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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-11689

Fair Isaac Corporation

(Exact name of registrant as specified in its charter)


Delaware		94-1499887
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

5 West Mendenhall, Suite 105		59715
Bozeman,	Montana
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 406-982-7276

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	FICO	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Yes			☐			No			☒

The number of shares of common stock outstanding on April 16, 2026 was 23,190,906 (excluding 65,665,877 shares held by us as treasury stock).

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TABLE OF CONTENTS


	PART I – FINANCIAL INFORMATION

Item 1.	Unaudited Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	31

	PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	33
Item 6.	Exhibits	34
Signatures		35

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PART I – FINANCIAL INFORMATION

Item 1. Unaudited Financial Statements

FAIR ISAAC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	March 31, 2026		September 30, 2025
	(In thousands, except par value data)
Assets
Current assets:
Cash and cash equivalents	$	219,419	$	134,136
Accounts receivable, net	619,957		529,148
Prepaid expenses and other current assets	61,397		41,881
Total current assets	900,773		705,165
Marketable securities	53,046		54,625
Property and equipment, net	79,623		67,713
Operating lease right-of-use assets	25,025		26,213
Goodwill	781,390		783,340

Deferred income taxes	103,436		118,553
Other assets	104,956		112,524
Total assets	$	2,048,249	$	1,868,133
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	36,335	$	32,315
Accrued compensation and employee benefits	87,259		115,369
Other accrued liabilities	98,533		114,618
Deferred revenue	183,163		187,372
Current maturities on debt	—		399,541
Total current liabilities	405,290		849,215
Long-term debt	3,639,063		2,656,150
Operating lease liabilities	17,555		19,187
Other liabilities	87,991		89,365
Total liabilities	4,149,899		3,613,917
Commitments and contingencies
Stockholders’ deficit:
Preferred stock ($0.01 par value; 1,000 shares authorized; none issued and outstanding)	—		—
Common stock ($0.01 par value; 200,000 shares authorized, 88,857 shares issued and 23,295 and 23,764 shares outstanding at March 31, 2026 and September 30, 2025, respectively)	233		238
Additional paid-in-capital	1,316,744		1,331,120
Treasury stock, at cost (65,562 and 65,093 shares at March 31, 2026 and September 30, 2025, respectively)	(8,298,729)		(7,537,908)
Retained earnings	4,975,647		4,552,816
Accumulated other comprehensive loss	(95,545)		(92,050)
Total stockholders’ deficit	(2,101,650)		(1,745,784)
Total liabilities and stockholders’ deficit	$	2,048,249	$	1,868,133

See accompanying notes.

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FAIR ISAAC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)


	Quarter Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
	(In thousands, except per share data)
Revenues:
On-premises and SaaS software	$	199,231	$	183,826	$	387,452	$	369,837
Professional services	17,473		17,870		36,677		36,152
Scores	474,973		297,039		779,507		532,714
Total revenues	691,677		498,735		1,203,636		938,703
Operating expenses:
Cost of revenues	91,199		87,630		178,460		174,975
Research and development	53,916		45,037		103,828		90,182
Selling, general and administrative	144,097		120,420		284,834		248,370



Total operating expenses	289,212		253,087		567,122		513,527
Operating income	402,465		245,648		636,514		425,176
Interest expense, net	(44,579)		(31,378)		(86,585)		(60,866)
Other expense, net	(1,857)		(1,254)		(1,969)		(1,165)
Income before income taxes	356,029		213,016		547,960		363,145
Provision for income taxes	91,571		50,401		125,129		48,002
Net income	264,458		162,615		422,831		315,143
Other comprehensive income (loss):
Foreign currency translation adjustments	(3,428)		6,407		(3,495)		(9,647)
Comprehensive income	$	261,030	$	169,022	$	419,336	$	305,496
Earnings per share:
Basic	$	11.19	$	6.67	$	17.86	$	12.92
Diluted	$	11.14	$	6.59	$	17.73	$	12.73
Shares used in computing earnings per share:
Basic	23,628		24,389		23,676		24,383
Diluted	23,748		24,685		23,854		24,756

See accompanying notes.

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FAIR ISAAC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(Unaudited)


	Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Deficit
(In thousands)	Shares	Par Value
Balance at December 31, 2025	23,763	$	238	$	1,262,018	$	(7,689,462)	$	4,711,189	$	(92,117)	$	(1,808,134)
Share-based compensation	—	—		45,310		—		—		—		45,310
Issuance of treasury stock under employee stock plans	16	—		9,416		1,999		—		—		11,415
Repurchases of common stock	(484)	(5)		—		(611,266)		—		—		(611,271)
Net income	—	—		—		—		264,458		—		264,458
Foreign currency translation adjustments	—	—		—		—		—		(3,428)		(3,428)
Balance at March 31, 2026	23,295	$	233	$	1,316,744	$	(8,298,729)	$	4,975,647	$	(95,545)	$	(2,101,650)

	Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Deficit
(In thousands)	Shares	Par Value
Balance at December 31, 2024	24,443	$	244	$	1,201,828	$	(6,285,951)	$	4,053,398	$	(107,683)	$	(1,138,164)
Share-based compensation	—	—		41,704		—		—		—		41,704
Issuance of treasury stock under employee stock plans	21	1		8,252		2,143		—		—		10,396
Repurchases of common stock	(112)	(1)		—		(207,009)		—		—		(207,010)
Net income	—	—		—		—		162,615		—		162,615
Foreign currency translation adjustments	—	—		—		—		—		6,407		6,407
Balance at March 31, 2025	24,352	$	244	$	1,251,784	$	(6,490,817)	$	4,216,013	$	(101,276)	$	(1,124,052)

	Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Deficit
(In thousands)	Shares	Par Value
Balance at September 30, 2025	23,764	$	238	$	1,331,120	$	(7,537,908)	$	4,552,816	$	(92,050)	$	(1,745,784)
Share-based compensation	—	—		89,579		—		—		—		89,579
Issuance of treasury stock under employee stock plans	110	1		(103,955)		13,122		—		—		(90,832)
Repurchases of common stock	(579)	(6)		—		(773,943)		—		—		(773,949)
Net income	—	—		—		—		422,831		—		422,831
Foreign currency translation adjustments	—	—		—		—		—		(3,495)		(3,495)
Balance at March 31, 2026	23,295	$	233	$	1,316,744	$	(8,298,729)	$	4,975,647	$	(95,545)	$	(2,101,650)

	Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Deficit
(In thousands)	Shares	Par Value
Balance at September 30, 2024	24,392	$	244	$	1,366,572	$	(6,138,736)	$	3,900,870	$	(91,629)	$	(962,679)
Share-based compensation	—	—		82,358		—		—		—		82,358
Issuance of treasury stock under employee stock plans	151	2		(197,146)		14,676		—		—		(182,468)
Repurchases of common stock	(191)	(2)		—		(366,757)		—		—		(366,759)
Net income	—	—		—		—		315,143		—		315,143
Foreign currency translation adjustments	—	—		—		—		—		(9,647)		(9,647)
Balance at March 31, 2025	24,352	$	244	$	1,251,784	$	(6,490,817)	$	4,216,013	$	(101,276)	$	(1,124,052)

See accompanying notes.

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FAIR ISAAC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six Months Ended March 31,
	2026		2025
	(In thousands)
Cash flows from operating activities:
Net income	$	422,831	$	315,143
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,905		6,950
Share-based compensation	89,579		82,358
Deferred income taxes	14,728		(12,781)
Net loss on marketable securities	4,980		3,174
Non-cash operating lease costs	4,711		5,213
Provision for (benefit from) doubtful accounts	(6)		990

Net (gain) loss on sales and abandonment of property and equipment	(5)		70
Changes in operating assets and liabilities:
Accounts receivable	(82,251)		(66,718)
Prepaid expenses and other assets	(21,383)		(43,213)
Accounts payable	4,075		1,796
Accrued compensation and employee benefits	(27,940)		(28,183)
Other liabilities	(16,093)		(14,016)
Deferred revenue	(3,691)		18,132
Net cash provided by operating activities	397,440		268,915
Cash flows from investing activities:
Purchases of property and equipment	(492)		(2,960)
Capitalized internal-use software costs	(17,256)		(13,638)
Proceeds from sales of marketable securities	6,109		1,495
Purchases of marketable securities	(9,509)		(4,780)



Net cash used in investing activities	(21,148)		(19,883)
Cash flows from financing activities:
Proceeds from revolving line of credit and term loans	880,000		450,000
Payments on revolving line of credit and term loans	(890,000)		(132,500)
Proceeds from issuance of senior notes	1,000,000		—
Payments on senior notes	(400,000)		—
Payments on debt issuance costs	(9,013)		—
Payments on finance leases	(2,834)		(3,016)
Proceeds from issuance of treasury stock under employee stock plans	14,935		16,062
Taxes paid related to net share settlement of equity awards	(105,767)		(198,531)
Repurchases of common stock, inclusive of excise tax	(776,565)		(379,738)
Net cash used in financing activities	(289,244)		(247,723)
Effect of exchange rate changes on cash	(1,765)		(5,335)
Increase (decrease) in cash and cash equivalents	85,283		(4,026)
Cash and cash equivalents, beginning of period	134,136		150,667
Cash and cash equivalents, end of period	$	219,419	$	146,641
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds of $7,796 and $663 during the six-month periods ended March 31, 2026 and 2025, respectively	$	120,142	$	92,213
Cash paid for interest	$	93,172	$	60,939
Supplemental disclosures of non-cash investing and financing activities:
Purchase of property and equipment included in accounts payable	$	67	$	14
Unsettled repurchases of common stock, inclusive of excise tax accrued, but not yet paid	$	15,800	$	412

See accompanying notes.

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FAIR ISAAC CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Nature of Business

Fair Isaac Corporation

Fair Isaac Corporation (NYSE: FICO) (together with its consolidated subsidiaries, the “Company,” which may also be referred to in this report as “we,” “us,” “our,” or “FICO”) is a global analytics software leader. We were founded in 1956 on the premise that data, used intelligently, can improve business decisions. Today, FICO’s software and the widely used FICO® Score operationalize analytics, enabling thousands of businesses in more than 80 countries to uncover new opportunities, make timely decisions that matter, and execute them at scale. Most leading banks and credit card issuers rely on our solutions, as do insurers, retailers, telecommunications providers, automotive lenders, consumer reporting agencies, public agencies, and organizations in other industries. We also serve consumers through online services that enable people to access and understand their FICO® Scores — the standard measure of consumer credit risk in the United States (“U.S.”) — empowering them to increase financial literacy and manage their financial health.

Principles of Consolidation and Basis of Presentation

We have prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with the instructions to Form 10-Q and the applicable accounting guidance. Consequently, we have not necessarily included all information and footnotes required for audited financial statements. In our opinion, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments, except as otherwise indicated) necessary for a fair presentation of our financial position and results of operations. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with our audited consolidated financial statements and notes thereto presented in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025. The interim financial information contained in this report is not necessarily indicative of the results to be expected for any other interim period or for the entire fiscal year.

The condensed consolidated financial statements include the accounts of FICO and its subsidiaries. All intercompany accounts and transactions have been eliminated.

Use of Estimates

We make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the disclosures made in the accompanying notes. For example, we use estimates in determining the appropriate levels of various accruals; variable considerations included in the transaction price and standalone selling price of each performance obligation for our customer contracts; labor hours in connection with fixed-fee service contracts; the amount of our tax provision; and the realizability of deferred tax assets. We also use estimates in determining the remaining economic lives and carrying values of property and equipment and other long-lived assets. In addition, we use assumptions to estimate the fair value of reporting units and share-based compensation. Actual results may differ from our estimates.

New Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disaggregated information on income tax paid. The standard is effective for fiscal years beginning after December 15, 2024, which means that it will be effective for our annual periods beginning with the fiscal year ending September 30, 2026. We are currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements.

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In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disaggregated disclosure of certain income statement expenses an entity presents on the face of the income statement into specified categories in disclosures within the footnotes to the financial statements, including employee compensation, depreciation, intangible asset amortization, and certain other expenses, when applicable. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, which means that it will be effective for our annual periods beginning with the fiscal year ending September 30, 2028, and our interim periods beginning October 1, 2028. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, “Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”). ASU 2025-06 removes references to prescriptive and sequential software development project stages, and instead requires capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended, with consideration as to when significant uncertainty associated with the development activities of the software has been resolved. Additionally, ASU 2025-06 clarifies the disclosure requirements for capitalized internal-use software costs. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2027, which means that it will be effective for our fiscal years beginning October 1, 2028. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our consolidated financial statements and related disclosures.

We do not expect that any other recently issued accounting pronouncements will have a significant effect on our consolidated financial statements.

2. Fair Value Measurements

Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance establishes a three-level hierarchy for disclosure that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities.

•Level 1 — uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. Our Level 1 assets were comprised of certain marketable securities and our Level 1 liabilities included senior notes as of March 31, 2026 and September 30, 2025.

•Level 2 — uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data. We did not have any assets or liabilities that are valued using inputs identified under a Level 2 hierarchy as of March 31, 2026 and September 30, 2025.

•Level 3 — uses one or more significant inputs that are unobservable and supported by little or no market activity, and that reflect the use of significant management judgment. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, and significant management judgment or estimation. We did not value any assets or liabilities using inputs identified under a Level 3 hierarchy as of March 31, 2026 and September 30, 2025.

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The following tables represent financial assets that we measured at fair value on a recurring basis at March 31, 2026 and September 30, 2025:


March 31, 2026	Active Markets for Identical Instruments (Level 1)		Fair Value as of March 31, 2026
	(In thousands)
Assets:

Marketable securities (1)	$	53,046	$	53,046

September 30, 2025	Active Markets for Identical Instruments (Level 1)		Fair Value as of September 30, 2025
	(In thousands)
Assets:
Cash equivalents (2)	$	6	$	6
Marketable securities (1)	54,625		54,625
Total	$	54,631	$	54,631

(1) Represents securities held under a non-qualified deferred compensation plan for certain officers and senior management employees, which are distributed upon separation from service or at a specific date while still employed. Included in marketable securities on our condensed consolidated balance sheets at March 31, 2026 and September 30, 2025.

(2) Included in cash and cash equivalents on our condensed consolidated balance sheet at September 30, 2025. Not included in this table are cash deposits of $134.1 million at September 30, 2025.

See Note 6 for the fair value of our senior notes.

There were no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the quarters and six-month periods ended March 31, 2026 and 2025.

3. Derivative Financial Instruments

We use derivative instruments to manage risks caused by fluctuations in foreign exchange rates. The primary objective of our derivative instruments is to protect the value of foreign-currency-denominated receivables and cash balances from the effects of volatility in foreign exchange rates that might occur prior to conversion to their functional currencies. We principally utilize foreign currency forward contracts, which enable us to buy and sell foreign currencies in the future at fixed exchange rates and economically offset changes in foreign exchange rates. We routinely enter into contracts to offset exposures denominated in the British pound, Euro, and Singapore dollar.

Foreign-currency-denominated receivables and cash balances are remeasured at foreign exchange rates in effect on the balance sheet date with the effects of changes in foreign exchange rates reported in other expense, net. The forward contracts are not designated as hedges and are marked to market through other expense, net. Fair value changes in the forward contracts help mitigate the changes in the value of the remeasured receivable and cash balances attributable to changes in foreign exchange rates. The forward contracts are short-term in nature and typically have average maturities at inception of less than three months.

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The following tables summarize our outstanding foreign currency forward contracts, by currency, at March 31, 2026 and September 30, 2025:


	March 31, 2026
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:

Euro (EUR)	EUR	5,400	$	6,212	$	—
Buy foreign currency:
British pound (GBP)	GBP	11,636	$	15,400	$	—
Singapore dollar (SGD)	SGD	9,355	$	7,300	$	—


	September 30, 2025
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:

Euro (EUR)	EUR	7,700	$	9,034	$	—
Buy foreign currency:
British pound (GBP)	GBP	10,019	$	13,500	$	—
Singapore dollar (SGD)	SGD	8,087	$	6,300	$	—

The foreign currency forward contracts were entered into on March 31, 2026 and September 30, 2025; therefore, their fair value was $0 on each of these dates.

Gains (losses) on derivative financial instruments were recorded in our condensed consolidated statements of income and comprehensive income as a component of other expense, net, and consisted of the following:


	Quarter Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
	(In thousands)
Gains (losses) on foreign currency forward contracts	$	(409)	$	502	$	(575)	$	(882)

4. Goodwill

The following table summarizes changes to goodwill during the six months ended March 31, 2026, both in total and as allocated to our segments. As of March 31, 2026, there was no accumulated goodwill impairment loss.


	Scores		Software		Total
	(In thousands)
Balance at September 30, 2025	$	146,648	$	636,692	$	783,340


Foreign currency translation adjustment	—		(1,950)		(1,950)

Balance at March 31, 2026	$	146,648	$	634,742	$	781,390

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5. Composition of Certain Financial Statement Captions

The following table presents the composition of property and equipment, net at March 31, 2026 and September 30, 2025:


	March 31, 2026		September 30, 2025
	(In thousands)
Property and equipment, net:
Property and equipment	$	64,633	$	66,134
Internal-use software	64,408		47,151
Less: accumulated depreciation and amortization	(49,418)		(45,572)
Total	$	79,623	$	67,713

The following table presents the composition of other accrued liabilities at March 31, 2026 and September 30, 2025:


	March 31, 2026		September 30, 2025
	(In thousands)
Other accrued liabilities:
Interest payable	$	46,718	$	53,500
Other	51,815		61,118
Total	$	98,533	$	114,618

6. Debt

The following table represents our debt at carrying value at March 31, 2026 and September 30, 2025:


	March 31, 2026		September 30, 2025
	(In thousands)
Current maturities on debt:
The 2018 Senior Notes	$	—	$	400,000
Less: debt issuance costs	—		(459)
Current maturities on debt	—		399,541
Long-term debt:
Revolving line of credit	265,000		275,000
The 2019 Senior Notes and the 2021 Senior Notes	900,000		900,000
The 2025 Senior Notes	1,500,000		1,500,000
The 2026 Senior Notes	1,000,000		—
Less: debt issuance costs	(25,937)		(18,850)
Long-term debt	3,639,063		2,656,150
Total debt	$	3,639,063	$	3,055,691

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Revolving Line of Credit

We have a $1.0 billion unsecured revolving line of credit with a syndicate of banks that matures on May 13, 2030. Borrowings under the revolving line of credit can be used for working capital and general corporate purposes and may also be used for the refinancing of existing debt, acquisitions, and the repurchase of our common stock. Interest rates on amounts borrowed under the revolving line of credit are based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, (b) the Federal Funds rate plus 0.5%, and (c) the Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 1%, plus, in each case, an applicable margin, (ii) the Daily Simple SOFR plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement), or (iii) term SOFR (without a credit spread adjustment) plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement). The applicable margin for base rate borrowings and for SOFR borrowings is determined based on our consolidated leverage ratio. The applicable margin for base rate borrowings ranges from 0% to 0.75% per annum and for SOFR borrowings ranges from 1% to 1.75% per annum. In addition, we must pay certain credit facility fees. The credit agreement contains certain restrictive covenants including a maximum consolidated leverage ratio of 3.5 to 1.0, subject to a step up to 4.0 to 1.0 following certain permitted acquisitions and subject to certain conditions, and contains other covenants typical of an unsecured credit facility.

As of March 31, 2026, we had $265.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 4.931%, and we were in compliance with all financial covenants under the credit agreement.

Senior Notes

On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes”). The 2019 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028.

On December 17, 2021, we issued $550 million of additional senior notes of the same class as the 2019 Senior Notes in a private offering to qualified institutional investors (the “2021 Senior Notes”). The 2021 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028, the same date as the 2019 Senior Notes.

On May 13, 2025, we issued $1.5 billion of senior notes in a private offering to qualified institutional investors (the “2025 Senior Notes”). The 2025 Senior Notes require interest payments semi-annually at a rate of 6.00% per annum and will mature on May 15, 2033.

On March 20, 2026, we issued $1.0 billion of senior notes in a private offering to qualified institutional investors (the “2026 Senior Notes,” and collectively with the 2018 Senior Notes, the 2019 Senior Notes, the 2021 Senior Notes, and the 2025 Senior Notes, the “Senior Notes”). The 2026 Senior Notes require interest payments semi-annually at a rate of 6.25% per annum and will mature on September 15, 2034.

The indentures for the Senior Notes contain certain covenants typical of unsecured obligations and we were in compliance as of March 31, 2026.

The following table presents the face values and fair values for the Senior Notes at March 31, 2026 and September 30, 2025:


	March 31, 2026				September 30, 2025
	Face Value		Fair Value		Face Value		Fair Value
	(In thousands)
The 2018 Senior Notes	$	—	$	—	$	400,000	$	399,500
The 2019 Senior Notes and the 2021 Senior Notes	900,000		868,500		900,000		875,250
The 2025 Senior Notes	1,500,000		1,456,875		1,500,000		1,518,750
The 2026 Senior Notes	1,000,000		972,500		—		—
Total	$	3,400,000	$	3,297,875	$	2,800,000	$	2,793,500

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7. Revenue from Contracts with Customers

Disaggregation of Revenue

The following tables provide information about disaggregated revenue by primary geographical market:


	Quarter Ended March 31, 2026
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas (*)	$	470,973	$	151,113	$	622,086	90	%
Europe, Middle East and Africa	2,568		44,821		47,389		7	%
Asia Pacific	1,432		20,770		22,202		3	%
Total	$	474,973	$	216,704	$	691,677	100	%

(*) Americas revenue included U.S. revenue of $565.9 million for the quarter ended March 31, 2026.


	Quarter Ended March 31, 2025
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas (*)	$	291,982	$	137,020	$	429,002	86	%
Europe, Middle East and Africa	1,667		41,733		43,400		9	%
Asia Pacific	3,390		22,943		26,333		5	%
Total	$	297,039	$	201,696	$	498,735	100	%

(*) Americas revenue included U.S. revenue of $383.5 million for the quarter ended March 31, 2025.


	Six Months Ended March 31, 2026
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas (*)	$	773,221	$	302,078	$	1,075,299	89	%
Europe, Middle East and Africa	4,209		82,120		86,329		7	%
Asia Pacific	2,077		39,931		42,008		4	%
Total	$	779,507	$	424,129	$	1,203,636	100	%

(*) Americas revenue included U.S. revenue of $967.8 million for the six months ended March 31, 2026.


	Six Months Ended March 31, 2025
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas (*)	$	524,948	$	283,929	$	808,877	86	%
Europe, Middle East and Africa	3,544		76,215		79,759		9	%
Asia Pacific	4,222		45,845		50,067		5	%
Total	$	532,714	$	405,989	$	938,703	100	%

(*) Americas revenue included U.S. revenue of $714.5 million for the six months ended March 31, 2025.

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The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by deployment method:


	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2026		2025		2026		2025		2026		2025		2026		2025
	(Dollars in thousands)
On-premises software	$	78,604	$	82,300	39	%	45	%	$	151,163	$	165,135	39	%	45	%
SaaS software	120,627		101,526		61	%	55	%	236,289		204,702		61	%	55	%
Total	$	199,231	$	183,826	100	%	100	%	$	387,452	$	369,837	100	%	100	%

The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by product features:


	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2026		2025		2026		2025		2026		2025		2026		2025
	(Dollars in thousands)
Platform software	$	86,963	$	56,464	44	%	31	%	$	160,820	$	110,286	42	%	30	%
Non-platform software	112,268		127,362		56	%	69	%	226,632		259,551		58	%	70	%
Total	$	199,231	$	183,826	100	%	100	%	$	387,452	$	369,837	100	%	100	%

The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by timing of revenue recognition:


	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2026		2025		2026		2025		2026		2025		2026		2025
	(Dollars in thousands)
Software recognized at a point in time (1)	$	23,639	$	25,609	12	%	14	%	$	40,069	$	48,417	10	%	13	%
Software recognized over contract term (2)	175,592		158,217		88	%	86	%	347,383		321,420		90	%	87	%
Total	$	199,231	$	183,826	100	%	100	%	$	387,452	$	369,837	100	%	100	%

(1)Includes license portion of our on-premises subscription software and perpetual licenses, both of which are recognized when the software is made available to the customer, or at the start of the subscription.

(2)Includes maintenance portion and usage-based fees of our on-premises subscription software, maintenance revenue on perpetual licenses, as well as SaaS revenue.

The following table provides information about disaggregated revenue for our Scores segment by distribution method:


	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2026		2025		2026		2025		2026		2025		2026		2025
	(Dollars in thousands)
Business-to-business Scores	$	417,629	$	242,494	88	%	82	%	$	666,242	$	424,885	85	%	80	%
Business-to-consumer Scores	57,344		54,545		12	%	18	%	113,265		107,829		15	%	20	%
Total	$	474,973	$	297,039	100	%	100	%	$	779,507	$	532,714	100	%	100	%

We derive a substantial portion of revenues from our contracts with the three major consumer reporting agencies, TransUnion, Equifax and Experian. Revenues collectively generated by agreements with these customers accounted for 64% and 52% of our total revenues in the quarters ended March 31, 2026 and 2025, respectively, with all three consumer reporting agencies each contributing more than 10% of our total revenues in each of the quarters ended March 31, 2026 and 2025. Revenues collectively generated by agreements with these customers accounted for 58% and 49% of our total revenues in the six months ended March 31, 2026 and 2025, respectively, with all three consumer reporting agencies each contributing more than 10% of our total revenues in each of the six months ended March 31, 2026 and 2025. At March 31, 2026 and September 30, 2025, three and two customers, respectively, accounted for 10% or more of total consolidated receivables.

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Contract Balances

We record a receivable when we satisfy a performance obligation prior to invoicing if only the passage of time is required before payment is due or if we have an unconditional right to consideration before we satisfy a performance obligation. We record a contract asset when we satisfy a performance obligation prior to invoicing but our right to consideration is conditional. We record deferred revenue when the payment is made or due before we satisfy a performance obligation.

Receivables at March 31, 2026 and September 30, 2025 consisted of the following:


	March 31, 2026		September 30, 2025
	(In thousands)
Billed	$	355,327	$	327,721
Unbilled	300,794		246,600
	656,121		574,321
Less: allowance for doubtful accounts	(7,720)		(7,964)
Net receivables	648,401		566,357
Less: long-term receivables (*)	(28,444)		(37,209)
Short-term receivables (*)	$	619,957	$	529,148

(*) Short-term receivables and long-term receivables were recorded in accounts receivable, net and other assets, respectively, within the accompanying condensed consolidated balance sheets.

Deferred revenue primarily relates to our maintenance and SaaS contracts billed annually in advance and generally recognized ratably over the term of the service period. Significant changes in the deferred revenues balances are as follows:


	Six Months Ended March 31, 2026
	(In thousands)
Deferred revenues, beginning balance (*)	$	189,238
Revenue recognized that was included in the deferred revenues balance at the beginning of the period	(136,409)
Increases due to billings, excluding amounts recognized as revenue during the period	132,196
Deferred revenues, ending balance (*)	$	185,025

(*) Deferred revenues at March 31, 2026 included current portion of $183.2 million and long-term portion of $1.8 million that were recorded in deferred revenue and other liabilities, respectively, within the condensed consolidated balance sheets. Deferred revenues at September 30, 2025 included current portion of $187.4 million and long-term portion of $1.8 million that were recorded in deferred revenue and other liabilities, respectively, within the condensed consolidated balance sheets.

Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to provide customers with financing or to receive financing from our customers. Examples include multi-year on-premises licenses that are invoiced annually with revenue recognized upfront and invoicing at the beginning of a subscription term with revenue recognized ratably over the contract period.

Performance Obligations

Revenue allocated to remaining performance obligations represents contracted revenue that will be recognized in future periods, which is comprised of deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. This does not include:

•Usage-based revenue that will be recognized in future periods from on-premises software subscriptions;

•Consumption-based variable fees from SaaS software that will be recognized in the distinct service period during which it is earned; and

•Revenue from variable considerations that will be recognized in accordance with the “right-to-invoice” practical expedient, such as fees from our professional services billed based on a time and materials basis.

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Revenue allocated to remaining performance obligations was $717.7 million as of March 31, 2026, approximately 50% of which we expect to recognize over the next 14 months and the remainder thereafter. Revenue allocated to remaining performance obligations was $655.7 million as of September 30, 2025.

8. Income Taxes

Effective Tax Rate

The effective income tax rate was 25.7% and 23.7% during the quarters ended March 31, 2026 and 2025, respectively, and 22.8% and 13.2% during the six months ended March 31, 2026 and 2025, respectively. The provision for income taxes during interim quarterly reporting periods is based on our estimates of the effective tax rates for the full fiscal year. The effective tax rate in any quarter can also be affected positively or negatively by adjustments that are required to be reported in the specific quarter of resolution.

The One Big Beautiful Bill Act (“OBBBA”) of 2025 was signed into law on July 4, 2025. Included among the provisions is the ability to immediately expense domestic research and experimental (“R&E”) expenditures, as well as an election to accelerate any unamortized domestic R&E expenditures over a one- or two-year period. Both provisions are effective for FICO in fiscal 2026. The impacts of the OBBBA were reflected in FICO’s results for the six months ended March 31, 2026.

The total unrecognized tax benefit for uncertain tax positions was estimated to be $21.1 million and $19.5 million at March 31, 2026 and September 30, 2025, respectively. We recognize interest expense related to unrecognized tax benefits and penalties as part of the provision for income taxes in our condensed consolidated statements of income and comprehensive income. We accrued interest of $2.5 million and $1.9 million related to unrecognized tax benefits as of March 31, 2026 and September 30, 2025, respectively.

9. Earnings per Share

The following table presents reconciliations for the numerators and denominators of basic and diluted earnings per share (“EPS”) for the quarters and six-month periods ended March 31, 2026 and 2025:


	Quarter Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
	(In thousands, except per share data)
Numerator for diluted and basic earnings per share:
Net income	$	264,458	$	162,615	$	422,831	$	315,143
Denominator — share:
Basic weighted-average shares	23,628		24,389		23,676		24,383
Effect of dilutive securities	120		296		178		373
Diluted weighted-average shares	23,748		24,685		23,854		24,756
Earnings per share:
Basic	$	11.19	$	6.67	$	17.86	$	12.92
Diluted	$	11.14	$	6.59	$	17.73	$	12.73

Anti-dilutive share-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented.

10. Segment Information

We are organized into two reportable segments: Scores and Software. Although we sell solutions and services to a large number of end user product and industry markets, our reportable business segments reflect the primary method in which management organizes and evaluates internal financial information to make operating decisions and assess performance.

•Scores. This segment includes our business-to-business (“B2B”) scoring solutions and services which give our clients access to predictive credit and other scores that can be easily integrated into their transaction streams and decision-making processes. This segment also includes our business-to-consumer (“B2C”) scoring solutions, including our myFICO.com subscription offerings.

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•Software. This segment includes pre-configured analytic and decision management solutions designed for a specific type of business need or process — such as account origination, customer management, customer engagement, fraud detection, and marketing — as well as associated professional services. This segment also includes FICO® Platform, a modular software offering designed to support advanced analytic and decision use cases, as well as stand-alone analytic and decisioning software that can be configured by our customers to address a wide variety of business use cases. These offerings are available to our customers as SaaS or as on-premises software.

Our chief operating decision maker (“CODM”), who is our Chief Executive Officer, evaluates segment financial performance based on segment revenues, segment operating expenses in total and segment operating income. Segment operating expenses consist of direct and indirect costs principally related to personnel, facilities, IT infrastructure, depreciation and amortization, consulting and travel. Indirect costs are allocated to the segments generally based on relative segment revenues, fixed rates established by management based upon estimated expense contribution levels and other assumptions that management considers reasonable. We do not allocate broad-based incentive expense, share-based compensation expense, restructuring and acquisition-related expense, amortization expense, various corporate charges and certain other income and expense measures to our segments. These income and expense items are not allocated because they are not considered in evaluating the segment’s operating performance. Our CODM does not evaluate the financial performance of each segment based on its respective assets or capital expenditures; rather, depreciation and amortization amounts are allocated to the segments from their internal cost centers as described above.

The following tables summarize segment information for the quarters and six-month periods ended March 31, 2026 and 2025:


	Quarter Ended March 31, 2026
	Scores		Software		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	199,231	$	199,231
Professional services	—		17,473		17,473
Scores	474,973		—		474,973
Total segment revenues	474,973		216,704		691,677
Segment operating expense	(42,497)		(154,110)		(196,607)
Segment operating income	$	432,476	$	62,594	495,070
Unallocated corporate expenses					(47,295)
Unallocated share-based compensation expense					(45,310)



Operating income					402,465
Unallocated interest expense, net					(44,579)
Unallocated other expense, net					(1,857)
Income before income taxes					$	356,029

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	Quarter Ended March 31, 2025
	Scores		Software		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	183,826	$	183,826
Professional services	—		17,870		17,870
Scores	297,039		—		297,039
Total segment revenues	297,039		201,696		498,735
Segment operating expense	(32,069)		(138,372)		(170,441)
Segment operating income	$	264,970	$	63,324	328,294
Unallocated corporate expenses					(40,942)
Unallocated share-based compensation expense					(41,704)



Operating income					245,648
Unallocated interest expense, net					(31,378)
Unallocated other expense, net					(1,254)
Income before income taxes					$	213,016


	Six Months Ended March 31, 2026
	Scores		Software		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	387,452	$	387,452
Professional services	—		36,677		36,677
Scores	779,507		—		779,507
Total segment revenues	779,507		424,129		1,203,636
Segment operating expense	(79,178)		(302,921)		(382,099)
Segment operating income	$	700,329	$	121,208	821,537
Unallocated corporate expenses					(95,444)
Unallocated share-based compensation expense					(89,579)



Operating income					636,514
Unallocated interest expense, net					(86,585)
Unallocated other expense, net					(1,969)
Income before income taxes					$	547,960


	Six Months Ended March 31, 2025
	Scores		Software		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	369,837	$	369,837
Professional services	—		36,152		36,152
Scores	532,714		—		532,714
Total segment revenues	532,714		405,989		938,703
Segment operating expense	(63,973)		(281,923)		(345,896)
Segment operating income	$	468,741	$	124,066	592,807
Unallocated corporate expenses					(85,273)
Unallocated share-based compensation expense					(82,358)



Operating income					425,176
Unallocated interest expense, net					(60,866)
Unallocated other expense, net					(1,165)
Income before income taxes					$	363,145

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The following table presents depreciation and amortization on property and equipment for the quarters and six-month periods ended March 31, 2026 and 2025:


	Quarter Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
	(In thousands)
Depreciation and amortization:
Scores	$	99	$	118	$	207	$	243
Software	2,198		2,340		$	4,496	4,792
Total segment depreciation and amortization	2,297		2,458		4,703		5,035
Unallocated corporate	289		18		$	575	36
Total depreciation and amortization	$	2,586	$	2,476	$	5,278	$	5,071

11. Contingencies

We are in disputes with certain customers regarding amounts owed in connection with the sale of certain of our products and services. We also have had claims asserted by former employees relating to compensation and other employment matters. We are also involved in various other claims and legal actions arising in the ordinary course of business. We record litigation accruals for legal matters which are both probable and estimable. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), we have determined we do not have a material exposure, either individually or in the aggregate.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

Statements contained in this report that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). In addition, certain statements in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact constitute forward-looking statements within the meaning of the PSLRA. Examples of forward-looking statements include, but are not limited to: (i) projections of revenue, income or loss, expenses, earnings or loss per share, the payment or nonpayment of dividends, share repurchases, capital structure and other statements concerning future financial performance; (ii) statements of our plans and objectives by our management or Board of Directors, including those relating to products or services, research and development, and the sufficiency of capital resources; (iii) statements of assumptions underlying such statements, including those related to economic conditions; (iv) statements regarding results of business combinations or strategic divestitures; (v) statements regarding business relationships with vendors, customers or collaborators, including the proportion of revenues generated from international as opposed to domestic customers; and (vi) statements regarding products and services, their characteristics, performance, sales potential or effect in use by customers. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “should,” “potential,” “goals,” “strategy,” “outlook,” “plan,” “estimated,” “will,” variations of these terms and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, those described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and in subsequent filings with the SEC. The performance of our business and our securities may be adversely affected by these factors and by other factors common to other businesses and investments, or to the general economy. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We disclaim any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers should carefully review the disclosures and the risk factors described in this and other documents we file from time to time with the SEC, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

OVERVIEW

We were founded in 1956 on the premise that data, used intelligently, can improve business decisions. Today, FICO’s software and the widely used FICO® Score operationalize analytics, enabling thousands of businesses in more than 80 countries to uncover new opportunities, make timely decisions that matter, and execute them at scale. Most leading banks and credit card issuers rely on our solutions, as do insurers, retailers, telecommunications providers, automotive lenders, consumer reporting agencies, public agencies, and organizations in other industries. We also serve consumers through online services that enable people to access and understand their FICO® Scores — the standard measure of consumer credit risk in the United States (“U.S.”) — empowering them to increase financial literacy and manage their financial health.

Our business consists of two operating segments: Scores and Software.

Our Scores segment includes our business-to-business (“B2B”) scoring solutions and services which give our clients access to predictive credit and other scores that can be easily integrated into their transaction streams and decision-making processes. This segment also includes our business-to-consumer (“B2C”) scoring solutions, including our myFICO.com subscription offerings.

Our Software segment includes pre-configured analytic and decision management solutions designed for a specific type of business need or process — such as account origination, customer management, customer engagement, fraud detection, and marketing — as well as associated professional services. This segment also includes FICO® Platform, a modular software offering designed to support advanced analytic and decision use cases, as well as stand-alone analytic and decisioning software that can be configured by our customers to address a wide variety of business use cases. Our offerings are available to our customers as software-as-a-service (“SaaS”) or as on-premises software.

Highlights from the quarter and six months ended March 31, 2026

•Total revenues were $691.7 million during the quarter ended March 31, 2026, a 39% increase from the quarter ended March 31, 2025, and $1.2 billion during the six months ended March 31, 2026, a 28% increase from the six months ended March 31, 2025.

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•Revenues for our Scores segment were $475.0 million during the quarter ended March 31, 2026, a 60% increase from the quarter ended March 31, 2025, and $779.5 million during the six months ended March 31, 2026, a 46% increase from the six months ended March 31, 2025.

•Annual Recurring Revenue for our Software segment as of March 31, 2026 was $788.8 million, a 10% increase from March 31, 2025.

•Dollar-Based Net Retention Rate for our Software segment was 109% as of March 31, 2026.

•Operating income was $402.5 million during the quarter ended March 31, 2026, a 64% increase from the quarter ended March 31, 2025, and $636.5 million during the six months ended March 31, 2026, a 50% increase from the six months ended March 31, 2025.

•Net income was $264.5 million during the quarter ended March 31, 2026, a 63% increase from the quarter ended March 31, 2025, and $422.8 million during the six months ended March 31, 2026, a 34% increase from the six months ended March 31, 2025.

•Diluted EPS was $11.14 during the quarter ended March 31, 2026, a 69% increase from the quarter ended March 31, 2025, and $17.73 during the six months ended March 31, 2026, a 39% increase from the six months ended March 31, 2025.

•Cash flows from operating activities were $397.4 million during the six months ended March 31, 2026, compared with $268.9 million during the six months ended March 31, 2025.

•Cash and cash equivalents were $219.4 million as of March 31, 2026, compared with $134.1 million as of September 30, 2025.

•We issued $1.0 billion of senior notes during March 2026, and used the net proceeds to make a payment against the revolving line of credit and repay the $400 million of senior notes due in May 2026. Total debt balance was $3.6 billion as of March 31, 2026, compared with $3.1 billion as of September 30, 2025.

•Total share repurchases during the quarter ended March 31, 2026 were $611.3 million, compared with $207.0 million during the quarter ended March 31, 2025, and during the six months ended March 31, 2026 were $773.9 million, compared with $366.8 million during the six months ended March 31, 2025.

Key performance metrics for Software segment

Annual Contract Value Bookings (“ACV Bookings”)

Management regards ACV Bookings as an important indicator of future revenues, but it is not comparable to, nor is it a substitute for, an analysis of our revenues and other U.S. generally accepted accounting principles (“U.S. GAAP”) measures. We define ACV Bookings as the 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 we exclude perpetual licenses and other software revenues that are non-recurring in nature. For renewals of existing software subscription contracts, we count only incremental annual revenue expected over the current contract as ACV Bookings.

ACV Bookings is calculated by dividing the total expected contract value by the contract term in years. The expected contract value equals the fixed amount — including guaranteed minimums, if any — stated in the contract, plus estimates of future usage-based fees. We develop estimates from discussions with our customers and examinations of historical data from similar products and customer arrangements. Differences between estimates and actual results occur due to variability in the estimated usage. This variability can be the result of the economic trends in our customers’ industries, individual performance of our customers relative to their competitors, and regulatory and other factors that affect the business environment in which our customers operate. For the periods presented, ACV Bookings related to estimates of future usage-based fees was approximately 20% of the total ACV Bookings amount on an annualized basis. Differences between the initial estimates of future usage-based fees and actual results historically have not been material and we do not currently expect that they will be materially different in the future.

We disclose estimated revenue expected to be recognized in the future related to remaining performance obligations in Note 7 to the accompanying condensed consolidated financial statements. However, we believe ACV Bookings is a useful supplemental measure of our business as it includes estimated revenues and future billings excluded from Note 7, such as usage-based fees and guaranteed minimums derived from our on-premises software licenses, among others.

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The following table summarizes our ACV Bookings during the periods indicated:


	Quarter Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
	(In millions)
Total on-premises and SaaS software	$	28.3	$	21.8	$	66.1	$	43.0

Annual Recurring Revenue (“ARR”)

Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, requires us to recognize a significant portion of revenue from our on-premises software subscriptions at the point in time when the software is first made available to the customer, or at the beginning of the subscription term, despite the fact that our contracts typically call for billing these amounts ratably over the life of the subscription. The remaining portion of our on-premises software subscription revenue including maintenance and usage-based fees are recognized over the life of the contract. This point-in-time recognition of a portion of our on-premises software subscription revenue creates significant variability in the revenue recognized period to period based on the timing of the subscription start date and the subscription term. Furthermore, this point-in-time revenue recognition can create a significant difference between the timing of our revenue recognition and the actual customer billing under the contract. We use ARR to measure the underlying performance of our subscription-based contracts and mitigate the impact of this variability. ARR is defined as the 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 our software licensing and subscription arrangements that are not expected to recur (primarily perpetual licenses) are excluded. We calculate ARR as the quarterly recurring revenue run-rate multiplied by four.

The following table summarizes our ARR for on-premises and SaaS software exiting each of the dates presented:


	June 30, 2024			September 30, 2024			December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025			March 31, 2026
ARR	(In millions)
Platform	$	215.1		$	227.0		$	227.7		$	234.7		$	254.2		$	263.6		$	302.6		$	348.8
Non-platform	494.5			494.2			501.6			479.9			484.9			483.7			463.4			440.0
Total	$	709.6		$	721.2		$	729.3		$	714.6		$	739.1		$	747.3		$	766.0		$	788.8

Percentage
Platform	30		%	31		%	31		%	33		%	34		%	35		%	40		%	44		%
Non-platform	70		%	69		%	69		%	67		%	66		%	65		%	60		%	56		%
Total	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%

YoY Change
Platform	31		%	31		%	20		%	17		%	18		%	16		%	33		%	49		%
Non-platform	3		%	—		%	1		%	(3)		%	(2)		%	(2)		%	(8)		%	(8)		%
Total	10		%	8		%	6		%	3		%	4		%	4		%	5		%	10		%

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Dollar-Based Net Retention Rate (“DBNRR”)

We consider DBNRR to be an important measure of our success in retaining and growing revenue from our existing customers. To calculate DBNRR for any period, we compare the ARR at the end of the prior comparable quarter (“base ARR”) to the ARR from that same cohort of customers at the end of the current quarter (“retained ARR”); we then divide the retained ARR by the base ARR to arrive at the DBNRR. Our calculation includes the positive impact among this cohort of customers of selling additional products, price increases and increases in usage-based fees, and the negative impact of customer attrition, price decreases, and decreases in usage-based fees during the period. However, the calculation does not include the positive impact from sales to any new customers acquired during the period. Our DBNRR may increase or decrease from period to period as a result of various factors, including the timing of new sales and customer renewal rates.

The following table summarizes our DBNRR for on-premises and SaaS software exiting each of the dates presented:


	June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026
DBNRR
Platform	124	%	123	%	112	%	110	%	115	%	112	%	122	%	136	%
Non-platform	101	%	99	%	100	%	96	%	97	%	97	%	91	%	90	%
Total	108	%	106	%	105	%	102	%	103	%	102	%	103	%	109	%

RESULTS OF OPERATIONS

We are organized into two reportable segments: Scores and Software. Although we sell solutions and services into a large number of end user product and industry markets, our reportable business segments reflect the primary method in which management organizes and evaluates internal financial information to make operating decisions and assess performance.

Segment revenues, operating income, and related financial information, including disaggregation of revenue, are set forth in Note 7 and Note 10 to the accompanying condensed consolidated financial statements.

Revenues

The following tables set forth certain summary information on a segment basis related to our revenues for the quarters and six-month periods ended March 31, 2026 and 2025:


	Quarter Ended March 31,				Percentage of Revenues				Period-to-Period Change		Period-to-Period Percentage Change
Segment	2026		2025		2026		2025
	(In thousands)								(In thousands)
Scores	$	474,973	$	297,039	69	%	60	%	$	177,934	60	%
Software	216,704		201,696		31	%	40	%	15,008		7	%
Total	$	691,677	$	498,735	100	%	100	%	192,942		39	%

	Six Months Ended March 31,				Percentage of Revenues				Period-to-Period Change		Period-to-Period Percentage Change
Segment	2026		2025		2026		2025
	(In thousands)								(In thousands)
Scores	$	779,507	$	532,714	65	%	57	%	$	246,793	46	%
Software	424,129		405,989		35	%	43	%	18,140		4	%
Total	$	1,203,636	$	938,703	100	%	100	%	264,933		28	%

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Quarter Ended March 31, 2026 Compared to Quarter Ended March 31, 2025

Scores

Scores segment revenues increased $177.9 million due to an increase of $175.1 million in our business-to-business scores revenue and an increase of $2.8 million in our business-to-consumer scores revenue. The increase in business-to-business scores revenue was primarily attributable to a higher unit price and an increase in volume of mortgage originations. The increase in business-to-consumer scores revenue was primarily attributable to an increase in royalties derived from scores sold indirectly to consumers through credit reporting agencies.

Software

The following table provides information about disaggregated revenue for our Software segment by revenue types:


	Quarter Ended March 31,				Period-to-Period Change		Period-to-Period Percentage Change
	2026		2025
	(In thousands)				(In thousands)
On-premises and SaaS software	$	199,231	$	183,826	$	15,405	8	%
Professional services	17,473		17,870		(397)		(2)	%
Total	$	216,704	$	201,696	15,008		7	%

Software segment revenues increased $15.0 million due to a $15.4 million increase in our on-premises and SaaS software revenue, partially offset by a $0.4 million decrease in our professional services revenue. The increase in our on-premises and SaaS software revenue was primarily attributable to an increase in revenue recognized over time largely driven by SaaS growth for our Platform products.

Six Months Ended March 31, 2026 Compared to Six Months Ended March 31, 2025

Scores

Scores segment revenues increased $246.8 million due to an increase of $241.4 million in our business-to-business scores revenue and an increase of $5.4 million in our business-to-consumer revenue. The increase in business-to-business scores revenue was primarily attributable to a higher unit price and an increase in volume of mortgage originations. The increase in business-to-consumer scores revenue was primarily attributable to an increase in royalties derived from scores sold indirectly to consumers through credit reporting agencies.

Software


	Six Months Ended March 31,				Period-to-Period Change		Period-to-Period Percentage Change
	2026		2025
	(In thousands)				(In thousands)
On-premises and SaaS software	$	387,452	$	369,837	$	17,615	5	%
Professional services	36,677		36,152		525		1	%
Total	$	424,129	$	405,989	18,140		4	%

Software segment revenues increased $18.1 million due to a $17.6 million increase in our on-premises and SaaS software revenue and a $0.5 million increase in professional services revenue. The increase in our on-premises and SaaS software revenue was primarily attributable to an increase in revenue recognized over time largely driven by SaaS growth for our Platform products.

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Operating Expenses and Other Expense, Net

The following tables set forth certain summary information related to our condensed consolidated statements of income and comprehensive income for the quarters and six-month periods ended March 31, 2026 and 2025:


	Quarter Ended March 31,				Percentage of Revenues				Period-to-Period Change		Period-to- Period Percentage Change
	2026		2025		2026		2025
	(In thousands, except employees)								(In thousands, except employees)
Revenues	$	691,677	$	498,735	100	%	100	%	$	192,942	39	%
Operating expenses:
Cost of revenues	91,199		87,630		13	%	18	%	3,569		4	%
Research and development	53,916		45,037		8	%	9	%	8,879		20	%
Selling, general and administrative	144,097		120,420		21	%	24	%	23,677		20	%



Total operating expenses	289,212		253,087		42	%	51	%	36,125		14	%
Operating income	402,465		245,648		58	%	49	%	156,817		64	%
Interest expense, net	(44,579)		(31,378)		(7)	%	(6)	%	(13,201)		42	%
Other expense, net	(1,857)		(1,254)		—	%	—	%	(603)		48	%
Income before income taxes	356,029		213,016		51	%	43	%	143,013		67	%
Provision for income taxes	91,571		50,401		13	%	10	%	41,170		82	%
Net income	$	264,458	$	162,615	38	%	33	%	101,843		63	%
Number of employees at quarter end	3,758		3,718						40		1	%


	Six Months Ended March 31,				Percentage of Revenues				Period-to-Period Change		Period-to- Period Percentage Change
	2026		2025		2026		2025
	(In thousands)								(In thousands)
Revenues	$	1,203,636	$	938,703	100	%	100	%	$	264,933	28	%
Operating expenses:
Cost of revenues	178,460		174,975		15	%	19	%	3,485		2	%
Research and development	103,828		90,182		9	%	10	%	13,646		15	%
Selling, general and administrative	284,834		248,370		23	%	26	%	36,464		15	%



Total operating expenses	567,122		513,527		47	%	55	%	53,595		10	%
Operating income	636,514		425,176		53	%	45	%	211,338		50	%
Interest expense, net	(86,585)		(60,866)		(7)	%	(6)	%	(25,719)		42	%
Other expense, net	(1,969)		(1,165)		—	%	—	%	(804)		69	%
Income before income taxes	547,960		363,145		46	%	39	%	184,815		51	%
Provision for income taxes	125,129		48,002		10	%	5	%	77,127		161	%
Net income	$	422,831	$	315,143	35	%	34	%	107,688		34	%

Cost of Revenues

Cost of revenues consists primarily of employee salaries, incentives, and benefits for personnel directly involved in delivering software products, operating SaaS infrastructure, and providing support, implementation and consulting services; overhead, facilities and data center costs; software royalty fees; consumer reporting agency data and processing services; third-party hosting fees related to our SaaS services; travel costs; and outside services.

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The quarter-over-prior year quarter increase in cost of revenues of $3.6 million was primarily attributable to a $3.0 million increase in infrastructure and facilities costs and a $0.6 million increase in personnel, labor and other costs. The increase in infrastructure and facilities costs was primarily attributable to an increase in third-party data center hosting costs. Cost of revenues as a percentage of revenues decreased to 13% during the quarter ended March 31, 2026 from 18% during the quarter ended March 31, 2025, primarily due to increased sales of our higher-margin Scores products.

The year-to-date period-over-period increase in cost of revenues of $3.5 million was primarily attributable to a $4.7 million increase in infrastructure and facilities costs, partially offset by a $1.2 million decrease in direct materials and other costs. The increase in infrastructure and facilities costs was primarily attributable to an increase in third-party data center hosting costs. The decrease in direct materials and other costs was primarily attributable to decreased telecommunications costs that support FICO® Customer Communications Services revenue. Cost of revenues as a percentage of revenues decreased to 15% during the six months ended March 31, 2026 from 19% during the six months ended March 31, 2025, primarily due to increased sales of our higher-margin Scores products.

Research and Development

Research and development expenses include personnel and related overhead costs incurred in the development of new products and services, including research of mathematical and statistical models and development of new versions of Software products.

The quarter-over-prior year quarter increase in research and development expenses of $8.9 million was primarily attributable to a $6.0 million increase in infrastructure and facilities costs and a $4.8 million increase in personnel and labor costs, partially offset by a $1.9 million decrease in outside services and other costs. The increase in infrastructure and facilities costs was primarily attributable to increased third-party data center hosting costs. The increase in personnel and labor costs was primarily attributable to increased headcount and increased incentive costs. The decrease in outside services and other costs was primarily attributable to decreased third-party contractor costs. Research and development expenses as a percentage of revenues decreased to 8% during the quarter ended March 31, 2026 from 9% during the quarter ended March 31, 2025.

The year-to-date period-over-period increase in research and development expenses of $13.6 million was primarily attributable to a $10.0 million increase in infrastructure and facilities costs and a $7.2 million increase in personnel and labor costs, partially offset by a $3.6 million decrease in outside services and other costs. The increase in infrastructure and facilities costs was primarily attributable to increased third-party data center hosting costs. The increase in personnel and labor costs was primarily attributable to increased headcount, increased share-based compensation costs, and increased incentive costs. The decrease in outside services and other costs was primarily attributable to decreased third-party contractor costs. Research and development expenses as a percentage of revenues decreased to 9% during the quarter ended March 31, 2026 from 10% during the quarter ended March 31, 2025.

Selling, General and Administrative

Selling, general and administrative expenses consist principally of employee salaries, incentives, commissions and benefits; travel costs; overhead costs; advertising and other promotional expenses; corporate facilities expenses; legal expenses; and business development expenses.

The quarter-over-prior year quarter increase in selling, general and administrative expenses of $23.7 million was primarily attributable to a $15.8 million increase in personnel and labor costs and a $7.9 million increase in marketing and other costs. The increase in personnel and labor costs was primarily attributable to increased headcount, increased share-based compensation costs, increased incentive costs, and increased commission costs. The increase in marketing and other costs was primarily attributable to increased advertising and other promotional costs. Selling, general and administrative expenses as a percentage of revenues decreased to 21% during the quarter ended March 31, 2026 from 24% during the quarter ended March 31, 2025.

The year-to-date period-over-period increase in selling, general and administrative expenses of $36.5 million was primarily attributable to a $24.8 million increase in personnel and labor costs and an $11.7 million increase in marketing and other costs. The increase in personnel and labor costs was primarily attributable to increased headcount, increased share-based compensation costs, and increased commission costs. The increase in marketing and other costs was primarily attributable to increased advertising and other promotional costs, increased third-party consulting costs, and increased third-party contractor costs. Selling, general and administrative expenses as a percentage of revenues decreased to 23% during the six months ended March 31, 2026 from 26% during the six months ended March 31, 2025.

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Interest Expense, Net

Interest expense includes interest on the senior notes issued in March 2026, May 2025, December 2021, December 2019 and May 2018, as well as interest and credit agreement fees on the revolving line of credit and, for the prior year quarter and prior year-to-date period, term loans. On our condensed consolidated statements of income and comprehensive income, interest expense is netted with interest income, which is derived primarily from the investment of funds in excess of our immediate operating requirements.

The quarter-over-prior year quarter increase in net interest expense of $13.2 million was primarily attributable to the $1.5 billion of 2025 Senior Notes (as defined below) and the $1.0 billion of 2026 Senior Notes (as defined below), partially offset by a lower average outstanding balance and a lower average interest rate on borrowings under our credit agreement during the quarter ended March 31, 2026.

The year-to-date period-over-period increase in interest expense of $25.7 million was primarily attributable to the $1.5 billion of 2025 Senior Notes (as defined below) and the $1.0 billion of 2026 Senior Notes (as defined below), partially offset by a lower average outstanding balance and a lower average interest rate on borrowings under our credit agreement during the six months ended March 31, 2026.

Other Expense, Net

Other expense, net consists primarily of unrealized investment gains/losses and realized gains/losses on marketable securities classified as trading securities, exchange rate gains/losses resulting from remeasurement of foreign-currency-denominated receivables and cash balances held by our various reporting entities into their respective functional currencies at period-end market rates, net of the impact of offsetting foreign currency forward contracts, and other non-operating items.

The quarter-over-prior year quarter increase in other expense, net of $0.6 million was primarily attributable to a decrease in foreign exchange rate gains resulting from remeasurement of foreign-currency-denominated receivables and cash balances held by our various reporting entities into their respective functional currencies at period-end market rates.

The year-to-date period-over-period increase in other expense, net of $0.8 million was primarily attributable to an increase in foreign exchange rate losses resulting from remeasurement of foreign-currency-denominated receivables and cash balances held by our various reporting entities into their respective functional currencies at period-end market rates.

Provision for Income Taxes

The effective tax rates for the quarters and six months ended March 31, 2026 and 2025 were favorably impacted by the recording of excess tax benefits relating to stock awards. The impact is dependent upon grants of share-based compensation and the future stock price in relation to the fair value of awards on the grant date. The decrease in stock price for awards that vested in December 2025 resulted in a decreased net excess tax benefit for the six months ended March 31, 2026.

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Operating Income

The following tables set forth certain summary information on a segment basis related to our operating income for the quarters and six-month periods ended March 31, 2026 and 2025:


	Quarter Ended March 31,				Period-to-Period Change		Period-to-Period Percentage Change
Segment	2026		2025
	(In thousands)				(In thousands)
Scores	$	432,476	$	264,970	$	167,506	63	%
Software	62,594		63,324		(730)		(1)	%
Total segment operating income	495,070		328,294		166,776		51	%
Unallocated corporate expenses	(47,295)		(40,942)		(6,353)		16	%
Unallocated share-based compensation	(45,310)		(41,704)		(3,606)		9	%



Operating income	$	402,465	$	245,648	156,817		64	%


	Scores								Software
	Quarter Ended March 31,				Percentage of Revenues				Quarter Ended March 31,				Percentage of Revenues
	2026		2025		2026		2025		2026		2025		2026		2025
	(In thousands)								(In thousands)
Segment revenues	$	474,973	$	297,039	100	%	100	%	$	216,704	$	201,696	100	%	100	%
Segment operating expense	(42,497)		(32,069)		(9)	%	(11)	%	(154,110)		(138,372)		(71)	%	(69)	%
Segment operating income	$	432,476	$	264,970	91	%	89	%	$	62,594	$	63,324	29	%	31	%

The quarter-over-prior year quarter increase in operating income of $156.8 million was primarily attributable to a $192.9 million increase in segment revenues, partially offset by a $26.2 million increase in segment operating expenses, a $6.3 million increase in corporate expenses, and a $3.6 million increase in share-based compensation expense.

At the segment level, the quarter-over-prior year quarter increase in segment operating income of $166.8 million was the result of a $167.5 million increase in our Scores segment operating income, partially offset by a $0.7 million decrease in our Software segment operating income.

The quarter-over-prior year quarter increase in Scores segment operating income of $167.5 million was due to a $177.9 million increase in segment revenue, partially offset by a $10.4 million increase in segment operating expenses. Scores segment operating income as a percentage of segment revenue increased to 91% from 89%, primarily due to higher business-to-business scores revenue driven by a higher unit price and an increase in volume of mortgage originations.

The quarter-over-prior year quarter decrease in Software segment operating income of $0.7 million was due to a $15.7 million increase in segment operating expenses, partially offset by a $15.0 million increase in segment revenue. Software segment operating income as a percentage of segment revenue decreased to 29% from 31%, primarily attributable to an increase in third-party data center hosting costs and a decrease in sales of higher-margin software recognized at a point in time.


	Six Months Ended March 31,				Period-to-Period Change		Period-to-Period Percentage Change
Segment	2026		2025
	(In thousands)				(In thousands)
Scores	$	700,329	$	468,741	$	231,588	49	%
Software	121,208		124,066		(2,858)		(2)	%
Total segment operating income	821,537		592,807		228,730		39	%
Unallocated corporate expenses	(95,444)		(85,273)		(10,171)		12	%
Unallocated share-based compensation	(89,579)		(82,358)		(7,221)		9	%



Operating income	$	636,514	$	425,176	211,338		50	%

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	Scores								Software
	Six Months Ended March 31,				Percentage of Revenues				Six Months Ended March 31,				Percentage of Revenues
	2026		2025		2026		2025		2026		2025		2026		2025
	(In thousands)								(In thousands)
Segment revenues	$	779,507	$	532,714	100	%	100	%	$	424,129	$	405,989	100	%	100	%
Segment operating expense	(79,178)		(63,973)		(10)	%	(12)	%	(302,921)		(281,923)		(71)	%	(69)	%
Segment operating income	$	700,329	$	468,741	90	%	88	%	$	121,208	$	124,066	29	%	31	%

The year-to-date period-over-period increase of $211.3 million in operating income was primarily attributable to a $264.9 million increase in segment revenues, partially offset by a $36.2 million increase in segment operating expenses, a $10.2 million increase in corporate expenses, and a $7.2 million increase in share-based compensation expense.

At the segment level, the year-to-date period-over-period increase of $228.7 million in segment operating income was the result of a $231.6 million increase in our Scores segment operating income, partially offset by a $2.9 million decrease in our Software segment operating income.

The year-to-date period-over-period $231.6 million increase in Scores segment operating income was attributable to a $246.8 million increase in segment revenue, partially offset by a $15.2 million increase in segment operating expenses. Scores segment operating income as a percentage of segment revenue increased to 90% from 88%, primarily due to higher business-to-business scores revenue driven by a higher unit price and an increase in volume of mortgage originations.

The year-to-date period-over-period $2.9 million decrease in Software segment operating income was due to a $21.0 million increase in segment operating expenses, partially offset by an $18.1 million increase in segment revenue. Software segment operating income as a percentage of segment revenue decreased to 29% from 31%, primarily attributable to an increase in third-party data center hosting costs and a decrease in sales of higher-margin software recognized at a point in time.

CAPITAL RESOURCES AND LIQUIDITY

Outlook

As of March 31, 2026, we had $219.4 million in cash and cash equivalents, which included $104.0 million held by our foreign subsidiaries. We believe our cash and cash equivalents balances, including those held by our foreign subsidiaries, as well as available borrowings from our $1.0 billion revolving line of credit and anticipated cash flows from operating activities, will be sufficient to fund our working and other capital requirements for at least the next 12 months and thereafter for the foreseeable future. Under our current financing arrangements, we have no significant debt obligations maturing over the next 12 months. For jurisdictions outside the U.S. where cash may be repatriated in the future, the Company expects the net impact of any repatriations to be immaterial to the Company’s overall tax liability.

In the normal course of business, we evaluate the merits of acquiring technology or businesses, or establishing strategic relationships with or investing in these businesses. We may elect to use available cash and cash equivalents to fund such activities in the future. In the event additional needs for cash arise, or if we refinance our existing debt, we may raise additional funds from a combination of sources, including the potential issuance of debt or equity securities. Additional financing might not be available on terms favorable to us, or at all. If adequate funds were not available or were not available on acceptable terms, our ability to take advantage of unanticipated opportunities or respond to competitive pressures could be limited.

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Summary of Cash Flows


	Six Months Ended March 31,				Period-to-Period Change
	2026		2025
	(In thousands)
Cash provided by (used in):
Operating activities	$	397,440	$	268,915	$	128,525
Investing activities	(21,148)		(19,883)		(1,265)
Financing activities	(289,244)		(247,723)		(41,521)
Effect of exchange rate changes on cash	(1,765)		(5,335)		3,570
Increase (decrease) in cash and cash equivalents	$	85,283	$	(4,026)	89,309

Cash Flows from Operating Activities

Our primary method for funding operations and growth has been through cash flows generated from operating activities. Net cash provided by operating activities increased to $397.4 million during the six months ended March 31, 2026 from $268.9 million during the six months ended March 31, 2025. The $128.5 million increase was attributable to a $107.7 million increase in net income and a $35.9 million increase in non-cash items, partially offset by a $15.1 million decrease due to the timing of receipts and payments in our ordinary course of business.

Cash Flows from Investing Activities

Net cash used in investing activities increased to $21.1 million for the six months ended March 31, 2026 from $19.9 million for the six months ended March 31, 2025. The $1.3 million increase was primarily attributable to a $3.6 million increase in capitalized internal-use software costs, partially offset by a $2.5 million decrease in purchases of property and equipment.

Cash Flows from Financing Activities

Net cash used in financing activities increased to $289.2 million for the six months ended March 31, 2026 from $247.7 million for the six months ended March 31, 2025. The $41.5 million increase was primarily attributable to a $396.8 million increase in repurchases of common stock, a $327.5 million increase in payments, net of proceeds, on our revolving line of credit and term loans, and the $400.0 million repayment of 2018 Senior Notes (as defined below), partially offset by the proceeds from the issuance of our $1.0 billion 2026 Senior Notes (as defined below) and a $92.8 million decrease in taxes paid related to net share settlement of equity awards.

Repurchases of Common Stock

In June 2025, our Board of Directors approved a stock repurchase program (the “June 2025 program”), replacing our previously authorized July 2024 stock repurchase program, which was terminated prior to its expiration. The June 2025 program was open-ended and authorized repurchases of shares of our common stock from time to time up to an aggregate cost of $1.0 billion in the open market or in negotiated transactions. In February 2026, our Board of Directors approved a new stock repurchase program (the “February 2026 program”), replacing the June 2025 program, which was terminated prior to its expiration. The February 2026 program is open-ended and authorizes repurchases of shares of our common stock from time to time up to an aggregate cost of $1.5 billion in the open market or in negotiated transactions. The February 2026 program remains in effect until the total authorized amount is expended or until further action by our Board of Directors. As of March 31, 2026, we had $1.1 billion remaining under the February 2026 program. We expended $611.3 million and $773.9 million during the quarter and six months ended March 31, 2026, respectively, under the June 2025 program and the February 2026 program. We expended $207.0 million and $366.8 million during the quarter and six months ended March 31, 2025, respectively, under previously authorized stock repurchase programs.

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Revolving Line of Credit

Senior Notes

On May 8, 2018, we issued $400 million of senior notes in a private offering to qualified institutional investors (the “2018 Senior Notes”). The 2018 Senior Notes required interest payments semi-annually at a rate of 5.25% per annum and were to mature on May 15, 2026. On March 26, 2026, prior to the maturity date, we repaid in full the 2018 Senior Notes, utilizing proceeds from the issuance of the 2026 Senior Notes (as defined below). On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes”). The 2019 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028. On December 17, 2021, we issued $550 million of additional senior notes of the same class as the 2019 Senior Notes in a private offering to qualified institutional investors (the “2021 Senior Notes”). The 2021 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028, the same date as the 2019 Senior Notes. On May 13, 2025, we issued $1.5 billion of senior notes in a private offering to qualified institutional investors (the “2025 Senior Notes”). The 2025 Senior Notes require interest payments semi-annually at a rate of 6.00% per annum and will mature on May 15, 2033. On March 20, 2026, we issued $1.0 billion of senior notes in a private offering to qualified institutional investors (the “2026 Senior Notes,” and collectively with the 2018 Senior Notes, the 2019 Senior Notes, the 2021 Senior Notes, and the 2025 Senior Notes, the “Senior Notes”). The 2026 Senior Notes require interest payments semi-annually at a rate of 6.25% per annum and will mature on September 15, 2034. The indentures for the Senior Notes contain certain covenants typical of unsecured obligations. As of March 31, 2026, the carrying value of the Senior Notes was $3.4 billion and we were in compliance with all financial covenants under these obligations.

CRITICAL ACCOUNTING ESTIMATES

We prepare our condensed consolidated financial statements in conformity with U.S. GAAP. These accounting principles require management to make certain judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. We periodically evaluate our estimates including those relating to revenue recognition, goodwill resulting from business combinations and other long-lived assets — impairment assessment, share-based compensation, income taxes, and contingencies and litigation. We base our estimates on historical experience and various other assumptions that we believe to be reasonable based on the specific circumstances, the results of which form the basis for making judgments about the carrying value of certain assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and such differences could be material to our financial condition and results of operations. Critical accounting estimates are those that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition and results of operations.

You should carefully consider the critical accounting estimates disclosed in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 (“Annual Report on Form 10-K”). There have been no significant changes from the critical accounting estimates disclosed in our Annual Report on Form 10-K.

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New Accounting Pronouncements

For information about recent accounting pronouncements not yet adopted and the impact on our consolidated financial statements, refer to Part I, Item 1, “Unaudited Financial Statements,” Note 1, “Nature of Business” in our accompanying Notes to Condensed Consolidated Financial Statements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market Risk Disclosures

We are exposed to market risk related to changes in interest rates and foreign exchange rates. We do not use derivative financial instruments for speculative or trading purposes.

Interest Rate

We maintain an investment portfolio consisting of bank deposits and money market funds. The funds provide daily liquidity and may be subject to interest rate risk and fall in value if market interest rates increase. We do not expect our operating expenses to be affected to any significant degree by a sudden change in market interest rates. The following table presents the principal amounts and related weighted-average yields for our investments with interest rate risk at March 31, 2026 and September 30, 2025:


	March 31, 2026						September 30, 2025
	Cost Basis		Carrying Amount		Average Yield		Cost Basis		Carrying Amount		Average Yield
	(Dollars in thousands)
Cash and cash equivalents	$	219,419	$	219,419	2.75	%	$	134,136	$	134,136	1.77	%

The fair value of the Senior Notes may increase or decrease due to various factors, including fluctuations in market interest rates and fluctuations in general economic conditions. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Capital Resources and Liquidity” for additional information on the Senior Notes. The following table presents the face values and fair values for the Senior Notes at March 31, 2026 and September 30, 2025:


	March 31, 2026				September 30, 2025
	Face Value		Fair Value		Face Value		Fair Value
	(In thousands)
The 2018 Senior Notes	$	—	$	—	$	400,000	$	399,500
The 2019 Senior Notes and the 2021 Senior Notes	900,000		868,500		900,000		875,250
The 2025 Senior Notes	1,500,000		1,456,875		1,500,000		1,518,750
The 2026 Senior Notes	1,000,000		972,500		—		—
Total	$	3,400,000	$	3,297,875	$	2,800,000	$	2,793,500

We have interest rate risk with respect to our unsecured revolving line of credit. Interest rates on amounts borrowed under the revolving line of credit are based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, (b) the Federal Funds rate plus 0.5%, and (c) the Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 1%, plus, in each case, an applicable margin, (ii) the Daily Simple SOFR plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement), or (iii) term SOFR (without a credit spread adjustment) plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement). The applicable margin for base rate borrowings and for SOFR borrowings is determined based on our consolidated leverage ratio. The applicable margin for base rate borrowings ranges from 0% to 0.75% per annum and for SOFR borrowings ranges from 1% to 1.75% per annum. A change in interest rates on this variable rate debt impacts the interest incurred and cash flows, but does not impact the fair value of the instrument. As of March 31, 2026, we had $265.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 4.931%.

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Foreign Currency Forward Contracts

We maintain a program to manage our foreign exchange rate risk on existing foreign-currency-denominated receivables and cash balances by entering into forward contracts to sell or buy foreign currencies. At period end, foreign-currency-denominated receivables and cash balances held by our various reporting entities are remeasured into their respective functional currencies at current market rates. The change in value from this remeasurement is then reported as a foreign exchange gain or loss for that period in our accompanying condensed consolidated statements of income and comprehensive income and the resulting gain or loss on the forward contract mitigates the foreign exchange rate risk of the associated assets. All of our foreign currency forward contracts have maturity periods of less than three months. Such derivative financial instruments are subject to market risk.

The following tables summarize our outstanding foreign currency forward contracts, by currency, at March 31, 2026 and September 30, 2025:


	March 31, 2026
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:

Euro (EUR)	EUR	5,400	$	6,212	$	—
Buy foreign currency:
British pound (GBP)	GBP	11,636	$	15,400	$	—
Singapore dollar (SGD)	SGD	9,355	$	7,300	$	—

	September 30, 2025
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:

Euro (EUR)	EUR	7,700	$	9,034	$	—
Buy foreign currency:
British pound (GBP)	GBP	10,019	$	13,500	$	—
Singapore dollar (SGD)	SGD	8,087	$	6,300	$	—

The foreign currency forward contracts were entered into on March 31, 2026 and September 30, 2025; therefore, their fair value was $0 on each of these dates.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

An evaluation was carried out under the supervision and with the participation of FICO’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of FICO’s disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this quarterly report. Based on that evaluation, the CEO and CFO have concluded that FICO’s disclosure controls and procedures were effective as of March 31, 2026 to ensure that information required to be disclosed by FICO in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. In addition, the disclosure controls and procedures are designed to ensure that information required to be disclosed is accumulated and communicated to management, including the CEO and CFO, allowing timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

No change in FICO’s internal control over financial reporting was identified in connection with the evaluation required by Rules 13a-15 or 15d-15 of the Exchange Act that occurred during the period covered by this quarterly report and that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

FICO is a defendant in consolidated putative class action lawsuits brought in the Northern District of Illinois against FICO and the credit bureaus, Equifax, Experian and TransUnion, alleging antitrust claims in connection with the distribution of FICO Scores. On November 24, 2024, the court ruled on FICO’s and the credit bureaus’ motions to dismiss the plaintiffs’ amended complaints. The court dismissed with prejudice all claims in the lawsuit other than a Sherman Act Section 2 claim and accompanying state law claims against FICO, which were allowed to proceed through the discovery stage of the litigation. FICO intends to vigorously defend against the remaining claims in this proceeding.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report, you should carefully consider the factors discussed in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for our fiscal year ended September 30, 2025 (our “Annual Report on Form 10-K”). The risks discussed in our Annual Report on Form 10-K could materially affect our business, financial condition and future results. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be insignificant also may materially and adversely affect our business, financial condition or operating results in the future. There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
January 1, 2026 through January 31, 2026	49,657	$	1,587.53	49,090	$	103,013,127
February 1, 2026 through February 28, 2026	76,161	$	1,355.00	75,901	$	1,488,641,912
March 1, 2026 through March 31, 2026	358,944	$	1,183.53	358,865	$	1,063,943,242
	484,762	$	1,251.86	483,856	$	1,063,943,242

(1)Includes 906 shares delivered in satisfaction of the tax withholding obligations resulting from the vesting of restricted stock units held by employees during the quarter ended March 31, 2026.

(2)In June 2025, our Board of Directors approved a stock repurchase program (the “June 2025 program”), replacing our previously authorized July 2024 stock repurchase program, which was terminated prior to its expiration. The June 2025 program was open-ended and authorized repurchases of shares of our common stock from time to time up to an aggregate cost of $1.0 billion in the open market or in negotiated transactions. In February 2026, our Board of Directors approved a new stock repurchase program (the “February 2026 program”), replacing the June 2025 program, which was terminated prior to its expiration. The February 2026 program is open-ended and authorizes repurchases of shares of our common stock from time to time up to an aggregate cost of $1.5 billion in the open market or in negotiated transactions. The February 2026 program remains in effect until the total authorized amount is expended or until further action by our Board of Directors.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

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Item 5. Other Information

Trading Arrangements

On March 19, 2026, Eva Manolis, a member of our Board of Directors, entered into a pre-arranged trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. This plan provides for the sale of up to 1,934 shares of our common stock and terminates on the earlier of the close of business on March 4, 2027 or the date all shares are sold thereunder.

On March 26, 2026, William Lansing, our Chief Executive Officer and a member of our Board of Directors, terminated the pre-arranged trading plan that he had entered into on November 20, 2025 and that was intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. This plan provided for the sale by Mr. Lansing and the Lansing Revocable Trust of up to 47,904 shares of our common stock, plus a number of shares of our common stock resulting from the vesting of up to 7,829 shares minus the number of shares ultimately withheld for tax withholding purposes, and was originally scheduled to terminate on the earlier of the close of business on December 18, 2026 or the date all shares were sold thereunder.

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Item 6. Exhibits



Exhibit Number						Description
3.1						Restated Certificate of Incorporation of Fair Isaac Corporation, dated March 4, 2026. (Incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K filed on March 5, 2026.)

3.2						Certificate of Amendment of Restated Certificate of Incorporation of Fair Isaac Corporation dated March 4, 2026. (Incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on March 5, 2026.)

3.3						By-laws of Fair Isaac Corporation. (Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q for the quarter ended December 31, 2009.)

4.1						Indenture dated as of March 20, 2026, by and between the Company and U.S. Bank Trust Company, National Association, as trustee, which includes the form of 6.250% Senior Notes due 2034. (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed March 20, 2026.)

31.1 *						Rule 13a-14(a)/15d-14(a) Certifications of CEO.

31.2 *						Rule 13a-14(a)/15d-14(a) Certifications of CFO.

32.1 **						Section 1350 Certification of CEO.

32.2 **						Section 1350 Certification of CFO.

101.INS *						Inline XBRL Instance Document.

101.SCH *						Inline XBRL Taxonomy Extension Schema Document.

101.CAL *						Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF *						Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB *						Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE *						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104 *						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).


*			Filed herewith.
**			Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



		FAIR ISAAC CORPORATION

DATE:	April 28, 2026

		By	/s/ STEVEN P. WEBER
			Steven P. Weber
			Executive Vice President and Chief Financial Officer
			(for Registrant as duly authorized officer and
			as Principal Financial Officer)

DATE:	April 28, 2026

		By	/s/ MICHAEL S. LEONARD
			Michael S. Leonard
			Vice President and Chief Accounting Officer (Principal Accounting Officer)

FAIR ISAAC CORP 10-Q