FISFidelity National Information Services
FIS is a financial technology company providing solutions to financial institutions, businesses and developers. 10-K, Item 1
- Employees
- 44,000
- Headquarters
- Jacksonville, FL
- Next results
- around Feb 23, 2027
9 paragraphs in Risk Factors of the 10-K filed Feb 24, 2026 with nothing like them in the 10-K filed Feb 13, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
FIS provides a number of systemically critical services, including the settlement of funds for financial institutions, other businesses and consumers and receives funds from clients, card issuers, payment networks and consumers on a daily basis for a variety of transaction types. Transactions facilitated by us include debit card, credit card, electronic bill payment, banking payments and check clearing that support consumers, financial institutions and other businesses. Attempted or successful targeting of these systems by attackers may result in interruption of services, misuse of account information, or unauthorized transfer of funds.
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Portions of FIS' European operations are in scope for regulatory oversight by European Supervisory Agencies (ESAs) as defined by DORA. FIS' designation as a Critical Third-Party Provider under DORA subjects us to additional and new regulatory oversight processes in the E.U. These changes could result in increased costs to compliance.
Other countries are also developing regulatory frameworks that govern critical third-party providers to the financial services sector, which may result in increased costs of compliance. For example, in the U.K., HM Treasury has powers to designate critical third-party providers to the financial services sector, subjecting them to additional regulatory oversight and obligations regarding reporting, incident management and testing.
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BRICS countries are working to reduce their reliance on the U.S. dollar and Western financial infrastructure due to sanctions, wars, and tariffs. BRICS is an international organization currently comprised of 11 countries, including Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran. Intelligence sources, along with peer assessments and other observers, suggest that cyber actors from some of the BRICS countries may conduct attacks on payment infrastructure, including third-party fintech services, to undermine trust in the Western financial infrastructure.
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companies maintain books and records that fairly and accurately reflect transactions and maintain an adequate system of internal accounting controls.
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In addition, as we continue to implement our business strategy and transform the organization, cost-control initiatives have resulted in a reduced workforce and reduced capacity in some areas of our business. As we seek to implement these changes to improve efficiency, adjustments to reduced staffing levels may affect our ability to conduct our operations and other functions effectively. If we fail to effectively manage these organizational and/or strategic changes, our financial condition, results of operations and reputation, as well as our ability to successfully attract, motivate and retain key employees, could be harmed.
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•risk that any strategic transaction has an adverse effect on existing business relationships with suppliers and customers, or costs or dis-sysnergies exceed expectations;
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On January 9, 2026, FIS incurred debt of approximately $7.7 billion to finance the cash portion of the Issuer Solutions Acquisition. Accordingly, the indebtedness of FIS and its subsidiaries following completion of the Issuer Solutions Acquisition is substantially greater than FIS' indebtedness prior to completion of the acquisition. FIS' substantially increased indebtedness could have the effect, among other things, of reducing FIS' flexibility to respond to changing business and economic conditions. In addition, the amount of cash required to pay interest on FIS' increased indebtedness levels will increase, and thus the demands on FIS' cash resources will be greater than the amount of cash flows required to service the indebtedness of FIS prior to the acquisition. The increased levels of indebtedness following completion of the acquisition could reduce funds available to engage in investments in product development, fund working capital, capital expenditures, acquisitions and other general corporate purposes, and may create competitive disadvantages for FIS relative to other companies with lower debt levels. If FIS does not achieve the expected benefits from the acquisition, then FIS' ability to service its indebtedness, and thereby reduce its leverage levels, may be adversely impacted.
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Forward-looking statements are based on management's beliefs as well as assumptions made by, and information currently available to, management.
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New in the latest 10-Q
15 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like them in the 10-Q filed Aug 4, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
from the current estimate. The final tax due also remains subject to change based on the excess of sales proceeds over the tax basis and other factors, including the final consideration allocation for tax purposes.
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insurance coverage intended to mitigate potential losses associated with this indemnification; however, the Company remains primarily obligated under the arrangement.
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We evaluated whether events or changes in circumstances indicated that the fair value of either our Banking or Capital Markets reporting unit as of September 30, 2026, may be less than its carrying value. Our assessment identified events and changes in circumstances that occurred during the quarter that could affect the estimated fair value of our reporting units, including primarily a continued decline in our share price and market capitalization, as well as a reduction in management's projections of Banking's operating and financial performance based on developments in the quarter. In light of these developments, we performed quantitative goodwill impairment tests of both reporting units as of September 30, 2026. These tests were performed using an equal weighting of the income approach and market approach and involved management's exercise of judgment. Based on these tests, we concluded that the estimated fair value of the Banking reporting unit exceeded its carrying amount by approximately 7 %, while the estimated fair value of the Capital Markets reporting unit exceeded its carrying amount by more than 50 %; therefore, no goodwill impairment charge was recognized. Given that the estimated fair value of the Banking reporting unit exceeded its carrying amount by approximately 7 % as of September 30, 2026, relatively modest adverse changes in management's judgments and estimates, including projected revenue growth, operating margins, discount rates, and market valuation multiples, as well as further declines in our share price or market capitalization, further deterioration in Banking's operating performance, or unfavorable changes in macroeconomic or industry conditions would negatively affect the estimated fair value of the Banking reporting unit and could result in a future goodwill impairment charge, which could be material.
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Goodwill is assessed for impairment annually in the fourth quarter and on an interim basis if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Determining the fair value of a reporting unit requires significant management judgment regarding the valuation methodologies and assumptions used to estimate fair value, including assumptions about future operating performance, discount rates, market conditions and other factors.
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As discussed in Note 5 to the consolidated financial statements, we evaluated whether events or changes in circumstances indicated that the fair value of either our Banking or Capital Markets reporting unit as of September 30, 2026, may be less than its carrying value. Our assessment identified events and changes in circumstances that occurred during the quarter that could affect the estimated fair value of our reporting units, including primarily a continued decline in our share price and market capitalization, as well as a reduction in management's projections of Banking's operating and financial performance based on developments in the quarter. In light of these developments, we performed quantitative goodwill impairment tests of both reporting units as of September 30, 2026.
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Fair value was estimated using an equal weighting of the income approach and market approach. The income approach used discounted cash flow analyses based on management's most recent forecasts, including assumptions regarding projected revenue growth, operating margins, capital expenditures, working capital requirements and terminal growth rates. The discount rate applied in the analysis was also a significant valuation assumption. The market approach used EBITDA multiples derived from comparable publicly traded companies and other relevant market data, which were applied to projected financial results. Management believes that consideration of both approaches provides an appropriate estimate of fair value because each approach incorporates different valuation attributes and market participant perspectives. We also assessed the reasonableness of the aggregate estimated fair value of the reporting units by comparison to our market capitalization over a reasonable period of time, considering expected acquirer expense synergies and control premiums observed in historical transactions involving payments and financial technology companies.
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Based on these tests, we concluded that the estimated fair value of the Banking reporting unit, which had goodwill of $19.9 billion as of September 30, 2026, exceeded its carrying amount by approximately 7%, while the estimated fair value of the Capital Markets reporting unit, which had goodwill of $5.1 billion as of that date, exceeded its carrying amount by more than 50%. Accordingly, no goodwill impairment charge was recognized.
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Determining the fair value of a reporting unit is subject to uncertainty as it is reliant on estimates of cash flows that extend far into the future, and, by their nature, are difficult to estimate over such an extended time frame. The estimated fair values of the reporting units are sensitive to changes in management's judgments and estimates, including projected revenue growth, operating margins, capital expenditures, working capital requirements, discount rates and market valuation multiples. In applying the income approach for the Banking reporting unit, we used a discount rate of 11.5%, based on the reporting unit's weighted average cost of capital, which incorporated a company-specific risk premium based on management's judgement as informed by market-based evidence and other relevant factors. Holding all other assumptions constant, an increase of approximately 75 basis points in the discount rate would have reduced the estimated fair value of the Banking reporting unit below its carrying amount under the income approach. In applying the market approach, a key assumption used is the EBITDA multiple. Holding all other assumptions constant, a decrease in the EBITDA multiple of greater than approximately 5% would
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have reduced the estimated fair value of the Banking reporting unit below its carrying amount under the market approach. Given that the estimated fair value of the Banking reporting unit exceeded its carrying amount by approximately 7% as of September 30, 2026, relatively modest adverse changes in management's judgments and estimates, including projected revenue growth, operating margins, discount rates, and market valuation multiples, as well as further declines in our share price or market capitalization, further deterioration in Banking's operating performance, or unfavorable changes in macroeconomic or industry conditions would negatively affect the estimated fair value of the Banking reporting unit and could result in a future goodwill impairment charge, which could be material.
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Other information
On November 4, 2026, Fidelity National Information Services, Inc. (the “Company”) announced that James Kehoe will step down as the Company’s Chief Financial Officer, effective as of November 5, 2026 (the “Transition Date”). Mr. Kehoe will continue to serve as Chief Financial Officer until the Transition Date. Following the Transition Date, it is expected that Mr. Kehoe will serve as a non-executive senior advisor of the Company until March 31, 2027 to assist with the orderly transition of his responsibilities. Upon his separation, Mr. Kehoe will receive the severance and other benefits payable upon a termination
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without cause or for good reason, pursuant to his employment agreement with the Company, the terms of which were disclosed in the Company’s proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 28, 2026.
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On October 29, 2026, the Board of Directors (the “Board”) of the Company appointed Alexandra Brooks, the Company’s Executive Vice President and Chief Accounting Officer, to serve as interim Chief Financial Officer, effective as of the Transition Date, until a permanent successor is appointed. Ms. Brooks will continue to serve as Chief Accounting Officer and, as of the Transition Date, will serve as the Company’s principal financial officer and will continue to serve as its principal accounting officer. The Board has initiated a search for a permanent Chief Financial Officer and will consider both internal and external candidates.
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Ms. Brooks, age 56, has served as Executive Vice President and Chief Accounting Officer of the Company since October 2024. Prior to joining the Company, Ms. Brooks served as Executive Vice President and Chief Financial Officer of Hertz Global Holdings, Inc., a global car rental and mobility solutions provider, from July 2023 to June 2024, as its interim Chief Financial Officer from April 2023 to July 2023, and as its Senior Vice President, Chief Accounting Officer from October 2020 to July 2023.
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In connection with her appointment as interim Chief Financial Officer, Ms. Brooks’s annual base salary will increase from $517,500 to $575,000, her target annual bonus will increase from 70% to 100% of base salary (with her 2026 bonus prorated), and her annual equity target will increase from $1,000,000 to $1,250,000. These adjustments will remain in effect following her interim service. Ms. Brooks will also receive a one-time equity award with a grant-date value of $1,250,000, to be granted on December 3, 2026.
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There are no arrangements or understandings between Ms. Brooks and any other person pursuant to which she was selected as an officer of the Company. There are no family relationships between Ms. Brooks and any director or executive officer of the Company, and she has no direct or indirect material interest in any transaction that would be required to be reported under Item 404(a) of Regulation S-K.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 4, 2026 against Item 1A of the 10-K filed Feb 24, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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See Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, for a detailed discussion of risk factors affecting the Company. There have been no material changes in the risk factors described therein.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on FIS 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/FIS/export.csv") into a cell.