# Fidelity National Information Services, Inc. (FIS)

> Source: Nexqual · https://nexqual.com/FIS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Fidelity National Information Services, Inc. (FIS), nexqual.com/FIS" · informational, not investment advice.

**Price:** USD 38.29 (+5.13% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 36.42 · day 36.6–38.3 · 52w 32.1–68.98 · market cap $19.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $12.2B, net income $3.37B (27.6% margin), free cash flow $2.82B (SEC filings).
- Valuation: P/E 5.9x (avg 61.1x at the last 2 fiscal year-ends), EV/EBITDA 8.7x, net debt $16.2B.
- 2 of 80 tracked superinvestors hold FIS (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $172K; 0 by opportunistic insiders, 3 by routine insiders.
- Analysts: Buy (mean 2.47 on a 1–5 scale) (30 analysts), mean target USD 47.28 (range 37–77).
- Total return with dividends: 1Y -41.1% vs S&P 500 +14.9%; 5Y -65.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.6, revenue estimate $3.43B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.34B | $9.72B | $9.83B | $10.1B | $10.7B | $12.2B |
| Gross profit | $3.35B | $3.46B | $3.66B | $3.80B | $3.94B | — |
| Operating income | $1.04B | $1.18B | $1.45B | $1.71B | $1.74B | $1.92B |
| Net income | $417M | -$16.8B | -$6.66B | $1.45B | $382M | $3.37B |
| EPS (diluted) | $0.67 | -$27.74 | -$11.26 | $2.61 | $0.73 | — |
| Free cash flow | $4.49B | $3.71B | $4.22B | $2.08B | $2.45B | $2.82B |
| Gross margin | 35.9% | 35.6% | 37.2% | 37.6% | 36.9% | — |
| Operating margin | 11.1% | 12.1% | 14.7% | 16.9% | 16.3% | 15.7% |
| Net margin | 4.5% | -172.3% | -67.7% | 14.3% | 3.6% | 27.6% |
| Revenue growth | -25.6% | +4.1% | +1.1% | +3.0% | +5.4% | — |
| Cash + short-term investments | $2.01B | $456M | $440M | $834M | $599M | — |
| Total debt | $16.4B | $16.3B | $14.3B | $10.7B | $10.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 5.9x · P/S 1.6x · EV/EBITDA 8.7x · EV/Sales 3.0x · P/FCF 7.0x · P/B 1.2x · FCF yield 14.29% · Earnings yield 17.08% · Dividend yield (paid, TTM) 4.43% · Buyback yield (TTM) 3.65% · Net debt $16.2B · EV $36.0B
P/E at fiscal year-ends: Dec 2025 91.3x, Dec 2024 30.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold FIS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mason Hawkins | Southeastern Asset Management | 1.56% | $29.9M | Reduced -7.0% |
| Dodge & Cox Funds | Dodge & Cox | 1.00% | $1.91B | Unchanged |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $172K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-10-15 | Goldstein Jeffrey A | Director | 1,585 | $58K | 36.4 | Routine (bought in Apr & Jul & Oct each year 2023–2025) |
| 2026-07-15 | Goldstein Jeffrey A | Director | 1,386 | $57K | 41.39 | Routine (bought in Apr & Jul & Oct each year 2023–2025) |
| 2026-04-15 | Goldstein Jeffrey A | Director | 1,197 | $57K | 47.39 | Routine (bought in Apr & Jul & Oct each year 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.47 on a 1–5 scale), 30 analysts; mean target USD 47.28 (low 37, high 77).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Citigroup | Target lowered | Neutral | $45 → $39 |
| 2026-10-16 | Cantor Fitzgerald | Target lowered | Overweight | $50 → $45 |
| 2026-10-13 | Susquehanna | Target lowered | Neutral | $46 → $37 |
| 2026-10-13 | Goldman Sachs | Target lowered | Buy | $52 → $44 |
| 2026-10-09 | TD Cowen | Target lowered | Buy | $53 → $47 |
| 2026-10-09 | Barclays | Target lowered | Equal-Weight | $43 → $38 |
| 2026-09-29 | Deutsche Bank | Target lowered | Hold | $45 → $40 |
| 2026-09-25 | Baird | Target lowered | Neutral | $48 → $45 |
| 2026-09-11 | Piper Sandler | Initiated | Neutral | $42 |
| 2026-08-26 | TD Cowen | Target lowered | Buy | $58 → $53 |
| 2026-08-25 | Wolfe Research | Target raised | Outperform | $53 → $54 |
| 2026-08-25 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $58 → $46 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -41.1% | -65.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -41.2% | -18.9% |
| Volatility (annualized) | 34.1% | 34.6% |
| Max drawdown | -50.4% (Jan 2026→Oct 2026) | -70.3% (Oct 2021→Sep 2026) |

## Peers (Information Technology Services)
CDW (CDW Corporation) USD 164.62 +4.01% · BR (Broadridge Financial Solutions,) USD 186.12 +4.39% · WIT (Wipro Limited) USD 2.19 +1.86% · GIB (CGI Inc.) USD 82.15 +3.24% · LDOS (Leidos Holdings, Inc.) USD 134.73 +4.26% · IT (Gartner, Inc.) USD 234.44 +6.77%

## More
Full page: https://nexqual.com/FIS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FIS's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Visa (V) | "We offer EMV (Europay, MasterCard and Visa) integrated circuit cards, often referred to as chip cards, as well as a variety of stored-value card types and loyalty programs, including our Premium Payback service that allo…" |

Other companies that name FIS in their own reports (relationship from FIS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | GLOBAL PAYMENTS INC (GPN) | 10-K 2026-02-20 | "•Complexities associated with managing the combined businesses, including difficulty addressing possible differences in corporate cultures and management philosophies and the challenge of integrating …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Banking Solutions | $2.48B | 73.5% | +44.4% |
| Capital Market Solutions | $810.0M | 24.0% | +3.4% |
| Corporate and Other | $84.0M | 2.5% | -25.7% |
| Total revenue | $3.38B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $2.64B | 78.1% | +29.4% |
| All others | $739.0M | 21.9% | +28.1% |
| Total revenue | $3.38B | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "For the full-year, the Company is updating its outlook, projecting Adjusted revenue growth of 29 - 30%, Adjusted EBITDA growth of 32 - 34% and Adjusted EPS growth of 7.0 - 8.5%."
- "On a Pro Forma basis, revenue is projected to grow 4.5 - 5.0%, as compared to 5.1 - 5.7%, and Adjusted EBITDA is projected to grow 5.9 - 6.9%, as compared to 7.2 - 8.4% 2 ."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.60 | $1.65 | -3.0% | $3.43B | 26 |
| Next quarter (ends 2026-12-31) | $1.75 | $1.81 | -2.9% | $3.55B | 25 |
| Current fiscal year (ends 2026-12-31) | $6.19 | $6.28 | -1.4% | $13.66B | 30 |
| Next fiscal year (ends 2027-12-31) | $6.65 | $6.85 | -2.9% | $14.25B | 30 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±8.1%; earnings reaction alone ±4.7%; last 8 reports averaged ±7.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 41.2% | ±4.9% |
| 2026-11-06 | 14 | 49.6% | ±8.1% |
| 2026-11-13 | 21 | 47.7% | ±9.4% |
| 2026-11-20 | 28 | 46.0% | ±10.3% |
| 2026-11-27 | 35 | 48.2% | ±12.0% |
| 2026-12-04 | 42 | 42.9% | ±11.7% |
| 2026-12-18 | 56 | 40.4% | ±12.9% |
| 2027-01-15 | 84 | 38.5% | ±14.7% |