Fidelity National Information Services : Q1 2026 GAAP/Non-GAAP Measurers and Reconciliations

Published: 2026-05-08 07:43:13 ET FIS

Published on 05/08/2026 at 07:43 am EDT

First Quarter 2026

‌Fidelity National Information Services, Inc.‌‌

Earnings Release Supplemental Financial Information May 8, 2026

Exhibit A Condensed Consolidated Statements of Earnings (Loss) - Unaudited for the three months ended March 31, 2026 and 2025

Exhibit B Condensed Consolidated Balance Sheets - Unaudited as of March 31, 2026, and December 31, 2025 Exhibit C Condensed Consolidated Statements of Cash Flows - Unaudited for the three months ended March 31, 2026

and 2025

Exhibit D Supplemental Non-GAAP Adjusted Revenue Growth - Unaudited for the three months ended March 31, 2026 and 2025

Exhibit E Supplemental Disaggregation of Revenue - Unaudited for the three months ended March 31, 2026 and 2025 Exhibit F Supplemental Non-GAAP Adjusted Free Cash Flow Measures - Unaudited for the three months ended

March 31, 2026 and 2025

Exhibit G Supplemental GAAP to Non-GAAP Reconciliations - Unaudited for the three months ended March 31, 2026 and 2025

Three months ended March 31,

2026

2025

Revenue

3,295

2,532

Cost of revenue

2,187

1,653

Gross profit

1,108

879

Selling, general, and administrative expenses

605

558

Asset impairments

104

Other operating (income) expense, net (including related party transactions of $- and $28 million)

(24)

(28)

Operating income

423

347

Other income (expense):

Interest expense, net

(197)

(80)

Other income (expense), net

(37)

Total other income (expense), net

(164)

(117)

Earnings (loss) before income taxes and equity method investment earnings (loss)

259

230

Provision (benefit) for income taxes

106

Equity method investment earnings (loss), net of tax

2,214

(71)

Net earnings (loss)

2,367

Net (earnings) loss attributable to noncontrolling interest

(1)

Net earnings (loss) attributable to FIS

$ 2,366

$ 77

Net earnings (loss) per share-basic attributable to FIS

$ 4.59

$ 0.15

Weighted average shares outstanding-basic

515

528

Net earnings (loss) per share-diluted attributable to FIS

$ 4.58

$ 0.15

Weighted average shares outstanding-diluted

517

531

Amounts in table may not sum or calculate due to rounding.

Current assets:

March 31,

2026

December 31,

2025

Cash and cash equivalents

$ 755

$ 599

Settlement assets

610

515

Trade receivables, net

2,269

1,944

Other receivables

113

432

Receivable from related party

Prepaid expenses and other current assets

1,234

959

Total current assets

4,981

4,488

Property and equipment, net

1,113

691

Goodwill

24,585

17,762

Intangible assets, net

4,450

959

Software, net

5,220

2,876

Equity method investment

3,681

Other noncurrent assets

1,831

1,710

Deferred contract costs, net

1,291

1,321

Total assets

$ 43,484

$ 33,488

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable, accrued and other liabilities

$ 2,446

$ 2,097

Settlement payables

676

549

Deferred revenue

1,084

957

Short-term borrowings

4,164

2,729

Current portion of long-term debt

101

1,284

Total current liabilities

8,471

7,616

Long-term debt, excluding current portion

16,791

9,069

Deferred income taxes

327

1,215

Other noncurrent liabilities

1,915

1,686

Total liabilities

27,504

19,586

Equity:

FIS stockholders' equity:

Preferred stock $0.01 par value

Common stock $0.01 par value

Additional paid in capital

47,444

47,317

(Accumulated deficit) retained earnings

(20,581)

(22,718)

Accumulated other comprehensive earnings (loss)

(628)

(504)

Treasury stock, at cost

(10,264)

(10,202)

Total FIS stockholders' equity

15,977

13,899

Noncontrolling interest

Total equity

15,980

13,902

Total liabilities and equity

$ 43,484

$ 33,488

Amounts in table may not sum or calculate due to rounding.

Three months ended March 31,

2026

2025

Cash flows from operating activities:

Net earnings (loss)

$ 2,367

$ 78

Adjustment to reconcile net earnings (loss) to net cash provided by operating activities:

Depreciation and amortization

628

456

Amortization of debt issuance costs

Asset impairments

104

Loss (gain) on sale of businesses, investments and other

(15)

Stock-based compensation

Loss (gain) from equity method investment

(2,214)

Deferred income taxes

(5)

(9)

Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:

Trade and other receivables

(8)

(9)

Receivable from related party

Settlement activity

(10)

Prepaid expenses and other assets

(140)

(34)

Deferred contract costs

(88)

(71)

Deferred revenue

Accounts payable, accrued liabilities and other liabilities

(99)

(219)

Net cash provided by operating activities

713

457

Cash flows from investing activities:

Additions to property and equipment

(50)

(37)

Additions to software

(211)

(196)

Cash divested from sale of business

(1,417)

Acquisitions, net of cash acquired

(7,859)

(1)

Coupon payments on interest rate swaps

(23)

(22)

Distributions from equity method investments

Other investing activities, net

(60)

(47)

Net cash provided by (used in) investing activities

(8,171)

(1,676)

Cash flows from financing activities:

Borrowings

35,992

12,488

Repayment of borrowings and other financing arrangements

(27,982)

(12,029)

Debt issuance costs

(57)

Net proceeds from stock issued under stock-based compensation plans

Treasury stock activity

(67)

(537)

Dividends paid

(232)

(220)

Other financing activities, net

(1)

Net cash provided by (used in) financing activities

7,654

(265)

Net cash provided by (used in) operating activities from discontinued operations (1)

303

Effect of foreign currency exchange rate changes on cash

(16)

Net increase (decrease) in cash, cash equivalents and restricted cash

180

(1,141)

Cash, cash equivalents and restricted cash, beginning of period

599

1,946

Cash, cash equivalents and restricted cash, end of period

$ 779

$ 805

Amounts in table may not sum or calculate due to rounding.

(1) As discussed in Note 1 to our consolidated financial statements, the Company completed the 2024 Worldpay Sale on January 31, 2024. Certain assets included as part of the 2024 Worldpay Sale did not convey until the first quarter of 2025 after receiving all required regulatory approvals. These assets generated operating cash flows from discontinued operations but did not generate any net earnings from discontinued operations during the three months ended March 31, 2025.

‌Three months ended March 31,

2026

2025

Constant

Currency

Adjusted

Revenue

Revenue (1)

Growth (2)

Banking Solutions

$ 2,374

$ (25)

$ 2,350

$ 1,633

44 %

Capital Market Solutions

823

(12)

811

787

3 %

Operating segment total

3,197

(37)

3,160

2,420

31 %

Corporate and Other

(2)

112

Consolidated FIS

$ 3,295

$ (39)

$ 3,256

$ 2,532

Amounts in table may not sum or calculate due to rounding.

As a result of the Company's acquisition of the Issuer Solutions Business, the Company reassessed its reportable segments and included the Issuer Solutions Business within the Banking Solutions segment. In connection with this reassessment, the Company also reclassified certain businesses among the Banking Solutions, Capital Market Solutions, and Corporate and Other segments. All prior-period segment information was recast to conform to the Company's revised reportable segment presentation.

Adjusted growth excludes Corporate and Other, which includes certain non-strategic businesses.

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 three months ended March 31, 2026 (in millions):

Banking

Capital Market

Corporate and

Solutions

Other

Total

Primary Geographical Markets:

North America

$ 1,981

$ 499

$ 75

$ 2,555

All others

393

324

740

Total

$ 2,374

$ 823

$ 98

$ 3,295

Type of Revenue:

Recurring revenue:

Transaction processing and services

$ 1,820

$ 416

$ 80

$ 2,316

Software maintenance

112

166

279

Other recurring

120

Total recurring

2,022

608

2,715

Software license

119

209

Professional services

134

230

Other non-recurring

128

141

Total

$ 2,374

$ 823

$ 98

$ 3,295

For the three months ended March 31, 2025 (1) (in millions):

Banking

Capital Market

Corporate and

Solutions

Other

Total

Primary Geographical Markets:

North America

$ 1,413

$ 500

$ 75

$ 1,988

All others

220

287

544

Total

$ 1,633

$ 787

$ 112

$ 2,532

Type of Revenue:

Recurring revenue:

Transaction processing and services

$ 1,230

$ 401

$ 96

$ 1,727

Software maintenance

153

243

Other recurring

Total recurring

1,384

578

102

2,064

Software license

108

129

Professional services

117

216

Other non-recurring

111

123

Total

$ 1,633

$ 787

$ 112

$ 2,532

Amounts in table may not sum or calculate due to rounding.

Three Months Ended March 31

2026

2025

Net cash provided by operating activities

$ 713

$ 457

Capital expenditures

(261)

(233)

Free cash flow

452

224

Cash transaction taxes on the Worldpay Sale

Free cash flow excluding cash transaction taxes on the Worldpay Sale

$ 474

$ 224

Amounts in table may not sum or calculate due to rounding.

Free cash flow reflects net cash provided by operating activities less capital expenditures (additions to property and equipment and additions to software from the statement of cash flows).

Neither Free cash flow nor Free cash flow excluding cash transaction taxes on the Worldpay sale represents our residual cash flows available for discretionary expenditures, as we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from the measure.

Three months ended March 31,

2026

2025

Net earnings (loss) attributable to FIS from continuing operations

$ 2,366

$ 77

Provision (benefit) for income taxes

106

Interest expense, net

197

Equity method investment (earnings) loss, net of tax

(2,214)

Other, net

(32)

Operating income (loss), as reported

423

347

Depreciation and amortization, excluding purchase accounting amortization

339

287

Non-GAAP adjustments:

Purchase accounting amortization (1)

290

169

Acquisition, integration and other costs (2)

148

153

Asset impairments (3)

104

Adjusted EBITDA from continuing operations

$ 1,304

$ 958

Net earnings (loss) attributable to FIS from discontinued operations

$ -

Interest expense, net

(1)

Other, net

(1)

Operating income (loss)

(2)

Adjusted EBITDA from discontinued operations

$ -

$ (2)

Adjusted EBITDA

$ 1,304

$ 956

See Notes to Exhibit G.

Amounts in table may not sum or calculate due to rounding.

Three months ended March 31,

2026

2025

Earnings (loss) attributable to FIS

$ 2,366

$ 77

Equity method investment (earnings) loss, net of tax

(2,214)

Earnings (loss) attributable to FIS, excluding equity method investment earnings (loss)

152

148

Non-GAAP adjustments:

Purchase accounting amortization (1)

290

169

Acquisition, integration and other costs (2)

167

153

Asset impairments (3)

104

Non-operating (income) expense (4)

(33)

Non-GAAP tax (provision) benefit (5)

Total non-GAAP adjustments

542

371

Adjusted net earnings attributable to FIS, excluding equity method investment earnings (loss)

694

519

Equity method investment earnings (loss), net of tax and gain on sale (6)

(71)

Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes (7)

195

Adjusted equity method investment earnings (loss)

124

Adjusted net earnings attributable to FIS

$ 705

$ 643

See Notes to Exhibit G.

Amounts in table may not sum or calculate due to rounding.

Three months ended March 31,

2026

2025

Earnings (loss) attributable to FIS

$ 4.58

$ 0.15

Equity method investment (earnings) loss, net of tax

(4.28)

0.13

Earnings (loss) attributable to FIS, excluding equity method investment earnings (loss)

0.29

0.28

Non-GAAP adjustments:

Purchase accounting amortization (1)

0.56

0.32

Acquisition, integration and other costs (2)

0.32

0.29

Asset impairments (3)

0.20

Non-operating (income) expense (4)

(0.06)

0.07

Non-GAAP tax (provision) benefit (5)

0.03

0.02

Total non-GAAP adjustments

1.05

0.70

Adjusted net earnings attributable to FIS, excluding equity method investment earnings (loss)

1.34

0.98

Equity method investment earnings (loss), net of tax and gain on sale (6)

0.02

(0.13)

Non-GAAP adjustments on equity method investment earnings (loss), net of related (provision) benefit for income taxes (7)

0.01

0.37

Adjusted equity method investment earnings (loss)

0.02

0.23

Adjusted net earnings attributable to FIS

$ 1.36

$ 1.21

Weighted average shares outstanding-diluted

517

531

See Notes to Exhibit G.

Amounts in table may not sum or calculate due to rounding.

This item represents purchase price amortization expense on all intangible assets acquired through various Company acquisitions, including customer relationships, contract value, technology assets, trademarks and trade names. The Company has excluded the impact of purchase price amortization expense as such amounts can be significantly impacted by the timing and/or size of acquisitions. Although the Company excludes these amounts from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of assets that relate to past acquisitions will recur in future periods until such assets have been fully amortized. Any future acquisitions may result in the amortization of future assets.

This item represents costs comprised of the following:

Three months ended March 31,

2026 2025

Continuing operations:

M&A transaction and integration expenses

$ 55

$ 30

Enterprise transformation initiatives

113

Other

Subtotal

148

153

Financing costs - Issuer Solutions acquisition (a)

Total

$ 167

$ 153

This item represents financing costs incurred primarily to secure funding for the Issuer Solutions Business acquisition from Global Payments. These costs are recorded as Interest expense, net on our consolidated statements of earnings (loss). Accordingly, this item is included in Acquisition, integration and other costs for purposes of calculating Adjusted net earnings but not Adjusted EBITDA.

Amounts in table may not sum due to rounding. 2025 amounts have been reclassified to conform to current-period presentation.

For the three months ended March 31, 2026 and 2025, this item included impairments primarily related to the abandonment or termination of certain internally developed software.

Non-operating (income) expense primarily consists of other income and expense items outside of the Company's operating activities, including fair value adjustments on certain non-operating assets and liabilities and foreign currency transaction remeasurement gains and losses.

This adjustment is based on an adjusted effective tax rate of 11.7% for the period ended March 31, 2026, primarily reflecting certain cash tax benefits from our acquisition of the Issuer Solutions Business, and 12.0% for the period ended March 31, 2025, primarily reflecting certain cash tax benefits from our equity method investment in Worldpay.

FIS completed the sale of its non-controlling 45% stake in Worldpay on January 9, 2026. For the three months ended March 31, 2026, this item reflects our share of the net earnings (loss), net of tax, attributable to Worldpay for the period from January 1 to January 8, 2026, and excludes the gain on sale, net of tax, which is recorded within Equity method investment earnings (loss), net of tax. For the three months ended March 31, 2025, this item reflects our share of net earnings (loss), net of tax, attributable to Worldpay.

This item represents FIS' proportionate share of Worldpay's non-GAAP adjustments on its net earnings (loss) consistent with FIS' non-GAAP measures and is comprised of the following:

Three months ended March 31,

2026 2025

FIS' share of Worldpay:

Purchase accounting amortization

$ 14

$ 158

Acquisition, integration and other costs (a)

Non-operating (income) expense

(1)

Non-GAAP tax (provision) benefit

(14)

(23)

Non-GAAP adjustments on equity method investment earnings (loss), net of

related (provision) benefit for income taxes $ 3 $ 195

Worldpay acquisition, integration, and other costs consist primarily of transaction and transition costs related to the separation from FIS.

Amounts in table may not sum due to rounding.

Disclaimer

FIS - Fidelity National Information Services Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 11:42 UTC.