Fidelity National Information Services, Inc. (FIS)

FIS reported second-quarter 2026 revenue of about $3.4 billion on August 4, up 29 percent from a year earlier 3. The jump reflects the January 9 close of the Issuer Solutions purchase from Global Payments, a card-processing business FIS now calls Total Issuing Solutions 43. Counting both years as if the deal had always been in place, revenue rose 5.3 percent 3.

Net earnings were $231 million, or $0.45 a share, against a loss of $470 million a year earlier 3. Debt outstanding totaled $21.2 billion on June 30 3. FIS said it has temporarily curtailed share repurchases and paused small acquisitions to pay down debt, and expects to resume meaningful repurchases at a gross leverage of about 2.8 times 3.

PYMNTS reported that FIS cut its full-year Capital Markets outlook after slower sales and slower implementation of signed business 10. The open questions are how fast debt comes down and whether Capital Markets sales recover 103.

FIS runs the software and processing that banks and other financial firms use every day, and it calls itself a financial technology company providing solutions to financial institutions, businesses and developers 1. Its biggest change in recent years was to shrink toward that bank-facing core 1.

On January 31, 2024, FIS completed the sale of a 55 percent interest in its Worldpay merchant-payments business to funds managed by GTCR, and kept a 45 percent stake 1. The deal put an enterprise value of $18.5 billion on that business, and FIS received net cash of more than $12 billion at closing 1. FIS used the proceeds in 2024 mainly to retire debt and repurchase shares 1.

The 2024 sale left marks on the accounts: a $578 million loss on the sale and a $1.1 billion tax benefit, both recorded in 2024 1. For 2023, the results of the Worldpay merchant business, recast as discontinued operations, included a $6.8 billion impairment of goodwill, a write-down of what was paid for past acquisitions 1. That year FIS also booked a pre-tax loss of $1.9 billion on assets held for sale, bringing the business down to fair value less cost to sell 1.

Revenue from continuing operations grew each year after that: $9.8 billion in 2023, $10.1 billion in 2024 and $10.7 billion in 2025 1. In 2025 the gain came from recurring revenue in both Banking and Capital Markets, partly offset by a non-strategic business divested in the first quarter 1. In 2024 it came from new sales and higher transaction volumes 1.

On April 17, 2025, FIS signed agreements to acquire the Issuer Solutions business from Global Payments, and the deal closed on January 9, 2026 1. FIS gave up its Worldpay interest and paid about $7.7 billion in cash 4. Payments Dive reported at the time that Global Payments agreed to acquire Worldpay for $24.25 billion, including $1.55 billion in tax assets, from FIS and GTCR 8.

Banking Solutions

Banking Solutions sells core processing software, the central system a bank uses to keep customer accounts, plus digital, fraud, card, debit-network, wealth and check-processing tools 1. It is the larger segment, with revenue of $7.3 billion in 2025, up 6 percent, driven mainly by recurring revenue 1. In the second quarter, Banking revenue was $2.5 billion, up 44 percent as reported and 6.1 percent on a pro forma basis 3.

The 10-K names its Digital One platform for digital banking and its Premium Payback service that lets bank customers use loyalty points at merchants 1. Payments Dive reported that Stephanie Ferris described FIS as now the largest credit card processor in the U.S. 9. PYMNTS reported that FIS has converted about 30 million accounts in the past year and that 72 percent of its issuing portfolio is under contract through 2029 and beyond 10.

On September 15, FIS said it signed five de novo banks in the first half of 2026, including Mercury, and a core deal for a new bank with more than $100 billion in assets 11.

Capital Market Solutions

Capital Market Solutions serves asset managers, brokers, insurers, lenders and corporate treasurers with trading, asset servicing, lending, and treasury and risk software 1. Its revenue was $3.2 billion in 2025, up 7 percent, led by recurring revenue and new sales 1. PYMNTS reported that FIS cut expected full-year Capital Markets growth to 3% to 3.5% from 5.5%, citing lower professional services sales, slower implementation of signed business and weaker recurring revenue growth 10.

Corporate and Other

Corporate and Other carries overhead costs and non-strategic businesses 1. Its revenue fell 26 percent in the second quarter to $84 million, mainly from the decline of those non-strategic businesses 3.

People and places

Stephanie Ferris is chief executive and president, and James Kehoe is chief financial officer 310. Caroline Tsai stepped down as chief legal officer effective July 1, 2026, and Chip Keller became Chief Legal Officer and Corporate Secretary 5. Jeffrey Goldstein chairs the board, which put nine nominees to the June 10, 2026 annual meeting, eight of them non-employees 6.

At December 31, 2025, FIS had more than 44,000 employees, over 27,000 of them outside the U.S. 1. Its headquarters is at 347 Riverside Avenue in Jacksonville, and it owns or leases facilities at about 80 locations 1.

Rivals and current issues

The 10-K lists as competitors bank in-house technology teams, global and regional providers, embedded payment providers, card associations and emerging technology innovators 1. On the first-quarter call, Ferris said Visa's Pismo business would have “Absolutely no impact” on FIS, and said Pismo offers ledgering rather than a full core 9. Baird analysts said investors are skeptical that FIS's position as system of record will keep Anthropic from taking away relationships 9.

FIS says no pending or threatened litigation is likely to have a material adverse effect on its financial position 1.

The umbrella, in words

FIS sells under its own name, with the Digital One digital banking platform and the Premium Payback loyalty service among the product names in its annual report 1. Its Exhibit 21 lists subsidiaries as of January 15, 2026, among them Demica Finance Limited, Dragonfly Financial Technologies Corp. and FIS Capital Markets UK Limited 7.

FIS owned 45 percent of the Worldpay joint venture until the sale to Global Payments closed on January 9, 2026 24. It also agreed a transition services deal with Global Payments that runs up to 24 months 2.

The proxy lists holders of 5 percent or more as of April 13, 2026: Dodge & Cox with 9.5 percent, JPMorgan Chase 8.6, BlackRock 7.5 and Capital Research Global Investors 5.5 6.

On August 4, FIS projected 2026 revenue of $13,630 to $13,695 million, adjusted EBITDA of $5,730 to $5,785 million and adjusted earnings per share of $6.15 to $6.24 3. For the third quarter it projected revenue of $3,415 to $3,445 million 3. FIS also raised its free cash flow target by $100 million to $2.15 billion to $2.25 billion 3.

The company expects pro forma revenue growth of 4.5 to 5.0 percent, down from 5.1 to 5.7 percent 3. It says it will keep paying quarterly dividends, targeting dividend per share growth in line with adjusted earnings per share growth 3. About $1.8 billion remained authorized for repurchases at December 31, 2025, and repurchases stay paused until its leverage target is reached 13.

FIS expects to book a preliminary pre-tax gain of $2.2 billion on the Worldpay stake, which may change with post-closing adjustments 2. On September 15 it said it is pursuing an enterprise platform strategy so banks can modernize their cores step by step rather than through a disruptive rip-and-replace 11. The next quarterly report covers the quarter ended September 30 2.