FIS Reports Strong Third Quarter 2025 Results and Raises Full-Year Outlook
JACKSONVILLE, Fla.--( BUSINESS WIRE)--FIS ® (NYSE:FIS), a global leader in financial technology, today reported its third quarter 2025 results.
“We delivered strong results this quarter with disciplined execution driving outperformance against all of our financial commitments,” said FIS CEO and President Stephanie Ferris. “Our differentiated positioning within a favorable market environment is translating into strong sales performance across all segments of our business. We continue to enhance our product suite through our build, buy, partner strategy with the recent acquisition of Amount, and are delivering greater value to our clients through our operational excellence initiatives.”
Third Quarter 2025 Financial Results
On a GAAP basis, revenue increased 6% as compared to the prior-year period to approximately $2.7 billion. GAAP net earnings attributable to common stockholders from continuing operations were $264 million or $0.50 per diluted share.
On an adjusted basis, revenue increased 6% as compared to the prior-year period reflecting recurring revenue growth of 6%. Adjusted EBITDA increased 7% to approximately $1.1 billion, and Adjusted EBITDA margin expanded by 53 basis points (bps) over the prior-year period to 41.8%, reflecting strong EBITDA growth across both Banking and Capital Markets segments. Adjusted net earnings from continuing operations were $789 million, and Adjusted EPS increased by 8% as compared to the prior-year period to $1.51 per diluted share.
($ millions, except per share data, unaudited)
Three Months Ended September 30,
%
Adjusted
Continuing Operations
2025
2024
Change
Growth
Banking Solutions Revenue
1,894
1,779
6%
6%
Capital Market Solutions Revenue
783
730
7%
6%
Operating Segment Total Revenue
$
2,677
$
2,509
7%
6%
Corporate and Other Revenue
40
61
(34)%
Consolidated FIS Revenue
$
2,717
$
2,570
6%
Adjusted EBITDA
$
1,135
$
1,060
7%
Adjusted EBITDA Margin
41.8
%
41.3
%
53 bps
Net Earnings (Loss) (GAAP)
$
264
$
246
7%
Diluted Earnings (Loss) Per Common Share (GAAP)
$
0.50
$
0.45
11%
Adjusted Net Earnings
$
789
$
765
3%
Adjusted EPS
$
1.51
$
1.40
8%
Segment Information
Third quarter revenue increased 6% on a GAAP basis and 6% on an adjusted basis as compared to the prior-year period to $1.9 billion, including recurring revenue growth of 6%. Adjusted EBITDA increased 8% to $868 million and Adjusted EBITDA margin expanded by 68 basis points as compared to the prior-year period to 45.8%, reflecting continued cost discipline.
Third quarter revenue increased by 7% on a GAAP basis and 6% on an adjusted basis as compared to the prior-year period to $783 million, reflecting recurring revenue growth of 8%. Adjusted EBITDA increased 9% to $396 million and Adjusted EBITDA margin expanded by 60 basis points as compared to the prior-year period to 50.5%, reflecting cost management and favorable revenue mix.
Third quarter revenue decreased by 34% as compared to the prior-year period to $40 million. Adjusted EBITDA loss was $129 million, including $143 million of corporate expenses.
Balance Sheet and Cash Flows
As of September 30, 2025, debt outstanding totaled $13.0 billion. Third quarter net cash provided by operating activities was $1.0 billion. Free cash flow was $798 million, up 101%, and adjusted free cash flow was $929 million, an increase of 75% as compared to the prior-year period. In the third quarter, the Company returned $509 million of capital to shareholders through $301 million of share repurchases and $208 million of dividends paid.
Year to date, free cash flow was $1.2 billion, up 55%, and adjusted free cash flow was $1.6 billion, an increase of 41% as compared to the prior-year period.
Capital Allocation
The Company repurchased $301 million of shares in the third quarter and raised its goal to repurchase approximately $1.3 billion of shares in 2025. Additionally, the Company will continue to pay quarterly dividends targeting dividend per share growth in line with Adjusted EPS growth.
Full-Year 2025 Outlook
For the full-year, the Company is raising its outlook for revenue growth to 5.4% to 5.7% and is reiterating its outlook for Adjusted EPS growth of 10% to 11%. Additionally, the Company is increasing its target for Adjusted free cash flow conversion from 82% to 85%, to greater than 85%.
($ millions, except share data)
FY 2025
Revenue
$10,595 - $10,625
Adjusted EBITDA (Non-GAAP) 1
$4,330 - $4,345
Adjusted EPS (Non-GAAP) 1
$5.74 - $5.78
1The 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.
Update on Pending Strategic Transactions
On April 17, 2025, FIS entered into definitive agreements to (i) buy the Issuer Solutions business from Global Payments Inc. (“Global Payments”) for an enterprise value of $13.5 billion, inclusive of $1.5 billion of anticipated net present value of tax assets, or a net purchase price of $12.0 billion, subject to customary adjustments (the “Issuer Solutions Acquisition”) and (ii) sell its remaining equity interest in Worldpay to Global Payments for a pre-tax value of $6.6 billion net of transaction fees and other costs (the “Worldpay Minority Interest Sale”).
As noted in our July 21, 2025 8-K, the completion of the transaction is conditioned upon (among other things) the expiration or termination of the waiting period applicable to the Transactions under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The HSR waiting period expired as of July 18, 2025.
FIS expects to fund the Issuer Solutions Acquisition through a combination of approximately $8 billion of new debt and the after-tax proceeds from the Worldpay Minority Interest Sale. Following the closing of the transactions, the Company expects pro forma gross leverage to be approximately 3.4x, deleveraging to its target gross leverage of 2.8x within 18 months.
The transactions are now expected to close simultaneously in the first quarter of 2026, subject to regulatory approvals and other customary closing conditions.
Webcast
FIS will host a live webcast of its earnings conference call with the investment community beginning at 8:30 a.m. (EST) on Wednesday, November 5, 2025. To access the webcast, go to the Investor Relations section of FIS’ homepage, www.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 Adjusted free cash flow. These non-GAAP measures may be used in this release and/or in the attached supplemental financial information.
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 Adjusted free cash flow 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 purchase price amortization of acquired intangible assets, as well as acquisition, integration and certain other costs and asset impairments. These excluded costs are recorded in the Corporate and Other segment. 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 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).
Adjusted free cash flow reflects Free cash flow, adjusted for the net change in settlement assets and obligations, and excludes cash payments for certain transactions that do not constitute normal, recurring operating expenses necessary to operate our business and are not indicative of future operating cash flows. Neither Free cash flow nor Adjusted free cash flow represents our residual cash flow available for discretionary expenditures since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from the measure. Free cash flow and Adjusted free cash flow as presented in this earnings release exclude cash flow from discontinued operations, which our management cannot freely access following the Worldpay separation.
Adjusted free cash flow conversion reflects Adjusted free cash flow, as defined above, divided by Adjusted net earnings, excluding the contribution from our equity method investment earnings (loss) ("EMI") from Worldpay.
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.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 pending acquisition of Global Payments' Issuer Solutions business ("Issuer Solutions") and the pending sale of our remaining equity interest in Worldpay. 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:
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.
Fidelity National Information Services, Inc.
Earnings Release Supplemental Financial Information
November 5, 2025
Exhibit A
Condensed Consolidated Statements of Earnings (Loss) - Unaudited for the three and nine months ended September 30, 2025 and 2024
Exhibit B
Condensed Consolidated Balance Sheets - Unaudited as of September 30, 2025, and December 31, 2024
Exhibit C
Condensed Consolidated Statements of Cash Flows - Unaudited for the nine months ended September 30, 2025 and 2024
Exhibit D
Supplemental Non-GAAP Adjusted Revenue Growth - Unaudited for the three and nine months ended September 30, 2025 and 2024
Exhibit E
Supplemental Disaggregation of Revenue - Recast and Unaudited for the three and nine months ended September 30, 2025 and 2024
Exhibit F
Exhibit G
Supplemental GAAP to Non-GAAP Reconciliations - Unaudited for the three and nine months ended September 30, 2025 and 2024
Exhibit H
Supplemental Financial Information of Worldpay Holdco, LLC - Unaudited for the three months ended September 30, 2025 and 2024, nine months ended September 30, 2025, and eight months ended September 30, 2024
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)— UNAUDITED
(In millions, except per share amounts)
Exhibit A
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Revenue
$
2,717
$
2,570
$
7,865
$
7,528
Cost of revenue
1,689
1,593
5,006
4,700
Gross profit
1,028
977
2,859
2,828
Selling, general, and administrative expenses
584
521
1,713
1,703
Asset impairments
2
2
4
20
Other operating (income) expense, net - related party
(15
)
(36
)
(70
)
(110
)
Operating income
457
490
1,212
1,215
Other income (expense):
Interest expense, net
(90
)
(64
)
(279
)
(184
)
Other income (expense), net
8
(38
)
(188
)
(222
)
Total other income (expense), net
(82
)
(102
)
(467
)
(406
)
Earnings (loss) before income taxes and equity method investment earnings (loss)
375
388
745
809
Provision (benefit) for income taxes
87
108
179
215
Equity method investment earnings (loss), net of tax
(23
)
(33
)
(692
)
(110
)
Net earnings (loss) from continuing operations
265
247
(126
)
484
Earnings (loss) from discontinued operations, net of tax
—
(22
)
—
687
Net earnings (loss)
265
225
(126
)
1,171
Net (earnings) loss attributable to noncontrolling interest from continuing operations
(1
)
(1
)
(2
)
(2
)
Net earnings (loss) attributable to FIS
$
264
$
224
$
(128
)
$
1,169
Net earnings (loss) attributable to FIS:
Continuing operations
$
264
$
246
$
(128
)
$
482
Discontinued operations
—
(22
)
—
687
Total
$
264
$
224
$
(128
)
$
1,169
Basic earnings (loss) per common share attributable to FIS:
Continuing operations
$
0.51
$
0.45
$
(0.24
)
$
0.86
Discontinued operations
—
(0.04
)
—
1.23
Total
$
0.51
$
0.41
$
(0.24
)
$
2.09
Diluted earnings (loss) per common share attributable to FIS:
Continuing operations
$
0.50
$
0.45
$
(0.24
)
$
0.86
Discontinued operations
—
(0.04
)
—
1.22
Total
$
0.50
$
0.41
$
(0.24
)
$
2.08
Weighted average common shares outstanding:
Basic
521
545
525
558
Diluted
523
548
525
561
Amounts in table may not sum or calculate due to rounding.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(In millions, except per share amounts)
Exhibit B
September 30,
2025
December 31,
2024
ASSETS
Current assets:
Cash and cash equivalents
$
571
$
834
Settlement assets
493
479
Trade receivables, net
1,888
1,876
Other receivables
97
160
Receivable from related party
33
84
Prepaid expenses and other current assets
890
638
Current assets held for sale
—
1,115
Total current assets
3,972
5,186
Property and equipment, net
709
646
Goodwill
17,823
17,260
Intangible assets, net
1,090
1,318
Software, net
2,725
2,526
Equity method investment
3,759
3,858
Other noncurrent assets
1,690
1,749
Deferred contract costs, net
1,274
1,241
Total assets
$
33,042
$
33,784
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable, accrued and other liabilities
$
1,988
$
1,994
Settlement payables
517
500
Deferred revenue
866
902
Short-term borrowings
2,075
636
Current portion of long-term debt
2,026
968
Current liabilities held for sale
—
1,094
Total current liabilities
7,472
6,094
Long-term debt, excluding current portion
8,900
9,686
Deferred income taxes
1,223
863
Other noncurrent liabilities
1,585
1,441
Total liabilities
19,180
18,084
Equity:
FIS stockholders' equity:
Preferred stock $0.01 par value
—
—
Common stock $0.01 par value
6
6
Additional paid in capital
47,272
47,129
(Accumulated deficit) retained earnings
(23,022
)
(22,257
)
Accumulated other comprehensive earnings (loss)
(492
)
(364
)
Treasury stock, at cost
(9,905
)
(8,816
)
Total FIS stockholders' equity
13,859
15,698
Noncontrolling interest
3
2
Total equity
13,862
15,700
Total liabilities and equity
$
33,042
$
33,784
Amounts in table may not sum or calculate due to rounding.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED (In millions)
Exhibit C
Nine months ended September 30,
2025
2024
Cash flows from operating activities from continuing operations:
Net earnings (loss)
$
(126
)
$
1,171
Less earnings (loss) from discontinued operations, net of tax
—
687
Net earnings (loss) from continuing operations
(126
)
484
Adjustment to reconcile net earnings (loss) from continuing operations to net cash provided by operating activities:
Depreciation and amortization
1,415
1,291
Amortization of debt issuance costs
33
16
Asset impairments
4
20
Loss on extinguishment of debt
—
174
Loss (gain) on sale of businesses, investments and other
97
77
Stock-based compensation
136
142
Loss from equity method investment
692
110
Deferred income taxes
(71
)
(200
)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:
Trade and other receivables
59
(23
)
Receivable from related party
50
(88
)
Settlement activity
4
(3
)
Prepaid expenses and other assets
(1
)
(129
)
Deferred contract costs
(304
)
(348
)
Deferred revenue
(37
)
(41
)
Accounts payable, accrued liabilities and other liabilities
(101
)
(89
)
Net cash provided by operating activities from continuing operations
1,850
1,393
Cash flows from investing activities from continuing operations:
Additions to property and equipment
(135
)
(79
)
Additions to software
(530
)
(550
)
Settlement of net investment hedge cross-currency interest rate swaps
—
(8
)
Net proceeds from sale of businesses and investments
—
12,801
Cash divested from sale of business
(1,417
)
(3,137
)
Acquisitions, net of cash acquired
(574
)
(56
)
Coupon payments on interest rate swaps
(87
)
(98
)
Distributions from equity method investments
107
40
Other investing activities, net
(66
)
(70
)
Net cash provided by (used in) investing activities from continuing operations
(2,702
)
8,843
Cash flows from financing activities from continuing operations:
Borrowings
38,159
15,776
Repayment of borrowings and other financing arrangements
(37,155
)
(24,183
)
Debt issuance costs
(27
)
(6
)
Net proceeds from stock issued under stock-based compensation plans
8
2
Treasury stock activity
(1,132
)
(3,032
)
Dividends paid
(640
)
(608
)
Other financing activities, net
1
45
Net cash provided by (used in) financing activities from continuing operations
(786
)
(12,006
)
Cash flows from discontinued operations:
Net cash provided by (used in) operating activities
208
(5
)
Net cash provided by (used in) investing activities
—
(39
)
Net cash provided by (used in) financing activities
—
(65
)
Net cash provided by (used in) discontinued operations
208
(109
)
Effect of foreign currency exchange rate changes on cash from continuing operations
55
20
Effect of foreign currency exchange rate changes on cash from discontinued operations
—
(30
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(1,375
)
(1,889
)
Cash, cash equivalents and restricted cash, beginning of period
1,946
4,414
Cash, cash equivalents and restricted cash, end of period
$
571
$
2,525
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP ADJUSTED REVENUE GROWTH — UNAUDITED
(In millions)
Exhibit D
Three months ended September 30,
2025
2024
Constant
Currency
Adjusted
Revenue
FX
Revenue
Revenue
Growth (1)
Banking Solutions
$
1,894
$
(3
)
$
1,890
$
1,779
6
%
Capital Market Solutions
783
(7
)
777
730
6
%
Operating segment total
2,677
(10
)
2,667
2,509
6
%
Corporate and Other
40
(1
)
39
61
Consolidated FIS
$
2,717
$
(11
)
$
2,706
$
2,570
Nine months ended September 30,
2025
2024
Constant
Currency
Adjusted
Revenue
FX
Revenue
Revenue
Growth (1)
Banking Solutions
$
5,420
$
1
$
5,420
$
5,174
5
%
Capital Market Solutions
2,313
(13
)
2,300
2,158
7
%
Operating segment total
7,733
(12
)
7,721
7,332
5
%
Corporate and Other
132
1
133
196
Consolidated FIS
$
7,865
$
(11
)
$
7,854
$
7,528
Amounts in table may not sum or calculate due to rounding.
(1)
Adjusted growth excludes Corporate and Other. The Corporate and Other segment includes certain non-strategic businesses that we plan to wind down or sell.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL DISAGGREGATION OF REVENUE — RECAST AND 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 September 30, 2025 (in millions):
Banking
Solutions
Capital
Market
Solutions
Corporate and
Other
Total
Primary Geographical Markets:
North America
$
1,625
$
481
$
19
$
2,125
All others
269
302
21
592
Total
$
1,894
$
783
$
40
$
2,717
Type of Revenue:
Recurring revenue:
Transaction processing and services
$
1,394
$
401
$
35
$
1,830
Software maintenance
97
154
1
252
Other recurring
80
27
—
107
Total recurring
1,571
582
36
2,189
Software license
44
95
—
139
Professional services
146
95
1
242
Other non-recurring
133
11
3
147
Total
$
1,894
$
783
$
40
$
2,717
For the three months ended September 30, 2024 (in millions):
Banking
Solutions
Capital
Market
Solutions
Corporate and Other
Total
Primary Geographical Markets:
North America
$
1,521
$
452
$
26
$
1,999
All others
258
278
35
571
Total
$
1,779
$
730
$
61
$
2,570
Type of Revenue:
Recurring revenue:
Transaction processing and services (1)
$
1,331
$
375
$
49
$
1,755
Software maintenance
88
145
1
234
Other recurring (1)
60
16
1
77
Total recurring
1,479
536
51
2,066
Software license
54
92
1
147
Professional services
137
100
1
238
Other non-recurring
109
2
8
119
Total
$
1,779
$
730
$
61
$
2,570
(1)
Revenue related primarily to software licenses requiring frequent, integral updates has been classified as Transaction processing and services revenue commencing in the quarter ended December 31, 2024, and related prior-period amounts have been reclassified from Other recurring revenue to Transaction processing and services for comparability. Revenue reclassified for the three months ended September 30, 2024, was $6 million, $7 million and $9 million within Banking, Capital Markets and Corporate and Other, respectively.
Amounts in table may not sum or calculate due to rounding.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL DISAGGREGATION OF REVENUE — RECAST AND UNAUDITED
(In millions)
Exhibit E (continued)
For the nine months ended September 30, 2025 (in millions):
Banking
Solutions
Capital
Market
Solutions
Corporate and
Other
Total
Primary Geographical Markets:
North America
$
4,680
$
1,409
$
63
$
6,152
All others
740
904
69
1,713
Total
$
5,420
$
2,313
$
132
$
7,865
Type of Revenue:
Recurring revenue:
Transaction processing and services
$
4,035
$
1,184
$
113
$
5,332
Software maintenance
290
451
2
743
Other recurring
223
73
1
297
Total recurring
4,548
1,708
116
6,372
Software license
119
294
—
413
Professional services
399
288
3
690
Other non-recurring
354
23
13
390
Total
$
5,420
$
2,313
$
132
$
7,865
For the nine months ended September 30, 2024 (in millions):
Banking
Solutions
Capital
Market
Solutions
Corporate and
Other
Total
Primary Geographical Markets:
North America
$
4,424
$
1,349
$
90
$
5,863
All others
750
809
106
1,665
Total
$
5,174
$
2,158
$
196
$
7,528
Type of Revenue:
Recurring revenue:
Transaction processing and services (1)
$
3,870
$
1,126
$
157
$
5,153
Software maintenance
268
432
1
701
Other recurring (1)
183
46
3
232
Total recurring
4,321
1,604
161
6,086
Software license
141
256
2
399
Professional services
405
295
3
703
Other non-recurring
307
3
30
340
Total
$
5,174
$
2,158
$
196
$
7,528
(1)
Revenue related primarily to software licenses requiring frequent, integral updates has been classified as Transaction processing and services revenue commencing in the quarter ended December 31, 2024, and related prior-period amounts have been reclassified from Other recurring revenue to Transaction processing and services for comparability. Revenue reclassified for the nine months ended September 30, 2024, was $15 million, $22 million and $27 million within Banking, Capital Markets and Corporate and Other, respectively.
Amounts in table may not sum or calculate due to rounding.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP CASH FLOW MEASURES — UNAUDITED
(In millions)
Exhibit F
Three months ended
Nine months ended
September 30, 2025
September 30, 2025
Net cash provided by operating activities
$
1,012
$
1,850
Capital expenditures
(214
)
(665
)
Free cash flow
798
1,185
Non-GAAP adjustments:
Acquisition, integration and other payments (1)
135
408
Settlement activity
(4
)
(4
)
Adjusted free cash flow
$
929
$
1,589
Three months ended
Nine months ended
September 30, 2024
September 30, 2024
Net cash provided by operating activities
$
641
$
1,393
Capital expenditures
(243
)
(629
)
Free cash flow
398
764
Non-GAAP adjustments:
Acquisition, integration and other payments (1)
132
362
Settlement activity
—
3
Adjusted free cash flow
$
530
$
1,129
Free cash flow reflects net cash provided by operating activities from continued 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 cash flow, adjusted for the net change in settlement assets and obligations, and excludes cash payments for certain transactions that do not constitute normal, recurring operating expenses necessary to operate our business and are not indicative of future operating cash flows. Neither Free cash flow nor Adjusted free cash flow represents our residual cash flows available for discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from the measure. Free cash flow and Adjusted free cash flow as presented in this earnings release exclude cash flows from discontinued operations.
(1)
Adjusted free cash flow for the three and nine months ended September 30, 2025 and 2024, exclude cash payments for certain acquisition, integration and other costs (see Note 2 to Exhibit G), net of related tax impact. The related tax impact totaled $18 million and $22 million for the three months and $56 million and $61 million for the nine months ended September 30, 2025 and 2024, respectively.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Net earnings (loss) attributable to FIS from continuing operations
$
264
$
246
$
(128
)
$
482
Provision (benefit) for income taxes
87
108
179
215
Interest expense, net
90
64
279
184
Equity method investment (earnings) loss, net of tax
23
33
692
110
Other, net
(7
)
39
190
224
Operating income (loss), as reported
457
490
1,212
1,215
Depreciation and amortization, excluding purchase accounting amortization
302
263
898
789
Non-GAAP adjustments:
Purchase accounting amortization (1)
177
168
517
502
Acquisition, integration and other costs (2)
197
137
503
481
Asset impairments (3)
2
2
4
20
Indirect Worldpay business support costs (4)
—
—
—
14
Adjusted EBITDA from continuing operations
$
1,135
$
1,060
$
3,134
$
3,021
Net earnings (loss) attributable to FIS from discontinued operations
$
—
$
(22
)
$
—
$
687
Provision (benefit) for income taxes
—
(3
)
—
(994
)
Interest expense, net
—
(1
)
(1
)
(2
)
Other, net
—
—
(1
)
6
Operating income (loss)
—
(26
)
(2
)
(303
)
Depreciation and amortization, excluding purchase accounting amortization
—
—
—
1
Non-GAAP adjustments:
Acquisition, integration and other costs (2)
—
—
—
13
Loss on sale of disposal group (10)
—
25
—
491
Indirect Worldpay business support costs (4)
—
—
—
(14
)
Adjusted EBITDA from discontinued operations
$
—
$
(1
)
$
(2
)
$
188
Adjusted EBITDA
$
1,135
$
1,059
$
3,132
$
3,209
See Notes to Exhibit G.
Amounts in table may not sum or calculate due to rounding.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G (continued)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Earnings (loss) attributable to FIS from continuing operations
$
264
$
246
$
(128
)
$
482
Equity method investment (earnings) loss, net of tax
23
33
692
110
Earnings (loss) attributable to FIS from continuing operations, excluding equity method investment earnings (loss)
287
279
564
592
Non-GAAP adjustments from continuing operations:
Purchase accounting amortization (1)
177
168
517
502
Acquisition, integration and other costs (2)
197
137
523
481
Asset impairments (3)
2
2
4
20
Indirect Worldpay business support costs (4)
—
—
—
14
Non-operating (income) expense (5)
(8
)
38
188
222
Non-GAAP tax (provision) benefit (6)
(1
)
2
(58
)
(82
)
Total non-GAAP adjustments from continuing operations
367
347
1,174
1,157
Adjusted net earnings attributable to FIS from continuing operations, excluding equity method investment earnings (loss)
654
626
1,738
1,749
Equity method investment earnings (loss), net of tax (7)
(23
)
(33
)
(692
)
(110
)
Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes (7) (8)
158
172
1,103
504
Adjusted equity method investment earnings (loss) (7)
135
139
411
394
Adjusted net earnings attributable to FIS from continuing operations
$
789
$
765
$
2,149
$
2,143
Earnings (loss) attributable to FIS from discontinued operations, net of tax
$
—
$
(22
)
$
—
$
687
Non-GAAP adjustments from discontinued operations:
Acquisition, integration and other costs (2)
—
—
—
13
Loss on sale of disposal group (10)
—
25
—
491
Indirect Worldpay business support costs (4)
—
—
—
(14
)
Amortization on long-lived assets held for sale (9)
—
—
—
(30
)
Non-operating (income) expense (5)
—
—
—
6
Non-GAAP tax (provision) benefit (6)
—
(3
)
—
(1,017
)
Total non-GAAP adjustments from discontinued operations
—
22
—
(551
)
Adjusted net earnings attributable to FIS from discontinued operations
$
—
$
—
$
—
$
136
Adjusted net earnings attributable to FIS common stockholders
$
789
$
765
$
2,149
$
2,279
See Notes to Exhibit G.
Amounts in table may not sum or calculate due to rounding.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G (continued)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Earnings (loss) attributable to FIS from continuing operations
$
0.50
$
0.45
$
(0.24
)
$
0.86
Equity method investment (earnings) loss, net of tax
0.04
0.06
1.31
0.20
Earnings (loss) attributable to FIS from continuing operations, excluding equity method investment earnings (loss)
0.55
0.51
1.07
1.06
Non-GAAP adjustments from continuing operations:
Purchase accounting amortization (1)
0.34
0.31
0.98
0.89
Acquisition, integration and other costs (2)
0.38
0.25
0.99
0.86
Asset impairments (3)
—
—
0.01
0.04
Indirect Worldpay business support costs (4)
—
—
—
0.02
Non-operating (income) expense (5)
(0.02
)
0.07
0.36
0.40
Non-GAAP tax (provision) benefit (6)
—
—
(0.11
)
(0.15
)
Total non-GAAP adjustments from continuing operations
0.70
0.63
2.23
2.06
Adjusted net earnings attributable to FIS from continuing operations, excluding equity method investment earnings (loss)
1.25
1.14
3.30
3.12
Equity method investment earnings (loss) (7)
(0.04
)
(0.06
)
(1.31
)
(0.20
)
Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes (7) (8)
0.30
0.31
2.09
0.90
Adjusted equity method investment earnings (loss) (7)
0.26
0.25
0.78
0.70
Adjusted net earnings attributable to FIS from continuing operations
$
1.51
$
1.40
$
4.08
$
3.82
Earnings (loss) attributable to FIS from discontinued operations, net of tax
$
—
$
(0.04
)
$
—
$
1.22
Non-GAAP adjustments from discontinued operations:
Acquisition, integration and other costs (2)
—
—
—
0.02
Loss on sale of disposal group (10)
—
0.05
—
0.88
Indirect Worldpay business support costs (4)
—
—
—
(0.02
)
Amortization on long-lived assets held for sale (9)
—
—
—
(0.05
)
Non-operating (income) expense (5)
—
—
—
0.01
Non-GAAP tax (provision) benefit (6)
—
(0.01
)
—
(1.81
)
Total non-GAAP adjustments from discontinued operations
—
0.04
—
(0.98
)
Adjusted net earnings attributable to FIS from discontinued operations
$
—
$
—
$
—
$
0.24
Adjusted net earnings attributable to FIS common stockholders
$
1.51
$
1.40
$
4.08
$
4.06
Weighted average shares outstanding-diluted (11)
523
548
527
561
See Notes to Exhibit G.
Amounts in table may not sum or calculate due to rounding.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit G (continued)
(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
Nine months ended
September 30,
September 30,
2025
2024
2025
2024
Continuing operations:
Acquisition and integration
$
33
$
22
$
84
$
70
Enterprise transformation, including Future Forward and platform modernization
46
76
102
205
Severance and other termination expenses
99
7
205
34
Separation of the Worldpay Merchant Solutions business
11
9
53
119
Incremental stock compensation directly attributable to specific programs
3
20
27
46
Other, including divestiture-related expenses and enterprise cost control and other initiatives
5
3
32
7
Subtotal
197
137
503
481
Financing fees - Issuer Solutions acquisition (a)
—
—
20
—
Total
197
137
523
481
Discontinued operations:
Acquisition and integration
$
—
$
—
$
—
$
—
Enterprise transformation, including Future Forward and platform modernization
—
—
—
1
Severance and other termination expenses
—
—
—
1
Separation of the Worldpay Merchant Solutions business
—
—
—
8
Other, including divestiture-related expenses and enterprise cost control and other initiatives
—
—
—
3
Total from discontinued operations
—
—
$
—
$
13
Total consolidated
$
197
$
137
$
523
$
494
(a)
This item represents bridge facility fees incurred to secure funding for the pending Issuer Solutions business acquisition from Global Payments. These fees are recorded as a component of 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.
(3)
There were no material impairments during the three and nine months ended September 30, 2025. The three and nine months ended September 30, 2024, included impairments primarily related to the termination of certain internally developed software projects.
(4)
For the nine months ended September 30, 2024, this item represents costs that were incurred in support of the Worldpay Merchant Solutions business prior to the separation but are not directly attributable to it and thus were not recorded in discontinued operations. The Company is being reimbursed for these expenses as part of Transition Services Agreements with the buyer and/or eliminated them post separation; therefore, the expenses have been adjusted out of continuing operations and added to discontinued operations.
(5)
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. For the nine months ended September 30, 2025, earnings from continuing operations also includes a $108 million write down, triggered by the Worldpay Minority Interest Sale agreement, of the contingent consideration included as part of the 2024 sale of a 55% ownership interest in its Worldpay Merchant Solutions business (the "2024 Worldpay Sale"). For the six months ended September 30, 2024, earnings from continuing operations also includes loss on extinguishment of debt of approximately $174 million relating to tender discounts and fees; the write-off of unamortized bond discounts, debt issuance costs and fair value basis adjustments; and gains on related derivative instruments.
(6)
This adjustment is based on an adjusted effective tax rate of 12.0% and 14.5% for the periods ended September 30, 2025 and 2024, respectively, which reflects adjustments to our GAAP effective tax rate to take into account primarily certain cash tax benefits from our equity method investment in Worldpay. For the nine months ended September 30, 2024, the Company recorded a tax benefit of $991 million in its earnings from discontinued operations primarily from the write-off of U.S. deferred tax liabilities that were not transferred in the 2024 Worldpay Sale, net of the estimated U.S. tax cost that the Company expects to incur as a result of the 2024 Worldpay Sale. This adjustment includes the removal of the impact of this tax benefit from our earnings from discontinued operations for this period.
(7)
FIS completed the separation of Worldpay on January 31, 2024, retaining a non-controlling 45% ownership interest that is recorded under the equity method of accounting, net of investor-level tax. FIS' share of Worldpay's results under the equity method of accounting reflects activity beginning on February 1, 2024. For the nine months ended September 30, 2025, our investor-level tax includes $539 million of expense recorded during the second quarter related to a remeasurement of our deferred tax liability. This remeasurement resulted from our agreement to sell our remaining interest in Worldpay, which constituted a change in our intent to hold the investment for the long term.
(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 September 30,
Nine months ended
September 30,
Eight months ended
September 30,
2025
2024
2025
2024
FIS' share of Worldpay:
Purchase accounting amortization
$
158
$
133
$
474
$
442
Acquisition, integration and other costs (a)
32
28
117
139
Non-operating (income) expense
(16
)
47
29
27
Non-GAAP tax (provision) benefit
(16
)
(36
)
483
(104
)
Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes
$
158
$
172
$
1,103
$
504
(a)
Worldpay acquisition, integration, and other costs for the three months ended September 30, 2025 and 2024, nine months ended September 30, 2025, and eight months ended September 30, 2024, consist primarily of transaction and transition costs related to the separation from FIS.
Amounts in table may not sum due to rounding.
(9)
The Company stopped recording depreciation and amortization on the long-lived assets classified as held for sale beginning July 5, 2023. The amount of depreciation and amortization that would have been recorded in discontinued operations had these assets not been classified as held for sale has been deducted from adjusted net earnings for the nine months ended September 30, 2024, for comparability purposes.
(10)
An initial loss on sale of disposal group of $466 million was recorded upon closing of the 2024 Worldpay Sale to reflect the impact of the excess of the carrying value of the disposal group over the estimated fair value less cost to sell. During the three months ended September 30, 2024, an additional $25 million estimated loss on sale was recorded to reflect the impact of estimated post-closing adjustments, reflecting a cumulative estimated loss on sale of $491 million.
(11)
For the nine months ended September 30, 2025, Adjusted net earnings is a gain, while the corresponding GAAP amount for this period is a loss. As a result, in calculating Adjusted net earnings per share-diluted for this period, the weighted average shares outstanding-diluted amount of approximately 527 million used in the calculation includes approximately 2 million shares for the nine months ended September 30, 2025, that in accordance with GAAP are excluded from the calculation of the GAAP Net loss per share-diluted for the period, due to their anti-dilutive impact.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL FINANCIAL INFORMATION OF WORLDPAY HOLDCO, LLC — UNAUDITED
(In millions)
Exhibit H
Summary Worldpay Holdco, LLC financial information is as follows:
Three months ended September 30,
Nine months ended September 30,
Eight months ended September 30,
2025
2024
2025
2024 (1)
Revenue
$
1,351
$
1,248
$
4,119
$
3,429
Gross profit
$
685
$
718
$
2,018
$
1,771
Earnings (loss) before income taxes
$
(47
)
$
(99
)
$
(346
)
$
(326
)
Net earnings (loss) attributable to Worldpay Holdco, LLC
$
(49
)
$
(160
)
$
(405
)
$
(431
)
FIS share of net earnings (loss) attributable to Worldpay Holdco, LLC, net of tax (2)
$
(23
)
$
(33
)
$
(692
)
$
(110
)
The following is a GAAP to Non-GAAP reconciliation of Adjusted EBITDA for Worldpay Holdco LLC.
Three months ended September 30,
Nine months ended September 30,
Eight months ended September 30,
2025
2024
2025
2024 (1)
Net earnings (loss) attributable to Worldpay Holdco, LLC
$
(49
)
$
(160
)
$
(405
)
$
(431
)
Provision (benefit) for income taxes
2
60
59
102
Interest expense, net
148
146
438
410
Other, net
(36
)
106
65
65
Operating income (loss)
65
152
157
146
Depreciation and amortization, excluding purchase accounting amortization
59
23
157
52
Non-GAAP adjustments:
Purchase accounting amortization
352
295
1,054
982
Transition, acquisition, integration and other costs (3)
71
62
260
308
Adjusted EBITDA
$
547
$
532
$
1,628
$
1,488
(1)
FIS completed the separation of Worldpay on January 31, 2024. Accordingly, Worldpay's results reflect activity beginning on February 1, 2024.
(2)
Amounts include our share of the net income attributable to Worldpay and our investor-level tax (expense) benefit of $(2) million and $39 million for the three months ended September 30, 2025 and 2024, and $(513) million and $84 million for the nine months ended September 30, 2025 and eight months ended September 30, 2024, respectively, as well as, intra-entity eliminations, and is reported as equity method investment earnings (loss), net of tax on our consolidated statements of earnings (loss). For the nine months ended September 30, 2025, our investor-level tax includes $539 million of expense recorded during the second quarter related to a remeasurement of our deferred tax liability. This remeasurement resulted from our agreement to sell our remaining interest in Worldpay, which constituted a change in our intent to hold the investment for the long term.
(3)
This item represents primarily transaction and transition costs associated with the separation of Worldpay from FIS.