FIS J.P. Morgan TMC Conference Takeaways

研报英文原文证据摘录

FIS J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

20 May 2026

FIS Overweight

FIS, FIS US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$43.50

Payments, Processors & IT Services

We hosted FIS CEO, Stephanie Ferris, and CFO, James Kehoe, today at our TMC Tien-tsin Huang, CFA AC

Conference and the discussion centered on 1Q results/outlook, demand signals (1-212) 622-6632

from the client conference, and the company’s agentic AI roadmap with Anthropic. tien-tsin.huang@jpmorgan.com

The key takeaways were: 1) bank tech budgets sound healthy, with recurring ACV Puneet Jain

+24% y/y (Banking +13%, Capital Markets +45%) reinforcing a better growth (1-212) 622-1436

setup, 2) the Anthropic partnership is structured to strengthen FIS’s moat, with FIS puneet.x.jain@jpmorgan.com

owning the agents and distribution, to expand the TAM and (3) the re-mix towards Connor Allen

more recurring revenue continues and should drive better predictability, plus a (1-212) 270-2895

connor.allen@jpmorgan.com

focus on improving FCF conversion should allow for timely de-leveraging to 2.8x

Abbey Hochreiner

by end of 2027 at which time FIS should be a ready buyer of its stock. We remain (1-212) 270-5798

Overweight shares. Detailed takeaways below: abbey.hochreiner@jpmchase.com

J.P. Morgan Securities LLC

• Stock Dislocation Post 1Q Results/Outlook. When asked, FIS expressed

disappointment by the negative reaction to 1Q results, attributing the debate to

(i) Capital Markets guided toward the bottom end due to volume pressure out

of their control and (ii) a glass half-empty reaction to the Anthropic deal

(discussed below). Team emphasized the Capital Markets framing was about

clearing the deck and avoiding future volatility, not “hoping” volumes snap

back.