Fidelity Natl Information Sv — Financial Results
Revenue Growing Steadily, Driven by Core Banking and Capital Markets
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Revenue | $9,831M | $10,127M | $10,677M |
| Revenue Growth | — | 3% | 5% |
| Operating Margin | 15% | 17% | 16% |
FIS grew total revenue by 5% in 2025, with both main business segments — Banking Solutions (up 6%) and Capital Markets Solutions (up 7%) — contributing consistently. The growth is mostly recurring revenue (think long-term subscription-style contracts), which is a reassuring sign of stability. Operating margin dipped slightly from 17% to 16%, as costs grew a little faster than revenue.
Capital Markets Segment Is the Standout Performer
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $2,766M | $2,979M | $3,196M |
| Adjusted EBITDA Margin | 50.3% | 51.0% | 51.8% |
The Capital Markets segment has grown revenue by 8% and then 7% in back-to-back years, while steadily expanding its profit margin each year. This segment benefits from new software-as-a-service (SaaS) clients, higher-margin license sales, and cost discipline. At a 51.8% Adjusted EBITDA margin (roughly, how much profit is generated from each dollar of revenue before interest, taxes, and non-cash charges), this is a high-quality, profitable business.
A Major Acquisition Just Changed FIS's Debt Picture
FIS completed the Issuer Solutions Acquisition (a credit card processing business) and funded it with approximately $7.7 billion of new debt. Total debt now stands at $13.1 billion. While the current weighted average interest rate is a manageable 3.0%, the company has explicitly flagged that interest costs will rise in 2026 as this new debt takes effect. FIS plans to replace the acquisition financing with permanent bonds and has paused its share buyback program to focus on paying down debt.
Operating Cash Flow Is Strengthening
| Year | Cash from Operations |
|---|---|
| 2023 | $2,078M |
| 2024 | $2,175M |
| 2025 | $2,608M |
Cash generated from day-to-day operations rose 20% in 2025 to $2.6 billion, driven by higher earnings and better working capital management (collecting cash more efficiently). This is a meaningful improvement and gives FIS a solid foundation to service its elevated debt load. Capital expenditures also rose to $989 million, reflecting continued investment in software and technology.
The Worldpay Chapter Is Essentially Closed — With a Gain Ahead
FIS sold its majority stake in Worldpay (a merchant payments business) in early 2024, and in early 2026 sold its remaining 45% minority interest. The remaining sale is expected to generate a pre-tax gain of approximately $2.2 billion in the first quarter of 2026. However, during 2025, FIS had to write off $108 million of contingent consideration (a potential future payment it was owed from the original Worldpay sale) because the minority interest sale triggered the forfeiture of that amount. The Worldpay separation is now complete.
Worldpay Equity Stake Weighed on Reported Earnings
While FIS held its 45% stake in Worldpay, it recorded its share of Worldpay's results — and that was a drag. FIS reported a $526 million equity method investment loss in 2025, up sharply from $145 million in 2024, reflecting Worldpay's own financial struggles during that period. Now that the stake has been sold, this line item will disappear from FIS's results going forward.