Fidelity National Information Services (FIS): Can Its Bold Cash Flow Strategy Deliver a Powerful 90%+ Conversion Breakthrough?

Fidelity National Information Services (FIS) reported robust third-quarter 2025 results that exceeded expectations and reflected strong momentum in key business areas. The company showcased solid performance metrics, including a 6.3% growth in adjusted revenue, a 41.8% surge in adjusted EBITDA margins, and an adjusted EPS increase of 8% year-over-year to $1.51. This performance underscores FIS’s Future Forward strategy which emphasizes leveraging foundational strengths and disciplined capital allocation for profitable growth. On the positive side, FIS demonstrated commendable recurring revenue growth of 6.4%, driven by its Banking and Capital Markets segments’ profitability. The company achieved significant sequential margin improvement thanks to its commercial excellence initiatives. FIS also reported a high adjusted free cash flow conversion rate of 142%, facilitating an increase in the share repurchase target to $1.3 billion for the year.