Name: Fidelity National Information Services Inc. (NYSE:FIS) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Download chart

Fidelity National Information Services Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Revenue	3,510)	3,713)	3,604)	3,719)	3,492)	3,672)	3,507)	3,475)	3,223)	3,315)	3,197)	2,962)	3,078)	3,342)	2,822)	2,112)	2,057)	2,167)	2,084)	2,106)	2,066)
Cost of revenue	(2,169)	(2,196)	(2,148)	(2,234)	(2,242)	(2,251)	(2,178)	(2,135)	(2,118)	(2,109)	(2,104)	(2,046)	(2,089)	(1,987)	(1,838)	(1,404)	(1,381)	(1,377)	(1,364)	(1,414)	(1,414)
Gross profit	1,341)	1,517)	1,456)	1,485)	1,250)	1,421)	1,329)	1,340)	1,105)	1,206)	1,093)	916)	989)	1,355)	984)	708)	676)	790)	720)	692)	652)
Selling, general, and administrative expenses	(1,004)	(1,024)	(977)	(1,082)	(1,035)	(966)	(989)	(977)	(1,006)	(903)	(862)	(870)	(881)	(1,232)	(757)	(317)	(361)	(321)	(283)	(339)	(358)
Asset impairments	—)	(17,605)	(17)	(29)	(58)	—)	(202)	—)	—)	(136)	—)	—)	—)	—)	(87)	—)	—)	—)	(95)	—)	—)
Operating income (loss)	337)	(17,112)	462)	374)	157)	455)	138)	363)	99)	167)	231)	46)	108)	123)	140)	391)	315)	469)	342)	353)	294)
Interest expense, net	(137)	(109)	(76)	(47)	(43)	(46)	(46)	(48)	(74)	(82)	(84)	(88)	(80)	(95)	(95)	(72)	(75)	(72)	(80)	(73)	(72)
Other income (expense), net	(11)	13)	(41)	30)	61)	7)	110)	324)	(493)	17)	(4)	74)	(39)	(211)	164)	(120)	(52)	2)	(58)	(4)	3)
Other income (expense), net	(148)	(96)	(117)	(17)	18)	(39)	64)	276)	(567)	(65)	(88)	(14)	(119)	(306)	69)	(192)	(127)	(70)	(138)	(77)	(69)
Earnings (loss) before income taxes and equity method investment earnings (loss)	189)	(17,208)	345)	357)	175)	416)	202)	639)	(468)	102)	143)	32)	(11)	(183)	209)	199)	188)	399)	204)	276)	225)
(Provision) benefit for income taxes	(48)	(155)	(91)	(77)	(54)	(125)	(41)	(302)	97)	(1)	(121)	(4)	30)	20)	(48)	(40)	(32)	(86)	(37)	(51)	(34)
Equity method investment earnings (loss)	—)	—)	—)	—)	—)	—)	—)	5)	1)	2)	—)	(7)	(1)	6)	(5)	(4)	(7)	(3)	(4)	(7)	(1)
Net earnings (loss)	141)	(17,363)	254)	280)	121)	291)	161)	342)	(370)	103)	22)	21)	18)	(157)	156)	155)	149)	310)	163)	218)	190)
Net earnings attributable to noncontrolling interest	(1)	(3)	(5)	(3)	(1)	—)	(3)	(1)	(3)	1)	(2)	(2)	(3)	(1)	(2)	(1)	(1)	(12)	(9)	(6)	(8)
Net earnings (loss) attributable to FIS common stockholders	140)	(17,366)	249)	277)	120)	291)	158)	341)	(373)	104)	20)	19)	15)	(158)	154)	154)	148)	298)	154)	212)	182)

Revenue exhibited a general upward trajectory over the analyzed period, beginning at 2,066 million US dollars in March 2018 and reaching 3,510 million US dollars by March 2023. A significant step-increase occurred between June 2019 and December 2019, where quarterly revenue grew from 2,112 million to 3,342 million US dollars, establishing a higher baseline of quarterly earnings that persisted through 2022.

Gross Profitability: Gross profit followed the upward trend of revenue, rising from 652 million US dollars in early 2018 to a peak of 1,517 million US dollars in December 2022. While the cost of revenue increased in absolute terms from 1,414 million to approximately 2,169 million US dollars, the rate of increase was slower than that of revenue, suggesting an improvement in gross margin efficiency over time.
Operating Expense Trends: Selling, general, and administrative (SG&A) expenses remained relatively stable between 283 million and 361 million US dollars from March 2018 to June 2019. However, a sharp increase was observed starting in September 2019, with expenses peaking at 1,232 million US dollars in December 2019. Following this spike, SG&A expenses stabilized within a range of 966 million to 1,082 million US dollars through March 2023, indicating a permanent increase in the company's operating cost structure.
Impact of Non-Recurring Items: Operating income and net earnings were heavily influenced by periodic asset impairments. While most quarters showed modest operating gains, a catastrophic impairment charge of 17,605 million US dollars was recorded in December 2022. This single event resulted in a quarterly operating loss of 17,112 million US dollars and a net loss attributable to common stockholders of 17,366 million US dollars, contrasting sharply with the otherwise stable profit patterns observed in preceding quarters.
Net Earnings and Interest Obligations: Excluding the December 2022 anomaly, net earnings attributable to common stockholders fluctuated between a high of 341 million US dollars (June 2021) and a low of -373 million US dollars (March 2021). Interest expenses remained relatively consistent, averaging between 40 million and 100 million US dollars per quarter, though a slight increase to 137 million US dollars was noted by March 2023.

The overall financial profile is characterized by steady top-line growth and expanding gross profits, which were partially offset by a significant increase in operating expenses after 2019. The long-term trend of profitability was interrupted by a massive non-cash asset impairment in the final quarter of 2022, though the company returned to an operating profit of 337 million US dollars by March 2023.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Fidelity National Information Services Inc. (NYSE:FIS)

Income StatementQuarterly Data

Income Statement
Quarterly Data