Here are 1-3 brief analogies to describe Fidelity National Information Services (FIS):

• FIS is like Oracle for the financial industry, providing the critical software and technology infrastructure that banks and financial institutions use to run their core operations.
• FIS is like the IBM of financial technology, offering comprehensive software, services, and processing solutions that power banks, capital markets, and merchant payments globally.

• Core Banking Solutions: Provides the foundational software and services for banks to manage deposits, loans, and customer accounts.
• Digital Banking Platforms: Offers technology for banks to deliver online and mobile banking experiences to their customers.
• Payment Processing: Facilitates the secure and efficient processing of electronic payments for financial institutions, covering cards, ACH, and real-time payments.
• Capital Markets Solutions: Delivers integrated software and services for investment banks and asset managers across trading, risk management, and post-trade operations.
• Wealth & Retirement Solutions: Supplies technology platforms and services to wealth management firms for portfolio management, financial planning, and advisory.

Fidelity National Information Services (FIS) primarily sells its financial technology and outsourced services to other companies, operating on a business-to-business (B2B) model rather than directly to individuals.

Due to the confidential nature of client relationships in the financial services and fintech industries, FIS typically does not publicly disclose the names of its specific major customer companies. However, they do describe their extensive client base by categorizing the types of businesses they serve. These categories effectively represent their major customer segments:

• Financial Institutions: This is a core segment for FIS, encompassing a wide range of institutions globally. This includes:

  • Retail and Commercial Banks (from community banks to large global banks)
  • Credit Unions
  • Neobanks and Fintechs
  • Other specialized financial service providers

  FIS provides these institutions with banking solutions (core processing, digital banking, loan origination), payment solutions, fraud protection, and risk management tools.

• Merchants: FIS serves a vast network of merchants globally, ranging from small businesses to large enterprises across various industries. These customers utilize FIS's payment processing services, point-of-sale solutions, e-commerce gateways, and related merchant services to accept payments efficiently and securely.

• Capital Markets Firms: This segment includes businesses involved in the capital markets, such as:

  • Investment Banks
  • Asset Managers
  • Hedge Funds
  • Broker-Dealers

  FIS provides solutions for trading, portfolio management, risk management, and back-office operations to help these firms manage their complex financial activities.

• Amazon (AMZN)
• Microsoft (MSFT)

Stephanie Ferris, President and CEO

Stephanie Ferris joined FIS in 2019 through the acquisition of Worldpay. She has served as Chief Operating Officer, Chief Administrative Officer, and Head of Strategy and Planning at FIS. Prior to her time at FIS, she held various executive roles at Worldpay, including COO and CFO. Her experience also includes leadership positions at Vantiv (which acquired Worldpay) and Fifth Third Bank. She previously worked at Ernst & Young.

James Kehoe, Chief Financial Officer (CFO)

James Kehoe joined FIS in 2022. Before joining FIS, he served as the Chief Financial Officer at Walgreens Boots Alliance. He has held CFO roles at several global companies, including Kraft Foods, Mondelez International, and Gildan Activewear.

Erik Hoag, Chief Human Resources Officer

Erik Hoag serves as the Chief Human Resources Officer at FIS.

Andrew Appel, Chief Operating Officer, Merchant Solutions

Andrew Appel holds the position of Chief Operating Officer, Merchant Solutions at FIS.

Christian Nounahon, Chief Risk Officer

Christian Nounahon is the Chief Risk Officer at FIS.

1. Intense Competition and Rapid Technological Advancements: Fidelity National Information Services operates within a highly competitive and rapidly evolving financial technology sector. The company faces significant challenges from both established financial technology providers and innovative fintech startups. FIS must continually invest in advanced technologies such as artificial intelligence (AI), cloud solutions, and embedded finance to maintain its market position and product relevance. Failure to innovate or adapt to new emerging technologies could negatively impact its solutions and its ability to attract and retain customers.
2. Cybersecurity Threats and Data Breaches: As a major provider of services to financial institutions, FIS processes, stores, and transmits vast amounts of sensitive business information and personal consumer data. Cybersecurity is identified as a principal operational risk. The company faces ongoing threats from cybercriminals and nation-state-sponsored attacks, including those utilizing artificial intelligence. Any failure to maintain an adequate security infrastructure, adapt to evolving security threats, or implement sufficient security standards could result in unauthorized access, data theft, operational disruptions, legal actions, and severe damage to its reputation.
3. Regulatory Changes and Compliance Requirements: FIS operates in a heavily regulated environment, making it susceptible to risks associated with changes in financial regulations and compliance mandates. The company must continuously adapt to new laws, regulatory requirements of payment networks, and evolving industry standards. Inability to effectively keep pace with myriad regulatory reporting obligations and compliance changes could lead to significant financial penalties, operational disruptions, and reputational harm.

The accelerated adoption of agile, cloud-native core banking and payment processing platforms offered by specialized FinTech providers (e.g., Mambu, Thought Machine, Stripe, Adyen). These modern solutions offer superior flexibility, API-first architecture, faster deployment, and often more cost-effective models, posing a direct competitive challenge to FIS's established legacy systems and services, particularly as challenger banks, neobanks, and even incumbent financial institutions increasingly seek to modernize their infrastructure and enable embedded finance capabilities.

Fidelity National Information Services (FIS) operates in several large addressable markets, primarily categorized into Merchant Solutions (payment processing), Banking Solutions, and Capital Markets Solutions.

• Merchant Solutions (Payment Processing): The global payment processing solutions market was valued at approximately USD 66.8 billion in 2024. North America held a significant share, dominating the market with over 34% of the global revenue in 2022.
• Banking Solutions (Core Banking Software): The global core banking software market size was valued at USD 16.79 billion in 2024. North America held the largest share of this market, accounting for 42.88% in 2024.
• Capital Markets Solutions (Capital Markets Technology): The global capital markets technology solutions market was valued at USD 126.52 billion in 2024. The US and Canada collectively represent the largest share of this spending, exceeding 40% of the total.

Fidelity National Information Services (FIS) is strategically positioned for future revenue growth over the next 2-3 years, driven by several key initiatives and market trends:

1. Accelerated Recurring Revenue Growth

   FIS is experiencing strong momentum in its recurring revenue streams across both its Banking and Capital Markets segments. In Q3 2025, adjusted recurring revenue grew by 6% year-over-year. The company's focus on high-quality recurring sales and increased cross-sell activity (up over 20% year-to-date in Q3 2024) are expected to sustain this growth.

2. Strategic Acquisitions and Partnerships

   Strategic acquisitions and partnerships are central to FIS's growth strategy. The company has made targeted acquisitions like Dragonfly Technologies to advance its M&A goals and enhance digital offerings. Additionally, the acquisition of Amount, an AI-based account opening platform, is accelerating digital growth. The pending acquisition of Global Payments' Issuer Solutions business, expected to close in Q1 2026, is also anticipated to expand FIS's scale and product offerings for large financial institutions.

3. Digital Transformation and AI Integration

   A significant driver of future revenue is the ongoing digital transformation within the financial services industry and FIS's role in enabling it, particularly through AI integration. FIS's Digital One platform has seen user growth exceeding 30% as banks increase spending on digital integration and open banking capabilities. The company is leveraging its extensive data sets and AI capabilities to improve services, screen for fraud, and offer AI services to banks, positioning itself as a strategic partner in clients' AI journeys. Investments in onboarding, fraud prevention, and ecosystem partnerships within its digital suite are also contributing factors.

4. Expansion in Payments and Core Banking Modernization

   Payments continue to be a crucial growth engine for FIS. The NYCE debit card network has shown significant growth, with sales more than doubling and a pipeline three times larger compared to the previous year. Furthermore, bank technology spending remains strong, with clients prioritizing investments in payments innovation and lending modernization. FIS is benefiting from higher renewal rates and an expanding sales pipeline as banks upgrade their core systems. The company's "core-agnostic product strategy" is also expanding its total addressable market.

Share Repurchases

• Fidelity National Information Services (FIS) increased its share repurchase goal to at least $4.0 billion by the end of 2024, successfully completing this target during the year.
• As of November 5, 2025, FIS had repurchased 12,212,630 shares for $887.6 million under a buyback plan announced on August 6, 2024.
• The company's annual target for share repurchases was recently increased to $1.3 billion for the year (as of Q3 2025 earnings call), with a full-year target for total capital returns of $2.1 billion.

Share Issuance

• The number of shares outstanding for FIS has generally decreased over the last few years, with a decline of 6.96% in one year as of November 2025.
• Shares outstanding decreased by 6.09% in 2024 to 0.555 billion, following a 2.15% decline in 2023 and a 2.74% decline in 2022.
• As of June 30, 2025, FIS had 525 million shares outstanding, a 5.75% decrease year-over-year.

Outbound Investments

• FIS is acquiring the Issuer Solutions business from Global Payments (GPN) for a net purchase price of $12 billion, with the transaction expected to close in the first half of 2026.
• The company sold its remaining 45% equity interest in Worldpay to Global Payments for a pre-tax value of $6.6 billion, following an earlier divestiture of a 55% stake in 2023.
• FIS completed the acquisition of Amount, Inc. on September 24, 2025.

Capital Expenditures

• FIS's capital expenditures averaged $204.4 million annually from fiscal years 2020 to 2024.
• Capital expenditures have shown a decreasing trend, peaking at $320 million in December 2021 and reaching a 5-year low of $97 million in December 2024.
• The primary focus of capital expenditures includes strategic investments in information security, encompassing hardware, software (purchased and internally developed), personnel, and consulting services, as well as maintaining and enhancing proprietary systems.