or insource FIS services
- Goodwill $17.8B (53% of total assets) vulnerable to impairment if prolonged economic downturn hits bank spending or consumer behavior
Generated from the filing text; verify against the original. How to read a 10-K
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