Fair Isaac Corp (NYSE: FICO) is an analytics and decision management software company that produces credit scores and sells software for automated decisioning. It makes money through two segments: Scores, which licenses the FICO credit score to lenders and sells scores directly to consumers, and Software, which sells on-premises and SaaS-based decision management software under subscription and usage-based contracts. In FY2025 (year ended September 30, 2025), Scores generated $1.17 billion (59% of total revenue) and Software generated $822 million (41%), for total revenue of $1.99 billion, up 16% year-over-year. The Scores segment is effectively a toll on consumer credit decisions in the U.S., with pricing power rooted in its status as the standard score used by mortgage, auto, and card lenders. Software total ARR reached $747.3 million as of September 30, 2025, with Platform ARR at $263.6 million. FICO carries $3.1 billion in total debt as of September 30, 2025 and repurchased $1.4 billion of its own shares in FY2025. CEO William Lansing has held the role since January 2012.

Revenue model

Scores segment revenue is transactional and royalty-based, earned each time a FICO score is pulled by a lender or accessed by a consumer. Software segment revenue is subscription-based (on-premises and SaaS), with a portion of on-premises revenue recognized at contract start under ASC 606 and the remainder recognized ratably. ACV Bookings and ARR are used as operating metrics for the Software segment.

Products and services

FICO Score (business-to-business credit scoring sold to lenders; business-to-consumer scores sold directly); on-premises decision management software; SaaS-based Platform software for automated decisioning. Platform ARR was $263.6 million and non-platform ARR was $483.7 million as of September 30, 2025.

Customers and end markets

Lenders (mortgage, auto, credit card) are the primary end market for Scores. Software customers include financial institutions and other enterprises using automated decisioning tools. The filing references both domestic and international customers but does not break out specific customer concentration percentages in the provided excerpts.

Value-chain role

FICO sits between credit bureaus and lenders in the consumer credit decisioning chain, licensing its scoring models to bureaus and lenders. In software, it is a decision management platform vendor sold directly to enterprise clients.

Geographic exposure

Primarily U.S.-focused for the Scores segment. The filing references international customers for the Software segment but does not provide a geographic revenue split in the provided excerpts.

Source: SEC 10-K, filed 2025-11-07

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