Fidelity National Information Services, Inc. (FIS): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear read on Fidelity National Information Services, Inc. (FIS) as they execute their big pivot to become a pure-play FinTech leader focused squarely on banking and capital markets. Honestly, it's a massive undertaking, especially when you see they are projecting an Adjusted Revenue growth between 5.4% and 5.7% for 2025, while targeting $1.8 billion in Adjusted Free Cash Flow that same year. That's the game plan in a nutshell. Below, I've broken down the entire Business Model Canvas-from their key activities processing over $10 trillion in volume to their customer segments-so you can see exactly how they plan to pull this off. It's a dense map, so dig in.

Fidelity National Information Services, Inc. (FIS) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Fidelity National Information Services, Inc. (FIS) moving money for its clients, especially as the firm reshapes its portfolio through major transactions. These partnerships aren't just handshake agreements; they are concrete integrations that drive near-term revenue and long-term strategy. Honestly, the sheer scale of the deals announced in 2025 shows how critical these external relationships are to Fidelity National Information Services, Inc. (FIS)'s future focus.

The strategic move to integrate Buy Now, Pay Later (BNPL) directly into the debit ecosystem is a prime example. Fidelity National Information Services, Inc. (FIS) designated Affirm as its integrated pay-over-time provider for debit issuers in February 2025. This means Fidelity National Information Services, Inc. (FIS)'s banking clients can embed Affirm's solution right into their existing debit card programs via mobile apps. Affirm brings real-time underwriting and flexible payment options, including BNPL and monthly plans, with a network of over 335,000 merchants available to cardholders. While the full launch is expected early in 2026, this positions Fidelity National Information Services, Inc. (FIS) to meet consumer demand for flexible purchasing solutions now.

Then there's the deepening relationship with Visa, which is all about leveling the playing field for smaller banks. In June 2025, Fidelity National Information Services, Inc. (FIS) and Visa expanded their collaboration to arm financial institutions of all sizes with turnkey access to new payment capabilities. Regional and community banks using the Fidelity National Information Services, Inc. (FIS) ecosystem gain access to tools designed to grow revenue and reduce fraud losses. These new capabilities, which include stop payment services and wallet link functionality, are anticipated to be available to Fidelity National Information Services, Inc. (FIS) client issuers within 2025. This is vital context when you consider Fidelity National Information Services, Inc. (FIS) was valued at $42.24 billion as of mid-2025, and its Banking Solutions segment posted adjusted revenues of $1.7 billion in the first quarter of 2025.

The most significant structural partnership shift involves Global Payments (GPN), which is a simultaneous asset swap. Fidelity National Information Services, Inc. (FIS) agreed to acquire Global Payments' Issuer Solutions business for an enterprise value of $13.5 billion, or a net purchase price of $12 billion, which includes $1.5 billion in anticipated net present value of tax assets. Concurrently, Fidelity National Information Services, Inc. (FIS) is selling its minority stake in Worldpay to Global Payments for $6.6 billion in pre-tax value. The Issuer Solutions business being acquired is a credit processing leader, handling over 40 billion transactions annually and maintaining strong partnerships with over 170 financial institutions. Fidelity National Information Services, Inc. (FIS) is targeting over $125 million in annual revenue synergies and more than $150 million in net EBITDA synergies within three years from this acquisition. Both transactions are slated to close in the first half of 2026.

For the wealth management side of the business, Fidelity National Information Services, Inc. (FIS) relies on long-standing integration partners like First Rate. This partnership, which dates back to 2008, focuses on enhancing client reporting and portfolio analysis through deep integration with Fidelity National Information Services, Inc. (FIS)'s trust applications. Fidelity National Information Services, Inc. (FIS) clients use First Rate's CORE solution for performance tracking and tailored reporting, helping advisors deliver clean investment narratives.

The firm also relies on foundational technology providers to run its global operations, though specific financial terms are rarely public. For instance, Fidelity National Information Services, Inc. (FIS) has established joint ventures with companies like Oracle, which supports cloud infrastructure needs. These underlying tech relationships ensure the massive transaction volumes Fidelity National Information Services, Inc. (FIS) handles-like the 40 billion transactions annually that the acquired Issuer Solutions business processes-can be managed securely and at scale.

Here's a quick look at the key financial components of the major 2025 strategic realignment:

The integration partners in wealth management are focused on client experience, which translates to retention and AUM stickiness. Fidelity National Information Services, Inc. (FIS) leverages First Rate's platform to offer multi-tiered performance solutions.

• First Rate partnership active since 2008.
• First Rate Professional offers scalable back-office support for performance calculations and compliance.
• CORE solution provides intuitive dashboards and tailored reporting capabilities.

The Affirm partnership is designed to increase customer engagement for debit issuers, a segment where Fidelity National Information Services, Inc. (FIS) Banking Solutions saw adjusted revenue of $1.7 billion in Q1 2025. Finance: draft 13-week cash view by Friday.

Fidelity National Information Services, Inc. (FIS) - Canvas Business Model: Key Activities

Developing and maintaining core banking and capital markets software is central to Fidelity National Information Services, Inc. (FIS) operations.

The Banking Solutions segment, the largest part of the business, generated $1.9 billion in revenue for Q3 2025, showing growth at 6% year-over-year. Fidelity National Information Services, Inc. (FIS) is focusing on strategic cores like Horizon and IBS for its client base, which typically includes banks and credit unions in the $1 billion to $20 billion asset range. Account growth for the banking business is in the 2-4% range annually.

Executing the Future Forward strategy is a major activity, with the focus being on client centricity, innovation, and simplicity, aiming for durable revenue growth and profitable margins. This operational simplification is tied to efficiency gains, as Fidelity National Information Services, Inc. (FIS) is driving improved cash conversion, targeting over 85% in 2025, up from 77% in 2024, with a 90% target for 2026.

Investing in R&D for AI-driven platforms is a clear action point. Fidelity National Information Services, Inc. (FIS) launched Treasury GPT in March 2025, an artificial intelligence tool built in collaboration with Microsoft using Azure OpenAI Service. This solution won the "Best Solution Innovation in AI" category at the 2025 Treasury Management International Awards for Innovation & Excellence.

Integrating the acquired Global Payments Issuer Solutions business is a forward-looking activity, with the transaction expected to close in the first half of 2026. The enterprise value for this acquisition is $13.5 billion. This integration is projected to unlock net EBITDA synergies of more than $150 million by year three and generate incremental revenue synergies exceeding $125 million annually.

Processing massive global transaction volumes underpins the scale of Fidelity National Information Services, Inc. (FIS). The Issuer Solutions business alone processes more than 40 billion transactions annually.

Here's a quick look at the key financial and operational metrics supporting these activities:

The core activities involve several key operational focuses:

• Maintain core banking and capital markets software platforms.
• Deliver on the Future Forward strategy for simplicity.
• Deploy AI tools like Treasury GPT for client guidance.
• Finalize integration of the acquired credit processing suite.
• Drive efficiency to achieve 90% free cash flow conversion by 2026.

Fidelity National Information Services, Inc. (FIS) - Canvas Business Model: Key Resources

You're looking at the foundational assets Fidelity National Information Services, Inc. (FIS) relies on to run its global financial technology operations. These aren't just line items; they are the engines driving client retention and future growth.

Proprietary core banking and capital markets software platforms.

FIS maintains a suite of core processing platforms, such as the Integrated Banking Solution (IBS), which is described as the premier core processing platform for financial institutions ranging from community to large regional banks. These platforms are built with features designed for modern banking needs.

• Real-Time Processing capabilities for 24/7 transaction availability.
• Componentized Architecture allowing for incremental upgrades.
• Open API integration support for third-party applications.
• Global support for multi-institution, multicurrency, and multilingual needs.

The company's digital banking initiatives show strong momentum, with user growth reported at 33% year-to-date in Q3 2025. Fidelity National Information Services, Inc. (FIS) was named a Leader in the IDC MarketScape: North America Digital Core Banking Platforms 2024 Vendor Assessment.

Global network of secure data centers and processing infrastructure.

Fidelity National Information Services, Inc. (FIS) leverages integrated cloud services supported by its data center infrastructure. This includes consulting, hosting services, implementation, migration, and operations, all designed to provide a consistent architecture across data center environments that are secure and scalable. The infrastructure supports the company's ability to automate IT operations with industry-leading service management.

Large, recurring revenue client base of financial institutions.

The stability of Fidelity National Information Services, Inc. (FIS) is heavily weighted toward its long-term client relationships, evidenced by the composition of its revenue. As of Q3 2025, recurring revenue represented 80% of total revenue. This recurring revenue stream grew by 6.4% year-over-year in Q3 2025.

The financial performance tied to this base is substantial, with full-year 2024 revenue reaching $10.1 billion.

Adjusted Free Cash Flow projected at approximately $1.8 billion for 2025.

The company is focused on cash generation, having achieved an adjusted free cash flow of $1.8 billion for the full year 2024. For the fiscal year 2025, Fidelity National Information Services, Inc. (FIS) increased its target for Adjusted free cash flow conversion to greater than 85%.

Intellectual property and patents in financial technology (FinTech).

Fidelity National Information Services, Inc. (FIS) possesses a portfolio of intellectual property, which underpins its technology leadership, particularly in core banking platforms. This IP supports innovations like the Money Movement Hub and AI-driven solutions such as TreasuryGPT.

Finance: draft 13-week cash view by Friday.

Fidelity National Information Services, Inc. (FIS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why financial institutions and capital markets firms choose Fidelity National Information Services, Inc. (FIS). It's about providing the foundational technology that keeps trillions of dollars moving safely and efficiently.

A primary value is the comprehensive, unified technology platform for the full money lifecycle. This means one vendor handling everything from account opening to complex trading settlement. The scale is significant: Fidelity National Information Services, Inc. (FIS) facilitates the movement of roughly $9 trillion annually for over 20,000 clients worldwide as of late 2025.

For banks, the value centers on core banking modernization and digital transformation for institutions. This isn't just about new apps; it's about replacing decades-old systems. The Banking Solutions segment, the largest part of the business, generated $1.9 billion in revenue for Q3 2025. The Banking segment revenue growth guidance for the full year 2025 was increased to a range of 4% to 4.5%.

The Capital Markets side offers high-growth capital markets solutions. Management reaffirmed the full-year 2025 outlook for this segment to grow between 6.5% and 7%. This is driven by demand for advanced trading and risk management tools.

The recently acquired Issuer Solutions business significantly bolsters the offering, providing massive scale in credit processing. This unit is valued for Issuer Solutions processing 40 billion transactions annually across 75 countries. Fidelity National Information Services, Inc. (FIS) expects this acquisition to generate long-term revenue synergies in excess of $125 million annually.

The overarching benefit is operational simplification and cost reduction via integrated systems. This efficiency translates directly to the bottom line for clients. The company is driving improved cash conversion, targeting over 85% in 2025, up from 77% in 2024.

Here's a quick look at the scale of the platform and recent financial commitments that underpin these value propositions:

You can see the commitment to the ecosystem through strategic moves and shareholder returns, which supports the long-term value proposition:

• Full monetization of Worldpay stake for $6.6 billion in pre-tax value.
• Acquisition of Issuer Solutions for a net purchase price of $12 billion.
• Target for share repurchases in 2025 of approximately $1.3 billion.
• Quarterly dividend increased by 11% to $0.40 per share in January 2025.
• Targeting total shareholder returns of $1.7 billion to $2.1 billion annually through 2026.

If onboarding for core modernization takes longer than expected, churn risk rises, defintely something to watch as the Issuer Solutions deal closes in 1Q 2026. Finance: draft 13-week cash view by Friday.

Fidelity National Information Services, Inc. (FIS) - Canvas Business Model: Customer Relationships

You're looking at how Fidelity National Information Services, Inc. (FIS) locks in its revenue base, which really comes down to how deeply it embeds itself within a client's daily operations. The relationships here aren't transactional; they are foundational.

The core of the Fidelity National Information Services, Inc. (FIS) customer relationship model relies on securing long-term, deeply integrated contracts for its core processing systems. This creates significant switching costs for the client, which is a key feature of this business model. To give you a sense of the stickiness, recurring revenue made up 81% of total revenue in Q2 2025.

For the biggest players, you definitely see a dedicated, high-touch account management structure. This isn't just a service desk; it's strategic partnership. For instance, in Q2 2025, the Banking Solutions segment, which relies heavily on these deep ties, saw its recurring revenue grow by 7%. This client-centric focus is what drives the overall company recurring revenue growth of 6% in Q2 2025.

Here's a quick look at the scale of some of these relationships and the success of their client focus:

Beyond the core processing, Fidelity National Information Services, Inc. (FIS) supports these long-term relationships with professional services and consulting for major system implementations. This is where they help clients migrate or upgrade. For the nine months ending September 30, 2025, the revenue specifically categorized as Professional services was $238 million. This shows they aren't just selling software; they are selling the expertise to make it work at scale.

The nature of these engagements means the relationship management involves several key components:

• Securing multi-year, mission-critical platform contracts.
• Providing dedicated teams for large-scale system migrations.
• Offering advisory services to enhance client competitive edge.
• Maintaining high client retention, which is slightly better than expected.

If onboarding takes 14+ days, churn risk rises, so speed in service delivery is defintely key to maintaining this high-value client base. Finance: draft 13-week cash view by Friday.

Fidelity National Information Services, Inc. (FIS) - Canvas Business Model: Channels

You're looking at how Fidelity National Information Services, Inc. (FIS) gets its solutions-from core banking software to payment processing tech-into the hands of its clients. It's a mix of high-touch sales and massive digital scale.

Direct Sales Force targeting C-suite executives at financial institutions

The direct sales teams at Fidelity National Information Services, Inc. (FIS) remain a cornerstone for landing the big, complex deals. These teams are crucial for engaging large financial institutions, using deep industry knowledge to pitch tailored solutions directly to the C-suite. This approach is necessary because of the scale of the systems they sell; for instance, a major East Coast commercial bank with over $15 billion in assets selected the IBS core after a competitive process in Q1 2025. This high-touch channel supports the strategy of securing large, recurring revenue relationships, which is important since recurring revenue was 81% of total revenue in Q1 2025.

Digital Banking and Mobile App Platforms for end-user delivery

For the end-user experience-the actual banking or payment interaction-Fidelity National Information Services, Inc. (FIS) relies heavily on the digital platforms it provides to its institutional clients. The push here is clear: digital adoption is the baseline for survival in banking today. To give you a sense of the market Fidelity National Information Services, Inc. (FIS) serves, a significant majority of consumers, 77 percent, prefer to manage their bank accounts through a mobile app or a computer. Furthermore, 80 percent of millennials favor digital banking options. Fidelity National Information Services, Inc. (FIS) is actively selling the technology that powers this shift; digital solution sales saw a 70% year-over-year increase in Q4 2024, driven by cross-sell and bundling. The Banking Solutions segment, which houses many of these platforms, posted strong results, with Q3 2025 revenue at $1.9B and its margin expanding to 45.8%.

Here's a quick look at the segment performance that flows through these channels:

If onboarding takes 14+ days, churn risk rises.

Strategic channel partnerships (e.g., with Visa, Affirm)

Fidelity National Information Services, Inc. (FIS) enhances its reach and product depth through key alliances. These partnerships allow them to embed new capabilities directly into their existing client offerings. A notable example is the strategic partnership with Affirm, which integrates buy now, pay later (BNPL) capabilities for Fidelity National Information Services, Inc. (FIS) debit processing clients. Also, Fidelity National Information Services, Inc. (FIS) announced a partnership with Circle in August 2025 to enable financial institutions to transact in USDC. Expanded relationships, such as with NatWest, also fall under this channel, showing a commitment to leveraging external innovation.

Third-party marketplaces like Microsoft Marketplace for specific solutions

While the search results emphasize direct sales and major financial partnerships, the overall strategy points to broader distribution. Fidelity National Information Services, Inc. (FIS) highlights its use of digital marketing channels for lead generation, which often supports placement on third-party platforms like the Microsoft Marketplace for specific, often cloud-based, solutions. The company's focus on AI-driven platforms, such as the forthcoming Banker Assist, suggests integration points where marketplaces become relevant for distribution and adoption. The company is positioning itself to capitalize on the fintech market, which is projected to reach USD 644.6 billion by 2029, with AI being a key driver.

The overall fiscal confidence is high, with Fidelity National Information Services, Inc. (FIS) raising its FY25 revenue target to between $10.52 billion and $10.57 billion.

Finance: draft 13-week cash view by Friday.

Fidelity National Information Services, Inc. (FIS) - Canvas Business Model: Customer Segments

Fidelity National Information Services, Inc. (FIS) serves a global Business-to-Business (B2B) market, catering to over 20,000 clients globally as of the latest reports. The company facilitates approximately $9 trillion through roughly 75 billion transactions annually across its client base. The customer base is strategically aligned with the two core revenue-generating segments following the Worldpay divestiture.

The primary customer segments are directly reflected in the company's reported revenue structure, which heavily favors financial institutions:

• Large and regional Financial Institutions (Banks, Credit Unions): This group forms the core of the Banking Solutions segment.
• Capital Markets firms (Investment Banks, Asset Managers): These clients drive the Capital Market Solutions segment.
• Corporations and Governments (Treasury and risk management clients): These clients are generally captured within the smaller Corporate and Other category in financial reporting.
• Insurance and Wealth/Asset Management firms: These firms are also served through the institutional focus of the Banking and Capital Markets solutions.

Here's a look at the financial scale associated with the two largest customer groups based on Fiscal Year 2024 reported figures, which represent the most complete segment breakdown available:

The focus on North America is evident, as this geography accounted for 77.5% of total revenue, or $7.85 billion, in Fiscal Year 2024.

Looking at more recent performance as of mid-2025, the Banking Solutions segment continues to be the largest revenue contributor. For the second quarter ended June 30, 2025, this segment generated revenue of $1.8 billion, with recurring revenue growth of 7% year-over-year. The Capital Market Solutions segment reported revenue of $765 million for the same period, showing adjusted revenue growth of 5%. The company noted favorable market conditions, including the highest quarterly bank consolidations in four years, positioning Fidelity National Information Services, Inc. (FIS) as a vendor of choice.

The company's client base within the Banking Solutions segment includes a significant presence in the credit union market. Fidelity National Information Services, Inc. (FIS) is also actively expanding its global footprint, evidenced by launching its first Modern Banking Platform client outside North America in 2024.

For the twelve months ending September 30, 2025, total revenue reached $10.464 billion. The company's full-year 2025 outlook projects total revenue between $10,595 million and $10,625 million.

The Corporate and Other segment, which would encompass some of the government and insurance/wealth management clients for treasury and risk management, saw a significant decrease in Q2 2025 revenue, reporting only $43 million. This segment's smaller size relative to the core banking and capital markets areas shows where the primary customer focus lies.

Finance: draft 13-week cash view by Friday.

Fidelity National Information Services, Inc. (FIS) - Canvas Business Model: Cost Structure

You're looking at the major outflows Fidelity National Information Services, Inc. (FIS) faces to run and grow its global fintech operations, especially with the recent major acquisition activity. Honestly, the cost structure is dominated by technology investment and the financing of that big deal.

Technology and development expenses are significant, underpinning the entire platform. Capital expenditures (CapEx) reported for the third quarter of 2025 were 7.9% of revenue. This aligns closely with the second quarter of 2025 figure, which was 8% of revenue. The company's full-year 2025 revenue is projected to be between $10.6 billion and $10.63 billion.

Personnel costs, covering global engineering, sales, and support, are implicitly captured within the operating expenses that drive the Adjusted EBITDA margin. For the second quarter of 2025, the Adjusted EBITDA margin stood at 39.8%. Separately, Corporate and Other expenses for Q2 2025 were reported at $150 million.

Data center and secure processing infrastructure operating costs are baked into the overall cost of revenue and operating expenses, contributing to the reported EBITDA figures. The integration and restructuring costs related to the GPN Issuer Solutions acquisition are expected, though one report noted that one-time integration costs were not yet quantified as of early November 2025. The Q2 2025 GAAP net loss was $(470) million, driven by a non-cash tax charge related to the Worldpay sale, which is a large, non-operational cost event.

Financing costs are a major factor due to the strategic moves made in 2025. Fidelity National Information Services, Inc. (FIS) expects to take on approximately $8 billion in new debt to fund the Issuer Solutions Acquisition. The total enterprise value for that acquisition was $13.5 billion.

Here is a quick look at the key financial metrics that define the cost side of the ledger:

The ongoing operational costs are managed to maintain margin, but large transactions introduce temporary pressure. You can see the impact of these dynamics in the segment performance:

• Recurring revenue growth in Banking was 6% in Q2 2025.
• Capital Market Solutions adjusted EBITDA margin contracted by 53 basis points to 50.3% due to a prior acquisition's dilutive impact.
• The company is targeting deleveraging from pro forma gross leverage of 3.4x down to 2.8x within 18 months post-close.
• The Issuer Solutions deal is expected to deliver more than $150 million in net EBITDA synergies within three years.

To be fair, the cost of running the business includes significant ongoing investment in the platform, which is why CapEx is a consistent percentage of revenue. Finance: draft 13-week cash view by Friday.

Fidelity National Information Services, Inc. (FIS) - Canvas Business Model: Revenue Streams

You're looking at how Fidelity National Information Services, Inc. (FIS) actually brings in the money, which is key to understanding its valuation right now. The revenue streams are heavily weighted toward the predictable side of the ledger, which management definitely likes to emphasize.

The core of the revenue generation comes from long-term contracts. We're talking about recurring revenue from long-term software licensing and maintenance fees. This stability is a major feature of the Business Model Canvas for Fidelity National Information Services, Inc. (FIS). For instance, in the first quarter of 2025, this recurring revenue accounted for a solid 81% of total revenue, growing by 4% year-over-year. By the third quarter of 2025, recurring revenue growth had picked up, increasing by 6%, showing acceleration in that stable base.

Next up are the fees tied directly to activity, specifically transaction and processing fees from the Issuer Solutions business. This stream is set to become even more central following the April 17, 2025, agreement to acquire the Issuer Solutions business from Global Payments Inc. for a net purchase price of $12.0 billion. This move clearly signals an intent to bolster transaction-based revenue. In Q3 2025, the overall adjusted revenue growth was 6%, with nonrecurring revenue rising by 8%, which captures some of this transactional activity.

You also see revenue from professional services and consulting fees for system implementation, though this area appears less reliable and is often a drag. In Q1 2025, professional services revenue actually saw a 5% decline, a trend mirrored in the Banking Solutions segment in Q2 2025 where professional services revenue also declined by 5%. It's a necessary service for system adoption, but it doesn't offer the same predictability as the maintenance contracts.

Looking at the big picture for the full year, Fidelity National Information Services, Inc. (FIS) is projecting strong top-line momentum. The Total 2025 Adjusted Revenue growth projected at 5.4% to 5.7%, which was raised based on strong mid-year performance. Furthermore, the bottom line is expected to benefit significantly, with Adjusted EPS growth for 2025 targeted at 10% to 11%. That EPS target shows management expects operating leverage to kick in as revenue grows.

Here's a quick look at how the revenue components tracked through the first three quarters of 2025, showing the mix of stability versus activity:

The focus on recurring revenue growth, which hit 6% in both Q2 and Q3 2025, is the main story here. If you're modeling this out, you're definitely weighting the recurring portion heavily for the next few years. Finance: draft the Q4 2025 revenue reconciliation against the $10.595-$10.625 billion full-year range by Monday.