FIS · Earnings call · 2026Q2T · Full report
Free Cash Flow Outlook
Fidelity National Information Services, Inc. · 2026-08-04 · Importance 100 · Surprise 100 · Contradicted
Second-quarter free cash flow was $525 million, more than triple the prior-year level, reflecting EBITDA growth, lower cash taxes and reduced one-time cash expenses. FIS generated approximately $1 billion of free cash flow in the first six months, with trailing-12-month free cash flow reaching $2.2 billion. The company raised its 2026 free cash flow outlook by $100 million to $2.15 billion–$2.25 billion, representing 36% growth at the midpoint. Management expects free cash flow to exceed $3 billion by 2028 through EBITDA growth and lower integration and transformation expenses.
Key facts
- Raised full year free cash flow outlook by $100 million to a range of $2.15 billion to $2.25 billion (midpoint $2.2 billion)
- Expect a clear path to greater than $3 billion of free cash flow by 2028 driven by EBITDA growth and reduction in one-time integration and transformation expenses
- Free cash flow in the quarter: $525 million, more than tripling year-over-year
- First half cash flow is 2.5x prior year levels and latest 12 months is running at over $2 billion
- Trailing 12-month free cash flow: $2.2 billion and first six months free cash flow approximately $1 billion
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | committed | — | Raised full year free cash flow outlook by $100 million to a range of $2.15 billion to $2.25 billion (midpoint $2.2 billion) |
| cash | positive | probable | — | Expect a clear path to greater than $3 billion of free cash flow by 2028 driven by EBITDA growth and reduction in one-time integration and… |
| cash | positive | realized | — | Free cash flow in the quarter: $525 million, more than tripling year-over-year |
| cash | positive | realized | — | First half cash flow is 2.5x prior year levels and latest 12 months is running at over $2 billion |
| cash | positive | realized | — | Trailing 12-month free cash flow: $2.2 billion and first six months free cash flow approximately $1 billion |