Fidelity National Information Services, Inc.

Company facts

Industry

Services-Business Services, NEC

Headquarters

Jacksonville, Florida

Most recent report

10-Q, filed Nov 4, 2026

Incorporated

N/A

Filings on record

1,000+ filings

On EDGAR

CIK 1136893

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 23 of 38 sections worth reading, with 0 positive, 60 notable, and 6 negative flags.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Two transformative transactions closed in Jan 2026: acquisition and sale, with a $2.2B gain.
  Notable

  • Worldpay valued at $24.25B enterprise; Issuer Solutions at $13.5B enterprise, subject to adjustments.
  • Preliminary pre-tax gain of $2.2B recorded on Worldpay sale; final gain may differ materially.
  • Transition services agreements with Global Payments for technology, finance, HR, and operational support.
  Negative

  • FIS paid $7.7B cash, funded by new debt and the Worldpay sale, for the Issuer Solutions Business.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Contains a $2.2B gain from selling Worldpay stake and segment reclassifications.
  Notable

  • Segment reclassification after acquiring Issuer Solutions Business; prior-period data recast.
  • Additional reclassifications made in 2025 to conform to 2026 presentation, affecting acquisition costs.
  • Received $0M distributions from Worldpay in Q3 2026 vs $41M in Q3 2025; $32M vs $107M YTD.
  • Tax due on Worldpay sale remains subject to change based on final consideration allocation.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Worldpay discontinued ops still generate material revenue, losses, and cash flows through Q3 2025.
  Notable

  • FIS recorded $539M deferred tax expense in Q3 2025 after deciding to sell its remaining Worldpay stake.
  • TSA runs through June 2027, extendable to Jan 2028, with $70M net income and $310M cash collected in 9 months.
  • Revenue from commercial services to Worldpay was $130M for nine months ended September 30, 2025.
  • FIS had $24M payables to Worldpay under the TSA as of December 31, 2025.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Two major transactions: $13.5B Issuer Solutions buy and Worldpay sale, with $7.7B debt and $289M guarantees.
  Notable

  • Goodwill from the Issuer Solutions acquisition is preliminary, based on third-party valuations still in progress.
  Negative

  • FIS still guarantees $289M in Worldpay standby letters of credit and a $378M CVR liability due Oct 2027, with no cap on other guarantees.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Acquisition purchase price allocation with large goodwill and intangible assets, plus pro forma results.
  Notable

  • Measurement-period adjustments of $453 million in nine months ended September 30, 2026, mainly for deferred taxes and intangible asset valuation.
  • Goodwill of $6,984 million, of which $5.6 billion is expected to be tax-deductible for U.S. federal income tax purposes.
  • Intangible assets include $3,580 million customer relationships (10-year life) and $35 million trademarks (2-year life); software $2,020 million (7-year life).
  • Issuer Solutions contributed $1,920 million revenue and $110 million pre-tax income from January 9 through September 30, 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Pro forma results show a large one-time gain; new acquisitions add $505M consideration with contingent payments up to $834M.
  Notable

  • Pro forma net earnings for nine months ended Sep 30, 2025 include a $2,206M gain from the Worldpay minority interest sale.
  • Two acquisitions in first nine months of 2026 for $505M; contingent consideration could range from $0 to $834M through Q2 2033.
  • Contingent consideration has an aggregate potential amount ranging from $0 to $834 million, with payments through Q2 2033.
  • Measurement-period adjustments in nine months ended Sep 30, 2026 decreased goodwill by $13M due to reduced contingent consideration.
  • Indemnification arrangement exposes FIS to up to $170M; no liability recorded as likelihood of payment is deemed remote.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Two acquisitions for $586M total; revenue table with segment and geography detail.
  Notable

  • Two acquisitions for $586M total consideration in 2025, with $321M goodwill and $248M intangibles.
  • Purchase price allocation for one acquisition still provisional as of Sep 30, 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Revenue breakdown by geography and type, plus $24.5B backlog with recognition timing.
  Notable

  • No single foreign country exceeded 10% of total revenue for the three and nine months ended Sep 30, 2026 and 2025.
  • Recognized $724M from deferred revenue in nine months ended Sep 30, 2026, up from $670M in prior period.
  • Remaining performance obligations of $24.5B as of Sep 30, 2026; 34% to be recognized in next 12 months.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Large swings in intangible assets and software net values signal major M&A or impairment activity.
  Notable

  • Amortization expense rose 18% to $563M for nine months ended Sep 2026 vs $476M a year ago.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Goodwill at $25B; Banking unit fair value only 7% above carrying amount, high impairment risk.
  Notable

  • Software amortization $923M for nine months ended Sep 30, 2026, up from $520M a year ago.
  • $72M software impairments in nine months ended Sep 30, 2026 from product rationalization and strategic realignment.
  • Quantitative goodwill tests performed for both Banking and Capital Markets due to share price decline and reduced projections.
  • Capital Markets unit fair value exceeds carrying amount by >50%, no impairment risk there.
  • $16M goodwill impairment recorded in Q1 2026 for non-strategic businesses in Corporate and Other segment.
  Negative

  • Banking unit fair value only ~7% above carrying amount as of Sep 30, 2026; small adverse change could cause material impairment.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Contains material changes in payables, deferred cost impairments, and equity investment losses.
  Notable

  • Equity investments had net losses of $1M and $3M for nine months ended Sep 30, 2026 and 2025.
  Negative

  • $14M impairment on deferred contract costs in first nine months of 2026, tied to a non-strategic business.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  New $6.3B senior notes issued, debt maturity schedule, and interest rate hedge details.
  Notable

  • Weighted average interest rate on debt was 4.3% (3.9% including net investment hedges) as of Sep 2026.
  • Issued $6.3B in senior notes in March 2026 to refinance acquisition debt and commercial paper.
  • Repaid $1.25B of 1.15% senior notes at maturity on March 1, 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  New $1B credit facility, $7.7B draw for acquisition, and $500M interest rate swaps added.
  Notable

  • New $1.0B incremental revolving credit facility added Nov 2025, maturing June 2027.
  • Borrowing capacity under revolving credit facilities was ~$3.0B as of Sep 30, 2026.
  • Fair value of long-term debt $1,117M below carrying value as of Sep 30, 2026, up from $619M at Dec 31, 2025.
  • Entered $500M notional interest rate swaps in Q1 2026 as cash flow hedges on floating-rate notes.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Complex hedge accounting changes with material balance-sheet and P&L impacts.
  Notable

  • Unamortized fair value basis adjustments on long-term debt were $163M at Sep 30, 2026, down from $192M at Dec 31, 2025.
  • Amortization of those adjustments added $10M to interest expense in Q3 2026 and $29M in the nine months.
  • New variable-to-fixed swaps with $1,854M and £925M notional offset the de-designated fixed-to-variable swaps, eliminating variable-rate risk.
  • Cross-currency swaps on €3,375M and £170M of notes had derivative assets of $171M and no liabilities at Sep 30, 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Contains material hedge gains, contingent consideration loss, and a settled securities class action.
  Notable

  • Contingent consideration liability of $125M as of Sep 30, 2026; $15M loss recorded in nine months.
  • Securities class action settled in July 2026; settlement substantially paid by insurance, no material impact.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Multiple derivative suits with board rejection and dismissal motions; ongoing litigation risk.
  Notable

  • Board's Demand Review Committee recommended rejecting demands; independent board members voted to adopt; company moved to dismiss in November 2025.
  • No material payments under indemnifications or software warranties historically; no accruals made.
  Negative

  • Derivative suits claim fiduciary breaches over Merchant Solutions valuation, integration, and synergies; board rejected demands but litigation continues.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Contains EPS, share repurchases, and segment reassignment with Issuer Solutions Business acquisition.
  Notable

  • Repurchased 1.9 million shares for $93 million in the nine months ended September 30, 2026; $1.7B remains on the $3.0B program.
  • Segment structure reassessed: Issuer Solutions Business added to Banking Solutions; prior periods recast to match.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Contains specific severance costs, transformation expenses, and segment profit definition.
  Notable

  • Severance costs were $154M for 9M 2026, down from $205M in 9M 2025, but expects more in Q4 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Segment-level revenue, EBITDA, and capex with a financing disclosure for Q3 2026.
  Notable

  • Capital expenditures $361M in Q3 2026, with $80M financed via long-term payment arrangements.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Segment-level EBITDA, capex, and a net loss of $(128)M for 9M 2025 are company-specific results.
  Notable

  • Long-term assets outside US $1,096M as of Sep 30, 2026, up from $857M at Dec 31, 2025.

• Item 2

  Goodwill impairment risk, $7.7B debt, $2.2B gain, segment results, liquidity details.
  Notable

  • Debt outstanding $20.8B at Sep 30, 2026; $3.8B available liquidity including $740M cash. Repurchases curtailed.
  • Operating cash flow rose $333M to $2.18B in 9M 2026, driven by improved operating performance.
  Negative

  • Banking goodwill of $19.9B exceeds fair value by only ~7% as of Sep 30, 2026; modest changes could trigger impairment.

• Item 4

  Controls exclude a large acquired business (19% revenue, 33% assets).
  Notable

  • Controls assessment excluded Issuer Solutions, which was 19% of gross revenue and 33% of total assets for Q3 2026.
  • Total assets of the acquired business were 33% of consolidated assets, mostly goodwill and intangibles.

• Other Information (Item 5)

  CFO departure and interim CFO appointment with compensation details; material governance change.
  Notable

  • CFO James Kehoe steps down Nov 5, 2026; stays as advisor until Mar 31, 2027. Gets severance per his agreement.
  • Interim CFO Alexandra Brooks gets salary $575k, bonus target 100% of salary, equity target $1.25M, plus one-time $1.25M equity grant.
  • No directors or officers adopted or terminated 10b5-1 trading plans in the period covered by this report.

What changed: Sep 2026 vs. Jun 2026

About 8% of FIS's Sep 2026 10-Q is new information. 32 paragraphs were added, 140 changed, and 6 removed. Below are the most important lines SECSift identified.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 64
• Item 2 56
• Item 5 7
• Item 3 3
• Condensed Consolidated Statements of Equity 2
• Item 6 2
• Condensed Consolidated Statements of Cash Flows - (Unaudited) (In millions) 1
• Item 4 1