Fidelity National Information Services, Inc.

Previous wording

•changes in general economic, business and political conditions, a recession, intensified or expanded international hostilities, acts of terrorism, fluctuation in rates of inflation or interest, effects of announced or future tariff increases and any resulting regulatory changes in global trade relations and changes in consumer or business confidence;

Current wording

•changes in general economic, business and political conditions, a recession, intensified or expanded international hostilities, acts of terrorism, fluctuations in rates of inflation or interest, effects of announced or future tariff increases and any resulting regulatory changes in global trade relations and changes in consumer or business confidence;

Previous wording

Our growth continues to be driven by the expansion of our clients' businesses, our internal development of innovative solutions, our focused sales and marketing efforts and our deepening reach across global financial ecosystems. Strategic acquisitions and partnerships have further enhanced our offerings, diversified our client portfolio, and expanded our reach into new and attractive markets aligned with our long-term objectives. As we advance our transformation into a platform company, we are embedding artificial intelligence ("AI") across our solutions and operations. We have shifted to a functional operating model, streamlining decision-making, fostering closer collaboration across the organization and with our clients. By reallocating resources toward high-value, integrated client experiences and modernizing our technology infrastructure, we are strengthening our competitive position and operational resilience.

Current wording

Our growth continues to be driven by the expansion of our clients' businesses, our internal development of innovative

Previous wording

Our revenue from continuing operations is primarily derived from a combination of technology and processing solutions, transaction processing fees, professional services and software license fees. While we are a global company and do business around the world, the majority of our revenue is generated by clients in the U.S. The majority of our international revenue is generated by clients in the United Kingdom, Germany, Australia, Canada, India, and Switzerland. In addition, the majority of our revenue has historically been recurring under multi-year Banking and Capital Markets contracts that contribute relative stability to our revenue stream. These solutions, in general, are considered critical to our clients' operations. Professional services revenue is typically non-recurring, though recognition often occurs over time rather than at a point in time. Sales of software licenses are typically non-recurring with point-in-time recognition and are less predictable.

Current wording

Our revenue from continuing operations is primarily derived from a combination of technology and processing solutions, transaction processing fees, professional services and software license fees. While we are a global company and do business around the world, the majority of our revenue is generated by clients in the U.S. The majority of our international revenue is generated by clients in the United Kingdom, Canada, Germany, Australia, India, and Ireland. In addition, the majority of our revenue has historically been recurring under multi-year Banking and Capital Markets contracts that contribute relative stability to our revenue stream. These solutions, in general, are considered critical to our clients' operations. Professional services revenue is typically non-recurring, though recognition often occurs over time rather than at a point in time. Sales of software licenses are typically non-recurring with point-in-time recognition and are less predictable.

Previous wording

Consumer preference, particularly in younger generations, continues to shift to digital-first banking solutions. It is increasingly clear that a priority for our clients is to provide a unified, engaging and inclusive banking experience powered by digital capabilities across all channels and customer activities. Our Digital One platform helps our clients, from top-tier large financial institutions with over $10 billion in assets to top-tier and mid-tier community banks, provide a set of modern digital solutions to support all customer types, including retail consumers, sole proprietors, small businesses and large corporations, through any channel, including desktop, tablet, smartphone, and branch. The uniform customer experience extends to support a broad range of financial services including opening new accounts, servicing existing accounts, money movement, and personal financial management, as well as other consumer, small business and commercial banking capabilities. The Digital One platform is host-agnostic, and our digital suite has been enabled across multiple FIS core banking platforms, including IBS, Horizon, Modern Banking Platform, AffinityEdge, and Systematics, in addition to non-FIS platforms run by banking financial institutions who demand market-leading digital capabilities.

Current wording

Consumer preference, particularly in younger generations, continues to shift to digital-first banking solutions. It is increasingly clear that a priority for our clients is to provide a unified, engaging and inclusive banking experience powered by digital capabilities across all channels and customer activities. Our Digital One platform helps our clients, from top-tier large financial institutions with over $10 billion in assets to top-tier and mid-tier community banks, provide a set of modern digital solutions to support all customer types, including retail consumers, sole proprietors, small businesses and large corporations, through any channel, including desktop, tablet, smartphone, and branch. The uniform customer experience extends to support a broad range of financial services including opening new accounts, servicing existing accounts, money movement, and personal financial management, as well as other consumer, small business and commercial banking capabilities. The Digital One platform is host-agnostic, and our digital suite has been enabled across multiple FIS core banking platforms, including IBS, Horizon, Modern Banking Platform, AffinityEdge, and Systematics, in addition to non-FIS platforms run by banking financial institutions that demand market-leading digital capabilities.

Previous wording

Consolidated Results of Operations - Comparisons of three-month periods ended March 31, 2026 and 2025

Current wording

Consolidated Results of Operations - Comparisons of three-month and six-month periods ended June 30, 2026 and 2025

Previous wording

Revenue for the three months ended March 31, 2026, increased primarily due to the revenue generated by the Issuer Solutions Business, which was acquired on January 9, 2026. Excluding the impact of the Issuer Solutions Business, revenue grew 7% compared to the prior year. See "Segment Results of Operations" below for a more detailed explanation.

Current wording

Revenue for the three and six months ended June 30, 2026, increased primarily due to the revenue generated by the Issuer Solutions Business, which was acquired on January 9, 2026. See "Segment Results of Operations" below for a more detailed explanation.

Previous wording

Cost of revenue for the three months ended March 31, 2026, increased primarily due to the expenses associated with the Issuer Solutions Business. Gross profit for the three months ended March 31, 2026, increased primarily driven by the profit associated with the revenue increases noted above. Gross profit margin for the three months ended March 31, 2026, decreased due to the dilutive impact of the Issuer Solutions Business, including the amortization of acquired intangible assets.

Current wording

Cost of revenue for the three and six months ended June 30, 2026, increased primarily due to expenses associated with the acquisition of the Issuer Solutions Business. Gross profit for the three and six months ended June 30, 2026, increased primarily driven by the revenue increases noted above. Gross profit margin for the three and six months ended June 30, 2026, decreased due to the dilutive impact of the Issuer Solutions Business, including the amortization of acquired intangible assets.

Previous wording

Selling, general and administrative expenses for the three months ended March 31, 2026, increased primarily due to the expenses related to the acquisition of the Issuer Solutions Business, partially offset by the benefits of continued cost management.

Current wording

Selling, general and administrative expenses for the three and six months ended June 30, 2026, increased primarily due to the expenses of the Issuer Solutions Business, which was acquired on January 9, 2026, partially offset by the benefits of continued cost management.

Previous wording

Asset impairments for the three months ended March 31, 2026, were primarily related to software impairment charges, which were primarily driven by the rationalization of certain software assets following a strategic realignment.

Current wording

There were no asset impairments during the three months ended June 30, 2026. Asset impairments for the six months ended June 30, 2026, were primarily related to software impairment charges, which were driven by the rationalization of certain software assets following a strategic realignment.

Previous wording

Under the terms of the Worldpay TSA and the Global Payments rTSA, during the three-month periods ended March 31, 2026 and 2025, the Company provided technology and other support services to Worldpay and Global Payments. The income received for these services is recorded in Other operating (income) expense, net, and the corresponding expenses are recognized in Cost of revenue and Selling, general and administrative expense in the consolidated statements of earnings (loss). Net TSA income decreased from 2025 to 2026 primarily as a result of winding down certain of the Worldpay TSA services, partially offset by the commencement of the Global Payments rTSA services.

Current wording

Under the terms of the TSA and the Global Payments rTSA, during the three- and six-month periods ended June 30, 2026 and 2025, the Company provided technology and other support services to Worldpay and Global Payments. The income received for these services is recorded in Other operating (income) expense, net, and the corresponding expenses are recognized in Cost of revenue and Selling, general and administrative expense in the consolidated statements of earnings (loss). Net TSA income decreased from 2025 to 2026 primarily as a result of winding down certain of the TSA services, partially offset by the commencement of the Global Payments rTSA services.

Previous wording

The change in operating income and operating margin for the three months ended March 31, 2026, resulted from the revenue and cost variances noted above.

Current wording

The change in operating income and operating margin for the three and six months ended June 30, 2026, resulted from the revenue and cost variances noted above.

Previous wording

Interest expense (net) for the three months ended March 31, 2026, increased primarily due to a $7.7 billion increase in borrowings used to fund the Issuer Solutions Acquisition.

Current wording

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.

Previous wording

The three-month period ended March 31, 2026, included a gain related to a change in the estimated fair value of acquisition‑related contingent consideration and the impact of changes in the fair value of interest rate swaps accounted for as economic hedges. The three-month period ended March 31, 2025, included the impact of changes in the fair value of interest rate swaps accounted for as economic hedges and foreign currency transaction remeasurement losses.

Current wording

The three-month period ended June 30, 2026, included the impact of changes in the fair value of interest rate swaps accounted for as economic hedges, foreign currency transaction remeasurement gains and losses, offset by a gain related to a change in the estimated fair value of acquisition related contingent consideration. The six-month period ended June 30, 2026, primarily included gains related to changes in the estimated fair value of acquisition-related contingent consideration. The three- and six-month periods ended June 30, 2025, included primarily the impact of a $(108) million write-off of the contingent consideration included as part of the 2024 Worldpay Sale, which write-off was triggered by the Transaction Agreement, and a change in the fair value of interest rate swaps accounted for as economic hedges, as well as foreign currency transaction remeasurement losses.

Previous wording

The effective tax rate increased for the three months ended March 31, 2026, primarily due to one-time discrete costs relating to a recent tax law development in one of our foreign jurisdictions. As described in Note 2 to the consolidated financial statements, the Company reflects its investor-level tax impact relating to equity method investments as a component of Equity method investment earnings (loss), net of tax in the consolidated statements of earnings (loss). Therefore, equity method investment earnings (loss) and the related investor-level tax are excluded from the calculation of FIS' annual effective tax rate.

Current wording

The increase in the effective tax rate for the three months ended June 30, 2026, was primarily driven by one-time discrete items in the comparative period that had a disproportionately large impact on the effective tax rate due to lower pre-tax earnings in the period ended June 30, 2025. For the six months ended June 30, 2026, the increase in the effective tax rate is primarily due to one-time discrete costs relating to a recent tax law development in one of our foreign jurisdictions. As described in Note 2 to the consolidated financial statements, the Company reflects its investor-level tax impact relating to equity method investments as a component of Equity method investment earnings (loss), net of tax in the consolidated statements of earnings (loss). Therefore, equity method investment earnings (loss) and the related investor-level tax are excluded from the calculation of FIS' annual effective tax rate.

Previous wording

Segment Results of Operations - Comparisons of three-month periods ended March 31, 2026 and 2025

Current wording

Segment Results of Operations - Comparisons of three- and six-month periods ended June 30, 2026 and 2025

Previous wording

Revenue in our Banking segment increased 45% for the three months ended March 31, 2026, driven primarily by the revenue generated by the Issuer Solutions Business, which was acquired on January 9, 2026. Excluding the impact of the Issuer Solutions Business, Banking revenue grew 9%, driven by increases in recurring revenue and software license revenue, which were partially offset by a decline in professional services revenue.

Current wording

Revenue in our Banking segment increased 45% for the six months ended June 30, 2026, primarily due to the revenue generated by the Issuer Solutions Business, which was acquired on January 9, 2026. Excluding the impact of the Issuer Solutions Business, Banking revenue grew 7%, driven by increases in recurring revenue and software license revenue, which were partially offset by a decline in professional services revenue.

Previous wording

Adjusted EBITDA increased year over year due to the acquisition of the Issuer Solutions Business. Excluding the impact of the Issuer Solutions Business, Adjusted EBITDA increased year over year primarily due to the revenue increases noted above, favorable revenue mix, and the impact of continued cost management. Adjusted EBITDA margin increased year over year due to the accretive impact of the Issuer Solutions Business, favorable revenue mix and continued cost management.

Current wording

Adjusted EBITDA increased year over year due to the acquisition of the Issuer Solutions Business. Excluding the impact of the Issuer Solutions Business, Adjusted EBITDA increased year over year primarily due to the revenue increases noted above, favorable revenue mix, and the impact of continued cost management. Adjusted EBITDA margin increased year over year due to the accretive impact of the Issuer Solutions Business, favorable revenue mix and cost management.

Previous wording

Revenue in our Capital Markets segment increased 5% for the three months ended March 31, 2026, driven primarily by recurring revenue which grew 4%, contributing 3% to the total segment revenue growth rate, largely from the implementation of new sales, favorable pricing and acquisitions. Foreign currency movements contributed 2% to the segment revenue growth rate, primarily driven by movement of the Pound Sterling and Swedish Krona.

Current wording

Revenue in our Capital Markets segment increased 3% for the three months ended June 30, 2026, driven primarily by recurring revenue which grew 5%, contributing 4% to the total segment revenue growth rate, largely from the implementation of new sales, favorable pricing, and acquisitions. Non-recurring revenue contributed 1% to the total segment growth rate, primarily due to higher software license revenue compared to the prior year, and was offset by lower professional services revenue, which contributed (2%) to segment growth.

Previous wording

Adjusted EBITDA increased year over year primarily due to the revenue increases noted above and continued cost management. Adjusted EBITDA margin increased year over year primarily due to operating leverage on increased revenues and cost management.

Current wording

Adjusted EBITDA increased year over year primarily due to the revenue impacts noted above and cost management. Adjusted EBITDA margin increased year over year primarily due to operating leverage on increased revenues and cost management.

Previous wording

Revenue in our Corporate and Other segment decreased 12% for the three months ended March 31, 2026, primarily due to the divestiture of a non-strategic business during the first quarter of 2025.

Current wording

Revenue in our Corporate and Other segment decreased 26% for the three months ended June 30, 2026, primarily due to the run-off of certain non-strategic businesses.

Previous wording

Adjusted EBITDA decreased compared to the prior year primarily due to higher personnel-related expenses and lower margins resulting from a decline in revenue from non-strategic businesses.

Current wording

Adjusted EBITDA decreased compared to the prior year due to the decline in revenue from non-strategic businesses noted above and higher personnel-related expenses.

Previous wording

As of March 31, 2026, the Company had $3.5 billion of available liquidity, including $755 million of cash and cash equivalents and $2.7 billion of capacity available under its revolving credit facilities. Approximately $442 million of cash and cash equivalents is held by our foreign entities. A portion of our domestic cash and cash equivalents relates to net deposits-in-transit, which are typically settled within a few business days. Debt outstanding totaled $21.1 billion, with an effective weighted average interest rate of 3.7%. We intend to continue to maintain investment-grade debt ratings.

Current wording

As of June 30, 2026, the Company had $3.4 billion of available liquidity, including $744 million of cash and cash equivalents and $2.6 billion of capacity available under its revolving credit facilities. Approximately $447 million of cash and cash equivalents is held by our foreign entities. A portion of our domestic cash and cash equivalents relates to net deposits-in- transit, which are typically settled within a few business days. Debt outstanding totaled $21.2 billion, with an effective weighted average interest rate of 3.8%. We intend to continue to maintain investment-grade debt ratings.

Previous wording

In August 2024, the Company's 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. Repurchases under the program may be made from time to time at management's discretion through open-market purchases, privately negotiated transactions, or pursuant to Rule 10b5-1 plans. The program does not have an expiration date and may be suspended, amended or discontinued at any time. During the quarter ended March 31, 2026, the Company repurchased approximately 0.4 million shares for approximately $30 million. As of March 31, 2026, approximately $1.8 billion remained available for repurchase under the program. Following the closing of the Issuer Solutions Acquisition, the Company has temporarily curtailed repurchases under this program and may resume at management's discretion, taking into account our target leverage ratio.

Current wording

In August 2024, the Company's 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. Repurchases under the program may be made from time to time at management's discretion through open market purchases, privately negotiated transactions, or pursuant to Rule 10b5-1 plans. The program does not have an expiration date and may be suspended, amended or discontinued at any time. During the quarter ended June 30, 2026, the Company repurchased approximately 1.0 million shares for approximately $42 million. As of June 30, 2026, approximately $1.7 billion remained available for repurchase under the program. Following the closing of the Issuer Solutions Acquisition, the Company has temporarily curtailed repurchases under this program and may resume at management's discretion, taking into account our target leverage ratio.

Previous wording

Our net cash provided by operating activities consists primarily of net earnings, adjusted to add back depreciation and amortization and other non-cash items, including asset impairments. Cash flows from operations were $713 million and $457 million for the three-month periods ended March 31, 2026 and 2025, respectively. Cash flows from operations increased $256 million during the three months ended March 31, 2026, primarily due to improved operating performance.

Current wording

Our net cash provided by operating activities consists primarily of net earnings, adjusted to add back depreciation and amortization and other non-cash items, including asset impairments. Cash flows from operations were $1,207 million and $839 million for the six-month periods ended June 30, 2026 and 2025, respectively. Cash flows from operations increased $368 million during the six months ended June 30, 2026, primarily due to improved operating performance.

Previous wording

Our principal investing activity relates to capital expenditures for software (purchased and internally developed) and property and equipment. We invested approximately $261 million and $233 million in capital expenditures (excluding purchases of certain hardware and software subject to financing or other long-term payment arrangements) during the three-month periods ended March 31, 2026 and 2025, respectively. We expect to continue investing in software and in property and equipment to support our business.

Current wording

Our principal investing activity relates to capital expenditures for software (purchased and internally developed) and property and equipment. We invested approximately $517 million and $451 million in capital expenditures (excluding purchases of certain hardware and software subject to financing or other long-term payment arrangements) during the six-month periods ended June 30, 2026 and 2025, respectively. We expect to continue investing in software and in property and equipment to support our business.

Previous wording

We also invest in acquisitions that complement and extend our existing solutions and capabilities and provide additional solutions to our portfolio, and we dispose of assets that are no longer considered strategic. We used approximately $7.9 billion and $1 million of cash (net of cash acquired) for new acquisitions during the three-month periods ended March 31, 2026 and 2025, respectively. In the first three months of 2025, in connection with the conveyance of RealNet to Buyer as part of the 2024 Worldpay Sale, we divested approximately $1.4 billion in cash, cash equivalents and restricted cash included in current assets held for sale at the date of transfer. While we expect to continue to invest in acquisitions as part of our strategy to add solutions to help win new clients and cross-sell to existing clients, the Company expects to limit further investment in acquisitions to accelerate deleveraging until it returns to its target leverage ratio.

Current wording

We also invest in acquisitions that complement and extend our existing solutions and capabilities and provide additional solutions to our portfolio, and we dispose of assets that are no longer considered strategic. We used approximately $7,859 million and $197 million of cash (net of cash acquired) for new acquisitions during the six-month periods ended June 30, 2026 and 2025, respectively. In the first half of 2025, in connection with the conveyance of RealNet to Buyer as part of the 2024 Worldpay Sale, we divested approximately $1.4 billion in cash, cash equivalents and restricted cash included in current assets held for sale at the date of transfer. While we expect to continue to invest in acquisitions as part of our strategy to add solutions to help win new clients and cross-sell to existing clients, the Company expects to limit further investment in acquisitions to accelerate deleveraging until it returns to its target leverage ratio.

Previous wording

We received regular cash distributions from Worldpay pursuant to the terms of a Limited Liability Company Operating Agreement until the completion of the 2026 Worldpay Minority Interest Sale. During the three months ended March 31, 2026 and 2025, we received distributions of $32 million and $44 million, respectively, from Worldpay recorded as investing cash flows.

Current wording

We received regular cash distributions from Worldpay pursuant to the terms of a Limited Liability Company Operating Agreement until the completion of the 2026 Worldpay Minority Interest Sale. During the six months ended June 30, 2026 and 2025, we received distributions of $32 million and $66 million, respectively, from Worldpay recorded as investing cash flows.

Previous wording

There were no material changes in our contractual obligations through the three months ended March 31, 2026, in comparison to the table included in our Annual Report on Form 10-K for the year ended December 31, 2025, except as disclosed in Notes 7 and 8 to the consolidated financial statements.

Current wording

There were no material changes in our contractual obligations through the six months ended June 30, 2026, in comparison to the table included in our Annual Report on Form 10-K for the year ended December 31, 2025, except as disclosed in Notes 7 and 8 to the consolidated financial statements.