FIS is a financial technology company that provides a wide range of solutions to financial institutions, businesses, and developers globally. The company operates primarily through its Banking Solutions and Capital Market Solutions segments, offering core processing software, transaction processing software, and complementary applications and services . FIS also has a significant presence in the payments industry, with products that support issuer processing, money rails, and fraud management tools, contributing to over half of its revenue . The company's revenue is primarily derived from technology and processing solutions, transaction processing fees, professional services, and software license fees, with a strong emphasis on recurring revenue streams from multi-year contracts .
- Banking Solutions - Provides core processing software, transaction processing software, and complementary applications and services for financial institutions of all sizes, characterized by multi-year processing contracts that generate recurring revenue .
- Payments Products - Supports issuer processing, money rails, and fraud management tools, facilitating over 17 billion transactions annually .
- Capital Market Solutions - Serves global financial institutions and commercial organizations with products that support trading, risk management, and investment operations .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alexandra Brooks Executive | Chief Accounting Officer | None | CAO of FIS since November 2024; previously CFO at Hertz Global Holdings; extensive experience in accounting and finance. | |
Caroline Tsai Executive | Chief Legal & Corporate Affairs Officer | None | Joined FIS in February 2022; promoted to current role in May 2022; oversees legal, compliance, government affairs, and ESG functions; previously held senior legal roles at Western Union and BMO Financial Group. | |
Christopher A. Thompson Executive | Chief Accounting Officer | None | CAO of FIS since May 2023; rejoined FIS after retiring in 2021; previously CAO at Worldpay and partner at Deloitte & Touche LLP. | |
James Kehoe Executive | Chief Financial Officer | None | CFO of FIS since August 2023; previously CFO at Walgreens Boots Alliance and Takeda Pharmaceutical; extensive experience in corporate finance and strategy. | |
L. Denise Williams Executive | Chief People Officer | None | Chief People Officer since April 2016; previously held senior HR roles at IBM, Coopers & Lybrand, and First Data Corporation; retiring effective December 31, 2024. | |
Robert Toohey Executive | Chief People Officer (Incoming) | None | Appointed Chief People Officer effective January 1, 2025; previously Chief HR Officer at Allstate Insurance; over 30 years of HR leadership experience. | |
Stephanie L. Ferris Executive | Chief Executive Officer and President | None | CEO and President of FIS since December 2022; joined FIS in 2019 after Worldpay acquisition; previously served as COO and CFO; over 20 years of fintech experience. | View Report → |
Gary L. Lauer Board | Independent Director | Executive Director at Eminent Series Group | Independent Director since 2019; former Chairman and CEO of eHealth; extensive experience in technology and public company governance. | |
James B. Stallings, Jr. Board | Independent Director | CEO of PS27 Ventures; Board Member at Cannae Holdings | Independent Director since 2013; extensive experience in technology and financial services; former IBM executive and U.S. Marine Corps Captain. | |
Jeffrey A. Goldstein Board | Independent Chairman of the Board | Board Member at Bank of New York Mellon | Independent Chairman since December 2022; extensive experience in banking, financial services, and government; previously Under Secretary of the Treasury for Domestic Finance. | |
Kenneth T. Lamneck Board | Independent Director | Board Member at Benchmark Electronics | Independent Director since March 2022; former CEO of Insight Enterprises; extensive experience in global operations and technology. | |
Lee Adrean Board | Independent Director | None | Independent Director since January 2023; former CFO at Equifax and other public companies; extensive experience in financial services and enterprise risk management. | |
Mark D. Benjamin Board | Independent Director | Board Member at PTC Inc. | Independent Director since January 2023; former CEO of Nuance Communications; led its acquisition by Microsoft; extensive experience in technology and financial technology. | |
Nicole Anasenes Board | Independent Director | Board Member at Motorola Solutions | Independent Director since October 2024; former CFO of ANSYS, Squarespace, and Infor; extensive experience in technology and finance. |
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Despite reporting strong sales momentum and signing more core engagements in the first three quarters of 2024 than in all of 2023, core conversions tend to take considerable time; can you elaborate on the challenges you face in accelerating these implementations, especially with larger banks, and how this might impact your growth projections?
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You mentioned that the Dragonfly acquisition will be margin dilutive in the initial 12 months; what specific strategies do you have to realize the expected revenue and cost synergies, and when do you anticipate this acquisition becoming accretive to your overall margins?
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Facing significant price increases from technology suppliers—some as high as 50% to 70%—how are these cost pressures affecting your capital expenditure plans, and what measures are you taking to mitigate their impact on your margins and cash flow conversion?
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Given that the bank M&A market is still suppressed, especially among larger banks due to regulatory challenges, and most activity is occurring with smaller banks where you "win there and lose there," how do you plan to leverage consolidation trends to strengthen your position and drive growth with larger financial institutions?
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While you've seen strong demand and momentum in international markets, particularly in Capital Markets outside the U.S., what challenges do you foresee in expanding your Banking Solutions internationally, and what strategies are in place to ensure sustainable growth in these regions?
Research analysts who have asked questions during Fidelity National Information Services earnings calls.
Dan Dolev
Mizuho Financial Group
6 questions for FIS
Jason Kupferberg
Bank of America
5 questions for FIS
Darrin Peller
Wolfe Research, LLC
4 questions for FIS
Tien-tsin Huang
JPMorgan Chase & Co.
4 questions for FIS
Vasundhara Govil
Keefe, Bruyette & Woods (KBW)
4 questions for FIS
John Davis
Raymond James Financial
3 questions for FIS
Timothy Chiodo
UBS Group AG
3 questions for FIS
Trevor Williams
Jefferies LLC
3 questions for FIS
Andrew Schmidt
Citigroup Inc.
2 questions for FIS
Brian Bergen
TD Cowen
2 questions for FIS
Bryan Bergin
TD Cowen
2 questions for FIS
Ramsey El-Assal
Barclays
2 questions for FIS
Tian Xing Wang
JPMorgan Chase & Co.
2 questions for FIS
William Nance
The Goldman Sachs Group, Inc.
2 questions for FIS
Cristopher Kennedy
William Blair & Company
1 question for FIS
Darren Peller
Wolfe Research
1 question for FIS
David Koning
Robert W. Baird & Co.
1 question for FIS
James Faucette
Morgan Stanley
1 question for FIS
Ken Suchoski
Autonomous Research
1 question for FIS
Matt Coad
Truist Securities
1 question for FIS
Rayna Kumar
Oppenheimer & Co. Inc.
1 question for FIS
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Virtus Partners | 2023 | In January 2023, FIS exercised its put option to acquire the remaining 30% interest in Virtus Partners for a $173 million redemption value, achieving 100% ownership and recording the transaction as a financing activity. |
Payrix Holdings, LLC | 2021 | On December 23, 2021, FIS completed the business combination acquisition of Payrix for $777 million (mainly in cash), allocating significant amounts to goodwill and software assets; this strategic move enhanced FIS's eCommerce and SMB market access by embedding and monetizing payments in SaaS platforms and leveraging its integrated back-end acquiring stack. |
Recent press releases and 8-K filings for FIS.
- Ferris emphasized FIS’s future forward strategy focused on client centricity, innovation, and simplicity since her late-2022 appointment.
- Pricing has become a net positive tailwind, balancing competitive new-business rates with cross-selling across an average of 26 products per banking client.
- The banking segment delivered strong Q3 net new sales, account growth, and consumer spend, with momentum expected to continue into Q4.
- Strategic acquisitions include Dragonfly for commercial digital banking and amount for digital account opening, along with the Q1 2026 close of the TSYS issuer processing deal to enhance credit card capabilities and drive cash flow.
- FIS is deploying AI to boost internal productivity and product functionality (e.g., cash-flow forecasting) and partnering with Circle to integrate stablecoin support via its Money Movement Hub.
- FIS’s Future Forward strategy centers on client centricity, innovation, and simplicity to deliver durable revenue growth, profitable margins, and improved return on invested capital.
- The banking segment posted strong Q3 growth driven by 150 bps of net new sales, expanded accounts on file, and a net pricing tailwind, with momentum expected to carry into Q4 and 2026.
- The TSYS issuer processing deal, expected to close in Q1 2026, adds best-in-class credit card processing and global reach, while generating significant cash flow and delivering modest synergies (~$50 m revenue by Year 3).
- FIS acquired Dragonfly and Amount to bolster its digital banking suite and is enabling stablecoin payments via its Money Movement Hub in partnership with Circle.
- FIS’s future-forward strategy, launched when Stephanie Ferris became CEO in late 2022, centers on client-centricity, innovation, and simplicity to drive durable revenue growth, margin expansion, and strong returns on invested capital.
- The banking segment outperformed in Q3 thanks to net new sales, higher digital account growth, strong consumer spend, and net pricing tailwinds, trends management expects to continue into Q4 and 2026.
- Strategic M&A bolstered FIS’s digital offerings: acquisition of Dragonfly for commercial-banking digital capabilities and Amount for online account opening, and the pending TSYS issuer deal (closing Q1 2026) will add large-bank credit-card processing, global reach, margin-accretive revenue, and significant cash flow.
- AI deployment spans back-office productivity, client-service agents, and product enhancements—such as AI-driven treasury forecasting and fraud models—and FIS positions itself as a stablecoin infrastructure provider via its Money Movement Hub and Circle partnership.
- On November 12, 2025, FIS filed an 8-K to register its common stock (FIS) and senior notes on the New York Stock Exchange.
- The registered senior note series include: 0.625% due 2025 (FIS25B); 1.500% due 2027 (FIS27); 1.000% due 2028 (FIS28); 2.250% due 2029 (FIS29); 2.000% due 2030 (FIS30); 3.360% due 2031 (FIS31); and 2.950% due 2039 (FIS39).
- FIS is not classified as an emerging growth company under SEC rules.
- 74.8% of U.S. consumers would try stablecoins if offered by their bank versus 3.6% comfortable with unregulated providers, underscoring banks’ edge in digital currency adoption.
- 67.6% experienced at least one payment issue in the past six months, and 88% find stablecoin features (instant transfers, lower fees, 24/7 availability) appealing, with 70.8% willing to switch payment methods to resolve frustrations.
- 77.4% believe stablecoins should be regulated like traditional payment methods, and 66.3% say FDIC-style insurance would increase their likelihood of use, highlighting trust and regulatory comfort as key adoption drivers.
- 52.7% require at least half of all merchants to accept digital currency before they would consider using it, indicating network effects are critical to scaling stablecoin usage.
- FIS delivered 6.3% revenue growth to $2.7 billion, 7.1% adjusted EBITDA growth, and 7.9% EPS increase to $1.51 in Q3 2025.
- Q3 free cash flow reached $800 million (adj. $930 million; 142% cash conversion) with $509 million returned to shareholders year-to-date, enabling a $1.3 billion share repurchase target for 2025.
- Raised full-year 2025 outlook: revenue growth now 5.4%–5.7%, tightened EPS growth to 10%–11%, and increased cash conversion target to >85%.
- Completed the Amount AI-powered digital account-opening acquisition and expects to close the credit issuer solutions deal in Q1 2026—adding nearly 1 billion accounts to its platform.
- Banking revenue rose 6.2% (M&A +150 bps) with 68 bps margin expansion, and Capital Markets grew 6.4% (M&A +130 bps) with 60 bps margin gains.
- Reported Q3 revenue up 6.3% to $2.7 billion, adjusted EBITDA margin of 41.8%, and adjusted EPS of $1.51, with free cash flow of $800 million (adj. FCF ~$930 million, 142% conversion)
- Returned $509 million to shareholders in Q3 via dividends and buybacks and raised the full-year share repurchase target to $1.3 billion
- Increased 2025 guidance: revenue growth to 5.4%–5.7% (midpoint +65 bps), banking growth to 4.9%–5.3%, capital markets to ~6.5%, and tightened EPS to $6.29–$6.34 (10%–11% growth)
- Acquired Amount and announced credit issuer solutions deal closing in Q1 2026, expected to be accretive and add $500 million of FCF in 2026 (rising to $700 million post-integration)
- FIS delivered $2.7 B in Q3 revenue (+6.3% Y/Y), $1.1 B adjusted EBITDA (41.8% margin) and $1.51 adjusted EPS (+7.9%).
- Adjusted free cash flow was $929 M (142% conversion); raised FY 2025 share repurchase target to $1.3 B and total capital return target to $2.1 B.
- Full-year 2025 guidance was increased: revenue outlook to $10.595–10.625 B, adjusted EBITDA to $4.33–4.345 B, and adjusted EPS to $5.74–5.78.
- Recurring revenue grew 6.4%, with banking solutions up 6.2% and capital markets up 6.4%, driving sequential margin expansion.
- Reported 6.3% revenue growth to $2.7 billion, 41.8% adjusted EBITDA margin, and $1.51 adjusted EPS, each ahead of expectations
- Generated $800 million free cash flow (unadjusted) and $930 million adjusted, driving 142% cash conversion and raising full-year cash conversion target to over 85%
- Banking revenue up 6.2% with 6.0% recurring growth and 68 bps EBITDA margin expansion; Capital Markets revenue up 6.4%, recurring up 7.6%, with 60 bps margin expansion
- Increased full-year 2025 revenue outlook to 5.4%–5.7%, banking to 4.9%–5.3%, capital markets to ~6.5%, and tightened EPS guidance to 10%–11% growth
- Returned $509 million to shareholders in Q3 and raised 2025 share repurchase target to $1.3 billion
- FIS delivered Q3 GAAP diluted EPS of $0.50 and adjusted EPS of $1.51, an 8% increase, with revenue of $2.7 billion, up 6% year-over-year.
- Net cash provided by operating activities was $1.0 billion; free cash flow was $798 million (+101%), and adjusted free cash flow reached $929 million (+75%).
- The company raised its full-year 2025 outlook to 5.4–5.7% revenue growth and 10–11% adjusted EPS growth, with an increased target for adjusted free cash flow conversion to >85%.
- In Q3, FIS returned $509 million to shareholders—comprised of $301 million in share repurchases and $208 million in dividends—and increased its buyback goal to $1.3 billion.
- The Issuer Solutions acquisition is now expected to close in 1Q 2026.