Andrew Schmidt

Ferris framed a recent acq-hire and orchestration capabilities as letting FIS modernize cores from the inside out or support a full hollow-out.

Ferris said bank M&A remains consistent and elevated with larger deal sizes, a continued tailwind for FIS.

Ferris cited Copilot-driven engineering productivity gains and plans to apply Anthropic forward-deployed-engineer learnings to internal workflows.

Stephanie said only known M&A is included in 2026 guide; new announcements would be upside. On Agentic commerce: FIS focused on the bank/issuer side, ensuring agent transactions are properly authorized without false declines, and updating fraud models for AI-driven fraud. Not competing on the merchant/acquirer side.

Stephanie explained the unique position: combining credit processing with existing debit, core, network, lending, and trading. Expands reach from back-office to revenue-generating front-of-bank.

James declined specifics beyond confirming immediate EPS accretion. Emphasized the real value is 35% cash flow boost and banking scale, noting cash flow adds $700M on a ~$2B base.

Josh framed Enterprise as low-double-digit on a normalized basis ex-Middle East (7% reported with ~400bp headwind), improving in H2 as card-not-present strength and bookings conversions go live; Platforms ~7% accelerating on embedded payments (~20%+ of the mix growing ~20%); SMB ~4% with strong Genius trends but still a modest piece. Cameron added intermediate-term targets: Enterprise high-single/low-double digit, Platforms high-single digit led by embedded solutions, SMB mid-single digit with Genius a secular driver over time.

Cameron explained AI revenue currently from enriching existing products (3DS Flex, revenue boost, dynamic routing, fraud side) winning cross-sells and improving client outcomes. Pure agentic commerce very nascent, mostly AI-discovery with human-in-loop checkout. Ravlin positioned as best-in-class AI-native fraud platform leveraging $4T volume and 100B+ transactions. Technology architecture model targeted for mid-year completion, execution starting H2 2026 into 2027+. Bob added orchestration capability enabling cross-sell across divergent platforms and accelerating platform consolidation.

Cameron provided detailed Worldpay sub-segment color: enterprise e-com best-in-class with attractive growth rates, legacy card-present enterprise more GDP-level, blending to healthy overall. Platform business mixed, Payrix/managed PayFac growing well but integrated referral book undernourished. SMB most challenged exiting FIS but biggest opportunity from GPN product injection. Worldpay 2025 growth at or above underwritten levels.

Cameron outlined 2026 drivers consistent with prior guidance: Genius market expansion, sales effectiveness, incremental hires. Josh pointed to Q1 medium-term outlook for combined business targets. Both confirmed underlying themes unchanged.

Josh confirmed stable macro assumption through balance of year, consistent with Q1 exit trends and April data, acknowledging increased uncertainty from macro backdrop.

Cameron outlined three strategic themes: enterprise-SMB convergence, digital-native acceleration, and embedded commerce evolution. Bob described centralized product management for common capabilities with vertical-specific teams close to the market.

Greg reported no elongation of sales cycle at any funnel stage. Delays are concentrated in short-term post-conversion projects, not new business decisions.

Greg emphasized all delayed items are contractual commitments with billing clocks that can be triggered if delays extend too long. No risk of cancellation, these are products customers need.

Greg attributed wins to culture, service, innovation, strategy, and execution. Close to 90% road map execution. Competitors not matching level of execution.

Mimi noted modest convert/merge in FY25 with more impact expected in FY26. Greg cited a $20B merged client planning three more acquisitions in next two years.

Greg explained hurricane-related deal pushes, Mimi confirmed Q1 is the floor with strong acceleration expected in H2.

Greg noted acquisitions already baked in for H2, added conversion teams for both banking and credit union. Regulatory easing under new administration expected to help.

Ron provided detailed metrics: retention improved 200+ bps (from 9-9.5% loss rate to 7-handle), expects flat first half and mid-single-digit growth in second half.

Ron confirmed no downtick in supplier acceptance. Payment certainty and speed remain high priorities for suppliers. Expects monetization to improve with ACH+ additions.

Ron confirmed product is enterprise-ready; go-to-market shift involves SI partnerships and consultant relationships for introductions into large accounts.

Ron honestly acknowledged CRO impact is still early-stage, focused on team building. Q4 acceleration driven by elephant sales, not org changes.

Michael said competitive intensity hasn't dramatically changed but Mastercard's value proposition has expanded through services. Sachin noted Q2 rebates as % of assessments expected slightly lower sequentially.

Sachin attributed cross-border resilience to value prop resonating, winning right portfolios (Japan Airlines, American Airlines), corridor optimization teams, and strong card-not-present ex-travel growth at roughly 20%, partly sustained by crypto on-ramp volumes.

Michael acknowledged Capital One may migrate debit volumes to Discover, but stressed ongoing credit growth and strong U.S. debit wins. Sachin confirmed assumptions built into 2025 outlook.

Sachin attributed strong cross-border to healthy consumer and commercial spend, noted January dip driven by calendar days and travel pull-forward.

Suh addressed the growth durability question with portfolio-level color but skipped the expense-linkage part of the question entirely.

Suh noted 2.5 point AP improvement came from improvement in Mainland China plus smaller idiosyncratic timing items that will normalize. Management pleased with momentum in China and across AP in general, viewing it as an important ongoing growth opportunity. Zooming out, AP is on a directionally good track.

McInerney highlighted progress on incremental opportunities beyond enhancing Visa payments, enabling all different types of payments and services beyond payments. Examples include Authorize.net relaunch for small-business checkout share growth and unified checkout experience. Issuing Solutions progress with Pismo and other solutions, risk and security solutions progress with Featurespace, strong success in advisory and other business. Suh added VAS has more exposure to everyday spending, debit, e-commerce, and is more diverse geographically than previous cycles. About 65% of business has close correlation to Visa transactions but significant portion of VAS is independent of Visa transactions providing diversification.

McInerney said Visa and clients are optimistic, administration wants to move quickly to reduce and simplify regulations with goal of spurring economic growth, efficiency, innovation. Optimistic that changes will reduce regulatory burden for American businesses generally which is good for America and ultimately good for Visa. Specifically in financial sector, reduced regulatory burden will help FI clients accelerate digital payments and run businesses more efficiently which is in turn good for Visa. Early but waiting to see what gets implemented and how quickly.