FICOFair Isaac

Technology · Business Services · NYSE

Fair Isaac Corporation (NYSE: FICO) (together with its consolidated subsidiaries, the “Company,” which may also be referred to in this report as “we,” “us,” “our,” and “FICO”) is a global analytics software leader. 10-K, Item 1

Headquarters: Bozeman, MT
CEO: William J. Lansing
Next results: around Jan 27, 2027

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What the 10-K filed 2026-11-06 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-11-07.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“Revenues collectively generated by agreements with these customers accounted for 60%, 51% and 45% of our total revenues in fiscal 2026, 2025 and 2024, respectively, with all three consumer reporting agencies each contributing more than 10% of our total revenues in each of fiscal 2026, 2025 and 2024.”
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“At September 30, 2026 and September 30, 2025, three customers and two customers, respectively, accounted for 10% or more of total consolidated receivables.”
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Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

5 new

Pending cases, settlements and what the company has set aside for them.

New “On September 29, 2026, FICO and the plaintiffs entered into a term sheet memorializing the material terms of a proposed settlement of the lawsuits.”
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New “In consideration of a cash payment by FICO to the plaintiffs of $65.0 million and certain compliance undertakings, the settlement would fully resolve all remaining claims asserted against FICO in the lawsuits.”
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New “The increase in outside services costs was primarily attributable to a $65.0 million liability recorded in the fourth quarter of fiscal 2026 for a proposed settlement of the antitrust class action lawsuits, as described in Note 18 to the accompanying consolidated financial statements, and increased third-party consulting costs.”
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New “During the fourth quarter of fiscal 2026, as a result of the term sheet we entered into on September 29, 2026 to settle the antitrust lawsuits described in Part I, Item 3 “Legal Proceedings,” and Note 18, “Contingencies,” we revised our assessment of those lawsuits.”
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New “The settlement remains subject to final court approval, and, while there can be no assurance that the court will approve the proposed settlement, we view as probable that the court will approve a settlement on the terms set forth in the term sheet.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“Accordingly, we do not maintain accruals for potential customer indemnification or warranty-related obligations.”
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“Accordingly, we do not maintain accruals for potential officer or director indemnification obligations.”
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“The maximum potential amount of future payments that we could be required to make under the indemnification provisions in our customer license and service agreements, and officer and director agreements is unlimited.”
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Debt covenants

1 new

Conditions in loan agreements that, if broken, can make debt due early.

“The credit agreement contains certain restrictive covenants including a maximum consolidated leverage ratio of 4.5 to 1.0 through December 30, 2026, 4.0 to 1.0 during December 31, 2026 through December 30, 2027, and 3.5 to 1.0 during December 31, 2027 and thereafter, subject to a step up to 4.0 to 1.0 following certain permitted acquisitions and subject to certain conditions, and contains other covenants typical of an unsecured credit facility.”
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New “As of September 30, 2026, we had $700.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.873% and $1.2 billion in outstanding balance of the term loan at an interest rate of 5.761%, and we were in compliance with all financial covenants under the credit agreement.”
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“As of September 30, 2026, the carrying value of the Senior Notes was $3.4 billion and we were in compliance with all financial covenants under these obligations.”
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“The indentures for the Senior Notes contain certain covenants typical of unsecured obligations and we were in compliance as of September 30, 2026.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on FICO in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/FICO/export.csv") into a cell.