Slides
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1 Investor Presentation Q1 FY2026 January 28, 2026
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2 Will Lansing Chief Executive Officer Steve Weber Chief Financial Officer Dave Singleton VP Investor Relations Presenters
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3 Forward-looking Statements / Non-GAAP Financial Measures Certain statements made in this presentation are forward-looking under the Private Securities Litigation Reform Act of 1995. Those statements involve many risks and uncertainties that could cause actual results to differ materially. Information concerning these risks and uncertainties is contained in the Company's filings with the SEC, particularly in the Risk Factors and Forward-Looking Statements portions of such filings. Copies are available from the SEC, from the FICO website, or from our Investor Relations team. This presentation includes statements regarding certain non-GAAP financial measures. Please refer to the Company’s earnings release and Regulation G schedule for reconciliation of each of these non-GAAP financial measures to the most comparable GAAP measure. This includes FY26 guidance reconciliation of GAAP to non-GAAP earnings, which are adjusted for items such as stock-based compensation and excess tax benefit. This reconciliation is part of the earnings release included in Exhibit 99.1 to our 8K which we filed with the SEC under Item 2.02, “Results of Operations and Financials”. The earnings release and Regulation G schedule are available on the investor relations page of the Company’s website at fico.com or on the SEC’s website at sec.gov.
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Will Lansing Chief Executive Officer Key Business Updates
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55 FICO – Current Quarter Key Financial Takeaways Strong top and bottom-line growth • $158M GAAP Net Income, +4% YoY / EPS $6.61, +8% YoY • $176M Non-GAAP Net Income, +22% YoY / EPS $7.33, +27% YoY • Strong B2B Scores growth partially offset by FICO headcount investment and increased Marketing spend 1. Revenues 2. Net Income and EPS 3. Free Cashflow 4. Share repurchase • $512M FICO revenues, +16% YoY • $305M Scores revenues, +29% YoY driven by B2B mortgage revenue • $207M Software revenues, +2% YoY with Platform growth and Non-Platform decline, mainly from lower point in time revenue because of fewer renewal opportunities compared to the prior year • $718M trailing twelve-month free cash flow, +7% YoY provides capacity for both reinvestment and returning capital to shareholders through share repurchases • $163M share repurchases expense: 95K shares repurchased x $1,707 average price per share • Refer to slide 20 for historical trend of free cash flow vs share repurchase
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6 YoY% Software 8% 2% 3% 0% 2% Scores 23% 25% 34% 25% 29% Total 15% 15% 20% 14% 16% Software Scores 236 297 324 312 305 204 202 212 204 207 440 499 536 516 512 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Revenue ($M) Scores Growth Driven by growth in B2B Scores Software Growth Driven by growth in FICO® Platform (SaaS) FICO driving sustained revenue growth FICO – Revenue Trending
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77 Scores - Business Overview FICO® Score is the US industry standard measure of consumer credit risk for over 35 years Business to Consumer (B2C)Business to Business (B2B) Mortgage Used by 90% of top US Lenders* Strong US brand awareness Auto Cards myFICO.com Open Access Licensing • Expands fair and objective access to credit to empower cost effective home ownership • Utilized in underwriting, pricing, insuring, investor credit risk and prepayment models, capital requirements, MBS ratings and pricing • Industry standard across all lending verticals and for securitization • Most predictive scoring model in US • The only credit score with known, predictable performance through a full economic cycle • 35 years of FICO model evolution, each model measurably more predictive than the last • Auto and Card industry specific scores • Alternative-data scores—including UltraFICO®, FICO® Score XD, BNPL models, and FICO® Resilience Index Independent, time-tested, and trusted broad adoption • *Includes all lending institutions, ex. Fintech, depository banks, independent banks Competitive advantage Consistent innovation
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88 Scores - Business Update Increasing distribution channels for Score innovation FICO adds five new strategic reseller participants to the FICO® Mortgage Direct License Program FICO partners with Plaid to deliver next generation of UltraFICO® Score FICO adds three new strategic reseller participants for FICO® Score Mortgage Simulator ANNOUNCEMENT Combines the proven reliability of the FICO Score with real time cash-flow data from Plaid Credit bureau agnostic, providing lenders with a single, enhanced credit score that delivers superior consumer risk assessment without operational complexity Launching first half of calendar 2026 New participants: SharperLending Solutions Credit Interlink Ascend Companies Existing participants: Xactus, MeridianLink The only simulation tool available that use the FICO Score algorithm. Click the logo to learn more ANNOUNCEMENT ANNOUNCEMENT Click here to learn more Click here to learn more Click the participant's name to learn more
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9 Reseller & Lender Benefits Pricing Optionality Pricing transparency for credit scores Cost savings by removing wholesale distributor mark up Reduces lender “breakage” fees through performance model pricing PERFORMANCE MODEL PER SCORE MODEL $4.95 / Score A 50% reduction in average per score fees to what resellers paid for FICO® Scores in 2025 On average the same price the resellers paid for FICO® Scores in 2025 $33 Funding Fee on Closed Loans $10 / Score Reseller Adoption Engaged with resellers representing ~90% of U.S. mortgage volume Ease of reseller adoption: Compared to credit bureau process: • Same model calculator • Same data input and output • Same data format used by DU and LP (the GSE underwriting systems) Scores - Business Update FICO® Mortgage Direct Licensing Program allows tri-merge resellers to calculate and distribute FICO® Scores directly to lenders Click here to learn more Click here to learn more
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10 Scores – Business Update FICO® Score 10T is the logical choice for market participants Most Predictive and Inclusive Score 18% more defaulters identified 5% increase in approval volume Trended, Rental, Telco, and Utility Data More consumer insights Backward compatible with prior FICO® Scores Ease of transition for lenders 261 266 306 313 377 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Eligible Servicing $1.43T $1.43T $1.52T $1.53T $1.60T # Lender 25 27 30 36 44 Proof Point: Non-Agency FICO® Score 10T Adopter Program Eligible Originations ($B) • Over 40% of the volume driven by the top 50 originators, was from an originator in the FICO 10T Adopter Program • Secondary-market trading via the MCT Marketplace Non- Agency Agency CURRENT AFTER Credit Scoring Initiative implementation complete GSE guarantee No Yes Yes Lender choice Yes No Yes Score required N/A Classic FICO FICO 10T or VS4 Score used FICO FICO Investor Focus Options FICO 10T and/or VS4 * Agency: meets conforming requirements and purchased by GSE’s
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1111 Software - Business Update FICO continues to earn industry recognition for its innovations Gartner named FICO a Leader in the January 2026 Gartner® Magic Quadrant for Decision Intelligence Platforms RECOGNITION ANNOUNCEMENT FICO is positioned the highest for our Ability to Execute. This recognition is a landmark moment for FICO. It reflects our commitment to empowering customers and delivering lasting impact worldwide. As a market leader in decision intelligence, FICO enables businesses to make real-time decisions at scale. The core of our strategy is to empower customers with always-on, real-time customer insights that deliver connected decisions and continuous learning throughout the entire customer lifecycle. Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All right s reserved. Gartner does not endorse any company, vendor, product or service depicted in its publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner publications consist of the opinions of Gartner’s business and technology insights organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this publication, including any w arranties of merchantability or fitness for a particular purpose.
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Steve Weber Chief Financial Officer Financial Performance
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13 182 249 Q1-25 Q1-26 53 56 Q1-25 Q1-26 236 305 Q1-25 Q1-26 Scores Segment Revenues ($M) Total Scores B2B B2C Mortgage 60% Auto 21% Cards / P.Loans 10% +5%+36% Originations Revenues Growth, YoY% (Originations are a subset of the B2B Business) +29% B2B Growth Mainly driven by higher mortgage origination scores unit price and an increase in volume of mortgage originations B2C Growth Mainly driven by growth in Indirect channel partners Scores – Current Quarter Leading Indicators B2B drives Scores revenue growth
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14 Revenue Segment Mix ($M) B2B B2C B2B Revenue Mix ($M) Mortgage Originations Rest of B2B YoY% B2C 3% 6% 6% 8% 5% B2B 30% 31% 42% 29% 36% Total 23% 25% 34% 25% 29% 182 242 268 255 249 53 55 56 56 56236 297 324 312 305 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 80 132 144 140 127 103 110 125 115 122 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Share of Scores Revenue Rest of B2B 56% 46% 47% 45% 49% Mortgage 44% 54% 53% 55% 51% Total 100% 100% 100% 100% 100% Mortgage Credit Card Auto Loans 110% 48% 53% 52% 60% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 5% 17% 24% 24% 21% -3% 0% 3% 7% 10% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Auto Loans Credit Card Origination Scores Growth (YoY%) • Price increases take effect starting in Q2 • Q3 includes a multiyear US license renewal on our insurance score product • This business includes quarterly seasonality • Mortgage originations trending at greater than half of total B2B revenues • Auto originations growth driven by price and volume in recent quarters • Credit card originations growth in recent quarters driven by volume growth from large issuers Scores – Financial Trends B2B Revenue driven mainly by Mortgage, but also by other business lines
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15 ACV Bookings TTM ($M) YoY% -4% 10% 1% 21% 36% 88 93 92 102 119 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Current quarter included an above average size international multi- use case Platform deal Land and Expand strategy execution continues through expanded Sales headcount and Global coverage, new Sales leadership, and incremental Software IP Targeting ~500 named accounts Globally with ~350 in financial services and ~150 outside financial services (including Auto, Telco, and Insurance) $37.8M New deals Incremental business on renewals New use cases Software – Financial Trends Strong bookings poised to drive ARR & DBNRR acceleration Current Quarter ACV Bookings Includes:
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16 Dollar-based Net Retention Rate (DBNRR)Annual Recurring Revenue (ARR) ($M) Platform ARR growth strengthened in Q1 driven by new customer wins as well as expanded use cases and volumes from existing customers. Q1’26 included migration of Liquid Credit solution to the Platform. Excluding migrations, Q1’26 Platform ARR growt h was in the high 20% range. Non-Platform ARR decline was driven by migrations, end of life of our legacy Fraud Authentication solution, and some usage decli nes. In our CCS business, ARR was relatively flat. 112% 110% 115% 112% 122% 100% 96% 97% 97% 91% 105% 102% 103% 102% 103% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Platform Total Non-Platform YoY% Platform 20% 17% 18% 16% 33% Non- Platform 1% -3% -2% -2% -8% Total 6% 3% 4% 4% 5% Platform ARR Non-Platform ARR 502 480 485 484 463 228 235 254 264 303 729 715 739 747 766 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Software – Financial Trends FICO® Platform drives ARR and DBNRR growth
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17 • SaaS driven by FICO® Platform growth • On-Premises lower in the last two quarters mainly from lower point in time revenue because of fewer renewal opportunities compared to the prior year • Platform growth accelerates driven mainly by FICO ® Platform land and expand strategy with a smaller contribution from migrations. • Non-Platform decline due to fewer license renewals opportunities than prior year, migrations, and some usage declines. Revenue Segment Mix ($M) Revenue Type Mix ($M) Platform Professional Services On-Premises SaaS SaaS YoY% 7% 4% 6% 5% 12% YoY% Platform 19% 19% 19% 17% 37% Non-Platform 7% -2% -4% -7% -13% Total 10% 4% 2% 0% 1% 132 127 126 117 114 54 56 61 65 74 18 18 24 22 19 204 202 212 205 207 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 103 102 106 109 116 83 82 82 74 73 18 18 24 22 19 204 202 212 205 207 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Non-Platform Professional Services Software – Financial Trends Revenue growth accelerating driven by FICO® Platform penetration
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18 Operating Expenses* ($M) 128 120 139 126 141 45 45 47 51 50 87 88 88 91 87 260 253 274 268 278 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 R&D COGS SG&A * Excludes Restructuring QoQ% +1% -3% +8% -2% 4% • SG&A fluctuations driven by personnel expense and FICO World marketing spend • R&D growth over time driven by FICO® Platform personnel investment • Operating Expense dollars to trend upward modestly throughout fiscal 2026 FICO – Operating Expenses Operating Expenses driven mainly by Personnel and Marketing spend
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19 FICO – Non-GAAP Operating Margin FICO driving sustained long term Operating Margin 50% 58% 57% 54% 54% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Non-GAAP Operating Margin (%) Quarterly Trend Non-GAAP Operating Margin (%) 10 yr Annual Trend 27% 27% 26% 30% 34% 40% 48% 51% 51% 55% FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
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20 74 45 33 30 25 FY 05 FY 10 FY 15 FY 20 FY 25 $0 $500 $1,000 $1,500 - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Share repurchase expense consistently at or above FCF levels 3yr Quarterly Trend - 4Q Rolling (in Millions) Consistent Leverage Ratio range Strong 20+ year history of continuous share repurchases Free Cash Flow vs Share Repurchase Expense Leverage Ratio 3yr Quarterly Trend - Net Debt / EBITDA FICO – Capital Allocation Share repurchases a key component of capital allocation strategy $37 $23 $87 $406 $1,740 Average Calendar Year Stock Price Shares Outstanding
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21 $2.35B $795M $33.47 $907M $38.17 Revenues GAAP Net Income GAAP Earnings Per Share Non-GAAP Earnings per Share Non-GAAP Net Income FICO - FY2026 Guidance (18% YoY) (22% YoY) (26% YoY) (24% YoY) (28% YoY) Guiding stronger growth than FY25 achievement
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22 Annual Contract Value Bookings (ACV Bookings) Average annualized value of software contracts signed in the current reporting period that generate current and future on-premises and SaaS software revenue. We only include contracts with an initial term of at least 24 months and exclude perpetual licenses and other revenues that are non-recurring in nature. Annual Recurring Revenue (ARR) Annualized revenue run-rate of on-premises and SaaS software agreements within a quarterly reporting period, and as such is different from the timing and amount of revenue recognized. All components of the licensing and subscription arrangements that are not expected to recur (primarily perpetual licenses) are excluded. If a customer contract contains invoicing amounts that increase over the contract term, then ARR reflects the annualized invoicing amount outlined in the contract for the current reporting period. We calculate ARR as the quarterly recurring revenue multiplied by four. Dollar-Based Net Retention Rate (DBNRR) DBNRR for any period is calculated by comparing the ARR at the end of the prior comparable quarter (base recurring revenue) to the ARR from that same cohort of customers at the end of the current quarter (retained recurring revenue); we then divide the retained recurring revenue by the base recurring revenue to arrive at the DBNRR. Platform Software Platform software is defined as products that can run on our platform today using shared platform capabilities without the need for any custom integrations or modifications (other than what is normally required for products on the platform today). Definitions
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23 Segment Profitability Segment (In Millions) Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 QoQ $ QoQ % YoY $ YoY % Scores Revenue $ 235.7 $ 297.0 $ 324.3 $ 311.6 $ 304.5 $ (7.0) -2% $ 68.9 29% Operating Expenses (31.9) (32.1) (39.6) (38.8) (36.7) 2.1 -5% (4.8) 15% Scores Operating Income 203.8 265.0 284.7 272.8 267.9 (4.9) -2% 64.1 31% Scores Operating Margin 86% 89% 88% 88% 88% 0% 2% Software Revenue 204.3 201.7 212.1 204.2 207.4 3.2 2% 3.1 2% Operating Expenses (143.6) (138.4) (144.2) (148.5) (148.8) (0.3) 0% (5.3) 4% Software Operating Income 60.7 63.3 67.9 55.7 58.6 2.9 5% (2.1) -4% Software Operating Margin 30% 31% 32% 27% 28% 1% -2% Total Revenue 440.0 498.7 536.4 515.8 512.0 (3.8) -1% 72.0 16% Total Segment Operating Expenses (175.5) (170.4) (183.8) (187.3) (185.5) 1.8 -1% (10.0) 6% Total Segment Operating Income 264.5 328.3 352.7 328.5 326.5 (2.0) -1% 62.0 23% Total Segment Operating Margin 60% 66% 66% 64% 64% 0% 4% Unallocated Expenses Corporate Expenses (44.3) (40.9) (48.2) (48.0) (48.1) (0.1) 0% (3.8) 9% Share-based Compensation (40.7) (41.7) (41.9) (32.4) (44.3) (11.9) 37% (3.6) 9% Restructuring Charges - - - (10.9) - 10.9 -100% - 0% Operating Income $ 179.5 $ 245.6 $ 262.5 $ 237.2 $ 234.1 (3.1) -1% $ 54.6 30% • Q1’26 Scores segment operating margin grows as revenue growth outpaces incremental year over year Marketing spend • Q1’26 Software segment operating margin contracts with growth in R&D investment and fewer point in time revenue opportunities
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24 Balance Sheet Q1-25 Q4-25 Q1-26 YoY Var QoQ Var ASSETS Cash & Investments 230.2$ 188.8$ 217.9$ -5% 15% Accounts Receivable & Other Current Assets 411.6 571.0 536.8 30% -6% Goodwill 775.6 783.3 783.5 1% 0% Other 289.2 325.0 316.0 9% -3% Total Assets 1,706.6$ 1,868.1$ 1,854.2$ 9% -1% LIABILITIES Current Liabilities 331.3$ 849.2$ 752.1$ 127% -11% Noncurrent Liabilities 2,513.5 2,764.7 2,910.2 16% 5% Total Liabilities 2,844.8 3,613.9 3,662.3 29% 1% Stockholders' Deficit (1,138.2) (1,745.8) (1,808.1) 59% 4% Total Liabilities & Stockholders' Deficit 1,706.6$ 1,868.1$ 1,854.2$ 9% -1% METRICS Leverage Covenant (max 3.5) 2.48 2.67 2.64 0.16 (0.03) Days Sales Outstanding 84 days 101 days 95 days 11 days (6 days) (In millions)
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25 Statements of Cash Flows
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26 Statements of Income
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27 Regulation G Schedule
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28 Reconciliation of Non-GAAP Guidance