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• Oracle for community banks and credit unions
• Shopify for banks and credit unions

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Jack Henry & Associates (JKHY) primarily provides technology solutions and payment processing services for financial institutions. Its major products and services include:

• Core Processing Solutions: Comprehensive software systems that manage essential back-office operations for banks and credit unions, including customer accounts and transactions.
• Payments Solutions: Platforms enabling financial institutions to process various payment types, such as debit cards, credit cards, ACH, and real-time payments.
• Digital Banking Solutions: Software that powers online and mobile banking experiences for customers of financial institutions, offering self-service and account access.
• Lending Solutions: Systems designed to streamline the entire lending process, from loan origination and underwriting to servicing and collections.
• Financial Performance & Risk Management: Tools for data analytics, regulatory compliance, fraud prevention, and business intelligence to optimize financial operations.
• IT Infrastructure & Managed Services: Hosting, cloud services, and support for their software products, ensuring secure and efficient operation for financial clients.

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Jack Henry & Associates (JKHY) - Major Customers

Jack Henry & Associates (JKHY) primarily sells its technology solutions and payment processing services to other companies, specifically financial institutions.

Due to the nature of their business model, Jack Henry & Associates serves thousands of financial institutions, and no single customer typically accounts for more than 10% of their consolidated revenue, as stated in their public filings (e.g., 10-K reports). Therefore, it is not possible to list specific "major customer companies" by name, as there isn't one dominant client. Instead, their customer base can be described by the following categories of financial institutions:

• Community Banks: Smaller, locally focused banks that serve specific communities.
• Credit Unions: Member-owned financial cooperatives that provide a range of financial services.
• Regional Banks: Banks that operate across a larger geographic area than community banks, but are not national or global in scope.

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• Alphabet Inc. (for Google Cloud services)
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• Akamai Technologies
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Gregory R. Adelson, President and Chief Executive Officer

Gregory R. Adelson is the President and Chief Executive Officer of Jack Henry & Associates and a member of the company's Board of Directors, a position he has held since 2025. He is responsible for all business lines, technology, infrastructure, and sales. Adelson joined Jack Henry in 2011 as Group President of iPay Solutions™ and has over 25 years of financial services experience. Prior to becoming CEO, he served as Chief Operating Officer from November 2019 to July 2024 and as General Manager of JHA Payment Solutions and Executive Officer. His previous executive roles include Chief Operating Officer at National Processing Company and President at ChoicePay.

Mimi Carsley, Chief Financial Officer and Treasurer

Mimi Carsley is the Chief Financial Officer and Treasurer of Jack Henry & Associates, Inc., having joined the company in 2022. She brings more than 30 years of financial industry experience to her role. Before joining Jack Henry, Carsley served as Interim CFO, treasurer, and SVP at Blucora, where she was involved in enterprise reporting, planning, corporate finance, and procurement functions, and helped lead M&A activity and corporate finance transactions. She previously held positions as treasurer and EVP of corporate development for LPL Financial. Notably, Carsley served as CFO and COO at Bluewater Global, Ltd., a private equity investment company and business consulting firm. She also spent a decade at Microsoft in various financial roles, including corporate development and as a divisional CFO.

Shanon McLachlan, Senior Vice President and Chief Operating Officer

Shanon McLachlan is the Senior Vice President and Chief Operating Officer at Jack Henry. He oversees all business lines and infrastructure, focusing on strategic objectives, technology modernization, and operational optimization. McLachlan has over 30 years of financial services experience in the banking and credit union industries. He joined Jack Henry in 2015 as Senior Managing Director of ProfitStars and previously held leadership positions at a core systems company.

Renee A. Swearingen, Senior Vice President, Chief Accounting Officer and Assistant Treasurer

Renee A. Swearingen serves as Senior Vice President, Chief Accounting Officer and Assistant Treasurer of Jack Henry & Associates, Inc. In this role, she leads the development and execution of financial strategies, collaborates with businesses on goals, and manages finance, accounting, and procurement. Swearingen joined Jack Henry in 1996 and has more than 25 years of accounting and finance experience.

Craig K. Morgan, General Counsel and Secretary

Craig K. Morgan is the General Counsel and Secretary of Jack Henry & Associates, Inc. He joined Jack Henry in 2004 as Corporate Counsel and progressed through roles of increasing responsibility before being named General Counsel and Secretary in 2016. Morgan has more than 20 years of experience working on legal issues within the technology sector.

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The key risks to Jack Henry & Associates' business include intense competition and industry consolidation, the company's dependence on the financial sector, and cybersecurity threats.

1. Intense Competition and Industry Consolidation: Jack Henry & Associates operates in a highly competitive financial technology sector, facing rivals such as Fidelity National Information Services (FIS) and Fiserv. The ongoing consolidation within the industry, coupled with disruption from mega banks, big tech companies, and other fintechs, could limit Jack Henry's pricing power and hinder its recurring revenue growth.
2. Dependence on the Financial Sector: The company's business performance is closely linked to the overall health of the financial sector, particularly its focus on serving community banks and credit unions. Economic downturns or adverse shifts in the banking industry could lead to reduced technology spending by its clients, thereby negatively impacting demand for Jack Henry's services, revenue, and growth prospects.
3. Cybersecurity Risks: As a provider of financial technology, Jack Henry & Associates is exposed to significant cybersecurity threats. The nature of its business, which involves handling sensitive financial data and providing critical infrastructure to financial institutions, makes it a target for cyberattacks, which could lead to data breaches, service disruptions, and reputational damage.

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The proliferation of agile, cloud-native, and API-first fintech companies offering modular core banking services and specialized point solutions. These emerging players threaten Jack Henry's traditional integrated suite model by enabling financial institutions to build "composable" banking stacks with best-of-breed components from various vendors, potentially reducing reliance on a single, comprehensive core provider. This shift could lead to increased competition, pricing pressure, and a potential unbundling of services historically provided by incumbents.

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The addressable market sizes for Jack Henry & Associates' main products and services are as follows:

• Core Banking Software: The addressable market for core banking software in the U.S. is $32 billion.
• Payment Processing Services: null
• Digital Banking Solutions (Banno Digital Platform): null
• Wealth Management Solutions: null
• Business Process Automation and Information Management Solutions: null

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Jack Henry & Associates (JKHY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion of Cloud-Native Solutions and Cloud Migration: A significant driver of future revenue growth for Jack Henry is the continued development and adoption of its cloud-native solutions and the migration of existing clients to its private cloud environment. As of Q1 fiscal year 2026, 77% of core clients operate in the Jack Henry private cloud, with cloud revenue showing strong year-over-year increases. This strategic focus enhances innovation and supports consistent growth in data processing and hosting revenue.
2. Growth in Payments and Embedded Finance: The company's strategic emphasis on payment processing services, including new solutions like FedNow, RTP, and Zelle, and its embedded finance strategies, are anticipated to generate diverse revenue streams. The acquisition of Victor Technologies, for instance, is aimed at enhancing payments-as-a-service capabilities and fostering new opportunities with fintechs and commercial customers.
3. New Core Wins, particularly with Larger Financial Institutions: Jack Henry is focused on securing new core wins, with specific guidance of 50 to 55 core wins for fiscal year 2026, targeting small and medium-sized businesses. The company has also demonstrated success in winning larger new core deals, with the total assets of new core clients nearly tripling over the past three years. This expansion of its customer base contributes directly to revenue growth.
4. Increased Adoption of Digital Platforms: The ongoing growth and adoption of Jack Henry's digital platforms, such as the Banno Digital Platform, are expected to fuel revenue. The Banno platform has shown a significant increase in registered users and new client contracts, reflecting a strong commitment to digital innovation and providing enhanced digital capabilities to financial institutions.
5. Sustainable Recurring Revenue Streams: Jack Henry's business model benefits from strong recurring revenue streams, driven by its cloud offerings, SaaS, and digital banking platforms. This predictable revenue base provides stability and supports long-term retention of clients, contributing to consistent top-line growth.

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Share Repurchases

• In May 2021, the Board of Directors authorized an additional 5.0 million shares for repurchase, bringing the total current authorization to 5.2 million shares. This authorization was valued at approximately $781.5 million at the time.
• Jack Henry & Associates repurchased $100 million of shares in the first quarter and October of fiscal year 2026 (ending September 30, 2025).
• Cash generated from operations is a primary source of funding for share repurchases.

Share Issuance

• The number of shares outstanding has generally seen a slight decline over the past few fiscal years, indicating that repurchases have offset or exceeded any issuances.
• Shares outstanding were approximately 72.83 million at the end of fiscal year 2025, a marginal decrease from 72.89 million in 2024 and 72.85 million in 2023.
• For fiscal year 2021, shares outstanding were 72.81 million, declining from 76.06 million in 2020.

Inbound Investments

No significant inbound investments by third parties in Jack Henry & Associates were identified within the last 3-5 years.

Outbound Investments

• On October 1, 2025, Jack Henry acquired Victor Technologies, Inc., a cloud-native, API-first provider of embedded payments solutions, to expand its capabilities in the Payments-as-a-Service (PaaS) market. The terms of this transaction were not disclosed.
• In August 2022, the company acquired Payrailz, a digital payment services provider. This acquisition accounted for $229.6 million (in thousands) of cash used in investing activities for fiscal year 2023.
• Jack Henry has made two acquisitions within the last five years.

Capital Expenditures

• Capital expenditures on facilities and equipment were $53.36 million in fiscal year 2025 and $58.12 million in fiscal year 2024.
• The company's capital expenditures also include significant investments in computer software development, with $172.45 million in fiscal year 2025 and $167.18 million in fiscal year 2024. These investments are focused on ongoing enhancements and the development of new product and service offerings.
• For fiscal year 2023, capital expenditures on facilities and equipment were $39.18 million, primarily for computer equipment, while capitalized software amounted to $166.12 million.