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- **Revenue Beat**: Q3 2025 adjusted revenue grew 6.3% YoY, exceeding expectations, with Banking (+6.2%) and Capital Markets (+6.4%) both outperforming.
- **Margin Expansion**: EBITDA margins expanded 50 bps to 41.8%, with 60+ bps further expansion expected in 2026.
- **AI-Driven Growth**: AI initiatives boosted ACV by 13% YoY, with 7 new deals from the Amount acquisition.
- **Free Cash Flow Target**: Full-year free cash flow conversion raised to >85%, with 90%+ by 2026.
- **Credit Issuer Deal**: $500 million+ free cash flow contribution from Q1 2026 credit issuer acquisition, adding 1 billion accounts.
- **Banking Momentum**: 3-4% organic Banking growth expected, supported by digital and payments innovation.


**【Management Opening Remarks】**
- FIS provided a comprehensive overview of Q3 2025 results, emphasizing non-GAAP metrics and forward-looking statements. The presentation highlighted adjusted EBITDA, net earnings, and free cash flow metrics, with reconciliations available in the earnings release.

**【CEO Summary Section】**
- **Revenue Growth**: Adjusted revenue increased 6.3% YoY to $2.7 billion, driven by strong recurring revenue and M&A contributions. The Banking segment grew 6.2%, exceeding expectations, while Capital Markets expanded 6.4%.
- **Profitability**: Adjusted EBITDA margins expanded 50 basis points to 41.8%, with both segments showing margin improvement. Adjusted EPS rose 7.9% to $1.51, reflecting operational efficiency.
- **Strategic Initiatives**: The Future Forward strategy focused on AI-driven sales (13% ACV growth YoY) and client retention (3% improvement). The acquisition of Amount added 7 new deals, enhancing digital onboarding capabilities.
- **Market Momentum**: Bank technology spending remains robust, with 75% of surveyed banks actively adopting AI. The credit issuer solutions acquisition, expected to close in Q1 2026, will add 1 billion accounts and $500 million in free cash flow by 2026.

**【CFO Financial Commentary】**
- **Cash Flow Performance**: Free cash flow reached $800 million (142% conversion), with full-year guidance raised to >85%. GAAP cash flow is expected to align with adjusted metrics, targeting 90%+ conversion by 2026.
- **Margin Expansion**: CFO highlighted 60+ basis points of margin expansion in 2026, driven by cost-saving programs and higher-margin recurring revenue. M&A dilution is expected to reverse, with the credit issuer deal contributing $700 million in free cash flow post-integration.
- **Financial Guidance Update**: Full-year revenue outlook raised by $65 million, with EBITDA and EPS guidance tightened. Capital expenditures remain disciplined at 7.9% of revenue.

**【Q&A Highlights】**
- **Banking Growth**: CEO expressed confidence in 3-4% organic Banking growth, driven by digital and payments. M&A in 2026 will focus on accretive deals, with no tuck-in acquisitions.
- **AI and Innovation**: AI is reshaping sales (13% ACV growth) and client retention (200 bps margin improvement). The credit issuer acquisition will enhance data capabilities, supporting AI-driven solutions.
- **Pricing Environment**: Rational pricing persists, with net pricing contributing 60 bps YoY. The NICE network remains stable, with 40 new clients signed in Q3.
- **Digital Assets**: FIS is enabling tokenized deposits and blockchain transactions via partnerships (e.g., Circle), while avoiding direct digital asset issuance.
- **Risk Management**: Fraud detection AI processes billions of transactions daily, reducing risk exposure.


Fidelity National Information Services, Inc. (FIS) Q3 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q2 revenue up 5% to $2.6B, driven by Banking (6%) and Capital Markets (5%).
- **Strategic Acquisitions Pay Off**: Issuer business and Everlink add $20-25M annual contribution, enhancing payments capabilities.
- **AI Innovation Leads**: TreasuryGPT upgrades, Banker Assist AI launch in Q4, and digital asset payments expansion with Circle.
- **Client Momentum Strong**: Major banking consolidation wins, Digital One adoption, and treasury solutions growth.
- **Q3 Outlook Confident**: Banking 3-3.5% growth, Capital Markets 5.5-6.5%, with margin expansion in both segments.

**【CEO Summary Section】**
- **Strong Q2 Results**: Revenue grew 5% to $2.6 billion, driven by Banking (6% growth) and Capital Markets (5%). Adjusted EBITDA margin improved 200 basis points sequentially.
- **Strategic Acquisitions**: Completed acquisition of Global Payments Issuer business and Everlink, enhancing payments capabilities. Free cash flow generation improved, with $460M returned to shareholders in Q2.
- **Product Innovation**: Launched Money Movement Hub with Circle for digital asset payments and TreasuryGPT upgrades. Banker Assist AI solution set for Q4 launch.
- **Client Wins**: Secured major banking consolidation deals, Digital One adoption by top U.S. and Asian banks, and treasury solutions for energy and European banks.

**【CFO Financial Commentary】**
- **Revenue & Profitability**: Adjusted EPS of $1.36 met expectations. Free cash flow $292M (52% conversion rate), with full-year target of 82-85%.
- **Segment Performance**: Banking EBITDA margin contracted 70bps due to bad debt charge; Capital Markets margin down 50bps from prior year acquisition. Q3 outlook: Banking 3-3.5% growth, Capital Markets 5.5-6.5%.
- **Acquisition Impact**: Issuer deal adds $20-25M annual contribution. Non-GAAP cash expenses increased by $120M for acquisition-related costs, but no impact on capital return targets.

**【Q&A Key Highlights】**
- **Banking Growth Drivers**: Commercial excellence (new sales, retention) and recurring revenue mix shift. Q2 had 100bps pull-forward from Q3, but 2026 pipeline strong.
- **Capital Markets Recovery**: Lending activity rebounded in July, offsetting Q2 slowdown. Full-year Capital Markets recurring growth expected to accelerate.
- **AI & Digital Assets**: Banker Assist AI and digital asset payments (USDC) gaining traction. Clients prioritize not being left behind in digital currency adoption.
- **Tax & Cash Flow**: Higher 2025 tax payments (23pt headwind) but no impact on 12% effective tax rate. Full-year free cash flow target maintained.


Fidelity National Information Services, Inc. (FIS) Q2 2025 Earnings Call Transcript

- **Revenue Beat & Strategic Wins**: Q1 adj. revenue +4% YoY, driven by 4% recurring growth. Signed 3 delayed clients, with no macro impact. 
- **$12.6B Portfolio Transformation**: Sold Worldpay stake ($6.6B) and acquired Issuer Solutions ($12B), replacing non-core assets with 35%+ banking revenue boost. 
- **Cash Flow Surge**: Q1 FCF $368M (71% conversion vs. 18% last year), targeting 82-85% FY25. 
- **Banking Acceleration**: 150bps FY25 growth from 2024 core wins (12% YoY) and 95%+ retention. 
- **Capital Markets Strength**: Q1 non-recurring revenue +47%, driving 9% segment growth. 
- **EPS Guidance**: $1.34-1.38 FY25, constrained by Worldpay EMI lapping but offset by Issuer Solutions accretion.

**【CEO Strategic Update】**
- Q1 2025 adjusted revenue grew 4% YoY, exceeding expectations, driven by 4% recurring revenue growth (vs. 2% Q4 2024). 
- Signed 3 delayed client implementations on track, with no macro-related impacts. 
- Acquired Issuer Solutions ($12B net EV) and sold 45% Worldpay stake ($6.6B pre-tax), replacing non-core assets with high-margin, recurring revenue streams. 
- Q1 adjusted EPS of $1.21 (+11% YoY) at top of guidance, with $670M returned to shareholders (shares buybacks + dividends). 
- Reaffirmed FY25 outlook: 4-5% adj. revenue growth, 11-13% total shareholder return.

**【CFO Financial Highlights】**
- Q1 adj. EBITDA: $958M (37.8% margin), near high end of guidance. 
- Free cash flow: $368M (71% conversion), vs. $95M last year. 
- Capital markets segment grew 9% YoY, driven by 47% non-recurring revenue surge. 
- FY25 adj. EPS guidance: $1.34-1.38, with 0-3% growth constrained by Worldpay EMI lapping and interest income rollover. 
- Q2 adj. revenue growth: 4.2-5.0%, with banking segment acceleration (3.7-4.4% YoY).

**【Key Q&A Takeaways】**
- **Issuer Solutions Synergies**: $125M cost savings (vendor rationalization, back office optimization) to be realized over 2-3 years; 80bps margin boost to banking segment. 
- **Cash Flow Optimization**: Working capital initiatives drove 71% Q1 FCF vs. 18% last year; targeting 82-85% FY25 conversion. 
- **Banking Growth Drivers**: 150bps FY25 acceleration from 2024 core wins (12% YoY growth) and 95%+ retention rates. 
- **Capital Markets Momentum**: 6-6.7% Q2 growth, supported by 47% non-recurring revenue jump in Q1. 
- **Worldpay Transition**: EMI performance stable, with Global Payments benefiting from TSYS' 25-year client tenure and 81% recurring revenue mix.

Fidelity National Information Services (FIS)-6 May 25-2025 Q1 Earnings call transcript

- **Revenue Beat**: 2024 revenue +4%, driven by 70% digital growth and 10% Amplify cross-sales. 2025 ACV sales +9%.
- **Margin Expansion**: 64 bps margin gain in 2024, targeting 40-45 bps in 2025.
- **Major Wins**: $20B+ bank migration, record core banking wins, and Dragonfly acquisition boost.
- **2025 Outlook**: EPS +9-11%, $2B capital return, 82-85% cash flow conversion.
- **Q1 Execution**: Banking growth 2.5-3.5% (headwinds from 200 bps nonrecurring), accelerating to 4%+ in Q2+.


**【CEO Strategic Update】**
- **Revenue Growth**: 2024 revenue grew 4%, driven by 70% year-over-year growth in digital solutions and 10% increase in Amplify cross-sales. 2025 outlook includes 9%+ ACV sales growth.
- **Margin Expansion**: Achieved 64 bps margin expansion in 2024, targeting 40-45 bps in 2025 through cost control and higher-margin solutions.
- **Key Wins**: Signed major deals with Centennial Bank (IBS platform + B1 Studio), NatWest (payments/lending), and a leading digital brokerage via Torstone acquisition.
- **CFO Financial Highlights**:
  - **Q4 Results**: Adjusted revenue +4%, EBITDA margin +100 bps YoY to 29.6%, EPS +49% to $1.08 (exceeding expectations).
  - **2025 Outlook**: Revenue $10.4-10.5B (+4.6-5.2%), EPS +9-11%, free cash flow conversion 82-85%.
  - **Capital Allocation**: $2B capital return ($1.2B buybacks, $800M+ dividends), $1B+ for M&A.
  - **Segment Growth**: Capital Markets +7%, Banking +3.7-4.4% (driven by 150 bps from 2024 ACV sales).
  - **Worldpay EMI**: $550M contribution in 2025 (vs $140M in 2024).

**【Q&A Key Themes】**
- **Revenue Cadence**: Q1 2025 Banking growth 2.5-3.5% (impacted by 200 bps nonrecurring headwinds), accelerating to 4%+ in Q2+. 
- **Digital Momentum**: Dragonfly acquisition adds 60 bps growth, digital sales up 70% YoY.
- **Cash Flow Improvement**: Targeting 82-85% conversion vs 77% in 2024 through better AR/AP management.
- **Client Retention**: 80%+ of 2025 ACV sales already signed, reducing execution risk.
- **Outage Impact**: Minimal impact from Q1 system outage, resolved quickly with no data loss.


Fidelity National Information Services (FIS)-11 Feb 25-2024 Q4 Earnings call transcript

Fidelity National Information Services (FIS)-4 Nov 24-2024 Q3 Earnings call transcript

Fidelity National Information Services (FIS)-6 Aug 24-2024 Q2 Earnings call transcript

Fidelity National Information Services (FIS)-6 May 24-2024 Q1 Earnings call transcript

Fidelity National Information Services (FIS)-26 Feb 24-2023 Q4 Earnings call transcript

Fidelity National Information Services (FIS)-7 Nov 23-2023 Q3 Earnings call transcript

Fidelity National Information Services (FIS)-2 Aug 23-2023 Q2 Earnings call transcript

Fidelity National Information Services (FIS)-27 Apr 23-2023 Q1 Earnings call transcript

Fidelity National Information Services (FIS)-13 Feb 23-2022 Q4 Earnings call transcript

Fidelity National Information Services (FIS)-3 Nov 22-2022 Q3 Earnings call transcript

Fidelity National Information Services (FIS)-4 Aug 22-2022 Q2 Earnings call transcript

Fidelity National Information Services (FIS)-3 May 22-2022 Q1 Earnings call transcript

Fidelity National Information Services (FIS)-15 Feb 22-2021 Q4 Earnings call transcript

Fidelity National Information Services (FIS)-4 Nov 21-2021 Q3 Earnings call transcript

Fidelity National Information Services (FIS)-3 Aug 21-2021 Q2 Earnings call transcript

Fidelity National Information Services (FIS)-6 May 21-2021 Q1 Earnings call transcript

Fidelity National Information Services (FIS)-9 Feb 21-2020 Q4 Earnings call transcript

Fidelity National Information Services (FIS)-30 Oct 20-2020 Q3 Earnings call transcript

Fidelity National Information Services (FIS)-4 Aug 20-2020 Q2 Earnings call transcript

Fidelity National Information Services (FIS)-7 May 20-2020 Q1 Earnings call transcript

Fidelity National Information Services (FIS)-13 Feb 20-2019 Q4 Earnings call transcript

Fidelity National Information Services (FIS)-5 Nov 19-2019 Q3 Earnings call transcript

Fidelity National Information Services (FIS)-6 Aug 19-2019 Q2 Earnings call transcript

Fidelity National Information Services (FIS)-30 Apr 19-2019 Q1 Earnings call transcript

Fidelity National Information Services (FIS)-12 Feb 19-2018 Q4 Earnings call transcript

Fidelity National Information Services (FIS)-30 Oct 18-2018 Q3 Earnings call transcript

Fidelity National Information Services (FIS)-31 Jul 18-2018 Q2 Earnings call transcript

Fidelity National Information Services (FIS)-1 May 18-2018 Q1 Earnings call transcript

Fidelity National Information Services (FIS)-6 Feb 18-2017 Q4 Earnings call transcript

Fidelity National Information Services (FIS)-31 Oct 17-2017 Q3 Earnings call transcript

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