Fidelity National Information Services (FIS) FY2025 10-K Annual Report
Fidelity National Information Services (FIS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Fidelity National Information Services FY2025 10-K Analysis
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
Fidelity National Information Services FY2025 Key Financial MetricsXBRL
Revenue
$10.7B
▲ +5.4% YoY
Net Income
$382M
▼ -73.7% YoY
Gross Margin
36.9%
▼ -70bp YoY
Operating Margin
16.3%
▼ -57bp YoY
Net Margin
3.6%
▼ -1074bp YoY
ROE
2.7%
▼ -649bp YoY
Total Assets
$33.5B
▼ -0.9% YoY
EPS (Diluted)
$0.73
▼ -72.0% YoY
Operating Cash Flow
$2.6B
▲ +19.9% YoY
Source: XBRL data from Fidelity National Information Services FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on Fidelity National Information Services
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.