Fair Isaac

The Scores business is highly recurring and volume-linked to credit applications and portfolio management, but it remains moderately sensitive to mortgage cycles. Software adds contracted ARR and rising platform net retention, smoothing revenue.

TTM revenue is about 1.93 billion, with nine-month FY25 operating income up 28 percent year over year, and platform ARR growth outpacing legacy software. Policy evolution at FHFA/GSEs introduces uncertainty in model mix, though the current allowance for Classic FICO or VS4 reduces immediate switch risk.

Overall growth visibility is strong but not as steady as pure network rails like card networks.