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Fair Isaac Corporation (FICO) investor relations material
Fair Isaac Corporation Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Nov, 2025
Executive summary
Q4 2025 revenues reached $516 million, up 14% year-over-year; full-year revenues were $1.991 billion, up 16%.
Scores segment Q4 revenues were $312 million, up 25% year-over-year, driven by B2B scores and continued B2C growth.
Software segment Q4 revenues were $204 million, flat year-over-year, with 17% platform revenue growth offset by a 7% decline in non-platform revenue.
Record annual free cash flow was delivered, and all fiscal 2025 guidance metrics were exceeded.
Major innovation launches included the FICO-focused foundation model (FFM) for financial services and the FICO Mortgage Direct License Program.
Financial highlights
Q4 GAAP net income was $155 million, up 14%; GAAP EPS was $6.42, up 18%.
Q4 non-GAAP net income was $187 million, up 15%; non-GAAP EPS was $7.74, up 18%.
Free cash flow for Q4 was $211 million; trailing four quarters free cash flow was $739 million, up 22%.
Software ACV bookings for Q4 were $32.7 million, up 48% year-over-year; full-year ACV bookings reached $102 million, a record.
Non-GAAP operating margin was 54%, up from 52% a year ago.
Outlook and guidance
FY 2026 revenue guidance is $2.35 billion, up 18% over FY 2025.
GAAP net income guidance is $795 million, up 22%; GAAP EPS $33.47, up 26%.
Non-GAAP net income guidance is $907 million, up 24%; non-GAAP EPS $38.17, up 28%.
Guidance assumes conservative mortgage volume and no significant market share loss in auto, card, or personal loan originations.
FY 2026 guidance assumes a net effective tax rate of 24% and operating tax rate of 25%.
Software non-platform ARR decline drivers
Impact of increased debt on financial structure
How were share repurchases funded in FY25?
Direct license model's FY26 guidance assumptions
Long-term pricing strategy beyond FY26
FICO 10T value in conforming mortgage market
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Q1 20263 Feb, 2026
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Q1 20263 Feb, 2026
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Frequently asked questions
The go-to credit rating system
Fico is the most recognizable name in credit scores and the most widely used credit scoring system in the US. When using a credit scoring algorithm, 90 percent of top US lenders in 90 percent of lending decisions use Fico’s systems. And 98.8 percent of dollars securitized in the US solely cite Fico scores as risk measurement, 300 million consumer accounts have access to Fico scores, and one billion consumers could get credit through the scores. Fico is the industry standard for consumer credit lending decisions, and there are high barriers to entry for new companies that seek to replicate similar services. Some of the company’s competitors include Fiserv, Western Union, and Experian.
The first low-cost producer of high accuracy scores
Fico’s sticky offering could be compared with getting Americans to start using the metric system or quoting temperature in Celsius. Fico is the low-cost producer of high accuracy scores; for example, it took Synchrony Financial three years to move away from using Fico. The company's fast-growing software business also has substantial switching costs. It becomes increasingly embedded in customer workflows, a software with over 90 percent retention rate and, thus, substantial amounts of recurring revenue.
Checks many of the wide moat criteria
The Fico score was introduced in 1989, and through the information found in the individual consumer's credit reports, the algorithm calculates credit scores for them. Lenders use these scores to evaluate the creditworthiness of their customers and thus determine whether to approve applications for loans, credit cards, and other borrowings.
As the creator and owner of the FICO credit-rating score with a world-class credit database, Fico checks many of the criteria when looking for a wide moat business:
High free cash flow
High return on capital employed
High return on equity
High operating margins
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