Fair Isaac (FICO) 10-K risk factor changes: FY2026 vs FY2025

We [removed: have increasingly focused] [added: continue to focus] our Software segment’s business strategy on investing significant development resources to [added: develop and enhance, and to] enable substantially all of our software [added: capabilities] to run [removed: on] [added: on,] FICO® Platform, our modular software offering designed to enable advanced analytics and decisioning use cases.

The market may be unreceptive to our general business approach, including being unreceptive to our cloud-based offerings [removed: and] [added: or] unreceptive to purchasing multiple products from us.

As we continue to pursue this business strategy, we may experience volatility in our Software segment’s revenues and operating results caused by various factors, including [removed: the differences in revenue recognition treatment and] [added: customer] timing [removed: between our cloud-based offerings] and [removed: on-premises software licenses,] [added: adoption risk with respect to FICO Platform,] the timing of investments and other expenditures necessary to develop and operate our cloud-based offerings, and the adoption of new sales, [removed: delivery] [added: delivery,] and distribution methods.

We derive a substantial portion of our revenues from a small number of products and services, and if the market does not continue to accept these products and services, our revenues [removed: will] [added: may] decline.

We expect that revenues derived from our scoring solutions, fraud solutions, customer communication services, customer management [removed: solutions] [added: solutions,] and decision management [removed: software] [added: software, and their corresponding capabilities when enabled on FICO Platform,] will continue to account for a substantial portion of our total revenues for the foreseeable future.

Our revenues [removed: will] [added: may] decline if the market does not continue to accept these products and services.

- changes in technology, including increased use of artificial intelligence [removed: (“AI”);][added: (“AI”) and market disruption caused by AI-based offerings;]

- failure to successfully adopt cloud-based [added: or AI] technologies;

- the increasing availability of free or relatively inexpensive consumer credit, credit [removed: score] [added: score,] and other information from public or commercial sources, including those that use AI technologies;

- failure to execute our selling approach; [removed: and]

If we are unable to successfully [removed: develop, or if the marketplace does not accept,] [added: develop and commercialize] new, [removed: enhanced] [added: enhanced,] or improved products and services, or if [removed: we experience defects, failures or delays associated with] the [removed: introduction of new, enhanced or improved products] [added: marketplace does not adopt] or [removed: services,] [added: accept these offerings,] our [removed: business] [added: business, financial condition, and results of operations] could [removed: suffer serious harm.][added: be adversely affected.]

Our revenue growth and the success of our business strategy depend [removed: upon] [added: on] our ability to enhance and improve existing products and services, [added: including FICO® Platform,] and to continue to introduce new products and services that keep pace with technological developments, satisfy increasingly sophisticated customer [removed: requirements] [added: requirements,] and achieve market acceptance.

If we are unable to develop new, [removed: enhanced] [added: enhanced,] or improved products and services, [removed: including] [added: or to adopt new software engineering technologies and processes, particularly] those that utilize AI technologies, or if we are not successful in introducing such products and services, [added: or in deploying such technologies and processes,] we may not be able to grow our business or growth may occur more slowly than we anticipate.

In addition, significant undetected [removed: errors] [added: errors, defects,] or delays in new products or new versions of [added: existing] products [removed: may] [added: could adversely] affect market acceptance of our products and [removed: could] harm our business, financial [removed: condition] [added: condition,] or results of operations.

In the past, we have experienced delays [removed: while] [added: in] developing and introducing new products and product enhancements, primarily due to difficulties developing models, acquiring data, and adapting [added: our products] to particular software operating environments and certain client or other systems.

We have also [removed: experienced] [added: identified] errors or “bugs” in our software products, despite testing prior to release of the products.

These [removed: errors] [added: errors, defects, or compatibility issues] could [removed: affect] [added: negatively impact] the [removed: ability] [added: performance] of our [removed: products to work with other hardware or software] products, [removed: could] delay the development or release of new products or [removed: new versions of products,] [added: enhancements,] and [removed: could] adversely affect market acceptance of our products.

Errors or defects in our products that are significant, or [added: that] are perceived to be significant, could result in rejection of our products, damage to our reputation, loss of revenues, diversion of development resources, an increase in product liability claims, and increases in service and support costs and warranty claims.

[removed: Our] [added: Additionally, our] use of AI in the development of our products and our incorporation of AI features into some of our products could introduce errors, defects, or delays impacting our ability to successfully develop new products.

We also believe that much of the future growth of our business and the success of our business strategy [removed: may depend] [added: depends] on our ability to continue to expand into newer markets for our products and services.

We rely on relatively few customers, [removed: as well as] [added: including] our contracts with the three major consumer reporting agencies, for a significant portion of our revenues and profits.

Many of our customers are significantly larger than we are and may have greater bargaining [removed: power.][added: power, which could negatively impact the terms of our commercial agreements.]

[removed: The] [added: In addition, the] businesses of our largest customers depend, in large part, on favorable macroeconomic conditions.

If these customers [removed: are negatively impacted by weak global economic] [added: experience adverse business] conditions, [removed: global economic volatility] [added: reduce their spending, renegotiate] or [added: terminate our agreements, or] the terms of these relationships otherwise change, our revenues and operating results could [removed: decline.][added: be adversely affected.]

In addition, the U.S. and other key international economies periodically experience [added: economic] downturns [removed: in] [added: and periods of heightened uncertainty,] which [removed: economic activity is impacted by falling] [added: may result in reduced] demand for [removed: a variety of] goods and services, increased volatility of interest rates, fluctuating rates of inflation, [added: geopolitical tensions,] restricted credit, poor liquidity, reduced corporate profitability, volatility in credit, trade policies and tariffs, equity and foreign exchange markets, [removed: bankruptcies] [added: bankruptcies,] and overall uncertainty with respect to the economy.

Economic disruption could [removed: result] [added: adversely affect demand for our products and services, resulting] in a decline in the sales of new products to our customers and [removed: the volume of transactions that we execute for] [added: a reduction in transaction volumes from] existing customers.

In addition, the volume of our Scores sales depends heavily on macroeconomic [removed: conditions, including, for example,] [added: conditions that are hard to forecast, including] the volume of transactions in the U.S. mortgage and credit card markets, which account for a significant portion of the revenues in our Scores segment.

We also derive a substantial portion of our Scores segment revenues and operating income from our contracts with the three major consumer reporting agencies in the U.S., Experian, [removed: TransUnion] [added: TransUnion,] and Equifax, [removed: and] [added: as well as] other parties that distribute our products to certain markets.

The loss [removed: of] [added: of,] or a significant change [removed: in a] [added: in, our] relationship with one of [removed: the three] [added: these] consumer reporting [removed: agencies] [added: agencies, including] with respect to their distribution of our products or [removed: with respect to] our myFICO® offerings, [removed: the loss of] or [removed: a significant change in a relationship] with a major [removed: customer, the loss of] [added: customer] or [removed: a significant change in a relationship with a significant] third-party distributor (including payment card processors), or the loss of or delay of significant revenues from these sources, could have a material adverse effect on our revenues and results of operations.

If our clients’ industry experiences uncertainty, [removed: it will likely harm] [added: demand for] our [added: products and services could decline and could adversely impact our] business, financial [removed: condition] [added: condition,] or results of operations.

During fiscal [removed: 2025,] [added: 2026,] 92% of our revenues were derived from sales of products and services to the banking industry.

Periods of global economic uncertainty [removed: experienced in the past] [added: historically] have produced substantial stress, volatility, [removed: illiquidity] [added: illiquidity,] and disruption of global credit and other financial markets, [removed: resulting in] [added: including] the [removed: bankruptcy or acquisition of,] [added: bankruptcy, acquisition,] or government assistance [removed: to, several] [added: related to certain] major domestic and international financial institutions.

The potential for future stress and disruptions, including in connection with geopolitical tensions, military conflicts, trade policies and tariffs, [removed: the level of inflation] [added: inflationary pressures,] and [removed: the volatility of] interest [removed: rates,] [added: rate volatility,] presents considerable risks to our businesses and operations.

In addition, if consumer demand for financial services and products and the number of credit applications decrease, [added: including due to interest rate changes or other factors,] the demand for our products and services could also be materially reduced.

If the banking industry experiences contraction in the number of participating institutions, we may have fewer opportunities for revenue growth due to reduced or changing demand for our products and services that support [removed: customer acquisition] [added: customer-facing] programs of our customers.

[removed: If] [added: The ability to] use [removed: of] [added: a competing credit score model in] the [removed: FICO*®* Score] [added: U.S. mortgage market, including] by Fannie Mae and Freddie [removed: Mac] [added: Mac, has, and could continue to have, a material adverse effect on our stock price, and if use of the FICO*®* Score in the U.S. mortgage market] were to cease or decline, it could have a material adverse effect on our revenues, results of [removed: operations] [added: operations,] and stock price.

[removed: A significant portion of our revenues in our Scores segment is attributable to the U.S. mortgage market, which includes,] [added: Historically,] for mortgages eligible for purchase by The Federal National Mortgage Association (“Fannie Mae”) and The Federal Home Loan Mortgage Corporation (“Freddie Mac”), [removed: a requirement by] those enterprises [added: (“Enterprises”) required] that U.S. lenders provide FICO® Scores for each mortgage delivered to them.

However, [removed: their] [added: the] continued use of the FICO Score [added: for those mortgages] is subject to ongoing validation and approval by [removed: those enterprises] [added: the Enterprises] and the Federal Housing Finance Agency [removed: (“FHFA”).][added: (“FHFA”), and is subject to competing credit score models.]

[removed: If] [added: Further, if] other credit score models are approved [added: and adopted] for use with mortgages delivered to [removed: Fannie Mae and Freddie Mac,] [added: the Enterprises,] or [added: for use with mortgages subject to other government programs, or if] the FICO Score is not approved for continued use with those mortgages, it could have a material adverse effect on our [removed: revenues, results of operations and stock price.][added: revenues.]

The ability of our FICO Score to compete effectively in the U.S. mortgage market may [added: also] be constrained by [added: delays by any of] the [removed: pricing] [added: foregoing entities in adopting the latest versions of our FICO Score or in supporting our newer distribution models, including the FICO® Mortgage Direct License Program we announced in October 2025, or by the pricing, distribution,] and other business practices of the consumer reporting agencies, [added: all of] which could have a material adverse effect on our revenues, results of [removed: operations] [added: operations,] and stock price.

Our ability to increase our revenue depends, in part, on our ability to successfully develop and introduce new products and services, enhance and improve our existing offerings, and expand into new markets.

In addition, any defects, failures, disruptions, or delays associated with the development, launch, or performance of new, enhanced, or improved products and services could harm our reputation, customer relationships, and business.

Our revenue growth and strategy success also depend on our ability to adopt new software engineering technologies and processes, including AI-based software design and development platforms.

This competition may include our customers developing their own scoring models or other products, including through the use of AI-based offerings, which could eliminate or reduce their purchases of our products and services.

For example, our Scores segment faces competition from other credit score models, including VantageScore, which has experienced increased regulatory acceptance in the U.S. mortgage market.

VantageScore is a product of a joint venture of TransUnion, Equifax, and Experian, the three major consumer reporting agencies from which we have historically derived a substantial portion of our revenues.

We also face competition from other technologies, particularly with respect to AI-based offerings.

For example, certain of our fraud solutions products compete against other methods of preventing payment card fraud, and our analytics and decisioning products increasingly compete against products from large language model developers.

Our competitors may offer existing or new products that compete with our products at lower prices, either on a standalone basis or as part of integrated product suites.

A significant portion of our revenues in our Scores segment is attributable to the U.S. mortgage market.

For example, following an announcement by the FHFA in July 2025 that the Enterprises would be adopting a so-called “lender choice” regime allowing lenders to choose between a FICO Score or VantageScore, a competing credit score model, the FHFA announced in April 2026 that the Enterprises would accept VantageScore from approved lenders and further announced in September 2026 that the Enterprises would accept VantageScore from all lenders.

Also, in April 2026, the U.S. Department of Housing and Urban Development (“HUD”) announced that, beginning January 1, 2027, the Federal Housing Administration (“FHA”) would, in addition to the Classic FICO® Score, permit the use of VantageScore and the latest version of our FICO Score, FICO® Score 10T, for FHA-insured mortgages.

In the months following these announcements by the FHFA and HUD, our stock price has declined significantly, and it could continue to decline due to these or other announcements, or due to any increased use, or perceived increased use, of VantageScore over FICO Scores in the mortgage market.

It is difficult to predict the extent to which VantageScore will be adopted and used relative to FICO Scores for mortgages.

Increased adoption and use of VantageScore or other competing credit score models could have a material adverse effect on our revenues and results of operations, and could continue to have a material adverse effect on our stock price.

Other changes implemented by HUD, FHA, FHFA, or the Enterprises could also adversely affect the demand for FICO Scores and thus could have similar adverse effects.

- the availability, acceptance and increased use of competing credit score models;

- failure to establish additional or expanded distribution channels, including through third-party partners and distributors, for our products and services; and

In addition, the volume of our Scores sales depends heavily on macroeconomic conditions in the markets in which our customers operate.

Our business relies on third-party technologies and service providers throughout the product lifecycle, from development to deployment to customers.

In addition, we rely on distributors, resellers, or partners to market and distribute our products and we expect to continue expanding these relationships.

We have recently expanded certain third-party relationships, including those related to product distribution activities and strategic product collaborations, and we intend to continue to invest in additional marketing, distribution, and other relationships, which may not be successful or may lead to operational, transitional, or other disruptions.

Failure of our existing or future technology suppliers to provide their products effectively or to perform their obligations as agreed could have a material adverse effect on our business, operating results, and financial condition.

In addition, due to our increasing reliance on third-party technology associated with our product development lifecycle, the failure of these relationships to have the results we expect or desire could have a material adverse effect on our business, operating results, and financial condition.

Our strategic partnerships and other collaborations may not be successful, negatively impacting our sales and margins.

These efforts may also require us to make cash payments and incur charges, such as our recent plan of workforce reduction pursuant to which we incurred pre-tax charges of $27.3 million in the fourth quarter of fiscal 2026, substantially all of which are expected to result in future cash expenditures.

Advances in AI technology can allow for even minor security vulnerabilities to be detected and exploited by bad actors faster and in ways that existing industry-standard cybersecurity tools were not designed to detect and remediate.

In addition, a successful breach of our computer systems, software, networks, or other technology assets could remain undetected for an extended period of time, delaying our ability to contain the incident, mitigate its effects, and address the consequences.

Such events may also require us to incur substantial additional expense to repair or replace damaged equipment and recover any resulting data loss.

We have experienced difficulty in the past in recruiting and retaining qualified personnel, particularly in these intensely competitive and technical skill areas, and we may experience similar challenges in the future.

Such limitations could adversely affect the revenues and profitability of the FICO Score and constrain the growth of our Scores business.

- Laws and regulations relating to the development, provision, and use of AI and automated decision-making technologies (e.g., the EU AI Act and U.S. state AI laws);

- Laws and regulations that apply to technology services and cloud-hosted services, and related digital and cyber resiliency, operational continuity, and data processing requirements, including contract termination rights (e.g., the EU Digital Operational Resilience Act, the EU Cyber Resilience Act, and the EU Data Act);

For example, California has issued regulations under the CCPA and CPRA, and Colorado has passed a law and is issuing regulations, that govern the use of automated decision-making technology, including AI, to make certain significant or consequential decisions about individuals, including credit decisions.

The California and Colorado laws are set to take effect in January 2027.

For example, a significant portion of our workforce is located in India, which may be subject to political, economic, regulatory, or other risks.

These factors may adversely affect our business, results of operations, and liquidity.

Delays in completing sales may also result from customers’ internal approval processes for significant capital expenditures and the testing and acceptance of our applications.

- regulatory and market developments potentially affecting the use of FICO Scores relative to competing credit score models, including VantageScore;

In recent months, following the announcements by the FHFA and HUD related to the authorized use by lenders in the U.S. mortgage market of VantageScore, our stock price has declined significantly, and it could continue to decline due to these or other announcements, or due to any increased use, or perceived increased use, of VantageScore over FICO Scores in the mortgage market.

Our ability to increase our revenues depends to some extent upon introducing new products and services, upon introducing enhancements and improvements to existing products and services and upon entering new markets for products and services.

Other changes implemented by FHFA, Fannie Mae or Freddie Mac could also affect the demand for FICO Scores and thus could have similar adverse effects on our business, including, for example, the change announced by the FHFA Director in July 2025 permitting mortgage originators to choose the credit score they submit with mortgages delivered to Fannie Mae and Freddie Mac or a potential future change permitting mortgage originators to underwrite loans using credit scores from fewer than three national consumer reporting agencies.

This could include customers of ours that develop their own scoring models or other products, and as a result no longer purchase or reduce their purchases from us.

We also expect to experience competition from other technologies.

For example, certain of our fraud solutions products compete against other methods of preventing payment card fraud, such as cardholder verification and authentication solutions; mobile device payments and associated biometric measures on devices including fingerprint and face matching; and other card authorization and user verification techniques.

For example, Experian, TransUnion and Equifax have formed a joint venture that is selling a credit scoring product competitive with our products.

Our competitors may be able to sell existing or new products competitive to ours at lower prices individually or as part of integrated suites of several related products.

Many of our products are sold by distributors or partners, and we intend to continue to market and distribute our products through these existing distributor and partner relationships, as well as invest resources to develop additional sales, distribution and marketing relationships.

For example, Experian, TransUnion and Equifax have developed a credit scoring product to compete directly with our products and are actively selling that product.

Because a successful breach of our computer systems, software, networks or other technology asset could occur and persist for an extended period of time before being detected, we may not be able to immediately address the consequences of a cybersecurity incident.

Additionally, effective January 1, 2023, the California Privacy Rights Act (the “CPRA”) revised and significantly expanded the scope of the CCPA.

The CPRA also created a new agency, the California Privacy Protection Agency, authorized to implement and enforce the CCPA and the CPRA.

The EU AI Act entered into force on August 1, 2024, and its provisions take effect between six and 36 months after that date, with most of those provisions becoming effective in 2026.

For example, approximately one-third of our workforce is located in India, which could be negatively impacted by heightened tensions between India and Pakistan.

Delays in completing sales can arise while customers complete their internal procedures to approve large capital expenditures and test and accept our applications.

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) includes the following: a business overview that provides a high-level summary of our strategies and initiatives, highlights from fiscal year [removed: 2025] [added: 2026] and key performance metrics for our Software segment; a more detailed analysis of our results of operations; our capital resources and liquidity, which discusses key aspects of our statements of cash flows, changes in our balance sheets and our financial commitments; and a summary of our critical accounting estimates that involve a significant level of estimation uncertainty.

Our MD&A focuses on discussion of year-over-year comparisons between fiscal [removed: 2025] [added: 2026] and fiscal [removed: 2024.][added: 2025.]

Discussion of fiscal [removed: 2023] [added: 2024] results and year-over-year comparisons between fiscal [removed: 2024] [added: 2025] and fiscal [removed: 2023] [added: 2024] that are not included in this Annual Report on Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended September 30, [removed: 2024.][added: 2025.]

During fiscal [removed: 2025,] [added: 2026,] the strategy for our Software segment continued to advance and drive growth through our platform-first products.

We continue to innovate and bring [removed: new] [added: the next generation of] capabilities to [removed: FICO] [added: FICO®] Platform, demonstrating its value with new customers and expanding use cases with existing customers and partners.

We announced [removed: newly granted] [added: newly-granted] patents around advancing responsible AI, [removed: machine learning,] [added: foundational models, blockchain governance,] and applied intelligence technology.

During fiscal [removed: 2025,] [added: 2026,] we repurchased [removed: 0.8] [added: 2.5] million shares at a total repurchase price of [removed: $1.4] [added: $3.1] billion.

Highlights from Fiscal [removed: 2025][added: 2026]

- Total revenues were [removed: $2.0] [added: $2.5] billion during fiscal [removed: 2025,] [added: 2026,] a [removed: 16%] [added: 27%] increase from fiscal [removed: 2024.][added: 2025.]

- Revenues for our Scores segment were [removed: $1.2] [added: $1.7] billion during fiscal [removed: 2025,] [added: 2026,] a [removed: 27%] [added: 41%] increase from fiscal [removed: 2024.][added: 2025.]

- Annual Recurring Revenue for our Software segment as of September 30, [removed: 2025] [added: 2026] was [removed: $747.3] [added: $850.9] million, a [removed: 4%] [added: 14%] increase from September 30, [removed: 2024.][added: 2025.]

- Dollar-Based Net Retention Rate for our Software segment was [removed: 102%] [added: 112%] as of September 30, [removed: 2025.][added: 2026.]

- Operating income was [removed: $924.9 million] [added: $1.3 billion] during fiscal [removed: 2025,] [added: 2026,] a [removed: 26%] [added: 37%] increase from fiscal [removed: 2024.][added: 2025.]

- Net income was [removed: $651.9] [added: $835.0] million during fiscal [removed: 2025,] [added: 2026,] a [removed: 27%] [added: 28%] increase from fiscal [removed: 2024.][added: 2025.]

- Diluted EPS was [removed: $26.54] [added: $36.32] during fiscal [removed: 2025,] [added: 2026,] a [removed: 30%] [added: 37%] increase from fiscal [removed: 2024.][added: 2025.]

- Cash [removed: flow] [added: flows] from operating activities [removed: was $778.8 million] [added: were $1.1 billion] during fiscal [removed: 2025,] [added: 2026,] compared with [removed: $633.0] [added: $778.8] million during fiscal [removed: 2024.][added: 2025.]

[added: -] Total debt balance was [removed: $3.1] [added: $5.3] billion as of September 30, [removed: 2025,] [added: 2026,] compared with [removed: $2.2] [added: $3.1] billion as of September 30, [removed: 2024.][added: 2025.]

- Total share repurchases during fiscal [removed: 2025] [added: 2026] were [removed: $1.4] [added: $3.1] billion, [added: including $1.5 billion paid under the ASR Agreement,] compared with [removed: $0.8] [added: $1.4] billion during fiscal [removed: 2024.][added: 2025.]

For the periods presented, ACV Bookings related to estimates of future usage-based fees was approximately [removed: 30%] [added: 20%] of the total ACV Bookings amount on an annualized basis.

| | | | [added: 2026 | | | | | |] 2025 | | | | | | 2024 | | | | | | [removed: 2025] [added: 2026 to 2025] | | | | | | [removed: 2024] [added: 2025 to 2024] | | | [added: | | | 2026 to 2025 | | | | | | 2025 to 2024 | | |]

| Total on-premises and SaaS software | | | $ | [removed: 32.7] [added: 44.7] | | | | | $ | [removed: 22.1] [added: 32.7] | | | | | $ | [removed: 102.4] [added: 139.9] | | | | | $ | [removed: 84.7] [added: 102.4] | |

| | | | December 31, [removed: 2023] [added: 2024] | | | | | | March 31, [removed: 2024] [added: 2025] | | | | | | June 30, [removed: 2024] [added: 2025] | | | | | | September 30, [removed: 2024] [added: 2025] | | | | | | December 31, [removed: 2024] [added: 2025] | | | | | | March 31, [removed: 2025] [added: 2026] | | | | | | June 30, [removed: 2025] [added: 2026] | | | | | | September 30, [removed: 2025] [added: 2026] | | |

| Non-platform | | | [removed: 497.4] [added: 501.6] | | | | | | [removed: 495.6] [added: 479.9] | | | | | | [removed: 494.5] [added: 484.9] | | | | | | [removed: 494.2] [added: 483.7] | | | | | | [removed: 501.6] [added: 463.4] | | | | | | [removed: 479.9] [added: 440.0] | | | | | | [removed: 484.9] [added: 403.0] | | | | | | [removed: 483.7] [added: 398.3] | | |

| Platform | | | [removed: 28] [added: 31] | | % | | | | [removed: 29] [added: 33] | | % | | | | [removed: 30] [added: 34] | | % | | | | [removed: 31] [added: 35] | | % | | | | [removed: 31] [added: 40] | | % | | | | [removed: 33] [added: 44] | | % | | | | [removed: 34] [added: 51] | | % | | | | [removed: 35] [added: 53] | | % |

| Non-platform | | | [removed: 72] [added: 69] | | % | | | | [removed: 71] [added: 67] | | % | | | | [removed: 70] [added: 66] | | % | | | | [removed: 69] [added: 65] | | % | | | | [removed: 69] [added: 60] | | % | | | | [removed: 67] [added: 56] | | % | | | | [removed: 66] [added: 49] | | % | | | | [removed: 65] [added: 47] | | % |

| Platform | | | [removed: 43] [added: 20] | | % | | | | [removed: 32] [added: 17] | | % | | | | [removed: 31] [added: 18] | | % | | | | [removed: 31] [added: 16] | | % | | | | [removed: 20] [added: 33] | | % | | | | [removed: 17] [added: 49] | | % | | | | [removed: 18] [added: 62] | | % | | | | [removed: 16] [added: 72] | | % |

| Non-platform | | | [removed: 11] [added: 1] | | % | | | | [removed: 8] [added: (3)] | | % | | | | [removed: 3] [added: (2)] | | % | | | | [removed: —] [added: (2)] | | % | | | | [removed: 1] [added: (8)] | | % | | | | [removed: (3)] [added: (8)] | | % | | | | [removed: (2)] [added: (17)] | | % | | | | [removed: (2)] [added: (18)] | | % |

| Total | | | [removed: 18] [added: 6] | | % | | | | [removed: 14] [added: 3] | | % | | | | [removed: 10] [added: 4] | | % | | | | [removed: 8] [added: 4] | | % | | | | [removed: 6] [added: 5] | | % | | | | [removed: 3] [added: 10] | | % | | | | [removed: 4] [added: 10] | | % | | | | [removed: 4] [added: 14] | | % |

| | | | December 31, [removed: 2023] [added: 2024] | | | | | | March 31, [removed: 2024] [added: 2025] | | | | | | June 30, [removed: 2024] [added: 2025] | | | | | | September 30, [removed: 2024] [added: 2025] | | | | | | December 31, [removed: 2024] [added: 2025] | | | | | | March 31, [removed: 2025] [added: 2026] | | | | | | June 30, [removed: 2025] [added: 2026] | | | | | | September 30, [removed: 2025] [added: 2026] | | |

| Platform | | | [removed: 136] [added: 112] | | % | | | | [removed: 126] [added: 110] | | % | | | | [removed: 124] [added: 115] | | % | | | | [removed: 123] [added: 112] | | % | | | | [removed: 112] [added: 122] | | % | | | | [removed: 110] [added: 136] | | % | | | | [removed: 115] [added: 148] | | % | | | | [removed: 112] [added: 156] | | % |

| Non-platform | | | [removed: 108] [added: 100] | | % | | | | [removed: 106] [added: 96] | | % | | | | [removed: 101] [added: 97] | | % | | | | [removed: 99] [added: 97] | | % | | | | [removed: 100] [added: 91] | | % | | | | [removed: 96] [added: 90] | | % | | | | [removed: 97] [added: 82] | | % | | | | [removed: 97] [added: 82] | | % |

| Total | | | [removed: 114] [added: 105] | | % | | | | [removed: 112] [added: 102] | | % | | | | [removed: 108] [added: 103] | | % | | | | [removed: 106] [added: 102] | | % | | | | [removed: 105] [added: 103] | | % | | | | [removed: 102] [added: 109] | | % | | | | [removed: 103] [added: 109] | | % | | | | [removed: 102] [added: 112] | | % |

Segment revenues, operating income, and related financial information, including disaggregation of revenue, for the years ended September 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023] [added: 2024] are set forth in Note 9 and Note 15 to the accompanying consolidated financial statements.

The following tables set forth certain summary information on a segment basis related to our revenues for fiscal [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023:][added: 2024:]

| Segment | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2025] [added: 2026] to [removed: 2024] [added: 2025] | | | | | | [removed: 2024] [added: 2025] to [removed: 2023] [added: 2024] | | | | | | [removed: 2025] [added: 2026] to [removed: 2024] [added: 2025] | | | | | | [removed: 2024] [added: 2025] to [removed: 2023] [added: 2024] | | |

| Scores | | | $ | [removed: 1,168,575] [added: 1,652,222] | | | | | $ | [removed: 919,650] [added: 1,168,575] | | | | | $ | [removed: 773,828] [added: 919,650] | | | | | $ | [removed: 248,925] [added: 483,647] | | | | | $ | [removed: 145,822] [added: 248,925] | | | | | [removed: 27] [added: 41] | | % | | | | [removed: 19] [added: 27] | | % |

| Software | | | [removed: 822,294] [added: 882,651] | | | | | | [removed: 797,876] [added: 822,294] | | | | | | [removed: 739,729] [added: 797,876] | | | | | | [removed: 24,418] [added: 60,357] | | | | | | [removed: 58,147] [added: 24,418] | | | | | | [removed: 3] [added: 7] | | % | | | | [removed: 8] [added: 3] | | % |

| Total | | | $ | [removed: 1,990,869] [added: 2,534,873] | | | | | $ | [removed: 1,717,526] [added: 1,990,869] | | | | | $ | [removed: 1,513,557] [added: 1,717,526] | | | | | [removed: 273,343] [added: 544,004] | | | | | | [removed: 203,969] [added: 273,343] | | | | | | [removed: 16] [added: 27] | | % | | | | [removed: 13] [added: 16] | | % |

| Segment | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Scores | | | [removed: 59] [added: 65] | | % | | | | [removed: 54] [added: 59] | | % | | | | [removed: 51] [added: 54] | | % |

In fiscal 2026, the FICO® Score continued to be the standard measure of consumer credit risk in the U.S., used by U.S. lenders for credit decisioning that connects lenders, investors, and consumers throughout the lending lifecycle.

Through the FICO® Score 10T Free Access Program, more than 70 mortgage lenders are able to access FICO Score 10T, which also incorporates trended credit data, at no additional fee if they have paid for the Classic FICO® Score.

In April 2026, the Federal Housing Finance Agency confirmed that FICO Score 10T was approved for future use in the conforming mortgage market served by Fannie Mae and Freddie Mac.

On July 1, 2026, Fannie Mae and Freddie Mac took a further step toward implementation of FICO Score 10T by publishing historical data to support independent analytic evaluations.

Independent analyses conducted during fiscal 2026 continued to demonstrate strong predictive performance for FICO Score 10T relative to competitor models.

FICO Score 10T was also integrated into certain entities’ mortgage capital markets and pricing infrastructure, including Optimal Blue’s capital markets platform and LoanPASS’s pricing engine.

In fiscal 2026, the FICO® Mortgage Direct License Program was also announced, which will give tri-merge resellers, platform providers, and other third-party distributors a new option to calculate and distribute FICO Scores directly to their customers without relying on the three nationwide consumer reporting agencies as intermediaries.

We also partnered with Plaid, a leading financial data network, to introduce a next-generation UltraFICO® Score, combining the trusted FICO Score with consumer-permissioned cash flow data.

The FICO® Score Mortgage Simulator was enhanced with new automated credit-planning features to help lenders, mortgage loan officers, and brokers better serve potential homebuyers.

Industry-specific scores, such as FICO® Auto Score 10, continued to gain adoption during the year.

FICO’s Score A Better Future® scaled the impact of free financial education workshops through expanded strategic partnerships and distribution channels, helping consumers better understand credit and the FICO Score.

Our Lenders Leading Financial Inclusion program saw continued growth, working with financial institutions serving historically underserved communities to strengthen their capacity to serve a broader range of consumers.

Internationally, we continued building on the successful blueprint established in prior years, such as our FICO Score launches in Kenya and Mongolia, as we pursue further expansion and development.

We expanded our FICO® Platform reach, both by geography and customer type, by adding and expanding strategic relationships with several major global systems integrators, scaling distribution with our payment processor partners, and expanding scaled partner enablement and onboarding programs including FICO® Marketplace.

- In March 2026, we issued $1.0 billion of senior notes, the proceeds of which were used to make a payment against our revolving line of credit and to repay the $400 million of our senior notes due in May 2026.

In June 2026, we amended our credit agreement to provide for a $1.5 billion term loan, the proceeds of which were used to fund an accelerated share repurchase agreement (“ASR Agreement”).

| | | | 2026 | | | | | | 2025 | | | | | | 2026 | | | | | | 2025 | | |

| Platform (*) | | | $ | 227.7 | | | | | $ | 234.7 | | | | | $ | 254.2 | | | | | $ | 263.6 | | | | | $ | 302.6 | | | | | $ | 348.8 | | | | | $ | 412.8 | | | | | $ | 452.6 | |

| Total | | | $ | 729.3 | | | | | $ | 714.6 | | | | | $ | 739.1 | | | | | $ | 747.3 | | | | | $ | 766.0 | | | | | $ | 788.8 | | | | | $ | 815.8 | | | | | $ | 850.9 | |

(*) References to “platform” in this table and the table below refer to FICO platform software, which is a set of interoperable capabilities which use software assets owned and/or governed by FICO for building solutions and services which conform to FICO architectural standards based on key elements of Cloud Native Computing design principles.

These standards encompass shared security context and access using FICO standard application programming interfaces.

The decrease in professional services revenue was primarily attributable to our strategy to emphasize higher-margin software over professional services.

| Restructuring charges | | | 27,293 | | | | | | 10,922 | | | | | | — | | | | | | 16,371 | | | | | | 10,922 | | | | | | 150 | | % | | | | — | | % |

The decrease in direct materials and other costs was primarily attributable to decreased telecommunications costs that support FICO® Customer Communications Services revenue.

The increase in outside services costs was primarily attributable to a $65.0 million liability recorded in the fourth quarter of fiscal 2026 for a proposed settlement of the antitrust class action lawsuits, as described in Note 18 to the accompanying consolidated financial statements, and increased third-party consulting costs.

During the fourth quarter of fiscal 2026, we incurred charges of $27.3 million in employee separation costs due to the elimination of approximately 15% of positions across the Company.

Cash payments for these employee separation costs were paid before the end of fiscal 2026.

The higher average debt balance was primarily attributable to the $1.5 billion of 2025 Senior Notes (as defined below) and the $1.0 billion of 2026 Senior Notes (as defined below).

Segment operating income as a percentage of segment revenue for Scores increased to 90% from 88%, primarily due to higher business-to-business scores revenue driven by both a higher unit price and an increase in volume of mortgage origination scores.

In June 2026, our Board of Directors approved a stock repurchase program (the “June 2026 program”), replacing the February 2026 program, which was terminated prior to its expiration.

The June 2026 program is open-ended and authorizes repurchases of shares of our common stock from time to time up to an aggregate cost of $2.0 billion in the open market, in negotiated transactions or through accelerated share repurchase programs.

During fiscal 2026, we expended $3.1 billion under the June 2025 program, the February 2026 program, and the June 2026 program, as applicable, including $1.5 billion under the ASR Agreement entered into as part of the June 2026 program.

Under the ASR Agreement, in June 2026 we received an initial delivery of 1,055,103 shares of common stock, representing approximately 80 percent of the total shares expected to be repurchased under the ASR Agreement.

In July 2026, we settled the ASR Agreement and received 229,640 additional shares.

In total, 1,284,743 shares were repurchased under the ASR Agreement.

We have a credit agreement with a syndicate of banks that provides for a $1.0 billion unsecured revolving line of credit that matures on May 13, 2030.

On June 5, 2026, we amended our credit agreement to provide for the issuance of a $1.5 billion unsecured term loan that was borrowed in full on June 5, 2026 and matures on May 15, 2028.

The credit agreement also provides for an option for us to request additional incremental term loans and/or incremental increases to the revolving line of credit from time to time, in each case subject to the terms and conditions of the credit agreement.

Principal on the term loan is to be repaid in consecutive quarterly installments on the last business day of March, June, September, and December equal to (i) $75.0 million from September 30, 2026 through and including June 30, 2027 and (ii) $112.5 million thereafter.

The applicable margin for the term loan for base rate borrowings ranges from 0.5% to 1.25% per annum and for SOFR borrowings ranges from 1.5% to 2.25% per annum.

In fiscal 2025, our B2B scoring solutions, including the flagship FICO® Score, continued to be the standard measure of consumer credit risk in the U.S. The adoption of our most predictive scores, FICO® Score 10 and FICO® Score 10 T, gained increased traction for non-conforming mortgages and was approved for conforming mortgages by the Federal Housing Finance Agency for enterprise credit scoring requirements.

In addition, we launched FICO® Score 10 BNPL and FICO® Score 10 T BNPL, the first credit scores from a leading credit scoring provider to incorporate Buy Now, Pay Later (“BNPL”) data.

These innovative scores represent a significant advancement in credit scoring, accounting for the growing importance of BNPL loans in the U.S. credit ecosystem.

Internationally, we launched a FICO Score in Kenya, which leverages TransUnion data and CreditVision variables to redefine risk management and help expand access to financial services across Kenya.

In fiscal 2025, in support of our B2C business and financial inclusion, we launched the FICO® Score Mortgage Simulator, which is the only simulator in the market built by FICO data scientists and powered by the FICO Score algorithm.

We also introduced our Lenders Leading Financial Inclusion program that aims to expand credit access for underserved communities and we hosted free Score A Better Future® financial education workshops for students and adults from traditionally underserved communities.

We expanded our FICO® Platform reach, both by geography and customer type, with the launch of FICO® Marketplace, enabling organizations to operationalize analytics, power customer connections, and make decisions at scale.

Marketplace offers easy access to data, artificial intelligence (“AI”) models, optimization tools, decision rulesets, and machine learning models, which deliver enterprise business outcomes from AI.

- Cash and cash equivalents were $134.1 million as of September 30, 2025, compared with $150.7 million as of September 30, 2024.

- We issued $1.5 billion of senior notes and used the net proceeds to repay all the outstanding balances on our term loans.

We also amended our credit agreement to increase our borrowing capacity under the unsecured revolving line of credit to $1.0 billion and extended its maturity.

| Platform | | | $ | 190.3 | | | | | $ | 201.4 | | | | | $ | 215.1 | | | | | $ | 227.0 | | | | | $ | 227.7 | | | | | $ | 234.7 | | | | | $ | 254.2 | | | | | $ | 263.6 | |

| Total | | | $ | 687.7 | | | | | $ | 697.0 | | | | | $ | 709.6 | | | | | $ | 721.2 | | | | | $ | 729.3 | | | | | $ | 714.6 | | | | | $ | 739.1 | | | | | $ | 747.3 | |

| Gain on product line asset sale | | | — | | | | | | — | | | | | | (1,941) | | | | | | — | | | | | | 1,941 | | | | | | — | | % | | | | (100) | | % |

| Restructuring charges | | | 1 | | % | | | | — | | % | | | | — | | % |

| Gain on product line asset sale | | | — | | % | | | | — | | % | | | | — | | % |

The increase in personnel and labor costs was primarily attributable to increased headcount, market base-pay adjustments, commission expense, and share-based compensation expense, partially offset by decreased fringe benefit costs related to our supplemental retirement and savings plan.

The increase in travel costs was primarily attributable to promotional and corporate events.

| Gain on product line asset sale | | | — | | | | | | — | | | | | | 1,941 | | | | | | — | | | | | | (1,941) | | | | | | — | | % | | | | (100) | | % |

Segment operating income as a percentage of segment revenue for Scores was 88%, consistent with fiscal 2024.

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

On May 13, 2025, we amended our credit agreement with a syndicate of banks, increasing our borrowing capacity under the unsecured revolving line of credit from $600 million to $1.0 billion and extending its maturity to May 13, 2030.

Also on May 13, 2025, we repaid in full and terminated the $300 million unsecured term loan (the “$300 Million Term Loan”) and the $450 million unsecured term loan (the “$450 Million Term Loan”) outstanding under our credit agreement, utilizing proceeds from the issuance of the 2025 Senior Notes (as defined below).

| Revolving line of credit (1) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 275,000 | | | | | | — | | | | | | 275,000 | | |

| Operating lease obligations | | | 11,214 | | | | | | 8,125 | | | | | | 5,576 | | | | | | 3,767 | | | | | | 1,917 | | | | | | 2,191 | | | | | | 32,790 | | |

| Finance lease obligations | | | 3,625 | | | | | | 3,625 | | | | | | 441 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,691 | | |

| Purchase obligations (2) | | | $ | 72,128 | | | | | 19,437 | | | | | | 5,035 | | | | | | 2,375 | | | | | | 273 | | | | | | — | | | | | | 99,248 | | |

| Total commitments | | | $ | 634,467 | | | | | $ | 157,187 | | | | | $ | 1,037,052 | | | | | $ | 96,142 | | | | | $ | 367,190 | | | | | $ | 1,772,191 | | | | | $ | 4,083,734 | |

Goodwill and Other Long-Lived Assets - Impairment Assessment

Our other long-lived assets are assessed for potential impairment when there is evidence that events and circumstances related to our financial performance and economic environment indicate the carrying amount of the assets may not be recoverable.

When impairment indicators are identified, we test for impairment using undiscounted projected cash flows.

If such tests indicate impairment, then we measure and record the impairment as the difference between the carrying value of the asset and the fair value of the asset.

Significant management judgment is required in forecasting future operating results used in the preparation of the projected cash flows.

Should different conditions prevail, material write downs of our other long-lived assets could occur.

We maintain an investment portfolio consisting of bank deposits and [removed: money market funds.][added: bank time deposits.]

The following table presents the principal amounts and related weighted-average yields for our investments with interest rate risk at September 30, [removed: 2025] [added: 2026] and [removed: 2024:][added: 2025:]

| | | | September 30, 2025 | | | | | | | | | | | | | | | [removed: | | | September 30, 2024 | | | | | | | | | | | | | | |]

| Cash and cash equivalents | | | $ | [removed: 134,136] [added: 217,599] | | | | | $ | [removed: 134,136] [added: 217,599] | | | | | [removed: 1.77] [added: 2.50] | | % | | | | $ | [removed: 150,667] [added: 134,136] | | | | | $ | [removed: 150,667] [added: 134,136] | | | | | [removed: 2.88] [added: 1.77] | | % |

The following table presents the face values and fair values for the Senior Notes at September 30, [removed: 2025] [added: 2026] and [removed: 2024:][added: 2025:]

| | | | September 30, [removed: 2025] [added: 2026] | | | | | | | | | | | | [added: | | | | | |] September 30, [removed: 2024] [added: 2025] | | | | | | | | | [added: | | | | | |]

| The 2018 Senior Notes | | | $ | [removed: 400,000] [added: —] | | | | | [removed: 399,500] [added: —] | | | | | | $ | 400,000 | | | | | $ | 399,500 | |

| The 2019 Senior Notes and the 2021 Senior Notes | | | 900,000 | | | | | | [removed: 875,250] [added: 859,500] | | | | | | 900,000 | | | | | | [removed: 864,000] [added: 875,250] | | |

| The 2025 Senior Notes | | | 1,500,000 | | | | | | [removed: 1,518,750] [added: 1,335,000] | | | | | | [removed: —] [added: 1,500,000] | | | | | | [removed: —] [added: 1,518,750] | | |

| Total | | | $ | [removed: 2,800,000] [added: 3,400,000] | | | | | $ | [removed: 2,793,500] [added: 3,082,000] | | | | | $ | [removed: 1,300,000] [added: 2,800,000] | | | | | $ | [removed: 1,263,500] [added: 2,793,500] | |

We have interest rate risk with respect to our unsecured revolving line of [removed: credit.][added: credit and term loan.]

Interest rates on amounts borrowed under the revolving line of credit [added: and term loan] are based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, (b) the Federal Funds rate plus 0.5%, and (c) the Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 1%, plus, in each case, an applicable margin, (ii) the Daily Simple SOFR plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement), or (iii) term SOFR (without a credit spread adjustment) plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement).

The applicable margin for base rate borrowings and for SOFR borrowings [added: for the loans under the credit agreement] is determined based on our consolidated leverage ratio.

The applicable margin for [added: loans under the revolving line of credit for] base rate borrowings ranges from 0% to [removed: 0.75%] [added: 1%] per annum and for SOFR borrowings ranges from 1% to [removed: 1.75%] [added: 2%] per annum.

As of September 30, [removed: 2025,] [added: 2026,] we had [removed: $275.0] [added: $700.0] million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of [removed: 5.423%.][added: 5.873% and $1.2 billion in outstanding balance of the term loan at an interest rate of 5.761%.]

We maintain a program to manage our foreign exchange rate risk on existing foreign-currency-denominated [removed: receivable] [added: receivables] and cash balances by entering into forward contracts to sell or buy foreign currencies.

At period end, foreign-currency-denominated [removed: receivable] [added: receivables] and cash balances held by our various reporting entities are remeasured into their respective functional currencies at current market rates.

The following tables summarize our outstanding foreign currency forward contracts, by currency, at September 30, [removed: 2025] [added: 2026] and [removed: 2024:][added: 2025:]

| | | | [added: September 30, 2026] | | | [removed: September 30, 2025] | | | | | | | | | [added: September 30, 2025] | | | | | | [added: | | |]

| Euro (EUR) | | | [removed: | | |] EUR | 7,700 | | | | | $ | 9,034 | | | | | — | | |

| British pound (GBP) | | | [removed: | | |] GBP | 10,019 | | | | | $ | 13,500 | | | | | — | | |

| Singapore dollar (SGD) | | | [removed: | | |] SGD | 8,087 | | | | | $ | 6,300 | | | | | — | | |

| British pound (GBP) | | | [added: | | |] GBP | [removed: 12,237] [added: 8,029] | | | | | $ | [removed: 16,400] [added: 10,700] | | | | | — | | |

| Singapore dollar (SGD) | | | [added: | | |] SGD | [removed: 7,404] [added: 8,756] | | | | | $ | [removed: 5,800] [added: 6,900] | | | | | — | | |

The foreign currency forward contracts were entered into on September 30, [removed: 2025] [added: 2026] and [removed: 2024;] [added: 2025;] therefore, their fair value was $0 at each of these dates.

| The 2026 Senior Notes | | | 1,000,000 | | | | | | 887,500 | | | | | | — | | | | | | — | | |

The applicable margin for the term loan for base rate borrowings ranges from 0.5% to 1.25% per annum and for SOFR borrowings ranges from 1.5% to 2.25% per annum.

| | | | | | | September 30, 2026 | | | | | | | | | | | | | | |

| Euro (EUR) | | | | | | EUR | 5,900 | | | | | $ | 6,700 | | | | | — | | |

| | | | September 30, 2024 | | | | | | | | | | | | | | |

| Euro (EUR) | | | EUR | 13,000 | | | | | $ | 14,531 | | | | | — | | |

Today, FICO’s software and the widely used FICO® Score operationalize analytics, enabling thousands of businesses in more than [removed: 80] [added: 70] countries to uncover new opportunities, make timely decisions that matter, and execute them at scale.

More information about us can be found on our [removed: website,] [added: website at] www.fico.com.

We make our Annual Reports on Forms 10-K, Quarterly Reports on Forms 10-Q, and Current Reports on Forms 8-K, as well as amendments to those reports, available free of charge [removed: through] [added: on the “Investors” page of] our website [added: at www.fico.com] as soon as reasonably practicable after we electronically file them with the U.S. Securities and Exchange Commission (“SEC”).

Our Software segment includes [removed: pre-configured analytic] [added: decisioning capabilities, models] and [removed: decision management] solutions designed [removed: for a] [added: to operationalize intelligence across] specific [removed: type] [added: types] of business [removed: need] [added: needs] or [removed: process] [added: processes] — such as account origination, customer management, customer engagement, fraud detection, and marketing — as well as associated professional services.

[removed: Scores][added: Scores]

[removed: Our B2B scoring solutions include the FICO® Score, which is the standard measure of consumer credit risk in the U.S.] It is used in most U.S. credit decisions, by nearly all major banks, credit card issuers, mortgage lenders, and auto loan originators.

Our B2B scoring solutions are primarily distributed through major consumer reporting agencies [removed: worldwide.][added: in many countries around the world.]

Our proprietary analytic algorithms are applied to credit data collected and maintained by the three U.S. [removed: national] [added: nationwide] consumer reporting agencies — Experian, TransUnion and Equifax — to produce standard scores that are used across the credit lifecycle, including in origination, account management and consumer marketing.

Our [removed: most recent] [added: latest] and most predictive [removed: scores,] [added: score,] FICO® Score [removed: 10 and 10 T, were] [added: 10T, was] introduced in 2020.

To increase its predictive power, FICO Score [removed: 10 T] [added: 10T] builds on FICO Score [removed: 10] [added: 9] but also incorporates trended credit data.

In addition to the FICO® Score, we offer several other broad-based scores, including specific FICO® Industry [removed: Scores.][added: Scores such as Bankcard and Auto Industry versions of FICO Score.]

- FICO® Score XD uses public records and property data, and a consumer’s history with mobile phone, landline phone and [removed: cable] [added: cable/internet] payments, to generate scores on the same 300-850 scale as standard FICO® Scores.

[removed: These scores are typically sold to end-users through consumer reporting agencies in those countries, as they are in the U.S.] FICO Scores have been made available in over 40 countries and we have also developed client-specific versions of the FICO Score in over ten countries.

Our software harnesses the power of analytics and [removed: digital] [added: intelligent] decisioning [removed: technology] [added: technologies] to help businesses automate, improve, and connect [added: customer] decisions across their enterprise.

[removed: Most of] [added: Our customers can use] our [removed: solutions] [added: software to] address [added: complex and analytic use cases in] customer engagement, including acquisition and pricing, onboarding, servicing and management, and fraud protection.

We also help businesses improve non-customer facing decisions such as supply chain optimization, scheduling [removed: management] [added: management,] and [removed: policy adherence.][added: resource allocation.]

FICO provides software [removed: solutions] to business customers in more than [removed: 80] [added: 70] countries around the world.

Our [removed: software] [added: offerings] can be deployed in the cloud utilizing third-party cloud services, or on-premises using our customers’ IT infrastructure.

A significant and growing number of [removed: our software solutions run natively on] [added: use cases can be addressed with] FICO® Platform, a modular software offering designed to support [removed: advanced analytics and] [added: intelligent] decisioning use cases.

While not all our software runs on FICO Platform today, we are continuing to invest significant development resources to enable substantially all [removed: of] our software to run on FICO Platform in the [removed: future.][added: future and to address an increasingly broader set of use cases.]

We specialize in [added: capabilities, models and] solutions that empower businesses to operationalize analytics [added: and decisioning technologies] to uncover new opportunities, make timely decisions that matter, and execute them at scale.

[removed: With more than 65 years of analytics and software experience, we] [added: We] have found that bringing human and digital intelligence together [removed: allows] [added: empowers] our customers to target and acquire customers more efficiently, increase customer value, reduce fraud and credit losses, [added: optimize their operations,] lower operating expenses, and enter new markets more profitably.

Our principal areas of research and development expertise are focused on the following four [removed: analytic] domains.

These scores rank-order individuals or specific transactions against a particular variable such as the likelihood of making credit payments on time, the likelihood of a transaction being [removed: fraudulent] [added: fraudulent,] or the probability of responding to a particular offer for services.

Our predictive models are frequently used in mission-critical transactional systems [removed: and] [added: to] drive decisions and actions in near [removed: real time.][added: real-time.]

We also apply various statistical techniques for analysis and pattern detection within [removed: large] [added: high velocity] datasets and can derive insights and predictive features from various forms of data, including unstructured data.

*•Decision Analysis and [removed: Optimization*][added: Augmentation*]

We believe our [removed: analytic tools] [added: platform decisioning capabilities] and [removed: solutions] [added: analytics] are among the best commercially available, and that we are [removed: uniquely] [added: well] positioned to integrate advanced analytic, software and data technologies into mission-critical business solutions that [added: can] offer [removed: superior] [added: strong] returns on investment.

FICO® Platform is an [removed: analytic and] [added: intelligent] decisioning environment that empowers businesses to configure solutions that orchestrate and operationalize high velocity decisions that matter, at scale.

Users of FICO Platform can bring together data from multiple sources, apply [removed: advanced] [added: AI and other] analytics to derive insights, and translate those insights into [removed: actions] [added: responses] and [added: automated] workflows that can be executed in real-time.

Based on a modular cloud architecture, FICO Platform can be configured by our customers to [removed: solve] [added: address] a [removed: vast array] [added: wide range] of business challenges.

FICO Platform [removed: delivers] [added: can deliver] increasing value to our customers over time as they add additional [removed: analytic] capabilities, [removed: configure] [added: create] their own [removed: solutions] [added: solutions,] or utilize [added: standard models and] pre-configured solutions to address a diverse set of use [removed: cases and integrate disparate analytic and decisioning silos onto a centralized, scalable platform.][added: cases.]

[removed: This drives] [added: We expect this in turn to drive] additional subscription [removed: software] [added: and transactional usage] revenue for FICO over time as customers purchase more FICO Platform capabilities and pay for more usage of those capabilities.

We believe this strategy of moving our software products to FICO Platform will [removed: result in] [added: contribute to] revenue growth [added: over time] through follow-on “land and expand” sales to existing FICO Platform customers and more sales to medium-sized businesses typically served through value-added resellers and systems integrators.

Our annual recurring revenue (“ARR”) from FICO® [removed: Platform based] [added: Platform-based] products was [removed: $263.6] [added: $452.6] million as of September 30, [removed: 2025,] [added: 2026,] representing [removed: 35%] [added: 53%] of our total software ARR.

[removed: FICO] [added: FICO®] analytic and decisioning software [removed: offerings] [added: solutions] use proprietary and open source [removed: microservices] [added: services] and capabilities to enable both business users and data scientists to develop and execute advanced analytics and decision modeling.

[removed: - FICO® Xpress Optimization provides] [added: We provide] operations research professionals and business analysts with [removed: world-class] [added: mathematical] solvers and productivity tools [added: that can be used] to determine optimal outcomes for a wide range of industry problems.

[removed: - FICO® Business Outcome Simulator enables] [added: Using a digital representation of their] business [added: and its structure, we enable business] users to [removed: run] [added: evaluate] a wide [removed: variety] [added: range] of [removed: insightful] scenarios to assess how their business is likely to perform under varying conditions and assumptions.

[removed: It unlocks] [added: This can provide] insights into how [removed: key] outcomes [removed: will likely] [added: may] shift in the face of changing competitor strategy, macroeconomic [removed: changes,] [added: conditions,] evolving customer preferences, [added: adjusted company-level risk tolerance,] and more.

[removed: *Pre-Configured Solutions*][added: Standalone Software and Pre-configured Solutions]

This segment is anchored by FICO® Platform, a modern and modular set of multi-purpose intelligent decisioning capabilities that are designed to support artificial intelligence (“AI”), and advanced analytic and decisioning use cases.

Our scoring solutions include the FICO® Score, which is the standard measure of consumer credit risk in the U.S., providing lenders, investors, and consumers with a consistent and transparent framework for evaluating and communicating about credit risk throughout the lending lifecycle.

In October 2025, we announced the FICO® Mortgage Direct License Program.

Under this program, tri-merge resellers, platform providers, and other third-party distributors will have the option to calculate and distribute FICO® Scores directly to their customers (e.g., mortgage originators), without relying on the three nationwide consumer reporting agencies as intermediaries.

Customers that prefer to continue accessing FICO Scores through the consumer reporting agencies may do so.

The program is designed to increase price transparency and reduce costs for mortgage lenders, mortgage brokers, and other industry participants.

In April 2026, we announced that FICO® Score 10T would also be made available to mortgage lenders through the FICO Mortgage Direct License Program, consistent with the Federal Housing Finance Agency’s initiative to expand access to modernized mortgage credit scoring data.

The UltraFICO Score is distributed to lenders through Plaid Check, a product of our distribution partner Plaid, and its consumer reporting agency.

These scores are typically sold to end-users through consumer reporting agencies in those countries.

Our FICO® Score Mortgage Simulator is the only mortgage credit score simulator built using our proprietary FICO® Score algorithms, the same algorithms used by lenders in mortgage decisioning, and is made available to mortgage professionals through resellers and mortgage platform providers.

Because it applies FICO’s actual scoring algorithms rather than an approximation, the FICO Score Mortgage Simulator provides loan officers and brokers with an enhanced view of how specific financial actions may affect a consumer’s FICO Score and mortgage loan options.

These learnings from our customer deployments over the years have been applied to a new enterprise AI sub-category, known as intelligent decisioning platforms.

We have been recognized as a leader in Decision Intelligence Platforms by the research and advisory firms Gartner and IDC, and as a leader in AI Decisioning Platforms by Forrester Research.

- *Artificial Intelligence*

We have a long history of AI innovation, including one of the earliest and most broadly adopted production applications of neural networks for fraud prediction with FICO® Falcon® Fraud Manager in the 1990s.

Our innovations in real-time and responsible AI continue, with recent advancements in generative AI, agentic approaches, and blockchain-based governance.

This includes patented and patent-pending approaches for interpretable model architectures designed to assist users in meeting stringent ethical and transparency requirements, and a collection of blockchain applications spanning model development, model monitoring, agent definitions, and control and audit trail of tasks performed by complex and interconnected agents.

We also recently launched the FICO® Focused Foundation Model, a new class of domain-specific models built in-house for the responsible and governed use of generative approaches.

To date, we hold over 130 U.S. and international patents covering scientific innovations in AI and responsible AI.

These include, but are not limited to, proprietary applications of segmented scorecards and unique methods for reject inference (estimating how rejected loan applicants would have performed if they had been approved).

We are focused on advancing human-machine collaboration for complex problem solving across a variety of scenarios and with multiple tools.

This includes research and development of a highly advanced suite of mathematical optimization solvers addressing both linear and non-linear problem types.

These solvers enable customers to balance competing objectives, such as market share growth against profit maximization, to calculate mathematically optimal decisions and automate their execution.

We have seen broader adoption of these solvers within the operations research and academic communities.

In addition, our simulation tools and methods enable customers to construct a digital twin of their organization, allowing them to test and iterate on new business strategies and evaluate expected outcomes, without introducing risky changes into their production environments.

- *Real-time Sequence Prediction*

We pioneered transaction profiling that uses patent-protected techniques to extract meaningful information from raw transactional data (such as credit card purchases or consumer interactions) and transform it into efficient mathematical representations that can reveal latent patterns and enable real-time assessments of potential business outcomes such as potential fraud, credit risk, or customer intent — a process often referred to as “sequence prediction.” Our proprietary sequence model technology enables proprietary pattern matching approaches.

This patent-pending innovation is purpose built for transaction and sequence data and incorporates a consumer’s complete transaction history and context directly in a decisioning system, providing more robust predictive information for the business to use.

This empowers our customers to integrate disparate analytic, AI, and decisioning silos onto a centralized, scalable platform.

We sell FICO® Platform flexibly to fit how each customer wants to adopt it.

Customers can use it to support broad enterprise transformation initiatives, or they can adopt fast-to-value solutions aimed at a specific business problem such as those within fraud, risk, and supply chain.

These solutions can be easily configured by the customer themselves, by FICO’s professional services team, or by our growing partner network, and they can be deployed either as standalone offerings or as integrated bundles of multiple solutions.

*Key FICO®* *Platform Capabilities:*

Decisioning

Decision models operationalize AI and other model types by providing business users with transparency, control, and integration of decision flows with other systems and data.

Using open standards as well as proprietary methods, we provide highly advanced decision modeling and execution that enable users to visually map out decision logic and processes, test them within a broader strategy workflow, execute these decision rules and strategies in production, and finally trace and audit the outcomes produced.

Communications

We provide an intelligent omnichannel digital communication capability for configuring virtual customer service agents and other structured two-way experiences that can promptly resolve customer interactions.

It enables businesses to automate individualized customer dialogues and is especially well suited for regulated, sensitive, or other high-risk customer communications.

Once configured, cost-effective and auditable two-way communications are available 24/7 through the channel (e.g., mobile apps, text, and voice) that their customers choose.

This segment also includes FICO® Platform, a modular software offering designed to support advanced analytic and decision use cases, as well as stand-alone analytic and decisioning software that can be configured by our customers to address a wide variety of business use cases.

For example, in 2021 we introduced Bankcard and Auto Industry versions of FICO® Score 10.

These include proprietary applications of both linear and nonlinear optimization algorithms, advanced neural systems, machine learning and artificial intelligence (“AI”).

Decision analysis refers to the broad quantitative field that deals with modeling, analyzing, and optimizing decisions made by individuals, groups, and organizations.

Whereas predictive models analyze multiple aspects of individual behavior to forecast future behavior, decision analysis analyzes multiple aspects of a given decision to identify the most effective action to take to reach a desired result.

This is often referred to as prescriptive analytics.

Our integrated approach to decision analysis incorporates a decision model that mathematically maps the entire decision structure; proprietary optimization technology that identifies the most effective strategies, given both the performance objective and constraints; testing and simulation required for active, continuous learning; and the robust extrapolation of an optimized strategy to a wider set of scenarios than historically encountered.

Our optimization capabilities also include native support for Python modeling, as well as our own proprietary mathematical modeling and programming language, an easy-to-use authoring environment, a configurable business simulation and scenario management interface and a set of pre-built optimization algorithms.

*•Transaction Profiling*

Transaction profiling is a patent-protected technique used to extract meaningful information and reduce the complexity of transaction data used in modeling.

Many of our products operate using transactional data, such as credit card purchase transactions, consumer interactions, or other types of data that change over time.

In its raw form, this data is very difficult to use in predictive models for several reasons.

First, an isolated transaction contains very little information about the behavior of the individual who generated the transaction.

Second, transaction patterns change rapidly over time.

Third, this type of data can often be highly complex.

To overcome these issues, we have developed a set of techniques that transform raw transactional data into a mathematical representation that reveals latent information, and which make the data more usable by predictive models.

This profiling technology accumulates data across multiple transactions of many types to create and update profiles of transaction patterns.

These profiles enable our neural network models to efficiently and effectively make accurate assessments of, for example, fraud risk and credit risk within real-time transaction streams.

*•Customer Data Integration*

Decisions made about customers or prospects can benefit from data stored in multiple sources, both inside and outside the enterprise.

In the areas of analytics and digital decisioning, more data is generally better.

We have developed proprietary data ingestion and management tools that are able to assemble and integrate disparate data sources into a unified view of the customer, household, or other subject through the application of persistent keying technology.

This data can include structured or unstructured data.

In addition, our technology can integrate multiple data sources in real-time and make them available for rapid analysis and decisions such as credit approval, fraud detection and “next best offer” workflows.

We sell our software primarily as analytic and decisioning software or pre-configured solutions.

Our software offerings are sold both individually and as integrated bundles of multiple products.

*Analytic and Decisioning Software*

Our key products in this category include:

- FICO® Decision Modeler and FICO® Blaze Advisor® are our core decision rules modeling tools, which enable users to flexibly author and manage decision rules and strategies.

FICO Decision Modeler delivers the functionality of our industry leading FICO Blaze Advisor product, with the added benefit of seamless integration into FICO® Platform.

FICO Blaze Advisor, the predecessor to FICO Decision Modeler, is available as an off-platform product.

FICO Xpress Optimization includes a powerful modeling and programming language to quickly model and solve even the largest optimization problems.

FICO Xpress Optimization runs on FICO® Platform.

- FICO® Analytics Workbench is a predictive analytics tool that allows businesses to create and deploy explainable machine learning models for use in decisions that typically require strict governance and compliance, often including regulatory oversight.

FICO Analytics Workbench runs on FICO® Platform.

- FICO® Data Orchestrator is a data retrieval and mapping solution that can access, gather, and transform data from corporate or public facing information services.

FICO Data Orchestrator runs on FICO® Platform.

- FICO® DMP Streaming is a real-time and batch data ingestion solution that uniquely delivers in-stream analytics for real-time data insights and complex event processing.

FICO Business Outcome Simulator runs on FICO® Platform.

- FICO® Decision Optimizer helps business users understand how different customers will react to a variety of different actions that are being considered.

[added: If final court approval is not obtained,] FICO intends to vigorously defend against the remaining claims in [removed: this proceeding.][added: these lawsuits.]

On September 29, 2026, FICO and the plaintiffs entered into a term sheet memorializing the material terms of a proposed settlement of the lawsuits.

In consideration of a cash payment by FICO to the plaintiffs of $65.0 million and certain compliance undertakings, the settlement would fully resolve all remaining claims asserted against FICO in the lawsuits.

The proposed settlement does not include any admission of wrongdoing or liability by FICO, which denies any wrongdoing.

We anticipate the parties will enter into definitive settlement agreements in the first quarter of fiscal 2027 reflecting the terms of the settlement as set forth in the term sheet.

The settlement remains subject to final court approval, and there can be no assurance that the court will approve the proposed settlement.

For the fiscal year ended September 30, [removed: 2025][added: 2026]

As of March 31, [removed: 2025,] [added: 2026,] the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was [removed: $36,060,682,209] [added: $20,917,349,525] based on the last transaction price as reported on the New York Stock Exchange on such date.

The number of shares of common stock outstanding on October 23, [removed: 2025] [added: 2026] was [removed: 23,709,047] [added: 21,380,929] (excluding [removed: 65,147,736] [added: 67,475,854] shares held by the Company as treasury stock).

Portions of the Registrant’s definitive proxy statement relating to its [removed: 2026] [added: 2027] Annual Meeting of Stockholders [removed: (“2026] [added: (“2027] Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

The [removed: 2026] [added: 2027] Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

| Item 1. | | | [removed: [Business](#i7aa1048b0770426b8598c1bd14d034c2_16)] [added: [Business](#i51c7593c4a464bd7b1f1a98dcf0449ef_16)] | | | [removed: [3](#i7aa1048b0770426b8598c1bd14d034c2_16)] [added: [3](#i51c7593c4a464bd7b1f1a98dcf0449ef_16)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i7aa1048b0770426b8598c1bd14d034c2_19)] [added: Factors](#i51c7593c4a464bd7b1f1a98dcf0449ef_19)] | | | [removed: [17](#i7aa1048b0770426b8598c1bd14d034c2_19)] [added: [18](#i51c7593c4a464bd7b1f1a98dcf0449ef_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i7aa1048b0770426b8598c1bd14d034c2_22)] [added: Comments](#i51c7593c4a464bd7b1f1a98dcf0449ef_22)] | | | [removed: [31](#i7aa1048b0770426b8598c1bd14d034c2_22)] [added: [32](#i51c7593c4a464bd7b1f1a98dcf0449ef_22)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i7aa1048b0770426b8598c1bd14d034c2_25)] [added: [Cybersecurity](#i51c7593c4a464bd7b1f1a98dcf0449ef_25)] | | | [removed: [31](#i7aa1048b0770426b8598c1bd14d034c2_25)] [added: [33](#i51c7593c4a464bd7b1f1a98dcf0449ef_25)] | | |

| Item 2. | | | [removed: [Properties](#i7aa1048b0770426b8598c1bd14d034c2_28)] [added: [Properties](#i51c7593c4a464bd7b1f1a98dcf0449ef_28)] | | | [removed: [33](#i7aa1048b0770426b8598c1bd14d034c2_28)] [added: [35](#i51c7593c4a464bd7b1f1a98dcf0449ef_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i7aa1048b0770426b8598c1bd14d034c2_31)] [added: Proceedings](#i51c7593c4a464bd7b1f1a98dcf0449ef_31)] | | | [removed: [33](#i7aa1048b0770426b8598c1bd14d034c2_31)] [added: [35](#i51c7593c4a464bd7b1f1a98dcf0449ef_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i7aa1048b0770426b8598c1bd14d034c2_34)] [added: Disclosures](#i51c7593c4a464bd7b1f1a98dcf0449ef_34)] | | | [removed: [33](#i7aa1048b0770426b8598c1bd14d034c2_34)] [added: [35](#i51c7593c4a464bd7b1f1a98dcf0449ef_34)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i7aa1048b0770426b8598c1bd14d034c2_40)] [added: Securities](#i51c7593c4a464bd7b1f1a98dcf0449ef_40)] | | | [removed: [34](#i7aa1048b0770426b8598c1bd14d034c2_40)] [added: [36](#i51c7593c4a464bd7b1f1a98dcf0449ef_40)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#i7aa1048b0770426b8598c1bd14d034c2_43)] [added: [\[Reserved\]](#i51c7593c4a464bd7b1f1a98dcf0449ef_43)] | | | [removed: [35](#i7aa1048b0770426b8598c1bd14d034c2_43)] [added: [37](#i51c7593c4a464bd7b1f1a98dcf0449ef_43)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i7aa1048b0770426b8598c1bd14d034c2_46)] [added: Operations](#i51c7593c4a464bd7b1f1a98dcf0449ef_46)] | | | [removed: [36](#i7aa1048b0770426b8598c1bd14d034c2_46)] [added: [38](#i51c7593c4a464bd7b1f1a98dcf0449ef_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i7aa1048b0770426b8598c1bd14d034c2_70)] [added: Risk](#i51c7593c4a464bd7b1f1a98dcf0449ef_73)] | | | [removed: [49](#i7aa1048b0770426b8598c1bd14d034c2_70)] [added: [52](#i51c7593c4a464bd7b1f1a98dcf0449ef_73)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i7aa1048b0770426b8598c1bd14d034c2_73)] [added: Data](#i51c7593c4a464bd7b1f1a98dcf0449ef_76)] | | | [removed: [51](#i7aa1048b0770426b8598c1bd14d034c2_73)] [added: [54](#i51c7593c4a464bd7b1f1a98dcf0449ef_76)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i7aa1048b0770426b8598c1bd14d034c2_154)] [added: Disclosure](#i51c7593c4a464bd7b1f1a98dcf0449ef_160)] | | | [removed: [86](#i7aa1048b0770426b8598c1bd14d034c2_154)] [added: [90](#i51c7593c4a464bd7b1f1a98dcf0449ef_160)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i7aa1048b0770426b8598c1bd14d034c2_157)] [added: Procedures](#i51c7593c4a464bd7b1f1a98dcf0449ef_163)] | | | [removed: [86](#i7aa1048b0770426b8598c1bd14d034c2_157)] [added: [90](#i51c7593c4a464bd7b1f1a98dcf0449ef_163)] | | |

| Item 9B. | | | [Other [removed: Information](#i7aa1048b0770426b8598c1bd14d034c2_160)] [added: Information](#i51c7593c4a464bd7b1f1a98dcf0449ef_166)] | | | [removed: [87](#i7aa1048b0770426b8598c1bd14d034c2_160)] [added: [91](#i51c7593c4a464bd7b1f1a98dcf0449ef_166)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i7aa1048b0770426b8598c1bd14d034c2_163)] [added: Inspections](#i51c7593c4a464bd7b1f1a98dcf0449ef_172)] | | | [removed: [88](#i7aa1048b0770426b8598c1bd14d034c2_163)] [added: [91](#i51c7593c4a464bd7b1f1a98dcf0449ef_172)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i7aa1048b0770426b8598c1bd14d034c2_169)] [added: Governance](#i51c7593c4a464bd7b1f1a98dcf0449ef_178)] | | | [removed: [89](#i7aa1048b0770426b8598c1bd14d034c2_169)] [added: [92](#i51c7593c4a464bd7b1f1a98dcf0449ef_178)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i7aa1048b0770426b8598c1bd14d034c2_172)] [added: Compensation](#i51c7593c4a464bd7b1f1a98dcf0449ef_181)] | | | [removed: [89](#i7aa1048b0770426b8598c1bd14d034c2_172)] [added: [92](#i51c7593c4a464bd7b1f1a98dcf0449ef_181)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i7aa1048b0770426b8598c1bd14d034c2_175)] [added: Matters](#i51c7593c4a464bd7b1f1a98dcf0449ef_184)] | | | [removed: [89](#i7aa1048b0770426b8598c1bd14d034c2_175)] [added: [92](#i51c7593c4a464bd7b1f1a98dcf0449ef_184)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i7aa1048b0770426b8598c1bd14d034c2_178)] [added: Independence](#i51c7593c4a464bd7b1f1a98dcf0449ef_187)] | | | [removed: [89](#i7aa1048b0770426b8598c1bd14d034c2_178)] [added: [92](#i51c7593c4a464bd7b1f1a98dcf0449ef_187)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i7aa1048b0770426b8598c1bd14d034c2_181)] [added: Services](#i51c7593c4a464bd7b1f1a98dcf0449ef_190)] | | | [removed: [89](#i7aa1048b0770426b8598c1bd14d034c2_181)] [added: [92](#i51c7593c4a464bd7b1f1a98dcf0449ef_190)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i7aa1048b0770426b8598c1bd14d034c2_187)] [added: Schedules](#i51c7593c4a464bd7b1f1a98dcf0449ef_196)] | | | [removed: [90](#i7aa1048b0770426b8598c1bd14d034c2_187)] [added: [93](#i51c7593c4a464bd7b1f1a98dcf0449ef_196)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i7aa1048b0770426b8598c1bd14d034c2_199)] [added: Summary](#i51c7593c4a464bd7b1f1a98dcf0449ef_208)] | | | [removed: [93](#i7aa1048b0770426b8598c1bd14d034c2_199)] [added: [97](#i51c7593c4a464bd7b1f1a98dcf0449ef_208)] | | |

Examples of forward-looking statements include, but are not limited to: (i) projections of revenue, income or loss, expenses, earnings or loss per share, the payment or nonpayment of dividends, share repurchases, capital [removed: structure] [added: structure, indebtedness] and [added: liquidity, and] other statements concerning future financial performance; (ii) statements of our plans and objectives by our management or Board of Directors, including those relating to products or services, research and development, and the sufficiency of capital resources; (iii) statements of assumptions underlying such statements, including those related to economic conditions; (iv) statements regarding results of business combinations or strategic divestitures; (v) statements regarding business relationships with vendors, customers or collaborators, including the proportion of revenues generated from international as opposed to domestic customers; [removed: and] (vi) statements regarding [added: the use, validation, or approval of our credit scores and competing credit score models by government-sponsored enterprises, government agencies, lenders and other participants in the mortgage market, and the expected effect of such developments on our Scores segment; (vii) statements regarding key operating metrics, including annual recurring revenue, dollar-based net retention rate and annual contract value bookings; (viii) statements regarding the expected impact of changes in tax laws, regulations or accounting standards; and (ix) statements regarding] products and services, their characteristics, performance, sales potential or effect in use by customers.

Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “should,” “potential,” “goals,” “strategy,” “outlook,” “plan,” “estimated,” “will,” [added: “may,” “could,” “would,” “projects,” “forecasts,” “continue,”] variations of these terms and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.

| [PART I](#i51c7593c4a464bd7b1f1a98dcf0449ef_13) | | | | | | | | |

| [PART II](#i51c7593c4a464bd7b1f1a98dcf0449ef_37) | | | | | | | | |

| [PART III](#i51c7593c4a464bd7b1f1a98dcf0449ef_175) | | | | | | | | |

| [PART IV](#i51c7593c4a464bd7b1f1a98dcf0449ef_193) | | | | | | | | |

| [Signatures](#i51c7593c4a464bd7b1f1a98dcf0449ef_211) | | | | | | [98](#i51c7593c4a464bd7b1f1a98dcf0449ef_211) | | |

| [PART I](#i7aa1048b0770426b8598c1bd14d034c2_13) | | | | | | | | |

| [PART II](#i7aa1048b0770426b8598c1bd14d034c2_37) | | | | | | | | |

| [PART III](#i7aa1048b0770426b8598c1bd14d034c2_166) | | | | | | | | |

| [PART IV](#i7aa1048b0770426b8598c1bd14d034c2_184) | | | | | | | | |

| [Signatures](#i7aa1048b0770426b8598c1bd14d034c2_202) | | | | | | [94](#i7aa1048b0770426b8598c1bd14d034c2_202) | | |

These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to employees or [removed: customers and] [added: customers,] violation of data privacy or security [removed: laws.][added: laws, and reputational harm.]

Identifying and assessing cybersecurity risk is integrated into our overall [added: enterprise] risk management systems and processes.

To [removed: defend,] [added: defend against,] detect and respond to cybersecurity incidents, we, among other things: conduct proactive privacy and cybersecurity reviews of systems and applications, audit applicable data policies, perform penetration testing using external third-party tools and techniques to test security controls, conduct employee training, monitor emerging laws and regulations related to data protection and information security (including our consumer products) and implement appropriate changes.

Management [removed: Oversight and Governance][added: Oversight]

The Company’s Chief Information Security Officer (“CISO”), who reports to the President, Software, is [added: primarily] responsible for the [added: assessment and management of material risks from cybersecurity threats and for the] design and implementation of our security program and strategy based on the mandate provided by the Board and senior management.

We believe the Company’s business [removed: leaders] [added: leaders, including the CISO,] have the appropriate expertise, background and depth of experience to manage risks arising from cybersecurity threats.

Through ongoing communications with these teams, the CISO and senior management are informed promptly about, and monitor the prevention, detection, investigation, mitigation and remediation of, cybersecurity [removed: threats.][added: threats and incidents.]

In addition, the Company periodically [removed: consults with] [added: engages] outside advisors and experts to assist with assessing, identifying and managing cybersecurity risks, including to anticipate future threats and trends, and their impact on the Company’s risk management environment.

Board [removed: Oversight and Governance][added: Oversight]

Our Board [removed: responsibility] is [removed: to monitor] [added: responsible for monitoring] the Company’s risk management processes by informing itself concerning our material risks and evaluating whether management has reasonable controls in place to address the material risks.

As part of its oversight of the Company’s risk management noted above, the Audit Committee oversees, reviews and discusses with management the Company’s risks from cybersecurity threats and management’s role in assessing and managing [removed: such risks.]

We employ an experienced team of cybersecurity professionals with a variety of backgrounds, and we periodically engage third-party service providers to assist with assessing, identifying and managing cybersecurity risks.

Cybersecurity Governance

such risks.

We employ an experienced team of cybersecurity professionals with a variety of backgrounds.

As of September 30, [removed: 2025,] [added: 2026,] the Company leased office facilities in geographically dispersed locations primarily for corporate functions, sales, research and development, data centers and other purposes.

According to records of our transfer agent, at October 23, [removed: 2025,] [added: 2026,] we had [removed: 208] [added: 194] stockholders of record of our common stock.

(1)Includes [removed: 898] [added: 1,122] shares delivered in satisfaction of the tax withholding obligations resulting from the vesting of restricted stock units held by employees during the quarter ended September 30, [removed: 2025.][added: 2026.]

(2)In June [removed: 2025,] [added: 2026,] our Board [added: of Directors] approved a [removed: new] stock repurchase program (the “June [removed: 2025] [added: 2026] program”), replacing [removed: the] [added: our] previously authorized [removed: July 2024] [added: February 2026] stock repurchase program, which was terminated prior to its expiration.

The June [removed: 2025] [added: 2026] program is open-ended and authorizes repurchases of shares of our common stock from time to time up to an aggregate cost of [removed: $1.0] [added: $2.0] billion in the open [removed: market or] [added: market,] in negotiated [removed: transactions.][added: transactions or through accelerated share repurchase programs.]

The June [removed: 2025] [added: 2026] program remains in effect until the total authorized amount is expended or until further action by our [removed: Board.][added: Board of Directors.]

The following graph shows the total stockholder return of an investment of $100 in cash on September 30, [removed: 2020,] [added: 2021,] in (a) the Company’s common stock, (b) the Standard & Poor’s 500 Stock Index and (c) the Standard & Poor’s 500 Application Software Index, in each case with reinvestment of dividends.

[removed: ![FICO] [added: ![FY26] Stock [removed: Chart 09.30.25.jpg](https://www.sec.gov/Archives/edgar/data/814547/000081454725000030/fico-20250930_g1.jpg)][added: chart.gif](https://www.sec.gov/Archives/edgar/data/814547/000081454726000042/fico-20260930_g1.gif)]

| July 1, 2026 through July 31, 2026 | | | 230,130 | | | | | | $ | 1,167.85 | | | | | 229,640 | | | | | | $ | 499,999,978 | |

| August 1, 2026 through August 31, 2026 | | | 378 | | | | | | $ | 1,101.51 | | | | | — | | | | | | $ | 499,999,978 | |

| September 1, 2026 through September 30, 2026 | | | 254 | | | | | | $ | 932.26 | | | | | — | | | | | | $ | 499,999,978 | |

| | | | 230,762 | | | | | | $ | 1,167.48 | | | | | 229,640 | | | | | | $ | 499,999,978 | |

As part of the June 2026 program, we entered into an accelerated share repurchase agreement (“ASR Agreement”) with Wells Fargo Securities, Inc. (“Wells Fargo Securities”) on June 5, 2026 to repurchase $1.5 billion of our common stock.

Pursuant to the ASR Agreement, in June 2026 we paid $1.5 billion to Wells Fargo Securities and received an initial delivery of 1,055,103 shares of common stock, representing approximately 80 percent of the total shares expected to be repurchased under the ASR Agreement.

In July 2026, we settled the ASR Agreement and received 229,640 additional shares.

In total, 1,284,743 shares were repurchased under the ASR Agreement.

| July 1, 2025 through July 31, 2025 | | | 131,572 | | | | | | $ | 1,620.27 | | | | | 131,046 | | | | | | $ | 667,795,277 | |

| August 1, 2025 through August 31, 2025 | | | 145,749 | | | | | | $ | 1,373.86 | | | | | 145,457 | | | | | | $ | 467,959,531 | |

| September 1, 2025 through September 30, 2025 | | | 81,456 | | | | | | $ | 1,528.23 | | | | | 81,376 | | | | | | $ | 343,600,296 | |

| | | | 358,777 | | | | | | $ | 1,499.27 | | | | | 357,879 | | | | | | $ | 343,600,296 | |

We have audited the accompanying consolidated balance sheets of Fair Isaac Corporation and subsidiaries (the "Company") as of September 30, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] the related consolidated statements of income and comprehensive income, stockholders' deficit, and cash flows, for each of the three years in the period ended September 30, [removed: 2025,] [added: 2026,] and the related notes (collectively referred to as the "financial statements").

We also have audited the Company’s internal control over financial reporting as of September 30, [removed: 2025,] [added: 2026,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September 30, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] and the results of operations and cash flows for each of the three years in the period ended September 30, [removed: 2025,] [added: 2026,] in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, [removed: 2025,] [added: 2026,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

| | | | [added: 2026 | | | | | |] 2025 | | | | | | 2024 | | |

| Cash and cash [removed: equivalents |] [added: equivalents, beginning of year] | | [removed: $] | 134,136 | | | | | [removed: $] | 150,667 | | [added: | | | | 136,778 | | |]

| Accounts receivable, net | | | [removed: 529,148] [added: 602,946] | | | | | | [removed: 426,642] [added: 529,148] | | |

| Prepaid expenses and other current assets | | | [removed: 41,881] [added: 91,126] | | | | | | [removed: 40,104] [added: 41,881] | | |

| Total current assets | | | [removed: 705,165] [added: 911,671] | | | | | | [removed: 617,413] [added: 705,165] | | |

| Marketable securities | | | [removed: 54,625] [added: 51,714] | | | | | | [removed: 45,289] [added: 54,625] | | |

| Property and equipment, net | | | [removed: 67,713] [added: 97,142] | | | | | | [removed: 38,465] [added: 67,713] | | |

| Operating lease right-of-use assets | | | [removed: 26,213] [added: 26,418] | | | | | | [removed: 29,580] [added: 26,213] | | |

| Goodwill | | | [removed: 783,340] [added: 791,867] | | | | | | [removed: 782,752] [added: 783,340] | | |

| Deferred income taxes | | | [removed: 118,553] [added: 95,663] | | | | | | [removed: 86,513] [added: 118,553] | | |

| Other assets | | | [removed: 112,524] [added: 100,547] | | | | | | [removed: 117,872] [added: 112,524] | | |

| Total assets | | | $ | [removed: 1,868,133] [added: 2,075,022] | | | | | $ | [removed: 1,717,884] [added: 1,868,133] | |

| Accounts payable | | | $ | [removed: 32,315] [added: 34,672] | | | | | $ | [removed: 22,473] [added: 32,315] | |

| Accrued compensation and employee benefits | | | [removed: 115,369] [added: 122,267] | | | | | | [removed: 106,103] [added: 115,369] | | |

| Other accrued liabilities | | | [removed: 114,618] [added: 203,181] | | | | | | [removed: 79,812] [added: 114,618] | | |

| Deferred revenue | | | [removed: 187,372] [added: 222,074] | | | | | | [removed: 156,897] [added: 187,372] | | |

| Current maturities on debt | | | [removed: 399,541] [added: 337,500] | | | | | | [removed: 15,000] [added: 399,541] | | |

| Total current liabilities | | | [removed: 849,215] [added: 919,694] | | | | | | [removed: 380,285] [added: 849,215] | | |

| Long-term debt | | | [removed: 2,656,150] [added: 4,921,604] | | | | | | [removed: 2,194,021] [added: 2,656,150] | | |

| Operating lease liabilities | | | [removed: 19,187] [added: 18,816] | | | | | | [removed: 21,963] [added: 19,187] | | |

| Other liabilities | | | [removed: 89,365] [added: 88,119] | | | | | | [removed: 84,294] [added: 89,365] | | |

| Total liabilities | | | [removed: 3,613,917] [added: 5,948,233] | | | | | | [removed: 2,680,563] [added: 3,613,917] | | |

| Common stock ($0.01 par value; 200,000 shares authorized, 88,857 shares issued and [removed: 23,764] [added: 21,381] and [removed: 24,392] [added: 23,764] shares outstanding at September 30, [removed: 2025] [added: 2026] and September 30, [removed: 2024,] [added: 2025,] respectively) | | | [removed: 238] [added: 214] | | | | | | [removed: 244] [added: 238] | | |

| Additional paid-in-capital | | | [removed: 1,331,120] [added: 1,372,493] | | | | | | [removed: 1,366,572] [added: 1,331,120] | | |

| Treasury stock, at cost [removed: (65,093] [added: (67,476] and [removed: 64,465] [added: 65,093] shares at September 30, [removed: 2025] [added: 2026] and September 30, [removed: 2024,] [added: 2025,] respectively) | | | [removed: (7,537,908)] [added: (10,539,162)] | | | | | | [removed: (6,138,736)] [added: (7,537,908)] | | |

| Retained earnings | | | [removed: 4,552,816] [added: 5,387,783] | | | | | | [removed: 3,900,870] [added: 4,552,816] | | |

| Accumulated other comprehensive loss | | | [removed: (92,050)] [added: (94,539)] | | | | | | [removed: (91,629)] [added: (92,050)] | | |

| Total stockholders’ deficit | | | [removed: (1,745,784)] [added: (3,873,211)] | | | | | | [removed: (962,679)] [added: (1,745,784)] | | |

| Total liabilities and stockholders’ deficit | | | $ | [removed: 1,868,133] [added: 2,075,022] | | | | | $ | [removed: 1,717,884] [added: 1,868,133] | |

| | | | Year Ended September 30, | | | | | | | | | [removed: | | | | | |]

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| On-premises and SaaS software | | | $ | [removed: 740,145] [added: 808,118] | | | | | $ | [removed: 711,340] [added: 740,145] | | | | | $ | [removed: 640,182] [added: 711,340] | |

| Professional services | | | [removed: 82,149] [added: 74,533] | | | | | | [removed: 86,536] [added: 82,149] | | | | | | [removed: 99,547] [added: 86,536] | | |

| Scores | | | [removed: 1,168,575] [added: 1,652,222] | | | | | | [removed: 919,650] [added: 1,168,575] | | | | | | [removed: 773,828] [added: 919,650] | | |

| Total revenues | | | [removed: 1,990,869] [added: 2,534,873] | | | | | | [removed: 1,717,526] [added: 1,990,869] | | | | | | [removed: 1,513,557] [added: 1,717,526] | | |

| Cost of revenues | | | [removed: 353,722] [added: 351,480] | | | | | | [removed: 348,206] [added: 353,722] | | | | | | [removed: 311,053] [added: 348,206] | | |

| November 6, 2026 | | | | | |

| | | | 2026 | | | | | | 2025 | | |

| Repurchases of common stock | | | (2,514) | | | | | | (25) | | | | | | (38,316) | | | | | | (3,017,396) | | | | | | — | | | | | | — | | | | | | (3,055,737) | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 834,967 | | | | | | — | | | | | | 834,967 | | |

| Balance at September 30, 2026 | | | 21,381 | | | | | | $ | 214 | | | | | $ | 1,372,493 | | | | | $ | (10,539,162) | | | | | $ | 5,387,783 | | | | | $ | (94,539) | | | | | $ | (3,873,211) | |

| Gain on sale of equity investment | | | (47,927) | | | | | | — | | | | | | — | | |

| Purchases of other investments | | | (12,810) | | | | | | — | | | | | | — | | |

| Payments on senior notes | | | (400,000) | | | | | | — | | | | | | — | | |

| Unsettled repurchases of common stock, inclusive of excise tax accrued, but not yet paid | | | $ | 28,162 | | | | | $ | 18,416 | | | | | $ | 13,391 | |

| Receivable from sale of equity investment | | | $ | 47,927 | | | | | $ | — | | | | | $ | — | |

Our derivative instruments are not designated as hedging instruments.

As a result, the related cash flows are included in cash flows from operating activities in our consolidated statements of cash flows.

We adopted ASU 2023-09 in fiscal 2026 on a prospective basis and the adoption resulted in expanded disclosures as presented in Note 12.

| Total | | | $ | 56,924 | | | | | $ | 56,924 | |

| | | | September 30, 2026 | | | | | | | | | | | | | | | | | |

| Euro (EUR) | | | EUR | | | 5,900 | | | | | | $ | 6,700 | | | | | — | | |

| Foreign currency translation and other adjustments | | | — | | | | | | 8,527 | | | | | | 8,527 | | |

| Balance at September 30, 2026 | | | $ | 146,648 | | | | | $ | 645,219 | | | | | $ | 791,867 | |

The following table presents the composition of prepaid expenses and other current assets at September 30, 2026 and 2025:

| | | | 2026 | | | | | | 2025 | | |

| Prepaid expenses and other current assets: | | | | | | | | | | | |

| Receivable from sale of equity investment | | | $ | 47,927 | | | | | $ | — | |

| Other | | | 43,199 | | | | | | 41,881 | | |

| Total | | | $ | 91,126 | | | | | $ | 41,881 | |

| | | | 2026 | | | | | | 2025 | | |

| | | | 2026 | | | | | | 2025 | | |

| Proposed litigation settlement (see Note 18) | | | 65,000 | | | | | | — | | |

| Term loan | | | $ | 337,500 | | | | | $ | — | |

| Term loan | | | 847,500 | | | | | | — | | |

| The 2026 Senior Notes | | | 1,000,000 | | | | | | — | | |

We have a credit agreement with a syndicate of banks that provides for a $1.0 billion unsecured revolving line of credit that matures on May 13, 2030.

On June 5, 2026, we amended our credit agreement to provide for the issuance of a $1.5 billion unsecured term loan that was borrowed in full on June 5, 2026 and matures on May 15, 2028.

The credit agreement also provides for an option for us to request additional incremental term loans and/or incremental increases to the revolving line of credit from time to time, in each case subject to the terms and conditions of the credit agreement.

Principal on the term loan is to be repaid in consecutive quarterly installments on the last business day of March, June, September, and December equal to (i) $75.0 million from September 30, 2026 through and including June 30, 2027 and (ii) $112.5 million thereafter.

The applicable margin for the term loan for base rate borrowings ranges from 0.5% to 1.25% per annum and for SOFR borrowings ranges from 1.5% to 2.25% per annum.

Future principal payments for the term loan are as follows:

| 2027 | | | $ | 337,500 | |

| 2028 | | | 847,500 | | |

On March 26, 2026, prior to the maturity date, we repaid in full the 2018 Senior Notes, utilizing proceeds from the issuance of the 2026 Senior Notes (as defined below).

On May 13, 2025, we issued $1.5 billion of senior notes in a private offering to qualified institutional investors (the “2025 Senior Notes”).

The Company’s professional services include software implementation, consulting, model development and training.

The transaction price can be a fixed amount or a variable amount based upon the time and materials expended.

Revenue on fixed-price services is recognized using an input method based on labor hours expended, which the Company believes provides a faithful depiction of the transfer of services.

| November 7, 2025 | | | | | |

| Gain on product line asset sale | | | — | | | | | | — | | | | | | (1,941) | | |

| Balance at September 30, 2022 | | | 25,154 | | | | | | $ | 252 | | | | | $ | 1,299,588 | | | | | $ | (4,935,769) | | | | | $ | 2,958,684 | | | | | $ | (124,702) | | | | | $ | (801,947) | |

| Repurchases of common stock | | | (615) | | | | | | (6) | | | | | | — | | | | | | (407,341) | | | | | | — | | | | | | — | | | | | | (407,347) | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 429,375 | | | | | | — | | | | | | 429,375 | | |

| Gain on product line asset sale | | | — | | | | | | — | | | | | | (1,941) | | |

| Cash transferred, net of proceeds, from product line asset sale | | | — | | | | | | — | | | | | | (6,126) | | |

| Unsettled repurchases of common stock | | | $ | 18,416 | | | | | $ | 13,391 | | | | | $ | 1,821 | |

ASU 2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

We adopted ASU 2023-07 in fiscal 2025 and the adoption did not have a significant impact on our disclosures within our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “*Income Taxes (Topic 740): Improvements to Income Tax Disclosures*” (“ASU 2023-09”).

Early adoption is permitted.

The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2027, which means that it will be effective for our fiscal years beginning October 1, 2028.

We are currently evaluating the impact that the updated standard will have on our consolidated financial statements.

Product Line Asset Sale

During fiscal 2023, we sold certain assets related to our Siron compliance business within our Software segment and recorded a gain of $1.9 million.

| Total | | | $ | 53,188 | | | | | $ | 53,188 | |

| | | | September 30, 2024 | | | | | | | | | | | | | | | | | |

| Euro (EUR) | | | EUR | | | 13,000 | | | | | | $ | 14,531 | | | | | — | | |

| Balance at September 30, 2023 | | | $ | 146,648 | | | | | $ | 626,679 | | | | | $ | 773,327 | |

| Foreign currency translation adjustment | | | — | | | | | | 9,425 | | | | | | 9,425 | | |

| The $300 Million Term Loan | | | $ | — | | | | | $ | 15,000 | |

| The $300 Million Term Loan | | | — | | | | | | 243,750 | | |

| The $450 Million Term Loan | | | — | | | | | | 450,000 | | |

On May 13, 2025, we amended our credit agreement with a syndicate of banks, increasing our borrowing capacity under the unsecured revolving line of credit from $600 million to $1.0 billion and extending its maturity to May 13, 2030.

Also on May 13, 2025, we repaid in full and terminated the $300 million unsecured term loan (the “$300 Million Term Loan”) and the $450 million unsecured term loan (the “$450 Million Term Loan”) outstanding under our credit agreement, utilizing proceeds from the issuance of the 2025 Senior Notes (as defined below).

During fiscal 2023, we sold certain assets related to our Siron compliance business.

The comparability of the data below is impacted as a result of this sale.

| Americas | | | $ | 763,874 | | | | | $ | 523,076 | | | | | $ | 1,286,950 | | | | | 85 | | % |

| Europe, Middle East and Africa | | | 5,802 | | | | | | 135,562 | | | | | | 141,364 | | | | | | 9 | | % |

| Asia Pacific | | | 4,152 | | | | | | 81,091 | | | | | | 85,243 | | | | | | 6 | | % |

| Total | | | $ | 773,828 | | | | | $ | 739,729 | | | | | $ | 1,513,557 | | | | | 100 | | % |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | 574,321 | | | | | | 475,737 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

Based on that evaluation, the CEO and CFO have concluded that FICO’s disclosure controls and procedures were effective as of September 30, [removed: 2025] [added: 2026] to ensure that information required to be disclosed by FICO in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

No change in FICO’s internal control over financial reporting was identified in connection with the evaluation required by Rule 13a-15(d) of the Exchange Act that occurred during the quarter ended September 30, [removed: 2025,] [added: 2026,] that has materially affected, or is reasonably likely to materially affect, FICO’s internal control over financial reporting.

Under the supervision and with the participation of management, including our CEO and CFO, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of September 30, [removed: 2025] [added: 2026] based on the guidelines established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation management has concluded that our internal control over financial reporting was effective as of September 30, [removed: 2025.][added: 2026.]

Deloitte & Touche LLP, an independent registered public accounting firm that audited the consolidated financial statements included in this Annual Report on Form 10-K, has also audited the effectiveness of our internal control over financial reporting as of September 30, [removed: 2025,] [added: 2026,] as stated in their attestation report included in Part II, Item 8 of this Annual Report on Form 10-K.

[removed: On September 12, 2025, Eva Manolis,] [added: Lansing, our Chief Executive Officer and President and] a member of our Board of Directors, [removed: entered into] [added: adopted] a [removed: pre-arranged] [added: Rule 10b5-1] trading [removed: plan] [added: arrangement] that is intended to satisfy the affirmative defense of Rule 10b5-1(c) [removed: of] [added: under] the Exchange Act.