stockrowWhat it does
Fidelity National Information Services, known as FIS, provides financial technology to financial institutions, businesses and developers. It was founded on 2006-02-01 and is headquartered in Jacksonville, Florida. Stephanie Ferris is its chief executive officer and president.
FIS helps banks maintain customer accounts, process transactions and offer digital banking. Its software supports activities such as deposits, lending, fraud detection and regulatory compliance. Banks can buy a bundle of services or individual applications, and some digital products work with core banking systems supplied by other companies.
The company also provides technology for issuing and processing payment cards. Its services include card production and activation, transaction processing and fraud management. FIS operates U.S. payment networks that connect cards, merchants and cash machines.
For investment firms and other businesses, FIS supplies technology for trading, investment accounting, commercial lending, treasury and risk management. Customers can run some software themselves or outsource operations to FIS.
FIS acquired the Issuer Solutions business from Global Payments and sold its remaining interest in Worldpay in a transaction that closed in January 2026. The acquired business adds to FIS’s card-issuing capabilities. FIS also completed the divestiture of a non-core prepaid asset within Banking Solutions in 2026.
How it makes money
FIS earns revenue from technology and processing solutions, transaction processing fees, professional services and software license fees. Most of its revenue has historically recurred under multi-year Banking and Capital Markets contracts. Professional services and software licenses are typically non-recurring; license revenue is generally recognized when the license is delivered, while professional services revenue is often recognized over time.
Q3 2026 pro forma revenue growth: 3.7%.
Banking Solutions provides core banking and transaction-processing software, digital banking, fraud tools, card services and payment networks. Its integrated services commonly use multi-year processing contracts. Clients can use hosted or managed processing arrangements, or license and maintain software. In 2025, Banking Solutions generated $7.3 billion in revenue.
Capital Market Solutions serves financial firms and corporations with trading, asset servicing, lending, treasury and risk products. Customers can license technology to run in-house, use outside service providers or buy outsourced services from FIS. Long-established client relationships generate recurring revenue. The segment generated $3.2 billion in 2025. Corporate and Other includes certain non-strategic businesses as well as corporate functions.
FIS is prioritizing recurring revenue as customers shift from traditional licenses toward subscription and software-as-a-service products. It says strategic distribution partnerships generated significant license revenue in 2026 that it does not expect to repeat in 2027. The company also says conversion delays and bank consolidation have affected the timing of some revenue. Quarterly revenue and margins can vary with the timing of non-recurring items, including software licenses and termination fees.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Banking Solutions | $7.3 billion | 68.2% | 5.70% |
| Capital Market Solutions | $3.2 billion | 29.9% | 7.28% |
| Corporate and Other | $196.0 million | 1.84% | −23.4% |
Customers and how it sells
FIS serves global financial institutions, U.S. regional and community banks, credit unions, commercial lenders, government institutions and other businesses. Its capital markets customers include asset managers, private equity firms, securities brokers, trading firms, insurers and finance companies. Its wealth and retirement products also serve trust companies, benefit administrators and independent advisers.
In 2025, North America accounted for 77.8% of revenue and all other geographies for 22.2%. Most revenue comes from U.S. clients. The company also generates international revenue from customers in markets including the United Kingdom, Germany, Canada, Australia and India.
FIS finds prospects through direct and indirect field sales, lead generation, telesales and virtual sales. It also uses commercial partners to reach customers. The company says its strategic distribution partners include resellers, system integrators, advisory firms and marketplaces.
The company’s digital banking products can be sold to institutions using another provider’s core banking system. Its anti-money-laundering investigation agent became commercially available to U.S. financial institutions in 2026 and was first deployed at a design partner. FIS also sells more than one type of service to existing customers, including additional payments and loyalty capabilities for large financial institutions.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| North America | $8.3 billion | 77.8% | 5.82% |
| All others | $2.4 billion | 22.2% | 4.08% |
Suppliers and costs
FIS develops and owns intellectual property used in its software and services, while licensing some technology from third parties. It delivers services through client sites, FIS data centers and its private cloud. Its activities also include card production and personalization, print and mail services, and item-processing centers that handle checks and other documents.
Technology development spending supports core banking modernization, digital products, processing systems, risk platforms and outsourcing infrastructure. FIS is also investing in security and operational resilience. Corporate costs include functions such as marketing, finance, human resources, legal and compliance, as well as acquisition, integration and transformation expenses and amortization of acquired intangibles.
FIS has experienced significant vendor cost increases and says market conditions limit its ability to offset them fully through pricing. It also incurred approximately $7.7 billion of new debt when it acquired Issuer Solutions, which it expects to increase interest expense in 2026.
The company says it is selectively outsourcing technology and operations work to support resilience and cost control. Its approach also includes using shared platforms to serve multiple clients. No sole-source supplier is identified in the available company descriptions.
- Revenue$10.7B
- Cost of revenue−$6.7B
- Selling, general and administrative−$2.3B
- Other operating costs−−$68.0M
- Operating income$1.7B
Competitive position
FIS competes with technology and software departments inside financial institutions, global and regional providers of banking and payments services, capital markets technology companies, payment networks and newer technology providers. Competition varies by product and geography. Customers weigh factors including functionality, integration, support, price and their overall experience.
FIS has identified Visa’s Pismo as a competitor. FIS says Visa targets small and midsized banks and financial technology companies with Pismo, while FIS operates in the large-bank market. FIS also serves community and regional institutions. The company says competition remained stable in Q3 2026.
FIS owns proprietary software and supports customers through managed processing, hosted services and licenses. Many client relationships use multi-year contracts, and its products cover several areas of banking, payments and capital markets. Its U.S. networks connect cards and point-of-sale locations.
Our reading: Multi-year contracts and the use of FIS systems for central customer records support an established customer relationship, although the company does not quantify switching costs. Our reading: The range of products and payment networks can help FIS sell additional services, but customers can also select individual products and face alternatives from specialist providers. Our reading: Proprietary software is a competitive asset, but it requires continued investment as technology and client needs change.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Visa | Banking technology through Pismo | Medium |
Growth opportunities
FIS seeks to grow by developing and acquiring products, forming partnerships, winning new clients and selling additional services to existing ones. Its strategy includes expanding distribution through its sales force and commercial partners. It also expects clients’ own growth to support activity on its platforms.
The company is modernizing core systems and developing digital banking, payments and capital markets technology. It is embedding AI in products and operations, including fraud and compliance applications. Its anti-money-laundering investigation agent became commercially available to U.S. financial institutions in 2026, and FIS has additional agents in development.
The Issuer Solutions acquisition added card-issuing capabilities. FIS says the acquisition expanded its total addressable market by $28 billion. It also says strategic distribution partnerships open new sales channels, although the license revenue generated by those agreements in 2026 is not expected to recur in 2027.
FIS sees customer demand moving from traditional licenses toward subscription and software-as-a-service products. It expects the activation of distribution partnerships to expand new sales. The company also expects continued bank consolidation, which can create opportunities when a combined bank selects FIS systems, but can cause lost revenue when it selects a competitor’s systems.
FIS reduced its 2026 outlook to reflect client-led implementation delays, some bank consolidation and lower assumptions for non-recurring revenue. It expects the associated headwinds to largely fade in 2028.
- $9.3BFY2021
- $9.7BFY2022
- $9.8BFY2023
- $10.1BFY2024
- $10.7BFY2025
Structural risks
- Security and service continuity: Cyberattacks, privacy breaches, outages or incidents involving vendors and technology partners could disrupt services or expose confidential information. They could lead to contract breaches, regulatory action, fines or litigation. FIS says the threat environment is changing and is increasing its security investment.
- Acquisition integration: Acquired businesses and software may be costly or difficult to integrate. Expected savings and revenue benefits may not arrive on time or at all, while acquired systems may introduce security and compliance risks. These risks apply to the Issuer Solutions acquisition.
- Debt and interest: Debt service requirements can affect FIS’s financial flexibility. The company incurred approximately $7.7 billion of new debt to fund the Issuer Solutions acquisition and expects higher interest expense in 2026.
- Client consolidation and timing: Bank mergers can lead a combined institution to move business away from FIS, negotiate different terms or bring services in-house. FIS has also experienced client-directed conversion delays, mainly among larger customers; almost all delayed conversions have been replanned and are contractually required.
- Regulation and technology change: FIS and its clients operate under banking, payments, privacy and cybersecurity rules. Failure to comply or support clients’ compliance can lead to restrictions, penalties or lost business. FIS also faces the risk that its products fail to adapt to changing technology or market needs.
Bottom line
Our reading
FIS is a financial technology provider built around multi-year client relationships, with processing and software used across banking, payments and capital markets. Its recurring contracts and product breadth support the business, while continued technology and security investment is necessary to serve those clients. The Issuer Solutions acquisition adds capabilities but also brings integration work and debt; client conversion delays, bank consolidation and changing demand for licenses affect the timing and mix of revenue.