Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________

Form 10-Q

_______________________________________________

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

Or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from						to

Commission File No. 001-16427

_______________________________________________

Fidelity National Information Services, Inc.

(Exact name of registrant as specified in its charter)

Georgia									37-1490331
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)
347 Riverside Avenue
Jacksonville			Florida						32202
(Address of principal executive offices)									(Zip Code)

(904) 438-6000

(Registrant's telephone number, including area code)

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
						Trading						Name of each exchange
Title of each class						Symbol(s)						on which registered
Common Stock, par value $0.01 per share						FIS						New York Stock Exchange
0.625% Senior Notes due 2025						FIS25B						New York Stock Exchange
1.500% Senior Notes due 2027						FIS27						New York Stock Exchange
1.000% Senior Notes due 2028						FIS28						New York Stock Exchange
2.250% Senior Notes due 2029						FIS29						New York Stock Exchange
2.000% Senior Notes due 2030						FIS30						New York Stock Exchange
3.360% Senior Notes due 2031						FIS31						New York Stock Exchange
2.950% Senior Notes due 2039						FIS39						New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☒			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

As of May 2, 2025, 525,395,053 shares of the Registrant's Common Stock were outstanding.

FORM 10-Q

QUARTERLY REPORT

Quarter Ended March 31, 2025

INDEX

			Page
Part I: FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets			2
Condensed Consolidated Statements of Earnings (Loss)			3
Condensed Consolidated Statements of Comprehensive Earnings (Loss)			4
Condensed Consolidated Statements of Equity			5
Condensed Consolidated Statements of Cash Flows			6
Notes to Condensed Consolidated Financial Statements			7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			26
Item 3. Quantitative and Qualitative Disclosure About Market Risks			36
Item 4. Controls and Procedures			37
Part II: OTHER INFORMATION
Item 1A. Risk Factors			38
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			38
Item 5. Other Information			38
Item 6. Exhibits			38
Signatures			41

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In millions, except per share amounts)

(Unaudited)

			March 31, 2025						December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents			$	805					$	834
Settlement assets			789						479
Trade receivables, net of allowance for credit losses of $43 and $35, respectively			1,920						1,876
Other receivables			164						160
Receivable from related party			28						84
Prepaid expenses and other current assets			704						638
Current assets held for sale			—						1,115
Total current assets			4,410						5,186
Property and equipment, net			689						646
Goodwill			17,328						17,260
Intangible assets, net			1,211						1,318
Software, net			2,560						2,526
Equity method investment			3,795						3,858
Other noncurrent assets			1,619						1,749
Deferred contract costs, net			1,229						1,241
Total assets			$	32,841					$	33,784
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable, accrued and other liabilities			$	1,829					$	1,994
Settlement payables			799						500
Deferred revenue			964						902
Short-term borrowings			1,108						636
Current portion of long-term debt			2,254						968
Current liabilities held for sale			—						1,094
Total current liabilities			6,954						6,094
Long-term debt, excluding current portion			8,658						9,686
Deferred income taxes			790						863
Other noncurrent liabilities			1,371						1,441
Total liabilities			17,773						18,084
Equity:
FIS stockholders' equity:
Preferred stock $0.01 par value; 200 shares authorized, none issued and outstanding as of March 31, 2025, and December 31, 2024			—						—
Common stock $0.01 par value, 750 shares authorized, 636 and 633 shares issued as of March 31, 2025, and December 31, 2024, respectively			6						6
Additional paid in capital			47,174						47,129
(Accumulated deficit) retained earnings			(22,392)						(22,257)
Accumulated other comprehensive earnings (loss)			(381)						(364)
Treasury stock, $0.01 par value, 110 and 102 common shares as of March 31, 2025, and December 31, 2024, respectively, at cost			(9,343)						(8,816)
Total FIS stockholders' equity			15,064						15,698
Noncontrolling interest			4						2
Total equity			15,068						15,700
Total liabilities and equity			$	32,841					$	33,784

See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings (Loss)

(In millions, except per share amounts)

(Unaudited)

			Three months ended March 31,
			2025						2024
Revenue			$	2,532					$	2,468
Cost of revenue			1,653						1,559
Gross profit			879						909
Selling, general, and administrative expenses			558						573
Asset impairments			2						14
Other operating (income) expense, net - related party			(28)						(33)
Operating income			347						355
Other income (expense):
Interest expense, net			(80)						(77)
Other income (expense), net			(37)						(172)
Total other income (expense), net			(117)						(249)
Earnings (loss) before income taxes and equity method investment earnings (loss)			230						106
Provision (benefit) for income taxes			81						20
Equity method investment earnings (loss), net of tax			(71)						(86)
Net earnings (loss) from continuing operations			78						—
Earnings (loss) from discontinued operations, net of tax			—						707
Net earnings (loss)			78						707
Net (earnings) loss attributable to noncontrolling interest from continuing operations			(1)						(1)
Net earnings (loss) attributable to FIS			$	77					$	706
Net earnings (loss) attributable to FIS:
Continuing operations			$	77					$	(1)
Discontinued operations			—						707
Total			$	77					$	706
Basic earnings (loss) per common share attributable to FIS:
Continuing operations			$	0.15					$	—
Discontinued operations			—						1.23
Total			$	0.15					$	1.23
Diluted earnings (loss) per common share attributable to FIS:
Continuing operations			$	0.15					$	—
Discontinued operations			—						1.22
Total			$	0.15					$	1.22
Weighted average common shares outstanding:
Basic			528						576
Diluted			531						578

Amounts in table may not sum or calculate due to rounding.

See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(In millions)

(Unaudited)

			Three months ended March 31,
			2025						2024
Net earnings (loss)			$	78					$	707
Other comprehensive earnings (loss), before tax:
Foreign currency translation adjustments			102						(136)
Change in fair value of net investment hedges			(187)						160
Excluded components of fair value hedges			(68)						(5)
Reclassification of foreign currency translation adjustments to net earnings (loss) from discontinued operations			—						(148)
Share of equity method investment other comprehensive earnings (loss)			75						3
Other adjustments			16						(6)
Other comprehensive earnings (loss), before tax			(62)						(132)
Provision for income tax (expense) benefit related to items of other comprehensive earnings (loss)			45						(40)
Other comprehensive earnings (loss), net of tax			(17)						(172)
Comprehensive earnings (loss)			61						535
Net (earnings) loss attributable to noncontrolling interest			(1)						(1)
Comprehensive earnings (loss) attributable to FIS			$	60					$	534

See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

Three months ended March 31, 2025 and 2024

(In millions, except per share amounts)

(Unaudited)

															Amount
															FIS Stockholders
																																	Accumulated
			Number of shares																		Additional												other
			Common						Treasury						Common						paid in						Retained						comprehensive						Treasury						Noncontrolling						Total
			shares						shares						stock						capital						earnings						earnings (loss)						stock						interest						equity
Balances, December 31, 2024			633						(102)						$	6					$	47,129					$	(22,257)					$	(364)					$	(8,816)					$	2					$	15,700
Issuance of restricted stock			3						—						—						—						—						—						—						—						—
Purchases of treasury stock			—						(6)						—						—						—						—						(450)						—						(450)
Treasury shares held for taxes due upon exercise of stock awards			—						(2)						—						—						—						—						(77)						—						(77)
Stock-based compensation			—						—						—						45						—						—						—						—						45
Cash dividends declared ($0.40 per share per quarter) and other distributions			—						—						—						—						(212)						—						—						1						(211)
Net earnings (loss)			—						—						—						—						77						—						—						1						78
Other comprehensive earnings (loss), net of tax			—						—						—						—						—						(17)						—						—						(17)
Balances, March 31, 2025			636						(110)						$	6					$	47,174					$	(22,392)					$	(381)					$	(9,343)					$	4					$	15,068

															Amount
															FIS Stockholders
																																	Accumulated
			Number of shares																		Additional												other
			Common						Treasury						Common						paid in						Retained						comprehensive						Treasury						Noncontrolling						Total
			shares						shares						stock						capital						earnings						earnings (loss)						stock						interest						equity
Balances, December 31, 2023			631						(48)						$	6					$	46,933					$	(22,905)					$	(260)					$	(4,724)					$	6					$	19,056
Issuance of restricted stock			1						—						—						—						—						—						—						—						—
Exercise of stock options			—						—						—						1						—						—						—						—						1
Purchases of treasury stock			—						(21)						—						—						—						—						(1,432)						—						(1,432)
Treasury shares held for taxes due upon exercise of stock awards			—						—						—						—						—						—						(18)						—						(18)
Stock-based compensation			—						—						—						32						—						—						—						—						32
Cash dividends declared ($0.36 per share per quarter) and other distributions			—						—						—						—						(207)						—						—						(1)						(208)
Sale of Worldpay noncontrolling interest			—						—						—						—						—						—						—						(2)						(2)
Net earnings (loss)			—						—						—						—						706						—						—						1						707
Other comprehensive earnings (loss), net of tax			—						—						—						—						—						(172)						—						—						(172)
Balances, March 31, 2024			632						(69)						$	6					$	46,966					$	(22,406)					$	(432)					$	(6,174)					$	4					$	17,964

See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows - (Unaudited) (In millions)

			Three months ended March 31,
			2025						2024
Cash flows from operating activities from continuing operations:
Net earnings (loss)			$	78					$	707
Less earnings (loss) from discontinued operations, net of tax			—						707
Net earnings (loss) from continuing operations			78						—
Adjustment to reconcile net earnings (loss) from continuing operations to net cash provided by operating activities:
Depreciation and amortization			456						428
Amortization of debt issuance costs			4						6
Asset impairments			2						14
Loss on extinguishment of debt			—						174
Loss (gain) on sale of businesses, investments and other			31						14
Stock-based compensation			47						31
Loss from equity method investment			71						86
Deferred income taxes			(9)						(64)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:
Trade and other receivables			(9)						136
Receivable from related party			55						(153)
Settlement activity			(10)						12
Prepaid expenses and other assets			(34)						(116)
Deferred contract costs			(71)						(115)
Deferred revenue			65						45
Accounts payable, accrued liabilities and other liabilities			(219)						(292)
Net cash provided by operating activities from continuing operations			457						206
Cash flows from investing activities from continuing operations:
Additions to property and equipment			(37)						(27)
Additions to software			(196)						(175)
Settlement of net investment hedge cross-currency interest rate swaps			—						5
Net proceeds from sale of businesses and investments			—						12,795
Cash divested from sale of business			(1,417)						(3,137)
Acquisitions, net of cash acquired			(1)						(56)
Coupon payments on interest rate swaps			(22)						(22)
Other investing activities, net			(3)						(2)
Net cash provided by (used in) investing activities from continuing operations			(1,676)						9,381
Cash flows from financing activities from continuing operations:
Borrowings			12,488						13,441
Repayment of borrowings and other financing arrangements			(12,029)						(21,379)
Treasury stock activity			(537)						(1,342)
Dividends paid			(220)						(209)
Other financing activities, net			33						43
Net cash provided by (used in) financing activities from continuing operations			(265)						(9,446)
Cash flows from discontinued operations:
Net cash provided by (used in) operating activities			303						(241)
Net cash provided by (used in) investing activities			—						(39)
Net cash provided by (used in) financing activities			—						(65)
Net cash provided by (used in) discontinued operations			303						(345)
Effect of foreign currency exchange rate changes on cash from continuing operations			40						(17)
Effect of foreign currency exchange rate changes on cash from discontinued operations			—						(25)
Net increase (decrease) in cash, cash equivalents and restricted cash			(1,141)						(246)
Cash, cash equivalents and restricted cash, beginning of period			1,946						4,414
Cash, cash equivalents and restricted cash, end of period			$	805					$	4,168
Supplemental cash flow information:
Cash paid for interest			$	90					$	182
Cash paid for income taxes			$	81					$	101

See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Unless stated otherwise or the context otherwise requires, all references to "FIS," "we," "our," "us," the "Company" or the "registrant" are to Fidelity National Information Services, Inc., a Georgia corporation, and its subsidiaries.

(1) Basis of Presentation

The unaudited financial information included in this report includes the accounts of FIS and its subsidiaries prepared in accordance with U.S. generally accepted accounting principles and the instructions to Form 10-Q and Article 10 of Regulation S-X. All adjustments considered necessary for a fair presentation have been included. This report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The preparation of these consolidated financial statements in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP") and the related rules and regulations of the U.S. Securities and Exchange Commission ("SEC" or "Commission") requires our management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and liabilities. The inputs into management's critical and significant accounting estimates consider the economic impact of inflation and economic growth rates. These estimates may change as new events occur and additional information is obtained. Future actual results could differ materially from these estimates. To the extent that there are differences between these estimates, judgments and assumptions and actual results, our consolidated financial statements will be affected.

On January 31, 2024, the Company completed the sale ("the 2024 Worldpay Sale") of a 55% equity interest in its Worldpay Merchant Solutions business to private equity funds managed by GTCR, LLC (such funds, the "Buyer"). FIS retains a non-controlling 45% equity interest in a new standalone joint venture, Worldpay Holdco, LLC ("Worldpay"), following the closing of the 2024 Worldpay Sale. FIS' share of the net income (loss) of Worldpay is reported as equity method investment earnings (loss), net of tax. The net cash proceeds received by FIS, net of estimated closing adjustments and transaction costs, are presented as investing cash flows within continuing operations on the consolidated statement of cash flows. See Note 3 for information regarding the equity method investment earnings (loss), net of tax, beginning on February 1, 2024.

During the third quarter of fiscal year 2023, the Company analyzed quantitative and qualitative factors relevant to the Worldpay Merchant Solutions disposal group in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 205-20 and determined that the accounting criteria to be classified as held for sale were met, when a definitive purchase agreement was signed. Accordingly, the assets and liabilities of the disposal group are presented separately on the consolidated balance sheets for all periods presented. In addition, the disposition represents a strategic shift that will have a major impact on the Company's operations and financial results. As a result, the operating results of the Worldpay Merchant Solutions business prior to the closing of the 2024 Worldpay Sale have been reflected as discontinued operations for all periods presented and, as such, have been excluded from continuing operations and segment results.

The Worldpay Merchant Solutions business included the former Merchant Solutions segment, in addition to a business previously included in the Corporate and Other segment, which have been reflected as discontinued operations for all periods presented. Accordingly, the Company no longer reports the Merchant Solutions segment; it now reports its financial performance based on the following segments: Banking Solutions ("Banking"), Capital Market Solutions ("Capital Markets") and Corporate and Other.

See Note 13 for information regarding FIS entering into definitive agreements to (i) buy the Issuer Solutions business from Global Payments Inc. (“Global Payments”) and (ii) sell its remaining equity interest in Worldpay to Global Payments.

Certain reclassifications have been made in the 2024 consolidated financial statements to conform to the classifications used in 2025 as described below.

• Revenue related primarily to software licenses requiring frequent, integral updates was classified as Transaction processing and services revenue during the quarter ended December 31, 2024, and related prior-period amounts have been reclassified from Other recurring revenue to Transaction processing and services for comparability. See Note 5 for further information.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

• On the consolidated statements of cash flows, we reclassified Coupon payments on interest rate swaps from Other investing activities into its own classification. The consolidated statement of cash flows for the three months ended March 31, 2024, has been reclassified to conform to the current presentation.

Amounts in tables in the financial statements and accompanying footnotes may not sum or calculate due to rounding.

Revision of Prior-Period Consolidated Financial Statements

During the third quarter of 2024, the Company identified immaterial misstatements affecting the Company's previously issued consolidated financial statements as of and for the annual periods ended December 31, 2023 and 2022, and the quarterly periods ended March 31 and June 30, 2024. The misstatements related primarily to the timing of the recognition of expenses associated with inventory-related accruals, along with their related balance sheet impacts, and the presentation of certain value-added tax balances in the consolidated financial statements. The Company has revised its prior-period financial statements to correct these misstatements as well as other unrelated immaterial misstatements, including adjustments to Revenue and Other income (expense), net. The revisions ensure comparability across all periods reflected herein.

(2) Discontinued Operations

2024 Sale of 55% Equity Interest in Worldpay Merchant Solutions Business

As discussed in Note 1, the Company completed the 2024 Worldpay Sale on January 31, 2024. The results of the Worldpay Merchant Solutions business prior to the closing of the 2024 Worldpay Sale have been presented as discontinued operations. There were no earnings (loss) from discontinued operations during the three-month period ended March 31, 2025.

Upon closing of the 2024 Worldpay Sale, a loss on sale of disposal group of $466 million was recorded to reduce the carrying value of the disposal group to an updated estimate of its fair value less cost to sell. Upon closing of the 2024 Worldpay Sale, the Company also recorded a tax benefit of $991 million, primarily from the release of U.S. deferred tax liabilities that were not transferred in the 2024 Worldpay Sale, net of the estimated U.S. tax cost that the Company expects to incur as a result of the 2024 Worldpay Sale. Completion of remaining purchase agreement provisions in connection with the 2024 Worldpay Sale could result in further adjustments to the estimated U.S. tax cost.

Additionally, as part of the 2024 Worldpay Sale, the Company obtained the right to receive up to $1.0 billion of consideration contingent on the returns realized by the Buyer exceeding certain thresholds ("2024 Worldpay Sale contingent consideration"). The Company recognized this financial instrument as a derivative as discussed further in Note 9. As discussed in Note 13, as a result of the pending sale of its remaining equity interest in Worldpay, it is no longer anticipated that Buyer’s returns will exceed the thresholds necessary to earn this contingent consideration.

(3) Equity Method Investment

As discussed in Note 1, the Company completed the 2024 Worldpay Sale on January 31, 2024, retaining a non-controlling equity interest in Worldpay. We account for our 45% minority ownership in Worldpay using the equity method of accounting. During the three months ended March 31, 2025, and two-month period from February 1, 2024, through March 31, 2024, the Company's share of the net income of Worldpay and our investor-level tax impact is reported as Equity method investment earnings (loss), net of tax, in the consolidated statement of earnings (loss). During the three months ended March 31, 2025, we received distributions of $44 million from Worldpay, which are recorded in Other investing activities, net on the consolidated statement of cash flows.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Summary Worldpay financial information is as follows (in millions):

			Three months						Two months
			ended						ended
Statement of Earnings (Loss)			March 31, 2025						March 31, 2024
Revenue			$	1,281					$	832
Gross profit			$	613					$	385
Earnings (loss) before income taxes			$	(180)					$	(230)
Net earnings (loss) attributable to Worldpay			$	(217)					$	(243)
FIS share of net earnings (loss) attributable to Worldpay, net of tax (1)			$	(71)					$	(86)

(1)For the three months ended March 31, 2025, and two months ended March 31, 2024, this amount is net of $22 million and $23 million, respectively, of investor-level tax benefit, as well as intra-entity eliminations for timing differences between the Company and Worldpay's recognition of profits and losses on related-party transactions.

Balance Sheet			March 31, 2025						December 31, 2024
Current assets			$	10,325					$	8,126
Noncurrent assets			$	15,966					$	15,834
Current liabilities			$	8,323					$	5,979
Noncurrent liabilities			$	9,389					$	9,321
Noncontrolling interest			$	—					$	1

Continuing Involvement with Discontinued Operations and Related-Party Transactions

We have continuing involvement with Worldpay, primarily through our remaining interest, a transition services agreement ("TSA"), and various other commercial agreements. Under the terms of the TSA, the Company is procuring certain third-party services on behalf of Worldpay and providing technology infrastructure, risk and security, accounting and various other corporate services to Worldpay for a period of up to 24 months after the closing, subject to a six-month extension, and Worldpay is providing various corporate services to the Company, allowing it to maintain access to certain resources transferred in the 2024 Worldpay Sale. See Note 13 for a discussion of amendments to the TSA made contingent upon the closing of the the April 17, 2025, agreement to sell our remaining equity interest in Worldpay.

During the three months ended March 31, 2025, and two months ended March 31, 2024, third-party pass-through costs of $20 million and $57 million, respectively, were incurred under the TSA, and were netted against the equal and offsetting reimbursement amounts due from Worldpay. Additionally, during the three months ended March 31, 2025, and two months ended March 31, 2024, net TSA services income of $28 million and $33 million, respectively, was recognized in Other operating (income) expense, net - related party, with approximately two-thirds of the corresponding expense recorded in Cost of revenue and the remainder recorded in Selling, general and administrative expense in the consolidated statement of earnings (loss). Revenue earned during the three months ended March 31, 2025, and two months ended March 31, 2024, from various commercial services provided to Worldpay was $35 million and $22 million, respectively. Under our former short-term employee leasing agreement ("ELA") with Worldpay, there were no pass-through costs during the three months ended March 31, 2025, and $115 million of pass-through costs were incurred and netted against the equal and offsetting reimbursement amounts due from Worldpay during the two months ended March 31, 2024.

For the three months ended March 31, 2025, and two months ended March 31, 2024, we collected net cash of $151 million and $136 million, respectively, related to the ELA, TSA and commercial agreements with Worldpay. As of March 31, 2025 and December 31, 2024, we recorded a receivable of $28 million and $84 million, respectively, in Receivable from related party on the consolidated balance sheet in connection with the TSA and commercial agreements. Under the TSA and commercial agreements, amounts are generally invoiced monthly in arrears and are payable by electronic transfer within 30 days of invoice. As of March 31, 2025, and December 31, 2024, we also recorded other payables to Worldpay of $19 million and $25 million, respectively, in Accounts payable, accrued and other liabilities on the consolidated balance sheet. These amounts are generally payable within 30 days.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Prior to the 2024 Worldpay Sale, the Company issued standby letters of credit and made parental guarantees (collectively "Guarantees") in the ordinary course of its business to various counterparties on behalf of certain former subsidiaries included in the 2024 Worldpay Sale, including a guarantee of a liability that a Worldpay subsidiary owes to the former owners of Worldpay Group plc (the “CVR Liability”). FIS and Worldpay have agreed to maintain these Guarantees through January 31, 2026 (the "Guarantee Period"), affording Worldpay time to arrange for alternatives to the Guarantees. Worldpay’s aggregate amount of borrowing capacity under the standby letters of credit guaranteed by FIS is $273 million. As of March 31, 2025, there were no amounts outstanding under the standby letters of credit. As of March 31, 2025, and December 31, 2024, Worldpay’s CVR liability was $378 million and $378 million and is due on October 12, 2027. There is no limitation to the maximum potential future payments under the other remaining Guarantees, and such maximum potential amount of future payments under the other remaining Guarantees cannot be estimated due to the conditional nature of the Company's obligations and the unique facts and circumstances involved in each agreement. As of March 31, 2025, there are no amounts drawn under any of the Guarantees. In the event a Worldpay subsidiary were to default on a performance obligation covered by the Guarantees, the Company could be required to make payment or be subject to claims; however, in any such case, Worldpay is required under the terms of the agreement governing the 2024 Worldpay Sale to fully reimburse and indemnify the Company. The Company considers the likelihood of incurring a loss under the Guarantees to be remote, and no amounts have been accrued with respect to these Guarantees.

(4) Acquisitions

During the year ended December 31, 2024, the Company completed acquisitions of three businesses for total cash consideration, net of cash acquired, of $515 million. These acquisitions were recorded as business combinations. The results of operations and financial position of the acquisitions are included in the consolidated financial statements subsequent to the closing of each acquisition. We recorded an allocation of the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values, consisting primarily of $87 million of customer relationships and $139 million of software assets. The Company also recorded $345 million of goodwill for the residual amount by which the purchase price exceeded the fair value of the net assets acquired. The purchase price allocations are provisional for two businesses as of March 31, 2025, and the Company expects to finalize them as soon as practicable, but no later than one year from each of the respective acquisition dates. There were no significant business combinations, individually or in the aggregate, completed during the quarter ended March 31, 2025.

(5) Revenue

Disaggregation of Revenue

In the following tables, revenue is disaggregated by primary geographical market and type of revenue. The tables also include a reconciliation of the disaggregated revenue with the Company's reportable segments.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

For the three months ended March 31, 2025 (in millions):

												Capital
						Banking						Market						Corporate
						Solutions						Solutions						and Other						Total
Primary Geographical Markets:
North America						$	1,491					$	475					$	22					$	1,988
All others						227						289						28						544
Total						$	1,718					$	764					$	50					$	2,532
Type of Revenue:
Recurring revenue:
Transaction processing and services						$	1,290					$	394					$	43					$	1,727
Software maintenance						95						147						1						243
Other recurring						69						24						1						94
Total recurring						1,454						565						45						2,064
Software license						28						102						—						130
Professional services						123						91						1						215
Other non-recurring fees						113						6						4						123
Total						$	1,718					$	764					$	50					$	2,532

For the three months ended March 31, 2024 (in millions):

												Capital
						Banking						Market						Corporate
						Solutions						Solutions						and Other						Total
Primary Geographical Markets:
North America						$	1,432					$	445					$	41					$	1,918
All others						253						261						36						550
Total						$	1,685					$	706					$	77					$	2,468
Type of Revenue:
Recurring revenue:
Transaction processing and services (1)						$	1,267					$	378					$	56					$	1,701
Software maintenance						90						143						—						233
Other recurring (1)						60						15						1						76
Total recurring						1,417						536						57						2,010
Software license						50						74						—						124
Professional services						132						96						1						229
Other non-recurring fees						86						—						19						105
Total						$	1,685					$	706					$	77					$	2,468

(1)Revenue related primarily to software licenses requiring frequent, integral updates has been classified as Transaction processing and services revenue commencing in the quarter ended December 31, 2024, and related prior-period amounts have been reclassified from Other recurring revenue to Transaction processing and services for comparability. Revenue reclassified for the three months ended March 31, 2024, was $4 million, $7 million and $9 million within Banking, Capital Markets and Corporate and Other, respectively.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Contract Balances

At March 31, 2025, and December 31, 2024, contract assets of $242 million and $220 million, respectively, are included

in Prepaid expenses and other current assets.

The Company recognized revenue of $319 million and $325 million during the three months ended March 31, 2025 and 2024, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods.

Transaction Price Allocated to the Remaining Performance Obligations

As of March 31, 2025, approximately $23.0 billion of revenue is estimated to be recognized in the future from the Company's remaining unfulfilled performance obligations, which are primarily comprised of recurring account- and volume-based processing services. This excludes the amount of anticipated recurring renewals that are not yet contractually obligated. The Company expects to recognize approximately 33% of our remaining performance obligations over the next 12 months, approximately another 25% over the next 13 to 24 months, and the balance thereafter.

(6) Condensed Consolidated Financial Statement Details

Cash and Cash Equivalents

The Company records restricted cash in captions other than Cash and cash equivalents in the consolidated balance sheets. The reconciliation between Cash and cash equivalents in the consolidated balance sheets and Cash, cash equivalents and restricted cash per the consolidated statements of cash flows is as follows (in millions):

			March 31, 2025						December 31, 2024
Cash and cash equivalents on the consolidated balance sheets			$	805					$	834
Merchant float from discontinued operations included in current assets held for sale			—						1,074
Cash from discontinued operations included in current assets held for sale			—						38
Total Cash, cash equivalents and restricted cash per the consolidated statements of cash flows			$	805					$	1,946

Settlement Assets

The principal components of the Company's settlement assets on the consolidated balance sheets are as follows (in millions):

			March 31, 2025						December 31, 2024
Settlement assets
Settlement deposits			$	586					$	353
Settlement receivables			203						126
Total Settlement assets			$	789					$	479

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Intangible Assets, Software and Property and Equipment

The following table provides details of Intangible assets, Software and Property and equipment as of March 31, 2025, and December 31, 2024 (in millions):

			March 31, 2025																		December 31, 2024
			Cost						Accumulated depreciation and amortization						Net						Cost						Accumulated depreciation and amortization						Net
Intangible assets			$	6,493					$	5,282					$	1,211					$	6,444					$	5,126					$	1,318
Software			$	4,692					$	2,132					$	2,560					$	4,636					$	2,110					$	2,526
Property and equipment			$	2,090					$	1,401					$	689					$	2,083					$	1,437					$	646

As of March 31, 2025, Intangible assets, net of amortization, includes $1.1 billion of customer relationships and $112 million of trademarks and other intangible assets. Amortization expense with respect to Intangible assets was $155 million and $160 million for the three months ended March 31, 2025 and 2024, respectively.

Depreciation expense for property and equipment was $44 million and $44 million for the three months ended March 31, 2025 and 2024, respectively.

Amortization expense with respect to software was $169 million and $142 million for the three months ended March 31, 2025 and 2024, respectively

There were no software impairments during the three months ended March 31, 2025, and $11 million of software impairments for the three months ended March 31, 2024, primarily related to the termination of certain internally developed software projects.

Goodwill

Changes in goodwill during the three months ended March 31, 2025, are summarized below (in millions).

									Capital						Corporate
			Banking						Market						And
			Solutions						Solutions						Other						Total
Balance, December 31, 2024			$	12,699					$	4,541					$	20					$	17,260
Goodwill attributable to acquisitions			1						8						—						9
Foreign currency adjustments			18						41						—						59
Balance, March 31, 2025			$	12,718					$	4,590					$	20					$	17,328

We assess goodwill for impairment on an annual basis during the fourth quarter or more frequently if circumstances indicate potential impairment. We evaluated whether events and circumstances as of March 31, 2025, indicated potential impairment of our reporting units.

For our Banking and Capital Markets reporting units, we performed a qualitative assessment by examining factors most likely to affect our reporting units' fair values. The factors examined involve use of management judgment and included, among others, (1) forecast revenue, growth rates, operating margins, and capital expenditures used to calculate estimated future cash flows, (2) future economic and market conditions and (3) FIS' market capitalization. Based on our interim impairment assessment as of March 31, 2025, we concluded that it remained more likely than not that the fair value continues to exceed the carrying amount for each of these reporting units; therefore, goodwill was not impaired. Given the substantial excess of fair value over carrying amounts, we believe the likelihood of obtaining materially different results based on a change of assumptions to be low.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Equity Security Investments

The Company holds various equity securities without readily determinable fair values. These securities primarily represent strategic investments made by the Company, as well as investments obtained through acquisitions. Such investments totaled $190 million and $191 million at March 31, 2025, and December 31, 2024, respectively, and are included within Other noncurrent assets on the consolidated balance sheets. The Company accounts for these investments at cost, less impairment, and adjusts the carrying values for observable price changes from orderly transactions for identical or similar investments of the same issuer. These adjustments are generally considered Level 2-type fair value measurements. The Company records realized and unrealized gains and losses on these investments, as well as impairment losses, as Other income (expense), net on the consolidated statements of earnings (loss) and recorded net gains (losses) of $(2) million and $(1) million for the three months ended March 31, 2025 and 2024, respectively, related to these investments.

Accounts Payable, Accrued and Other Liabilities

Accounts payable, accrued and other liabilities as of March 31, 2025, and December 31, 2024, consisted of the following (in millions):

			March 31, 2025						December 31, 2024
Trade accounts payable			$	176					$	214
Accrued salaries and incentives			231						445
Accrued benefits and payroll taxes			132						74
Income taxes payables			301						279
Taxes other than income tax			127						126
Accrued interest payable			109						117
Operating lease liabilities			67						74
Related-party payables			19						25
Other accrued liabilities			667						640
Total Accounts payable, accrued and other liabilities			$	1,829					$	1,994

(7) Deferred Contract Costs

Origination and fulfillment costs from contracts with customers capitalized as of March 31, 2025, and December 31, 2024, consisted of the following (in millions):

			March 31, 2025						December 31, 2024
Contract costs on implementations in progress			$	309					$	381
Contract origination costs on completed implementations, net			599						602
Contract fulfillment costs on completed implementations, net			321						258
Total Deferred contract costs, net			$	1,229					$	1,241

Amortization of deferred contract costs on completed implementations was $88 million and $83 million during the three months ended March 31, 2025 and 2024, respectively.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(8) Debt

Long-term debt as of March 31, 2025, and December 31, 2024, consisted of the following (in millions):

						March 31, 2025
												Weighted
												Average
						Interest						Interest												March 31,						December 31,
						Rates						Rate (1)						Maturities						2025						2024
Fixed Rate Notes
Senior USD Notes						1.2% - 5.6%						3.7%						2025 - 2052						$	6,381					$	6,381
Senior Euro Notes						0.6% - 3.0%						2.6%						2025 - 2039						4,328						4,154
Senior GBP Notes						2.3% - 3.4%						7.0%						2029 - 2031						221						214
Revolving Credit Facility (2)												5.6%						2029						152						151
Financing arrangements																		2025 - 2029						129						66
Other (3)																								(299)						(312)
Total long-term debt, including current portion																								10,912						10,654
Current portion of long-term debt																								(2,254)						(968)
Long-term debt, excluding current portion																								$	8,658					$	9,686

(1)The weighted average interest rate includes the impact of the fair value basis adjustments due to interest rate swaps and the impact of cross-currency interest rate swaps designated as fair value hedges and excludes the impact of cross-currency interest rate swaps designated as net investment hedges (see Note 9). The impact of the included fair value basis adjustments and cross-currency interest rate swaps in certain cases results in an effective weighted average interest rate being outside the stated interest rate range on the fixed rate notes.

(2)Interest on the Revolving Credit Facility is generally payable at Secured Overnight Financing Rate ("SOFR") plus a spread of 0.100% plus an applicable margin of up to 1.625% and an unused commitment fee of up to 0.200%, each based upon the Company's corporate credit ratings. The weighted average interest rate on the Revolving Credit Facility excludes fees.

(3)Other includes the amount of fair value basis adjustments due to interest rate swaps (see further discussion below in Note 9), unamortized debt issuance costs and unamortized non-cash bond discounts.

Short-term borrowings as of March 31, 2025, and December 31, 2024, consisted of the following (in millions):

						March 31, 2025
						Weighted
						Average
						Interest												March 31,						December 31,
						Rate						Maturities						2025						2024
Euro-commercial paper notes ("ECP Notes")						2.6		%				Up to 183 days						$	108					$	104
U.S. commercial paper notes ("USCP Notes")						4.6		%				Up to 397 days						1,000						532
Total Short-term borrowings																		$	1,108					$	636

The Company is a party to interest rate swaps that were previously de-designated as fair value hedges resulting in fair value basis adjustments that are recorded as a decrease of long-term debt. The basis adjustments are amortized as interest expense using the effective interest method over the remaining periods to maturity of the respective long-term debt previously hedged. The fair value basis adjustments reflected in Other in the long-term debt table above totaled $(219) million and $(228) million as of March 31, 2025, and December 31, 2024, respectively.

The Company is also party to fixed-for-fixed cross-currency interest rate swaps under which it agrees to receive interest in foreign currency in exchange for paying interest in U.S. dollars. These are designated as fair value hedges.

The Company has also entered into cross-currency interest rate swaps under which it agrees to receive interest in U.S. dollars in exchange for paying interest in a foreign currency. These are designated as net investment hedges. Although these cross-currency interest rate swaps are entered into as net investment hedges of its investments in certain of its non-U.S. subsidiaries, and not for the purpose of hedging interest rates, the benefit or cost of such hedges is reflected in interest expense in the consolidated statement of earnings (loss). As of March 31, 2025, the weighted average interest rate of the Company's

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

outstanding debt was 3.6%, including the impact of fair value basis adjustments due to interest rate swaps and cross-currency interest rate swaps designated as fair value hedges, but excluding the impact of cross-currency interest rate swaps designated as net investment hedges. Including the impact of the net investment hedge cross-currency interest rate swaps on interest expense, the weighted average interest rate of the Company's outstanding debt was 2.9%.

See Note 9 for further discussion of the Company's interest rate swaps and cross-currency interest rate swaps and related hedge designations.

The following table summarizes the amount of our long-term debt, including financing arrangements for certain hardware and software, as of March 31, 2025, based on maturity date.

						Total
2025						$	995
2026						1,288
2027						1,604
2028						1,671
2029						699
Thereafter						4,954
Total principal payments						11,211
Other debt per the long-term debt table						(299)
Total long-term debt, including current portion						$	10,912

There are no mandatory principal payments on the Revolving Credit Facility, and any balance outstanding on the Revolving Credit Facility will be due and payable at the Revolving Credit Facility's maturity date, which occurs on September 27, 2029.

Senior Notes

On March 7 and 8, 2024, pursuant to cash tender offers, FIS purchased and redeemed an aggregate principal amount of $1.5 billion in Senior USD Notes and an aggregate principal amount of £1.0 billion in Senior GBP Notes, with interest rates ranging from 2.25% to 5.625% and maturities ranging from 2025 to 2052, resulting in a loss on extinguishment of debt of approximately $174 million, recorded in Other income (expense), net on the consolidated statement of earnings (loss), relating to tender discounts and fees; the write-off of unamortized bond discounts, debt issuance costs and fair value basis adjustments; and gains on related derivative instruments. The Company funded the purchase and redemption of the Senior Notes using a portion of the net proceeds from the 2024 Worldpay Sale.

Commercial Paper

The Company has a Euro commercial paper ("ECP") and a U.S. commercial paper ("USCP") program for the issuance and sale of senior, unsecured commercial paper notes, up to a combined maximum aggregate amount outstanding at any time of $4.5 billion. Borrowings are limited to the availability of funds under the Revolving Credit Facility, which backstops the commercial paper programs. The ECP and USCP programs are generally used for general corporate purposes. During the first quarter of 2024, the Company repaid its ECP Notes and USCP Notes using a portion of the net proceeds from the 2024 Worldpay Sale before resuming borrowings during the third quarter of 2024.

Revolving Credit Facility

On September 27, 2024, FIS entered into an amendment and restatement agreement to the Revolving Credit Facility to amend certain covenant provisions, revise lender commitments for certain counterparties, and extend the scheduled maturity date to September 27, 2029. As of March 31, 2025, the borrowing capacity under the Revolving Credit Facility was approximately $3.2 billion (net of $1,108 million of capacity backstopping our commercial paper notes and $152 million of Revolving Credit Facility outstanding balance).

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Fair Value of Debt

The fair value of the Company's long-term debt is estimated to be approximately $777 million and $806 million lower than the carrying value, excluding the fair value basis adjustments due to interest rate swaps and unamortized discounts, as of March 31, 2025, and December 31, 2024, respectively.

(9) Financial Instruments

Fair Value Hedges

The Company held fixed-to-variable interest rate swaps with aggregate notional amounts of $1,854 million and £925 million at both March 31, 2025, and December 31, 2024. Prior to the quarter ended September 30, 2023, these swaps were designated as fair value hedges for accounting purposes, converting the interest rate exposure on certain of the Company's Senior Notes from fixed to variable. While designated as fair value hedges, changes in fair value of these interest rate swaps were recorded as an adjustment to long-term debt. During the quarter ended September 30, 2023, the Company de-designated these swaps as fair value hedges. As a result of the de-designations, the final fair value basis adjustments recorded through the dates of de-designation as a decrease of the long-term debt are subsequently amortized as interest expense using the effective interest method over the remaining periods to maturity of the respective long-term debt. During the quarter ended March 31, 2024, $316 million of unamortized fair value basis adjustments recorded as a decrease of the long-term debt tendered was written-off and recorded as part of the loss on extinguishment of debt (see Note 8). The remaining unamortized fair value basis adjustments recorded as a decrease of the long-term debt totaled $219 million and $228 million at March 31, 2025, and December 31, 2024, respectively. We amortized $9 million and $19 million of these balances as Interest expense during the three months ended March 31, 2025 and 2024, respectively (see Note 8).

Concurrently with the de-designations described above, the Company entered into new offsetting variable-to-fixed interest rate swaps. The Company held variable-to-fixed interest rate swaps with aggregate notional amounts of $1,854 million and £925 million at both March 31, 2025, and December 31, 2024. The Company accounts for the de-designated fixed-to-variable and offsetting variable-to-fixed interest rate swaps as economic hedges; as such, effective as of the de-designation dates, changes in interest rates associated with the variable leg of the interest rate swaps do not affect the interest expense recognized, eliminating variable-rate risk on the fixed-to-variable interest rate swaps. The terms of the new interest rate swaps when matched against the terms of the existing fixed-to-variable interest rate swaps result in a net fixed coupon spread payable by the Company. The impact of the go-forward changes in fair values of the new and existing interest rate swaps, including the impact of the coupons, is recorded as Other income (expense), net pursuant to accounting for economic hedges and totaled $(18) million and $4 million for the three months ended March 31, 2025 and 2024, respectively. The coupon payments are recorded within Cash flows from investing activities from continuing operations on the consolidated statements of cash flows and totaled $22 million in cash outflows for both the three months ended March 31, 2025 and 2024. The new and existing interest rate swap fair values totaled assets of $6 million and $33 million and liabilities of $(564) million and $(595) million as of March 31, 2025, and December 31, 2024, respectively.

During the quarter ended September 30, 2023, the Company entered into an aggregate notional amount of €3,375 million fixed-for-fixed cross-currency interest rate swaps to hedge its exposure to foreign currency risk associated with its Senior Euro Notes. During the quarter ended June 30, 2023, the Company entered into an aggregate notional amount of £925 million fixed-for-fixed cross-currency interest rate swaps to hedge its exposure to foreign currency risk associated with its Senior GBP Notes. These swaps are designated as fair value hedges for accounting purposes. During March 2024, the Company partially terminated certain fixed-for-fixed cross-currency interest rate swaps that were hedging foreign currency risk associated with its Senior GBP Notes that were partially tendered (see Note 8). After such partial termination, there remained an aggregate notional amount of approximately £170 million in fixed-for-fixed cross-currency interest rate swaps that hedge the Company's exposure to foreign currency risk associated with its Senior GBP Notes. The fair value of these swaps totaled assets of $13 million and $4 million and liabilities of $(8) million and $(84) million at March 31, 2025, and December 31, 2024, respectively. Changes in the swap fair values attributable to changes in spot foreign currency exchange rates are recorded in Other income (expense), net and totaled $153 million and $(87) million for the three months ended March 31, 2025 and 2024, respectively. This amount offset the impact of changes in spot foreign currency exchange rates on the Senior GBP Notes and Senior Euro Notes also recorded to Other income (expense), net during the hedge period. Changes in swap fair values attributable to excluded components, such as changes in fair value due to forward foreign currency exchange rates and cross-currency basis spreads, are recorded in Accumulated other comprehensive earnings (loss) ("AOCI"). The Company recorded $(68) million and $(5) million for the three months ended March 31, 2025 and 2024, respectively, through Other comprehensive earnings (loss)

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

for the changes in swap fair values attributable to excluded components. The amounts recorded in AOCI generally affect net earnings (loss) through Interest expense using the amortization approach. For the three months ended March 31, 2025 and 2024, $12 million and $12 million, respectively, was recognized as Interest expense using the amortization approach. As a result of the partial terminations during March 2024, the Company received $33 million in net proceeds recorded within Other financing activities, net on the consolidated statement of cash flows and recorded a $19 million reduction to the loss on extinguishment of debt due to reclassifying the amount of AOCI related to the partially terminated hedges into earnings (see Note 8).

Net Investment Hedges

The purpose of the Company's net investment hedges, as discussed below, is to reduce the volatility of FIS' net investment value in its Euro- and Pound Sterling-denominated operations due to changes in foreign currency exchange rates. Changes in fair value due to remeasurement of the effective portion are recorded as a component of AOCI for net investment hedges. The amounts included in AOCI for the net investment hedges will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations. Any ineffective portion of these hedging instruments impacts net earnings when the ineffectiveness occurs. The Company assesses effectiveness of cross-currency interest rate swap hedging instruments using the spot method. Under this method, the periodic interest settlements are recorded directly in earnings through Interest expense (see Note 8).

The Company recorded net investment hedge aggregate gain (loss) for the change in fair value and related income tax (expense) benefit within Other comprehensive earnings (loss), net of tax, on the consolidated statements of comprehensive earnings (loss) for its designated net investment hedges as follows (in millions). No ineffectiveness has been recorded on the net investment hedges.

						Three months ended March 31,
						2025						2024
Foreign currency-denominated debt designations						$	(8)					$	27
Cross-currency interest rate swap designations						(130)						53
Total						$	(138)					$	80

Foreign Currency-Denominated Debt Designations

The Company has designated certain foreign currency-denominated debt as net investment hedges of its investment in Euro-denominated operations. An aggregate of €188 million and €250 million of Senior Euro Notes with maturity in 2025 was designated as a net investment hedge of the Company's investment in Euro-denominated operations as of March 31, 2025, and December 31, 2024, respectively. An aggregate of €100 million of ECP Notes was also designated as a net investment hedge of the Company's investment in Euro-denominated operations as of March 31, 2025, and December 31, 2024.

The Company held €438 million and €375 million aggregate notional amount of foreign currency forward contracts as of March 31, 2025, and December 31, 2024, respectively, to economically hedge its exposure to foreign currency risk associated with Senior Euro Notes that were previously de-designated as net investment hedges. The foreign currency forward contract fair values totaled a net asset of $7 million and net liability of $(11) million at March 31, 2025, and December 31, 2024, respectively. Upon maturity of the forward contracts, the Company records the net proceeds paid or received within Other financing activities, net on the consolidated statement of cash flows. During the three months ended March 31, 2025 and 2024, the Company received $0 million and $13 million in net proceeds. The change in fair value of the foreign currency forward contracts is recorded as Other income (expense), net pursuant to accounting for economic hedges and offsets the impact of the change in spot foreign currency exchange rates on the de-designated Senior Euro Notes, which is also recorded as Other income (expense), net.

Cross-Currency Interest Rate Swap Designations

The Company holds cross-currency interest rate swaps designated as net investment hedges of its investment in Euro- and Pound Sterling-denominated operations. As a result of the 2024 Worldpay Sale, the Company terminated its outstanding cross-currency interest rate swaps designated as net investment hedges of its investment in Pound Sterling-denominated operations on January 31, 2024.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

As of March 31, 2025, and December 31, 2024, an aggregate notional amount of €5,045 million was designated as a net investment hedge of the Company's investment in Euro-denominated operations. The cross-currency interest rate swap fair values totaled assets of $29 million and $128 million and liabilities of $(89) million and $(12) million as of March 31, 2025, and December 31, 2024, respectively.

During the three months ended March 31, 2025 and 2024, the Company (paid) received net proceeds of $0 million and approximately $(5) million, respectively, for the fair values of the cross-currency interest rate swaps as of the settlement dates. The proceeds were recorded within investing activities on the consolidated statements of cash flows.

2024 Worldpay Sale Contingent Consideration

As part of the 2024 Worldpay Sale, the Company obtained the right to receive up to $1.0 billion of consideration contingent on the returns realized by the Buyer exceeding certain thresholds. The Company recognized this financial instrument as a derivative at fair value when it recorded the 2024 Worldpay Sale transaction. Subsequent changes in fair value are recorded through Other income (expense), net in the consolidated statement of earnings (loss). The fair value of the contingent consideration from the 2024 Worldpay Sale is $108 million at March 31, 2025, and December 31, 2024, included in Other noncurrent assets on the consolidated balance sheet. The Company recognized no change in fair value for the three months ended March 31, 2025 and 2024. As discussed in Note 13, as a result of the April 17, 2025, agreement to sell our remaining equity interest in Worldpay, it is no longer anticipated that Buyer’s returns will exceed the thresholds necessary to earn this contingent consideration. Therefore, it is expected that the Company will recognize a non-cash loss to be recorded in Other income (expense), net in the quarter ending June 30, 2025, to reflect the reduction of the fair value of the derivative.

(10) Commitments and Contingencies

Securities and Shareholder Matters

On March 6, 2023, a putative class action was filed in the United States District Court for the Middle District of Florida by a shareholder of the Company. The action was consolidated with another action and the consolidated case is now captioned In re Fidelity National Information Services, Inc. Securities Litigation. A lead plaintiff has been appointed, and a consolidated amended complaint was filed on August 2, 2023. The consolidated amended complaint names the Company and certain of its current and former officers as defendants and seeks damages for alleged violations of federal securities laws in connection with our disclosures relating to our former Merchant Solutions segment, including with respect to its valuation, integration, and synergies. On September 30, 2024, the court denied the defendants' motion to dismiss, and the case therefore has moved into the discovery phase. We intend to vigorously defend this case, but no assurance can be given as to the ultimate outcome.

On April 27, 2023, a shareholder derivative action captioned Portia McCollum, derivatively on behalf of Fidelity National Information Services, Inc. v. Gary Norcross et al., was filed in the same court by a stockholder of the Company. Subsequently, that stockholder dismissed the suit without prejudice and sent a demand pursuant to Georgia Code § 14-2-742 (the "McCollum Demand"). Another stockholder, City of Hialeah Employees' Retirement System, sent a similar demand (the "Hialeah Demand"), and three other stockholders, City of Southfield Fire and Police Retirement System, Young Family Living Trust, and Michele Luthin, also subsequently sent similar demands (the "Southfield Demand," the "Young Demand," and the "Luthin Demand," respectively). The Southfield Demand was subsequently withdrawn. The demands claim that FIS officers and directors violated federal securities laws and breached fiduciary duties, including with respect to the valuation, integration, and synergies of our former Merchant Solutions segment, and they demand that the Board investigate and commence legal proceedings against officers and directors in connection with the purported wrongdoing. On August 25, 2023, the Board established a Demand Review Committee to consider the McCollum and Hialeah Demands and any related demands that are received (such as the Young Demand and the Luthin Demand) and make recommendations to the Board with respect to the demands. The Demand Review Committee has hired independent counsel. The Board has made no final decision with respect to the demands and has not rejected the demands.

On October 18, 2023, a shareholder derivative action captioned City of Hialeah Employees' Retirement System v. Stephanie L. Ferris et al. (the "Hialeah Action") was filed in the same court by the stockholder that previously had sent the Hialeah Demand. The complaint in the Hialeah Action, which names certain of the Company's current and former officers and directors as defendants (the "Individual Defendants"), seeks to assert claims on behalf of the Company for violations of federal securities laws, breach of fiduciary duty, unjust enrichment, and contribution and indemnification, including with respect to the valuation, integration, and synergies of our former Merchant Solutions segment. On March 29, 2024, the Company and the Individual

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Defendants filed a motion to stay or dismiss the action without prejudice pending the completion of the Board's consideration of the demands (the "Motion to Stay"), and the Individual Defendants concurrently filed a separate motion to dismiss (the "Individual Defendants’ Motion to Dismiss"). On March 21, 2025, the court granted in part and denied in part the Motion to Stay, and denied the Individual Defendants' Motion to Dismiss. As a result of those rulings, the Individual Defendants must file an answer to the complaint, but the case will be partially stayed pending completion of the Demand Review Committee's investigation.

On October 22, 2024, another shareholder derivative action was filed in the same court by the stockholder who previously sent the McCollum Demand, captioned Portia McCollum, derivatively on behalf of Fidelity National Information Services, Inc. v. Gary Norcross et al. (the "McCollum Action"). The complaint in the McCollum Action, which names certain of the Company’s current and former officers and directors as defendants, seeks to assert claims on behalf of the Company for violations of federal securities laws, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, waste, and unjust enrichment, including with respect to the valuation, integration, and synergies of our former Merchant Solutions segment. On November 7, 2024, the court entered an order staying the McCollum Action.

January 15, 2025, Partial System Outage

On January 15, 2025, a local area power disruption and coincident hardware failure resulted in a partial system outage that temporarily disrupted the operations of certain FIS clients. The outage was not the result of any cyber attack or other malicious conduct. FIS has restored impacted applications. In connection with this disruption, we have received a customer notice of its intent to seek indemnification relating to potential costs allegedly incurred as a result of this disruption, and a lawsuit was filed against the Company in state court in North Carolina by a purported class of customers of one of the affected banks, captioned Mosser v. Fidelity National Information Services, Inc. On March 3, 2025, FIS timely removed the lawsuit to federal court. On April 9, 2025, FIS filed a motion to dismiss the complaint in full, which remains pending with the court. Although the Company is unable to estimate the impact of the incident, or the related litigation, it does not believe that it will have a material impact on the Company or its financial condition or its results of operations.

Indemnifications and Warranties

The Company generally indemnifies its clients, subject to certain limitations and exceptions, against damages and costs resulting from claims of patent, copyright, or trademark infringement associated solely with its customers' use of the Company's solutions. Historically, the Company has not made any material payments under such indemnifications but continues to monitor the conditions that are subject to the indemnifications to identify whether it is probable that a loss has occurred, in which case it would recognize any such losses when they are estimable. In addition, the Company warrants to customers that its software operates substantially in accordance with the software specifications. Historically, no material costs have been incurred related to software warranties, and no accruals for warranty costs have been made.

(11) Net Earnings (Loss) per Share

The basic weighted average shares and common stock equivalents for the three months ended March 31, 2025 and 2024, were computed using the treasury stock method.

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The following table summarizes net earnings (loss) and net earnings (loss) per share attributable to FIS for the three months ended March 31, 2025 and 2024 (in millions, except per share amounts):

			Three months ended March 31,
			2025						2024
Net earnings (loss) from continuing operations attributable to FIS			$	77					$	(1)
Net earnings (loss) from discontinued operations attributable to FIS			—						707
Net earnings (loss) attributable to FIS			$	77					$	706
Weighted average shares outstanding-basic			528						576
Plus: Common stock equivalent shares			3						2
Weighted average shares outstanding-diluted			531						578
Net earnings (loss) per share-basic from continuing operations attributable to FIS			$	0.15					$	—
Net earnings (loss) per share-basic from discontinued operations attributable to FIS			—						1.23
Net earnings (loss) per share-basic attributable to FIS			$	0.15					$	1.23
Net earnings (loss) per share-diluted from continuing operations attributable to FIS			$	0.15					$	—
Net earnings (loss) per share-diluted from discontinued operations attributable to FIS			—						1.22
Net earnings (loss) per share-diluted attributable to FIS			$	0.15					$	1.22

Options to purchase approximately 6 million and 8 million shares of our common stock during the three months ended March 31, 2025 and 2024, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive.

In January 2021, our Board of Directors approved a share repurchase program under which it authorized the Company to repurchase up to 100 million shares of our common stock. In August 2024, our Board of Directors approved a separate, incremental share repurchase program authorizing the repurchase of up to $3.0 billion in aggregate value of shares of our common stock. Repurchases under these programs will be made at management's discretion from time to time on the open market or in privately negotiated transactions and through Rule 10b5-1 plans. Neither of these repurchase programs has an expiration date, and either program may be suspended for periods, amended or discontinued at any time. During the quarter ended March 31, 2025, the Company repurchased the final 1.4 million shares available for repurchase under the January 2021 share repurchase program for approximately $110.3 million. After exhausting the January 2021 repurchase program, the Company repurchased, during the quarter ended March 31, 2025, an additional 5 million shares for approximately $340 million under the August 2024 share repurchase program. Approximately $2.7 billion remained available for repurchase under the August 2024 share repurchase program as of March 31, 2025.

(12) Segment Information

As described in Note 1, the Company reports its financial performance based on the following segments: Banking Solutions, Capital Market Solutions and Corporate and Other. Below is a summary of each segment.

Banking Solutions ("Banking")

The Banking segment is focused on serving financial institutions with core processing software, transaction processing software and complementary applications and services, many of which interact directly with core processing software. We sell these solutions on either a bundled or stand-alone basis. Clients in this segment include global financial institutions, U.S. regional and community banks, credit unions and commercial lenders, as well as government institutions and other commercial organizations. We provide our clients integrated solutions characterized by multi-year processing contracts that generate recurring revenue. The predictable nature of cash flows generated from the Banking segment provides opportunities for further investments in innovation, integration, information and security, and compliance in a cost-effective manner.

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Capital Market Solutions ("Capital Markets")

The Capital Markets segment is focused on serving global financial services clients and multi-national corporations with a broad array of buy- and sell-side, treasury, risk management and lending solutions. Clients in this segment include asset managers, private equity firms, sell-side securities brokerage and trading firms, insurers, asset and auto financiers and other commercial organizations. Our solutions include a variety of mission-critical buy- and sell-side applications for recordkeeping, data and analytics, trading and financing as well as corporate treasury and risk management applications. Capital Markets clients purchase our solutions in various ways including licensing and managing technology "in-house," using consulting and third-party service providers, as well as procuring fully outsourced end-to-end solutions. Our long-established relationships with many of these financial and commercial institutions generate significant recurring revenue. We have made, and continue to make, investments in modern platforms, advanced technologies, open APIs, machine learning and artificial intelligence, and regulatory technology to support our Capital Markets clients.

Corporate and Other

The Corporate and Other segment consists of corporate overhead expense, certain leveraged functions and miscellaneous expenses that are not included in the operating segments, as well as certain non-strategic businesses that we plan to wind down or sell. The overhead and leveraged costs relate to corporate marketing, finance, accounting, human resources, legal, compliance and internal audit functions, as well as other costs, such as acquisition, integration and transformation-related expenses, and amortization of acquisition-related intangibles that are not considered when management evaluates revenue-generating segment performance. Our other operating income recorded in connection with the TSA is also recorded in Corporate and Other.In the Corporate and Other segment, the Company recorded acquisition, integration and other costs comprised of the following (in millions):

						Three months ended
						March 31,
						2025						2024
Acquisition and integration						$	8					$	24
Enterprise transformation, including Future Forward and platform modernization						46						73
Severance and other termination expenses						59						18
Separation of the Worldpay Merchant Solutions business						21						30
Incremental stock compensation directly attributable to specific programs						10						11
Other, including divestiture-related expenses and enterprise cost control and other initiatives						9						2
Total acquisition, integration and other costs						$	153					$	158

Other costs in Corporate and Other also include impairment charges and costs that were previously incurred in support of the Worldpay Merchant Solutions business but are not directly attributable to it and thus were not recorded in discontinued operations.

Adjusted EBITDA

Adjusted EBITDA is a measure of segment profit or loss that is reported to the chief operating decision maker, the Company's Chief Executive Officer and President, who utilizes the measure for purposes of making decisions about allocating resources to the segments and assessing their performance. For this reason, Adjusted EBITDA, as it relates to our segments, is presented in conformity with FASB ASC Topic 280, Segment Reporting. Adjusted EBITDA is defined as net earnings (loss) before net interest expense, net other income (expense), income tax provision (benefit), equity method investment earnings (loss), and depreciation and amortization, and excludes certain costs that do not constitute normal, recurring, cash operating expenses necessary to operate our business. These excluded costs generally include the purchase price amortization of acquired intangible assets, as well as acquisition, integration and certain other costs and asset impairments. These excluded costs are recorded in the Corporate and Other segment. After adjusting for the foregoing items, our significant segment expenses consist of the following categories:

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• Direct cost of revenue, which consists primarily of the cost of shipping, equipment, third-party data processing, loyalty program redemptions, printing, and card stock;

• Net personnel costs, which consist primarily of employee compensation and benefits expense and third-party labor and outsourcing costs, net of capitalized amounts;

• Infrastructure expense, which consists primarily of software, hardware, facilities and network costs;

• Allocated costs, which consist primarily of shared infrastructure and related operational personnel costs that are allocated to Banking and Capital Markets from Corporate and Other according to estimated usage; and

• Other costs, which consists primarily of the cost of third-party consulting and advisory services, employee travel and training, marketing, insurance, and bad debt, offset by TSA services income.

Summarized financial information for the Company's segments is shown in the following tables. The Company does not evaluate performance or allocate resources based on segment asset data; therefore, such information is not presented.

For the three months ended March 31, 2025 (in millions):

									Capital
			Banking						Market						Corporate
			Solutions						Solutions						and Other						Total
Revenue			$	1,718					$	764					$	50					$	2,532
Direct cost of revenue			(278)						(44)						(8)						(330)
Net personnel costs			(454)						(210)						(293)						(957)
Infrastructure costs			(63)						(25)						(148)						(236)
Allocated costs			(191)						(107)						298						—
Other costs			(44)						(9)						2						(51)
Adjusted EBITDA			$	688					$	369					$	(99)					$	958
Adjusted EBITDA																					$	958
Depreciation and amortization																					(287)
Purchase accounting amortization																					(169)
Acquisition, integration and other costs																					(153)
Asset impairments																					(2)
Interest expense, net																					(80)
Other income (expense), net																					(37)
(Provision) benefit for income taxes																					(81)
Equity method investment earnings (loss), net of tax																					(71)
Net earnings attributable to noncontrolling interest																					(1)
Net earnings (loss) attributable to FIS																					$	77
Capital expenditures (1)			$	190					$	113					$	7					$	310
Depreciation and amortization (including purchase accounting amortization)			$	166					$	102					$	188					$	456

(1) Capital expenditures include $77 million of certain hardware and software purchases subject to financing or other long-term payment arrangements.

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For the three months ended March 31, 2024 (in millions):

									Capital
			Banking						Market						Corporate
			Solutions						Solutions						and Other						Total
Revenue			$	1,685					$	706					$	77					$	2,468
Direct cost of revenue			(247)						(43)						(23)						(313)
Net personnel costs			(465)						(233)						(225)						(923)
Infrastructure costs			(68)						(20)						(134)						(222)
Allocated costs			(144)						(61)						205						—
Other costs			(22)						(14)						(5)						(41)
Adjusted EBITDA			$	739					$	335					$	(105)					$	969
Adjusted EBITDA																					$	969
Depreciation and amortization																					(263)
Purchase accounting amortization																					(165)
Acquisition, integration and other costs																					(158)
Asset impairments																					(14)
Indirect Worldpay business support costs																					(14)
Interest expense, net																					(77)
Other income (expense), net																					(172)
(Provision) benefit for income taxes																					(20)
Equity method investment earnings (loss)																					(86)
Net earnings (loss) from discontinued operations, net of tax																					707
Net earnings attributable to noncontrolling interest																					(1)
Net earnings attributable to FIS																					$	706
Capital expenditures			$	118					$	76					$	8					$	202
Depreciation and amortization (including purchase accounting amortization)			159						102						167						428

Clients in the U.K., Germany, Australia, Netherlands, Brazil, Switzerland and France accounted for the majority of the revenue from clients based outside of North America for all periods presented. No individual country outside of North America accounted for more than 10% of total revenue for the three months ended March 31, 2025 and 2024.

Long-term assets, excluding goodwill and other intangible assets, located outside of the United States totaled $741 million and $760 million as of March 31, 2025, and December 31, 2024, respectively. These assets are predominantly located in the United Kingdom, Germany, India, Australia, Ireland and Switzerland.

(13) Subsequent Event

On April 17, 2025, FIS entered into definitive agreements to (i) buy the Issuer Solutions business from Global Payments Inc. (“Global Payments”) for an enterprise value of $13.5 billion, inclusive of $1.5 billion of anticipated net present value of tax assets, or a net purchase price of $12.0 billion, subject to customary adjustments (the “Issuer Solutions Acquisition”) and (ii) sell its remaining equity interest in Worldpay to Global Payments for a value of $6.6 billion net of transaction fees and other costs (the “Worldpay Minority Interest Sale”). We expect to fund the Issuer Solutions Acquisition through a combination of approximately $8.0 billion of new debt and the after-tax proceeds from the Worldpay Minority Interest Sale. The transactions are expected to close by the first half of 2026, subject to regulatory approvals and other customary closing conditions.

Contingent on the closing of the Worldpay Minority Interest Sale (the "Closing"), the TSA was amended to extend the term until June 30, 2027, subject to further extension for a period of up to 24 months following the Closing, and to extend the Guarantee Period until December 31, 2026. Several of the commercial agreements between FIS and Worldpay were also amended to extend their services to Global Payments contingent on the Closing.

We will continue to account for our non-controlling 45% equity interest in Worldpay using the equity method of accounting until the completion of the transactions. Upon closing of the Worldpay Minority Interest Sale, we expect to record a gain equal to the excess of the estimated $6.6 billion pre-tax net selling price over the carrying value of the Worldpay equity method investment. The carrying value of the Worldpay equity method investment, which was $3.8 billion as of March 31,

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2025, will continue to be adjusted for our equity method investment earnings (loss) before application of investor-level taxes and for our pro rata share of the investee's other comprehensive earnings (loss) as well as for any distributions received from our equity method investment.

As part of the 2024 Worldpay Sale, the Company obtained the right to receive up to $1.0 billion of consideration contingent on the returns realized by the Buyer exceeding certain thresholds, and it recognized this financial instrument separately from the Worldpay equity method investment as a derivative at fair value. As of March 31, 2025, the carrying value of this asset was $108 million. As a result of the Worldpay Minority Interest Sale agreement, it is no longer anticipated that Buyer’s returns will exceed the thresholds necessary to earn this contingent consideration. Therefore, it is expected that the Company will recognize a non-cash loss to be recorded in Other income (expense), net in the quarter ending June 30, 2025, to reflect the reduction of the fair value of the derivative.

As of March 31, 2025, the Company maintains a $41 million deferred tax liability for the difference between the tax basis of the Worldpay equity method investment and the corresponding financial statement carrying value. The measurement and character of this deferred tax liability has changed with the announcement of the Worldpay Minority Interest Sale, as our intention, as of April 17, 2025, is to no longer hold the investment. The estimated deferred tax impact of the Worldpay Minority Interest Sale will be updated for the quarter ended June 30, 2025. The amount could be material, although an estimate of the financial effect cannot be made at this time.

On April 17, 2025, we entered into a commitment letter (the “Bridge Commitment Letter”) with Goldman Sachs Bank USA, Wells Fargo Bank, National Association and Wells Fargo Securities, LLC (the “Lenders”) pursuant to which the Lenders have committed to provide a 364-day senior unsecured bridge term loan facility in an aggregate principal amount of up to $8 billion, subject to customary conditions. On May 1, 2025, we entered into a credit agreement (the “Term Facility”) with a group of lenders pursuant to which we can draw up to an aggregate principal amount of $8 billion of senior unsecured term loans to fund the Issuer Solutions Acquisition, subject to customary conditions. Upon entry into the Term Facility, all commitments under the Bridge Commitment Letter were reduced to $0 and the Bridge Commitment Letter was terminated in accordance with its terms.