Fidelity National Information Services, Inc. · NYSE:FIS
Fidelity National Information Services — Q4 2025 Earnings Presentation
43 slides from Fidelity National Information Services's earnings presentation, Feb 24, 2026
Slide 1: Fourth Quarter 2025 Earnings Call
Fourth Quarter 2025 Earnings Call February 24, 2026 Confidential and Proprietary
Slide 2: Disclosures
Disclosures Forward-looking Statements Our discussions today, including this presentation and any comments made by management, contain “forward-looking statements” within the meaning of the U.S. federal securities laws. Any statements that refer to future events or circumstances, including our futur
Slide 3: Speakers
Speakers Fourth Stephanie Ferris 1 Quarter Chief Executive Officer and President Highlights Financial James Kehoe 2 Results & Outlook Chief Financial Officer 3
Slide 4: Full-Year 2025 Highlights
Full-Year 2025 Highlights DELIVERED ON STRATEGIC PILLARS TO DRIVE LONG-TERM VALUE HIGHLIGHTS 2025 Outlook1 2025 Results Leveraging Our Strong Foundation Adj. Revenue Growth (%) 4.6% - 5.2% 5.8% +5.8% Adjusted Executing to Deliver Revenue Growth Adj. EBITDA ($) $4,305 - $4,335 $4,331 Profitable Growt
Slide 5: Capitalizing on a Generational Moment
Advancing FIS’ Capitalizing Position on a as a Scaled Generational FinTech Leader Moment Banking industry Excess capital, stable credit and strong is strong operating performance Banks are executing ~$50B in M&A1 and tech spend expected growth agendas to increase ~30% by 2029 Emerging technology AI
Slide 6: Compounding Growth Across Our Primary Addressable Market
Compounding Growth Across Our Primary Addressable Market Bank M&A as a Large Financial Institution (LFI) Count Annual Technology Spend FDIC-Insured institutions with $10B+ in assets % of Revenue Growth Tailwind $250B+ +56% 137 300bps 11% 8% $100-$250B 88 $50-$100B 2015 Today1 2015 2024 $10-$50B TAM
Slide 7: Total Issuing Transaction Reinforces Value Proposition & Innovation Engine
Total Issuing Transaction Reinforces Value Proposition & Innovation Engine Leading Large Unprecedented Modern Financial Reaffirming Data Set Across Product Institution (LFI) Synergy the Money Roadmap Value Prop Targets Lifecycle • Announced First AI • Serving 14 of Top • Continued confidence in • En
Slide 8: Complete Bank Solution Advancing Enterprise-Grade FinTech Offering
Complete AdvancingEnterprise-Grade Bank Solution FIS’ Position as a Scaled FinTech Offering Leader MONEY MONEY MONEY AT REST IN MOTION AT WORK ~1.1B Credit ~150 Accounts on File Countries with Clients Network Debit and Prospects ~73B Complete Transactions Annually Money Movement Product Suite Commer
Slide 9: Accelerating Execution Against Our Enterprise Strategy
Accelerating Execution Against Our Enterprise Strategy ACTIVATED DRIVING INNOVATON DOUBLING DOWN Commercial Excellence Product Development Proprietary Data & AI Fraud SmartBasket +20% 4x uplift in AI Agentic investment in 2026 Credit Limit Commerce 4x Increase Q4 YoY Recurring Sales Growth Droit Mon
Slide 10: Commercial Excellence Activated Across the Enterprise
Commercial Excellence Activated Across the Enterprise Growing Recurring ACV Accelerating Outperforming Across All Segments in 4Q High Growth Solutions Margin Expansion Enterprise Recurring 4Q Sales, $M ACV 2025 Recurring Sales ACV Growth ‘24 vs. ‘25 growth +20% +123% Digital Product and revenue mix
Slide 11: Well Positioned Into 2026 and Beyond
Well Positioned Into 2026 and Beyond 1 2 3 Demonstrated Ability Our Innovation Uniquely Positioned to Execute Strategy is Working for the Moment Strong 2025 performance Targeted investments in We are in the right & confidence in 2026 high growth vectors and markets at the right time underscored by e
Slide 12: Financial Results & Outlook
Financial Results & Outlook 12
Slide 13: 4Q & FY 2025 Financial Results
4Q & FY 2025 Financial Results FIS RESULTS Total Revenue Adj. EBITDA / Margin Adjusted EPS 4Q $2.8B $1.2B / 42.5% $1.68 +7.4% Adjusted +7.3% YoY / (36) bps +20.0% YoY Total Revenue Adj. EBITDA / Margin Adjusted EPS FY $10.7B $4.3B / 40.6% $5.75 +5.8% Adjusted +4.7% YoY / (28) bps +10.2% YoY KEY METR
Slide 14: 4Q 2025 Segment Financial Results
4Q 2025 Segment Financial Results 4Q 2025 FIS RESULTS Total Revenue Adjusted Revenue Recurring Revenue % Revenue Recurring $2.7B +7.4% +7.8% 78% BANKING SOLUTIONS CAPITAL MARKETS Revenue Growth +8.8% Revenue Growth +5.3% +8.3% Recurring Revenue +5.6% Recurring Revenue Adjusted Adjusted M&A Contribut
Slide 15: FY 2025 Segment Financial Results
FY 2025 Segment Financial Results FY 2025 FIS RESULTS Total Revenue Adjusted Revenue Recurring Revenue % Revenue Recurring $10.5B +5.8% +6.0% 80% BANKING SOLUTIONS CAPITAL MARKETS Revenue Growth +6.1% Revenue Growth +5.8% +5.6% Recurring Revenue +6.3% Recurring Revenue Adjusted Adjusted M&A Contribu
Slide 16: Financial Reporting Considerations Post-Total Issuing Solutions Close
Financial Reporting Considerations Post-Total Issuing Solutions Close • On 1/9/2026, we completed the acquisition of the Total Issuing Solutions business and sale of our minority Worldpay stake. Pro forma financials are presented in the Appendix (see slide 27) • Pro forma financials include the Tota
Slide 17: FY 2026 Outlook
FY 2026 Outlook 2026 Better / (Worse) P&L METRICS ($ millions, except per share data) Outlook Adjusted Pro Forma Revenue $13,770 - $13,850 30% - 31% 5.1% - 5.7% Adj. EBITDA $5,800- $5,860 34% - 35% 7.2% - 8.4% Adj. EBITDA Margin 42.1% - 42.3% 155 - 175 bps 95 - 110 bps Adj. EPS $6.22 - $6.32 8% - 10
Slide 18: FY 2026 Revenue Outlook
FY 2026 Revenue Outlook Consistent Revenue Growth Underpinned by Durable Recurring Revenue 2026 Outlook 2026 Outlook Key Assumptions for 2026 Adjusted Growth Pro Forma Growth • Tuck-in M&A contribution of ~70 bps FIS 30% - 31% 5.1% - 5.7% • Recurring growth above pro forma growth • Tuck-in M&A contr
Slide 19: FY 2026 Pro Forma Adjusted EBITDA Margin Bridge
FY 2026 Pro Forma Adjusted EBITDA Margin Bridge Adj. EBITDA Growth Outpacing Revenue Growth 155 - 175 bps Margin Expansion 55 – 65 bps 42.1% - 42.3% 95 - 110 bps PF Margin Expansion 80 – 85 bps +62 bps 41.2% (40) bps 40.6% 2025 Adjusted Issuing Acquisition 2025 Pro Forma WP TSA Rolloff Net Cost Redu
Slide 20: Free Cash Flow Outlook
Free Cash Flow Outlook 2026 Free Cash Flow Growth Outpacing EPS Growth >3x FCF YoY Growth ~25% FCF 25 - 28 CAGR 27% - 33% >$3.0B +19% $2.05 - $2.15B +5% $1.6B $1.4B (1) 2024 2025 2026 2028 EXPECTING 2025 FREE CASH FLOW TO DOUBLE BY 2028 TO >$3B (1) Free cash flow excluding transaction taxes on World
Slide 21: 1Q 2026 Outlook
1Q 2026 Outlook P&L METRICS 1Q 2026 Better / (Worse) ($ millions, except per share data) Outlook Adjusted Pro Forma 1Q 2026 Comments Revenue $3,270 - $3,290 29% - 30% 5.5% - 6.2% • Strong Banking performance; M&A contribution of ~120 bps Banking Solutions - 43% - 44% 7.0% - 7.5% • Capital Mkts. grow
Slide 22: Financial Summary
Financial Summary • Good finish to the year, with strength across Banking • Closed Total Issuing Solutions, transforming strategic and financial profile of the company • Projecting durable revenue growth with increasing margins • Targeting FCF(1) growth of 27% - 33% (1) Free cash flow excluding tran
Slide 23: Durable Operating Model Across All Economic Cycles
Durable Operating Model Across All Economic Cycles We are: We have: We deliver: 1 Scaled Technology Leader 2 Global Distribution & Marquee Set 3 Broad Suite Of Best-of- Breed of Clients Solutions 23
Slide 24: Appendix
Fis Appendix
Slide 25: FY 2026 Outlook - Additional Assumptions
FY 2026 Outlook - Additional Assumptions $ millions FY OUTLOOK 1Q OUTLOOK Positive F/X Impact to Revenue ~$80 ~$40 Corporate and Other Revenue ~$365 ~$100 Interest Expense ~$780 ~$190 Effective Tax Rate ~11.7% ~11.7% Shares Outstanding ~519M ~518M Depreciation and Amortization ~$1,375 $350 - $355 No
Slide 26: FIS Operating Segment Composition Post-Total Issuing Solutions Close
FIS Operating Segment Composition Post-Total Issuing Solutions Close Payments Banking Issuing: Debit + Credit Core Banking Solutions Network Digital – Retail 70% 74% Loyalty & Premium Payback Digital – Commercial of 2025 Revenue of 2025 PF Revenue Fraud Management Wealth & Retirement Value-Added Ser
Slide 27: Pro Forma Historical Financials
Pro Forma Historical Financials 2024 2025 ($ millions) FY 1Q 2Q 3Q 4Q FY Banking Solutions $8,951 $2,231 $2,335 $2,451 $2,446 $9,463 Banking 3,639 951 949 1,019 1,027 3,946 Payments 5,312 1,280 1,386 1,432 1,419 5,517 Capital Market Solutions 3,039 787 783 799 898 3,267 Corporate and Other 530 112 1
Slide 28: Pro Forma Revenue Growth Calculation
Pro Forma Revenue Growth Calculation $ millions 1Q OUTLOOK FY OUTLOOK 2025 FIS Revenue $2,532 $10,677 2025 Issuing Revenue 598 2,509 “Pro Forma Combined” Revenue $3,130 $13,186 2025 Corporate & Other Revenue Adjustment (112) (456) 2025 Pro Forma Growth Input (A) $3,018 $12,730 2026 Revenue Outlook $
Slide 29: Reconciliation of Management Pro Forma to Announcement Deck
Reconciliation of Management Pro Forma to Announcement Deck (4/17/25) Adj. Pre-Tax Earnings Reduced by $40M ($0.07 Adj. EPS) Compared to Announcement Assumptions, Reflecting Reclass of Non-GAAP OpEx and Perimeter Adjustments $ millions PF 2024 Issuer Revenue PF 2024 Issuer EBITDA Announcement Deck $
Slide 30: Forward-Looking Statements
Forward-Looking Statements This presentation 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
Slide 31: Forward-Looking Statements
Forward-Looking Statements • 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 opportunities and risks associated with using and
Slide 32: FIS Use of Non-GAAP Financial Information
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 summarizi
Slide 33: FIS Use of Non-GAAP Financial Information
FIS Use of Non-GAAP Financial Information 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 ca
Slide 34: Reconciliation of GAAP to Non-GAAP Financials
Reconciliation of GAAP to Non-GAAP Financials THREE MONTHS ENDED DECEMBER 31, 2025 BANKING CAPITAL MARKET OPERATING SEGMENT CORPORATE AND CONSOLIDATED SOLUTIONS SOLUTIONS TOTAL OTHER FIS Revenue $1,866 883 2,749 63 $2,812 FX (7) (17) (23) (1) (24) Constant Currency $1,859 $866 $2,725 $62 $2,787 Reve
Slide 35: Reconciliation of GAAP to Non-GAAP Financials
Reconciliation of GAAP to Non-GAAP Financials YEARS ENDED DECEMBER 31, 2025 BANKING CAPITAL MARKET OPERATING SEGMENT CORPORATE AND CONSOLIDATED SOLUTIONS SOLUTIONS TOTAL OTHER FIS Revenue $7,285 $3,196 $10,481 $196 $10,677 FX (6) (29) (35) - (35) Constant Currency $7,280 $3,166 $10,446 $195 $10,641
Slide 36: Reconciliation of GAAP to Non-GAAP Financials
Reconciliation of GAAP to Non-GAAP Financials THREE MONTHS ENDED DECEMBER 31, 2025 YEAR ENDED DECEMBER 31, 2025 Net cash provided by operating activities $757 $2,608 Capital expenditures (324) (989) Free cash flow 433 $1,619 Non-GAAP adjustments: Acquisition, integration and other payments (1) 155 5
Slide 37: Reconciliation of GAAP to Non-GAAP Financials
Reconciliation of GAAP to Non-GAAP Financials THREE MONTHS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31, 2025 2024 2025 2024 Net earnings (loss) attributable to FIS from continuing operations $511 $304 $382 $787 Provision (benefit) for income taxes 85 146 265 362 Interest expense, net 88 67 367 250 Eq
Slide 38: Reconciliation of GAAP to Non-GAAP Financials
Reconciliation of GAAP to Non-GAAP Financials THREE MONTHS ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, 2025 2024 2025 2024 Earnings (loss) attributable to FIS from continuing operations $511 $304 $382 $787 Equity method investment (earnings) loss, net of tax (166) 36 526 145 Earnings (loss) attributa
Slide 39: Reconciliation of GAAP to Non-GAAP Financials
Reconciliation of GAAP to Non-GAAP Financials THREE MONTHS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31, 2025 2024 2025 2024 Earnings (loss) attributable to FIS from continuing operations $0.98 $0.56 $0.73 $1.42 Equity method investment (earnings) loss, net of tax (0.32) 0.07 1.00 0.26 Earnings (loss)
Slide 40: Notes to Unaudited – Supplemental GAAP to Non-GAAP Reconciliations
Notes to Unaudited – Supplemental GAAP to Non-GAAP Reconciliations (1) This item represents purchase price amortization expense on all intangible assets acquired through various Company acquisitions, including customer relationships, contract value, technology assets, trademarks and trade names. The
Slide 41: Notes to Unaudited – Supplemental GAAP to Non-GAAP Reconciliations
Notes to Unaudited – Supplemental GAAP to Non-GAAP Reconciliations THREE MONTHS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31, 2025 2024 2025 2024 Continuing Operations: Acquisition and integration $51 $18 $136 $88 Enterprise transformation, including Future Forward and platform modernization 56 57 157
Slide 42: Notes to Unaudited – Supplemental GAAP to Non-GAAP Reconciliations
Notes to Unaudited – Supplemental GAAP to Non-GAAP Reconciliations (8) This item represents FIS' proportionate share of Worldpay's non-GAAP adjustments on its earnings (loss) consistent with FIS' non-GAAP measures and is comprised of the following: THREE MONTHS ENDED THREE MONTHS ENDED YEAR ENDED EL
Slide 43: Supplemental Financial Information – Unaudited
Supplemental Financial Information – Unaudited THREE MONTHS ENDED THREE MONTHS ENDED YEAR ENDED ELEVEN MONTHS ENDED Summary Worldpay Holdco, LLC financial information is as follows: DECEMBER 31, 2025 DECEMBER 31, 2024 DECEMBER 31, 2025 DECEMBER 31, 2024(1) Revenue $1,357 $1,303 $5,476 $4,732 Gross p
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