Fintech company FIS (NYSE:FIS) today reported its first quarter 2026 results.

On a GAAP basis, revenue increased 30% as compared to the prior-year period to approximately $3.3 billion. GAAP net earnings attributable to common stockholders were $2.4 billion or $4.58 per diluted share, reflecting an estimated gain of $2.2 billion, net of tax, from the Worldpay sale.

On an adjusted basis, revenue increased 31% as compared to the prior-year period. Adjusted EBITDA increased 36% to approximately $1.3 billion and Adjusted EBITDA margin expanded by 176 basis points (bps) compared to the prior-year period to 39.6%, reflecting the acquisition of the high margin Total Issuing Solutions™ business, favorable mix and cost savings. Adjusted net earnings were $705 million, and Adjusted EPS increased by 12% as compared to the prior-year period to $1.36 per diluted share.

On a Pro Forma basis, revenue increased 6.5% as compared to the prior-year period, including recurring revenue growth of 4.8%. Pro Forma adjusted EBITDA increased 9.4% and Pro Forma adjusted EBITDA margin expanded by 87 basis points (bps) compared to the prior-year period to 39.6%, reflecting favorable mix and cost savings.

First quarter net cash provided by operating activities was $713 million and Free cash flow was $474 million, up 111% as compared to the prior-year period. The company returned $262 million of capital to shareholders through $30 million of share repurchases and $232 million of dividends paid. As of March 31, 2026, debt outstanding totaled $21.1 billion.

The company will continue to pay quarterly dividends targeting dividend per share growth in line with Adjusted EPS growth.

The company has temporarily paused share repurchases and tuck-in M&A to accelerate deleveraging. FIS expects to resume its existing capital allocation priorities once it has achieved its target gross leverage of 2.8x.

For the full-year, the company reiterated its outlook, projecting Adjusted revenue growth of 30-31%, Adjusted EBITDA growth of 34-35% and Adjusted EPS growth of 8-10%. On a Pro Forma basis, revenue and Adjusted EBITDA are projected to grow by 5.1-5.7% and 7.2-8.4% respectively. Additionally, the Company is reiterating its target for Free Cash Flow of $2.05 – $2.15 billion, or growth of 27-33% as compared to the prior year.

“We delivered a strong start to 2026, with disciplined execution driving margin expansion and robust cash flow generation,” said FIS CEO and President Stephanie Ferris. “The market is strong, banks are investing, and the innovation that is redefining financial services runs through FIS. As evidenced by our recent announcements and partnerships, we are positioning ourselves at the forefront of this new era of modern banking.”