Financial Analysis

"Acquisitions Issuer Solutions Acquisition As discussed in Note 1, on January 9, 2026, FIS completed its previously announced acquisition of the Issuer Solutions Business from Global Payments by acquiring 100% of the Issuer Solutions Business equity pursuant to the Transaction Agreement. The Issuer Solutions Business, which was later rebranded as ""FIS Total Issuing TM Solutions,"" is a global payments technology and financial services provider specializing in issuer processing and a wide range of payment solutions for financial institutions. The Issuer Solutions Acquisition is expected to strengthen FIS banking and capital markets solutions by complementing FIS' existing processing capabilities while also extending its suite of payment products. Upon the terms and subject to the conditions set forth in the Transaction Agreement, FIS acquired the Issuer Solutions Business from Global Payments in exchange for FIS' $5.8 billion interest, net of taxes and other costs, in Worldpay and approximately $7.7 billion in cash. The cash payment amount is subject to customary post-closing adjustments in respect of the respective purchase price for each of Worldpay and the Issuer Solutions Business. FIS also converted certain outstanding Global Payments equity awards into corresponding equity awards with respect to shares of FIS common stock pursuant to an exchange ratio in the transaction agreement designed to maintain the intrinsic value of the applicable award immediately prior to conve …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Commitments and Contingencies Securities and Shareholder Matters On March 6, 2023, a putative class action was filed in the United States District Court for the Middle District of Florida by a shareholder of the Company. The action was consolidated with another action and the consolidated case is now captioned In re Fidelity National Information Services, Inc. Securities Litigation . Lead plaintiffs were appointed, and a consolidated amended complaint was filed on August 2, 2023. The consolidated amended complaint named the Company and certain of its current and former officers as defendants and sought damages for alleged violations of federal securities laws in connection with our disclosures relating to our former Merchant Solutions segment, including with respect to its valuation, integration, and synergies. On September 30, 2024, the court denied the defendants' motion to dismiss. In the fourth quarter of 2025, the parties filed a joint stipulation voluntarily dismissing the claims against Stephanie Ferris. Also in the fourth quarter of 2025, the parties reached an agreement to settle the matter. The settlement amount is expected to be substantially paid by insurance and is not expected to materially impact our results of operations or financial condition. On December 19, 2025, the plaintiffs filed a motion for preliminary approval of the settlement. The court entered a preliminary approval order on February 18, 2026, and has scheduled a hearing for July 9, 2026, to dete …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt Long-term debt as of December 31, 2025 and 2024, consisted of the following (in millions): December 31, 2025 Weighted Stated Average Interest Interest December 31, Rates Rate (1) Maturities 2025 2024 Fixed Rate Notes Senior USD Notes 1.2% - 5.6% 3.6% 2026 - 2052 $ 6,094 $ 6,381 Senior Euro Notes 1.0% - 3.0% 3.0% 2027 - 2039 3,963 4,154 Senior GBP Notes 2.3% - 3.4% 6.6% 2029 - 2031 229 214 Revolving Credit Facility (2) 4.9% 2029 215 151 Incremental Revolving Credit Facility (3) 2027 Financing arrangements for certain hardware and software 116 66 Other (4) (264) (312) Total long-term debt, including current portion 10,353 10,654 Current portion of long-term debt (1,284) (968) Long-term debt, excluding current portion $ 9,069 $ 9,686 (1) The weighted average interest rate includes the impact of the fair value basis adjustments due to interest rate swaps and the impact of cross-currency interest rate swaps designated as fair value hedges and excludes the impact of cross-currency interest rate swaps designated as net investment hedges (see Note 15). The impact of the included fair value basis adjustments and cross-currency interest rate swaps in certain cases results in an effective weighted average interest rate being outside the stated interest rate range on the fixed rate notes. (2) Interest on the Revolving Credit Facility is generally payable at Secured Overnight Financing Rate (""SOFR"") plus an applicable margin of up to 1.625% and an unused commitment fee of up to 0. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

For the year ended December 31, 2025 (in millions): Banking Solutions Capital Market Solutions Corporate and Other Total Primary Geographical Markets: North America $ 6,283 $ 1,916 $ 107 $ 8,306 All others 1,002 1,280 89 2,371 Total $ 7,285 $ 3,196 $ 196 $ 10,677 Type of Revenue: Recurring revenue: Transaction processing and services $ 5,412 $ 1,578 $ 146 $ 7,136 Software maintenance 389 607 2 998 Other recurring 309 99 1 409 Total recurring 6,110 2,284 149 8,543 Software license 176 499 675 Professional services 522 385 5 912 Other non-recurring 477 28 42 547 Total $ 7,285 $ 3,196 $ 196 $ 10,677 For the year ended December 31, 2024 (in millions): Banking Solutions Capital Market Solutions Corporate and Other Total Primary Geographical Markets: North America $ 5,893 $ 1,839 $ 117 $ 7,849 All others 999 1,140 139 2,278 Total $ 6,892 $ 2,979 $ 256 $ 10,127 Type of Revenue: Recurring revenue: Transaction processing and services $ 5,146 $ 1,507 $ 207 $ 6,860 Software maintenance 362 576 2 940 Other recurring 244 62 3 309 Total recurring 5,752 2,145 212 8,109 Software license 196 431 1 628 Professional services 551 399 4 954 Other non-recurring 393 4 39 436 Total $ 6,892 $ 2,979 $ 256 $ 10,127 For the year ended December 31, 2023 (in millions): Banking Solutions Capital Market Solutions Corporate and Other Total Primary Geographical Markets: North America $ 5,812 $ 1,712 $ 167 $ 7,691 All others 931 1,054 155 2,140 Total $ 6,743 $ 2,766 $ 322 $ 9,831 Type of Revenue: Recurring rev …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"Employee Benefit Plans Stock Purchase Plan FIS employees participate in an Employee Stock Purchase Plan (""ESPP""). Eligible employees may voluntarily purchase, at current market prices, shares of FIS' common stock through payroll deductions. Pursuant to the ESPP, employees may contribute an amount between 3% and 15% of their base salary and certain commissions. Shares purchased are allocated to employees based upon their contributions. The Company contributes a matching amount as specified in the ESPP of 20% of the employee's contribution. The Company recorded expense in continuing operations of $10 million, $10 million, and $11 million, respectively, for the years ended December 31, 2025, 2024 and 2023, relating to the participation of FIS employees in the ESPP. The Company recorded expense in discontinued operations of $0 million, less than $1 million and $1 million, respectively, for the years ended December 31, 2025, 2024 and 2023, relating to the participation of Worldpay-related employees in the ESPP. 401(k) Profit Sharing Plan and Non-U.S. Defined Contribution Plans The Company's U.S. employees are covered by a qualified 401(k) plan. Eligible employees may contribute up to 40% of their eligible compensation, up to the annual amount allowed pursuant to the Internal Revenue Code. The Company generally matches 50% of each dollar of employee contribution up to 6% of the employee's total eligible compensation. The Company's non-U.S. employees are also covered by various d …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Income Taxes Income tax expense (benefit) attributable to continuing operations for the years ended December 31, 2025, 2024 and 2023, consists of the following (in millions): 2025 2024 2023 Current provision (benefit): Federal $ 138 $ 357 $ 235 State 41 103 96 Foreign 141 109 96 Total current provision $ 320 $ 569 $ 427 Deferred provision (benefit): Federal $ (23) $ (183) $ (193) State 8 (41) (73) Foreign (40) 17 (4) Total deferred provision (55) (207) (270) Total provision for income taxes $ 265 $ 362 $ 157 The provision for income taxes is based on pre-tax income from continuing operations, which is as follows for the years ended December 31, 2025, 2024 and 2023 (in millions): 2025 2024 2023 United States $ 864 $ 920 $ 330 Foreign 312 377 332 Total $ 1,176 $ 1,297 $ 662 Total income tax expense (benefit) attributable to continuing and discontinued operations for the years ended December 31, 2025, 2024 and 2023, is allocated as follows (in millions): 2025 2024 2023 Tax expense (benefit) per statements of earnings (loss) $ 265 $ 362 $ 157 Tax expense (benefit) on income from discontinued operations (1,062) (301) Change in fair value of net investment hedges (168) 91 (176) Foreign currency translation adjustments 40 Share of equity method investment 49 (11) Other components of other comprehensive earnings (loss) (28) 8 20 Total income tax expense (benefit) allocated to other comprehensive earnings (147) 88 (116) Total income tax expense (benefit) $ 118 $ (612) $ (260) A recon …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Operating Leases The classification of the Company's operating lease ROU assets and liabilities in the consolidated balance sheets as of December 31, 2025 and 2024, is as follows (in millions): December 31, Classification 2025 2024 Operating lease ROU assets Other noncurrent assets $ 231 $ 230 Operating lease liabilities Accounts payable, accrued and other liabilities $ 71 $ 74 Other noncurrent liabilities 178 177 Total operating lease liabilities $ 249 $ 251 Operating lease cost was $77 million, $73 million and $90 million, and variable lease cost was $26 million, $27 million and $27 million for the years ended December 31, 2025, 2024 and 2023, respectively. There were no significant ROU asset impairment losses recognized during the years ended December 31, 2025, 2024 and 2023. Cash paid for amounts included in the measurement of operating lease liabilities included in operating cash flows was $84 million, $101 million and $106 million for the years ended December 31, 2025, 2024 and 2023, respectively. Operating lease ROU assets obtained in exchange for operating lease liabilities was $71 million and $89 million for the years ended December 31, 2025 and 2024, respectively. The weighted average remaining operating lease term was 5.7 years and 5.9 years and the weighted average operating lease discount rate was 4.2% and 3.9% as of December 31, 2025 and 2024, respectively. Maturities of operating lease liabilities, as of December 31, 2025, are as follows (in millions): 2026 $ 8 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Guidance In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (""ASU 2023-09""). The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The ASU also introduces requirements for disaggregated disclosures of federal, state and foreign income tax expense and taxes paid. The amendments are effective for annual periods beginning after December 31, 2024, and should be applied prospectively, although retrospective application is permitted. The Company elected to adopt the amendments retrospectively for the annual period ending December 31, 2025, and expanded its disclosures around income taxes. See Note 17 for further information. Recent Accounting Guidance Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . The ASU requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is cur …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue Disaggregation of Revenue In the following tables, revenue is disaggregated by primary geographical market and type of revenue. The tables also include a reconciliation of the disaggregated revenue with the Company's reportable segments. For the year ended December 31, 2025 (in millions): Banking Solutions Capital Market Solutions Corporate and Other Total Primary Geographical Markets: North America $ 6,283 $ 1,916 $ 107 $ 8,306 All others 1,002 1,280 89 2,371 Total $ 7,285 $ 3,196 $ 196 $ 10,677 Type of Revenue: Recurring revenue: Transaction processing and services $ 5,412 $ 1,578 $ 146 $ 7,136 Software maintenance 389 607 2 998 Other recurring 309 99 1 409 Total recurring 6,110 2,284 149 8,543 Software license 176 499 675 Professional services 522 385 5 912 Other non-recurring 477 28 42 547 Total $ 7,285 $ 3,196 $ 196 $ 10,677 For the year ended December 31, 2024 (in millions): Banking Solutions Capital Market Solutions Corporate and Other Total Primary Geographical Markets: North America $ 5,893 $ 1,839 $ 117 $ 7,849 All others 999 1,140 139 2,278 Total $ 6,892 $ 2,979 $ 256 $ 10,127 Type of Revenue: Recurring revenue: Transaction processing and services $ 5,146 $ 1,507 $ 207 $ 6,860 Software maintenance 362 576 2 940 Other recurring 244 62 3 309 Total recurring 5,752 2,145 212 8,109 Software license 196 431 1 628 Professional services 551 399 4 954 Other non-recurring 393 4 39 436 Total $ 6,892 $ 2,979 $ 256 $ 10,127 For the year ended December 31, 2023 (in milli …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Information The Company reports its financial performance based on the following segments: Banking Solutions, Capital Market Solutions and Corporate and Other. Below is a summary of each segment. Banking Solutions (""Banking"") The Banking segment is focused on serving financial institutions with core processing software, transaction processing software and complementary applications and services, many of which interact directly with core processing software. We sell these solutions on either a bundled or stand-alone basis. Clients in this segment include global financial institutions, U.S. regional and community banks, credit unions and commercial lenders, as well as government institutions and other commercial organizations. We provide our clients integrated solutions characterized by multi-year processing contracts that generate recurring revenue. The predictable nature of cash flows generated from the Banking segment provides opportunities for further investments in innovation, integration, information and security, and compliance in a cost-effective manner. Capital Market Solutions (""Capital Markets"") The Capital Markets segment is focused on serving global financial services clients and multi-national corporations with a broad array of buy- and sell-side, treasury, risk management and lending solutions. Clients in this segment include asset managers, private equity firms, sell-side securities brokerage and trading firms, insurers, asset and auto financiers an …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of Significant Accounting Policies The following describes the significant accounting policies of the Company used in preparing the accompanying consolidated financial statements. (a) Principles of Consolidation and Management Estimates The consolidated financial statements include the accounts of FIS, its wholly-owned subsidiaries and subsidiaries that are majority-owned. Noncontrolling interests represent the minority shareholders share of the net earnings or loss and equity in consolidated subsidiaries. The Companys noncontrolling interests presented in the consolidated statements of earnings (loss) includes net earnings (loss) attributable to noncontrolling interests. Noncontrolling interests are presented as a component of equity in the consolidated balance sheets. All intercompany profits, transactions and balances have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (""GAAP"") and related rules and regulations of the U.S. Securities and Exchange Commission requires our management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. These estimates may change as new events occur and additional information is obtained. Future actual results could differ materially from these estimates. To the extent that there are differences …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Components of Other Comprehensive Earnings (Loss) The following table shows Accumulated other comprehensive earnings (loss) attributable to FIS by component, net of tax, for the years ended December 31, 2025, 2024 and 2023 (in millions): Change in Fair Value of Net Investment Hedges Foreign Currency Translation Adjustments Share of Equity Method Investment Other Comprehensive Earnings (Loss) Reclassification of Foreign Currency Translation Adjustments to Net Earnings (Loss) from Discontinued Operations Other Total Balances, December 31, 2022 $ 729 $ (1,053) $ $ $ (36) $ (360) Other comprehensive earnings (loss) before reclassifications (501) 548 53 100 Balances, December 31, 2023 228 (505) 17 (260) Other comprehensive earnings (loss) before reclassifications 262 (216) (31) 15 30 Amounts reclassified from accumulated other comprehensive earnings (loss) (134) (134) Balances, December 31, 2024 490 (721) (31) (134) 32 (364) Other comprehensive earnings (loss) before reclassifications (468) 283 140 (95) (140) Balances, December 31, 2025 $ 22 $ (438) $ 109 $ (134) $ (63) $ (504) See Note 17 for the tax provision associated with each component of other comprehensive earnings (loss). …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing