Analyst Consensus ?
ConsensusBuy35 ratings
Bullish2057.1%
Neutral1440.0%
Bearish12.9%
1 unmapped firm rating excluded from the percentages.
Fidelity National Information Services, Inc. · FIS · FY2026 Q1 · Calendar Q2 2026
FIS Beats Q1 Estimates, Holds Guidance, Drops 8.8% on AI Revenue Timing Concerns
FIS posted a clean Q1 beat -- EPS of $1.36 versus $1.29 estimated (+5.4%) and revenue of $3.30B versus $3.28B (+0.5%) -- with 6.5% pro forma revenue growth, a 39.6% adjusted EBITDA margin, and free cash flow more than doubling to $474M. The company maintained its full-year 2026 outlook (5.1-5.7% revenue growth, up to 110 bps margin expansion, $2.1B FCF target) and unveiled a co-development partnership with Anthropic to build FIS-owned AI agents for banking. Despite the beat, shares fell 8.8% on an abnormal basis with 2.0x normal volume. The negative reaction likely reflects the shift from raised guidance in the prior quarter to merely maintained guidance, combined with analyst questions about the revenue timing of the Anthropic partnership and softer loan-syndication activity in Capital Markets.
Reported Before market openNYSETechnology
$24.20B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.36
Consensus $1.29
EPS surprise
+5.4%
Reported versus consensus
Reported revenue
$3.29B
Consensus $3.28B
Revenue surprise
+0.5%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-8.0%
Event window
SPY move
+0.8%
Same window
Abnormal move
-8.8%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
-9.1%
Up to 20 sessions
FISSPY benchmark
Ask FN2 about FIS FY2026 Q1
Transcript, numbers and history already loaded
Why did FIS fall 8.0% after beating EPS estimates in FY2026 Q1?What changed in FIS's guidance and outlook in FY2026 Q1?Give me the bull and bear case for FIS after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Revenue grew 6.5% pro forma with recurring ACV up 24% year over year, led by Money Movement Hub, lending, and digital banking. Free cash flow doubled to $474M, representing 23% of the full-year $2.1B target in Q1 alone. Three new strategic initiatives were announced: (1) a co-development partnership with Anthropic to build FIS-owned AI agents, with BMO and Amalgamated Bank as design partners; (2) the Lyriq digital-asset platform; and (3) Project Keystone, a tokenized-deposit network with five U.S. banks. Full-year 2026 guidance was maintained rather than raised, despite the Q1 beat.
Guidance delta
Prior quarter (FY2025 results): guidance sentiment was raised, with a 2026 outlook for 30-31% revenue growth, margin expansion, and FCF exceeding $2B. Current quarter (Q1 2026): guidance sentiment is maintained (unchanged), with 2026 revenue growth projected at 5.1-5.7% and margin expansion of up to 110 bps. The shift from raised to maintained guidance, despite a Q1 beat on both EPS and revenue, appears to have contributed to the negative market reaction.
Key takeaways
- Q1 beat on all metrics: EPS of $1.36 vs. $1.29 estimated (+5.4%) and revenue of $3.30B vs. $3.28B (+0.5%)
- Pro forma revenue growth of 6.5% with a 39.6% adjusted EBITDA margin and free cash flow of $474M, more than doubling year over year
- Recurring ACV grew 24% year over year, driven by Money Movement Hub, lending, and digital banking solutions
- New Anthropic co-development partnership to build FIS-owned AI agents, with BMO and Amalgamated Bank as design partners
- Lyriq digital-asset platform and Project Keystone tokenized-deposit network with five U.S. banks mark FIS's entry into digital-asset services
- Full-year 2026 guidance maintained rather than raised: revenue growth 5.1-5.7%, margin expansion up to 110 bps, FCF target of $2.1B
Management priorities
- Deploy the first financial-crimes AI agent in H2 2026, with broader agent rollout in 2027
- Scale the Project Keystone tokenized-deposit network and expand to additional banks
- Deliver $30-40M of cost synergies in 2026 and target $125M total by 2028
- Achieve $45M of revenue synergies by 2028, primarily from cross-selling TSYS data and core capabilities
- Continue investing in AI productivity tools such as Copilot to accelerate product development
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$37.05Current
$37Low
$85.77Average
$160High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Oct 23, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Oct 16, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Oct 16, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Oct 13, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 13, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 9, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 9, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Sep 29, 2026 |
| Baird | Neutral | Neutral | Maintain | Sep 25, 2026 |
| Wolfe Research | Outperform | Outperform | Maintain | Aug 25, 2026 |
| Wells Fargo | Equal Weight | Overweight | Downgrade | Aug 25, 2026 |
| UBS | Neutral | Buy | Downgrade | Aug 5, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Aug 5, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Feb 12, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | May 7, 2025 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Feb 12, 2025 |
| Compass Point | Buy | Buy | Maintain | Feb 12, 2025 |
| Exane BNP Paribas | Underperform | Neutral | Downgrade | Nov 20, 2024 |
| Mizuho | Outperform | Outperform | Maintain | Nov 5, 2024 |
| Jefferies | Hold | Hold | Maintain | Oct 16, 2024 |
| B of A Securities | Buy | Buy | Maintain | Sep 17, 2024 |
| Wedbush | Outperform | Outperform | Maintain | May 8, 2024 |
| Evercore ISI Group | In Line | In Line | Maintain | May 7, 2024 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Nov 8, 2023 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Jul 12, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Feb 14, 2023 |
| Keybanc | Overweight | Downgrade | Jan 9, 2023 | |
| Oppenheimer | Perform | Outperform | Downgrade | Nov 4, 2022 |
| Rosenblatt | Neutral | Neutral | Maintain | Feb 16, 2022 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 8, 2020 |
| Canaccord Genuity | Buy | Buy | Maintain | Feb 14, 2020 |
| Bank of America | Buy | Buy | Maintain | May 21, 2019 |
| BMO Capital | Outperform | Outperform | Maintain | Feb 7, 2018 |
| Avondale Partners | Market Outperform | Market Outperform | Maintain | May 29, 2016 |
| Sterne Agee | Buy | Neutral | Upgrade | May 11, 2016 |
Named analyst price targets
Upside is calculated against the persisted current price $37.06. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Matthew Coad | $37 | $38.29 | -0.1% | Oct 23, 2026 |
| Cantor Fitzgerald | Ramsey El-Assal | $45 | $35.93 | +21.4% | Oct 16, 2026 |
| National Bank | Ramsey El-Assal | $45 | $36.13 | +21.4% | Oct 16, 2026 |
| Goldman Sachs | Analyst unavailable | $44 | $34.26 | +18.7% | Oct 13, 2026 |
| Susquehanna | James Friedman | $37 | $34.26 | -0.1% | Oct 13, 2026 |
| Barclays | Nik Cremo | $38 | $34.34 | +2.6% | Oct 9, 2026 |
| Deutsche Bank | Analyst unavailable | $40 | $33.7 | +7.9% | Sep 29, 2026 |
| Robert W. Baird | David Koning | $45 | $35.01 | +21.4% | Sep 25, 2026 |
| Piper Sandler | Analyst unavailable | $42 | $38.52 | +13.3% | Sep 10, 2026 |
| Wolfe Research | Darrin Peller | $54 | $41.4 | +45.7% | Aug 25, 2026 |
| Wells Fargo | Analyst unavailable | $46 | $41.4 | +24.1% | Aug 25, 2026 |
| National Bank | Ramsey El-Assal | $50 | $42.48 | +34.9% | Aug 10, 2026 |
| Cantor Fitzgerald | Ramsey El-Assal | $50 | $42.77 | +34.9% | Aug 10, 2026 |
| Morgan Stanley | Analyst unavailable | $46 | $43.01 | +24.1% | Aug 5, 2026 |
| RBC Capital | Analyst unavailable | $53 | $44.26 | +43.0% | Aug 5, 2026 |
| Barclays | Nik Cremo | $43 | $44.26 | +16.0% | Aug 5, 2026 |
| UBS | Analyst unavailable | $49 | $44.26 | +32.2% | Aug 5, 2026 |
| Robert W. Baird | Analyst unavailable | $48 | $44.26 | +29.5% | Aug 4, 2026 |
| Truist Financial | Analyst unavailable | $43 | $40.05 | +16.0% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $44 | $42.6 | +18.7% | Jul 8, 2026 |
| Morgan Stanley | James Faucette | $47 | $41.27 | +26.8% | Jul 7, 2026 |
| Truist Financial | Analyst unavailable | $45 | $42.02 | +21.4% | May 28, 2026 |
| RBC Capital | Analyst unavailable | $57 | $41.71 | +53.8% | May 11, 2026 |
| UBS | Analyst unavailable | $63 | $42.36 | +70.0% | May 11, 2026 |
| Goldman Sachs | Analyst unavailable | $57 | $43.5 | +53.8% | May 11, 2026 |
| Truist Financial | Analyst unavailable | $50 | $45.41 | +34.9% | Apr 24, 2026 |
| Goldman Sachs | Analyst unavailable | $70 | $51.62 | +88.9% | Mar 9, 2026 |
| Robert W. Baird | Analyst unavailable | $54 | $48.64 | +45.7% | Feb 25, 2026 |
| RBC Capital | Daniel Perlin | $69 | $48.11 | +86.2% | Feb 24, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $72 | $59.1 | +94.3% | Jan 26, 2026 |
| Truist Financial | Analyst unavailable | $69 | $61.91 | +86.2% | Jan 20, 2026 |
| Stephens | Analyst unavailable | $85 | $62.81 | +129.4% | Jan 16, 2026 |
| Deutsche Bank | Nate Svensson | $70 | $63.98 | +88.9% | Jan 15, 2026 |
| Truist Financial | Matthew Coad | $70 | $63.15 | +88.9% | Nov 19, 2025 |
| Susquehanna | James Friedman | $69 | $63.9 | +86.2% | Nov 6, 2025 |
| Truist Financial | Analyst unavailable | $72 | $67.52 | +94.3% | Oct 24, 2025 |
| Wells Fargo | Jason Kupferberg | $81 | $67.7 | +118.6% | Oct 21, 2025 |
| UBS | Analyst unavailable | $82 | $65.78 | +121.3% | Sep 30, 2025 |
| UBS | Timothy Chiodo | $84 | $75.89 | +126.7% | May 7, 2025 |
| National Bank | Bryan Bergin | $86 | $86.79 | +132.1% | Nov 5, 2024 |
| Wolfe Research | Darrin Peller | $100 | $86.75 | +169.9% | Oct 14, 2024 |
| Barclays | Ramsey El-Assal | $98 | $85.91 | +164.5% | Oct 9, 2024 |
| Bank of America Securities | Jason Kupferberg | $96 | $85.32 | +159.1% | Sep 17, 2024 |
| National Bank | Bryan Bergin | $78 | $76.45 | +110.5% | Aug 7, 2024 |
| RBC Capital | Daniel Perlin | $93 | $77.07 | +151.0% | Jun 14, 2024 |
| Mizuho Securities | Dan Dolev | $85 | $74.05 | +129.4% | May 9, 2024 |
| Barclays | Ramsey El-Assal | $85 | $74.05 | +129.4% | May 9, 2024 |
| Robert W. Baird | David Koning | $82 | $70.45 | +121.3% | May 7, 2024 |
| RBC Capital | Daniel Perlin | $82 | $70.45 | +121.3% | May 7, 2024 |
| National Bank | David Togut | $80 | $70.45 | +115.9% | May 7, 2024 |
| National Bank | David Togut | $75 | $69.44 | +102.4% | Apr 30, 2024 |
| National Bank | Jason Kupferberg | $84 | $70.72 | +126.7% | Apr 16, 2024 |
| Morgan Stanley | James Faucette | $79 | $59.8 | +113.2% | Jul 5, 2023 |
| Susquehanna | James E Friedman | $81 | $54.31 | +118.6% | Jun 15, 2023 |
| Stephens | Charles Nabhan | $75 | $58.59 | +102.4% | Apr 28, 2023 |
| National Bank | Vasundhara Govil | $70 | $67.54 | +88.9% | Feb 14, 2023 |
| Stephens | Charles Nabhan | $80 | $64.82 | +115.9% | Feb 13, 2023 |
| Raymond James | Analyst unavailable | $86 | $69.64 | +132.1% | Dec 16, 2022 |
| Truist Financial | Analyst unavailable | $56 | $67.05 | +51.1% | Nov 29, 2022 |
| Barclays | Ramsey El-Assal | $90 | $60.17 | +142.9% | Nov 6, 2022 |
| Goldman Sachs | Will Nance | $82 | $60.17 | +121.3% | Nov 4, 2022 |
| Stephens | Analyst unavailable | $49 | $79.28 | +32.2% | Sep 26, 2022 |
| National Bank | Josh Beck | $90 | $80.16 | +142.9% | Sep 23, 2022 |
| RBC Capital | Analyst unavailable | $114 | $81.73 | +207.7% | Sep 21, 2022 |
| Robert W. Baird | Analyst unavailable | $122 | $89.34 | +229.2% | Sep 6, 2022 |
| Susquehanna | Analyst unavailable | $160 | $99.22 | +331.8% | Aug 9, 2022 |
| National Bank | Dan Dolev | $120 | $97.97 | +223.8% | Aug 8, 2022 |
| Robert W. Baird | Analyst unavailable | $120 | $96.57 | +223.8% | Aug 5, 2022 |
| Wells Fargo | Jeff Cantwell | $101 | $98.06 | +172.6% | Jul 26, 2022 |
| Oppenheimer | Analyst unavailable | $118 | $99.02 | +218.4% | Jul 25, 2022 |
| Robert W. Baird | Analyst unavailable | $130 | $95.73 | +250.8% | Jul 18, 2022 |
| Truist Financial | Analyst unavailable | $100 | $90.64 | +169.9% | Jun 30, 2022 |
| National Bank | Analyst unavailable | $130 | $97.65 | +250.8% | May 17, 2022 |
| Stephens | Analyst unavailable | $120 | $100.24 | +223.8% | May 4, 2022 |
| National Bank | Analyst unavailable | $114 | $100.3 | +207.7% | May 4, 2022 |
| Raymond James | Analyst unavailable | $146 | $100.12 | +294.0% | May 4, 2022 |
| Rosenblatt Securities | Sean Horgan | $120 | $102.32 | +223.8% | Feb 15, 2022 |
| Citigroup | Ashwin Shirvaikar | $138 | $108.43 | +272.4% | Jan 26, 2022 |
| Deutsche Bank | Bryan Keane | $155 | $108.43 | +318.3% | Jan 26, 2022 |
| Mizuho Securities | Dan Dolev | $150 | $110.2 | +304.8% | Jan 25, 2022 |
| Raymond James | John Davis | $152 | $116.95 | +310.2% | Jan 11, 2022 |
| BNP Paribas | Alexandre Faure | $138 | $115.78 | +272.4% | Jan 10, 2022 |
| Wedbush | Moshe Katri | $130 | $104.12 | +250.8% | Dec 20, 2021 |
| UBS | Rayna Kumar | $136 | $106.27 | +267.0% | Dec 15, 2021 |
| Loop Capital Markets | Hal Goetsch | $139 | $106.28 | +275.1% | Dec 14, 2021 |
| Barclays | Ramsey El Assal | $141 | $106.01 | +280.5% | Dec 7, 2021 |
| RBC Capital | Daniel Perlin | $146 | $106.01 | +294.0% | Dec 7, 2021 |
| Susquehanna | James Friedman | $176 | $106.09 | +375.0% | Dec 6, 2021 |
| Wolfe Research | Darrin Peller | $165 | $102.39 | +345.3% | Dec 3, 2021 |
| Oppenheimer | Dominick Gabriele | $150 | $112.66 | +304.8% | Nov 5, 2021 |
| Truist Financial | Andrew Jeffrey | $155 | $141.46 | +318.3% | Jun 7, 2021 |
Track every rating change on FIS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationFidelity National Information Services, Inc. provides solutions to financial institutions, businesses, and developers worldwide. The company operates through Banking Solutions, Capital Market Solutions, and Corporate and Other segments. It provides core processing and ancillary applications; mobile and online banking; fraud, risk management, and compliance; card and retail payment; electronic funds transfer and network; wealth and retirement; and item processing and output solutions. The company also offers trading and assets, lending, leveraged and syndicated loan markets, and treasury and risk solutions. Fidelity National Information Services, Inc. was founded in 1968 and is headquartered in Jacksonville, Florida.
Historical context
All FIS earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| STM STMicroelectronics N.V. | FY2026 Q3 · Calendar Q4 2026 | — | +1.7% | STMicroelectronics raises FY2026 outlook as AI demand lifts Q3 |
| ASX ASE Technology Holding Co., Ltd. | FY2026 Q3 · Calendar Q4 2026 | — | -2.7% | ASE posts record Q3 as LEAP demand lifts mix and capex |
| GEN Gen Digital Inc. | FY2027 Q2 · Calendar Q4 2026 | +2.9% | +11.2% | Gen raises FY2027 outlook as AI security and partner growth accelerate |
| KLAC KLA Corporation | FY2027 Q1 · Calendar Q4 2026 | +2.5% | +7.3% | KLA posts record revenue as AI and advanced packaging demand accelerate |
| AUROW Aurora Innovation, Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.6% | 0.0% | Aurora advances commercial trucking ramp while execution risks remain |
| AUR Aurora Innovation, Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.6% | -0.6% | Aurora advances commercial ramp as execution risks remain |
Latest beats and misses
Who reports nextBeat on EPS
- GENFY2027 Q2 · October 28, 2026+2.9% EPS+11.2% move
- KLACFY2027 Q1 · October 28, 2026+2.5% EPS+7.3% move
- SANFY2026 Q3 · October 28, 20260.0% EPS-6.3% move
- FFY2026 Q3 · October 28, 2026+19.5% EPS+1.4% move
- EQIXFY2026 Q3 · October 28, 2026+20.0% EPS+5.4% move
- EBAYFY2026 Q3 · October 28, 2026+7.1% EPS+0.2% move
Missed on EPS
- AWKFY2026 Q3 · October 28, 2026-2.0% EPS+1.1% move
- CPFY2026 Q3 · October 28, 2026-3.2% EPS-1.9% move
- LIIFY2026 Q3 · October 28, 2026-7.1% EPS-10.6% move
- EXRFY2026 Q3 · October 27, 2026-1.7% EPS+0.1% move
- NOWFY2026 Q3 · October 28, 2026-2.0% EPS-3.0% move
- CMGFY2026 Q3 · October 28, 2026-7.1% EPS+2.7% move
Get the FIS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-06-01T17:26:26.660749+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T23:31:32.836333+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T23:31:32.833631+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-30. For educational purposes only; not investment advice.