Research · Sep 3, 2026
[FICO] FICO Thesis 2026: Mortgage Direct License and Software Expansion Redefine Revenue Mix
Fair Isaac Corp FY25 (Sep year-end) revenue $1.99B (+16%); op income $925M (+26%); NI $652M (+27%); EPS $26.54 (+30%). Q4 revenue $516M (+14%). Scores segment +25% Q4 / +27% FY; mortgage origination revenue +52% Q4 (55% of B2B revenue Q4). Software +3% FY; Platform ARR $263M (+16% / 35% of total ARR); non-platform ARR $484M consistent. Total ARR $747M. FICO Mortgage Direct License (MDL) program with Xactus live. FICO Score 10 T: institutions representing $313B+ annualized mortgage originations signed. FICO FFM (Focused Foundation Model) launched. Enterprise fraud solution + FICO Marketplace launched. AWS collaboration. FY26 guide: revenue $2.35B (+18%); GAAP EPS $33.47 (+26%); non-GAAP EPS $38.17 (+28%).