Revenue accelerated to $3.4B in Q2 2026, up 29.1% year-over-year, but operating margin contracted to 15.0% from 21.4% in Q2 2025, reflecting a 63% surge in SG&A expenses.
Fidelity National Information Services, Inc. (FIS) annual income statement — 27-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 12.42B | 10.68B | 10.13B | 9.83B | 9.72B | 13.88B | 12.55B | 10.33B | 8.42B | 8.67B | 9.24B | 6.6B | 6.41B | 6.07B | 5.81B | 5.75B | 5.27B | 3.77B | 3.45B | 2.92B | 4.13B | 1.12B | 1.04B | 1.02B | 1.01B | 851.12M | 827.37M | 763.3M |
| Revenue Growth % | 20.37% | 5.43% | 3.01% | 1.15% | -29.96% | 10.56% | 21.47% | 22.68% | -2.83% | -6.2% | 40.1% | 2.84% | 5.65% | 4.53% | 1.08% | 9.04% | 39.79% | 9.39% | 17.97% | -29.32% | 269.93% | 7.47% | 2.37% | 0.74% | 18.43% | 2.87% | 8.39% | - |
| Cost of Goods Sold | 7.82B | 6.74B | 6.32B | 6.17B | 6.22B | 8.68B | 8.35B | 6.61B | 5.57B | 5.79B | 6.23B | 4.39B | 4.33B | 4.09B | 3.95B | 4B | 3.64B | 2.8B | 2.64B | 2.27B | 2.98B | 791.58M | 739.6M | 732.76M | 730.44M | 601.74M | 0 | 0 |
| COGS % of Revenue | - | 63.14% | 62.44% | 62.81% | 63.96% | 62.56% | 66.51% | 63.97% | 66.12% | 66.84% | 67.45% | 66.63% | 67.55% | 67.3% | 67.96% | 69.58% | 69.03% | 74.3% | 76.52% | 77.57% | 72.11% | 70.86% | 71.15% | 72.16% | 72.47% | 70.7% | - | - |
| Gross Profit | 4.6B | 3.94B | 3.8B | 3.66B | 3.5B | 5.2B | 4.2B | 3.72B | 2.85B | 2.87B | 3.01B | 2.2B | 2.08B | 1.99B | 1.86B | 1.75B | 1.63B | 968.9M | 809.1M | 655.2M | 1.15B | 325.56M | 299.91M | 282.7M | 277.53M | 249.38M | 827.37M | 763.3M |
| Gross Margin % | 37.07% | 36.86% | 37.56% | 37.19% | 36.04% | 37.44% | 33.49% | 36.03% | 33.88% | 33.16% | 32.55% | 33.37% | 32.45% | 32.7% | 32.04% | 30.42% | 30.97% | 25.7% | 23.48% | 22.43% | 27.89% | 29.14% | 28.85% | 27.84% | 27.53% | 29.3% | 100% | 100% |
| Gross Profit Growth % | - | 3.47% | 4.05% | 4.37% | -32.57% | 23.57% | 12.92% | 30.45% | -0.7% | -4.45% | 36.67% | 5.76% | 4.84% | 6.69% | 6.47% | 7.1% | 68.42% | 19.75% | 23.49% | -43.15% | 254% | 8.55% | 6.09% | 1.86% | 11.29% | -69.86% | 8.39% | - |
| Operating Expenses | 2.57B | 2.18B | 2.1B | 1.61B | 1.6B | 3.09B | 2.66B | 1.96B | 1.15B | 1.26B | 1.43B | 931M | 789M | 782.5M | 781.5M | 658.8M | 567.3M | 411.9M | 474.2M | 373.3M | 560.56M | 129.44M | 120.25M | 128.3M | 125.58M | 97.96M | 681.75M | 635.81M |
| OpEx % of Revenue | - | 20.39% | 20.69% | 16.42% | 16.47% | 22.29% | 21.18% | 19% | 13.59% | 14.58% | 15.46% | 14.11% | 12.3% | 12.89% | 13.46% | 11.47% | 10.77% | 10.93% | 13.76% | 12.78% | 13.56% | 11.59% | 11.57% | 12.63% | 12.46% | 11.51% | 82.4% | 83.3% |
| Selling, General & Admin | 2.55B | 2.26B | 2.19B | 1.61B | 1.6B | 3.09B | 2.66B | 1.96B | 1.15B | 1.26B | 1.43B | 931M | 789M | 782.5M | 781.5M | 658.8M | 567.3M | 411.9M | 389.4M | 302.9M | 454.98M | 129.44M | 120.25M | 128.3M | 113.35M | 97.96M | 0 | 0 |
| SG&A % of Revenue | - | 21.2% | 21.58% | 16.42% | 16.47% | 22.29% | 21.18% | 19% | 13.59% | 14.58% | 15.46% | 14.11% | 12.3% | 12.89% | 13.46% | 11.47% | 10.77% | 10.93% | 11.3% | 10.37% | 11.01% | 11.59% | 11.57% | 12.63% | 11.25% | 11.51% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.8M | 70.4M | 105.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.46% | 2.41% | 2.55% | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -86M | -90M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.23M | 0 | 681.75M | 635.81M |
| Operating Income | 2.03B | 1.76B | 1.71B | 2.04B | 1.9B | 2.1B | 1.55B | 1.76B | 1.71B | 1.61B | 1.58B | 1.27B | 1.29B | 1.2B | 1.08B | 1.09B | 1.06B | 557M | 334.9M | 281.9M | 591.93M | 196.12M | 179.65M | 154.4M | 151.95M | 151.42M | 145.62M | 127.48M |
| Operating Margin % | 16.38% | 16.47% | 16.88% | 20.77% | 19.57% | 15.15% | 12.32% | 17.03% | 20.29% | 18.57% | 17.09% | 19.25% | 20.15% | 19.81% | 18.58% | 18.95% | 20.2% | 14.78% | 9.72% | 9.65% | 14.32% | 17.56% | 17.28% | 15.2% | 15.07% | 17.79% | 17.6% | 16.7% |
| Operating Income Growth % | - | 2.93% | -16.31% | 7.36% | -9.51% | 35.96% | -12.16% | 2.98% | 6.15% | 1.96% | 24.33% | -1.71% | 7.44% | 11.43% | -0.89% | 2.29% | 91.11% | 66.32% | 18.8% | -52.38% | 201.82% | 9.16% | 16.36% | 1.61% | 0.35% | 3.98% | 14.23% | - |
| EBITDA | 4.27B | 3.64B | 3.45B | 3.57B | 3.54B | 6.12B | 5.26B | 4.2B | 3.13B | 2.98B | 2.75B | 1.94B | 1.92B | 1.82B | 1.71B | 1.73B | 1.69B | 991M | 800.3M | 778.7M | 1.03B | 247.97M | 227.1M | 201.87M | 191M | 197.77M | 188.32M | 163.24M |
| EBITDA Margin % | 34.41% | 34.11% | 34.03% | 36.33% | 36.4% | 44.09% | 41.91% | 40.69% | 37.15% | 34.33% | 29.79% | 29.4% | 29.91% | 29.93% | 29.48% | 30.04% | 32.16% | 26.29% | 23.22% | 26.66% | 24.81% | 22.2% | 21.85% | 19.88% | 18.95% | 23.24% | 22.76% | 21.39% |
| EBITDA Growth % | 15.3% | 5.69% | -3.53% | 0.96% | -42.17% | 16.31% | 25.12% | 34.36% | 5.14% | 8.1% | 41.98% | 1.07% | 5.57% | 6.14% | -0.82% | 1.86% | 71% | 23.83% | 2.77% | -24.06% | 313.54% | 9.19% | 12.5% | 5.69% | -3.42% | 5.02% | 15.36% | - |
| D&A (Non-Cash Add-back) | 2.24B | 1.88B | 1.74B | 1.53B | 1.64B | 4.02B | 3.71B | 2.44B | 1.42B | 1.37B | 1.17B | 669M | 626.3M | 614.6M | 632.8M | 637.2M | 630.1M | 434M | 465.4M | 496.8M | 433.55M | 51.86M | 47.45M | 47.47M | 39.05M | 46.35M | 42.7M | 35.76M |
| EBIT | 3.92B | 1.02B | 1.65B | 1.38B | 1.24B | 1B | 605M | 800M | 1.42B | 1.33B | 1.3B | 1.23B | 1.22B | 1.02B | 1.05B | 988.4M | 754.5M | 200.6M | 342.7M | 574.2M | 596.45M | 187.39M | 180.86M | 154.4M | 151.95M | 151.42M | 827.37M | 127.48M |
| Net Interest Income | -181M | -367M | -250M | -621M | -281M | -214M | -334M | -335M | -296M | -336M | -374M | -179M | -151.2M | -182.7M | -215M | -238.1M | -131.8M | -41.2M | -157.2M | -187.2M | -188.07M | -12.83M | -12.91M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 101M | 92M | 17M | 2M | 5M | 52M | 17M | 22M | 20M | 16M | 15.3M | 10.4M | 8.6M | 6M | 6.4M | 3.4M | 6.3M | 3M | 4.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 181M | 367M | 351M | 713M | 298M | 216M | 339M | 387M | 313M | 358M | 394M | 195M | 166.5M | 193.1M | 223.6M | 244.1M | 138.2M | 44.6M | 163.5M | 190.2M | 192.82M | 12.83M | 12.91M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.71B | -1.11B | -557M | -1.38B | -961M | -1.31B | -1.29B | -1.36B | -620M | -637M | -673M | -233M | -238.7M | -377.6M | -248M | -344.6M | -448.2M | -401M | -155.9M | 104.9M | -182.5M | -21.68M | -11.71M | -5.61M | -6M | -8.07M | -1.09M | 1.41M |
| Pretax Income | 3.74B | 650M | 1.15B | 662M | 941M | 795M | 260M | 403M | 1.09B | 973M | 906M | 1.04B | 1.05B | 825M | 831.2M | 744.3M | 616.3M | 156M | 179M | 386.8M | 409.42M | 174.44M | 167.95M | 148.79M | 145.95M | 143.35M | 144.54M | 128.9M |
| Pretax Margin % | 30.12% | 6.09% | 11.38% | 6.73% | 9.68% | 5.73% | 2.07% | 3.9% | 12.93% | 11.23% | 9.8% | 15.72% | 16.42% | 13.59% | 14.31% | 12.95% | 11.7% | 4.14% | 5.19% | 13.24% | 9.91% | 15.61% | 16.16% | 14.65% | 14.48% | 16.84% | 17.47% | 16.89% |
| Income Tax | 341M | 265M | 362M | 157M | 325M | 371M | 96M | 100M | 208M | -321M | 317M | 379M | 335.1M | 309.2M | 270.9M | 239M | 215.3M | 52.1M | 57.6M | 136.2M | 150.15M | 68.93M | 62.07M | 55.05M | 55.96M | 56.28M | 57M | 54.27M |
| Effective Tax Rate % | 9.12% | 40.77% | 31.42% | 23.72% | 34.54% | 46.67% | 36.92% | 24.81% | 19.1% | -32.99% | 34.99% | 36.55% | 31.81% | 37.48% | 32.59% | 32.11% | 34.93% | 33.4% | 32.18% | 35.21% | 36.67% | 39.51% | 36.96% | 37% | 38.35% | 39.26% | 39.44% | 42.11% |
| Net Income | 3.37B | 382M | 1.45B | -6.66B | -16.72B | 417M | 158M | 298M | 846M | 1.26B | 568M | 632M | 679.1M | 493.1M | 461.2M | 469.6M | 404.5M | 105.9M | 214.8M | 561.2M | 259.09M | 103.04M | 111.81M | 92.4M | 89.98M | 87.08M | 88.46M | 74.63M |
| Net Margin % | 27.15% | 3.58% | 14.32% | -67.69% | -172.03% | 3% | 1.26% | 2.88% | 10.04% | 14.55% | 6.15% | 9.58% | 10.59% | 8.12% | 7.94% | 8.17% | 7.68% | 2.81% | 6.23% | 19.21% | 6.27% | 9.22% | 10.76% | 9.1% | 8.93% | 10.23% | 10.69% | 9.78% |
| Net Income Growth % | 2910.71% | -73.66% | 121.79% | 60.2% | -4109.59% | 163.92% | -46.98% | -64.78% | -32.91% | 122.01% | -10.13% | -6.94% | 37.72% | 6.92% | -1.79% | 16.09% | 281.96% | -50.7% | -61.72% | 116.61% | 151.44% | -7.84% | 21% | 2.69% | 3.34% | -1.57% | 18.54% | - |
| Net Income (Continuing) | 3.4B | 385M | 790M | 505M | 616M | 424M | 164M | 303M | 881M | 1.29B | 589M | 658M | 718.3M | 515.8M | 560.3M | 505.3M | 401M | 103.9M | 121.4M | 250.6M | 259.27M | 105.51M | 105.88M | 93.74M | 89.98M | 87.08M | 87.54M | 74.63M |
| Discontinued Operations | -1000K | 0 | 663M | -7.15B | -17.32B | 0 | 0 | 0 | 0 | 0 | 1M | -7M | -11.4M | 1.9M | -79.2M | -24.2M | -43.1M | 4.6M | 97.4M | 310.5M | 0 | -2.47M | 5.93M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3M | 3M | 2M | 6M | 188M | 185M | 187M | 16M | 7M | 109M | 104M | 86M | 134.8M | 156.8M | 152.7M | 148.2M | 158.4M | 209.7M | 164.2M | 14.19M | 12.97M | 13.06M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.52 | 0.75 | 1.42 | -11.26 | -27.68 | 0.67 | 0.25 | 0.66 | 2.55 | 3.75 | 1.72 | 2.19 | 2.35 | 1.68 | 1.55 | 1.53 | 1.15 | 0.44 | 1.11 | 2.86 | 1.37 | 1.63 | 1.75 | 1.40 | 1.30 | 1.26 | 1.30 | 1.07 |
| EPS Growth % | 3631.43% | -47.18% | 112.61% | 59.32% | -4222.43% | 166.47% | -61.86% | -74.09% | -32% | 118.02% | -21.46% | -6.81% | 39.88% | 8.39% | 1.31% | 33.04% | 161.36% | -60.36% | -61.19% | 108.76% | -15.72% | -7.11% | 25% | 7.69% | 3.17% | -3.08% | 21.5% | - |
| EPS (Basic) | - | 0.74 | 1.42 | -11.26 | -27.68 | 0.68 | 0.26 | 0.67 | 2.58 | 3.82 | 1.74 | 2.22 | 2.38 | 1.70 | 1.58 | 1.56 | 1.17 | 0.45 | 1.12 | 2.91 | 1.39 | 1.66 | 1.78 | 1.42 | 1.32 | 1.27 | 1.32 | 1.09 |
| Diluted Shares Outstanding | 517M | 519M | 555M | 591M | 604M | 621M | 627M | 451M | 332M | 336M | 330M | 289M | 288.7M | 294.2M | 297.5M | 307M | 352M | 239.4M | 193.5M | 196.5M | 189.2M | 63.39M | 63.97M | 65.87M | 69.03M | 69.11M | 68.05M | 69.75M |
| Basic Shares Outstanding | 516M | 517M | 553M | 591M | 604M | 616M | 619M | 445M | 328M | 330M | 326M | 285M | 284.8M | 289.7M | 291.8M | 300.6M | 345.1M | 236.4M | 191.6M | 193.1M | 185.93M | 127.92M | 127.92M | 65.09M | 68.25M | 68.56M | 67.02M | 68.47M |
| Dividend Payout Ratio | - | 221.73% | 55.17% | - | - | 230.46% | 549.37% | 220.13% | 49.76% | 30.53% | 60.04% | 48.26% | 40.49% | 51.98% | 50.91% | 12.86% | 16.79% | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FIS stock.
For fiscal year 2025, Fidelity National Information Services, Inc. (FIS) reported total revenue of $10.68B. This represents a 1298.8% increase compared to $763.3M in 1999.
Fidelity National Information Services, Inc. (FIS) is profitable, generating $382.0M in net income for the fiscal year ending 2025 with a net profit margin of 3.6%.
Fidelity National Information Services, Inc. (FIS) reported an operating income of $1.76B, resulting in an operating profit margin of 16.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Fidelity National Information Services, Inc. (FIS) generated $3.94B in gross profit for the year, representing a gross profit margin of 36.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Guidance implies sequential slowdown
Metrics are mathematically derived from official filings.
Revenue Acceleration Driven by Banking Modernization
FIS reported Q2 2026 revenue of $3.4B, up 29.1% year-over-year, according to the latest income statement data, marking a sharp acceleration from the 5.1% growth in Q2 2025 and suggesting strong demand for core banking and payment solutions.
The 29.1% revenue growth in Q2 2026 represents a significant inflection from the mid-single-digit growth rates seen throughout 2024 and early 2025. This acceleration appears to be driven by banks' increased spending on modernization and AI initiatives, as highlighted in recent CEO commentary. However, the sequential revenue decline from Q1 2026 ($3.3B to $3.4B) is modest, and management's guidance for Q3 2026 revenue of $3.415-$3.445B implies a slowdown, suggesting the Q2 surge may not be sustainable at the same pace.
Gross Margin Volatility Reflects Mix Shifts
Gross margin swung from 42.5% in Q3 2025 to 34.8% in Q2 2026, as reported in financial statements, indicating significant variability likely tied to revenue mix between higher-margin software and lower-margin processing services.
The gross margin decline from 42.5% in Q3 2025 to 34.8% in Q2 2026 is notable, especially given the revenue surge. This suggests that the incremental revenue may be coming from lower-margin transaction processing or implementation services rather than high-margin recurring software. Compared to peers like Jack Henry (42.7% gross margin), FIS's margin is lower, which may reflect its larger merchant and capital markets exposure. Investors should monitor whether this margin compression is a temporary mix effect or a structural shift as the company scales its modernization offerings.
Operating Leverage Fades Despite Revenue Growth
Operating income rose to $507M in Q2 2026, but operating margin contracted to 15.0% from 21.4% in Q2 2025, based on reported figures, indicating that revenue growth is not translating into proportional profit expansion.
Despite a 29.1% revenue increase, operating margin fell from 21.4% in Q2 2025 to 15.0% in Q2 2026. This suggests that operating expenses, particularly SG&A, are growing faster than revenue. SG&A jumped from $420M in Q2 2025 to $684M in Q2 2026, a 63% increase, which may reflect investments in sales, marketing, and AI capabilities. The lack of operating leverage is concerning, as it implies that the company is spending heavily to drive growth, potentially pressuring near-term profitability. Management's guidance for Q3 2026 EPS of $1.58-$1.62 suggests they expect margins to improve, but the trend warrants close monitoring.
Earnings Volatility Masks Underlying Stability
Net income swung from a -$470M loss in Q2 2025 to a $2.4B gain in Q1 2026, as per income statement data, with EPS ranging from -$0.90 to $4.58, indicating significant non-operating items distorting reported profitability.
The extreme volatility in net income and EPS across quarters suggests that reported figures are heavily influenced by one-time items, such as gains or losses from divestitures, impairments, or tax benefits. For instance, Q1 2026 net income of $2.4B is disproportionately high relative to operating income of $527M, implying a substantial non-operating gain. Similarly, Q2 2025's net loss of -$470M despite positive operating income of $560M indicates a large non-operating charge. Investors should focus on adjusted earnings and cash flow to assess underlying performance, as GAAP figures may not reflect the company's operational health.
SG&A Surge Signals Investment Phase
SG&A expenses rose to $684M in Q2 2026, up from $420M in the year-ago quarter, according to the income statement, representing a 63% increase that outpaces revenue growth and suggests aggressive spending on sales and technology.
The significant increase in SG&A is a key cost trend, as it directly impacts operating margins. While R&D is not separately disclosed (appears as zero in the data), the SG&A spike may include investments in product development and AI capabilities. This spending pattern aligns with management's commentary about banks investing in modernization, but it also raises questions about cost discipline. If SG&A growth continues to outpace revenue, operating margins could remain under pressure. The company's ability to convert these investments into sustainable revenue growth will be critical for margin recovery.
Q2 2026 Marks a Turning Point
Q2 2026 stands out as an inflection point with revenue growth of 29.1% and EPS of $0.45, a 150% increase year-over-year, based on reported data, signaling a potential shift in the company's growth trajectory.
The Q2 2026 results represent a clear acceleration from the prior year's modest growth, driven by strong demand for banking modernization and AI solutions. However, the sequential slowdown implied by Q3 guidance suggests that this inflection may be partially driven by one-time factors, such as large contract signings or catch-up revenue. The lasting impact will depend on whether FIS can sustain double-digit growth rates and improve margins. The company's ability to convert this momentum into recurring revenue and expand profitability will determine if Q2 2026 is a true turning point or a temporary spike.
Margin Compression and Guidance Risk
Despite the Q2 2026 beat, forward guidance of $1.58-$1.62 EPS implies a sequential decline from Q2's $1.48, as per company guidance, suggesting that the earnings beat may not be sustainable and margins could face continued pressure.
Short-sellers would likely focus on the disconnect between the strong Q2 results and the tempered Q3 guidance. The revenue growth of 29.1% appears to be accompanied by margin compression, as operating margin fell to 15.0% from 21.4% a year ago. If the company is sacrificing profitability for growth, the market may question the quality of earnings. Additionally, the high SG&A growth and gross margin volatility suggest that the business model may not have the operating leverage expected from a software company. Investors should monitor whether management can control costs while maintaining growth, as any further margin deterioration could lead to downward earnings revisions.