v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company reports its financial performance based on the following segments: Banking Solutions, Capital Market Solutions and Corporate and Other. Below is a summary of each segment.

As a result of the Company's acquisition of the Issuer Solutions Business, the Company reassessed its reportable segments and included the Issuer Solutions Business within the Banking Solutions segment. In connection with this reassessment, the Company also reclassified certain businesses among the Banking Solutions, Capital Market Solutions, and Corporate and Other segments. All prior‑period segment information was recast to conform to the Company's revised reportable segment presentation.

Banking Solutions ("Banking")

The Banking segment is focused on serving financial institutions with core processing software, transaction processing software and complementary applications and services, many of which interact directly with core processing software. We sell these solutions on either a bundled or stand-alone basis. Clients in this segment include global financial institutions, U.S. regional and community banks, credit unions and commercial lenders, as well as government institutions and other commercial organizations. We provide our clients integrated solutions characterized by multi-year processing contracts that generate recurring revenue. The predictable nature of cash flows generated from the Banking segment provides opportunities for further investments in innovation, integration, information and security, and compliance in a cost-effective manner.

Capital Market Solutions ("Capital Markets")

The Capital Markets segment is focused on serving global financial services clients and multi-national corporations with a broad array of buy- and sell-side, treasury, risk management and lending solutions. Clients in this segment include asset managers, private equity firms, sell-side securities brokerage and trading firms, insurers, asset and auto financiers and other commercial organizations. Our solutions include a variety of mission-critical buy- and sell-side applications for recordkeeping, data and analytics, trading and financing as well as corporate treasury and risk management applications. Capital Markets clients purchase our solutions in various ways including licensing and managing technology "in-house," using consulting and
third-party service providers, as well as procuring fully outsourced end-to-end solutions. Our long-established relationships with many of these financial and commercial institutions generate significant recurring revenue. We have made, and continue to make, investments in modern platforms, advanced technologies, open APIs, machine learning and artificial intelligence, and regulatory technology to support our Capital Markets clients.

Corporate and Other

The Corporate and Other segment consists of corporate overhead expense, certain leveraged functions and miscellaneous expenses that are not included in the operating segments, as well as certain non-strategic businesses. The overhead and leveraged costs relate to corporate marketing, finance, accounting, human resources, legal, compliance and internal audit functions, as well as other costs, such as impairments, acquisition, integration and transformation-related expenses, and amortization of acquisition-related intangibles, that are not considered when management evaluates revenue-generating segment performance. Our other operating income recorded in connection with the TSA and Global Payments rTSA is also recorded in Corporate and Other. In the Corporate and Other segment, the Company recorded acquisition, integration and other costs comprised of the following (in millions):
Three months endedSix months ended
June 30,June 30,
20262025 (1)20262025 (1)
M&A transaction and integration expenses$63 $71 $118 $102 
Enterprise transformation initiatives172 64 265 178 
Other2 17 3 26 
Total (2)$237 $152 $386 $306 
(1)2025 amounts have been reclassified to conform to current-period presentation.
(2)During the three and six months ended June 30, 2026 and 2025, the Company incurred severance and related termination benefit costs totaling $107 million and $135 million and $46 million and $105 million, respectively, related primarily to its enterprise transformation initiatives and made corresponding cash payments of $21 million and $67 million and $38 million and $78 million, respectively. These amounts are included in Selling, general, and administrative expenses in the consolidated statements of earnings (loss). These costs are accounted for in accordance with ASC 712, Compensation–Nonretirement Postemployment Benefits. The Company continues to evaluate its organizational structure and expects to incur additional severance costs in the second half of 2026.

Adjusted EBITDA

Adjusted EBITDA is a measure of segment profit or loss that is reported to the chief operating decision maker, the Company's Chief Executive Officer and President, who utilizes the measure for purposes of making decisions about allocating resources to the segments and assessing their performance. For this reason, Adjusted EBITDA, as it relates to our segments, is presented in conformity with FASB ASC 280, Segment Reporting. Adjusted EBITDA is defined as net earnings (loss) before net interest expense, net other income (expense), income tax provision (benefit), equity method investment earnings (loss), and depreciation and amortization, and excludes certain costs that do not constitute normal, recurring, cash operating expenses necessary to operate our business. These excluded costs generally consist of the purchase price amortization of acquired intangible assets, as well as acquisition, integration and certain other costs and asset impairments. After adjusting for the foregoing items, our significant segment expenses consist of the following categories:

•Direct cost of revenue, which consists primarily of the cost of shipping, equipment, third-party data processing, loyalty program redemptions, printing, and card stock;

•Net personnel costs, which consist primarily of employee compensation and benefits expense and third-party labor and outsourcing costs, net of capitalized amounts;

•Infrastructure costs, which consist primarily of software, hardware, facilities and network costs;

•Allocated costs, which consist primarily of shared infrastructure and related operational personnel costs, as well as leveraged sales personnel costs, that are allocated to Banking and Capital Markets from Corporate and Other according to estimated usage; and
•Other costs, which consist primarily of the cost of third-party consulting and advisory services, employee travel and training, marketing, insurance, and bad debt, offset by TSA and Global Payments rTSA services income.

Summarized financial information for the Company's segments is shown in the following tables. The Company does not evaluate performance or allocate resources based on segment asset data; therefore, such information is not presented.

For the three months ended June 30, 2026 (in millions):

Capital
BankingMarketCorporate
SolutionsSolutionsand OtherTotal
Revenue$2,483 $810 $84 $3,377 
Direct cost of revenue(430)(67)13 (484)
Net personnel costs(499)(180)(338)(1,017)
Infrastructure costs(128)(10)(196)(334)
Allocated costs(203)(121)324 — 
Other costs(87)(12)(34)(133)
Adjusted EBITDA$1,136 $420 $(147)$1,409 
Adjusted EBITDA$1,409 
Depreciation and amortization(344)
Purchase accounting amortization(321)
Acquisition, integration and other costs(237)
Interest expense, net(200)
Other income (expense), net(12)
(Provision) benefit for income taxes(63)
Net earnings attributable to noncontrolling interest(1)
Net earnings (loss) attributable to FIS$231 
Capital expenditures (1)$210 $81 $10 $301 
Depreciation and amortization (including purchase accounting amortization)$138 $108 $419 $665 

(1) Capital expenditures include $45 million of certain hardware and software purchases subject to financing or other long-term payment arrangements.
For the three months ended June 30, 2025 (in millions):

Capital
BankingMarketCorporate
SolutionsSolutionsand OtherTotal
Revenue$1,720 $783 $113 $2,616 
Direct cost of revenue(276)(49)(16)(341)
Net personnel costs(406)(195)(317)(918)
Infrastructure costs(62)(25)(154)(241)
Allocated costs(171)(98)269 — 
Other costs(49)(7)(19)(75)
Adjusted EBITDA$756 $409 $(124)$1,041 
Adjusted EBITDA$1,041 
Depreciation and amortization(309)
Purchase accounting amortization(172)
Acquisition, integration and other costs(152)
Interest expense, net(110)
Other income (expense), net(159)
(Provision) benefit for income taxes(10)
Equity method investment earnings (loss)(598)
Net earnings attributable to noncontrolling interest(1)
Net earnings attributable to FIS$(470)
Capital expenditures (1)$142 $89 $7 $238 
Depreciation and amortization (including purchase accounting amortization)$165 $105 $211 $481 

(1) Capital expenditures include $20 million of certain hardware and software purchases subject to financing or other long-term payment arrangements.
For the six months ended June 30, 2026 (in millions):

Capital
BankingMarketCorporate
SolutionsSolutionsand OtherTotal
Revenue$4,857 $1,633 $181 $6,671 
Direct cost of revenue(837)(119)(4)(960)
Net personnel costs(1,023)(368)(703)(2,094)
Infrastructure costs(255)(32)(372)(659)
Allocated costs(412)(246)658 — 
Other costs(156)(23)(66)(245)
Adjusted EBITDA$2,174 $845 $(306)$2,713 
Adjusted EBITDA$2,713 
Depreciation and amortization(683)
Purchase accounting amortization(611)
Acquisition, integration and other costs(386)
Asset impairments(104)
Interest expense, net(397)
Other income (expense), net23 
(Provision) benefit for income taxes(170)
Equity method investment earnings (loss), net of tax2,214 
Net earnings attributable to noncontrolling interest(1)
Net earnings (loss) attributable to FIS common stockholders$2,598 
Capital expenditures (1)
$483 $225 $17 $725 
Depreciation and amortization (including purchase accounting amortization)$500 $234 $560 $1,294 

(1) Capital expenditures include $208 million of certain hardware and software purchases subject to financing or other long-term payment arrangements.
For the six months ended June 30, 2025 (in millions):

Capital
BankingMarketCorporate
SolutionsSolutionsand OtherTotal
Revenue$3,352 $1,571 $225 $5,148 
Direct cost of revenue(535)(102)(34)(671)
Net personnel costs(823)(399)(654)(1,876)
Infrastructure costs(122)(47)(307)(476)
Allocated costs(359)(205)564 — 
Other costs(92)(16)(18)(126)
Adjusted EBITDA$1,421 $802 $(224)$1,999 
Adjusted EBITDA$1,999 
Depreciation and amortization(596)
Purchase accounting amortization(340)
Acquisition, integration and other costs(306)
Asset impairments(2)
Interest expense, net(190)
Other income (expense), net(195)
(Provision) benefit for income taxes(93)
Equity method investment earnings (loss), net of tax(669)
Net earnings attributable to noncontrolling interest(1)
Net earnings attributable to FIS common stockholders$(393)
Capital expenditures (1)$324 $203 $21 $548 
Depreciation and amortization (including purchase accounting amortization)$327 $208 $401 $936 

(1) Capital expenditures include $97 million of certain hardware and software purchases subject to financing or other long-term payment arrangements.

Long-term assets, excluding goodwill and other intangible assets, located outside of the United States totaled $1,104 million and $857 million as of June 30, 2026, and December 31, 2025, respectively. These assets are predominantly located in the United Kingdom, Ireland, Germany, Australia, India and Sweden.