FICO
Updated: 25/09/2026, 01:05:52
Fair Isaac Corporation, also known as FICO, delivers advanced analytics, software solutions, and data management services designed to help businesses optimize, automate, and interconnect their crucial decision-making processes. These offerings reach clients across the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. The company operates through two main divisions: Software and Scores. The Software segment provides pre-configured decision management solutions catering to a variety of business challenges and operations, including marketing strategy, account creation, customer relations, engagement, fraud detection, financial crime compliance, and debt collection, alongside related professional services. Key among its offerings is the FICO Platform, a modular software suite built to support sophisticated analytical and decision-making applications. This segment also supplies stand-alone analytical and decisioning software that customers can customize for a broad spectrum of business needs. Conversely, the Scores segment offers both business-to-business (B2B) and business-to-consumer (B2C) solutions. Its B2B scoring services empower corporate clients with analytics that can be integrated directly into their transaction flows and decision frameworks. For individual consumers, the segment provides B2C scoring via offerings such as myFICO.com subscriptions. FICO markets its diverse product and service portfolio primarily through its dedicated direct sales force, various indirect distribution channels, and its online presence. Established in 1956 as Fair Isaac & Company, Inc., the company officially adopted the name Fair Isaac Corporation in July 1992 and maintains its headquarters in Bozeman, Montana.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$2.0B
FY 2025 · Reported
Net income
$0.7B
FY 2025 · Reported
Gross margin
82.2%
FY 2025 · Calculated
Free cash flow
$0.8B
FY 2025 · Calculated
R&D intensity
9.5%
FY 2025 · Calculated
Share repurchases
$1.4B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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FICO Score as standard consumer credit risk measure
B2B scoring solutions, including the flagship FICO® Score, continued to be the standard measure of consumer credit risk in the U.S.
“our B2B scoring solutions, including the flagship FICO® Score, continued to be the standard measure of consumer credit risk in the U.S.”
Company overview
Global analytics software leader serving businesses in 80+ countries; founded 1956
“Fair Isaac Corporation (NYSE: FICO) ... is a global analytics software leader. We were founded in 1956”
Two reportable segments: Scores and Software
Two reportable segments: Scores and Software.
“We are organized into two reportable segments: Scores and Software.”
Two operating segments
Scores (B2B and B2C scoring) and Software (analytics/decision management solutions plus FICO Platform and professional services)
“Our business consists of two operating segments: Scores and Software.”
Customer industries
Most leading banks and credit card issuers rely on FICO solutions, plus insurers, retailers, telecom, auto lenders, CRAs, public agencies
“Most leading banks and credit card issuers rely on our solutions, as do insurers, retailers, telecommunications providers, automotive lenders, consumer reporting agencies, public agencies”
Large enterprise customer base
Customers are relatively large enterprises with significant bargaining power
“Most of our customers are relatively large enterprises, such as banks, credit card issuers, insurers, retailers, telecommunications providers, automotive lenders, consumer reporting agencies, public agencies”
Scores distribution via consumer reporting agencies
B2B scores primarily distributed through major consumer reporting agencies; CRAs pay FICO a fee per score
“Our B2B scoring solutions are primarily distributed through major consumer reporting agencies worldwide.”
FICO Score
FICO Score (300-850), standard U.S. consumer credit risk measure; FICO Score 10 and 10 T introduced 2020
“The FICO® Score is a three-digit number ranging from 300-850.”
FICO Score 10 and 10 T mortgage adoption and FHFA approval
FICO® Score 10 and FICO® Score 10 T gained increased traction for non-conforming mortgages and was approved for conforming mortgages by the Federal Housing Finance Agency for enterprise credit scoring requirements.
“was approved for conforming mortgages by the Federal Housing Finance Agency for enterprise credit scoring requirements”
FICO Platform
FICO Platform modular software; ongoing investment to run substantially all software on it
“we are continuing to invest significant development resources to enable substantially all of our software to run on FICO Platform in the future.”
Launch of FICO Score 10 BNPL — first scores incorporating BNPL data
First credit scores from a leading credit scoring provider to incorporate Buy Now, Pay Later ("BNPL") data.
“we launched FICO® Score 10 BNPL and FICO® Score 10 T BNPL, the first credit scores from a leading credit scoring provider to incorporate Buy Now, Pay Later ("BNPL") data”
Alternative-data scores
FICO Score XD and UltraFICO Score expand credit access using alternative/consumer-permissioned data; XD available via LexisNexis Risk Solutions and Equifax
“FICO Score XD is available to lenders through our distribution partners, LexisNexis Risk Solutions and Equifax.”
B2C myFICO.com subscriptions
myFICO.com subscriptions, credit monitoring, and identity theft monitoring products
“Our B2C scores are sold directly to consumers through our myFICO.com website and other direct-to-consumer channels.”
Software deployment and licensing model
Software sold as multi-year subscriptions with usage-based payments subject to minimums; SaaS or on-premises
“We typically sell our software as multi-year subscriptions, with payments based on usage metrics”
FICO Platform modular software strategy
Software segment strategy centers on substantially all software running on FICO® Platform
“FICO® Platform, our modular software offering designed to enable advanced analytics and decisioning use cases”
Core product families driving revenues
Scoring, fraud, customer communication, customer management and decision management software expected to account for a substantial portion of revenues
“revenues derived from our scoring solutions, fraud solutions, customer communication services, customer management solutions and decision management software will continue to account for a substantial portion of our total revenues”
FICO Platform and FICO Marketplace launch
Expanded FICO Platform reach with launch of FICO® Marketplace offering data, AI models, optimization tools, decision rulesets, and machine learning models.
“We expanded our FICO® Platform reach, both by geography and customer type, with the launch of FICO® Marketplace”
Segment revenues fiscal 2025 vs 2024 vs 2023
Scores $1,168.6M (59%), Software $822.3M (41%), Total $1,990.9M in FY2025; Scores +27%, Software +3%, Total +16% YoY.
“Scores$1,168,575 $919,650 $773,828 $248,925 $145,822 27 %19 %”
Headcount and geography
3,811 employees across 28 countries as of Sep 30, 2025; India largest location (1,506, 40%), U.S. 1,335 (35%), U.K. 271 (7%)
“we employed 3,811 persons across 28 countries. Of these, our largest representation included 1,335 (35%) based in the U.S., 1,506 (40%) based in India and 271 (7%) based in the U.K.”
Scores sales tied to U.S. mortgage and credit card volumes
Scores sales volume depends heavily on U.S. mortgage and credit card transaction volumes
“the volume of our Scores sales depends heavily on macroeconomic conditions, including, for example, the volume of transactions in the U.S. mortgage and credit card markets”
Scores revenue growth drivers fiscal 2025
B2B scores revenue +$236.7M driven by higher unit price, higher mortgage origination volume, and a U.S. multi-year insurance score license renewal; B2C +$12.2M.
“primarily attributable to a higher unit price, an increase in volume of mortgage originations and a multi-year license renewal in the U.S. recognized on our insurance score pro”
Four analytic R&D domains
R&D expertise spans predictive modeling, decision analysis/optimization, transaction profiling, and customer data integration; uses neural systems, machine learning and AI
“Our principal areas of research and development expertise are focused on the following four analytic domains.”
Platform-first strategy and financial inclusion initiatives
Platform-first strategy for Software; launched FICO Score in Kenya (TransUnion data/CreditVision), FICO Score Mortgage Simulator, and Lenders Leading Financial Inclusion program.
“the strategy for our Software segment continued to advance and drive growth through our platform-first products”
Debt issuance and balance at September 30, 2025
Issued $1.5B senior notes to repay term loans; amended credit agreement to increase revolver to $1.0B and extended maturity; total debt $3.1B vs $2.2B.
“We issued $1.5 billion of senior notes and used the net proceeds to repay all the outstanding balances on our term loans”
Fiscal 2025 profitability highlights
Operating income $924.9M (+26%); net income $651.9M (+27%); diluted EPS $26.54 (+30%); operating cash flow $778.8M vs $633.0M.
“Operating income was $924.9 million during fiscal 2025, a 26% increase from fiscal 2024.”
Internal control framework used
Internal control over financial reporting assessed using COSO 2013 framework; maintained effective internal control as of September 30, 2025
“the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO”
Share repurchases fiscal 2025
Repurchased 0.8 million shares for $1.4 billion during fiscal 2025, vs $0.8 billion in fiscal 2024.
“During fiscal 2025, we repurchased 0.8 million shares at a total repurchase price of $1.4 billion.”
Audit opinion on FY2025 financial statements
Unqualified opinions on consolidated financial statements for FY2023-FY2025 and on effective internal control over financial reporting as of September 30, 2025
“the financial statements ... present fairly, in all material respects, the financial position of Fair Isaac Corporation and subsidiaries as of September 30, 2025 and 2024”
Stockholders' deficit present
Company reports consolidated statements of stockholders' deficit for the three years ended September 30, 2025
“consolidated statements of income and comprehensive income, stockholders' deficit, and cash flows, for each of the three years in the period ended September 30, 2025”
Regulatory scrutiny of mortgage closing costs may cap FICO Score pricing
New laws limiting credit score fees could limit mortgage FICO Score price increases and revenue growth
“There has been increased regulatory focus in the U.S. related to the transparency and fairness of certain fees charged to consumers in connection with the closing of a residential mortgage loan”
EU AI Act requirements for credit scoring
EU AI Act establishes requirements for AI products including credit scoring; most provisions effective 2026
“The EU AI Act entered into force on August 1, 2024, and its provisions take effect between six and 36 months after that date, with most of those provisions becoming effective in 2026.”
EU AI Act
EU AI Act in force since Aug 1, 2024; most provisions effective in 2026, covering credit scoring AI
“The EU AI Act entered into force on August 1, 2024 and its provisions take effect between six and 36 months after that date, with most of those provisions becoming effective in 2026.”
FCRA and consumer credit regulation
FCRA and similar state/foreign consumer credit laws affect how customers use FICO products
“The FCRA provisions govern the accuracy, fairness and privacy of information in the files of consumer reporting agencies”
Broad data privacy and AI regulatory landscape
Subject to extensive privacy, data, consumer protection and AI regulation in U.S. and abroad
“the GDPR in the E.U. and the U.K. imposes strict obligations and restrictions on the collection and use of E.U. and U.K. personal data”
GSE credit score model validation (FHFA)
FHFA/Fannie Mae/Freddie Mac validation and approval of FICO Score use could impact scoring revenues
“including the ongoing validation and approval of the use of the FICO® Score by Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency.”
Fannie Mae / Freddie Mac mortgage score approval risk
Loss or decline of FICO Score use by Fannie Mae/Freddie Mac could materially harm revenues and stock price
“their continued use of the FICO Score is subject to ongoing validation and approval by those enterprises and the Federal Housing Finance Agency ("FHFA")”
Workforce competition for AI/software talent
Competition for scarce skilled personnel in AI, engineering and data science could impair recruitment and retention
“platform sales, software engineering, data science, AI and cybersecurity, is very competitive due to the limited number of people available with the necessary skills”
92% of FY2025 revenues come from the banking industry; bank credit deterioration or reduced consumer credit demand would directly reduce FICO revenues.
“During fiscal 2025, 92% of our revenues were derived from sales of products and services to the banking industry.”
Scores segment revenues and operating income substantially depend on contracts with the three major U.S. consumer reporting agencies distributing FICO Scores.
“we derive a substantial portion of our Scores segment revenues and operating income from our contracts with the three major consumer reporting agencies in the U.S., Experian, TransUnion and Equifax”
A significant portion of Scores revenues comes from the U.S. mortgage market requiring FICO Scores on GSE-eligible mortgages; approval changes by FHFA/GSEs could materially reduce demand.
“If other credit score models are approved for use with mortgages delivered to Fannie Mae and Freddie Mac, or the FICO Score is not approved for continued use with those mortgages, it could have a material adverse effect on our revenues”
B2B scores are distributed through the three U.S. national consumer reporting agencies, which pay FICO a fee per score; FICO does not collect or store the underlying consumer credit data.
“applied to credit data collected and maintained by the three U.S. national consumer reporting agencies — Experian, TransUnion and Equifax”
Most leading banks and credit card issuers rely on FICO solutions across Scores and Software segments.
“Most leading banks and credit card issuers rely on our solutions”
Scores sales volume depends heavily on U.S. mortgage and credit card market transaction volumes, linking Scores revenue to macroeconomic credit activity.
“the volume of our Scores sales depends heavily on macroeconomic conditions, including, for example, the volume of transactions in the U.S. mortgage and credit card markets”
Software segment growth strategy depends on adoption of FICO Platform to enable selling multiple connectable products and expanding client usage; market unreceptiveness would impair growth.
“We have increasingly focused our Software segment's business strategy on investing significant development resources to enable substantially all of our software to run on FICO® Platform”
Regulatory limits on credit score fees could constrain FICO's ability to raise mortgage Scores pricing, limiting Scores revenue growth and profitability.
“our ability in the future to increase pricing for FICO Scores used in mortgage originations may be impacted and thus the revenues and profitability of the FICO Score may be adversely affected”
Scores segment growth driven by higher mortgage origination volume and FHFA approval of FICO Score 10/10 T for conforming mortgages.
“an increase in volume of mortgage originations”
Both B2B scores and some B2C distribution flow through consumer reporting agencies and licensed partners including Experian and the FICO Score Open Access Program.
“indirectly through our licensed distribution partners, including Experian and certain lenders through the FICO® Score Open Access Program”
Ongoing validation and approval of FICO Score use by Fannie Mae, Freddie Mac, and FHFA could impact scoring products and revenues.
“that could have an impact on our scoring products and revenues”
Software strategy is platform-first; Platform ARR grew 16% YoY to $263.6M and represents 35% of ARR with 112% DBNRR.
“the strategy for our Software segment continued to advance and drive growth through our platform-first products”
Significant and growing share of software solutions run natively on FICO Platform; strategic investment to migrate substantially all software to it.
“A significant and growing number of our software solutions run natively on FICO® Platform”
FCRA and similar state/foreign laws affect the manner and extent to which customers use FICO products and services.
“These requirements can affect the manner and extent to which our customers use our products and services.”
FHFA approval of FICO Score 10/10 T for conforming mortgages is a material demand driver for the Scores segment.
“was approved for conforming mortgages by the Federal Housing Finance Agency for enterprise credit scoring requirements”
The EU AI Act imposes requirements on AI products including credit scoring, with most provisions effective in 2026, affecting FICO's AI-enabled products and EU customers.
“The EU AI Act entered into force on August 1, 2024, and its provisions take effect between six and 36 months after that date, with most of those provisions becoming effective in 2026.”
Scarce skilled personnel in AI, engineering, data science and cybersecurity are highly competitive, driving compensation costs and potentially limiting R&D capacity.
“is very competitive due to the limited number of people available with the necessary skills and understanding to build, sell and support our complex products”
EU AI Act imposes requirements on AI products including credit scoring, effective mostly in 2026.
“establishes requirements for the provision and use of products that leverage AI systems, including in credit scoring”
FICO Marketplace operationalizes AI models and machine learning to deliver enterprise outcomes from AI, expanding platform reach.
“Marketplace offers easy access to data, artificial intelligence ("AI") models, optimization tools, decision rulesets, and machine learning models”
New FICO Score 10 BNPL scores incorporate BNPL data, reflecting growing importance of BNPL loans in the U.S. credit ecosystem.
“accounting for the growing importance of BNPL loans in the U.S. credit ecosystem”
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