{"schemaVersion":1,"research":true,"symbol":"fis","name":"Fidelity National Information Services","topic":"moat","path":"/stock/fis/moat","status":"published","version":3,"updatedAt":"2026-10-18T00:42:52.570Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"FIS has a narrow moat based on switching friction in embedded financial processing and software workflows, supported by recurring contracts, implementation requirements and reported large-bank renewal win rates above 90%. Pricing power is constrained: FIS discloses actual renewal pressure that sometimes reduces anticipated revenue. Proprietary data, regulatory expertise and scale may reinforce the position, but their incremental competitive benefit is largely asserted. The evidence does not establish a wide moat or exceptional durability.","advantages":[{"mechanism":"switching_costs","claim":"Integrated processing and customized software create implementation and replacement friction. Multi-year recurring relationships and reported large-financial-institution renewal win rates above 90% support a current customer retention advantage, although they do not establish unrestricted pricing power.","durability":"Supported by recurring processing arrangements, customization and completed implementation investments. The advantage can persist across contract cycles, but the passages do not quantify migration costs or establish long-term durability across all businesses.","risks":"Renewal concessions, customer consolidation, insourcing and competing modular solutions can weaken the advantage. Distinct hosting services often allow cancellation on 30 days' notice without significant penalty. The Issuer Solutions acquisition changes the business mix and adds integration demands.","invalidation":"The thesis would weaken materially if comparable large-institution renewal win rates persistently fell below the disclosed above-90% level, implementation-intensive clients migrated readily, or recurring relationships increasingly required concessions that outweighed their economic value.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: multi-year recurring contracts","excerpt":"A significant percentage of our business relates to solutions provided under multi-year, recurring contracts."},{"id":"e2","sourceId":"filing-1","location":"Revenue recognition: recurring transaction processing services","excerpt":"Transaction processing and services revenue is recurring and is typically volume or activity based depending on factors such as the number of payments, transactions, accounts or trades processed, number of users, number of hours of services or amount of computer resources used."},{"id":"e3","sourceId":"filing-1","location":"Revenue recognition: significant software modification or customization","excerpt":"When a software license contract also includes professional services that provide significant modification or customization of the software license, the Company combines the software license and professional services into a single performance obligation, and revenue for the combined performance obligation is recognized as the professional services are provided, consistent with the methods described below for professional services revenue."},{"id":"e4","sourceId":"filing-2","location":"Note 6: deferred contract and implementation costs","excerpt":"Accounts Payable, Accrued and Other Liabilities Accounts payable, accrued and other liabilities as of June 30, 2026, and December 31, 2025, consisted of the following (in millions): June 30, 2026 December 31, 2025 Trade accounts payable $ 318 $ 192 Accrued salaries and incentives 367 448 Derivatives 153 189 Accrued benefits and payroll taxes 121 121 Taxes other than income tax 97 126 Accrued interest payable 155 104 Operating lease liabilities 82 71 Related-party payables — 24 Other accrued liabilities 1,136 822 Total Accounts payable, accrued and other liabilities $ 2,429 $ 2,097 (6) Deferred Contract Costs Origination and fulfillment costs from contracts with customers capitalized as of June 30, 2026, and December 31, 2025, consisted of the following (in millions): June 30, 2026 December 31, 2025 Contract origination costs $ 761 $ 797 Contract fulfillment costs on implementations in progress 166 225 Contract fulfillment costs on completed implementations 355 299 Total Deferred contract costs, net $ 1,282 $ 1,321 Amortization of deferred contract costs on completed implementations was $98 million and $105 million during the three months and $197 million and $192 million for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e5","sourceId":"filing-3","location":"Proxy business overview: large-financial-institution renewal win rates","excerpt":"That breadth is proving out at the highest levels of the market: with bank M&A up approximately 30% in 2025, FIS was on the winning side of most major transactions, with renewal win rates with large financial institutions exceeding 90%."},{"id":"e6","sourceId":"filing-1","location":"Revenue recognition: updates integral to software utility","excerpt":"When a software license requires frequent updates that are integral to maintaining the utility of the license to the customer, the Company combines the software license and the maintenance into a single performance obligation, and revenue for the combined performance obligation is recognized in Transaction processing and services revenue as the maintenance is provided, consistent with the treatment described for maintenance above."},{"id":"e7","sourceId":"filing-3","location":"Compensation discussion: issuer claims concerning systems of record, data and embedded relationships","excerpt":"As the system of record at the heart of global financial institutions, we hold the industry’s most comprehensive data set, maintain long-standing and deeply-embedded relationships, and operate a highly specialized regulatory and compliance infrastructure that would be very difficult to replicate — all of which positions us uniquely to deliver differentiated AI solutions."},{"id":"e8","sourceId":"filing-1","location":"Risk factors: pricing pressure sometimes reduces anticipated client revenue","excerpt":"On some occasions, this pricing pressure results in lower revenue from a client than we had anticipated based on our previous agreement with that client."},{"id":"e9","sourceId":"filing-1","location":"Revenue recognition: processing contract lengths and hosting cancellation rights","excerpt":"Contract lengths for processing services typically span one or more years; however, when distinct hosting services are offered, they are often cancelable without a significant penalty with 30-days' notice."},{"id":"e10","sourceId":"filing-2","location":"Business trends: consolidation, negotiating leverage and potential insourcing","excerpt":"It is also possible that larger financial institutions resulting from consolidation may have greater leverage in negotiating terms or could decide to perform in-house some or all of the solutions that we currently provide or could provide."},{"id":"e11","sourceId":"filing-2","location":"Forward-looking risk disclosures: unbundling and failure to innovate","excerpt":"market and the entry into the market by global banks and global companies with respect to certain competitive solutions, each of which may have the impact of unbundling individual solutions from a comprehensive suite of solutions we provide to many of our customers; •the failure to innovate in order to keep up with new emerging technologies, which could impact our solutions and our ability to attract new, or retain existing, customers; •an operational or natural disaster at one of our major operations centers; •failure to comply with applicable requirements of payment networks or changes in those requirements; •fraud by bad actors; and •other risks detailed elsewhere in the \"Risk Factors\" section and other sections of this report, and in our other filings with the SEC."},{"id":"e12","sourceId":"filing-1","location":"Competition: generic competitor categories","excerpt":"Depending on the business line, our primary competitors include, but are not limited to, internal technology or software development departments within financial institutions or other large companies; global and regional companies providing banking, payment and capital markets solutions and services; embedded payment solution providers; securities exchanges; asset managers; card associations; clearing networks or associations; trust companies; independent computer services firms; companies that develop verticalized software applications; companies owned by global banks selling competitive solutions; companies that provide customized development, implementation and support services; emerging technology innovators and business process outsourcing companies."},{"id":"e13","sourceId":"filing-1","location":"Revenue recognition: tiered pricing and minimum monthly usage fees","excerpt":"Fees may include tiered pricing structures with the base tier representing a minimum monthly usage fee."},{"id":"e14","sourceId":"filing-1","location":"Revenue recognition: monthly tier resets and minimum volume attainment","excerpt":"Pricing within the tiers typically resets on a monthly basis, and minimum monthly volumes are generally met or exceeded."},{"id":"e15","sourceId":"filing-1","location":"Risk factors: large-client renewal and volume-related price negotiations","excerpt":"Larger clients may use their negotiating leverage to seek price reductions from us when they renew a contract, when a contract is extended, or when the client's business has significant volume changes."},{"id":"e16","sourceId":"filing-2","location":"Unaudited consolidated earnings: first-half 2026 and 2025 results","excerpt":"AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (Loss) (In millions, except per share amounts) (Unaudited) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue $ 3,377 $ 2,616 $ 6,671 $ 5,148 Cost of revenue 2,203 1,664 4,390 3,317 Gross profit 1,174 952 2,281 1,831 Selling, general, and administrative expenses 684 572 1,289 1,130 Asset impairments — — 104 2 Other operating (income) expense, net (including related-party transactions of $28 and $56 for the three- and six-month periods ended June 30, 2025, respectively) (17) (28) (41) (56) Operating income 507 408 929 755 Other income (expense): Interest expense, net (200) (110) (397) (190) Other income (expense), net (12) (159) 23 (195) Total other income (expense), net (212) (269) (374) (385) Earnings (loss) before income taxes and equity method investment earnings (loss) 295 139 555 370 Provision (benefit) for income taxes 63 10 170 93 Equity method investment earnings (loss), net of tax — (598) 2,214 (669) Net earnings (loss) 232 (469) 2,599 (392) Net (earnings) loss attributable to noncontrolling interest (1) (1) (1) (1) Net earnings (loss) attributable to FIS $ 231 $ (470) $ 2,598 $ (393) Net earnings (loss) per share-basic attributable to FIS $ 0.45 $ (0.90) $ 5.03 $ (0.75) Weighted average shares outstanding-basic 516 525 516 527 Net earnings (loss) per share-diluted attributable to FIS $ 0.45 $ (0.90) $ 5.03 $ (0.75) Weighted average shares outstanding-diluted 517 525 517 527 Amounts in table may not sum or calculate due to rounding."},{"id":"e17","sourceId":"filing-1","location":"Liquidity: operating cash flows for 2023–2025","excerpt":"Cash flows from operations were $2,608 million, $2,175 million and $2,078 million in 2025, 2024 and 2023, respectively."},{"id":"e18","sourceId":"filing-3","location":"Appendix A: operating cash flow, capital expenditure and free cash flow reconciliation","excerpt":"Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion Year Ended December 31, ($ in Millions) 2025 Net cash provided by operating activities $2,608 Capital expenditures (989) Free cash flow 1,619 Non-GAAP adjustments: Acquisition, integration and other payments (1) 562 Settlement activity (14) Adjusted free cash flow $2,167 (1)Adjusted free cash flow for the year ended December 31, 2025 excludes cash payments for certain acquisition, integration and other costs (see note 2 in schedule 3 above), net of related tax impact."},{"id":"e19","sourceId":"filing-1","location":"Capital resources: 2025 share repurchases","excerpt":"The Company repurchased approximately 18 million shares for approximately $1.3 billion during 2025 inclusive of repurchases completed under our share repurchase program authorized in January 2021."},{"id":"e20","sourceId":"filing-2","location":"Other expense: acquisition borrowing and increased interest expense","excerpt":"Total Other Income (Expense), Net Three months ended June 30, Six months ended June 30, $ % $ % 2026 2025 Change Change 2026 2025 Change Change Other income (expense): (In millions) (In millions) Interest expense, net $ (200) $ (110) $ (90) 82 % $ (397) $ (190) $ (207) 109% Other income (expense), net (12) (159) 147 NM 23 (195) 218 NM Total other income (expense), net $ (212) $ (269) 57 NM $ (374) $ (385) 11 NM NM = Not meaningful Interest expense (net) for the three and six months ended June 30, 2026, increased primarily due to a $7.7 billion increase in borrowings used to fund the Issuer Solutions Acquisition."},{"id":"e21","sourceId":"filing-2","location":"Issuer equity purchases: second-quarter 2026 repurchases","excerpt":"Unregistered Sales of Equity Securities and Use of Proceeds The following table summarizes purchases of equity securities by the issuer during the three-month period ended June 30, 2026: Total cost of shares purchased as part of Total publicly announced Remaining shares purchased (1) Average price plans or programs (1) Authorization (1) Period (in millions) paid per share (in millions) (in millions) April 1-30, 2026 — $ — $ 1,792 May 1-31, 2026 0.8 $ 42.57 32.7 $ 1,759 June 1-30, 2026 0.2 $ 39.68 9.1 1,750 1.0 $ 41.8 (1)In August 2024, our Board of Directors approved a share repurchase program authorizing the repurchase of up to $3.0 billion in aggregate value of shares of our common stock."},{"id":"e22","sourceId":"filing-3","location":"Compensation discussion: temporary repurchase and acquisition pause","excerpt":"Following the FIS Total Issuing Solutions acquisition, we have temporarily paused share repurchases and tuck-in merger and acquisition activity to accelerate de leveraging."},{"id":"e23","sourceId":"filing-3","location":"Compensation discussion: 2025 PSU performance measures","excerpt":"The performance measures and their relative weighting for the 2025 PSU awards were: an Adjusted Revenue Growth metric (50%) and an Adjusted EPS Growth metric (50%)."},{"id":"e24","sourceId":"filing-3","location":"Compensation discussion: relative TSR modifier","excerpt":"The PSUs also include a total shareholder return (“TSR”) modifier based on the Company’s relative TSR measured against the S&P 500 Index."},{"id":"e25","sourceId":"filing-3","location":"Compensation discussion: at-risk target compensation","excerpt":"A significant component of the NEOs’ compensation (94.5% for the CEO and 87.4% for the other NEOs on average) is at-risk compensation, with the value of such compensation fluctuating based on performance against pre-established performance metrics and/or our stock price."},{"id":"e26","sourceId":"filing-3","location":"Compensation discussion: fourth-quarter recurring sales growth","excerpt":"Activated Commercial Excellence Across the Enterprise: Our commercial excellence initiatives built momentum, as recurring sales in the fourth quarter of 2025 increased 20% by annual contract value from the fourth quarter of 2024, with particularly strong recurring sales growth in high-growth solutions such as digital, payments and lending."},{"id":"e27","sourceId":"filing-1","location":"Subsequent events: completed Issuer Solutions acquisition and Worldpay interest sale","excerpt":"(24) Issuer Solutions Acquisition and 2026 Worldpay Minority Interest Sale On January 9, 2026, FIS completed its previously announced (i) acquisition of the Issuer Solutions Business from Global Payments and (ii) sale of its remaining equity interests in Worldpay to Global Payments, pursuant to the Transaction Agreement entered into on April 17, 2025."},{"id":"e28","sourceId":"filing-3","location":"Appendix A: acquisition, transformation, severance and separation costs","excerpt":"104 FIS Global Appendix A (2)This item represents costs comprised of the following: Year Ended December 31, ($ in Millions) 2025 Continuing operations: Acquisition and integration $136 Enterprise transformation, including Future Forward and platform modernization 157 Severance and other termination expenses 247 Separation of the Worldpay Merchant Solutions business 54 Incremental stock compensation directly attributable to specific programs 33 Other, including divestiture-related expenses and enterprise cost control and other initiatives 62 Subtotal 689 Financing fees - Issuer Solutions acquisition (a) 20 Total $709 (a)This item represents bridge facility fees incurred to secure funding for the pending Issuer Solutions business acquisition from Global Payments."},{"id":"e29","sourceId":"filing-1","location":"Cover page: correction of previously issued financial statements","excerpt":"☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements."},{"id":"e30","sourceId":"filing-1","location":"Cover page: restatements requiring incentive compensation recovery analysis","excerpt":"☒ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b)."},{"id":"e31","sourceId":"filing-1","location":"Controls and procedures: management conclusion of effectiveness","excerpt":"Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (a) recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms and (b) accumulated and communicated to management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure."},{"id":"e32","sourceId":"filing-3","location":"Board leadership: independent chair","excerpt":"Goldstein, who serves as the Independent Chair of the Board."},{"id":"e33","sourceId":"filing-2","location":"Legal proceedings: demand committee recommendation and independent board decision","excerpt":"The Demand Review Committee provided a report on August 28, 2025, recommending that the independent members of the Board reject the demands and direct the Company to seek dismissal of the Hialeah Action and the McCollum Action, and the independent members of the Board have unanimously voted to adopt the Committee's recommendations."},{"id":"e34","sourceId":"filing-2","location":"Legal proceedings: shareholder allegations concerning former Merchant Solutions","excerpt":"The demands claim that FIS officers and directors violated federal securities laws and breached fiduciary duties, including with respect to the valuation, integration, and synergies of our former Merchant Solutions segment, and they demand that the Board investigate and commence legal proceedings against officers and directors in connection with the purported wrongdoing."},{"id":"e35","sourceId":"filing-3","location":"Shareholder letter: proprietary data and regulatory infrastructure claims","excerpt":"We have proprietary data sets spanning the entire money lifecycle, long-standing relationships with institutions, and a highly specialized regulatory and compliance infrastructure and expertise that took decades to build and cannot be replicated quickly."}],"changes":["No comparable previous version was supplied."],"limitations":["Assessment uses only the supplied passages. Source dates are filing dates: February 24, August 4 and April 28, 2026, respectively.","Competition disclosures identify generic categories without naming specific competitors. Transaction counterparties and companies in director biographies are not established competitors; the competitor array is therefore empty.","The above-90% renewal win rate is a specific issuer-reported result for large financial institutions, not an independently verified company-wide retention rate. Migration costs, cohort economics and renewal concessions are not quantified.","Data exclusivity, regulatory infrastructure and scale advantages are primarily management assertions. The passages do not demonstrate network effects, superior unit costs, market-level efficient scale or durable AI monetization.","Pricing evidence establishes occasional adverse outcomes and contractual constraints, but provides no comprehensive realized price series or separation of price, volume and acquisition effects.","The January 2026 acquisition limits comparability of consolidated results. Increased revenue and earnings do not by themselves demonstrate organic execution or successful integration.","Compensation design is disclosed, but detailed executive ownership, realized award outcomes and the circumstances and recovery outcome of the restatements are missing. Litigation allegations are not findings of wrongdoing."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Recurring contracts, significant customization, implementation investments and a reported above-90% large-institution renewal win rate jointly support switching friction. Implementation costs are FIS assets, so they are indirect evidence of workflow complexity rather than measured customer switching costs.","evidenceIds":["e1","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Multi-year processing relationships and integral software updates support persistence, but short-notice hosting cancellation and actual pricing concessions limit protection. No long-term renewal series establishes exceptional durability.","evidenceIds":["e1","e6","e8","e9"]},{"criterion":"customer_dependency","grade":3,"rationale":"Recurring processing, customized software and the reported large-bank renewal outcome demonstrate meaningful customer dependence. Coverage is strongest for embedded solutions; it does not establish equivalent dependence across every offering.","evidenceIds":["e2","e3","e5","e9"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Reported renewal success during bank consolidation supports resilience, while realized pricing pressure demonstrates leakage of economic value. Unbundling and insourcing are disclosed potential threats, not demonstrated widespread customer losses.","evidenceIds":["e5","e8","e10","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"FIS explicitly reports occasions when pricing pressure produces lower client revenue than anticipated under previous agreements. This supports weak pricing power, although it does not establish company-wide price declines or quantify their magnitude.","evidenceIds":["e8","e15"]},{"criterion":"retention","grade":3,"rationale":"The issuer-reported above-90% large-institution renewal win rate is direct repeat-demand evidence, supported by recurring processing and generally met or exceeded minimum volumes. It is not a company-wide retention statistic, and concessions may help preserve renewals.","evidenceIds":["e2","e5","e8","e14"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 gross profit and operating income increased, but both grew more slowly than revenue, implying lower consolidated gross and operating margins. Profitability persists, while acquisition effects and impairments prevent attributing the change specifically to pricing.","evidenceIds":["e16","e27"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Minimum monthly fees and multi-year processing terms provide contractual support. Monthly tier resets concern usage pricing rather than proven unilateral repricing authority; cancellation rights and client negotiation leverage constrain freedom.","evidenceIds":["e9","e13","e14","e15"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash flow increased over 2023–2025, and 2025 free cash flow after capital expenditure was $1.619 billion. Against this, $1.3 billion of 2025 repurchases preceded substantial acquisition borrowing and higher interest expense. The announced temporary pause was followed by modest second-quarter 2026 repurchases; sustained deleveraging and acquisition returns remain unestablished.","evidenceIds":["e17","e18","e19","e20","e21","e22"]},{"criterion":"incentive_alignment","grade":3,"rationale":"The disclosed 2025 program combines substantial at-risk compensation, growth-based PSUs and a relative TSR modifier. These are actual program disclosures rather than merely a proposed shareholder resolution. Detailed ownership, realized payouts and restatement-related recovery outcomes remain unavailable.","evidenceIds":["e23","e24","e25","e30"]},{"criterion":"execution","grade":2,"rationale":"Reported recurring sales growth, increasing operating cash flow and completed portfolio transactions provide concrete achievements. Large transformation and integration costs temper the assessment. Sales growth is issuer-reported, and consolidated 2026 growth cannot establish organic performance or completed integration success.","evidenceIds":["e17","e26","e27","e28","e16"]},{"criterion":"governance","grade":2,"rationale":"An independent chair and a documented independent-board demand-review process provide actual governance evidence. Corrected financial statements and restatements requiring compensation recovery analysis are adverse reporting evidence, despite management's effective-controls conclusion. Shareholder allegations are unresolved claims, not proven misconduct.","evidenceIds":["e29","e30","e31","e32","e33","e34"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"cc1f29418f796a80e3f770994b6040031182ad8009c413e5b761249fc4b9bd8c","updatedAt":"2026-10-18T00:42:52.570Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm","publishedAt":"2026-02-24","sha256":"9ef13c420aa5c7c427c56d85c0609fa2cc00c5c7d4e5b6a33a1cfd671656c056","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1136893/000113689326000050/fis-20260630.htm","publishedAt":"2026-08-04","sha256":"00d76ce3a37c114c92e2b94c41763366e776edb4c18e31d42cf9785261d7c4f8","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1136893/000113689326000026/fis-20260428.htm","publishedAt":"2026-04-28","sha256":"e819c5fa32ac65894c772da17492e16309f06a6fce32ed25e2b433584a8169ad","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:aa19311552a08eede9b8963d3846be9714392bb1f87989d67b352bedbc993f6e","usage":{"input_tokens":51228,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3797,"reasoning_output_tokens":141}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":37.436045254738055,"operating_margin":7.602507746631117,"roic":0.8400431155715048,"fcf_margin":32.35569647618362,"sbc_revenue":2.7599625279239026},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":39.28964757709251,"operating_margin":-110.95126651982379,"roic":null,"fcf_margin":25.268447136563875,"sbc_revenue":1.4799008810572687},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":37.42999694532125,"operating_margin":14.937379085632827,"roic":2.7007209082605814,"fcf_margin":42.69422665716322,"sbc_revenue":1.5680684248039916},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":37.562950528290706,"operating_margin":16.875678878246273,"roic":3.856474046015227,"fcf_margin":20.51940357460255,"sbc_revenue":1.836674237187716},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":36.86428772127002,"operating_margin":16.306078486466234,"roic":5.133830049406185,"fcf_margin":22.983984265243045,"sbc_revenue":1.6952327432799477},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm","publishedAt":"2026-02-24","sha256":"9ef13c420aa5c7c427c56d85c0609fa2cc00c5c7d4e5b6a33a1cfd671656c056","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1136893/000113689326000050/fis-20260630.htm","publishedAt":"2026-08-04","sha256":"00d76ce3a37c114c92e2b94c41763366e776edb4c18e31d42cf9785261d7c4f8","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1136893/000113689326000026/fis-20260428.htm","publishedAt":"2026-04-28","sha256":"e819c5fa32ac65894c772da17492e16309f06a6fce32ed25e2b433584a8169ad","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}