Fidelity National Information Services (FIS)
Market Price (6/22/2026): $38.12 | Market Cap: $19.6 BilSector: Financials | Industry: Transaction & Payment Processing Services
Fidelity National Information Services (FIS)
Market Price (6/22/2026): $38.12Market Cap: $19.6 BilSector: FinancialsIndustry: Transaction & Payment Processing Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 4.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 10% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 3.1 Bil, FCF LTM is 2.1 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47% Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Digital Payments, Online Banking & Lending, Show more. | Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -97% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 104% Key risksFIS key risks include [1] failing to innovate against intense fintech competition, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 4.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 10% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 3.1 Bil, FCF LTM is 2.1 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Digital Payments, Online Banking & Lending, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -97% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 104% |
| Key risksFIS key risks include [1] failing to innovate against intense fintech competition, Show more. |
Qualitative Assessment
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Fidelity National Information Services (FIS) stock has lost about 25% since 2/28/2026 because of the following key factors:
1. Elevated Leverage and Debt Concerns Following Strategic Acquisitions.
Fidelity National Information Services completed its acquisition of Global Payments' Issuer Solutions business in January 2026, a transaction that involved $7.70 billion in cash funded by new debt. This contributed to a total debt outstanding of $21.1 billion as of March 31, 2026. Investors expressed concerns about the company's elevated leverage ratio, leading FIS to temporarily pause share repurchases and tuck-in mergers and acquisitions to prioritize deleveraging.
2. Weaker-Than-Expected Forward Guidance for Revenue and Earnings.
Despite reporting adjusted first-quarter 2026 earnings per share of $1.36 (beating consensus by 5.43%) and revenue of $3.29 billion (exceeding projections by 2.17%), the stock declined by 5.9% in pre-market trading and 6.7% on May 8. This negative reaction was primarily driven by the company's full-year 2026 revenue forecast of $13.77 billion to $13.85 billion, and its second-quarter 2026 guidance for revenue ($3.37 billion to $3.39 billion) and adjusted EPS ($1.45 to $1.49), all of which fell below Wall Street's expectations.
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Fidelity National Information Services (FIS) stock has lost about 25% since 2/28/2026 because of the following key factors:
1. Elevated Leverage and Debt Concerns Following Strategic Acquisitions.
Fidelity National Information Services completed its acquisition of Global Payments' Issuer Solutions business in January 2026, a transaction that involved $7.70 billion in cash funded by new debt. This contributed to a total debt outstanding of $21.1 billion as of March 31, 2026. Investors expressed concerns about the company's elevated leverage ratio, leading FIS to temporarily pause share repurchases and tuck-in mergers and acquisitions to prioritize deleveraging.
2. Weaker-Than-Expected Forward Guidance for Revenue and Earnings.
Despite reporting adjusted first-quarter 2026 earnings per share of $1.36 (beating consensus by 5.43%) and revenue of $3.29 billion (exceeding projections by 2.17%), the stock declined by 5.9% in pre-market trading and 6.7% on May 8. This negative reaction was primarily driven by the company's full-year 2026 revenue forecast of $13.77 billion to $13.85 billion, and its second-quarter 2026 guidance for revenue ($3.37 billion to $3.39 billion) and adjusted EPS ($1.45 to $1.49), all of which fell below Wall Street's expectations.
3. Numerous Analyst Price Target Reductions Post-Earnings.
Following the first-quarter 2026 earnings report, several analysts revised their price targets downward for FIS. For example, UBS trimmed its target from $73 to $63, Goldman Sachs reduced its target from $65 to $57, RBC Capital from $69 to $57, and Cantor Fitzgerald from $62 to $55. Truist Securities also lowered its price target to $45 from $50 on May 28, while maintaining a "Hold" rating, citing caution around near-term performance and competitive pressures.
4. Non-Recurring Gain Masking Underlying Performance.
The reported GAAP net earnings for the first quarter of 2026, which surged to $2.37 billion (diluted EPS $4.58), included an estimated $2.2 billion pre-tax gain from the sale of the remaining 45% stake in Worldpay. Investors likely viewed this as a one-time, non-recurring event, leading them to focus on the company's underlying operational performance and the increased leverage from the Issuer Solutions acquisition rather than the boosted headline profitability.
5. Exposure to Macroeconomic Headwinds.
Investor concerns also included FIS's exposure to broader macroeconomic headwinds. The financial technology and enterprise financial services sectors experienced mixed trading activity due to shifting interest rate expectations and evolving forecasts for enterprise spending on financial infrastructure, contributing to a cautious investment sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -23.5% change in FIS stock from 2/28/2026 to 6/21/2026 was primarily driven by a -89.1% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.96 | 38.21 | -23.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,677 | 11,440 | 7.1% |
| Net Income Margin (%) | 3.6% | 23.3% | 554.0% |
| P/E Multiple | 67.8 | 7.4 | -89.1% |
| Shares Outstanding (Mil) | 517 | 515 | 0.4% |
| Cumulative Contribution | -23.5% |
Market Drivers
2/28/2026 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FIS | -23.5% | |
| Market (SPY) | 9.2% | 5.5% |
| Sector (XLF) | 4.7% | 41.2% |
Fundamental Drivers
The -40.4% change in FIS stock from 11/30/2025 to 6/21/2026 was primarily driven by a -96.6% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.08 | 38.21 | -40.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,464 | 11,440 | 9.3% |
| Net Income Margin (%) | 1.5% | 23.3% | 1506.7% |
| P/E Multiple | 219.6 | 7.4 | -96.6% |
| Shares Outstanding (Mil) | 521 | 515 | 1.2% |
| Cumulative Contribution | -40.4% |
Market Drivers
11/30/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FIS | -40.4% | |
| Market (SPY) | 9.9% | 19.7% |
| Sector (XLF) | 1.3% | 50.8% |
Fundamental Drivers
The -50.2% change in FIS stock from 5/31/2025 to 6/21/2026 was primarily driven by a -85.1% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.74 | 38.21 | -50.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,191 | 11,440 | 12.3% |
| Net Income Margin (%) | 8.0% | 23.3% | 190.1% |
| P/E Multiple | 49.4 | 7.4 | -85.1% |
| Shares Outstanding (Mil) | 528 | 515 | 2.5% |
| Cumulative Contribution | -50.2% |
Market Drivers
5/31/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FIS | -50.2% | |
| Market (SPY) | 28.1% | 24.9% |
| Sector (XLF) | 6.7% | 51.5% |
Fundamental Drivers
The -23.5% change in FIS stock from 5/31/2023 to 6/21/2026 was primarily driven by a -35.7% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.94 | 38.21 | -23.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,057 | 11,440 | 3.5% |
| P/S Multiple | 2.7 | 1.7 | -35.7% |
| Shares Outstanding (Mil) | 592 | 515 | 15.0% |
| Cumulative Contribution | -23.5% |
Market Drivers
5/31/2023 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FIS | -23.5% | |
| Market (SPY) | 85.7% | 34.7% |
| Sector (XLF) | 77.0% | 49.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FIS Return | -22% | -36% | -8% | 37% | -16% | -41% | -69% |
| Peers Return | -6% | -16% | 29% | 27% | -20% | -23% | -21% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| FIS Win Rate | 42% | 42% | 50% | 67% | 58% | 0% | |
| Peers Win Rate | 48% | 42% | 60% | 62% | 43% | 27% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FIS Max Drawdown | -34% | -52% | -38% | -12% | -25% | -42% | |
| Peers Max Drawdown | -27% | -29% | -21% | -15% | -37% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FISV, GPN, JKHY, BR, ACIW. See FIS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | FIS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.4% | -9.5% |
| % Gain to Breakeven | 30.5% | 10.5% |
| Time to Breakeven | 70 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.1% | -6.7% |
| % Gain to Breakeven | 31.7% | 7.1% |
| Time to Breakeven | 335 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.7% | -33.7% |
| % Gain to Breakeven | 53.1% | 50.9% |
| Time to Breakeven | 402 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.0% | -19.2% |
| % Gain to Breakeven | 12.4% | 23.8% |
| Time to Breakeven | 42 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.9% | -12.2% |
| % Gain to Breakeven | 26.5% | 13.9% |
| Time to Breakeven | 85 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.9% | -17.9% |
| % Gain to Breakeven | 29.7% | 21.8% |
| Time to Breakeven | 134 days | 123 days |
In The Past
Fidelity National Information Services's stock fell -1.3% during the 2025 US Tariff Shock. Such a loss loss requires a 1.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | FIS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.4% | -9.5% |
| % Gain to Breakeven | 30.5% | 10.5% |
| Time to Breakeven | 70 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.1% | -6.7% |
| % Gain to Breakeven | 31.7% | 7.1% |
| Time to Breakeven | 335 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.7% | -33.7% |
| % Gain to Breakeven | 53.1% | 50.9% |
| Time to Breakeven | 402 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.9% | -12.2% |
| % Gain to Breakeven | 26.5% | 13.9% |
| Time to Breakeven | 85 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.9% | -17.9% |
| % Gain to Breakeven | 29.7% | 21.8% |
| Time to Breakeven | 134 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -69.1% | -53.4% |
| % Gain to Breakeven | 223.2% | 114.4% |
| Time to Breakeven | 1590 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.4% | -8.6% |
| % Gain to Breakeven | 27.2% | 9.5% |
| Time to Breakeven | 2250 days | 47 days |
In The Past
Fidelity National Information Services's stock fell -1.3% during the 2025 US Tariff Shock. Such a loss loss requires a 1.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Fidelity National Information Services (FIS)
Fidelity National Information Services (FIS) is a global technology company that provides a wide range of mission-critical software and services primarily to the financial industry. It serves three main client bases: merchants, banks, and capital markets firms worldwide, helping them manage their operations, transactions, and customer interactions more efficiently.
For merchants, FIS offers comprehensive payment processing solutions, ranging from large enterprise acquiring services to software-integrated solutions for small-to-medium businesses, alongside robust global e-commerce capabilities. Its banking solutions empower financial institutions with core processing, digital banking platforms (like internet and mobile banking), fraud and risk management tools, electronic funds transfer, and card payment services, supporting their full operational needs.
Within the capital markets sector, FIS provides specialized technology solutions for securities processing, global trading, asset management, and insurance. These offerings enable financial firms to streamline complex transactions, manage investments, and ensure regulatory compliance, facilitating their operations across various financial instruments and markets.
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Here are 1-3 brief analogies for Fidelity National Information Services (FIS):
- Fidelity National Information Services (FIS) is like the Oracle or SAP for the financial industry, providing the essential enterprise software and technology that powers banks, merchants, and capital markets firms.
- Think of FIS as the Amazon Web Services (AWS) for financial institutions, building and running the critical technological infrastructure for everything from online banking to global trading.
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- Merchant Solutions: Provides technology and services enabling businesses worldwide to accept various forms of payments, including enterprise acquiring, software-led SMB acquiring, and global e-commerce solutions.
- Banking Solutions: Offers comprehensive technology services for banks, covering core processing, digital banking platforms, fraud and risk management, payment solutions, and wealth management.
- Capital Market Solutions: Delivers technology solutions for capital market firms, including securities processing, global trading, asset management and insurance, and corporate liquidity solutions.
AI Analysis | Feedback
Fidelity National Information Services (FIS) sells primarily to other companies, rather than individuals. Given the nature of its business as a technology solutions provider for financial services, FIS serves a vast global customer base across several categories rather than a short list of specific "major" named public companies. Based on the company's description, its major customers fall into the following categories:
- Merchants: This category includes a wide range of businesses, from small-to-medium-sized businesses (SMBs) requiring software-led acquiring solutions to large enterprises needing global e-commerce and payment processing services.
- Banks (Financial Institutions): This includes various types of banks and credit unions worldwide that utilize FIS for core processing, digital banking solutions (Internet, mobile, e-banking), fraud and risk management, electronic funds transfer, card and retail payment solutions, wealth and retirement services, and more.
- Capital Markets Firms: This segment serves firms involved in securities processing and finance, global trading, asset management, insurance, and corporate liquidity solutions.
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Stephanie Ferris, Chief Executive Officer and President
Stephanie Ferris became FIS' President in February 2022 and Chief Executive Officer in December 2022. She also joined the Board of Directors in October 2022. Prior to her current role, she served as Chief Operating Officer and Chief Administrative Officer of FIS, overseeing global strategy, technology transformation, and the integration of FIS and Worldpay. Ferris joined FIS as the Chief Financial Officer of Worldpay, Inc., which FIS acquired in July 2019. Before Worldpay, she was the Chief Financial Officer of the payments processing division of Fifth Third Bancorp, which was later spun out to become Vantiv. Vantiv subsequently acquired Worldpay Group plc to form Worldpay, Inc. She started her career in public accounting at PricewaterhouseCoopers and is a certified public accountant.
James Kehoe, Chief Financial Officer
James Kehoe was appointed Chief Financial Officer of FIS on August 21, 2023. He brings over 25 years of international finance experience. Before joining FIS, Kehoe served as Executive Vice President and Global Chief Financial Officer at Walgreens Boots Alliance since 2018. His previous roles include Global CFO and Board Director for Takeda Pharmaceutical Company, and CFO at Kraft Foods Group. Kehoe has a Bachelor of Commerce degree from the University of Galway and a Master of Business Studies (Finance) from University College Dublin.
Kelly Beatty, Chief Client Officer
Kelly Beatty is responsible for FIS’s global client servicing, support, implementation, and professional services. She has over 25 years of experience in financial services, having previously served as Senior Vice President and General Manager of Worldpay’s Merchant Solutions. Beatty holds a BBA from Wake Forest University.
David Dunn, Chief Risk Officer
David Dunn is the Chief Risk Officer at FIS, overseeing the strategy and execution of all global risk functions, including information security, risk advisory, and global business resilience. He has over 30 years of experience in technology, audit, and financial services. Dunn previously served as Executive Vice President, Senior Governance and Controls Officer, and head of enterprise technology risk at Truist. His career also includes leadership roles at PNC Financial Services Group, Bank of America, Royal Bank of Scotland (Citizens Financial Group), Capital One, and PeopleSoft. He holds MBA degrees from Cornell University and Queen's University, and a Bachelor of Science in accounting from Excelsior College.
Geddes Johnson, EVP, Strategy and M&A
Geddes Johnson serves as EVP, Strategy and M&A at FIS, where he is responsible for shaping the company's corporate strategy and mergers and acquisitions. Before joining FIS, Johnson was a managing director within the investment banking division of Goldman Sachs.
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Key Risks to Fidelity National Information Services (FIS)
The key risks to Fidelity National Information Services (FIS) are primarily related to cybersecurity and data security, the evolving regulatory landscape, and intense competition and technological disruption within the financial technology sector.
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Cybersecurity and Data Security Threats
Given that FIS provides technology solutions for banks, merchants, and capital markets firms worldwide, it handles vast amounts of sensitive financial and personal data. A significant cybersecurity breach or data security incident could lead to severe financial penalties, extensive reputational damage, loss of customer trust, and potential legal liabilities. Such an event could disrupt operations, necessitate costly remediation efforts, and result in a substantial decline in customer base and revenue.
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Regulatory Changes and Compliance Burden
Operating within the highly regulated financial services industry, FIS is exposed to risks associated with evolving global, national, and local financial regulations. Changes in data privacy laws (e.g., GDPR, CCPA), anti-money laundering (AML) regulations, payment processing rules, or other financial compliance requirements can necessitate significant investments in systems, processes, and personnel to ensure compliance. Failure to comply with these regulations could result in hefty fines, legal sanctions, and restrictions on business operations, thereby impacting profitability and market position.
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Intense Competition and Technological Disruption
The financial technology (FinTech) market is characterized by rapid technological advancements and a highly competitive environment. FIS faces significant competition from established financial technology providers, traditional financial institutions, and innovative new entrants, including smaller, agile FinTech startups. The risk lies in the potential for competitors to develop superior or more cost-effective solutions, or for emerging technologies (such as blockchain, artificial intelligence, or new payment methodologies) to disrupt existing business models. Failure to continually innovate, adapt to new technologies, or effectively compete on features and pricing could lead to loss of market share and erosion of profitability.
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The following are clear emerging threats to Fidelity National Information Services (FIS):
- The rise of cloud-native fintechs and neobanks, which are increasingly building modern, agile banking and payment solutions that bypass traditional legacy core processing systems and services provided by FIS.
- The accelerating trend of embedded finance and Banking-as-a-Service (BaaS) models, allowing non-financial companies to directly offer financial services and potentially disintermediate traditional banks and their technology providers like FIS.
- The continued development and adoption of Distributed Ledger Technology (DLT) and blockchain solutions, which have the potential to fundamentally transform payments, settlements, and securities processing, possibly rendering some of FIS's existing infrastructure and services less relevant or obsolete.
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Addressable Markets for Fidelity National Information Services (FIS) Products and Services
Fidelity National Information Services (FIS) operates across three main segments: Merchant Solutions, Banking Solutions, and Capital Market Solutions. Each segment addresses significant global and regional markets with its technology offerings.Merchant Solutions
The addressable market for FIS's Merchant Solutions, which includes enterprise acquiring, software-led small to medium-sized business (SMB) acquiring, and global e-commerce solutions, is substantial. The global payment processing solutions market size was estimated at USD 173.38 billion in 2025 and is projected to reach approximately USD 1051.93 billion by 2035. North America held the largest share of this global market, accounting for 47% in 2025.Banking Solutions
FIS's Banking Solutions segment, encompassing core processing, digital solutions, fraud and risk management, and wealth and retirement solutions, serves a broad market. * **Core Banking Software:** The global core banking software market was valued at USD 19.67 billion in 2025. This market is projected to grow to USD 83.78 billion by 2034. North America was the dominant region in the global core banking software market, holding a 42.20% share in 2025. * **Digital Banking Platforms:** For digital solutions like Internet, mobile, and e-banking, the global digital banking platform market size was valued at USD 30.4 billion in 2023 and is projected to reach USD 168.3 billion by 2032. North America held the largest market share in the digital banking platform industry in 2023.Capital Market Solutions
The Capital Market Solutions segment, offering securities processing, global trading, asset management, and corporate liquidity solutions, also addresses a large market. * **Overall Capital Markets Technology Solutions:** The global capital markets technology solutions market was valued at USD 126.52 billion in 2024 and is projected to reach USD 223.35 billion by 2032. North America is a dominant region in this sector, accounting for approximately 42% of the global market share in 2024. * **Asset Management Systems:** The global Asset Management System Market was valued at USD 16.97 billion in 2024 and is projected to grow to USD 26.41 billion by 2030.AI Analysis | Feedback
Fidelity National Information Services (FIS) is poised for future revenue growth over the next 2-3 years, driven by a combination of strategic acquisitions, accelerated performance in key segments, and a focus on innovation and recurring revenue streams.
Here are 3-5 expected drivers of future revenue growth for FIS:
- Strategic Acquisitions and Integration: A significant driver is the acquisition and integration of strategic businesses, most notably the Total Issuing Solutions business from Global Payments, which was completed in January 2026. This acquisition is expected to significantly transform FIS's strategic profile and contribute to its 2026 revenue projections. FIS also plans to invest approximately $1 billion annually in acquisitions that enhance critical areas such as payments, digital banking, and commercial lending technology.
- Accelerated Growth in Banking Solutions: FIS anticipates a meaningful acceleration in its Banking Solutions segment. After growing 2% in 2023, adjusted revenue growth in Banking is projected to reach at least 3% in 2024 and between 3.7% and 4.4% in 2025. This segment also saw an 8.3% adjusted revenue growth in Q4 2025.
- Continued Strong Performance in Capital Market Solutions: The Capital Market Solutions segment has demonstrated robust performance and is expected to continue as a key revenue driver. This segment achieved 9% adjusted revenue growth in Q1 2025 and 5.6% adjusted revenue growth in Q4 2025. FIS forecasts another year of strong revenue growth from capital markets, with a full-year range of 6.5% to 7% in 2025.
- Emphasis on High-Quality Recurring Revenue and Cross-selling: FIS is strategically focused on expanding its recurring revenue base, which constitutes approximately 80% of its total revenue. In Q4 2025, recurring revenue grew by 7.8%, outpacing overall growth, while recurring annual contract value sales increased by 20% year-over-year. The company also sees substantial opportunities to drive growth through cross-selling its solutions and component capabilities across its Banking and Capital Markets segments.
- Investments in Innovation, Digital Transformation, and Artificial Intelligence (AI): FIS is committed to driving durable revenue growth through continuous innovation and commercial excellence. The company plans to significantly increase its investment in data and AI technologies to develop domain-specific models and agents. These advancements aim to improve fraud prevention, stimulate deposit and lending growth, and enhance operational efficiency across its platforms.
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Share Repurchases
- Fidelity National Information Services (FIS) repurchased $4.0 billion of shares in 2024.
- The company repurchased $1.3 billion of shares in 2025, exceeding its initial target of $1.2 billion.
- FIS anticipates a temporary pause on share repurchases in 2026 as it prioritizes deleveraging.
Share Issuance
- The number of outstanding shares for FIS decreased from 583 million in 2023 to 519 million in 2025, indicating net share repurchases rather than significant issuances.
Inbound Investments
- No significant inbound investments by third-parties into Fidelity National Information Services were publicly reported over the last 3-5 years.
Outbound Investments
- In January 2026, FIS completed the acquisition of Global Payments' Issuer Solutions business for an estimated $13.5 billion enterprise valuation, funded partly by the sale of its remaining equity interest in Worldpay and approximately $7.7 billion in cash.
- In January 2024, FIS sold a 55% majority stake in its Worldpay Merchant Solutions business to private equity funds managed by GTCR.
- Other strategic acquisitions by FIS include Amount (Omnichannel Banking solutions) in September 2025, Demica for $300 million in December 2024, Dragonfly in November 2024, Torstone Technology in February 2024, and Everlink Payment Services to aid international expansion.
Capital Expenditures
- FIS's capital expenditures averaged $182.6 million annually for the fiscal years ending December 2021 to 2025.
- Capital expenditures peaked at $320 million in December 2021, reached a five-year low of $97 million in December 2024, and subsequently increased to $154 million in 2025.
- The company prioritizes investments in technological advancement, including AI and digital platforms, as a key driver for future growth.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 57.37 |
| Mkt Cap | 17.1 |
| Rev LTM | 8,095 |
| Op Inc LTM | 1,167 |
| FCF LTM | 1,158 |
| FCF 3Y Avg | 1,436 |
| CFO LTM | 1,590 |
| CFO 3Y Avg | 1,833 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.3% |
| Rev Chg 3Y Avg | 6.2% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 1.4% |
| Op Inc Chg 3Y Avg | 12.0% |
| Op Mgn LTM | 17.7% |
| Op Mgn 3Y Avg | 18.8% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 23.6% |
| CFO/Rev 3Y Avg | 27.1% |
| FCF/Rev LTM | 17.5% |
| FCF/Rev 3Y Avg | 18.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Banking Solutions | 7,285 | 6,892 | 6,743 | 6,624 | 6,396 |
| Capital Market Solutions | 3,196 | 2,979 | 2,766 | 2,631 | 2,624 |
| Corporate and Other | 196 | 256 | 322 | 464 | 361 |
| Merchant Solutions | 4,496 | ||||
| Total | 10,677 | 10,127 | 9,831 | 9,719 | 13,877 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Banking Solutions | 3,165 | 3,032 | 2,908 | 2,882 | 2,874 |
| Capital Market Solutions | 1,657 | 1,519 | 1,390 | 1,338 | 1,271 |
| Asset impairments | -18 | -52 | -113 | -103 | -202 |
| Corporate and Other | -491 | -415 | -346 | -259 | -290 |
| Purchase accounting amortization | -668 | -675 | -696 | -778 | -2,764 |
| Acquisition, integration and other costs | -689 | -624 | -482 | -581 | -845 |
| Depreciation and amortization | -1,215 | -1,062 | -1,047 | -1,101 | -1,251 |
| Indirect Worldpay business support costs | -14 | -167 | -180 | ||
| Merchant Solutions | 2,262 | ||||
| Total | 1,741 | 1,709 | 1,447 | 1,218 | 1,055 |
| $ Mil | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| Integrated Financial Solutions | 10,940 | 10,664 | 10,249 | 9,060 | |
| Global Financial Solutions | 8,123 | 8,366 | 9,028 | 12,340 | |
| Corporate and Other | 4,707 | 5,485 | 6,748 | 4,868 | 1,435 |
| Elimination | 8 | ||||
| Financial Solutions | 5,762 | ||||
| International Solutions | 2,304 | ||||
| Payment Solutions | 5,016 | ||||
| Total | 23,770 | 24,515 | 26,025 | 26,268 | 14,525 |
Price Behavior
| Market Price | $38.21 | |
| Market Cap ($ Bil) | 19.7 | |
| First Trading Date | 06/20/2001 | |
| Distance from 52W High | -52.1% | |
| 50 Days | 200 Days | |
| DMA Price | $43.22 | $55.11 |
| DMA Trend | down | down |
| Distance from DMA | -11.6% | -30.7% |
| 3M | 1YR | |
| Volatility | 37.4% | 30.5% |
| Downside Capture | 57.70 | 116.42 |
| Upside Capture | -53.77 | 2.08 |
| Correlation (SPY) | 4.5% | 23.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -2.13 | -0.04 | -0.04 | 0.47 | 0.61 | 0.62 |
| Up Beta | -3.19 | 0.28 | 0.20 | 0.31 | 0.69 | 0.62 |
| Down Beta | 1.60 | 0.19 | 0.26 | 0.79 | 0.57 | 0.56 |
| Up Capture | -192% | -39% | -43% | -12% | 6% | 23% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 19 | 28 | 55 | 115 | 376 |
| Down Capture | -355% | -4% | 12% | 107% | 111% | 92% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 11 | 22 | 35 | 69 | 133 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIS | |
|---|---|---|---|---|
| FIS | -51.1% | 30.3% | -2.33 | - |
| Sector ETF (XLF) | 8.3% | 14.6% | 0.33 | 51.4% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 24.0% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | -11.4% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -6.5% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 25.7% |
| Bitcoin (BTCUSD) | -40.0% | 42.4% | -1.08 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIS | |
|---|---|---|---|---|
| FIS | -21.6% | 33.4% | -0.66 | - |
| Sector ETF (XLF) | 9.3% | 18.6% | 0.37 | 50.9% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 44.3% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | -1.8% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 8.1% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 42.7% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 16.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIS | |
|---|---|---|---|---|
| FIS | -4.8% | 29.9% | -0.10 | - |
| Sector ETF (XLF) | 13.0% | 22.2% | 0.54 | 57.2% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 58.3% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 0.3% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 18.1% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 51.8% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 14.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/8/2026 | -8.0% | -11.5% | -16.3% |
| 2/24/2026 | 1.4% | 5.4% | 4.4% |
| 11/5/2025 | 2.5% | 5.1% | 5.6% |
| 8/5/2025 | -8.5% | -11.5% | -13.6% |
| 5/6/2025 | -3.1% | 0.7% | 2.6% |
| 2/11/2025 | -11.5% | -15.7% | -17.1% |
| 11/4/2024 | 0.7% | -1.2% | -4.3% |
| 8/6/2024 | 5.1% | 4.6% | 13.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 11 |
| # Negative | 15 | 14 | 13 |
| Median Positive | 2.3% | 4.8% | 5.9% |
| Median Negative | -5.7% | -3.9% | -13.0% |
| Max Positive | 5.1% | 7.7% | 14.0% |
| Max Negative | -12.5% | -15.7% | -28.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/8/2026 | -8.0% | -11.5% | -16.3% |
| 2/24/2026 | 1.4% | 5.4% | 4.4% |
| 11/5/2025 | 2.5% | 5.1% | 5.6% |
| 8/5/2025 | -8.5% | -11.5% | -13.6% |
| 5/6/2025 | -3.1% | 0.7% | 2.6% |
| 2/11/2025 | -11.5% | -15.7% | -17.1% |
| 11/4/2024 | 0.7% | -1.2% | -4.3% |
| 8/6/2024 | 5.1% | 4.6% | 13.2% |
| 5/7/2024 | -0.3% | 2.8% | 2.8% |
| 2/26/2024 | 4.7% | 7.7% | 11.2% |
| 11/7/2023 | -1.2% | 1.3% | 14.0% |
| 8/2/2023 | -2.6% | -5.6% | -7.8% |
| 4/27/2023 | 2.7% | -3.6% | -2.8% |
| 2/13/2023 | -12.5% | -7.9% | -28.7% |
| 10/19/2022 | -0.2% | 7.1% | -20.4% |
| 8/4/2022 | -7.3% | -4.1% | -13.0% |
| 5/3/2022 | 2.2% | -3.0% | 5.9% |
| 2/15/2022 | -7.8% | -14.4% | -14.0% |
| 11/4/2021 | 0.7% | 6.7% | -6.9% |
| 8/3/2021 | -6.3% | -3.6% | -8.2% |
| 5/6/2021 | 2.3% | -2.4% | -1.0% |
| 2/9/2021 | -0.4% | -0.2% | 9.1% |
| 10/29/2020 | -5.7% | 0.2% | 11.9% |
| 8/4/2020 | -1.2% | -1.9% | 2.3% |
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 11 |
| # Negative | 15 | 14 | 13 |
| Median Positive | 2.3% | 4.8% | 5.9% |
| Median Negative | -5.7% | -3.9% | -13.0% |
| Max Positive | 5.1% | 7.7% | 14.0% |
| Max Negative | -12.5% | -15.7% | -28.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
| 06/30/2019 | 08/06/2019 | 10-Q |
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Goldstein, Jeffrey A | Direct | Buy | 4172026 | 47.39 | 1,197 | 56,726 | 745,255 | Form | |
| 2 | Ferris, Stephanie | CEO and President | Direct | Buy | 3092026 | 50.39 | 19,846 | 1,000,040 | 14,182,669 | Form |
| 3 | Goldstein, Jeffrey A | Direct | Buy | 1202026 | 64.11 | 941 | 60,328 | 931,454 | Form | |
| 4 | Goldstein, Jeffrey A | Direct | Buy | 10172025 | 67.66 | 889 | 60,150 | 919,364 | Form | |
| 5 | Tsai, Caroline | EVP CLO and Corp Affairs | Direct | Sell | 9112025 | 70.00 | 1,786 | 125,020 | 2,611,770 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Goldstein, Jeffrey A | Direct | Buy | 4172026 | 47.39 | 1,197 | 56,726 | 745,255 | Form | |
| 2 | Ferris, Stephanie | CEO and President | Direct | Buy | 3092026 | 50.39 | 19,846 | 1,000,040 | 14,182,669 | Form |
| 3 | Goldstein, Jeffrey A | Direct | Buy | 1202026 | 64.11 | 941 | 60,328 | 931,454 | Form | |
| 4 | Goldstein, Jeffrey A | Direct | Buy | 10172025 | 67.66 | 889 | 60,150 | 919,364 | Form | |
| 5 | Tsai, Caroline | EVP CLO and Corp Affairs | Direct | Sell | 9112025 | 70.00 | 1,786 | 125,020 | 2,611,770 | Form |
| 6 | Goldstein, Jeffrey A | Direct | Buy | 7172025 | 79.29 | 757 | 60,023 | 1,006,904 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Transaction & Payment Processing Services Resources |
| PYMNTS |
| Payments Dive |
| The Paypers |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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