Fidelity National Information Services, Inc.

Growth after a major acquisition

Reported revenue growth was 27%, while pro forma revenue growth was 3.7%. The pro forma comparison includes Total Issuing Solutions before it was owned, adjusts for currency and excludes Corporate and Other. It measures a different business base from reported growth.

Adjusted earnings exclude purchase-accounting amortization, acquisition and integration costs and other specified items. Current-quarter adjusted earnings were $831 million, compared with $789 million.

Earlier promises and the new outlook

August's third-quarter adjusted EPS forecast was $1.58 to $1.62. The result of $1.61 was within that range. November's annual range is $5.82 to $5.89, down from August's $6.15 to $6.24.

The annual adjusted EBITDA range fell to $5.565 billion to $5.605 billion from $5.730 billion to $5.785 billion. The pro forma revenue-growth range fell to 3.1% to 3.6% from 4.5% to 5.0%.

Acquisitions, disposal and goodwill

On January 9, 2026, FIS completed its acquisition of Total Issuing Solutions from Global Payments and the sale of its remaining Worldpay stake. The non-core prepaid business sale closed on October 20 for more than $100 million in gross proceeds.

Reduced Banking projections triggered quantitative goodwill testing. The estimated value of the Banking reporting unit exceeded its carrying amount by approximately 7%, versus more than 50% for Capital Markets. No third-quarter goodwill charge was recorded. June's report had already described heightened sensitivity; the new filing quantifies that cushion.

Cash generation and borrowing

Quarterly operating cash flow was $976 million. After $281 million of property and software investment, free cash flow was $695 million. Adding back $167 million of Worldpay sale taxes produced the $862 million measure used in the headline comparison.

Annual guidance remains $2.15 billion to $2.25 billion on that tax-excluded basis. At September 30, cash and cash equivalents were $740 million, and the company reported $20.8 billion of debt outstanding.

Available revolving credit was approximately $3 billion after allowing for commercial-paper backing and existing drawings.

FIS has curtailed share repurchases and paused small acquisitions to accelerate debt reduction. It expects meaningful buybacks to resume after reaching a gross-leverage target of approximately 2.8 times. That policy was already included in its August update.

Finance leadership

FIS announced on November 4 that James Kehoe would step down as chief financial officer effective November 5. Alexandra Brooks was appointed interim CFO while the board searches for a permanent successor.

Read our comparison of the quarterly result and annual forecast cut.