Free cash flow recovered to $238M in Q2 2026, but capital returns of $280M exceeded FCF, and working capital changes remained a cash drain, with OCF/NI at 2.14 indicating non-cash distortions.
Fidelity National Information Services, Inc. (FIS) cash flow statement — 27-year operating, investing & financing cash flows
| 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 | 3.09B | 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 % | 9074.59% | 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 | 3.37B | 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 | 2.35B | 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 | 102M | 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 | -2M | -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 | -2.22B | 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 | -516M | -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 | -194M | -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 | 302M | 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 | -9.51B | -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 | -1.05B | -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 | 8.5% | 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 | -8.23B | -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 | -216M | -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 | 6.63B | -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) | 8.27B | 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) | -719M | -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 | -875M | -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 | -720M | -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 | -40M | 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 | 164M | -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 | 2.71B | 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 % | 21.78% | 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 % | 69.81% | 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 | 5.23 | 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) | 0.80x | 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 | -70M | 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 | -33M | 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 |
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.
Key Metrics
Top Statement Risk
Guidance implies sequential slowdown
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Volatility
Operating cash flow exceeded net income in most quarters, with OCF/NI reaching 2.14 in Q2 2026, according to recent SEC filings, suggesting non-cash charges and working capital swings distort reported profitability.
The OCF/NI ratio has been highly erratic, ranging from -0.75 in Q2 2025 to 9.87 in Q1 2025, indicating that net income is not a reliable proxy for cash generation. The large D&A figures, averaging over $500 million per quarter, and significant working capital outflows, particularly in Q1 2024 and Q2 2026, suggest that accruals and timing differences drive the gap. Investors should focus on operating cash flow as the more stable measure of underlying performance.
Free Cash Flow Recovery After Dip
Free cash flow rebounded to $238 million in Q2 2026 from a negative $27 million in Q4 2024, as reported in financial statements, though FCF margin remains below the 2024 peak of 46.7%.
The FCF trajectory shows a sharp recovery from the trough in Q4 2024, but the Q2 2026 FCF margin of 7.0% is well below the 33.8% seen in Q3 2025, indicating that cash conversion is not keeping pace with revenue growth. The $2.4 billion net income in Q1 2026 did not translate into commensurate FCF, highlighting the impact of non-cash gains and working capital needs. This suggests that while the business is growing, cash generation remains lumpy and may not support sustained dividend increases without improved working capital management.
Capital Intensity Rising with Growth
Capital expenditures rose to $256 million in Q2 2026, representing 7.6% of revenue, according to the latest cash flow statement, up from 7.3% in the year-ago quarter, indicating increased investment in infrastructure.
The CapEx-to-revenue ratio has hovered between 7% and 11% over the past ten quarters, with a notable spike to 11.5% in Q4 2025. This suggests that FIS is investing heavily in technology and data centers to support its modernization and AI initiatives, which may pressure near-term free cash flow. The elevated capital intensity relative to peers like Jack Henry (which has lower capital needs) could indicate a strategic shift toward more asset-heavy operations, though it may also reflect catch-up spending after a period of underinvestment.
Working Capital Swings Signal Timing Issues
Working capital changes were a consistent cash drain, with the largest outflow of -$483 million in Q1 2024, according to reported figures, suggesting that revenue growth is consuming cash rather than generating it.
The working capital line has been negative in eight of the last ten quarters, with only Q3 2025 showing a positive contribution of $229 million. This pattern indicates that FIS is experiencing significant timing differences between revenue recognition and cash collections, possibly due to contract assets or extended payment terms. The persistent outflows, particularly in Q1 2024 and Q2 2026, may indicate that the company is funding growth through working capital, which could strain liquidity if the trend continues.
Capital Returns Outpace Cash Generation
Dividends and buybacks totaled $280 million in Q2 2026, exceeding free cash flow of $238 million, as per the cash flow statement, indicating that shareholder returns are not fully covered by operating cash flow.
Over the past ten quarters, FIS has consistently returned capital to shareholders through dividends and buybacks, with buybacks peaking at $1.3 billion in Q1 2024. However, in Q2 2026, the combined payout of $280 million exceeded FCF, suggesting that the company is either drawing down cash reserves or relying on debt to fund these distributions. The recent reduction in buyback activity, from $1.2 billion in Q2 2024 to $52 million in Q2 2026, may indicate a shift toward debt reduction, but the dividend remains a fixed cost that could pressure liquidity if cash flows deteriorate.
Cash Flow Obscured by Non-Recurring Items
The $7.9 billion acquisition outflow in Q1 2026 and the $9.6 billion inflow in Q1 2024, as reported in the cash flow statement, distort underlying cash generation and may mislead investors.
The cash flow statement includes significant acquisition-related activity, such as the $7.9 billion outflow in Q1 2026, likely related to the Worldpay deconsolidation, and the $9.6 billion inflow in Q1 2024, possibly from a divestiture. These non-recurring items obscure the true operating cash flow and make period-over-period comparisons difficult. Additionally, stock-based compensation, which averaged $40 million per quarter, is added back to operating cash flow but represents a real economic cost to shareholders. Investors should adjust for these items to assess the sustainability of cash generation.