FICO · 10-K filed 7 Nov 2025 · year to 30 Sep 2025

Fair Isaac

25 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Experian

earns from · 51% of our total revenues (collectively with TransUnion and Equifax)named as a risk

During fiscal 2025, 2024 and 2023, revenues generated from our agreements with Experian, TransUnion and Equifax collectively accounted for 51%, 45% and 41% of our total revenues, respectively.Business (Item 1)

Also named by EFX, TRU

Equifax

earns from · 51% of our total revenues (collectively with Experian and TransUnion)named as a risk

Also named by TRU

TransUnion

earns from · 51% of our total revenues (collectively with Experian and Equifax)named as a risk

Banking industry

concentrated in · 92% of our revenuesnamed as a risk

During fiscal 2025, 92% of our revenues were derived from sales of products and services to the banking industry.Risk factors (Item 1A)

Fannie Mae

earns fromnamed as a risk

If use of the FICO® Score by Fannie Mae and Freddie Mac were to cease or decline, it could have a material adverse effect on our revenues, results of operations and stock price.Risk factors (Item 1A)

Also named by ABR, AGNC, BAC, CBRE, DX, FSUN, JLL, LEN and 7 more

Freddie Mac

earns fromnamed as a risk

Also named by ABR, AGNC, BAC, CBRE, DX, FSUN, LEN, NLY and 5 more

Partners and platforms

U.S. government agencies

named as a risk

In some cases, the U.S. government can terminate our rights to these technologies if we fail to commercialize them on a timely basis.Business (Item 1)

Also named by ARW, DJCO, MCHP, P, VTOL, ZS

LexisNexis Risk Solutions

depends on

FICO Score XD is available to lenders through our distribution partners, LexisNexis Risk Solutions and Equifax.Business (Item 1)

Other companies

U.S. mortgage market

concentrated innamed as a risk

In addition, the volume of our Scores sales depends heavily on macroeconomic conditions, including, for example, the volume of transactions in the U.S. mortgage and credit card markets, which account for a significant portion of the revenues in our Scores segment.Risk factors (Item 1A)

Also named by EFX

Competitors

VantageScore

competes withnamed as a risk

For example, Experian, TransUnion and Equifax have developed a credit scoring product to compete directly with our products and are actively selling that product.Risk factors (Item 1A)

Places

India

operates in · 1,506 (40%) based in Indianamed as a risk

For example, approximately one-third of our workforce is located in India, which could be negatively impacted by heightened tensions between India and Pakistan.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

International markets (outside U.S.)

earns from · 23% of our revenuesnamed as a risk

During fiscal 2025, 23% of our revenues were derived from business outside the U.S.Risk factors (Item 1A)

Also named by ABNB, ADSK, BSX, CROX, CRWD, DOCU, DXCM, EFX and 18 more

Americas

concentrated in · 87% of our total revenue

Our largest geographic market is the Americas, representing 87% of our total revenue during fiscal 2025.Business (Item 1)

Also named by BLK, CYRX, DELL, EMR, FDS, GGG, GS, HLIO and 6 more

Commodities and inputs

SOFR

exposed to its price · $275.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.423%named as a risk

As of September 30, 2025, we had $275.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.423%.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Regulators

Consumer Financial Protection Bureau (CFPB)

subject tonamed as a risk

In certain circumstances, the CFPB also has examination and supervision powers with respect to service providers who provide a material service to a covered financial institution offering consumer financial products and services.Business (Item 1)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more

Federal Housing Finance Agency (FHFA)

subject tonamed as a risk

Other changes implemented by FHFA, Fannie Mae or Freddie Mac could also affect the demand for FICO Scores and thus could have similar adverse effects on our business, including, for example, the change announced by the FHFA Director in July 2025 permitting mortgage originators to choose the credit score they submit with mortgages delivered to Fannie Mae and Freddie Mac or a potential future change permitting mortgage originators to underwrite loans using credit scores from fewer than three national consumer reporting agencies.Risk factors (Item 1A)

Also named by ABR, AGNC, DHI, DX, ELS, NLY, RITM, RKT and 1 more

Laws and programs

General Data Protection Regulation (GDPR)

subject tonamed as a risk

Furthermore, such data transfer restrictions, which may involve interpretive issues, may have an adverse impact on cross-border transfers of personal data and may subject us and our customers to additional scrutiny from E.U. or U.K. data protection authorities.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

EU AI Act

subject tonamed as a risk

The European Commission has finalized the EU AI Act, which establishes requirements for the provision and use of products that leverage AI systems, including in credit scoring.Risk factors (Item 1A)

Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, CTSH and 36 more

Fair Credit Reporting Act (FCRA)

subject tonamed as a risk

These requirements can affect the manner and extent to which our customers use our products and services.Business (Item 1)

Also named by ADP, EFX, FIS, FISV, PAYC, TRU, VRSK

Credit Repair Organizations Act (CROA)

subject tonamed as a risk

There have been efforts to apply the CROA to credit monitoring services offered by consumer reporting agencies and others, which may impact certain of our products and services.Business (Item 1)

Also named by TRU

12 CFR Part 1254 (Validation and Approval of Credit Score Models)

subject tonamed as a risk

However, their continued use of the FICO Score is subject to ongoing validation and approval by those enterprises and the Federal Housing Finance Agency (“FHFA”).Risk factors (Item 1A)

Residential mortgage closing cost regulation

subject tonamed as a risk

If new laws, regulations or other governmental action limit the fees that can be charged for credit scores by us, consumer reporting agencies, or end users of our FICO® Scores, or that place other restrictions on the sale or distribution of credit scores, our ability in the future to increase pricing for FICO Scores used in mortgage originations may be impacted and thus the revenues and profitability of the FICO Score may be adversely affected and the growth of our Scores business may be constrained.Risk factors (Item 1A)

HIPAA

subject to

We function as a business associate for certain of our customers that are HIPAA-covered entities and service providers and, in that context, we are regulated as a business associate for the purposes of HIPAA.Business (Item 1)

Also named by AFL, BAX, BBSI, CI, DHR, DOC, DOCN, DOCU and 19 more

Gramm-Leach-Bliley Act (GLBA)

subject to

As a provider of services to financial institutions, portions of our business are subject to obligations to comply with certain GLBA provisions, including limitations on the use or disclosure of the underlying data and rules relating to the technological, physical and administrative safeguarding of non-public personal information.Business (Item 1)

Also named by BR, CINF, EFX, FIS, FITB, OMF, ORI, PAYC and 4 more

Technology

FICO Platform

earns from · $263.6 million as of September 30, 2025, representing 35% of our total software ARRnamed as a risk

Our annual recurring revenue (“ARR”) from FICO® Platform based products was $263.6 million as of September 30, 2025, representing 35% of our total software ARR.Business (Item 1)