Fidelity National Information Services

Predictability is high: trailing revenue of $10.68 billion is largely recurring, and RPO of $23.5 billion with a front‑loaded recognition schedule underpins multi‑year visibility.

Management’s 2026 outlook embeds mid‑single‑digit pro forma growth with free cash flow expected above $2.0 billion, consistent with the historical steadiness of Banking and Capital Markets and the added Issuer scale. Geographic mix is diversified with North America plus international exposure and no outsized single‑country risk.

Key uncertainties are macro‑driven bank tech budgets and regulatory changes, but the revenue base behaves like a toll on financial activity.