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What changed in Fidelity National Information Services's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Fidelity National Information Services's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+343 added−302 removedSource: 10-K (2026-02-24) vs 10-K (2025-02-13)

Top changes in Fidelity National Information Services's 2025 10-K

343 paragraphs added · 302 removed · 258 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

49 edited+24 added−23 removed89 unchanged
Biggest changeIn connection with the Worldpay Sale, FIS and Worldpay entered into commercial agreements, preserving a key value proposition for clients of both businesses and reducing potential dis-synergies. FIS and Worldpay also entered into additional agreements as described in Note 4 to the consolidated financial statements. Competitive Strengths We believe our competitive strengths include the following: • Brand.
Biggest changeFIS retained a non-controlling 45% equity interest in a new standalone joint venture, Worldpay Holdco, LLC ("Worldpay"), following the closing of the 2024 Worldpay Sale. In connection with the 2024 Worldpay Sale, FIS and Worldpay entered into commercial agreements, preserving a key value proposition for clients of both businesses and reducing potential dis-synergies.
FIS' focus on real-time consumer access has driven significant market innovation in multi-channel, API-enabled embedded and multi-hosted solutions, underpinned by a strategy that provides tight integration and a seamless customer experience. Our innovative digital banking capabilities are now available to financial institutions with continually expanding 4 Table of Contents functionality.
FIS' focus on real-time consumer access has driven significant market innovation in multi-channel, API-enabled embedded and multi-hosted solutions, underpinned by a strategy that provides tight integration and a seamless customer experience. Our innovative digital banking capabilities are now available to financial institutions with continually 4 Table of Contents expanding functionality.
Depending on the business line, our primary competitors include, but are not limited to, internal technology or software development departments within financial institutions or other large companies; global and regional companies providing banking, payment and capital markets services; embedded payment solution providers; securities exchanges; asset managers; card associations; clearing networks or associations; trust companies; independent computer services firms; companies that develop verticalized software applications; companies owned by global banks selling competitive solutions; companies that provide customized development, implementation and support services; emerging technology innovators and business process outsourcing companies.
Depending on the business line, our primary competitors include, but are not limited to, internal technology or software development departments within financial institutions or other large companies; global and regional companies providing banking, payment and capital markets solutions and services; embedded payment solution providers; securities exchanges; asset managers; card associations; clearing networks or associations; trust companies; independent computer services firms; companies that develop verticalized software applications; companies owned by global banks selling competitive solutions; companies that provide customized development, implementation and support services; emerging technology innovators and business process outsourcing companies.
Economic Crime and Corporate Transparency Act, European Union ("E.U.") Anti-Money Laundering Directives, the Internal Revenue Code, the Employee Retirement Income Security Act, the Health Insurance Portability and Accountability Act, the Community Reinvestment Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), the Securities Exchange Act of 1934, the Investment Advisors Act of 1940 (the "1940 Act"), anti-corruption laws including the U.S.
Economic Crime and Corporate Transparency Act, the European Union ("E.U.") Anti-Money Laundering Directives, the Internal Revenue Code, the Employee Retirement Income Security Act, the Health Insurance Portability and Accountability Act, the Community Reinvestment Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), the Securities Exchange Act of 1934, the Investment Advisors Act of 1940 (the "1940 Act"), anti-corruption laws including the U.S.
Certain operations of the Company are also subject to the newer, comprehensive, U.S. state-level Privacy Laws that provide consumers with additional data protection rights, including the right to be informed about the personal information collected by third parties and the use of that personal information, and which also impose obligations on companies in connection with the use of personal information.
Certain operations of the Company are also subject to newer, comprehensive, U.S. state-level privacy laws that provide consumers with additional data protection rights, including the right to be informed about the personal information collected by third parties and the use of that personal information, and which also impose obligations on companies in connection with the use of personal information.
The GDPR has heightened our privacy and data protection compliance obligations, impacted our businesses' collection, processing and retention of personal data and imposed stricter standards for reporting data breaches. • Oversight by Securities Regulators.
The GDPR has heightened our privacy and data protection compliance obligations, impacted our businesses' collection, processing and retention of personal data and imposed stricter standards for reporting personal data breaches. • Oversight by Securities Regulators.
Our lending solutions offer full life-cycle commercial lending functionality from loan origination, commercial credit assessment and customer risk rating to loan servicing and data analytics. We also offer the leveraged and syndicated loan markets solutions that manage amendments, secondary market trading, deal management and bookrunning.
Our lending solutions offer full life-cycle commercial lending functionality from loan origination, commercial credit assessment and customer risk rating to loan servicing and data analytics. We also offer leveraged and syndicated loan markets solutions that manage amendments, secondary market trading, deal management and bookrunning.
A determination that there have been violations of Privacy Laws could expose us to significant damage awards, fines and other penalties that could, individually or in the aggregate, materially harm our business and reputation.
A determination that there have been violations of Privacy Laws could expose us to significant damage or compensation awards, fines and other penalties that could, individually or in the aggregate, materially harm our business and reputation.
Digital Operational Resilience Act ("DORA"), which came into force in January 2025, our E.U. financial entity clients will require us, as a third-party provider of information and communication technology services, to contract with and manage our relationships with them (and, where applicable, our relationships with critical third-party technology vendors in our supply chain) in accordance with the requirements of DORA.
Digital Operational Resilience Act ("DORA"), which came into force in January 2025, our E.U. financial entity clients require us, as a designated "critical third-party provider" of information and communication technology services, to contract with and manage our relationships with them (and, where applicable, our relationships with critical third-party technology vendors in our supply chain) in accordance with the requirements of DORA.
We provide our card personalization fulfillment solutions for branded credit cards and branded and non-branded debit and prepaid cards. 5 Table of Contents Capital Market Solutions ("Capital Markets") The Capital Markets segment is focused on serving global financial services clients and corporations with a broad array of buy- and sell-side, treasury, risk management and lending solutions.
We provide our card personalization fulfillment solutions for branded credit cards and branded and non-branded debit and prepaid cards. 5 Table of Contents Capital Market Solutions ("Capital Markets") The Capital Markets segment is focused on serving global financial services clients and multi-national corporations with a broad array of buy- and sell-side, treasury, risk management and lending solutions.
Our other operating income recorded in connection with our transaction services arrangements with Worldpay is also recorded in Corporate and Other. Sales and Marketing Our sales personnel have expertise in particular solutions, geographic markets and industry verticals, as well as across our various client segments.
Our other operating income recorded in connection with our transition services arrangements with Worldpay is also recorded in Corporate and Other. Sales and Marketing Our sales personnel have expertise in particular solutions, geographic markets and industry verticals, as well as across our various client segments.
FIS' significant expertise in the markets and domains we serve enables us to deliver a broad range of innovative software applications and flexible service offerings, ranging from managed processing arrangements, either at the client site or hosted at an FIS data center or in our private cloud, to traditional license and maintenance arrangements.
FIS' significant expertise in the markets and domains we serve enables us to deliver a broad range of innovative software applications and flexible service offerings, ranging from managed processing arrangements, either at the client site or hosted at an FIS data center or in our private cloud, 2 Table of Contents to traditional license and maintenance arrangements.
Our trading applications focus on advanced trade life-cycle management, including market making and risk management, cleared derivatives processing, securities processing and securities finance, tax processing, and regulatory compliance, including anti-money laundering (AML) and trade surveillance.
Our Trading solutions focus on advanced trade life-cycle management, including market making and risk management, cleared derivatives processing, securities processing and securities finance, tax processing, and regulatory compliance, including anti-money laundering (AML) and trade surveillance.
Our card and retail payment technology solutions allow clients to issue VISA ® , MasterCard ® or other payment network-branded credit and debit cards or other electronic payment cards for use by both consumer and business accounts. Card-based volumes continue to increase, driven by both the number of transactions per month and the value of those transactions.
Our card and retail payment technology solutions allow clients to issue VISA ® , MasterCard ® or other payment network-branded credit and debit cards or other electronic payment cards for use by both consumer and business accounts. Card-based volumes continue to increase, driven by both the number of accounts on file and the number and value of transactions per month.
We expect to continue our practice of investing an appropriate level of resources to maintain, enhance and extend the functionality of our proprietary systems and software applications, to develop new and innovative software applications and systems to address emerging technology trends in response to the needs of our clients and to enhance the capabilities of our outsourcing infrastructure.
We expect to continue investing an appropriate level of resources to maintain, enhance and extend the functionality of our proprietary systems and software applications, to develop new and innovative software applications and systems to address emerging technology trends in response to the needs of our clients, and to enhance the resilience of our enterprise systems and the capabilities of our outsourcing infrastructure.
Our collection services are subject to the Federal Fair Debt Collection Practices Act and various state collection laws and licensing requirements. The Federal Trade Commission, as well as state attorneys general and other agencies, have enforcement responsibility over the collection laws, as well as the various credit reporting laws.
Our collection services are subject to the Federal Fair Debt Collection Practices Act and various state collection laws and licensing requirements. The Federal Trade Commission, as well as state attorneys general and other agencies, have enforcement responsibility over the collection laws, as well as the various credit reporting laws. • Digital Operational Resilience.
We remain committed to providing a safe working environment that minimizes health risks and prioritizes physical safety. 11 Table of Contents Corporate Culture Our culture stems from embracing our corporate values as we work together to win as one team, lead with integrity and strive to "be the change" for our employees, clients and communities.
We remain committed to providing a safe working environment that minimizes health risks and prioritizes physical safety. Corporate Culture Our culture stems from embracing our corporate values as we work together to win as one team, lead with integrity and strive to "be the change" for our employees, clients and communities.
Our systems use a combination of advanced authentication procedures, predictive analytics, artificial intelligence modeling and proprietary and shared databases to assess and detect fraud risk for deposit, card and other transactions for financial institutions. • Card and Retail Payments.
Our systems use a combination of advanced authentication procedures, predictive analytics, AI modeling and proprietary and shared databases to assess and detect fraud risk for deposit, card and other transactions for financial institutions. • Card and Retail Payments.
As a provider of solutions to financial institutions, we are required to comply with the 9 Table of Contents Privacy Laws and are bound by the same limitations on disclosure of the information received from our clients as apply to the financial institutions themselves.
As a provider of solutions to financial institutions, we are required to comply with the Privacy Laws and are bound by the same limitations on disclosure of the information received from our clients as apply to the financial institutions themselves.
Worldpay Sale Summary On January 31, 2024, we completed the sale (the "Worldpay Sale") of a 55% equity interest in our Worldpay Merchant Solutions business to private equity funds managed by GTCR, LLC (such funds, the "Buyer").
Worldpay Sale and Issuer Solutions Acquisition On January 31, 2024, we completed the sale (the "2024 Worldpay Sale") of a 55% equity interest in our Worldpay Merchant Solutions business to private equity funds managed by GTCR, LLC (such funds, the "Buyer").
As the breadth of FIS' service offerings has 2 Table of Contents expanded, we have found that our deep and broad access within our clients' organizations presents greater opportunities for cross-selling and up-selling solutions to our clients. • Modern and Cloud-based Technologies.
As the breadth of FIS' service offerings has expanded, we have found that our deep and broad access within our clients' organizations presents greater opportunities for cross-selling and up-selling solutions to our clients. • Data and Cloud-based Technologies.
We have made, and continue to make, investments in modern platforms, advanced technologies, open APIs, machine learning and artificial intelligence, and regulatory technology to support our Capital Markets clients. Our solutions in this segment include the following: • Trading and Asset Services.
We have made, and continue to make, investments in modern platforms, advanced technologies, open APIs, machine learning and AI, and regulatory technology to support our Capital Markets clients. Our portfolios in this segment include the following: • Trading and Asset Services.
In other cases, our clients are contractually responsible for determining what is required of them under applicable laws and regulations and utilize our solutions to achieve compliance with those laws and regulations.
In other cases, our clients are contractually, or as a matter of law, responsible for determining what is required of them under applicable laws and regulations and utilize our solutions to achieve compliance with those laws and regulations.
Corporate and Other The Corporate and Other segment consists of corporate overhead expense, certain leveraged functions and miscellaneous expenses that are not included in the operating segments, as well as certain non-strategic businesses that we plan to wind down or sell.
Corporate and Other The Corporate and Other segment consists of corporate overhead expense, certain leveraged functions and miscellaneous expenses that are not included in the operating segments, as well as certain non-strategic businesses.
FIS is a highly respected brand known globally for innovation and thought leadership in the financial services sector. • Extensive Domain Expertise and Portfolio Breadth.
Competitive Strengths We believe our competitive strengths include the following: • Brand. FIS is a highly respected brand known globally for innovation and thought leadership in the financial services sector. • Extensive Domain Expertise and Portfolio Breadth.
The Company is subject to an increasing number of privacy and data protection laws, regulations and directives globally, including the General Data Protection Regulation ("GDPR") in the E.U., the California Consumer Privacy Act ("CCPA") as amended by the California Privacy Rights Act ("CPRA"), the Virginia Consumer Data Protection Act ("VCDPA"), the Colorado Privacy Act ("CPA"), the Connecticut Personal Data Privacy and Online Monitoring Act ("CTDPA"), the Utah Consumer Privacy Act, the Gramm-Leach-Bliley Act ("GLBA"), the Fair Credit Reporting Act ("FCRA"), and the Health Insurance Portability and Accountability Act ("HIPAA") in the United States; the U.K.'s General Data Protection Regulation ("U.K.
The Company is subject to an increasing number of privacy and data protection laws, regulations and directives globally, including the General Data Protection Regulation ("GDPR") in the E.U., the California Consumer Privacy Act ("CCPA") as amended by the California Privacy Rights Act ("CPRA"), and various consumer privacy acts in other U.S. states that have followed, the Gramm-Leach-Bliley Act ("GLBA"), the Fair Credit Reporting Act ("FCRA"), and the Health Insurance Portability and Accountability Act ("HIPAA") in the United States; the U.K.'s General Data Protection Regulation ("U.K.
Our expansive solution set allows us to bundle tailored or integrated services to compete effectively. • Excellent and Long-term Relationships with Clients. A significant percentage of our business relates to solutions provided under multi-year, recurring contracts. The nature of these relationships allows us to develop close partnerships with our clients, resulting in high client retention rates.
Our component-based platform offers clients an extensive solution set with modern, streamlined capabilities. • Excellent and Long-term Relationships with Clients. A significant percentage of our business relates to solutions provided under multi-year, recurring contracts. The nature of these relationships allows us to develop close partnerships with our clients, resulting in high client retention rates.
Many of these Privacy Laws place restrictions on the Company's ability to efficiently transfer, access and use personal data across its business. The legislative and regulatory landscape for privacy and data protection continues to evolve. Our financial institution clients operating in the U.S. are required to comply with privacy regulations imposed under the GLBA and numerous similar state laws.
The legislative and regulatory landscape for privacy and data protection continues to evolve. 9 Table of Contents Our financial institution clients operating in the U.S. are required to comply with privacy regulations imposed under the GLBA and numerous similar state laws. GLBA and those state laws place restrictions on the use of non-public personal information.
We work with our clients to determine the appropriate timing and approach to introduce technology or infrastructure changes to our solutions. 7 Table of Contents Government Regulation Our solutions are subject to a broad range of complex federal, state, and international regulations and requirements, as well as requirements under the rules of self-regulatory organizations including, without limitation, federal truth-in-lending and truth-in-savings rules, federal, state and international money transmission laws, state cybersecurity protection laws, data protection and privacy laws, cyber resilience laws, artificial intelligence laws, usury laws, laws governing state trust charters, the Equal Credit Opportunity Act, the Electronic Funds Transfer Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Bank Service Company Act, the Bank Secrecy Act, the USA Patriot Act, the United Kingdom ("U.K").
We are expanding AI capabilities of our key solutions through a combination of in-house development and partnership with industry leaders, with a focus on agentic capabilities and the development of select use cases in collaboration with clients. 7 Table of Contents Government Regulation Our solutions are subject to a broad range of complex federal, state, and international regulations and requirements, as well as requirements under the rules of self-regulatory organizations including, without limitation, federal truth-in-lending and truth-in-savings rules, federal, state and international money transmission laws, state cybersecurity protection laws, data protection and privacy laws, cyber resilience laws, AI laws, usury laws, environmental, climate change, and sustainability laws and requirements, laws governing state trust charters, the Equal Credit Opportunity Act, the Electronic Funds Transfer Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Bank Service Company Act, the Bank Secrecy Act, the USA Patriot Act, the United Kingdom ("U.K.").
We also are focused on ensuring our operating environments safeguard and protect consumers' personal information in compliance with these laws. Our consumer reporting and consumer-facing businesses are subject to CFPB Bulletin 2013-7 (a successor to the former Regulation AA - Unfair Deceptive Acts or Practices), which defines Unfair, Deceptive or Abusive Acts or Practices ("UDAAP").
We also are focused on ensuring our operating environments safeguard and protect consumers' personal information in compliance with these laws. Our consumer-facing businesses are subject to federal and state consumer protection laws governing unfair, deceptive or abusive acts or practices ("UDAAP").
Our employees have a learning roadmap to ‘Build our Leaders of Tomorrow’ which is supported by access to an extensive selection of online self-paced learning resources, virtual instructor-led and face-to-face development offerings, and targeted development programs for high-potential and senior management employees. We engage in executive-level succession planning and provide extensive opportunities to apply for open roles within our organization.
Our learning roadmap, ‘Building Our Leaders of Tomorrow,’ is supported by self-paced online resources, virtual instructor-led sessions, and targeted programs for high-potential and senior leaders. We engage in executive-level succession planning and provide extensive opportunities to apply for open roles within our organization. Our talent development practices are underpinned by a comprehensive talent planning and feedback culture.
Health and Safety The health and safety of our employees is a key priority. We have implemented a comprehensive wellness program focused on all aspects of employee wellness – physical, mental, social, and financial. Initiatives under this program are designed to promote healthy lifestyle habits.
We have implemented a comprehensive wellness program focused on all aspects of employee wellness – physical, mental, social, and financial. Initiatives under this program are designed to promote healthy lifestyle habits. We continue to operate FIS Cares, a global employee-funded giving program designed to help our employees in times of need.
The majority of our programs are full service, including most of the operations and support necessary for an issuer to operate a credit card program. We do not make credit decisions for our card issuing clients.
Many of our programs are full service, including most of the operations and support necessary for an issuer to operate a credit card program; however, we do not make credit decisions for our card issuing clients. We also provide specialized solutions such as virtual card, accounts payable and expense management, commercial processing and real-time alerts.
GLBA and those state laws place restrictions on the use of non-public personal information. All financial institutions must disclose detailed privacy policies to their customers and offer them the opportunity to direct the financial institution not to share information with third parties.
All financial institutions must disclose detailed privacy policies to their customers and offer them the opportunity to direct the financial institution not to share information with third parties. The regulations under GLBA, however, permit financial institutions to share information with non-affiliated parties who perform services for the financial institutions.
We also leverage a one-to-many operating model to drive high incremental margins on revenue growth, while also providing cost-effective solutions for our clients. • Expand Distribution. Through our global sales force and strategic commercial partnerships, we drive growth through client additions and the expansion of existing client relationships in support of our clients' growth ambitions.
We strive to improve the efficiency of our operations through investments in new technologies, processes and infrastructure modernization. We also leverage a one-to-many operating model to drive high incremental margins on revenue growth, while also providing cost-effective solutions for our clients. • Expand Distribution.
Human Capital Management Employee Population As of December 31, 2024, we had more than 50,000 employees, including over 32,000 employees principally employed outside of the U.S. None of our U.S. workforce currently is unionized. Approximately 6,000 of our employees, primarily in Brazil and Europe, are represented by labor unions or works councils as of December 31, 2024.
None of our U.S. workforce currently is unionized. Approximately 2,000 of our employees, primarily in Brazil and Europe, are represented by labor unions or works councils as of December 31, 2025. Health and Safety The health and safety of our employees is a key priority.
By investing in solution innovation, we continue to expand our value proposition to our clients and prospects. • Support Our Clients Through Innovation. Changing market dynamics, particularly in the areas of digital delivery, information security and regulation, are transforming the way our clients operate, which is driving incremental demand for our integrated solutions built around our intellectual property.
Changing market dynamics, particularly in the areas of digital delivery, information security and AI are transforming the way our clients operate and compete. These dynamics are driving increased demand for integrated, modular solutions built on our intellectual property.
Our clients range from large banks, financial institutions and other enterprises, including multi-national clients, to community or regional financial institutions and other businesses. • Allocate Our Capital and Resources Strategically.
Through our global sales force and strategic commercial partnerships, we drive growth through client additions and the expansion of existing client relationships in support of our clients' growth ambitions. Our clients range from large banks, financial institutions and other enterprises, including multi-national clients, to community or regional financial institutions and other businesses. • Allocate Our Capital and Resources Strategically.
Technology Development Our technology development activities primarily relate to the modernization of our proprietary core processing software applications and the design and development of next generation digital solutions, processing systems, software applications and risk management platforms.
Technology Development Our technology development activities primarily relate to enhancing our proprietary core processing software applications and to designing and developing next-generation digital solutions, processing systems, software applications and risk management platforms, including componentized products with unified API-enabled access implemented on a cloud foundation.
However, quarterly revenue and margins for each segment may vary based on the timing of recognition of certain non-recurring revenue, including software licenses and termination fees. For information about current trends in market demand, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Business Trends and Conditions .
For information about current trends in market demand, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Business Trends and Conditions .
The results of the Worldpay Merchant Solutions business have been recast as discontinued operations for all periods presented. Accordingly, the Company no longer reports the Merchant Solutions 3 Table of Contents segment.
The Worldpay Merchant Solutions business included the former Merchant Solutions segment in addition to a business previously included in the Corporate and Other segment. The results of the Worldpay Merchant Solutions business have been recast as discontinued operations for all periods presented.
We believe that keeping our team and our capital strategically focused benefits our existing clients and our ability to win new clients. At the same time, to the extent our businesses generate excess cash, we strategically use it to repurchase shares, repay debt, pay dividends or for other corporate purposes.
At the same time, to the extent our businesses generate excess cash, we strategically use it to repurchase shares, repay debt, pay dividends or for other corporate purposes. 3 Table of Contents Segment Information FIS reports its financial performance based on the following segments: Banking Solutions ("Banking"), Capital Market Solutions ("Capital Markets") and Corporate and Other.
See Notes 1 and 3 to the consolidated financial statements for further information regarding the Worldpay Merchant Solutions disposal group and its discontinued operations. FIS' share of the net income of Worldpay is reported as equity method investment earnings (loss).
As such, the related results have been excluded from continuing operations and segment results, and the Company no longer reports the Merchant Solutions segment. See Notes 1 and 3 to the consolidated financial statements for further information regarding the Worldpay Merchant Solutions disposal group and its discontinued operations.
The foregoing list of laws and regulations to which our Company is subject is not exhaustive, and the regulatory framework governing our operations changes continuously. Enactment of new laws and regulations may increasingly affect the operations of our business, directly and indirectly, which could result in substantial regulatory compliance costs, litigation expense, adverse publicity, and/or loss of revenue.
Many U.S. states have also considered legislation to regulate AI that may affect the Company or its business. The foregoing list of laws and regulations to which our Company is subject is not exhaustive, and the regulatory framework governing our operations changes continuously.
In addition, we intend to offer solutions compatible with new and emerging delivery channels. As part of our technology development process, we evaluate current and emerging technology for compatibility with our existing and future software platforms. To this end, we engage with various hardware and software vendors in the evaluation of various new and existing technologies.
As part of our technology development process, we evaluate current and emerging technologies for compatibility with our existing and future software platforms and apply those that best support the evolving needs of our clients.
" Revenue by Segment The table below summarizes our revenue by reporting segment (in millions): 2024 2023 2022 Banking Solutions (1) $ 6,892 $ 6,743 $ 6,625 Capital Market Solutions 2,979 2,766 2,631 Corporate and Other 256 322 464 Total Consolidated Revenue $ 10,127 $ 9,831 $ 9,720 (1) During 2024, the Company revised its previously issued consolidated financial statements as of and for the annual periods ended December 31, 2023 and 2022, to correct certain immaterial misstatements.
" Revenue by Segment The table below summarizes our revenue by reporting segment (in millions): 2025 2024 2023 Banking Solutions $ 7,285 $ 6,892 $ 6,743 Capital Market Solutions 3,196 2,979 2,766 Corporate and Other 196 256 322 Total Consolidated Revenue $ 10,677 $ 10,127 $ 9,831 Banking Solutions ("Banking") The Banking segment is focused on serving financial institutions with core processing software, transaction processing software and complementary applications and services, many of which interact directly with core processing software.
The Chief Executive Officer and the Chief People Officer regularly update our Board of Directors on human capital management and culture.
We foster a respectful, inclusive environment that enables innovation and collaboration, ensuring we deliver the best solutions for our clients and partners. The Chief Executive Officer and Chief People Officer regularly update our Board of Directors on human capital management and culture, reinforcing its strategic importance. Culture is measurable, observable, and operational.
Our talent development program provides an enterprise-wide, systematic foundation for career development tied to learning paths that enable skills development. Our talent practices are based on a future-focused development approach to equip FIS leaders with the skills required to enable business growth and exceed the needs of our clients.
Our talent development program provides an enterprise-wide, systematic foundation for career development tied to learning paths that enable skills development. Traditional leadership programs are being replaced by customized, digital-first development experiences tailored to individual needs. We will offer micro-learning, peer coaching, and customized development opportunities that meet leaders where they are, when they need it.
Talent Management Along with our clients and communities, our employees are primary stakeholders in our organization, and so we place a strategic priority on developing our talent and fostering a culture aligned with our corporate values and in which employees receive the support needed to grow and develop their skills and capabilities.
Talent Management Our employees are primary stakeholders in our success, and we place a strategic priority on developing talent and creating an environment where individuals can thrive. Our approach is future-focused and designed to equip leaders and teams with the skills needed to enable business growth and exceed client expectations.
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Growth and Strategy Objectives Our growth has been driven by a number of factors, including growth of our customers' businesses, our internal development of new solutions that enhance our client offerings, and our sales and marketing efforts to expand our customer base and addressable markets.
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Growth and Strategy Objectives Our growth continues to be driven by the expansion of our clients' businesses, our internal development of innovative solutions, our focused sales and marketing efforts and our deepening reach across global financial ecosystems.
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Acquisitions have also contributed additional solutions that complement or enhance our offerings, diversify our client base, expand our geographic coverage, and provide entry into new and attractive adjacent markets that align with our strategic objectives. We continue to strategically allocate resources to both internal and external growth initiatives to enhance the long-term value of our business.
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Strategic acquisitions and partnerships have further enhanced our offerings, diversified our client portfolio, and expanded our reach into new and attractive markets aligned with our long-term objectives. As we advance our transformation into a platform company, we are embedding artificial intelligence ("AI") across our solutions and operations.
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FIS retained a non-controlling 45% equity interest in a new standalone joint venture, Worldpay Holdco, LLC ("Worldpay"), following the closing of the Worldpay Sale. Worldpay continues to provide merchant acquiring and related services to businesses of all sizes and across any industry globally, enabling them to accept, authorize and settle electronic payment transactions.
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We have shifted to a functional operating model, streamlining decision-making, fostering closer collaboration across the organization and with our clients. By reallocating resources toward high-value, integrated client experiences and modernizing our technology infrastructure, we are strengthening our competitive position and operational resilience.
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FIS leverages the modern architectures of our software applications and our ability to integrate many of our solutions with the solutions of others to provide customized solutions that respond to individualized client needs.
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FIS and Worldpay also entered into additional agreements as described in Note 4 to the consolidated financial statements. On April 17, 2025, FIS entered into definitive agreements to (i) buy the Issuer Solutions business (the "Issuer Solutions Business") from Global Payments Inc.
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We have made significant investment in modernizing our platforms and solutions and have moved substantially all of our server compute into our private cloud located in our strategic data centers, supplemented by public clouds in certain regions, to increase speed of delivery to clients and increase solution availability to industry-best levels. • Global Distribution and Scale.
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("Global Payments") ("the Issuer Solutions Acquisition") and (ii) sell its remaining equity interest in Worldpay to Global Payments (the "2026 Worldpay Minority Interest Sale"). The transaction closed on January 9, 2026. We funded the Issuer Solutions Acquisition through a combination of approximately $7.7 billion of new debt and the 2026 Worldpay Minority Interest Sale.
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We continue to invest in our solution portfolio through internal software development, as well as through acquisitions, equity investments and partnerships that complement and extend our existing solutions and capabilities, providing us with additional solutions to cross-sell to current clients and to capture the interest of new clients.
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FIS harnesses advanced analytics, AI, and real-time data insights across our platforms to deliver differentiated solutions that enhance decision-making, improve operational efficiency, and create personalized client experiences.
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As clients and prospects evaluate technology, business process changes and vendor risks, our depth of service capabilities enables us to become involved earlier in their planning and design process and assist them as they manage these changes. • Drive Efficiency and Scalability. We strive to improve the efficiency of our operations through investments in new technologies, processes and infrastructure modernization.
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By integrating emerging technologies such as machine learning, cloud-native architectures, and API-driven ecosystems, we strengthen our ability to innovate rapidly, scale securely, and maintain a leadership position in a dynamic financial services landscape. • Global Distribution and Scale.
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Segment Information FIS reports its financial performance based on the following segments: Banking Solutions ("Banking"), Capital Market Solutions ("Capital Markets") and Corporate and Other. The Worldpay Merchant Solutions business included the former Merchant Solutions segment in addition to a business previously included in the Corporate and Other segment.
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We continue to execute a disciplined build, buy and partner model embedded in product development, technology investment and go-to market execution. By investing in solution innovation, we expand our value proposition to our clients and prospects. • Support Our Clients Through Innovation.
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The assets and liabilities of the Worldpay Merchant Solutions business disposal group are presented separately on the consolidated balance sheets, and the operating results have been reflected as discontinued operations for all periods presented. As such, the related results have been excluded from continuing operations and segment results.
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Our depth of service capabilities and platform provider model position us to engage earlier in clients' planning and design processes, collaborate with fintechs and third-party developers, and deliver innovation solutions that help clients navigate change, enhance resilience and accelerate growth. • Drive Efficiency and Scalability.
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As a result of our ongoing portfolio assessments, the Company reclassified certain businesses from Capital Markets to Banking and to Corporate and Other during the quarter ended March 31, 2023, and reclassified certain non-strategic operations from Banking to Corporate and Other during the quarter ended December 31, 2023. The Company recast all prior-period segment information presented to reflect these reclassifications.
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We believe that keeping our team and our capital strategically focused benefits our existing clients and our ability to win new clients.
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See "Segment Information" below for additional discussion of our solutions and customers. See also Notes 6 and 22 to the consolidated financial statements for additional information about our segment revenue. Our consolidated results generally do not reflect pronounced seasonality.
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FIS' share of the net income of Worldpay is reported as equity method investment earnings (loss). Our consolidated results generally do not reflect pronounced seasonality. However, quarterly revenue and margins for each segment may vary based on the timing of recognition of certain non-recurring revenue, including software licenses and termination fees.
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See Note 24 to the consolidated financial statements for information about our revision of prior-period consolidated financial statements. Banking Solutions ("Banking") The Banking segment is focused on serving financial institutions with core processing software, transaction processing software and complementary applications and services, many of which interact directly with core processing software.
Added
FIS is positioned to lead through rapid innovation, ecosystem partnerships, and the integration of new technologies. We actively monitor and respond to market trends, leveraging our domain expertise to enhance our platform of solutions.
Removed
In addition, we believe our domain expertise and the breadth and complementary nature of our portfolio of applications, services and integrated solutions enhances our competitiveness against companies with more limited offerings. Our ability to innovate and scale digital payments and solutions has been a competitive advantage as well.
Added
These development activities include modernizing our online product offerings for treasury services, digital banking, capital markets services, and our next-generation core banking platform.
Removed
Where appropriate, we use third-party technology components in the development of our software applications and service offerings. We typically utilize enterprise license agreements or strive to ensure that either alternative suppliers or transfer rights exist in order to ensure the continuity of supply of third-party technology components used in the development of our software applications and service offerings.
Added
In particular, we are strengthening our integration across software ecosystems, creating a consolidated enterprise data infrastructure, enhancing AI capabilities and readiness, and selectively pursuing outsourcing opportunities in technology and operations to support resiliency, agility and cost control.
Removed
As a result, we are not materially dependent upon any third-party technology components. Third-party software may be used for highly specialized business functions depending on our ability to develop the functionality internally within time and budget constraints. Additionally, third-party software may be used for routine, commonplace functions within a technology platform environment.
Added
Many of these Privacy Laws place restrictions on the Company's ability to efficiently transfer, access and use personal data across its business.
Removed
The regulations under GLBA, however, permit financial institutions to share information with non-affiliated parties who perform services for the financial institutions.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

85 edited+31 added−4 removed141 unchanged
Biggest changeThe risks and uncertainties to which forward-looking statements are subject include the following, without limitation: • changes in general economic, business and political conditions, a recession, intensified or expanded international hostilities, acts of terrorism, increased rates of inflation or interest, changes in either or both the United States and international lending, capital and financial markets or currency fluctuations; 25 Table of Contents • the risk that acquired businesses will not be integrated successfully or that the integration will be more costly or more time-consuming and complex than anticipated; • the risk that cost savings and synergies anticipated to be realized from acquisitions may not be fully realized or may take longer to realize than expected or that costs may be greater than anticipated; • the risks of doing business internationally; • the effect of legislative initiatives or proposals, statutory changes, governmental or applicable regulations and/or changes in industry requirements, including privacy, data protection, cybersecurity, cyber resilience and AI laws and regulations; • our ability to comply with climate change legal and regulatory requirements and to maintain practices that meet our stakeholders' evolving expectations; • the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in, or new laws or regulations affecting, the banking, retail and financial services industries or due to financial failures or other setbacks suffered by firms in those industries; • changes in the growth rates of the markets for our solutions; • the amount, declaration and payment of future dividends is at the discretion of our Board of Directors and depends on, among other things, our investment opportunities, results of operations, financial condition, cash requirements, future prospects, and other factors that may be considered relevant by our Board of Directors, including legal and contractual restrictions; • the amount and timing of any future share repurchases is subject to, among other things, our share price, our other investment opportunities and cash requirements, our results of operations and financial condition, our future prospects and other factors that may be considered relevant by our Board of Directors and management; • failures to adapt our solutions to changes in technology or in the marketplace; • internal or external security or privacy breaches of our systems, including those relating to unauthorized access, theft, corruption or loss of personal information and computer viruses and other malware affecting our software or platforms, and the reactions of customers, card associations, government regulators and others to any such events; • the risk that implementation of software, including software updates, for customers or at customer locations or employee error in monitoring our software and platforms may result in the corruption or loss of data or customer information, interruption of business operations, outages, exposure to liability claims or loss of customers; • the risk that partners and third parties may fail to satisfy their legal obligations to us; • risks associated with managing pension cost, cybersecurity issues, IT outages experienced by us or by third parties and data privacy; • our ability to navigate the opportunities and risks associated with using and/or incorporating AI technologies into our business; • the reaction of current and potential customers to communications from us or regulators regarding information security, risk management, internal audit or other matters; • competitive pressures on pricing related to the decreasing number of community banks in the U.S., the development of new disruptive technologies competing with one or more of our solutions, increasing presence of international competitors in the U.S. market and the entry into the market by global banks and global companies with respect to certain competitive solutions, each of which may have the impact of unbundling individual solutions from a comprehensive suite of solutions we provide to many of our customers; • the failure to innovate in order to keep up with new emerging technologies, which could impact our solutions and our ability to attract new, or retain existing, customers; • an operational or natural disaster at one of our major operations centers; • failure to comply with applicable requirements of payment networks or changes in those requirements; • fraud by bad actors; and • other risks detailed elsewhere in the " Risk Factors " section and other sections of this report and in our other filings with the SEC.
Biggest changeThe risks and uncertainties to which forward-looking statements are subject include the following, without limitation: • changes in general economic, business and political conditions, a recession, intensified or expanded international hostilities, acts of terrorism, fluctuation in rates of inflation or interest, effects of announced or future tariff increases and any resulting regulatory changes in global trade relations and changes in consumer or business confidence; • changes in either or both the United States and international lending, capital and financial markets or currency fluctuations; • the risk that acquired businesses, including FIS Total Issuing TM Solutions, will not be integrated successfully, will not provide the expected benefits, or that the integration will be more costly or more time-consuming and complex than anticipated; • the risk that cost savings and synergies anticipated to be realized from acquisitions, including the Issuer Solutions Acquisition, may not be fully realized or may take longer to realize than expected or that costs may be greater than anticipated; • the risks of doing business internationally; • the effect of legislative initiatives or proposals, statutory changes, governmental or applicable regulations and/or changes in industry requirements, including privacy, data protection, cybersecurity, cyber resilience and AI laws and regulations; • our ability to comply with climate change legal and regulatory requirements and to maintain practices that meet our stakeholders' evolving expectations; • the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in, or new laws or regulations affecting, the banking, retail and financial services industries or due to financial failures or other setbacks suffered by firms in those industries; • changes in the growth rates of the markets for our solutions; • the amount, declaration and payment of future dividends is at the discretion of our Board of Directors and depends on, among other things, our investment opportunities, results of operations, financial condition, cash requirements, future prospects, and other factors that may be considered relevant by our Board of Directors, including legal and contractual restrictions; • the amount and timing of any future share repurchases is subject to, among other things, our share price, our other investment opportunities and cash requirements, our results of operations and financial condition, our future prospects and other factors that may be considered relevant by our Board of Directors and management; • failures to adapt our solutions to changes in technology or in the marketplace; • internal or external security or privacy breaches of our systems, including those relating to unauthorized access, theft, corruption or loss of personal information and computer viruses and other malware affecting our software or platforms, and the reactions of customers, card associations, government regulators and others to any such events; • the risk that implementation of software, including software updates, for customers or at customer locations or employee error in monitoring our software and platforms may result in the corruption or loss of data or customer information, interruption of business operations, outages, exposure to liability claims or loss of customers; • the risk that partners and third parties may fail to satisfy their legal obligations to us; • risks associated with managing pension cost, cybersecurity issues, IT outages experienced; • our ability to navigate the opportunities and risks associated with using and/or incorporating AI technologies into our business; • the reaction of current and potential customers to communications from us or regulators regarding information security, risk management, internal audit or other matters; • competitive pressures on pricing related to the decreasing number of community banks in the U.S., the development of new disruptive technologies competing with one or more of our solutions, increasing presence of international competitors in the U.S. market and the entry into the market by global banks and global companies with respect to certain competitive solutions, each of which may have the impact of unbundling individual solutions from a comprehensive suite of solutions we provide to many of our customers; • the failure to innovate in order to keep up with new emerging technologies, which could impact our solutions and our ability to attract new, or retain existing, customers; • an operational or natural disaster at one of our major operations centers; • failure to comply with applicable requirements of payment networks or changes in those requirements; • fraud by bad actors; and 28 Table of Contents • other risks detailed elsewhere in the " Risk Factors " section and other sections of this report, and in our other filings with the SEC.
Risks Related to Our Business and Operations Security breaches, privacy breaches, cyberattacks, unintentional disclosures of confidential information, third-party breaches, service outages, or a failure to comply with information security laws or regulations, contractual provisions, or industry security requirements by us, our vendors, clients, or technology partners could harm our business by disrupting delivery of services, exposing sensitive or confidential information, or damaging our reputation, any of which could result in a breach of one or more client contracts or regulatory investigations, enforcement actions, fines or litigation.
Risks Related to Our Business and Operations Security breaches, privacy breaches, cyberattacks, unintentional disclosures of confidential information, breaches of third party service providers, service outages, or a failure to comply with information security laws or regulations, contractual provisions, or industry security requirements by us, our vendors, clients, or technology partners could harm our business by disrupting delivery of services, exposing sensitive or confidential information, or damaging our reputation, any of which could result in a breach of one or more client contracts or regulatory investigations, enforcement actions, fines or litigation.
Our business, financial condition or results of operations could be adversely affected by business interruptions, errors or failures in connection with our or third-party information technology and communication systems and other software and hardware used in connection with our business, or by design errors in the software solutions we offer, or more generally, by the unavailability of third-party vendors' services that we need to operate our business effectively.
Our business, financial condition or results of operations could be adversely affected by business interruptions, errors or failures in connection with our or third-party information technology and communication systems and other software and hardware used in connection with our business, or by design errors in the software solutions we offer, or more generally, by the unavailability of third-party services that we need to operate our business effectively.
Entity mergers or consolidations and business failures in the banking and financial services industry could adversely affect our business by eliminating some of our existing and potential clients and making us more dependent on a more limited number of clients. There has been, and may continue to be, substantial consolidation activity in the banking and financial services industry.
Entity mergers or consolidations and business failures in the banking and financial services industry could adversely affect our business by eliminating some of our existing and potential clients and making us more dependent on a more limited number of clients. There has been, and may continue to be, consolidation activity in the banking and financial services industry.
AI Act imposes a number of requirements (some of which take effect in August 2025, August 2026 and August 2027) that differ depending on the type and use of a particular AI system, but which will at a minimum include extensive documentation and transparency requirements.
AI Act imposes a number of requirements (some of which took effect in August 2025 and will take effect in August 2026 and August 2027) that differ depending on the type and use of a particular AI system, but which will at a minimum include extensive documentation and transparency requirements.
The uninterrupted operation of information systems operated by us, our vendors and service providers, and other third parties, as well as the confidentiality of the customer or consumer information that resides on such systems, is critical to the successful operation of our Company.
The uninterrupted trustworthy operation of information systems operated by us, our vendors and service providers, and other third parties, as well as the confidentiality of the customer or consumer information that resides on such systems, is critical to the successful operation of our Company.
Defects in 14 Table of Contents our technology solutions or those of our third-party partners or elsewhere in the global cyber environment, errors or delays in the processing of electronic transactions, or other difficulties have resulted, and in the future could result, in (i) interruption of business operations; (ii) delay in market acceptance; (iii) additional development and remediation costs; (iv) diversion of technical and other resources; (v) loss of clients; (vi) negative publicity; or (vii) exposure to liability claims.
Defects in our technology solutions or those of our third-party partners or elsewhere in the global cyber environment, errors or delays in the processing of electronic transactions, or other difficulties have resulted, and in the future could result, in (i) interruption of business operations; (ii) delay in market acceptance; 15 Table of Contents (iii) additional development and remediation costs; (iv) diversion of technical and other resources; (v) loss of clients; (vi) negative publicity; or (vii) exposure to liability claims.
Additionally, in some markets in which we operate, our clients will require us to support them in achieving compliance with increasingly complex and prescriptive regulatory requirements relating to digital operational resilience.
Additionally, in some markets in which we operate, our clients require us to support them in achieving compliance with increasingly complex and prescriptive regulatory requirements relating to digital operational resilience.
The markets for our solutions are characterized by constant technological changes, frequent introductions of new solutions and evolving industry standards. Our future success will be significantly affected by our ability to enhance our current solutions and develop and introduce new solutions and services that address the increasingly sophisticated needs of our clients and their customers.
The markets for our solutions are characterized by constant technological changes, frequent introductions of new solutions and evolving industry expectations. Our future success will be significantly affected by our ability to enhance our current solutions and develop and introduce new solutions and services that address the increasingly sophisticated needs of our clients and their customers.
Any change in economic factors, including a sustained deterioration in general economic conditions or consumer confidence, particularly in the U.S., or inflation and increases in interest rates in key countries in which we operate may adversely affect consumer spending, consumer debt levels and credit and debit card usage, and as a result, adversely affect our financial performance by reducing the number or average purchase amount of transactions that we service.
Any change in economic factors, including a sustained deterioration in general economic conditions or consumer confidence, particularly in the U.S., or inflation and increases in interest rates in key countries in which we operate may adversely affect consumer spending, consumer debt levels and payment card usage, and as a result, adversely affect our financial performance by reducing the number or average purchase amount of transactions that we service.
If we do not maintain an adequate model governance function, we may face regulatory risk, lawsuits, security vulnerabilities or other sources of liability and potentially diminish trust in our brand. Lack of system integrity, fraudulent payments, credit quality, and undetected errors related to funds settlement or the availability of clearing services could result in a financial loss.
If we do not maintain an adequate model governance function, we may face regulatory risk, lawsuits, security vulnerabilities or other sources of liability and potentially diminish trust in our brand. 21 Table of Contents Lack of system integrity, fraudulent payments, credit quality, and undetected errors related to funds settlement or the availability of clearing services could result in a financial loss.
Failure to maintain investment grade rating levels could adversely affect the Company's cost of funds and liquidity and access to certain capital markets but would not have an adverse effect on our ability to access our existing Revolving Credit Facility.
Failure to maintain investment grade rating levels could adversely affect the Company's cost of funds and liquidity and access to certain capital markets but would not have an adverse effect on our ability to access our existing revolving credit facilities.
In addition, tax-law amendments in the U.S. and other jurisdictions could significantly impact how U.S. multinational corporations are taxed. Although we cannot predict whether or in what form such legislation will pass, if enacted it could have an adverse effect on our business, financial condition or results of operations.
In addition, tax-law amendments in the U.S. and other jurisdictions could significantly impact how U.S. multinational corporations are taxed. Although we cannot predict whether 24 Table of Contents or in what form such legislation will pass, if enacted it could have an adverse effect on our business, financial condition or results of operations.
Further, requirements of these regulations have resulted, and could further result, in changes in our business 16 Table of Contents practices, our clients' business practices and those of other marketplace participants that may alter the delivery of services to consumers, which have impacted, and could further impact, the demand for our solutions and services, as well as alter the types or volume of transactions that we process on behalf of our clients.
Further, requirements of these regulations have resulted, and could further result, in changes in our business practices, our clients' business practices and those of other marketplace participants that may alter the delivery of services to consumers, which have impacted, and could further impact, the demand for our solutions and services, as well as alter the types or volume of transactions that we process on behalf of our clients.
The failure of a bank, or events involving limited liquidity, defaults, non-performance or other adverse conditions in the financial or credit markets impacting financial institutions at which we maintain balances, or concerns or 15 Table of Contents rumors about such events, may lead to disruptions in access to our bank deposits or otherwise adversely impact our liquidity and financial performance.
The failure of a bank, or events involving limited liquidity, defaults, non-performance or other adverse conditions in the financial or credit markets impacting financial institutions at which we maintain balances, or concerns or rumors about such events, may lead to disruptions in access to our bank deposits or otherwise adversely impact our liquidity and financial performance.
At December 31, 2024, the Company had outstanding approximately €4.0 billion aggregate principal amount of Euro-denominated senior notes and approximately €0.1 billion aggregate principal amount of Euro-denominated commercial paper, or the combined equivalent of approximately $4.3 billion aggregate principal amount.
At December 31, 2025, the Company had outstanding approximately €3.4 billion aggregate principal amount of Euro-denominated senior notes and approximately €0.1 billion aggregate principal amount of Euro-denominated commercial paper, or the combined equivalent of approximately $4.1 billion aggregate principal amount.
Finally, the systems we rely on, which include hardware and software manufactured, developed or operated by third-party vendors and service providers, have in the past been subject to, and may in the future be subject to, cyber attacks or security incidents due to employee error or malfeasance, software bugs, hardware malfunctions or other security vulnerabilities.
Finally, the systems we rely on, which include hardware and software manufactured, developed or operated by third-party vendors and service providers, have in the past been subject to, and may in the future be subject to, cyberattacks or other security incidents due to employee error or malfeasance, software bugs, hardware malfunctions or other security vulnerabilities.
The Consumer Financial Protection Bureau ("CFPB") continues to establish rules and regulations for regulating financial and non-financial institutions and providers to those institutions to ensure adequate protection of consumer privacy and to ensure consumers are not impacted by deceptive business practices, as well as to provide examination and supervisory authority over consumer reporting agencies, including ChexSystems.
The Consumer Financial Protection Bureau ("CFPB") continues to update and enforce rules and regulations for regulating financial and non-financial institutions and providers to those institutions to ensure adequate protection of consumer privacy and to ensure consumers are not impacted by deceptive business practices, as well as to provide examination and supervisory authority over consumer reporting agencies, including ChexSystems.
Unauthorized access to, or abuse of authorized access to, our computer systems or databases or our vendors' computer systems or databases could result in the theft or publication of confidential information and personal data, the deletion or modification of records, disruption of service delivery, installation of malware, and the potential need to pay ransom or otherwise cause interruptions in our operations.
Unauthorized access to, or abuse of authorized access to, our computer systems or databases or our vendors' computer 13 Table of Contents systems or databases could result in the theft or publication of confidential information and personal data, the deletion or modification of records, disruption of service delivery, installation of malware, and the potential need to pay ransom or otherwise cause interruptions in our operations.
For example, under DORA, our E.U. financial entity clients will require us, as a third-party provider of information and communication technology services, to contract with and manage our relationships with such clients (and, where applicable, our relationships with critical third-party technology vendors in our supply chain) in accordance with the requirements of DORA.
For example, under DORA, our E.U. financial entity clients require us, as a designated Critical Third-Party Provider of information and communication technology services, to contract with and manage our relationships with such clients (and, where applicable, our relationships with other critical third-party technology vendors in our supply chain) in accordance with the requirements of DORA.
Ensuring that our AI systems are used ethically and in a way that aligns with societal values is critical to maintaining trust with our clients, their customers, and regulators, and will likely be required under laws and regulations governing AI systems. 19 Table of Contents Additionally, AI systems, whether developed internally or integrated from third-party suppliers, may be susceptible to security vulnerabilities.
Ensuring that our AI systems are used ethically and in a way that aligns with societal values is critical to maintaining trust with our clients, their customers, and regulators, and will likely be required under laws and regulations governing AI systems. Additionally, AI systems, whether developed internally or integrated from third-party suppliers, may be susceptible to security vulnerabilities.
We also collect personal data from our employees and contractors as necessary to support those relationships, comply with legal obligations, manage our workforce, and provide compensation and benefits. Our information systems and networks are dependent upon hardware, software, communication infrastructure and other technological components that are both developed by us and provided by third parties.
We also collect personal data from our employees and contractors as necessary to support those relationships, comply with legal obligations, manage our workforce, and provide compensation and benefits. Our information systems and networks are dependent upon hardware, software, communication infrastructure and other technological components and services that are developed and managed by us or provided by third parties.
Regulatory authorities subject our businesses, from time to time, to regulatory investigations, reviews, examinations and 17 Table of Contents proceedings (both formal and informal), some of which have the potential to result in settlements, fines, penalties, injunctions or other adverse consequences to us.
Regulatory authorities subject our businesses, from time to time, to regulatory investigations, reviews, examinations and proceedings (both formal and informal), some of which have the potential to result in settlements, fines, penalties, injunctions or other adverse consequences to us.
Conducting business in currencies other than the U.S. Dollar subjects us to foreign currency exchange rate fluctuations that can negatively impact our results, period to period, including relative to analyst estimates or guidance.
Our clients may pay us in foreign currencies. Conducting business in currencies other than the U.S. Dollar subjects us to foreign currency exchange rate fluctuations that can negatively impact our results, period to period, including relative to analyst estimates or guidance.
We are involved in various litigation matters, including in some instances class-action cases and patent infringement litigation. If we are unsuccessful in our defense of litigation matters, we may be forced to pay damages and/or change our business practices, any of which could have an adverse effect on our business, financial condition or results of operations.
We are involved in various litigation matters, including from time-to-time class-action cases and patent infringement litigation. If we are unsuccessful in our defense of litigation matters, we may be forced to pay damages and/or change our business practices, any of which could have an adverse effect on our business, financial condition or results of operations.
These initiatives carry the risks associated with any new solution development effort, including cost overruns, 13 Table of Contents delays in delivery and implementation, and performance issues. There can be no assurance that we will be successful in developing, marketing and selling new solutions or enhancements that meet these changing demands.
These initiatives carry the risks associated with any new solution development effort, including cost overruns, delays in delivery and implementation, and performance issues. There can be no assurance that we will be successful in developing, marketing and selling new solutions or enhancements that meet these changing demands.
Department of Commerce, and fines, penalties or suspension or revocation of export privileges; • trade sanctions imposed by the U.S. or other governments with jurisdictional authority over our business operations; • the effects of applicable and potentially adverse foreign tax law changes; • significant adverse changes in foreign currency exchange rates; • lesser enforcement of intellectual property laws and protections internationally; • longer accounts receivable cycles; • managing a geographically dispersed workforce; • trade treaties, tariffs or agreements that could increase our costs or otherwise adversely affect our ability to do business in affected countries; and • compliance with the FCPA and OFAC regulations and other applicable anti-corruption and sanctions laws and regulations, particularly in emerging markets. 20 Table of Contents Our clients may pay us in foreign currencies.
Department of Commerce, and fines, penalties or suspension or revocation of export privileges; • trade sanctions imposed by the U.S. or other governments with jurisdictional authority over our business operations; • the effects of applicable and potentially adverse foreign tax law changes; • significant adverse changes in foreign currency exchange rates; • lesser enforcement of intellectual property laws and protections internationally; • longer accounts receivable cycles; • managing a geographically dispersed workforce; • trade treaties, tariffs or agreements that could increase our costs or otherwise adversely affect our ability to do business in affected countries; and • compliance with the FCPA and OFAC regulations and other applicable anti-corruption and sanctions laws and regulations, particularly in emerging markets.
These risks include the following: • difficulty in evaluating potential acquisitions, including the risk that our due diligence does not identify or fully assess valuation issues, potential liabilities or other acquisition risks; • difficulty and expense in integrating newly acquired businesses and operations, including combining solution and service offerings, and in entering into new markets in which we are not experienced, in an efficient and cost-effective manner while maintaining adequate standards, controls and procedures, and the risk that we may encounter significant unanticipated costs or other problems associated with integration; • difficulty and expense in consolidating, integrating, and rationalizing IT infrastructure and integrating acquired software; • challenges in achieving strategic objectives, cost savings and other benefits expected from acquisitions; • risk that our markets do not evolve as anticipated and that the strategic acquisitions and divestitures do not prove to be those needed to be successful in those markets; • risk that acquired systems expose us to cybersecurity and other data security risks; 23 Table of Contents • costs to reach appropriate standards to protect against cybersecurity and other data security risks, or the timelines to achieve such standards, may exceed those estimated in diligence; • risk that acquired companies are subject to new regulatory regimes or oversight where we have limited experience, which may result in additional compliance costs and potential regulatory penalties; • risk that we assume or retain, or that companies we have acquired have assumed or retained or otherwise become subject to, significant liabilities that exceed the limitations of any applicable indemnification provisions or the financial resources of any indemnifying parties; • risk that indemnification related to businesses divested or spun-off that we may be required to provide or otherwise bear may be significant and could negatively impact our business; • risk of exposure to potential liabilities arising out of applicable state and federal fraudulent conveyance laws and legal distribution requirements from spin-offs in which we or companies we have acquired were involved; • risk that we may be responsible for unanticipated U.S. federal income tax liabilities related to acquisitions or divestitures; • risk that we are not able to complete strategic divestitures within expected time frames or on satisfactory terms and conditions, including obtaining enforceable non-competition arrangements applicable to certain of our business lines; • potential loss of key employees or customers of the businesses acquired or to be divested; and • risk of diverting the attention of senior management from our existing operations.
These risks include the following: • difficulty in evaluating potential acquisitions, including the risk that our due diligence does not identify or fully assess valuation issues, potential liabilities, regulatory or legal non-compliance issues, or other acquisition risks; • difficulty and expense in integrating newly acquired businesses and operations, including combining solution and service offerings, and in entering into new markets in which we are not experienced, in an efficient and cost-effective manner while maintaining adequate standards, controls and procedures, and the risk that we may encounter significant unanticipated costs or other problems associated with integration; • difficulty and expense in consolidating, integrating, and rationalizing IT infrastructure, integrating acquired software, and remediating regulatory or legal non-compliance in acquired entities; • challenges in achieving strategic objectives, cost savings, revenue growth, and other benefits expected from acquisitions on the time frame anticipated or at all; • risk that any strategic transaction has an adverse effect on existing business relationships with suppliers and customers, or costs or dis-sysnergies exceed expectations; • risk that our markets do not evolve as anticipated and that the strategic acquisitions and divestitures do not prove to be those needed to be successful in those markets; • risk that acquired systems expose us to cybersecurity and other data security risks; • costs to reach appropriate standards to protect against cybersecurity and other data security risks, or the timelines to achieve such standards, may exceed those estimated in diligence; • risk that acquired companies are subject to new regulatory regimes or oversight where we have limited experience, which may result in additional compliance costs, remediation expenses, and potential regulatory penalties; • risk that we assume or retain, or that companies we have acquired have assumed or retained or otherwise become subject to, significant liabilities that exceed the limitations of any applicable indemnification provisions or the financial resources of any indemnifying parties; • risk that indemnification related to businesses divested or spun-off that we may be required to provide or otherwise bear may be significant and could negatively impact our business; • risk of exposure to potential liabilities arising out of applicable state and federal fraudulent conveyance laws and legal distribution requirements from spin-offs in which we or companies we have acquired were involved; 25 Table of Contents • risk that we may be responsible for unanticipated U.S. federal income tax liabilities related to acquisitions or divestitures; • risk that we are not able to complete strategic divestitures within expected time frames or on satisfactory terms and conditions, including obtaining enforceable non-competition arrangements applicable to certain of our business lines; • potential loss of key employees or customers of the businesses acquired or to be divested; and • risk of diverting the attention of senior management from our existing operations.
Some of our competitors have substantial resources. We face direct competition from third parties, and because many of our larger potential clients have historically developed their key applications in-house and, therefore, view their system requirements from a make-versus-buy perspective, we also often compete against our potential clients' in-house capacities.
We face direct competition from third parties, and because many of our larger potential clients have historically developed their key applications in-house and, therefore, view their system requirements from a make-versus-buy perspective, we also often compete against our potential clients' in-house capacities.
We are monitoring developments, including in countries that have enacted legislation, and do not currently expect a material adverse impact to the financial statements. We will continue to evaluate Pillar Two legislation and other future tax law changes 22 Table of Contents that could result in negative impacts.
We are monitoring developments, including in countries that have enacted legislation, and do not currently expect a material adverse impact to the financial statements. We will continue to evaluate Pillar Two legislation and other future tax law changes that could result in negative impacts.
Complying with varying jurisdictional requirements could increase the costs and complexity of compliance, including associated recordkeeping costs, or could require us to change our business practices in a manner adverse to our business. Further, our business may be constrained by current and future laws and regulations governing the development, use and deployment of artificial intelligence (including machine learning) ("AI") technologies.
Complying with varying jurisdictional requirements could increase the costs and complexity of compliance, including associated recordkeeping costs, or could require us to change our business practices in a manner adverse to our business. 18 Table of Contents Further, our business may be constrained by current and future laws and regulations governing the development, use and deployment of AI (including machine learning) technologies.
Our business is subject to the risks of international operations, including movements in foreign currency exchange rates. Our international operations represented approximately 22% of our total 2024 revenue and are largely conducted in currencies other than the U.S. Dollar, including the British Pound Sterling, Euro, Brazilian Real, Australian Dollar, Swedish Krona, Swiss Franc and Indian Rupee.
Our business is subject to the risks of international operations, including movements in foreign currency exchange rates. Our international operations represented approximately 23% of our total 2025 revenue and are largely conducted in currencies other than the U.S. Dollar, including the British Pound Sterling, Euro, Swedish Krona, Australian Dollar, Brazilian Real, Swiss Franc, Canadian Dollar and Indian Rupee.
In addition, the direct and indirect effects of geopolitical conflicts, such as the Russia-Ukraine war and conflicts in the Middle East, have adversely affected global economic activity and transaction processing volumes (particularly in our former Merchant segment). Worsening, or future, geopolitical conflicts could materially adversely affect global economic activity and our transaction volumes in the future.
In addition, the direct and indirect effects of geopolitical conflicts, such as the Russia-Ukraine war and conflicts in the Middle East, have adversely affected global economic activity and transaction processing volumes. Worsening, or future, geopolitical conflicts could materially adversely affect global economic activity and our transaction volumes in the future.
The FCPA also requires that U.S. public companies maintain books and records that fairly and accurately reflect transactions and maintain an adequate system of internal accounting controls.
The FCPA also requires that U.S. public 22 Table of Contents companies maintain books and records that fairly and accurately reflect transactions and maintain an adequate system of internal accounting controls.
We also maintain cash deposits in foreign banks where we operate, some of which are not insured or are only partially insured.
We also maintain cash deposits in foreign banks where we operate, some of which are not 16 Table of Contents insured or are only partially insured.
Risks Related to Our Indebtedness Our existing debt levels and future levels under existing facilities and debt service requirements may adversely affect us, including our financial condition or business flexibility, and prevent us from fulfilling our obligations under our outstanding indebtedness. As of December 31, 2024, we had total debt of approximately $11.3 billion.
Risks Related to Our Indebtedness Our existing debt levels and future levels under existing facilities and debt service requirements may adversely affect us, including our financial condition or business flexibility, and prevent us from fulfilling our obligations under our outstanding indebtedness. As of December 31, 2025, we had total debt of approximately $13.1 billion.
Except as required by applicable law or regulation, we do not undertake (and expressly disclaim) any obligation and do not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise.
Except as required by applicable law or regulation, we do not undertake (and expressly disclaim) any obligation and do not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise. Item 1B. Unresolved Staff Comments None.
On December 15, 2022, the EU Member States formally adopted the EU’s Pillar Two Directive, which generally provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Co-operation and Development Pillar Two Framework that was supported by over 130 countries worldwide. A significant number of countries are also implementing similar legislation.
Member States formally adopted the E.U.’s Pillar Two Directive, which generally provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Co-operation and Development Pillar Two Framework that was supported by over 130 countries worldwide. A significant number of countries are also implementing similar legislation.
Changing market dynamics, global policy developments, heightened focus from governmental, media, community, industry and investor stakeholders, and increasing frequency and impact of extreme weather events all have the potential to disrupt our business or the businesses of our customers, vendors and technology partners.
Changing market dynamics, global and domestic policy developments, heightened focus from governmental, media, community, industry and other stakeholders, and increasing frequency and impact of extreme weather events, such as flooding or windstorms, all have the potential to disrupt our business or the businesses of our customers, vendors and technology partners.
An unfavorable outcome to a tax audit could result in higher tax expense and could negatively impact our effective tax rate, financial position, results of operations and cash flows in the current and/or future periods.
An unfavorable outcome to a tax audit could result in higher tax expense and could negatively impact our effective tax rate, financial position, results of operations and cash flows in the current and/or future periods. On December 15, 2022, the E.U.
Our global operations are susceptible to global events, including threats or acts of war, such as the Russia-Ukraine war and the Israel-Hamas conflict, threats or acts of terrorism, international conflicts, political instability, natural disasters, and power or communications failures. We are also susceptible to a widespread outbreak of an illness or other health issue, such as the COVID-19 pandemic.
Our global operations are susceptible to global events, including threats or acts of war, such as the Russia-Ukraine war and conflicts or tensions in the Middle East, threats or acts of terrorism, international conflicts, political instability, natural disasters, and power or communications failures. We are also susceptible to a widespread outbreak of an illness or other health issue or pandemic.
Further, the loss of this leadership may have an adverse impact on senior management's ability to provide effective oversight and strategic direction for all key functions within the Company, which could impact our future business, financial condition or results of operations. We are the subject of various legal proceedings that could have an adverse effect on us.
Further, the loss of this leadership may have an adverse impact on senior management's ability to provide effective oversight and strategic direction for all key functions within the Company, which could impact our future business, financial condition or results of operations.
Our ability to compete depends in some part upon our proprietary solutions and technology. Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our solutions or to obtain and use information that we regard as proprietary or challenge the validity of our patents with governmental authorities.
Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our solutions or to obtain and use information that we regard as proprietary or challenge the validity of our patents with governmental authorities.
These rules and regulations govern our clients or potential clients and also govern certain of our businesses. These regulations have resulted, and may further result, in the need for us to make capital investments to modify our solutions to facilitate our clients' and potential clients' compliance, as well as to deploy additional processes or reporting to comply with these regulations.
These regulations have resulted, and may further result, in the need for us to make capital investments to modify our solutions to facilitate our 17 Table of Contents clients' and potential clients' compliance, as well as to deploy additional processes or reporting to comply with these regulations.
These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results or outlook, statements of outlook and various accruals and estimates. These statements relate to future events and our future results and involve a number of risks and uncertainties.
These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results or outlook, statements of outlook and various accruals and estimates.
Strategic acquisitions and divestitures we have made in the past, and may make in the future, present significant risks and uncertainties that could adversely affect our business, financial condition, results of operations and cash flows.
Strategic acquisitions and divestitures we have made in the past (including the Issuer Solutions Acquisition and the 2026 Worldpay Minority Sale), and may make in the future, present significant risks and uncertainties that could adversely affect our business, financial condition, results of operations and cash flows.
Our level of debt, or any increase in our debt level, could adversely affect our business, financial condition, operating results and operational flexibility, including as follows: (i) the debt level may cause us to have difficulty borrowing money in the future for working capital, capital expenditures, acquisitions or other purposes; (ii) our debt level may limit operational flexibility and our ability to pursue business opportunities and implement certain business strategies; (iii) some of our debt has a variable rate of interest, which exposes us to the risk of increased interest rates; (iv) we have a higher level of debt than some of our competitors or potential competitors, which may cause a competitive disadvantage and may reduce flexibility in responding to changing business and economic conditions, including increased competition and vulnerability to general adverse economic and industry conditions; (v) there are significant debt maturities or maturities that may need to be refinanced, potentially at higher rates; and (vi) failure to satisfy our obligations under our outstanding debt or failure to comply with the financial or other restrictive covenants contained in the indenture governing our senior notes or in our credit facility could result in an event of default that could cause all of our debt to become due and payable. 24 Table of Contents We have exposure to fluctuations in the Euro-USD exchange rates, which could negatively affect our cost to service or refinance our Euro-denominated debt securities.
Our level of debt, or any increase in our debt level, could adversely affect our business, financial condition, operating results and operational flexibility, including as follows: (i) the debt level may cause us to have difficulty borrowing money in the future for working capital, capital expenditures, acquisitions or other purposes; (ii) our debt level may limit operational flexibility and our ability to pursue business opportunities and implement certain business strategies; (iii) some of our debt has a variable rate of interest, which exposes us to the risk of increased interest rates; (iv) we have a higher level of debt than some of our competitors or potential competitors, which may cause a competitive disadvantage and may reduce flexibility in responding to changing business and economic conditions, including increased competition and vulnerability to general adverse economic and industry conditions; (v) there are significant debt maturities or maturities that may need to be refinanced, potentially at higher rates; and (vi) failure to satisfy our obligations under our outstanding debt or failure to comply with the financial or other restrictive covenants contained in the indenture governing our senior notes or in our credit facilities could result in an event of default that could cause all of our debt to become due and payable, and cross-default provisions in our credit agreements could cause a default on one facility to trigger defaults across multiple financing arrangements, potentially accelerating repayment obligations beyond the initially defaulted facility.
If we fail to maintain an adequate security infrastructure, adapt to emerging security threats (such as the use of artificial intelligence by threat actors in furtherance of cyber attacks), regularly identify security vulnerabilities, prevent unauthorized access, identity theft or other cybersecurity risks (e.g., distributed denial of service, ransomware, and other cyber attacks), manage vendor or supply chain cybersecurity risks, adequately train users of our information systems, or implement sufficient security standards and technology to protect against security or privacy breaches, then the confidentiality, integrity or availability of the information we secure could be compromised.
If we fail to maintain an adequate security infrastructure, adapt to emerging security threats (such as the use of AI by threat actors in furtherance of cyberattacks), the targeting of vendors who serve large numbers of customers for supply chain attacks, and business email compromises seeking fraudulent wire transfers regularly identify security vulnerabilities, prevent unauthorized access, identity theft or other cybersecurity risks (e.g., distributed denial of service, ransomware, and other cyberattacks), manage vendor or supply chain cybersecurity risks, adequately train users of our information systems, or implement sufficient security standards and technology to protect against security or privacy breaches, then the confidentiality, integrity or availability of the information we secure could be compromised.
Any claims, whether with or without merit, could (i) be expensive and time-consuming to defend; (ii) result in an injunction or other equitable relief which could cause us to cease making, licensing or using applications that incorporate the challenged intellectual property; (iii) require us to redesign our applications, if feasible; (iv) divert management's attention and resources; and (v) require us to enter into royalty or licensing agreements in order to obtain the right to use necessary technologies or pay damages resulting from any infringing use.
Any claims, whether with or without merit, could (i) be expensive and time-consuming to defend; (ii) result in an injunction or other equitable relief which could cause us to cease making, licensing or using applications that incorporate the challenged intellectual property; (iii) require us to redesign our applications, if feasible; (iv) divert management's attention and resources; and (v) require us to enter into royalty or licensing agreements in order to obtain the right to use necessary technologies or pay damages resulting from any infringing use. 20 Table of Contents Some of our solutions contain "open source" software, and any failure to comply with the terms of one or more of these open source licenses could adversely affect our business.
We have operations in emerging markets, primarily in Latin America, India, Southeast Asia, the Middle East and Africa. These emerging market economies tend to be more volatile than the more established markets we serve in North America and Europe, which could add volatility to our future revenue and earnings.
These emerging market economies tend to be more volatile than the more established markets we serve in North America and Europe, which could add volatility to our future revenue and earnings.
In addition, if we fail to comply with applicable legal requirements and maintain practices that meet our stakeholders' evolving expectations, it could harm our reputation, adversely affect our ability to attract and retain clients and expose us to increased scrutiny from investors and regulatory authorities. Any of these developments could adversely affect our business, financial condition or results of operations.
In addition, if we fail or are perceived to fail to comply with applicable legal requirements and maintain practices that meet our stakeholders' evolving and potentially divergent expectations, it could harm our reputation, adversely affect our ability to attract and retain clients 23 Table of Contents and expose us to increased scrutiny from investors and regulatory authorities.
Congress, and governments around the world. As a result, we expect that a more substantial compliance effort with varying regimes in different jurisdictions will continue to be necessary in the future, which has the potential to further increase the cost and complexity of our business.
There are several additional laws being considered by state legislatures, the U.S. Congress, and governments around the world. As a result, we expect that a more substantial effort to comply with varying regimes in different jurisdictions will continue to be necessary in the future, which has the potential to further increase the cost and complexity of our business.
The Company maintains investment grade credit ratings from the major U.S. rating agencies on its senior unsecured debt (S&P BBB, Moody's Baa2, Fitch BBB), as well as its commercial paper program (S&P A-2, Moody's P-2, Fitch F2).
Credit ratings, if lowered below investment grade, would adversely affect our cost of funds and liquidity. The Company maintains investment grade credit ratings from the major U.S. rating agencies on its senior unsecured debt (S&P BBB, Moody's Baa2, Fitch BBB), as well as its commercial paper program (S&P A-2, Moody's P-2, Fitch F2).
Forward-looking statements include statements about anticipated financial outcomes, including any earnings outlook or projections, projected revenue or expense synergies or dis-synergies, business and market conditions, outlook, foreign currency exchange rates, deleveraging plans, expected dividends and share repurchases of the Company, the Company's sales pipeline and anticipated profitability and growth, plans, strategies and objectives for future operations, strategic value creation, risk profile and investment strategies, any statements regarding future economic conditions or performance and any statements with respect to the future impacts of the Worldpay Sale or any agreements or arrangements entered into in connection with such transaction.
Forward-looking statements include statements about anticipated financial outcomes, including any earnings outlook or projections, projected revenue or expense synergies or dis-synergies, business and market conditions, outlook, foreign currency exchange rates, deleveraging plans, expected dividends and share repurchases of the Company, the Company's sales pipeline and anticipated profitability and growth, plans, strategies and objectives for future operations, strategic value creation, risk profile and investment strategies, any statements regarding future economic conditions or performance and any statements with respect to the future impacts of the recently completed acquisition of the Issuer Solutions Business, which has been rebranded as FIS Total Issuing TM Solutions.
Bribery Act or other applicable anti-bribery or anti-corruption laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges, and criminal or civil sanctions, penalties and fines, any of which could adversely affect our business, financial condition or results of operations. We have businesses in emerging markets that may experience significant economic volatility.
Any violation of the FCPA, the U.K. Bribery Act or other applicable anti-bribery or anti-corruption laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges, and criminal or civil sanctions, penalties and fines, any of which could adversely affect our business, financial condition or results of operations.
Regulations affecting the brokerage industry may change, which could adversely affect our business, financial condition or results of operations. We are exposed to certain risks relating to the execution services provided by our brokerage operations to our customers and counterparties, which include other broker-dealers, active traders, hedge funds, asset managers, and other institutional and non-institutional clients.
We are exposed to certain risks relating to the execution services provided by our brokerage operations to our customers and counterparties, which include other broker-dealers, active traders, hedge funds, asset managers, and other institutional and non-institutional clients.
For example, under DORA, E.U. regulators are increasingly seeking to mitigate cyber threats and enhance digital resilience within the financial system through new regulations targeting the provision of critical third-party technology services.
For example, through requirements established under DORA and Network and Information Security Directive 2, Directive (EU) 2022/2555, (NIS2), E.U. regulators are increasingly seeking to mitigate cyber threats and enhance digital resilience within the financial and technological ecosystem through new regulations targeting the provision of critical third-party technology services.
As of December 31, 2024, goodwill aggregated to $17.3 billion, or 51% of total assets, and intangible assets aggregated to $1.3 billion, or 4% of total assets.
As of December 31, 2025, goodwill aggregated to $17.8 billion, or 53% of total assets, and intangible assets aggregated to $1.0 billion, or 3% of total assets.
Forward-looking statements are based on management's beliefs as well as assumptions made by, and information currently available to, management. Actual results, performance or achievement could differ materially from these forward-looking statements.
These statements relate to future events and our future results and involve a number of risks and uncertainties. 27 Table of Contents Forward-looking statements are based on management's beliefs as well as assumptions made by, and information currently available to, management. Actual results, performance or achievement could differ materially from these forward-looking statements.
Failure to attract and retain talent, including senior management and highly skilled technology personnel, could harm our ability to grow. Our future success depends upon our ability to attract and retain talent in a competitive market, including senior management personnel and highly-skilled technology personnel.
Any of these developments could adversely affect our business, financial condition or results of operations. Failure to attract and retain talent, including senior management and highly skilled technology personnel, could harm our ability to grow. Our future success depends upon our ability to attract and retain talent in a competitive market, including senior management personnel and highly-skilled technology personnel.
Some of our operations are in countries where the effects of a widespread illness could be magnified due to health care systems that are less well-developed than in the U.S.
Some of our operations are in countries where the effects of a widespread illness could be magnified due to health care systems that are less well-developed than in the U.S. The occurrence of any of these events could have an adverse effect on our business, financial condition or results of operations.
Detecting, investigating and resolving actual or alleged violations can be an extensive process and require a significant diversion of time, resources and attention from senior management. Further, we cannot assure that any such investigation will successfully uncover all relevant facts and circumstances. Any violation of the FCPA, the U.K.
Although we maintain multiple reporting channels in which employees, contractors and other individuals can report concerns without retaliation, detecting, investigating and resolving actual or alleged violations can be an extensive process and require a significant diversion of time, resources and attention from senior management. Further, we cannot assure that any such investigation will successfully uncover all relevant facts and circumstances.
If we are not successful in these efforts, we could lose clients, or our clients could lose customers, and we could have difficulty attracting new clients for our solutions. Any of these developments could have an adverse impact on our future revenue and/or business prospects.
If we are not successful in these efforts, we could lose clients, or our clients could lose customers, and we could have difficulty attracting new clients for our solutions.
These components sometimes require patches, updates, or remediation of known or potential vulnerabilities. Implementation challenges in timely completing these tasks can lead to security vulnerabilities that expose us, our systems and data to potential compromise or interruption. Our information systems are also 12 Table of Contents vulnerable to human error as well as malicious insider threats.
These components require regular monitoring, patches, updates, or remediation of known or potential vulnerabilities. Implementation challenges in timely completing these tasks can lead to security vulnerabilities that expose us, our systems and data to potential compromise or interruption.
For that reason, security or privacy breaches are some of the principal operational risks we face as a provider of services to financial institutions and businesses. Like other such providers, we are a regular target of attempts to identify and exploit system vulnerabilities and/or penetrate or bypass our security measures to gain unauthorized access to our networks and systems.
Like other such providers, we are a regular target of attempts to identify and exploit system vulnerabilities and/or penetrate or bypass our security measures to gain unauthorized access to our networks and systems.
We may be subject to increased costs, regulations, reporting or other requirements, standards or expectations regarding sustainability and climate change-driven impacts on our business. While we seek to mitigate our business risks associated with climate change, this may require us to incur substantial costs and some of these risks may persist.
While we seek to mitigate our business risks associated with climate change, this may require us to incur substantial costs and some of these risks may persist.
Additionally, our common stock now represents a smaller company, with proportionally increased exposure to our remaining business risks. Strategic transactions, including acquisitions and divestitures, involve significant risks and uncertainties that could adversely affect our business, financial condition, results of operations and cash flows.
Risks Related to Business Combinations and Ventures Strategic transactions, including acquisitions and divestitures, involve significant risks and uncertainties that could adversely affect our business, financial condition, results of operations and cash flows.
These payment activities rely upon the technology infrastructure that facilitates the verification of activity with counterparties, the facilitation of the payment and the detection or prevention of fraudulent payments. A compromise of our continuity of operations, integrity of processing, or ability to detect or prevent fraudulent payments could result in a financial loss to us.
These payment activities rely upon the technology infrastructure that facilitates the verification of activity with counterparties, the facilitation of the payment and the detection or prevention of fraudulent payments.
Our existing clients could lose confidence in our information systems and consequently choose to terminate their agreements with us.
If we are unable, or appear to be unable, to prevent cybersecurity or privacy breaches, we risk reputational damage. Our existing clients could lose confidence in our information systems and consequently choose to terminate their agreements with us.
These regulatory changes introduce additional risks, including the possibility of failing to meet compliance obligations, which could result in substantial fines, penalties or other regulatory actions.
Meanwhile, several U.S. states have adopted AI-specific frameworks or are considering applying existing consumer and data protection laws to regulate AI. These regulatory changes introduce additional risks, including the possibility of failing to meet compliance obligations, which could result in substantial fines, penalties or other regulatory actions.
In addition, we cannot predict economic and market conditions (including prevailing interest rates and foreign currency exchange rates) at the applicable times when our various series of Euro-denominated indebtedness are scheduled to mature, nor can there be any assurance that we would be able to refinance any series of our Euro-denominated indebtedness on acceptable terms at any such time, all of which could have an adverse financial impact on us.
In addition, we cannot predict economic and market conditions (including prevailing interest rates and foreign currency exchange rates) at the applicable times when our various series of Euro-denominated indebtedness are scheduled to mature, nor can we predict the impact of governmental monetary, trade or tax policy changes that could cause disproportionate foreign exchange rate movements.
Any failure to comply with such laws and regulations could expose us to liability, regulatory scrutiny and/or reputational damage. Financial crimes laws may be interpreted and applied inconsistently from country to country and may impose inconsistent or conflicting requirements.
Financial crimes laws may be interpreted and applied inconsistently from country to country and may impose inconsistent or conflicting requirements.
We operate in a competitive business environment; if we are unable to compete effectively, our business, financial condition or results of operations may be adversely affected. The market for our solutions is intensely competitive. Our competitors in Banking and Capital Markets vary in size and in the scope and breadth of the solutions and services they offer.
Any of these developments could have an adverse impact on our future revenue and/or business prospects. 14 Table of Contents We operate in a competitive business environment; if we are unable to compete effectively, our business, financial condition or results of operations may be adversely affected. The market for our solutions is intensely competitive.
The occurrence of any of these events could have an adverse effect on our business, financial condition or results of operations. 21 Table of Contents The direct and indirect effects of climate change, including increased legal and regulatory requirements and stakeholder expectations, could adversely affect our business.
The direct and indirect effects of climate change, including increased legal and regulatory requirements and stakeholder expectations, could adversely affect our business.
If any of these circumstances remain in effect for an extended period of time, there could be a material adverse effect on our business, financial condition or results of operations.
Any further protective trade policies or actions taken by the U.S. may also result in other countries reducing, or making more expensive, services permitted to be provided by U.S.-based companies. If any of these circumstances remain in effect for an extended period of time, there could be a material adverse effect on our business, financial condition or results of operations.
Effective patent, trademark, service mark, copyright, and trade secret protection may not be available in every country in which our applications and services are made available. Misappropriation of our intellectual property or potential litigation concerning such matters could have an adverse effect on our business, financial condition or results of operations.
Misappropriation of our intellectual property or potential litigation concerning such matters could have an adverse effect on our business, financial condition or results of operations.
Policing unauthorized use of our proprietary rights is difficult. We cannot make any assurances that the steps we have taken will prevent misappropriation of, or infringement upon, technology or that the agreements entered into for that purpose will be enforceable.
We cannot make any assurances that the steps we have taken will prevent misappropriation of, or infringement upon, technology or that the agreements entered into for that purpose will be enforceable. Effective patent, trademark, service mark, copyright, and trade secret protection may not be available in every country in which our applications and services are made available.
A material privacy or security incident would trigger SEC disclosure obligations and could trigger other applicable disclosure requirements, or be disclosed publicly, even if there is no legally required disclosure. Incident disclosure may increase the risks of private lawsuits or government enforcement action related to incidents, increase attention from malicious actors, and lead to greater regulatory scrutiny.
A material privacy or security incident would trigger SEC disclosure obligations and could trigger other applicable disclosure requirements under state-level or non-U.S. laws or regulations, or be disclosed publicly, even if there is no legally required disclosure.
A rising interest rate environment could increase the cost of refinancing existing debt and incurring new debt, which could have an adverse effect on our financing costs. Credit ratings, if lowered below investment grade, would adversely affect our cost of funds and liquidity.
A sustained higher interest rate environment could increase the cost of refinancing existing debt and incurring new debt, create challenges in accessing certain credit markets, and limit our flexibility in managing our debt portfolio composition, which could have an adverse effect on our financing costs and overall financial condition.
Failure to comply with new and evolving laws and regulations in these areas could result in significant penalties, damage to our reputation, and loss of business. We have incurred, and will continue to incur, costs to comply with these new laws and regulations. There are also several additional laws being considered by state legislatures, the U.S.
Failure to comply with applicable data protection laws, as well as new and evolving laws and regulations in these areas, could result in significant penalties, damage to our reputation, and loss of business.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe objectives of these cyberattacks include, among other things, gaining unauthorized access to systems to disrupt operations, steal information, seek ransom payments from victims, perpetrate financial fraud, or sell stolen information. Perpetrators of cyberattacks attempt to exploit technical, human, social, and organizational vulnerabilities to gain unauthorized access.
Biggest changeCyberattacks have garnered significant attention from individuals, businesses, governmental entities and the media drawing the focus of a large ecosystem of criminal threat actors. The objectives of these cyberattacks include, among other outcomes, gaining unauthorized access to systems to disrupt operations, steal information, seek ransom payments from victims, perpetrate financial fraud, or sell stolen information.
Our process of identifying and remediating cybersecurity risks has been integrated into our overall risk management system and processes. It is overseen by our Chief Information Security Officer and Chief Risk Officer, who report to our Board of Directors and its Risk and Technology Committee on a quarterly basis.
Cybersecurity Governance Our process of identifying and remediating cybersecurity risks has been integrated into our overall risk management system and processes. It is overseen by our Chief Information Security Officer and Chief Risk Officer, who report to our Board of Directors and its Risk and Technology Committee on a quarterly basis.
We also use certain of these solutions to manage our own risks. 27 Table of Contents We have not identified any previous cybersecurity incidents that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition.
We also use certain of these solutions to manage our own risks. We have not identified any previous cybersecurity incidents that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition.
Item 1C. Cybersecurity Cybersecurity is fundamental to FIS' complex, global business. As part of our business, FIS and its vendors, technology partners, and clients electronically receive, process, store and transmit a wide range of confidential information, including sensitive customer information and consumer personal data. Our operations extend to managing payment systems, cash access and prepaid card systems.
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy Cybersecurity is fundamental to FIS' complex, global business. As part of our business, FIS and its vendors, technology partners, and clients electronically receive, process, store and transmit a wide range of confidential information, including sensitive customer information and consumer personal data.
Our Enterprise Risk Committee, responsible for providing oversight for cybersecurity risks, is a cross-functional representation of senior leadership with requisite experience and expertise to provide risk oversight, including the Chief Risk Officer, Chief Legal Officer, Chief Technology Officer, Chief Compliance Officer, Chief Privacy Officer, and FIS Business Presidents.
Our Enterprise Risk Committee, responsible for 29 Table of Contents providing oversight for cybersecurity risks, is a cross-functional representation of senior leadership with requisite experience and expertise to provide risk oversight, including the Chief Risk Officer, Chief Legal Officer, Chief Technology Officer, Chief Information Officer, Chief Information Security Officer, Chief Audit Officer and other business leaders.
A significant focus of our ongoing efforts is how we identify these vulnerabilities and prevent and respond to cyberattacks. Our processes include the activities of the FIS Cyber Fusion Center, which provides 24x7x365 cybersecurity threat monitoring and response. They also include structured defense-in-depth initiatives, such as perimeter security, remote access security, endpoint security, application security and identity management.
A significant focus of our ongoing efforts is how we identify these vulnerabilities and prevent and respond to cyberattacks. Our processes include the activities of the FIS Cyber Fusion Center, which provides 24x7x365 cybersecurity threat monitoring and response for both incoming threats and outbound data flows.
There is a growing trend of identifying and exploiting vulnerabilities in widely used technologies or vendor systems, allowing a single compromise or failure to extend unauthorized access to numerous systems. FIS takes actions to assess, identify, and manage risks from cybersecurity threats to our information systems and those of our vendors and technology partners.
Perpetrators of cyberattacks attempt to exploit technical, human, social, and organizational vulnerabilities to gain unauthorized access. There is a growing trend of identifying and exploiting vulnerabilities in widely used technologies or vendor systems, allowing a single compromise or failure to extend unauthorized access to numerous systems.
Cyberattacks on information technology systems and the vendors and technological supply chain they rely on continue to grow in frequency, complexity and sophistication. This is a trend we expect to continue. Cyberattacks have garnered significant attention from individuals, businesses, governmental entities and the media drawing the focus of a large ecosystem of criminal threat actors.
Our operations extend to managing payment systems, cash access and prepaid card systems. Cyberattacks on information technology systems and the vendors and technological supply chain they rely on continue to grow in frequency, complexity and sophistication. This is a trend we expect to continue.
In addition, we engage in extensive information security training of our employees who use and access our information systems.
They also include structured defense-in-depth initiatives, such as perimeter security, remote access security, endpoint security, application security, identity management, and data loss prevention. In addition, we engage in extensive information security training of our employees who use and access our information systems.
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We have also noted increasing trends of targeting payment systems, including credit, debit, and prepaid card systems, for purposes of eliciting unauthorized or fraudulent transactions. FIS takes actions to assess, identify, and manage risks from cybersecurity threats to our information systems and those of our vendors and technology partners.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeItem 2. Properties FIS' corporate headquarters is located at 347 Riverside Avenue, Jacksonville, Florida. In addition, FIS owns or leases support centers, data processing facilities and other facilities at approximately 85 locations. We believe our facilities and equipment are generally well maintained and are in good operating condition.
Biggest changeItem 2. Properties FIS' corporate headquarters is located at 347 Riverside Avenue, Jacksonville, Florida. In addition, FIS owns or leases support centers, data processing facilities and other facilities at approximately 80 locations. We believe our facilities and equipment are generally well maintained and are in good operating condition.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeWhen assessing reasonably possible and probable outcomes, the Company bases decisions on the assessment of the ultimate outcome following all appeals. Legal fees associated with defending litigation matters are expensed as incurred. See Note 18 to the consolidated financial statements for information about certain legal matters and indemnifications and warranties. Item 4. Mine Safety Disclosures Not applicable. PART II
Biggest changeWhen assessing reasonably possible and probable outcomes, the Company bases decisions on the assessment of the ultimate outcome following all appeals. Legal fees associated with defending litigation matters are expensed as incurred. See Note 18 to the consolidated financial statements for information about certain legal matters and indemnifications and warranties. Item 4.
With respect to litigation in which the Company is involved generally, please note the following: • These matters raise difficult and complicated factual and legal issues and are subject to many uncertainties and complexities. • The Company reviews all of its litigation on an ongoing basis and follows the authoritative provision for accounting for contingencies when making accrual and disclosure decisions.
With respect to litigation in which the Company is involved generally, please note the following: • These matters raise difficult and complicated factual and legal issues and are subject to many uncertainties and complexities. • The Company reviews all of its litigation on an ongoing basis and follows the authoritative guidance for accounting for contingencies when making accrual and disclosure decisions.
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Mine Safety Disclosures Not applicable. 30 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeApproximately 1 million shares remained available for repurchase under the January 2021 program as of December 31, 2024, and the Company will exhaust its authorization under this program in the first quarter of 2025, after which it will repurchase shares under the 2024 authorization.
Biggest changeThe Company repurchased approximately 18 million shares for an aggregate of $1.3 billion in 2025, inclusive of repurchases completed under the 2021 Repurchase Program, under which the Company repurchased approximately 1 million shares for an aggregate of $110 million in 2025. Approximately $1.8 billion remained available for repurchase under the 2024 Repurchase Program as of December 31, 2025.
In January 2021, our Board of Directors approved a share repurchase program under which it authorized the Company to repurchase up to 100 million shares of our common stock.
In January 2021, our Board of Directors approved a share repurchase program (the "2021 Repurchase Program") under which it authorized the Company to repurchase up to 100 million shares of our common stock.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock trades on the New York Stock Exchange under the ticker symbol "FIS." As of January 31, 2025, there were approximately 9,024 shareholders of record of our common stock.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock trades on the New York Stock Exchange under the ticker symbol "FIS." As of January 31, 2026, there were approximately 8,541 shareholders of record of our common stock.
In January 2025, the Board of Directors approved a quarterly dividend of $0.40 per share beginning with the first quarter of 2025. A regular quarterly dividend of $0.40 per common share is payable on March 25, 2025, to shareholders of record as of the close of business on March 11, 2025.
In January 2026, the Board of Directors approved a quarterly dividend of $0.44 per share beginning with the first quarter of 2026. A regular quarterly dividend of $0.44 per common share is payable on March 24, 2026, to shareholders of record as of the close of business on March 10, 2026.
The following table summarizes the shares repurchased by the Company under the January 2021 program during the three-month period ended December 31, 2024, and the number of shares remaining authorized for repurchase by the Company. As of December 31, 2024, the Company had not repurchased any shares under the August 2024 program.
The following table summarizes the shares repurchased by the Company under the 2024 Repurchase Program during the three-month period ended December 31, 2025, and the number of shares remaining authorized for repurchase by the Company.
Maximum number of shares that Total cost of shares may yet be purchased as part of purchased under Total number of publicly announced the plans or shares purchased Average price plans or programs programs Period (in millions) paid per share (in millions) (in millions) October 1-31, 2024 4.3 $ 87.89 $ 373.6 8.9 November 1-30, 2024 3.5 $ 87.16 308.8 5.4 December 1-31, 2024 4.0 $ 83.25 333.0 1.4 11.8 $ 1,015.4 The graph below compares Fidelity National Information Services, Inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P 500 index and the S&P Supercap Data Processing & Outsourced Services index.
Maximum number of shares that Total cost of shares may yet be purchased as part of purchased under Total number of publicly announced the plans or shares purchased Average price plans or programs programs Period (in millions) paid per share (in millions) (in millions) October 1-31, 2025 1.4 $ 66.60 $ 92.0 2.0 November 1-30, 2025 1.6 $ 64.45 107.3 1.9 December 1-31, 2025 1.4 $ 66.57 91.6 1.8 4.4 $ 290.9 The graph below compares Fidelity National Information Services, Inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P 500 index and the S&P Supercap Data Processing & Outsourced Services index.
Repurchases under these programs will be made at management's discretion from time to time on the open market or in privately negotiated transactions and through Rule 10b5-1 plans. Neither of these repurchase programs has an expiration date, and either program may be suspended for periods, amended or discontinued at any time.
Repurchases under the 2024 Repurchase Program are made at management's discretion from time to time on the open market or in privately negotiated transactions and through Rule 10b5-1 plans. The 2024 Repurchase Program does not have an expiration date, and may be suspended for periods, amended or discontinued at any time.
In August 2024, our Board of Directors approved a separate, incremental share repurchase program authorizing the repurchase of up to $3.0 billion in aggregate value of shares of our 28 Table of Contents common stock.
In August 2024, our Board of Directors approved a separate, incremental share repurchase program (the "2024 Repurchase Program") authorizing the repurchase of up to $3.0 billion in aggregate value of shares of our common stock. The Company exhausted its 2021 Repurchase Program in the first quarter of 2025.
We currently expect to continue to pay quarterly dividends at a target payout ratio consistent with our capital allocation strategy, without regard to our equity method investment earnings (loss) attributable to our interest retained in Worldpay post-separation.
We currently expect to continue to pay quarterly dividends at a target payout ratio consistent with our capital allocation strategy.
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from 12/31/2019 to 12/31/2024. 29 Table of Contents 12/19 12/20 12/21 12/22 12/23 12/24 Fidelity National Information Services, Inc. $ 100.00 $ 102.76 $ 80.26 $ 51.00 $ 46.83 $ 64.14 S&P 500 $ 100.00 $ 118.40 $ 152.39 $ 124.79 $ 157.59 $ 197.02 S&P Supercap Data Processing & Outsourced Services $ 100.00 $ 124.60 $ 120.19 $ 100.28 $ 118.52 $ 126.45 The stock price performance included in this graph is not necessarily indicative of future stock price performance.
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2020, to December 31, 2025. 31 Table of Contents 12/20 12/21 12/22 12/23 12/24 12/25 Fidelity National Information Services, Inc. $ 100.00 $ 78.10 $ 49.63 $ 45.57 $ 62.42 $ 52.55 S&P 500 $ 100.00 $ 128.71 $ 105.40 $ 133.10 $ 166.40 $ 196.16 S&P Supercap Data Processing & Outsourced Services $ 100.00 $ 96.46 $ 80.48 $ 95.12 $ 101.49 $ 104.70 The stock price performance included in this graph is not necessarily indicative of future stock price performance.
Removed
Under the January 2021 program, the Company repurchased approximately 54 million shares for an aggregate of $4.0 billion in 2024, approximately 9 million shares for an aggregate of $0.5 billion in 2023, and approximately 21 million shares for an aggregate of $1.8 billion in 2022.
Added
Following the closing of the Issuer Solutions Acquisition, the Company temporarily paused repurchases under this program and will resume at management's discretion, taking into account our target leverage ratio.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

90 edited+26 added−16 removed47 unchanged
Biggest changeCapital Market Solutions Years ended December 31, $ Change % Change 2024s 2023 vs 2024vs 2023 vs 2024 2023 2022 2023 2022 2023 2022 (In millions) Revenue $ 2,979 $ 2,766 $ 2,631 $ 213 $ 135 8 % 5 % Adjusted EBITDA $ 1,519 $ 1,390 $ 1,338 129 52 9 4 Adjusted EBITDA margin 51.0 % 50.3 % 50.9 % Adjusted EBITDA margin basis points change 70 (60) Year ended December 31, 2024, compared to 2023: Revenue in our Capital Markets segment increased 8% for the year ended December 31, 2024.
Biggest changeAdjusted EBITDA margin expanded year over year, driven primarily by labor productivity and outsourcing initiatives and favorable revenue mix compared to the prior year, including an increase in high-margin license revenue. 41 Table of Contents Capital Market Solutions Years ended December 31, $ Change % Change 2025 vs 2024 vs 2025 vs 2024 vs 2025 2024 2023 2024 2023 2024 2023 (In millions) Revenue $ 3,196 $ 2,979 $ 2,766 $ 217 $ 213 7 % 8 % Adjusted EBITDA $ 1,657 $ 1,519 $ 1,390 138 129 9 9 Adjusted EBITDA margin 51.8 % 51.0 % 50.3 % Adjusted EBITDA margin basis points change 80 70 Year ended December 31, 2025, compared to 2024: Revenue in our Capital Markets segment increased 7% for the year ended December 31, 2025, driven primarily by recurring revenue which grew 6%, contributing 4% to the total segment revenue growth rate, largely from the implementation of new sales, favorable pricing and acquisitions.
Demand in Payments Market We continue to see demand in the payments market for innovative solutions that will deliver faster, more convenient payment options in mobile channels, internet applications, in-store cards, and digital currencies.
Demand in the Payments Market We continue to see demand in the payments market for innovative solutions that will deliver faster, more convenient payment options in mobile channels, internet applications, in-store cards, and digital currencies.
In connection with the closing of the Worldpay Sale, we entered into several agreements with certain Worldpay entities and entered into additional agreements with Worldpay during 2024, as further described in Note 4 to the consolidated financial statements.
In connection with the closing of the 2024 Worldpay Sale, we entered into several agreements with certain Worldpay entities and entered into additional agreements with Worldpay during 2024, as further described in Note 4 to the consolidated financial statements.
Gross profit margin for the year ended December 31, 2024, increased primarily due to operating leverage, continued cost management and increased higher-margin license revenue, partially offset by dis-synergies associated with the Worldpay Sale.
Gross profit margin for the year ended December 31, 2024, increased primarily due to operating leverage, continued cost management and increased higher-margin license revenue, partially offset by dis-synergies associated with the 2024 Worldpay Sale.
The results of the Worldpay Merchant Solutions business prior to the completion of the Worldpay Sale have been presented as discontinued operations. For the year ended December 31, 2024, changes in each of the captions above from the prior year are a result of the Worldpay Sale.
The results of the Worldpay Merchant Solutions business prior to the completion of the 2024 Worldpay Sale have been presented as discontinued operations. For the year ended December 31, 2024, changes in each of the captions above from the prior year are a result of the 2024 Worldpay Sale.
During the period from February 1, through December 31, 2024, our share of the net income of Worldpay is reported as Equity method investment earnings (loss), net of tax, in the consolidated statement of earnings (loss) and reflects FIS' investor-level tax impact on its investment in Worldpay.
During the period from February 1, 2024, through December 31, 2025, our share of the net income of Worldpay is reported as Equity method investment earnings (loss), net of tax, in the consolidated statement of earnings (loss) and reflects FIS' investor-level tax impact on its investment in Worldpay.
Other Operating (Income) Expense, Net - Related Party As described in Note 4 to the consolidated financial statements, under the terms of the Worldpay TSA, during 2024, the Company provided technology infrastructure, risk and security, accounting and various other corporate services to Worldpay.
Other Operating (Income) Expense, Net - Related Party As described in Note 4 to the consolidated financial statements, under the terms of the Worldpay TSA, during 2025 and 2024, the Company provided technology infrastructure, risk and security, accounting and various other corporate services to Worldpay.
Adjusted EBITDA decreased primarily due to the revenue impacts noted above, as well as higher costs due to dis-synergies associated with the Worldpay Sale.
Adjusted EBITDA decreased primarily due to the revenue impacts noted above, as well as higher costs due to dis-synergies associated with the 2024 Worldpay Sale.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following section discusses management's view of the financial condition and results of operations of FIS and its consolidated subsidiaries as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022, unless otherwise noted.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following section discusses management's view of the financial condition and results of operations of FIS and its consolidated subsidiaries as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023, unless otherwise noted.
See "Statement Regarding Forward-Looking Information" and " Risk Factors " in Item 1A 30 Table of Contents of this Annual Report for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements that could cause future results to differ materially from those reflected in this section.
See "Statement Regarding Forward-Looking Information" and " Risk Factors " in Item 1A of this Annual Report for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements that could cause future results to differ materially from those reflected in this section.
For the year ended December 31, 2024, we recorded a loss on sale of the Worldpay disposal group of $578 million, including the impact of post-closing adjustments recorded to date.
For the year ended December 31, 2024, we recorded a loss on sale of the Worldpay disposal group of $578 million, including the impact of post-closing adjustments.
These excluded costs generally consist of the purchase price amortization of acquired intangible assets as well as acquisition, integration and certain other costs and asset impairments. These costs and adjustments are recorded in the 38 Table of Contents Corporate and Other segment for the periods discussed below.
These excluded costs generally consist of the purchase price amortization of acquired intangible assets as well as acquisition, integration and certain other costs and asset impairments. These costs and adjustments are recorded in the Corporate and Other segment for the periods discussed below.
Operating Income and Operating Margin The annual change in operating income and operating margin for the years ended December 31, 2024 and 2023, resulted from the revenue and cost variances noted above.
Operating Income and Operating Margin The annual change in operating income and operating margin for the years ended December 31, 2025 and 2024, resulted from the revenue and cost variances noted above.
Equity Method Investment Earnings (Loss) Year ended December 31, $ Change % Change 2024 vs 2023 vs 2024 vs 2023 vs 2024 2023 2022 2023 2022 2023 2022 (In millions) Equity method investment earnings (loss), net of tax $ (145) $ — $ — $ (145) $ — NM NM NM = Not meaningful As discussed in Note 1 to the consolidated financial statements, the Company completed the Worldpay Sale on January 31, 2024, retaining a non-controlling equity interest in Worldpay.
Equity Method Investment Earnings (Loss) Year ended December 31, $ Change % Change 2025 vs 2024 vs 2025 vs 2024 vs 2025 2024 2023 2024 2023 2024 2023 (In millions) Equity method investment earnings (loss), net of tax $ (526) $ (145) $ — $ (381) $ (145) NM NM NM = Not meaningful As discussed in Note 1 to the consolidated financial statements, the Company completed the 2024 Worldpay Sale on January 31, 2024, retaining a non-controlling equity interest in Worldpay.
However, the accounting policies that we apply across similar contracts, products or classes of clients could significantly influence the timing and amount of revenue recognized in our historical and future results of operations or financial position.
However, the accounting policies that we apply across similar contracts, products 35 Table of Contents or classes of clients could significantly influence the timing and amount of revenue recognized in our historical and future results of operations or financial position.
However, the amount, declaration and payment of future dividends is at the discretion of the Board of Directors and depends on, among other things, our investment opportunities (including potential mergers and acquisitions), results of operations, financial condition, cash requirements, future prospects, and other factors, including legal and contractual restrictions, that may be considered relevant by our Board of Directors.
However, the amount, declaration and payment of future dividends are at the discretion of the Board of Directors and depend on, among other things, our investment opportunities (including potential mergers and acquisitions), results of operations, financial condition, cash requirements, future prospects, and other factors, including legal and contractual restrictions, that may be considered relevant by our Board of Directors.
This section should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this Annual Report. Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements.
This section should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this Annual Report. Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Table of Contents contains forward-looking statements.
Our internal development activities have related primarily to the modernization of our proprietary core systems in each of our segments, design and development of next-generation digital and innovative solutions and development of 31 Table of Contents processing systems and related software applications and risk management platforms.
Our internal development activities have related primarily to the modernization of our proprietary core systems in each of our segments, design and development of next-generation digital and innovative solutions and development of processing systems and related software applications and risk management platforms.
The income received for these services is recorded in Other operating (income) expense, net - related party, and the corresponding expenses are recognized in Cost of revenue and Selling, general and administrative expense in the consolidated statement of earnings (loss).
The income received for these services is recorded in Other operating (income) expense, net - related party, and the corresponding expenses are recognized in Cost of revenue and Selling, general and administrative expense in the consolidated 38 Table of Contents statement of earnings (loss).
Digital One Platform Consumer preference, particularly in younger generations, continues to shift from traditional branch banking services to digital-first banking solutions. It is increasingly clear that a priority for our clients is to provide a unified, engaging and inclusive banking experience powered by digital capabilities across all channels and customer activities.
Digital One Platform Consumer preference, particularly in younger generations, continues to shift to digital-first banking solutions. It is increasingly clear that a priority for our clients is to provide a unified, engaging and inclusive banking experience powered by digital capabilities across all channels and customer activities.
Cost of Revenue, Gross Profit and Gross Profit Margin Cost of revenue for the year ended December 31, 2024, increased primarily due to increased infrastructure and labor expenses, which include costs to support the Worldpay transition services agreement ("TSA").
Cost of revenue for the year ended December 31, 2024, increased primarily due to increased infrastructure and labor expenses, which include costs to support the Worldpay transition services agreement ("TSA").
We also evaluate and measure uncertain tax 34 Table of Contents positions taken or expected to be taken on tax returns and record liabilities for such positions that in our judgment may not be sustained, or only partially sustained, upon examination by taxing authorities.
We also evaluate and measure uncertain tax positions taken or expected to be taken on tax returns and record liabilities for such positions that in our judgment may not be sustained, or only partially sustained, upon examination by taxing authorities.
For 2023 and 2024, we performed a qualitative annual assessment of these reporting units and concluded that it remained more likely than not that the fair values of these reporting units continued to exceed their respective carrying amounts.
For our Banking and Capital Markets reporting units, we performed a qualitative annual assessment for 2023, 2024 and 2025 and concluded that it remained more likely than not that the fair values of these reporting units continued to exceed their respective carrying amounts.
The payment processing industry is adopting new technologies, developing new solutions, evolving new business models, and is being affected by new market entrants and by an evolving regulatory environment.
The payment processing industry is adopting new technologies, developing new solutions, evolving new business models, and is being affected by new 34 Table of Contents market entrants and by an evolving regulatory environment.
When a financial institution processing client is involved in a consolidation, we may benefit if the client retains our solutions and expands the use of them following the consolidation to support the newly combined entity.
When a financial institution processing client is involved in a consolidation, we may benefit if the client retains our solutions and expands the use of them following the consolidation to support the newly combined entity. Conversely, we may lose revenue if our solutions are not chosen to support the newly combined entity.
Banking Industry Consolidation Consolidation within the banking industry has occurred and may continue to occur, primarily in the form of merger and acquisition activity among financial institutions, which generally increases competition among financial technology providers. However, consolidation resulting from specific merger and acquisition transactions may be beneficial to our business.
Banking Industry Consolidation We expect continued consolidation within the banking industry, primarily in the form of merger and acquisition activity among financial institutions, which generally increases competition among financial technology providers. However, consolidation resulting from specific merger and acquisition transactions may be beneficial to our business.
In January 2025, the Board of Directors approved a quarterly dividend of $0.40 per share beginning with the first quarter of 2025. A regular quarterly dividend of $0.40 per common share is payable on March 25, 2025, to shareholders of record as of the close of business on March 11, 2025.
In January 2026, the Board of Directors approved a quarterly dividend of $0.44 per share beginning with the first quarter of 2026. A regular quarterly dividend of $0.44 per common share is payable on March 24, 2026, to shareholders of record as of the close of business on March 10, 2026.
The income approach used to assess goodwill for impairment is a critical estimate because the forecasted revenue growth rate and margin assumptions (including long-term growth assumptions) underlying the estimated future cash flows are subject to management’s judgment based upon the best available market information, internal forecasts and operating plans. A deterioration in these assumptions could adversely impact our results.
The income approach used to assess goodwill for impairment is a critical estimate because the forecasted revenue growth rate and margin assumptions (including long-term growth assumptions) underlying the estimated future cash flows are subject to management’s judgment based upon the best available 36 Table of Contents market information, internal forecasts and operating plans.
However, during 2024, we used a portion of the net proceeds from the Worldpay Sale to repay our borrowings under our commercial paper programs and reduce our long-term debt, which has decreased our interest expense from previous levels. Impacts of foreign currency fluctuations remained slightly favorable during 2024.
During 2024, we used a portion of the net proceeds from the 2024 Worldpay Sale to repay our borrowings under our commercial paper programs and reduce our long-term debt, which decreased our interest expense from previous levels.
See Note 4 to the consolidated financial statements for summary Worldpay financial information. 37 Table of Contents Discontinued Operations Year ended December 31, $ Change % Change 2024 vs 2023 vs 2024 vs 2023 vs 2024 2023 2022 2023 2022 2023 2022 (In millions) Revenue $ 413 $ 4,859 $ 4,809 $ (4,446) $ 50 (92) % 1 % Earnings (loss) from discontinued operations related to major classes of pre-tax earnings (loss) $ 179 $ (5,549) $ (17,276) 5,728 11,727 NM NM Loss on assets held for sale $ — $ (1,909) $ — 1,909 (1,909) NM NM Loss on sale of disposal group $ (578) $ — $ — (578) — NM NM Provision (benefit) for income taxes $ (1,062) $ (301) $ 52 (761) (353) NM NM Earnings (loss) from discontinued operations, net of tax attributable to FIS $ 663 $ (7,157) $ (17,328) 7,820 10,171 NM NM NM = Not meaningful As discussed in Note 1 to the consolidated financial statements, the Company completed the Worldpay Sale on January 31, 2024.
Discontinued Operations Year ended December 31, $ Change % Change 2025 vs 2024 vs 2025 vs 2024 vs 2025 2024 2023 2024 2023 2024 2023 (In millions) Revenue $ — $ 413 $ 4,859 $ (413) $ (4,446) (100) % (92) % Earnings (loss) from discontinued operations related to major classes of pre-tax earnings (loss) $ — $ 179 $ (5,549) (179) 5,728 NM NM Loss on assets held for sale $ — $ — $ (1,909) — 1,909 NM NM Loss on sale of disposal group $ — $ (578) — 578 (578) NM NM Provision (benefit) for income taxes $ — $ (1,062) $ (301) 1,062 (761) NM NM Earnings (loss) from discontinued operations, net of tax attributable to FIS $ — $ 663 $ (7,157) (663) 7,820 NM NM NM = Not meaningful As discussed in Note 1 to the consolidated financial statements, the Company completed the 2024 Worldpay Sale on January 31, 2024.
We expect to continue to receive regular cash distributions from Worldpay pursuant to the terms of the Limited Liability Company Operating Agreement ("LLCA") described in Note 4 to the consolidated financial statements. 41 Table of Contents Cash flows from investing also occasionally include cash received or paid relative to other activities that are not regularly recurring in nature.
We received regular cash distributions from Worldpay pursuant to the terms of the Limited Liability Company Operating Agreement ("LLCA") described in Note 4 to the consolidated financial statements until the completion of the 2026 Worldpay Minority Interest Sale. Cash flows from investing also occasionally include cash received or paid relative to other activities that are not regularly recurring in nature.
Corporate and Other Years ended December 31, $ Change % Change 2024 vs 2023 vs 2024 vs 2023 vs 2024 2023 2022 2023 2022 2023 2022 (In millions) Revenue $ 256 $ 322 $ 464 $ (66) $ (142) (20) % (31) % Adjusted EBITDA $ (415) $ (346) $ (259) (69) (87) 20 34 The Corporate and Other segment results consist of selling, general and administrative expenses and depreciation and intangible asset amortization not otherwise allocated to the reportable segments.
Corporate and Other Years ended December 31, $ Change % Change 2025 vs 2024 vs 2025 vs 2024 vs 2025 2024 2023 2024 2023 2024 2023 (In millions) Revenue $ 196 $ 256 $ 322 $ (60) $ (66) (23) % (20) % Adjusted EBITDA $ (491) $ (415) $ (346) (76) (69) 18 20 The Corporate and Other segment results consist of selling, general and administrative expenses and depreciation and intangible asset amortization not otherwise allocated to the reportable segments.
Cash Flows from Financing Cash flows from financing principally involve borrowing funds, repaying debt, repurchasing shares and paying dividends, For information regarding the Company's debt and financing activity, see "Risk Factors—Risks Related to Our Indebtedness" in Item 1A and "Quantitative and Qualitative Disclosures About Market Risk—Interest Rate Risk" in Item 7A of this Annual Report and Notes 14 and 15 to the consolidated financial statements.
For information regarding the Company's debt and financing activity, see "Risk Factors—Risks Related to Our Indebtedness" in Item 1A and "Quantitative and Qualitative Disclosures About Market Risk—Interest Rate Risk" in Item 7A of this Annual Report and Notes 14 and 15 to the consolidated financial statements.
No recently adopted accounting pronouncements or newly issued accounting pronouncements not yet effective during the fiscal year are expected to have a material impact on our consolidated financial statements or disclosures.
Recent Accounting Guidance Not Yet Adopted See Note 2 (v) to the consolidated financial statements for information on recent accounting guidance not yet adopted. No other recently adopted accounting pronouncements or newly issued accounting pronouncements not yet effective during the fiscal year are expected to have a material impact on our consolidated financial statements or disclosures.
We also recorded a tax benefit of $1.1 billion , primarily from the release of U.S. deferred tax liabilities that were not transferred in the Worldpay Sale, net of the estimated U.S. tax cost that we expect to incur as a result of the Worldpay Sale.
During 2024, we also recorded a cumulative tax benefit of $1.1 billion , primarily from the release of U.S. deferred tax liabilities that were not transferred in the 2024 Worldpay Sale, net of the then-estimated U.S. tax cost of the 2024 Worldpay Sale.
Other income (expense), net for the periods presented consists of various income and expense items outside of the Company's operating activities, including foreign currency transaction remeasurement gains and losses; realized and unrealized gains and losses on equity security investments, including impairment losses on these investments; and fair value adjustments on certain non-operating assets and liabilities, including certain derivatives as further described in Note 15 to the consolidated financial statements. 36 Table of Contents The year ended December 31, 2024, included loss on extinguishment of debt of approximately $(174) million, as discussed in Note 14 to the consolidated financial statements.
Other income (expense), net for the periods presented consists of various income and expense items outside of the Company's operating activities, including foreign currency transaction remeasurement gains and losses; realized and unrealized gains and losses on equity security investments, including impairment losses on these investments; and fair value adjustments on certain non-operating assets and liabilities, including certain derivatives as further described in Note 15 to the consolidated financial statements.
Worldpay Sale On January 31, 2024, the Company completed the Worldpay Sale for cash consideration in a transaction valuing the Worldpay Merchant Solutions business at an enterprise value of $18.5 billion, including $1.0 billion of consideration contingent on the returns realized by Buyer exceeding certain thresholds.
As of December 31, 2025, tariffs have not had a significant impact on our financial condition or results of operations. 2024 Worldpay Sale The Company completed the 2024 Worldpay Sale on January 31, 2024, for cash consideration in a transaction valuing the Worldpay Merchant Solutions business at an enterprise value of $18.5 billion, including $1.0 billion of consideration contingent on the returns realized by Buyer exceeding certain thresholds.
Our principal sources of funds are cash generated by operations and borrowings, including the capacity under our Revolving Credit Facility, the U.S. commercial paper program and the Euro-commercial paper program discussed in Note 14 to the consolidated financial statements. The net proceeds from the Worldpay Sale also provided a significant source of funds during 2024.
Our principal sources of funds are cash generated by operations and borrowings, including the capacity under our revolving credit facilities, the U.S. commercial paper program and the Euro-commercial paper program discussed in Note 14 to the consolidated financial statements.
The forecasted revenue and margins used in the discounted cash flow models are critical estimates in determining the fair value of customer relationships and developed technology software assets as these estimates are influenced by many factors including historical financial information and management’s expectation for future operating results as a combined company. 33 Table of Contents While we use our best estimates and assumptions to determine the fair values of the assets acquired and the liabilities assumed, our estimates are inherently uncertain and subject to refinement.
The forecasted revenue and margins used in the discounted cash flow models are critical estimates in determining the fair value of customer relationships and developed technology software assets as these estimates are influenced by many factors including historical financial information and management’s expectation for future operating results as a combined company.
For the year ended December 31, 2024 , the Company recorded a tax benefit of $1.1 billion , primarily from the write-off of U.S. deferred tax liabilities that were not transferred in the Worldpay Sale, net of the estimated U.S. tax cost that the Company expects to incur as a result of the Worldpay Sale.
For the year ended December 31, 2024 , the Company recorded a tax benefit of $1.1 billion , primarily from the write-off of U.S. deferred tax liabilities that were not transferred in the 2024 Worldpay Sale, net of the estimated U.S. tax cost that the Company expects to incur as a result of the 2024 Worldpay Sale. 40 Table of Contents For the year ended December 31, 2023, Earnings (loss) from discontinued operations related to major classes of pre-tax earnings (loss), as well as Earnings (loss) from discontinued operations, net of tax, included a $6.8 billion impairment of goodwill.
Recurring revenue contributed 5% to the total segment revenue growth rate due to new SaaS sales to both new and existing customers, and non-recurring revenue contributed 2% to the growth rate due primarily to increased license sales.
Recurring revenue contributed 5% to the total segment revenue growth rate due to new SaaS sales to both new and existing customers, and non-recurring revenue contributed 2% to the growth rate due primarily to increased license sales. Foreign currency movements contributed 1% to the growth rate. Adjusted EBITDA increased year over year due to the revenue impacts noted above.
As of December 31, 2024, the Company had $4,547 million of available liquidity, including $834 million of cash and cash equivalents and $3,713 million of capacity available under its Revolving Credit Facility. Approximately $370 million of cash and cash equivalents is held by our foreign entities.
As of December 31, 2025, the Company had $4,655 million of available liquidity, including $599 million of cash and cash equivalents and $4,056 million of capacity available under its revolving credit facilities. Approximately $329 million of cash and cash equivalents is held by our foreign entities.
The majority of our international revenue is generated by clients in the U.K., Germany, Canada, Australia, Brazil, Switzerland and France. In addition, the majority of our revenue has historically been recurring under multi-year Banking and Capital Markets contracts that contribute relative stability to our revenue stream. These solutions, in general, are considered critical to our clients' operations.
The majority of our international revenue is generated by clients in the United Kingdom, Germany, Canada, Australia, Switzerland, France, South Africa, the Netherlands and India. In addition, the majority of our revenue has historically been recurring under multi-year Banking and Capital Markets contracts that contribute relative stability to our revenue stream.
(3) The amounts above reflect the net coupon payments on the fixed-to-variable and offsetting variable-to-fixed interest rate swaps, as described in Note 15, that result in a net fixed coupon spread payable by the Company; the amounts also assume that there are no future currency effects.
(3) The amounts above reflect the net coupon payments on the fixed-to-variable and offsetting variable-to-fixed interest rate swaps, as described in Note 15, that result in a net fixed coupon spread payable by the Company; the amounts also assume that there are no future currency effects. 44 Table of Contents Recent Accounting Pronouncements Recently Adopted Accounting Guidance See Note 2 (v) to the consolidated financial statements for information on recently adopted accounting guidance.
Asset impairments for the year ended December 31, 2023, related primarily to the termination of certain internally developed software projects. Asset impairments for the year ended December 31, 2022, related primarily to real estate, the sale of a non-strategic business and certain software assets.
Asset impairments for the year ended December 31, 2024, related primarily to an estimated loss recorded on the expected sale of a non-strategic business. Asset impairments for the year ended December 31, 2023, related primarily to the termination of certain internally developed software projects.
FIS' ability to partner with non-financial institution enterprises, such as mobile payment providers and internet, retail and social media companies, continues to create attractive growth opportunities as these new entrants seek to become more active participants in the development of alternative electronic payment technologies and to facilitate the convergence of retail, online, mobile and social commerce applications. 32 Table of Contents Cybersecurity Threats and Solutions Cyberattacks on information technology systems and the vendors and technological supply chain on which they rely continue to grow in frequency, complexity and sophistication.
FIS' ability to partner with non-financial institution enterprises, such as mobile payment providers and internet, retail and social media companies, continues to create attractive growth opportunities as these new entrants seek to become more active participants in the development of alternative electronic payment technologies and to facilitate the convergence of retail, online, mobile and social commerce applications.
We account for our 45% equity interest in Worldpay using the equity method of accounting.
Until the closing of the 2026 Worldpay Minority Interest Sale, we accounted for our 45% equity interest in Worldpay using the equity method of accounting.
This is a trend we expect to continue with widespread impacts, including potentially some pertinent to FIS. The continued growth in the frequency, complexity and sophistication of cyberattacks, coupled with the continued interconnection in the global technology ecosystem, present both a threat and an opportunity for FIS.
The continued growth in the frequency, complexity and sophistication of cyberattacks, coupled with the continued interconnection in the global technology ecosystem, present both a threat and an opportunity for FIS.
We invested approximately $817 million, $780 million and $996 million in capital expenditures (excluding purchases of certain hardware and software subject to financing or other long-term payment arrangements) during 2024, 2023 and 2022, respectively. We expect to continue investing in software and in property and equipment to support our business.
Cash Flows from Investing Our principal investing activity relates to capital expenditures for software (purchased and internally developed) and property and equipment. We invested approximately $989 million, $817 million and $780 million in capital expenditures (excluding purchases of certain hardware and software subject to financing or other long-term payment arrangements) during 2025, 2024 and 2023, respectively.
The following table summarizes FIS' other significant contractual obligations and commitments as of December 31, 2024 (in millions): Payments Due in Less than 1-3 3-5 More than Total 1 Year Years Years 5 Years Interest (1) $ 2,504 $ 266 $ 467 $ 394 $ 1,377 Purchase commitments (2) 696 340 286 60 10 Interest rate swap net coupons (3) 647 108 216 205 118 Total $ 3,847 $ 714 $ 969 $ 659 $ 1,505 (1) The amounts above include the impact of accounting hedges and assume that (a) applicable margins and commitment fees remain constant; (b) variable-rates in effect as of December 31, 2024, remain constant; (c) no refinancing occurs at debt maturity; (d) only mandatory debt repayments are made; (e) no new hedging transactions are effected; and (f) there are no future currency effects.
The following table summarizes FIS' other significant contractual obligations and commitments as of December 31, 2025 (in millions): Payments Due in Less than 1-3 3-5 More than Total 1 Year Years Years 5 Years Interest (1) $ 2,372 $ 336 $ 439 $ 368 $ 1,229 Purchase commitments (2) 1,155 554 453 148 — Interest rate swap net coupons (3) 559 112 223 171 53 Total $ 4,086 $ 1,002 $ 1,115 $ 687 $ 1,282 (1) The amounts above include the impact of accounting hedges and assume that (a) applicable margins and commitment fees remain constant; (b) variable-rates in effect as of December 31, 2025, remain constant; (c) no refinancing occurs at debt maturity; (d) only mandatory debt repayments are made; (e) no new hedging transactions are effected; and (f) there are no future currency effects.
The $(167) million net change in Other income (expense), net during the year ended December 31, 2023, related primarily to foreign currency transaction remeasurement losses and the impact of the change in fair value of interest rate swaps accounted for as economic hedges during the year ended December 31, 2023.
Other income (expense) for the year ended December 31, 2023, primarily included losses from foreign currency transaction remeasurements and the impact of the change in fair value of interest rate swaps accounted for as economic hedges. See Note 15 to the consolidated financial statements for further discussion of the interest rate swaps.
Given the volatility of exchange rates and the mix of currencies involved in both revenues and expenses, the direction and magnitude of future effects of currency fluctuations are uncertain.
Given the volatility of exchange rates and the mix of currencies involved in both revenues and expenses, the direction and magnitude of future effects of currency fluctuations are uncertain. We continue to monitor the potential impacts of recently enacted and potential future tariff regimes in the U.S. and internationally.
Provision (Benefit) for Income Taxes Year ended December 31, $ Change % Change 2024 vs 2023 vs 2024 vs 2023 vs 2024 2023 2022 2023 2022 2023 2022 (In millions) Provision (benefit) for income taxes $ 362 $ 157 $ 314 $ 205 $ (157) NM NM Effective tax rate 28 % 24 % 35 % NM = Not meaningful The increase in the effective tax rate for the year ended December 31, 2024, was predominately driven by increases to income tax relating to foreign earnings and operations.
Provision (Benefit) for Income Taxes Year ended December 31, $ Change % Change 2025 vs 2024 vs 2025 vs 2024 vs 2025 2024 2023 2024 2023 2024 2023 (In millions) Provision (benefit) for income taxes $ 265 $ 362 $ 157 $ (97) $ 205 NM NM Effective tax rate 23 % 28 % 24 % NM = Not meaningful The decrease in the effective tax rate for the year ended December 31, 2025, was predominately driven by comparatively lower income tax relating to foreign earnings in 2025, together with a decrease in 2025 income tax expense due to increased tax credits.
Additionally, the payment of cash dividends may be limited by covenants in certain debt agreements. In January 2021, our Board of Directors approved a share repurchase program under which it authorized the Company to repurchase up to 100 million shares of our common stock.
Additionally, the payment of cash dividends may be limited by covenants in certain debt agreements. In August 2024, our Board of Directors approved a share repurchase program authorizing the repurchase of up to $3.0 billion in aggregate value of shares of our common stock (the "2024 Repurchase Program").
We intend to repurchase approximately $1.2 billion of our shares during the year ending December 31, 2025. Cash Flows from Operations Our net cash provided by operating activities consists primarily of net earnings, adjusted to add back depreciation and amortization and other non-cash items including asset impairments, loss on extinguishment of debt, and loss from equity method investment.
Cash Flows from Operations Our net cash provided by operating activities consists primarily of net earnings, adjusted to add back depreciation and amortization and other non-cash items including asset impairments, loss on extinguishment of debt, and loss from equity method investment. Cash flows from operations were $2,608 million, $2,175 million and $2,078 million in 2025, 2024 and 2023, respectively.
Therefore, equity method investment earnings (loss) and the related investor-level tax are excluded from the calculation of FIS' annual effective tax rate. The decrease in the effective tax rate for the year ended December 31, 2023, was predominately driven by the decrease in GAAP pre-tax earnings.
Therefore, equity method investment earnings (loss) and the related investor-level tax are excluded from the calculation of FIS' annual effective tax rate.
Adjusted EBITDA increased year over year due to the revenue impacts noted above and the positive impact of the operating leverage and labor productivity and outsourcing initiatives. Adjusted EBITDA margin expanded year over year, driven primarily by labor productivity and outsourcing initiatives and favorable revenue mix compared to the prior year, including an increase in high-margin license revenue.
Adjusted EBITDA increased year over year due to the revenue impacts noted above and the positive impact of the operating leverage and labor productivity and outsourcing initiatives.
Professional services revenue is typically non-recurring, though recognition often occurs over time rather than at a point in time. Sales of software licenses are typically non-recurring with point-in-time recognition and are less predictable. Economic Trends We are experiencing relatively stable sales cycles and levels of client activity across our businesses.
These solutions, in general, are considered critical to our clients' operations. Professional services revenue is typically non-recurring, though recognition often occurs over time rather than at a point in time. Sales of software licenses are typically non-recurring with point-in-time recognition and are less predictable.
Total Other Income (Expense), Net Year ended December 31, $ Change % Change 2024 vs 2023 vs 2024 vs 2023 vs 2024 2023 2022 2023 2022 2023 2022 Other income (expense): (In millions) Interest expense, net $ (250) $ (621) $ (281) $ 371 $ (340) 60 % (121) % Other income (expense), net (162) (164) 3 2 $ (167) NM NM Total other income (expense), net $ (412) $ (785) $ (278) 373 $ (507) NM NM NM = Not meaningful The decrease in interest expense, net during the year ended December 31, 2024, was primarily due to a reduction in our outstanding borrowings under our commercial paper programs and senior notes using a portion of the net proceeds from the Worldpay Sale and increased interest income generated on the proceeds of the Worldpay Sale.
The decrease in interest expense, net during the year ended December 31, 2024, was primarily due to a reduction in our outstanding borrowings under our commercial paper programs and senior notes using a portion of the net proceeds from the 2024 Worldpay Sale and increased interest income generated on the proceeds of the 2024 Worldpay Sale.
Foreign currency movements contributed 1% to the growth rate. 39 Table of Contents Adjusted EBITDA increased year over year due to the revenue impacts noted above. Adjusted EBITDA margin increased year over year due primarily to the segment's operating leverage, continued cost management and increased higher-margin license revenue.
Adjusted EBITDA margin increased year over year due primarily to the segment's operating leverage, continued cost management and increased higher-margin license revenue.
The net cash proceeds received by FIS at the closing were greater than $12 billion, net of estimated closing adjustments, debt restructuring fees, taxes and transaction costs.
FIS will no longer receive the contingent consideration as a result of the completion of the 2026 Worldpay Minority Interest Sale, as discussed below. The net cash proceeds received by FIS at the closing were greater than $12 billion, net of estimated closing adjustments, debt restructuring fees, taxes and transaction costs.
As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to our consolidated statements of earnings.
While we use our best estimates and assumptions to determine the fair values of the assets acquired and the liabilities assumed, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed.
We also invest in acquisitions that complement and extend our existing solutions and capabilities and provide additional solutions to our portfolio, and we dispose of assets that are no longer considered strategic. In 2024, we used approximately $514 million of cash (net of cash acquired) related to new acquisitions.
We expect to continue investing in software and in property and equipment to support our business. We also invest in acquisitions that complement and extend our existing solutions and capabilities and provide additional solutions to our portfolio, and we dispose of assets that are no longer considered strategic.
Consolidated Results of Operations Year ended December 31, $ Change % Change 2024 vs 2023 vs 2024 vs 2023 vs 2024 2023 2022 2023 2022 2023 2022 (In millions) Revenue $ 10,127 $ 9,831 $ 9,720 $ 296 $ 111 3 % 1 % Cost of revenue (6,323) (6,175) (6,259) (148) 84 2 (1) Gross profit 3,804 3,656 3,461 148 195 4 6 Gross profit margin 38 % 37 % 36 % Selling, general and administrative expenses (2,185) (2,096) (2,182) (89) 86 4 (4) Asset impairments (52) (113) (103) 61 (10) NM NM Other operating (income) expense, net - related party (142) — — (142) — NM NM Operating income 1,709 1,447 1,176 262 271 18 23 Operating margin 17 % 15 % 12 % NM = Not meaningful Revenue Revenue for the year ended December 31, 2024, increased primarily due to new sales to both new and existing customers and increased transaction processing volumes, partially offset by declines associated with our non-strategic businesses.
Consolidated Results of Operations Year ended December 31, $ Change % Change 2025 vs 2024 vs 2025 vs 2024 vs 2025 2024 2023 2024 2023 2024 2023 (In millions) Revenue $ 10,677 $ 10,127 $ 9,831 $ 550 $ 296 5 % 3 % Cost of revenue (6,741) (6,323) (6,175) (418) (148) 7 2 Gross profit 3,936 3,804 3,656 132 148 3 4 Gross profit margin 37 % 38 % 37 % Selling, general and administrative expenses (2,263) (2,185) (2,096) (78) (89) 4 4 Asset impairments (18) (52) (113) 34 61 NM NM Other operating (income) expense, net - related party (86) (142) — 56 (142) (39) NM Operating income 1,741 1,709 1,447 32 262 2 18 Operating margin 16 % 17 % 15 % NM = Not meaningful 37 Table of Contents Revenue Revenue for the year ended December 31, 2025, increased primarily due to recurring revenue growth in both the Banking and Capital Markets segments.
As described in Note 3 to the consolidated financial statements, the Company reflects its investor-level tax impact relating to equity method investments as a component of Equity method investment earnings (loss), net of tax in the consolidated statement of earnings (loss).
The increase in the effective tax rate for the year ended December 31, 2024, was predominately driven by increases to income tax relating to foreign earnings. 39 Table of Contents As described in Note 4 to the consolidated financial statements, the Company reflects its investor-level tax impact relating to equity method investments as a component of Equity method investment earnings (loss), net of tax in the consolidated statement of earnings (loss).
Corporate and Other also includes other operating income recorded in connection with our TSA with Worldpay, as well as operations from certain non-strategic businesses. Year ended December 31, 2024, compared to 2023: Revenue in our Corporate and Other segment decreased 20% for the year ended December 31, 2024, due to the ramp down of non-strategic businesses.
Adjusted EBITDA decreased compared to the prior year primarily due to higher corporate costs, including a reduction in income from the Worldpay TSA recognized as a contra-expense. 42 Table of Contents Year ended December 31, 2024, compared to 2023: Revenue in our Corporate and Other segment decreased 20% for the year ended December 31, 2024, due to the ramp down of non-strategic businesses.
We believe our integrated solutions and outsourced services are well-positioned to address this outsourcing trend across the markets we serve. We continue to invest in modernization, innovation and integrated solutions to meet the demands of the markets we serve and to compete with global banks, financial and other technology providers, and emerging technology innovators.
We continue to invest in modernization, innovation and integrated solutions to meet the demands of the markets we serve and to compete with global banks, financial and other technology providers, and emerging technology innovators. We invest both internally and through investment opportunities in companies building complementary technologies in the financial services space.
Banking Solutions Years ended December 31, $ Change % Change 2024 vs 2023 vs 2024 vs 2023 vs 2024 2023 2022 2023 2022 2023 2022 (In millions) Revenue $ 6,892 $ 6,743 $ 6,625 $ 149 $ 118 2 % 2 % Adjusted EBITDA $ 3,032 $ 2,908 $ 2,840 124 68 4 2 Adjusted EBITDA margin 44.0 % 43.1 % 42.9 % Adjusted EBITDA margin basis points change 90 20 Year ended December 31, 2024, compared to 2023: Revenue in our Banking segment increased 2% for the year ended December 31, 2024.
Banking Solutions Years ended December 31, $ Change % Change 2025 vs 2024 vs 2025 vs 2024 vs 2025 2024 2023 2024 2023 2024 2023 (In millions) Revenue $ 7,285 $ 6,892 $ 6,743 $ 393 $ 149 6 % 2 % Adjusted EBITDA $ 3,165 $ 3,032 $ 2,908 133 124 4 4 Adjusted EBITDA margin 43.4 % 44.0 % 43.1 % Adjusted EBITDA margin basis points change (60) 90 Year ended December 31, 2025, compared to 2024: Revenue in our Banking segment increased 6% for the year ended December 31, 2025, driven primarily by recurring revenue, which grew 6% from broad-based growth across the portfolio, led by our core and digital and payments businesses.
Cash flows from operations were $2,175 million, $2,078 million and $1,622 million in 2024, 2023 and 2022, respectively. Cash flows from operations increased $97 million in 2024 and increased $456 million in 2023. The 2024 increase in cash flows from operations is primarily due to higher net earnings adjusted for non-cash items, partially offset by timing of working capital.
Cash flows from operations increased $433 million in 2025 and increased $97 million in 2024. The 2025 43 Table of Contents increase in cash flows from operations is primarily due to higher net earnings adjusted for non-cash items and improved working capital management.
Revenue was not materially impacted by foreign currency movements versus the prior year period. Revenue for the year ended December 31, 2023, increased primarily due to recurring revenue growth in the Banking and Capital Markets segments. Revenue was not materially impacted by foreign currency movements. See "Segment Results of Operations" below for more detailed explanation.
Revenue for the year ended December 31, 2024, increased primarily due to new sales to both new and existing customers and increased transaction processing volumes, partially offset by declines associated with our non-strategic businesses. Revenue was not materially impacted by foreign currency movements versus the prior year period. See "Segment Results of Operations" below for more detailed explanation.
Goodwill Impairment The Company assesses goodwill for impairment by reporting unit on an annual basis during the fourth quarter or more frequently if circumstances indicate potential impairment. Our reporting units are the same as our primary operating segments, with additional reporting units, as applicable, for certain non-strategic businesses within the Corporate and Other segment.
Our reporting units are the same as our primary operating segments, with additional reporting units, as applicable, for certain non-strategic businesses within the Corporate and Other segment.
Year ended December 31, 2023, compared to 2022: Revenue in our Corporate and Other segment decreased 31% for the year ended December 31, 2023, due to the ramp down of non-strategic businesses, as well as prior year divestitures.
Year ended December 31, 2025, compared to 2024: Revenue in our Corporate and Other segment decreased 23% for the year ended December 31, 2025, primarily due to the divestiture of a non-strategic business during the first quarter of 2025.
In 2024 and 2023, we paid approximately $8 million and $20 million, respectively, and in 2022, we received approximately $726 million, of net cash related to the settlement of cross-currency interest rate swaps.
In 2025 and 2024, we paid approximately $0 million and $8 million, respectively, of net cash related to the settlement of cross-currency interest rate swaps. Cash Flows from Financing Cash flows from financing principally involve borrowing funds, repaying debt, repurchasing shares and paying dividends.
In connection with the Worldpay Sale, FIS and Worldpay entered into commercial agreements, preserving a key value proposition for clients of both businesses and minimizing potential dis-synergies. FIS and Worldpay also entered into additional agreements as described in Note 4 to the consolidated financial statements. Upon closing of the Worldpay Sale, we retained a non-controlling 45% equity interest in Worldpay.
We used the proceeds from the 2024 Worldpay Sale in 2024 primarily to retire debt and repurchase shares, as well as for general corporate purposes. In connection with the 2024 Worldpay Sale, FIS and Worldpay entered into commercial agreements, preserving a key value proposition for clients of both businesses and minimizing potential dis-synergies.
During the year ended December 31, 2024, we had three acquisitions that were accounted for as business combinations, as discussed in Note 5 to the consolidated financial statements. We had no material business combinations, individually or in the aggregate, during the years ended December 31, 2023 and 2022.
Upon the conclusion of the measurement period, any subsequent adjustments are recorded to our consolidated statements of earnings. During the years ended December 31, 2025 and 2024, we closed on two and three acquisitions, respectively, that were accounted for as business combinations, as discussed in Note 5 to the consolidated financial statements.
Cost of revenue for the year ended December 31, 2023, decreased due to lower intangible asset amortization resulting primarily from using accelerated amortization methods which apply a declining rate over time, contributing to higher gross profit and gross profit margin. 35 Table of Contents Selling, General and Administrative Expenses Selling, general and administrative expenses for the year ended December 31, 2024, increased primarily due to higher expenses relating to the separation of the Worldpay Merchant Solutions business, offset in part by lower labor costs.
Selling, general and administrative expenses for the year ended December 31, 2024, increased primarily due to higher expenses relating to the separation of the Worldpay Merchant Solutions business, offset in part by lower labor costs. Asset Impairments There were no material asset impairments during the year ended December 31, 2025.
A portion of our domestic cash and cash equivalents relates to net deposits-in-transit, which are typically settled within a few business days.
A portion of our domestic cash and cash equivalents relates to net deposits-in-transit, which are typically settled within a few business days. Debt outstanding totaled $13.1 billion, with an effective weighted average interest rate of 3.0%. We intend to continue to maintain investment-grade debt ratings.
In 2024, in connection with the Worldpay Sale, we received $12.8 billion in cash proceeds and divested $3.1 billion in cash, cash equivalents and restricted cash included in current assets held for sale at the date of sale. In the fourth quarter of 2023, we paid $202 million related to new acquisitions.
In 2025 and 2024, we divested $1.4 billion and $3.1 billion in cash, cash equivalents and restricted cash, respectively, included in current assets held for sale at the date of sale. The 2025 and 2024 divestitures were included in current assets held for sale at the date of sale.
FIS' share of the net income of Worldpay subsequent to the sale is reported as Equity method investment earnings (loss), net of tax. As a result of the Worldpay Sale, we recorded an estimated loss on sale of $578 million during 2024.
As a result of the 2024 Worldpay Sale, we recorded a cumulative loss on sale of $578 million during 2024.
Approximately 1 million shares remained available for repurchase under the January 2021 program as of December 31, 2024, and the Company will exhaust its authorization under this program in the first quarter of 2025, after which it will repurchase shares under the 2024 authorization.
The Company repurchased approximately 18 million shares for approximately $1.3 billion during 2025 inclusive of repurchases completed under our share repurchase program authorized in January 2021. Approximately $1.8 billion remained available for repurchase under the 2024 Repurchase Program as of December 31, 2025.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeA 10% movement in average exchange rates for these currencies (assuming a simultaneous and immediate 10% change in all of such rates for the relevant period) would have resulted in the following increase or decrease in our reported revenue for the years ended December 31, 2024, 2023 and 2022 (in millions): Currency 2024 2023 2022 Pound Sterling $ 43 $ 43 $ 42 Euro 27 25 26 Real 12 14 15 Australian Dollar 9 7 7 Swedish Krona 8 10 7 Swiss Franc 6 5 5 Indian Rupee 5 6 9 Total increase or decrease $ 110 $ 110 $ 111 While our results of operations have been impacted by the effects of currency fluctuations, our international operations' revenue and expenses are generally denominated in local currency, which reduces our economic exposure to foreign exchange risk in those jurisdictions. 43 Table of Contents Our foreign exchange risk management policy permits the use of derivative instruments, such as forward contracts and options, to reduce volatility in our results of operations and/or cash flows resulting from foreign exchange rate fluctuations.
Biggest changeA 10% movement in average exchange rates for these currencies (assuming a simultaneous and immediate 10% change in all of such rates for the relevant period) would have resulted in the following increase or decrease in our reported revenue for the years ended December 31, 2025, 2024 and 2023 (in millions): Currency 2025 2024 2023 Pound Sterling $ 49 $ 43 $ 43 Euro 28 27 25 Swedish Krona 12 8 10 Australian Dollar 9 9 7 Brazilian Real 6 12 14 Swiss Franc 6 6 5 Canadian Dollar 6 3 2 Indian Rupee 5 5 6 Total increase or decrease $ 121 $ 113 $ 112 While our results of operations have been impacted by the effects of currency fluctuations, our international operations' revenue and expenses are generally denominated in local currency, which reduces our economic exposure to foreign exchange risk in those jurisdictions.
The major currencies to which our revenue is exposed are the British Pound Sterling, Euro, Brazilian Real, Australian Dollar, Swedish Krona, Swiss Franc and Indian Rupee.
The major currencies to which our revenue is exposed are the British Pound Sterling, Euro, Swedish Krona, Australian Dollar, Brazilian Real, Swiss Franc, Canadian Dollar and Indian Rupee.
The Company also utilizes foreign currency-denominated debt and cross-currency interest rate swaps designated as net investment hedges in order to reduce the volatility of the net investment value of certain of its non-U.S. dollar functional currency subsidiaries and utilizes cross-currency interest rate swaps designated as fair value hedges in order to mitigate the impact of foreign currency risk associated with our foreign currency-denominated debt (see Note 15 to the consolidated financial statements). 44 Table of Contents
The Company also utilizes foreign currency-denominated debt and cross-currency interest rate swaps designated as net investment hedges in order to reduce the volatility of the net investment value of certain of its non-U.S. dollar functional currency subsidiaries and utilizes cross-currency interest rate swaps designated as fair value hedges in order to mitigate the impact of foreign currency risk associated with our foreign currency-denominated debt (see Note 15 to the consolidated financial statements). 46 Table of Contents
Our variable-rate risk principally relates to borrowings under our U.S. commercial paper program, Euro-commercial paper program and Revolving Credit Facility (as included in Note 14 to the consolidated financial statements) (collectively, "variable-rate debt").
Our variable-rate risk principally relates to borrowings under our U.S. commercial paper program, Euro-commercial paper program and revolving credit facilities (as included in Note 14 to the consolidated financial statements) (collectively, "variable-rate debt").
The fair value of our senior notes was approximately $9.9 billion as of December 31, 2024. The potential reduction in fair value of the senior notes from a hypothetical 10 percent increase in market interest rates would not be material to the overall fair value of the debt.
The fair value of our senior notes was approximately $9.7 billion as of December 31, 2025. The potential reduction in fair value of the senior notes from a hypothetical 10 percent increase in market interest rates would not be material to the overall fair value of the debt.
Our fixed-rate senior notes (as included in Note 14 to the consolidated financial statements) represent the majority of our fixed-rate long-term debt obligations as of December 31, 2024. The carrying value, excluding the fair value basis adjustments due to interest rate swaps described below and unamortized discounts, of our senior notes was $10.7 billion as of December 31, 2024.
Our fixed-rate senior notes (as included in Note 14 to the consolidated financial statements) represent the majority of our fixed-rate long-term debt obligations as of December 31, 2025. The carrying value, excluding the fair value basis adjustments due to interest rate swaps described below and unamortized discounts, of our senior notes was $10.3 billion as of December 31, 2025.
For comparison purposes, based on the outstanding balance of our variable-rate debt as of December 31, 2023, and calculated in the same manner as set forth above, an increase of 100 basis points in the weighted-average interest rate would have increased our annual interest expense by approximately $49 million.
For comparison purposes, based on the outstanding balance of our variable-rate debt as of December 31, 2024, and calculated in the same manner as set forth above, an increase of 100 basis points in the weighted-average interest rate would have increased our annual interest expense by approximately $8 million.
We do not use derivatives for trading purposes, to generate income or to engage in speculative activity. 42 Table of Contents Interest Rate Risk In addition to existing cash balances and cash provided by operating activities, we use fixed-rate and variable-rate debt to finance our operations. We are exposed to interest rate risk on these debt obligations.
We do not use derivatives for trading purposes, to generate income or to engage in speculative activity. Interest Rate Risk In addition to existing cash balances and cash provided by operating activities, we use fixed-rate and variable-rate debt to finance our operations. We are exposed to interest rate risk on these debt obligations.
A 100 basis-point increase in the weighted-average interest rate on our variable-rate debt would have increased our 2024 annual interest expense by $8 million. We performed the foregoing sensitivity analysis based solely on the outstanding balance of our variable-rate debt as of December 31, 2024.
A 100 basis-point increase in the weighted-average interest rate on our variable-rate debt would have increased our 2025 annual interest expense by $29 million. We performed the foregoing sensitivity analysis based solely on the outstanding balance of our variable-rate debt as of December 31, 2025.
Changes in foreign currency exchange rates affect translations of revenue denominated in currencies other than the U.S. Dollar. During the years ended December 31, 2024, 2023 and 2022, we generated approximately $1,267 million, $1,261 million and $1,288 million, respectively, in revenue denominated in currencies other than the U.S. Dollar.
Changes in foreign currency exchange rates affect translations of revenue denominated in currencies other than the U.S. Dollar. During the years ended December 31, 2025, 2024 and 2023, we generated approximately 45 Table of Contents $1,358 million, $1,267 million and $1,261 million, respectively, in revenue denominated in currencies other than the U.S. Dollar.
As of December 31, 2024, our weighted-average cost of debt was 2.8% with a weighted-average maturity of 6.2 years; 93% of our debt was fixed rate, and the remaining 7% was variable-rate debt, inclusive of fair value basis adjustments due to interest rate swaps.
As of December 31, 2025, our weighted-average cost of debt was 3.0% with a weighted-average maturity of 4.8 years; 77% of our debt was fixed rate, and the remaining 23% was variable-rate debt, inclusive of fair value basis adjustments due to interest rate swaps.
We do not enter into foreign currency derivative instruments for trading purposes or to engage in speculative activity. We do periodically enter into foreign currency forward contracts to hedge foreign currency exposure to intercompany loans, other balance sheet items or expected foreign currency cash flows resulting from forecasted transactions.
We do periodically enter into foreign currency forward contracts to hedge foreign currency exposure to intercompany loans, other balance sheet items or expected foreign currency cash flows resulting from forecasted transactions.
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Our foreign exchange risk management policy permits the use of derivative instruments, such as forward contracts and options, to reduce volatility in our results of operations and/or cash flows resulting from foreign exchange rate fluctuations. We do not enter into foreign currency derivative instruments for trading purposes or to engage in speculative activity.

Other FIS 10-K year-over-year comparisons