Free cash flow remains volatile, with margins ranging from -2.5% to 46.7%, and capital allocation is heavily influenced by large-scale inorganic activity, such as the $7.9 billion net acquisition outflow in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 2.95B | 2.96B | 2.07B | 4.33B | 3.94B | 4.81B | 4.44B | 2.41B | 1.99B | 1.74B | 1.93B | 1.13B | 1.17B | 1.06B | 1.05B | 1.17B | 1.07B | 714.1M | 596.4M | 463.55M | 494.71M | 425.98M | 503.75M | 138.1M | 126.66M | 102.88M | 0 | 146.22M |
| Operating CF Margin % | - | 27.75% | 20.45% | 44.1% | 40.53% | 34.66% | 35.39% | 23.32% | 23.66% | 20.09% | 20.83% | 17.15% | 18.16% | 17.47% | 18.02% | 20.39% | 20.33% | 18.94% | 17.31% | 15.87% | 11.97% | 38.13% | 48.46% | 13.6% | 12.57% | 12.09% | - | 19.16% |
| Operating CF Growth % | 8964.56% | 43.07% | -52.23% | 10.05% | -18.11% | 8.28% | 84.32% | 20.92% | 14.47% | -9.56% | 70.2% | -2.92% | 9.87% | 1.3% | -10.65% | 9.35% | 50.02% | 19.74% | 28.66% | -6.3% | 16.14% | -15.44% | 264.78% | 9.03% | 23.11% | - | -100% | - |
| Net Income | 2.67B | 511M | 787M | 498M | 604M | 424M | 164M | 303M | 881M | 1.29B | 547M | 651M | 707M | 517.7M | 481.1M | 481.1M | 357.9M | 108.5M | 219.5M | 561.22M | 259.09M | 196.55M | 189.42M | 92.4M | 89.98M | 87.08M | 0 | 0 |
| Depreciation & Amortization | 2.17B | 1.88B | 1.74B | 1.53B | 1.64B | 4.01B | 3.71B | 2.44B | 1.42B | 1.37B | 1.15B | 669M | 626M | 614.6M | 632.8M | 637.2M | 619.5M | 434M | 439.4M | 527.47M | 438.9M | 305.44M | 238.4M | 47.47M | 39.05M | 46.35M | 42.7M | 35.76M |
| Stock-Based Compensation | 45M | 181M | 186M | 120M | 189M | 383M | 283M | 402M | 84M | 107M | 137M | 98M | 56M | 53.4M | 83.8M | 64.7M | 58.7M | 71M | 60.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -27M | -31M | -204M | -415M | -544M | -81M | -206M | -109M | -116M | -985M | -190M | 48M | -6M | 1.5M | -40.9M | 1.2M | -55.7M | -60.2M | 35.6M | 17.93M | 11.6M | 41.56M | -11M | 13.6M | 6.85M | 6.77M | 0 | 0 |
| Other Non-Cash Items | -1.41B | 929M | 352M | 2.72B | 2.61B | 533M | 176M | 221M | 163M | 153M | -15M | -163M | 1M | -61.3M | -24.7M | 77.6M | 167.6M | 147.1M | 78.7M | -365.53M | 17.61M | 24.19M | 6.62M | 7.68M | 12.32M | 1.67M | -42.7M | 110.46M |
| Working Capital Changes | -499M | -510M | -787M | -115M | -557M | -464M | 311M | -851M | -439M | -194M | 293M | -172M | -219M | -65.6M | -85.4M | -90.3M | -76.7M | 13.7M | -237.5M | -277.54M | -232.49M | -141.76M | 80.32M | -23.05M | -21.55M | -39M | 0 | 0 |
| Change in Receivables | -218M | -202M | -178M | 341M | -155M | -552M | -75M | -161M | 58M | -170M | 61M | -103M | -115M | -56.1M | -68M | -31M | -21.3M | 92.7M | -31M | -169.91M | 32.05M | -39.01M | -27.8M | -2.95M | -5.45M | -6.13M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 338M | 218M | 72M | 91M | 88M | 391M | 217M | -74M | -162M | 115M | 95M | 29M | -10M | 161.5M | 79.5M | -41.9M | 80M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -9.72B | -3.19B | 8.14B | -1.52B | -373M | -1.77B | -914M | -7.5B | -668M | 690M | -619M | -1.9B | -985M | -464.7M | -23.2M | -299.2M | -644.2M | 248.8M | -273.1M | -1.55B | -189.24M | -287.05M | -600.67M | -48.48M | -59.39M | -128.39M | 0 | 0 |
| Capital Expenditures | -1.02B | -989M | -817M | -780M | -1.39B | -320M | -263M | -200M | -127M | -145M | -145M | -133M | -149M | -131.7M | -123.7M | -123.9M | -132.8M | -52.5M | -76.7M | -343.3M | -300.2M | -238.66M | -177.5M | -43.95M | -48.96M | -49.35M | -38.79M | -50.11M |
| CapEx % of Revenue | 8.72% | 9.26% | 8.07% | 7.93% | 14.3% | 2.31% | 2.1% | 1.94% | 1.51% | 1.67% | 1.57% | 2.02% | 2.32% | 2.17% | 2.13% | 2.16% | 2.52% | 1.39% | 2.23% | 11.75% | 7.26% | 21.36% | 17.08% | 4.33% | 4.86% | 5.8% | 4.69% | 6.57% |
| Acquisitions | -8.43B | -1.99B | 9.17B | -330M | 50M | -397M | -469M | -6.58B | -16M | 1.31B | 0 | -1.72B | -595M | -150.5M | -63.6M | -20.2M | -403.2M | 435.9M | -19.9M | -1.73B | 110.95M | -48.39M | -423.17M | -4.52M | -10.43M | -79.04M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -268M | -210M | -205M | -394M | 241M | -1.03B | -734M | -718M | -525M | -472M | -474M | -45M | -241M | -182.5M | 164.1M | -155.1M | -108.2M | -134.6M | -150.8M | 96.23M | 0 | 0 | 0 | 0 | 0 | 0 | 38.79M | 50.11M |
| Cash from Financing | 6.74B | -1.18B | -12.62B | -3.32B | -2.57B | -2.54B | -2.75B | 7.58B | -1.24B | -2.48B | -1.31B | 1.01B | -198M | -546M | -920.8M | -784.7M | -519M | -770M | -438.4M | 1.22B | -228.55M | -197.25M | 195.15M | -89.39M | -79.78M | 24.87M | 0 | 0 |
| Debt Issued (Net) | 8.57B | 1.05B | -7.75B | -1.36B | 902M | 633M | -1.37B | 8.68B | 223M | -2.07B | -1B | 1.66B | 572M | 72.6M | -427.1M | -413.9M | 1.93B | -989.1M | -177.3M | 4.3B | 245.13M | 2.8B | 410M | -18.07M | -15.8M | 23.23M | 0 | 0 |
| Equity Issued (Net) | -954M | -1.42B | -4.04B | -481M | -1.88B | -2.11B | -112M | -453M | -1.25B | -153M | -40M | -320M | -522M | -475.9M | -511.3M | -364.2M | -2.54B | 241.7M | -236.1M | -22.64M | -90.05M | 454.34M | -85.21M | -68.05M | -63.62M | 1.64M | 0 | 0 |
| Dividends Paid | -859M | -847M | -800M | -1.23B | -1.14B | -961M | -868M | -656M | -421M | -385M | -341M | -305M | -275M | -256.3M | -234.8M | -60.4M | -67.9M | -49.7M | -38.2M | -38.67M | -38.25M | -2.7B | -12.63M | -3.24M | 0 | 0 | 0 | 0 |
| Share Repurchases | -955M | -1.43B | -4.04B | -522M | -1.94B | -2.11B | -112M | -453M | -1.25B | -153M | -40M | -320M | -522M | -475.9M | -511.3M | -364.2M | -2.54B | 0 | -236.1M | -80.34M | -160.45M | 0 | -96.5M | -73.55M | -79.55M | -2.35M | 0 | 0 |
| Other Financing | -18M | 35M | -22M | -248M | -456M | -96M | -399M | 10M | 217M | 132M | 76M | -15M | 27M | 113.6M | 252.4M | 53.8M | 155.7M | 27.1M | 13.2M | -3.01B | -345.38M | -751.59M | -117M | -32K | -359K | 0 | 0 | 0 |
| Net Change in Cash | -50M | -235M | -2.47B | -399M | 530M | 253M | 819M | 2.51B | 38M | -18M | 1M | 189M | -55M | 29.9M | 102.1M | 77.5M | -92.9M | 210M | -134.4M | 143.53M | 78.6M | -57.74M | 98.84M | 8.11M | -13.51M | -2.12M | 0 | 0 |
| Free Cash Flow | 2.78B | 2.81B | 1.97B | 4.22B | 3.67B | 3.56B | 3.31B | 1.58B | 1.37B | 1.13B | 1.31B | 716M | 793M | 724.1M | 750.6M | 871.2M | 757.3M | 501.6M | 341M | 120.25M | 194.52M | 187.31M | 326.24M | 94.14M | 77.69M | 53.53M | 0 | 96.11M |
| FCF Margin % | 23.85% | 26.31% | 19.49% | 42.93% | 37.77% | 25.65% | 26.39% | 15.31% | 16.28% | 13.01% | 14.17% | 10.86% | 12.36% | 11.93% | 12.92% | 15.16% | 14.37% | 13.31% | 9.9% | 4.12% | 4.71% | 16.77% | 31.38% | 9.27% | 7.71% | 6.29% | - | 12.59% |
| FCF Growth % | 13.84% | 42.3% | -53.22% | 14.96% | 3.15% | 7.43% | 109.42% | 15.39% | 21.54% | -13.83% | 82.82% | -9.71% | 9.52% | -3.53% | -13.84% | 15.04% | 50.98% | 47.1% | 183.57% | -38.18% | 3.85% | -42.59% | 246.55% | 21.17% | 45.15% | - | -100% | - |
| FCF per Share | 5.38 | 5.41 | 3.56 | 7.14 | 6.08 | 5.73 | 5.28 | 3.51 | 4.13 | 3.36 | 3.97 | 2.48 | 2.75 | 2.46 | 2.52 | 2.84 | 2.15 | 2.10 | 1.76 | 0.61 | 1.03 | 2.95 | 5.10 | 1.43 | 1.13 | 0.77 | - | 1.38 |
| FCF Conversion (FCF/Net Income) | 1.04x | 7.76x | 1.43x | -0.65x | -0.24x | 11.53x | 28.11x | 8.09x | 2.36x | 1.38x | 3.39x | 1.79x | 1.72x | 2.15x | 2.27x | 2.49x | 2.65x | 6.74x | 2.78x | 0.83x | 1.91x | 4.13x | 4.51x | 1.49x | 1.41x | 1.18x | - | 1.96x |
| Interest Paid | 244M | 0 | 396M | 696M | 417M | 491M | 428M | 332M | 298M | 354M | 351M | 142M | 169M | 193.5M | 200.1M | 264.2M | 131.1M | 155.1M | 197.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 357M | 0 | 488M | 402M | 963M | 440M | 282M | 321M | 503M | 545M | 341M | 355M | 292M | 320.3M | 316.3M | 205M | 235.5M | 133.3M | 57.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Divestiture-related cash flow volatility
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio swinging from a massive 41.50 in 2023Q4 to a negative 0.75 in 2025Q2, highlighting significant distortions from non-operating items and accounting adjustments.
The extreme variance in the OCF/NI ratio suggests that headline net income is an unreliable proxy for the company's underlying cash-generating capability. Investors should monitor whether the recent stabilization in cash flow signals a transition toward more predictable earnings quality following the Worldpay divestiture.
Based on the provided quarterly data, free cash flow margins have exhibited substantial instability, ranging from a negative 2.5% in 2024Q1 to a peak of 46.7% in 2024Q2, reflecting the ongoing operational shifts and the impact of large-scale capital allocation decisions on cash availability.
The lack of a consistent FCF margin trend suggests that the company's cash flow profile is still being heavily influenced by restructuring costs and the deconsolidation of merchant assets. This volatility warrants caution, as it complicates the assessment of the company's long-term ability to self-fund operations.
According to recent SEC filings, FIS has maintained a variable capital expenditure profile, with CapEx/Revenue ratios fluctuating between 1.5% and 11.5%, indicating that the company continues to invest heavily in its core infrastructure to support its complex, multi-segment technology service offerings.
The periodic spikes in capital intensity suggest that the company is still in a phase of significant reinvestment, likely aimed at modernizing its core banking platforms. Analysts should evaluate whether these expenditures are effectively driving long-term competitive advantages or merely maintaining legacy systems.
As indicated by the quarterly cash flow data, working capital changes have frequently acted as a drain on cash, with significant negative outflows observed in multiple periods, including a $483 million usage in 2024Q1, suggesting challenges in managing the timing of collections and payments.
The recurring negative working capital impact may imply that the company is extending more favorable payment terms to its banking clients or experiencing delays in project-based billing cycles. This trend requires further investigation to determine if it represents a structural shift in the company's cash conversion cycle.
Based on reported figures, FIS has utilized a combination of dividends, share repurchases, and significant net acquisitions, such as the $7.9 billion outflow in 2026Q1, demonstrating a complex and aggressive approach to capital deployment that has historically prioritized inorganic growth over consistent cash retention.
The heavy reliance on large-scale acquisitions, contrasted with steady dividend payments, suggests a management team balancing shareholder returns with the need for strategic expansion. Investors should monitor whether this capital allocation strategy will shift toward more disciplined debt reduction following the recent divestiture of the merchant business.
Quick answers to the most common questions about buying FIS stock.
Fidelity National Information Services, Inc. (FIS) generated $2.96B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fidelity National Information Services, Inc. (FIS) generated $2.81B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Fidelity National Information Services, Inc. (FIS) spent $989.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Fidelity National Information Services, Inc. (FIS) returned $847.0M to shareholders via cash dividends and spent $1.43B on share repurchases. This shows the company's commitment to returning capital to its equity investors.