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.

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)

The quarterly financial data reveals several notable trends over the analyzed periods, reflecting shifts in revenue, expenses, profitability, and other key financial metrics.

Revenue: Revenue exhibited general growth from 2018 through 2021, with a marked increase especially noticeable in the quarters ending September and December 2019. After peaking in late 2021 at approximately $3.67 billion, revenue showed fluctuations but remained generally elevated through 2022 and the first quarter of 2023, with a slight decline toward the end.
Cost of Revenue: Costs of revenue increased in parallel with revenue, showing a steady upward trajectory over the period, particularly spiking in late 2019. The costs remained high throughout 2020 to 2022, showing a relatively stable pattern with minor fluctuations and were consistently above $2.1 billion in recent quarters, indicating sustained operational scale.
Gross Profit: Gross profit trends reflect the interplay between revenue and cost of revenue, showing growth with peaks in late 2019 and continuing generally high levels into 2021. However, sharp increases in cost of revenue in some quarters tempered gross profit growth in the most recent periods, which still remained strong but showed signs of volatility in 2022 and early 2023.
Selling, General, and Administrative Expenses (SG&A): SG&A expenses saw a significant jump in the latter half of 2019, tripling compared to prior amounts, and remained elevated through 2020 and 2021. This surge likely impacted operating income adversely in those years. In 2022 and early 2023, SG&A expenses fluctuated somewhat but generally remained near or above $1 billion per quarter, indicating sustained high overhead costs.
Asset Impairments: Asset impairments showed sporadic recorded charges, with notable impairment events in late 2018, late 2019, and especially a very large and unusual charge in late 2022 (around $17.6 billion). This extraordinary impairment in 2022 heavily impacted overall profitability metrics in that quarter.
Operating Income (Loss): Operating income was relatively stable in early periods but deteriorated significantly in late 2019, turning marginally positive or near zero in some quarters during 2020, before recovering substantially through 2021. The quarters of 2022 showed volatility, including an extreme loss in late 2022 coinciding with the large impairment, followed by stabilization at more typical positive levels in early 2023.
Interest Expense, Net: Interest expense remained fairly consistent in the $40–$100 million range per quarter, with a slight increasing trend toward 2023. This indicates a steady debt servicing obligation without dramatic changes across the timeline.
Other Income (Expense), Net: This category exhibited high volatility, with significant swings between positive and negative amounts, including large negative items in some quarters of 2019, 2020, and a severe negative in early 2021. Some quarters presented substantial positive inflows, highlighting variability in non-operating income components.
Earnings Before Income Taxes and Equity Method Investment Earnings (Loss): These earnings fluctuated considerably, with strong positive results in 2018 and early 2019, followed by steep negative swings in late 2019 and early 2020. Recovery ensued through 2021, with notable peaks, but a significant negative anomaly occurred in late 2022 corresponding to the large asset impairment and operating loss. The figure returned to positive territory in early 2023.
Provision (Benefit) for Income Taxes: Income tax provisions varied, generally correlating with pre-tax earnings. Noteworthy are the negative tax provisions in some quarters, reflecting tax benefits during periods of losses or impairments, particularly pronounced in 2021 and 2022.
Equity Method Investment Earnings (Loss): Equity method income/losses were minimal in magnitude and sporadic across quarters, showing no clear trend or significant impact on overall profitability.
Net Earnings (Loss) Attributable to FIS Common Stockholders: Net earnings attributable to common stockholders generally followed operating income trends, with stable positive earnings through 2018 and 2019, a decline and losses evident in late 2019 and early 2020, followed by recovery and growth into 2021. The most dramatic fluctuation occurred in late 2022, consistent with the asset impairment and operating loss, creating an exceptionally large net loss, before returning to positive earnings by the first quarter of 2023.

In summary, the data reflects a company that experienced steady revenue and profit growth through 2018 and 2019, faced operational challenges and volatility in 2020—including rising costs and fluctuating income—and underwent a significant financial impact from an extraordinary asset impairment in late 2022. Despite these challenges, earnings trends indicate recovery and stabilization entering 2023, alongside maintained revenue levels and controlled interest expenses. The variability in other income/expense and impairments suggests specific non-recurring events influencing periodic results.

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Fidelity National Information Services Inc. (NYSE:FIS)

Income StatementQuarterly Data

Income Statement
Quarterly Data