Strong growth lifts FIS (NYSE: FIS) Q1 2026 results and full-year outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Fidelity National Information Services (FIS) reported strong first-quarter 2026 results and reiterated its full-year 2026 outlook. Revenue rose 30% year over year to $3.295 billion. GAAP diluted EPS was $4.58, including an estimated $2.2 billion after-tax gain from the Worldpay sale.
Adjusted EBITDA increased 36% to $1.304 billion, with margin expanding to 39.6%. Adjusted net earnings were $705 million and Adjusted EPS grew 12% to $1.36. Free cash flow was $474 million, up 111%. Banking Solutions revenue climbed 45% to $2.374 billion, while Capital Market Solutions revenue grew 5% to $823 million.
FIS reaffirmed its 2026 outlook, projecting Adjusted revenue of $13.77–$13.85 billion, Adjusted EBITDA of $5.8–$5.86 billion and Adjusted EPS of $6.22–$6.32. It continues to target 2026 Free cash flow of $2.05–$2.15 billion. As of March 31, 2026, debt outstanding totaled $21.1 billion, and the company has paused share repurchases and tuck-in M&A to focus on reaching its 2.8x gross leverage target.
Positive
- Strong top-line and earnings growth: Q1 2026 revenue rose 30% year over year to $3.295 billion, Adjusted EBITDA increased 36% to $1.304 billion, and Adjusted EPS grew 12% to $1.36, indicating solid operational performance.
- Robust cash generation and confident outlook: Free cash flow excluding Worldpay transaction taxes reached $474 million, up 111% year over year, and the company reaffirmed 2026 guidance for double‑digit Adjusted revenue, EBITDA, EPS and Free cash flow growth.
- High-growth Banking segment and margin expansion: Banking Solutions revenue grew 45% to $2.374 billion, with Adjusted EBITDA margin improving to 43.7%, supported by the Total Issuing Solutions acquisition, favorable mix and cost savings.
Negative
- Higher leverage following acquisitions: Debt outstanding increased to $21.1 billion as of March 31, 2026, and the company has temporarily paused share repurchases and tuck‑in M&A while it focuses on reaching a gross leverage target of 2.8x.
- Significant non-cash charges and impairments: Q1 2026 results include $104 million of asset impairments and substantial purchase accounting amortization, which highlight ongoing integration and transformation costs around recent portfolio changes.
Insights
FIS posts strong Q1 growth, boosts margins and cash, and confirms ambitious 2026 targets.
FIS delivered 30% revenue growth to $3.295 billion in Q1 2026, with Adjusted EBITDA up 36% to $1.304 billion and margin expanding to 39.6%. Adjusted EPS rose 12% to $1.36, showing underlying earnings strength beyond the Worldpay-related gain.
Growth was led by Banking Solutions, where revenue increased 45% to $2.374 billion and Adjusted EBITDA margin reached 43.7%, supported by the high‑margin Total Issuing Solutions acquisition and cost savings. Capital Market Solutions also expanded revenue and margins, indicating broad-based performance.
The company reiterated full‑year 2026 guidance, including Adjusted revenue of $13.77–$13.85 billion, Adjusted EBITDA of $5.8–$5.86 billion, Adjusted EPS of $6.22–$6.32, and Free cash flow of $2.05–$2.15 billion. With debt at $21.1 billion and a 2.8x gross leverage target, management has paused buybacks and tuck‑in M&A to prioritize deleveraging.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $3.295 billion
GAAP Diluted EPS: $4.58 per share
Adjusted EPS: $1.36 per share
+5 more
8 metrics
Q1 2026 Revenue
$3.295 billion
GAAP revenue, up 30% year over year
GAAP Diluted EPS
$4.58 per share
Q1 2026, includes estimated $2.2B after-tax Worldpay gain
Adjusted EPS
$1.36 per share
Q1 2026, 12% increase over prior-year period
Adjusted EBITDA
$1.304 billion
Q1 2026, 36% year-over-year increase; 39.6% margin
Free cash flow excluding Worldpay taxes
$474 million
Q1 2026, up 111% from prior-year period
Debt outstanding
$21.1 billion
Total debt as of March 31, 2026
Banking Solutions revenue
$2.374 billion
Q1 2026, 45% GAAP growth versus prior-year period
2026 Adjusted revenue outlook
$13.77–$13.85 billion
Full-year 2026 projected Adjusted revenue
Key Terms
Adjusted EBITDA, Free cash flow, Pro Forma revenue, purchase accounting amortization, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA increased 36% to approximately $1.3 billion and Adjusted EBITDA margin expanded by 176 basis points..."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free cash flow financial
"Net cash provided by operating activities was $713 million and Free cash flow1 was $474 million, up 111%..."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Pro Forma revenue financial
"On a Pro Forma basis, revenue increased 6.5% as compared to the prior-year period..."
An adjusted measure of a company’s sales that shows what revenue would have been after removing one-time items or applying certain assumptions—for example, treating a recent acquisition as if it had existed for the whole period. It matters to investors because it aims to reveal the business’s underlying trend by smoothing out irregular events, like showing a photo with distractions removed; however, the adjustments can vary, so compare how the number was calculated before relying on it.
purchase accounting amortization financial
"This item represents purchase price amortization expense on all intangible assets acquired through various Company acquisitions..."
equity method investment financial
"Equity method investment earnings (loss), net of tax | 2,214 | | | (71)..."
An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.
Adjusted EPS financial
"Adjusted EPS increased by 12% as compared to the prior-year period to $1.36 per diluted share."
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
Earnings Snapshot
Revenue: $3.295 billion · Guidance included
Q1 2026
Revenue
$3.295 billion
+30% year over year
GAAP diluted EPS
$4.58
includes estimated $2.2B after-tax Worldpay gain
Adjusted EPS
$1.36
+12% year over year
Adjusted EBITDA
$1.304 billion
+36% year over year; margin 39.6%
Free cash flow excluding Worldpay transaction taxes
$474 million
+111% year over year
Guidance
For full-year 2026, FIS projects Adjusted revenue of $13.77–$13.85 billion, Adjusted EBITDA of $5.8–$5.86 billion, Adjusted EPS of $6.22–$6.32, and Free cash flow of $2.05–$2.15 billion.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
(Exact name of Registrant as Specified in its Charter)
(Commission File Number)
| (State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification Number) | |||||||
(Addresses of Principal Executive Offices)
(904 ) 438-6000
(Registrant's Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||||||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Trading | Name of each exchange | |||||||||||||
| Title of each class | Symbol(s) | on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On May 8, 2026, Fidelity National Information Services, Inc. (the "Company") issued a press release announcing financial results for the three months ended March 31, 2026, and guidance for the quarter ending June 30, 2026, and full year ending December 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
The information included in this Item 2.02, including the accompanying exhibits, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit Number | Exhibit Description | |||||||
| 99.1 | Press release of Fidelity National Information Services, Inc., dated May 8, 2026, regarding financial results for the three months ended March 31, 2026, and guidance for the quarter ending June 30, 2026, and full year ending December 31, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Fidelity National Information Services, Inc. | ||||||||||||||
| (Registrant) | ||||||||||||||
| Date: May 8, 2026 | By: | /s/ James Kehoe | ||||||||||||
| Name: | James Kehoe | |||||||||||||
| Title: | Chief Financial Officer | |||||||||||||
| Fidelity National Information Services, Inc. | ||||||||||||||
| Date: May 8, 2026 | By: | /s/ Alexandra Brooks | ||||||||||||
| Name: | Alexandra Brooks | |||||||||||||
| Title: | Chief Accounting Officer | |||||||||||||
Exhibit 99.1
News Release
FIS Reports First Quarter 2026 Results and Reiterates Full-Year Outlook
•First quarter GAAP Diluted EPS of $4.58
•Adjusted EPS of $1.36 increased 12% over the prior year period
•Revenue increased 30% on a GAAP basis to $3.3 billion, increasing 31% on an adjusted basis and 6.5% on a Pro Forma basis
•Net cash provided by operating activities was $713 million and Free cash flow1 increased 111% over the prior-year period
•Reiterates full-year 2026 outlook, including 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
•Reiterates 2026 outlook for Pro Forma revenue growth of 5.1-5.7% and Pro Forma Adjusted EBITDA growth of 7.2-8.4%2
JACKSONVILLE, Fla., May 8, 2026 - FIS® (NYSE: FIS), a global leader in financial technology, today reported its first quarter 2026 results.
“We delivered a strong start to 2026, with disciplined execution driving margin expansion and robust cash flow generation,” said FIS CEO and President Stephanie Ferris. “The market is strong, banks are investing, and the innovation that is redefining financial services runs through FIS. As evidenced by our recent announcements and partnerships, we are positioning ourselves at the forefront of this new era of modern banking.”
First Quarter 2026 Financial Results
On a GAAP basis, revenue increased 30% as compared to the prior-year period to approximately $3.3 billion. GAAP net earnings attributable to common stockholders were $2.4 billion or $4.58 per diluted share, reflecting an estimated gain of $2.2 billion, net of tax, from the Worldpay Sale.
On an adjusted basis, revenue increased 31% as compared to the prior-year period. Adjusted EBITDA increased 36% to approximately $1.3 billion and Adjusted EBITDA margin expanded by 176 basis points (bps) compared to the prior-year period to 39.6%, reflecting the acquisition of the high margin Total Issuing Solutions™ business, favorable mix and cost savings. Adjusted net earnings were $705 million, and Adjusted EPS increased by 12% as compared to the prior-year period to $1.36 per diluted share.
On a Pro Forma basis, revenue increased 6.5% as compared to the prior-year period, including recurring revenue growth of 4.8%. Pro Forma adjusted EBITDA increased 9.4% and Pro Forma adjusted EBITDA margin expanded by 87 basis points (bps) compared to the prior-year period to 39.6%, reflecting favorable mix and cost savings.
| ($ millions, except per share data, unaudited) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
| % | Adjusted | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | Growth | Growth** | ||||||||||||||||||||||||||||||||||||||||
| Banking Solutions Revenue | 2,374 | 1,633 | 45% | 44% | 7.7% | |||||||||||||||||||||||||||||||||||||||
| Capital Market Solutions Revenue | 823 | 787 | 5% | 3% | 2.9% | |||||||||||||||||||||||||||||||||||||||
| Operating Segment Total Revenue | $ | 3,197 | $ | 2,420 | 32% | 31% | 6.5% | |||||||||||||||||||||||||||||||||||||
| Corporate and Other Revenue | 98 | 112 | (12)% | - | - | |||||||||||||||||||||||||||||||||||||||
| Consolidated FIS Revenue | $ | 3,295 | $ | 2,532 | 30% | - | - | |||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 1,304 | $ | 958 | 36% | - | 9.4% | |||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA Margin | 39.6 | % | 37.8 | % | 176 bps | - | 87 bps | |||||||||||||||||||||||||||||||||||||
| Net Earnings (Loss) (GAAP) | $ | 2,366 | $ | 77 | * | |||||||||||||||||||||||||||||||||||||||
| Diluted Earnings (Loss) Per Common Share (GAAP) | $ | 4.58 | $ | 0.15 | * | |||||||||||||||||||||||||||||||||||||||
| Adjusted Net Earnings | $ | 705 | $ | 643 | 10% | |||||||||||||||||||||||||||||||||||||||
| Adjusted EPS | $ | 1.36 | $ | 1.21 | 12% | |||||||||||||||||||||||||||||||||||||||
Free Cash Flow1 | $ | 474 | $ | 224 | 111% | |||||||||||||||||||||||||||||||||||||||
*Indicates comparison not meaningful
**Pro Forma revenue growth and margins include 8 days of contribution from Total Issuing™ Solutions acquisition
Segment Information
• Banking Solutions:
First quarter revenue increased 45% on a GAAP basis and 44% on an adjusted basis as compared to the prior-year period to $2.4 billion. Adjusted EBITDA increased 56% to $1.0 billion and Adjusted EBITDA margin expanded by 299 basis points as compared to the prior-year period to 43.7%, reflecting the acquisition of the high margin Total Issuing Solutions™ business and strong margin expansion across FIS’ core banking and payments businesses.
On a Pro Forma basis, revenue increased 7.7% as compared to the prior-year period, including recurring revenue growth of 5.2%. Pro Forma adjusted EBITDA increased 15.3% and Pro Forma adjusted EBITDA margin expanded by 243 basis points (bps) compared to the prior-year period to 43.7%, led by favorable mix and cost savings.
•Capital Market Solutions:
First quarter revenue increased by 5% on a GAAP basis and 3% on an adjusted basis as compared to the prior-year period to $823 million, reflecting recurring revenue growth of 3.6%. Adjusted EBITDA increased 8% to $424 million and Adjusted EBITDA margin expanded by 162 basis points as compared to the prior-year period to 51.6%, reflecting favorable mix and cost savings.
•Corporate and Other:
First quarter revenue decreased by 12% as compared to the prior-year period to $98 million. Adjusted EBITDA loss was $158 million, including $161 million of corporate expenses.
Balance Sheet and Cash Flows
First quarter net cash provided by operating activities was $713 million and Free cash flow1 was $474 million, up 111% as compared to the prior-year period. The Company returned $262 million of capital to shareholders through $30 million of share repurchases and $232 million of dividends paid. As of March 31, 2026, debt outstanding totaled $21.1 billion.
Capital Allocation
The Company will continue to pay quarterly dividends targeting dividend per share growth in line with Adjusted EPS growth.
Consistent with prior communications, the Company has temporarily paused 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.
Second Quarter and Full-Year 2026 Outlook
For the full-year, the Company is reiterating its outlook, 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 reiterating its target for Free Cash Flow1 of $2.05 - $2.15 billion, or growth of 27-33% as compared to the prior year.
($ millions, except share data) | 2Q 2026 | FY 2026 | |||||||||
Revenue | $3,375 - $3,395 | $13,770 - $13,850 | |||||||||
Adjusted EBITDA (Non-GAAP)2 | $1,395 - $1,415 | $5,800 - $5,860 | |||||||||
Adjusted EPS (Non-GAAP)2 | $1.45 - $1.49 | $6.22 - $6.32 | |||||||||
1Our 2026 Free Cash Flow outlook is defined as Free cash flow excluding cash transaction taxes on the Worldpay sale.
2The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort.
Webcast
FIS will host a live webcast of its earnings conference call with the investment community beginning at 8:30 a.m. (EDT) on Friday, May 8, 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 and Free cash flow excluding cash transaction taxes on the Worldpay sale.
Due to the financial impact of the acquisition of the Issuer Solutions Business, FIS is also providing additional information to improve the understanding of the Company’s operating performance and has recalculated certain non-GAAP measures of the Company’s historical financial performance on an adjusted combined company basis for the periods shown herein. This information includes Pro forma combined revenue, Pro forma combined revenue growth, Adjusted pro forma combined EBITDA and Adjusted pro forma combined EBITDA margin. The Company has derived certain pro forma measures from the unaudited pro forma condensed combined financial information of FIS and the Issuer Solutions Business and notes thereto prepared in accordance with Article 11 of Regulation S-X for the year ended December 31, 2025, in Exhibit 99.2 to the Company’s Form 8-K/A filed on February 24, 2026.
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 Free cash flow excluding cash transaction taxes on the Worldpay sale 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 acquisition, integration and certain other costs and asset impairments. 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 pro forma combined 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 for FIS and Total Issuing Solutions™ combined for pre-acquisition periods and assumes the Issuer Solutions acquisition occurred on January 1, 2025, unless otherwise indicated. These excluded costs generally include acquisition, integration and certain other costs and asset impairments.
Adjusted pro forma combined EBITDA margin reflects Adjusted pro forma combined EBITDA, as defined above, divided by Pro forma combined revenue.
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).
Free cash flow excluding cash transaction taxes on the Worldpay sale reflects Free cash flow excluding cash transaction taxes on the Worldpay sale.
Pro forma combined revenue includes reported revenue for FIS and Total Issuing™ Solutions combined for pre-acquisition periods and assumes the Issuer Solutions acquisition occurred on January 1, 2025, unless otherwise indicated.
Pro forma combined revenue growth represents Pro forma combined revenue excluding the impact of fluctuations in foreign currency exchange rates in the current period as compared to the prior period Pro forma combined revenue. When referring to Pro forma combined revenue growth, revenue from our Corporate and Other segment is excluded.
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 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in our other filings with the Securities and Exchange Commission.
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.
For More Information
| Ellyn Raftery, 904.438.6083 | George Mihalos, 904.438.6438 | |||||||
| Chief Marketing & Communications Officer | Senior Vice President | |||||||
| FIS Global Marketing & Corporate Communications | FIS Investor Relations | |||||||
| Ellyn.Raftery@fisglobal.com | Georgios.Mihalos@fisglobal.com | |||||||
Fidelity National Information Services, Inc.
Earnings Release Supplemental Financial Information
May 8, 2026
Exhibit A Condensed Consolidated Statements of Earnings (Loss) - Unaudited for the three months ended March 31, 2026 and 2025
Exhibit B Condensed Consolidated Balance Sheets - Unaudited as of March 31, 2026, and December 31, 2025
Exhibit C Condensed Consolidated Statements of Cash Flows - Unaudited for the three months ended March 31, 2026 and 2025
Exhibit D Supplemental Non-GAAP Adjusted Revenue Growth - Unaudited for the three months ended March 31, 2026 and 2025
Exhibit E Supplemental Disaggregation of Revenue - Unaudited for the three months ended March 31, 2026 and 2025
Exhibit F Supplemental Non-GAAP Adjusted Free Cash Flow Measures - Unaudited for the three months ended March 31, 2026 and 2025
Exhibit G Supplemental GAAP to Non-GAAP Reconciliations - Unaudited for the three months ended March 31, 2026 and 2025
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) — UNAUDITED
(In millions, except per share amounts)
Exhibit A
| Three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | $ | 3,295 | $ | 2,532 | |||||||
| Cost of revenue | 2,187 | 1,653 | |||||||||
| Gross profit | 1,108 | 879 | |||||||||
| Selling, general, and administrative expenses | 605 | 558 | |||||||||
| Asset impairments | 104 | 2 | |||||||||
| Other operating (income) expense, net (including related party transactions of $- and $28 million) | (24) | (28) | |||||||||
| Operating income | 423 | 347 | |||||||||
| Other income (expense): | |||||||||||
| Interest expense, net | (197) | (80) | |||||||||
| Other income (expense), net | 33 | (37) | |||||||||
| Total other income (expense), net | (164) | (117) | |||||||||
| Earnings (loss) before income taxes and equity method investment earnings (loss) | 259 | 230 | |||||||||
| Provision (benefit) for income taxes | 106 | 81 | |||||||||
| Equity method investment earnings (loss), net of tax | 2,214 | (71) | |||||||||
| Net earnings (loss) | 2,367 | 78 | |||||||||
| Net (earnings) loss attributable to noncontrolling interest | (1) | (1) | |||||||||
| Net earnings (loss) attributable to FIS | $ | 2,366 | $ | 77 | |||||||
| Net earnings (loss) per share-basic attributable to FIS | $ | 4.59 | $ | 0.15 | |||||||
| Weighted average shares outstanding-basic | 515 | 528 | |||||||||
| Net earnings (loss) per share-diluted attributable to FIS | $ | 4.58 | $ | 0.15 | |||||||
| Weighted average shares outstanding-diluted | 517 | 531 | |||||||||
Amounts in table may not sum or calculate due to rounding.
1
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(In millions, except per share amounts)
| Exhibit B | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 755 | $ | 599 | |||||||
| Settlement assets | 610 | 515 | |||||||||
| Trade receivables, net | 2,269 | 1,944 | |||||||||
| Other receivables | 113 | 432 | |||||||||
| Receivable from related party | — | 39 | |||||||||
| Prepaid expenses and other current assets | 1,234 | 959 | |||||||||
| Total current assets | 4,981 | 4,488 | |||||||||
| Property and equipment, net | 1,113 | 691 | |||||||||
| Goodwill | 24,585 | 17,762 | |||||||||
| Intangible assets, net | 4,450 | 959 | |||||||||
| Software, net | 5,220 | 2,876 | |||||||||
| Equity method investment | 13 | 3,681 | |||||||||
| Other noncurrent assets | 1,831 | 1,710 | |||||||||
| Deferred contract costs, net | 1,291 | 1,321 | |||||||||
| Total assets | $ | 43,484 | $ | 33,488 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable, accrued and other liabilities | $ | 2,446 | $ | 2,097 | |||||||
| Settlement payables | 676 | 549 | |||||||||
| Deferred revenue | 1,084 | 957 | |||||||||
| Short-term borrowings | 4,164 | 2,729 | |||||||||
| Current portion of long-term debt | 101 | 1,284 | |||||||||
| Total current liabilities | 8,471 | 7,616 | |||||||||
| Long-term debt, excluding current portion | 16,791 | 9,069 | |||||||||
| Deferred income taxes | 327 | 1,215 | |||||||||
| Other noncurrent liabilities | 1,915 | 1,686 | |||||||||
| Total liabilities | 27,504 | 19,586 | |||||||||
| Equity: | |||||||||||
| FIS stockholders' equity: | |||||||||||
| Preferred stock $0.01 par value | — | — | |||||||||
| Common stock $0.01 par value | 6 | 6 | |||||||||
| Additional paid in capital | 47,444 | 47,317 | |||||||||
| (Accumulated deficit) retained earnings | (20,581) | (22,718) | |||||||||
| Accumulated other comprehensive earnings (loss) | (628) | (504) | |||||||||
| Treasury stock, at cost | (10,264) | (10,202) | |||||||||
| Total FIS stockholders' equity | 15,977 | 13,899 | |||||||||
| Noncontrolling interest | 3 | 3 | |||||||||
| Total equity | 15,980 | 13,902 | |||||||||
| Total liabilities and equity | $ | 43,484 | $ | 33,488 | |||||||
Amounts in table may not sum or calculate due to rounding.
2
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(In millions)
| Exhibit C | |||||||||||
| Three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net earnings (loss) | $ | 2,367 | $ | 78 | |||||||
| Adjustment to reconcile net earnings (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 628 | 456 | |||||||||
| Amortization of debt issuance costs | 16 | 4 | |||||||||
| Asset impairments | 104 | 2 | |||||||||
| Loss (gain) on sale of businesses, investments and other | (15) | 31 | |||||||||
| Stock-based compensation | 44 | 47 | |||||||||
| Loss (gain) from equity method investment | (2,214) | 71 | |||||||||
| Deferred income taxes | (5) | (9) | |||||||||
| Net changes in assets and liabilities, net of effects from acquisitions and foreign currency: | |||||||||||
| Trade and other receivables | (8) | (9) | |||||||||
| Receivable from related party | 38 | 55 | |||||||||
| Settlement activity | 19 | (10) | |||||||||
| Prepaid expenses and other assets | (140) | (34) | |||||||||
| Deferred contract costs | (88) | (71) | |||||||||
| Deferred revenue | 66 | 65 | |||||||||
| Accounts payable, accrued liabilities and other liabilities | (99) | (219) | |||||||||
| Net cash provided by operating activities | 713 | 457 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Additions to property and equipment | (50) | (37) | |||||||||
| Additions to software | (211) | (196) | |||||||||
| Cash divested from sale of business | — | (1,417) | |||||||||
| Acquisitions, net of cash acquired | (7,859) | (1) | |||||||||
| Coupon payments on interest rate swaps | (23) | (22) | |||||||||
| Distributions from equity method investments | 32 | 44 | |||||||||
| Other investing activities, net | (60) | (47) | |||||||||
| Net cash provided by (used in) investing activities | (8,171) | (1,676) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Borrowings | 35,992 | 12,488 | |||||||||
| Repayment of borrowings and other financing arrangements | (27,982) | (12,029) | |||||||||
| Debt issuance costs | (57) | — | |||||||||
| Net proceeds from stock issued under stock-based compensation plans | 1 | — | |||||||||
| Treasury stock activity | (67) | (537) | |||||||||
| Dividends paid | (232) | (220) | |||||||||
| Other financing activities, net | (1) | 33 | |||||||||
| Net cash provided by (used in) financing activities | 7,654 | (265) | |||||||||
| Net cash provided by (used in) operating activities from discontinued operations (1) | — | 303 | |||||||||
| Effect of foreign currency exchange rate changes on cash | (16) | 40 | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 180 | (1,141) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 599 | 1,946 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 779 | $ | 805 | |||||||
Amounts in table may not sum or calculate due to rounding.
(1)As discussed in Note 1 to our consolidated financial statements, the Company completed the 2024 Worldpay Sale on January 31, 2024. Certain assets included as part of the 2024 Worldpay Sale did not convey until the first quarter of 2025 after receiving all required regulatory approvals. These assets generated operating cash flows from discontinued operations but did not generate any net earnings from discontinued operations during the three months ended March 31, 2025.
3
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP ADJUSTED REVENUE GROWTH — UNAUDITED
(In millions)
| Exhibit D | |||||||||||||||||||||||||||||
| Three months ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Constant | |||||||||||||||||||||||||||||
| Currency | Adjusted | ||||||||||||||||||||||||||||
| Revenue | FX | Revenue | Revenue (1) | Growth (2) | |||||||||||||||||||||||||
| Banking Solutions | $ | 2,374 | $ | (25) | $ | 2,350 | $ | 1,633 | 44 | % | |||||||||||||||||||
| Capital Market Solutions | 823 | (12) | 811 | 787 | 3 | % | |||||||||||||||||||||||
| Operating segment total | 3,197 | (37) | 3,160 | 2,420 | 31 | % | |||||||||||||||||||||||
| Corporate and Other | 98 | (2) | 96 | 112 | |||||||||||||||||||||||||
| Consolidated FIS | $ | 3,295 | $ | (39) | $ | 3,256 | $ | 2,532 | |||||||||||||||||||||
Amounts in table may not sum or calculate due to rounding.
(1)As a result of the Company's acquisition of the Issuer Solutions Business, the Company reassessed its reportable segments and included the Issuer Solutions Business within the Banking Solutions segment. In connection with this reassessment, the Company also reclassified certain businesses among the Banking Solutions, Capital Market Solutions, and Corporate and Other segments. All prior‑period segment information was recast to conform to the Company's revised reportable segment presentation.
(2)Adjusted growth excludes Corporate and Other, which includes certain non-strategic businesses.
4
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL DISAGGREGATION OF REVENUE — UNAUDITED
(In millions)
Exhibit E
In the following tables, revenue is disaggregated by primary geographical market and type of revenue. The tables also include a reconciliation of the disaggregated revenue with the Company's reportable segments.
For the three months ended March 31, 2026 (in millions):
| Banking Solutions | Capital Market Solutions | Corporate and Other | Total | |||||||||||||||||||||||
| Primary Geographical Markets: | ||||||||||||||||||||||||||
| North America | $ | 1,981 | $ | 499 | $ | 75 | $ | 2,555 | ||||||||||||||||||
| All others | 393 | 324 | 23 | 740 | ||||||||||||||||||||||
| Total | $ | 2,374 | $ | 823 | $ | 98 | $ | 3,295 | ||||||||||||||||||
| Type of Revenue: | ||||||||||||||||||||||||||
| Recurring revenue: | ||||||||||||||||||||||||||
| Transaction processing and services | $ | 1,820 | $ | 416 | $ | 80 | $ | 2,316 | ||||||||||||||||||
| Software maintenance | 112 | 166 | 1 | 279 | ||||||||||||||||||||||
| Other recurring | 90 | 26 | 4 | 120 | ||||||||||||||||||||||
| Total recurring | 2,022 | 608 | 85 | 2,715 | ||||||||||||||||||||||
| Software license | 90 | 119 | — | 209 | ||||||||||||||||||||||
| Professional services | 134 | 94 | 2 | 230 | ||||||||||||||||||||||
| Other non-recurring | 128 | 2 | 11 | 141 | ||||||||||||||||||||||
| Total | $ | 2,374 | $ | 823 | $ | 98 | $ | 3,295 | ||||||||||||||||||
For the three months ended March 31, 2025 (1) (in millions):
| Banking Solutions | Capital Market Solutions | Corporate and Other | Total | |||||||||||||||||||||||
| Primary Geographical Markets: | ||||||||||||||||||||||||||
| North America | $ | 1,413 | $ | 500 | $ | 75 | $ | 1,988 | ||||||||||||||||||
| All others | 220 | 287 | 37 | 544 | ||||||||||||||||||||||
| Total | $ | 1,633 | $ | 787 | $ | 112 | $ | 2,532 | ||||||||||||||||||
| Type of Revenue: | ||||||||||||||||||||||||||
| Recurring revenue: | ||||||||||||||||||||||||||
| Transaction processing and services | $ | 1,230 | $ | 401 | $ | 96 | $ | 1,727 | ||||||||||||||||||
| Software maintenance | 89 | 153 | 1 | 243 | ||||||||||||||||||||||
| Other recurring | 65 | 24 | 5 | 94 | ||||||||||||||||||||||
| Total recurring | 1,384 | 578 | 102 | 2,064 | ||||||||||||||||||||||
| Software license | 21 | 108 | — | 129 | ||||||||||||||||||||||
| Professional services | 117 | 94 | 5 | 216 | ||||||||||||||||||||||
| Other non-recurring | 111 | 7 | 5 | 123 | ||||||||||||||||||||||
| Total | $ | 1,633 | $ | 787 | $ | 112 | $ | 2,532 | ||||||||||||||||||
(1)As a result of the Company's acquisition of the Issuer Solutions Business, the Company reassessed its reportable segments and included the Issuer Solutions Business within the Banking Solutions segment. In connection with this reassessment, the Company also reclassified certain businesses among the Banking Solutions, Capital Market Solutions, and Corporate and Other segments. All prior‑period segment information was recast to conform to the Company's revised reportable segment presentation.
Amounts in table may not sum or calculate due to rounding.
5
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP ADJUSTED FREE CASH FLOW MEASURES — UNAUDITED
(In millions)
| Exhibit F | |||||||||||
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash provided by operating activities | $ | 713 | $ | 457 | |||||||
| Capital expenditures | (261) | (233) | |||||||||
| Free cash flow | 452 | 224 | |||||||||
| Cash transaction taxes on the Worldpay Sale | 22 | — | |||||||||
| Free cash flow excluding cash transaction taxes on the Worldpay Sale | $ | 474 | $ | 224 | |||||||
Amounts in table may not sum or calculate due to rounding.
Free cash flow reflects net cash provided by operating activities less capital expenditures (additions to property and equipment and additions to software from the statement of cash flows).
Neither Free cash flow nor Free cash flow excluding cash transaction taxes on the Worldpay sale represents our residual cash flows available for discretionary expenditures, as we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from the measure.
6
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G
| Three months ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net earnings (loss) attributable to FIS from continuing operations | $ | 2,366 | $ | 77 | ||||||||||
| Provision (benefit) for income taxes | 106 | 81 | ||||||||||||
| Interest expense, net | 197 | 80 | ||||||||||||
| Equity method investment (earnings) loss, net of tax | (2,214) | 71 | ||||||||||||
| Other, net | (32) | 38 | ||||||||||||
| Operating income (loss), as reported | 423 | 347 | ||||||||||||
| Depreciation and amortization, excluding purchase accounting amortization | 339 | 287 | ||||||||||||
| Non-GAAP adjustments: | ||||||||||||||
| Purchase accounting amortization (1) | 290 | 169 | ||||||||||||
| Acquisition, integration and other costs (2) | 148 | 153 | ||||||||||||
| Asset impairments (3) | 104 | 2 | ||||||||||||
| Adjusted EBITDA from continuing operations | $ | 1,304 | $ | 958 | ||||||||||
| Net earnings (loss) attributable to FIS from discontinued operations | $ | — | $ | — | ||||||||||
| Interest expense, net | — | (1) | ||||||||||||
| Other, net | — | (1) | ||||||||||||
| Operating income (loss) | — | (2) | ||||||||||||
| Adjusted EBITDA from discontinued operations | $ | — | $ | (2) | ||||||||||
| Adjusted EBITDA | $ | 1,304 | $ | 956 | ||||||||||
See Notes to Exhibit G.
Amounts in table may not sum or calculate due to rounding.
7
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G (continued)
| Three months ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Earnings (loss) attributable to FIS | $ | 2,366 | $ | 77 | ||||||||||
| Equity method investment (earnings) loss, net of tax | (2,214) | 71 | ||||||||||||
| Earnings (loss) attributable to FIS, excluding equity method investment earnings (loss) | 152 | 148 | ||||||||||||
| Non-GAAP adjustments: | ||||||||||||||
| Purchase accounting amortization (1) | 290 | 169 | ||||||||||||
| Acquisition, integration and other costs (2) | 167 | 153 | ||||||||||||
| Asset impairments (3) | 104 | 2 | ||||||||||||
| Non-operating (income) expense (4) | (33) | 37 | ||||||||||||
| Non-GAAP tax (provision) benefit (5) | 14 | 10 | ||||||||||||
| Total non-GAAP adjustments | 542 | 371 | ||||||||||||
| Adjusted net earnings attributable to FIS, excluding equity method investment earnings (loss) | 694 | 519 | ||||||||||||
| Equity method investment earnings (loss), net of tax and gain on sale (6) | 8 | (71) | ||||||||||||
| Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes (7) | 3 | 195 | ||||||||||||
| Adjusted equity method investment earnings (loss) | 11 | 124 | ||||||||||||
| Adjusted net earnings attributable to FIS | $ | 705 | $ | 643 | ||||||||||
See Notes to Exhibit G.
Amounts in table may not sum or calculate due to rounding.
8
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G (continued)
| Three months ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Earnings (loss) attributable to FIS | $ | 4.58 | $ | 0.15 | ||||||||||
| Equity method investment (earnings) loss, net of tax | (4.28) | 0.13 | ||||||||||||
| Earnings (loss) attributable to FIS, excluding equity method investment earnings (loss) | 0.29 | 0.28 | ||||||||||||
| Non-GAAP adjustments: | ||||||||||||||
| Purchase accounting amortization (1) | 0.56 | 0.32 | ||||||||||||
| Acquisition, integration and other costs (2) | 0.32 | 0.29 | ||||||||||||
| Asset impairments (3) | 0.20 | — | ||||||||||||
| Non-operating (income) expense (4) | (0.06) | 0.07 | ||||||||||||
| Non-GAAP tax (provision) benefit (5) | 0.03 | 0.02 | ||||||||||||
| Total non-GAAP adjustments | 1.05 | 0.70 | ||||||||||||
| Adjusted net earnings attributable to FIS, excluding equity method investment earnings (loss) | 1.34 | 0.98 | ||||||||||||
| Equity method investment earnings (loss), net of tax and gain on sale (6) | 0.02 | (0.13) | ||||||||||||
| Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes (7) | 0.01 | 0.37 | ||||||||||||
| Adjusted equity method investment earnings (loss) | 0.02 | 0.23 | ||||||||||||
| Adjusted net earnings attributable to FIS | $ | 1.36 | $ | 1.21 | ||||||||||
| Weighted average shares outstanding-diluted | 517 | 531 | ||||||||||||
See Notes to Exhibit G.
Amounts in table may not sum or calculate due to rounding.
9
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G (continued)
Notes to Unaudited - Supplemental GAAP to Non-GAAP Reconciliations for the three months ended March 31, 2026 and 2025.
(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 Company has excluded the impact of purchase price amortization expense as such amounts can be significantly impacted by the timing and/or size of acquisitions. Although the Company excludes these amounts from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of assets that relate to past acquisitions will recur in future periods until such assets have been fully amortized. Any future acquisitions may result in the amortization of future assets.
(2)This item represents costs comprised of the following:
| Three months ended | ||||||||||||||
| March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Continuing operations: | ||||||||||||||
M&A transaction and integration expenses | $ | 55 | $ | 30 | ||||||||||
Enterprise transformation initiatives | 93 | 113 | ||||||||||||
Other | — | 10 | ||||||||||||
| Subtotal | 148 | 153 | ||||||||||||
| Financing costs - Issuer Solutions acquisition (a) | 19 | — | ||||||||||||
| Total | $ | 167 | $ | 153 | ||||||||||
(a)This item represents financing costs incurred primarily to secure funding for the Issuer Solutions Business acquisition from Global Payments. These costs are recorded as Interest expense, net on our consolidated statements of earnings (loss). Accordingly, this item is included in Acquisition, integration and other costs for purposes of calculating Adjusted net earnings but not Adjusted EBITDA.
Amounts in table may not sum due to rounding. 2025 amounts have been reclassified to conform to current-period presentation.
(3)For the three months ended March 31, 2026 and 2025, this item included impairments primarily related to the abandonment or termination of certain internally developed software.
(4)Non-operating (income) expense primarily consists of other income and expense items outside of the Company's operating activities, including fair value adjustments on certain non-operating assets and liabilities and foreign currency transaction remeasurement gains and losses.
(5)This adjustment is based on an adjusted effective tax rate of 11.7% for the period ended March 31, 2026, primarily reflecting certain cash tax benefits from our acquisition of the Issuer Solutions Business, and 12.0% for the period ended March 31, 2025, primarily reflecting certain cash tax benefits from our equity method investment in Worldpay.
(6)FIS completed the sale of its non-controlling 45% stake in Worldpay on January 9, 2026. For the three months ended March 31, 2026, this item reflects our share of the net earnings (loss), net of tax, attributable to Worldpay for the period from January 1 to January 8, 2026, and excludes the gain on sale, net of tax, which is recorded within Equity method investment earnings (loss), net of tax. For the three months ended March 31, 2025, this item reflects our share of net earnings (loss), net of tax, attributable to Worldpay.
(7)This item represents FIS' proportionate share of Worldpay's non-GAAP adjustments on its net earnings (loss) consistent with FIS' non-GAAP measures and is comprised of the following:
10
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
| Three months ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| FIS' share of Worldpay: | ||||||||||||||
| Purchase accounting amortization | $ | 14 | $ | 158 | ||||||||||
| Acquisition, integration and other costs (a) | 4 | 49 | ||||||||||||
| Non-operating (income) expense | (1) | 11 | ||||||||||||
| Non-GAAP tax (provision) benefit | (14) | (23) | ||||||||||||
| Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes | $ | 3 | $ | 195 | ||||||||||
(a) Worldpay acquisition, integration, and other costs consist primarily of transaction and transition costs related to the separation from FIS.
Amounts in table may not sum due to rounding.
11
FAQ
How did Fidelity National Information Services (FIS) perform in Q1 2026?
FIS reported strong Q1 2026 results, with revenue up 30% to $3.295 billion and Adjusted EBITDA up 36% to $1.304 billion. Adjusted EPS rose 12% to $1.36, reflecting margin expansion and contributions from recent acquisitions.
What drove FIS’s earnings and EPS in the first quarter of 2026?
GAAP diluted EPS was $4.58, mainly reflecting an estimated $2.2 billion after‑tax gain from the Worldpay sale. Underlying performance improved, with Adjusted net earnings of $705 million and Adjusted EPS of $1.36, up 12% year over year.
How are FIS’s Banking Solutions and Capital Market Solutions segments performing?
Banking Solutions revenue rose 45% to $2.374 billion with Adjusted EBITDA margin of 43.7%. Capital Market Solutions revenue increased 5% to $823 million, and its Adjusted EBITDA margin expanded to 51.6%, showing healthy growth and profitability in both segments.
What is FIS’s full-year 2026 financial outlook after Q1 2026 results?
FIS reiterated its 2026 outlook, guiding to Adjusted revenue of $13.77–$13.85 billion, Adjusted EBITDA of $5.8–$5.86 billion, and Adjusted EPS of $6.22–$6.32. It also targets 2026 Free cash flow of $2.05–$2.15 billion.
How much cash flow did FIS generate in Q1 2026 and how is it allocating capital?
Net cash provided by operating activities was $713 million and Free cash flow excluding Worldpay taxes was $474 million, up 111%. FIS returned $262 million via dividends and buybacks, but has paused repurchases and tuck‑in M&A to prioritize deleveraging.
What is FIS’s debt position and leverage plan as of March 31, 2026?
As of March 31, 2026, FIS had $21.1 billion of debt outstanding. Management plans to accelerate deleveraging by pausing share repurchases and small acquisitions, aiming to reach a target gross leverage ratio of 2.8x before resuming its usual capital allocation priorities.