Fidelity National Information Services (FIS) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 results, exceeding original outlook for adjusted revenue, EBITDA, and EPS, and positioning for robust 2026 growth.

• Completed full divestiture of merchant-focused business and closed the acquisition of Total Issuing Solutions, transforming the strategic and financial profile.

• Focused on innovation, AI, and data-driven solutions, leveraging proprietary datasets and deep client relationships.

• Returned $2.1 billion to shareholders in 2025, including $1.3 billion in share repurchases, and increased annual dividend by 10%.

• Demonstrated robust free cash flow and disciplined capital allocation.

Financial highlights

• FY 2025 adjusted revenue grew 5.8% to $10.7B; Q4 adjusted revenue up 7.4% to $2.8B.

• FY 2025 adjusted EBITDA was $4.3B (40.6% margin), up 4.7% year-over-year; Q4 adjusted EBITDA up 7% to $1.2B.

• Adjusted EPS for FY 2025 was $5.75, up 10.2% year-over-year; Q4 adjusted EPS was $1.68, up 20%.

• Free cash flow for FY 2025 reached $2.2B, up 18%-19% year-over-year, with 88% conversion.

• Capital expenditures were $989M, representing 9.3% of revenue.

Outlook and guidance

• FY 2026 adjusted revenue outlook: $13.77B–$13.85B, 5.1%-5.7% pro forma growth; adjusted EBITDA expected at $5.8B–$5.86B (42.1%-42.3% margin), up 7.2%-8.4%.

• Adjusted EPS guidance of $6.22-$6.32, up 8%-10%.

• Free cash flow projected at $2.05B–$2.15B, up 27%-33% year-over-year, targeting over $2B in 2026 and exceeding $3B by 2028.

• Banking adjusted revenue projected to grow over 40% (including acquisitions), with organic growth of 4.4%-4.9%; Capital Markets revenue expected to grow 5.5%-6.5%.

• Q1 2026 revenue guidance: $3.27B–$3.29B; adjusted EBITDA: $1.275B–$1.29B; adjusted EPS: $1.26–$1.30.