What changed in this filing

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Item 1. Business

2025-11-07 compared with 2024-11-06 · 93 added, 61 removed, 379 unchanged (29% of the section changed)

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,” and “FICO”) is a leading applied analytics company.

FICO) (together with its consolidated subsidiaries, the “Company,” which may also be referred to in this report as “we,” “us,” “our,” and “FICO”) is a global analytics software leader.

We were founded in 1956 on the premise that data, used intelligently, can improve business decisions.

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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 in the United States (“U.S.”) of consumer credit risk — empowering them to increase financial literacy and manage their financial health.

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.

More information about us can be found on our website, www.fico.com.

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FICO has invested significant resources in the development of scores that can help expand credit access and lower borrowing costs for consumers that have limited credit history or who have sparse or inactive credit files.

These scores use alternative data sources to enhance conventional credit bureau data and generate scores for otherwise un-scorable consumers and in many cases improve the credit scores of scorable consumers.

These scores use alternative data sources to enhance conventional consumer reporting agency data and generate scores for otherwise un-scorable consumers and in many cases improve the credit scores of scorable consumers.

• FICO ® Score XD uses public records and property data, and a consumer’s history with mobile phone, landline phone and cable payments, to generate scores on the same 300-850 scale as standard FICO ® Scores.

FICO Score XD is available to lenders through our distribution partners, LexisNexis Risk Solutions and Equifax.

• The UltraFICO TM Score uses consumer-permissioned data such as checking, savings, or money market account data, to generate scores on the same 300-850 scale as standard FICO ® Scores.

• The UltraFICO ® Score uses consumer-permissioned data such as checking, savings, or money market account data, to generate scores on the same 300-850 scale as standard FICO ® Scores.

Incorporating consumer-permissioned data helps empower consumers to establish or improve their creditworthiness by using data that reflects sound financial activity, but that is not part of a conventional credit report.

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These scores are typically sold to end-users through consumer reporting agencies in those countries, as they are in the U.S.

FICO Scores have been made available in over 40 countries and we have also developed client-specific versions of the FICO Score in over ten countries that we sell directly to end-user customers.

FICO Scores have been made available in over 40 countries and we have also developed client-specific versions of the FICO Score in over ten countries.

We also provide FICO ® Scores to consumers in the U.S.

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Several analytic methodologies underlie our products in this area.

These include proprietary applications of both linear and nonlinear optimization algorithms, advanced neural systems, machine learning and AI.

These include proprietary applications of both linear and nonlinear optimization algorithms, advanced neural systems, machine learning and artificial intelligence (“AI”).

We also apply various statistical techniques for analysis and pattern detection within large datasets and can derive insights and predictive features from various forms of data, including unstructured data.

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Our goal is to move substantially all of FICO’s current software products onto FICO ® Platform.

For example, FICO’s industry leading rules-based decisioning engine, FICO ® Blaze Advisor ® decision rules management system, is now available on FICO Platform as FICO ® Decision Modeler.

In addition, many core capabilities of FICO’s current software products are now part of FICO Platform, enabling solutions such as Originations and Customer Management.

Many capabilities of FICO’s current software products are now part of FICO Platform, addressing use cases such as origination, fraud detection, customer management, and next best action, among others.

We believe this strategy of moving our software products to FICO Platform will result in revenue growth through follow-on “land and expand” sales to existing FICO Platform customers and more sales to medium-sized businesses typically served through value-added resellers and systems integrators.

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FICO Xpress Optimization runs on FICO ® Platform.

• FICO ® Analytics Workbench TM is a predictive analytics tool that allows businesses to create and deploy explainable machine learning models for use in decisions that typically require strict governance and compliance, often including regulatory oversight.

• FICO ® Analytics Workbench is a predictive analytics tool that allows businesses to create and deploy explainable machine learning models for use in decisions that typically require strict governance and compliance, often including regulatory oversight.

FICO Analytics Workbench runs on FICO ® Platform.

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Our Originations Solution increases the speed, consistency and efficiency with which requests are handled, reducing losses, and increasing approval rates through the application of sophisticated policies and analytics that assess applicant risk and reduce the need for manual review by underwriters.

Certain Originations capabilities are available on FICO ® Platform today, and we plan to make additional Originations capabilities available on FICO Platform in the future.

Originations capabilities are available on FICO ® Platform.

• FICO ® Customer Communication Service is an intelligent omnichannel digital communication manager for resolving customer interactions.

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It helps make the full customer journey more efficient and raises the level of data-driven digital intelligence behind lifecycle communications.

Certain Customer Communication capabilities are available on FICO ® Platform today, and we plan to make additional Customer Communication capabilities available on FICO Platform in the future.

Customer Communication capabilities are available on FICO ® Platform.

• FICO ® Strategy Director and FICO ® TRIAD ® Customer Manager enable businesses to automate and improve risk-based decisions for their existing credit customers.

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Most of our engagements utilize predictive analytics, decision modeling and optimization to provide greater insight into customer preferences and help predict future customer behavior.

• FICO ® Advisors.

FICO Advisors are business consultants accelerating the practical use of FICO solutions through data-driven analytics, strategic design, and software applications.

Our seasoned practitioners are uniquely valued for their credit lifecycle risk and fraud knowledge and can help drive measurable results in an ever-dynamic economic market.

Our professional services are sold on an hourly time and materials basis or for a fixed project fee.

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• in-house analytic and systems developers;

• neural network developers and artificial intelligence system builders;

• fraud solution providers;

• developers and providers of neural networks, machine learning, and AI systems;

• fraud solutions providers;

• scoring model builders;

• providers of credit reports and credit scores;

• providers of credit reports and credit scores, including consumer reporting agencies;

• software companies supplying predictive analytic modeling, rules, or analytic development tools;

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The competition in our Software segment varies by application.

In the fraud market for banking, we compete primarily with Nice Actimize, Experian, Pegasystems, BAE Systems Applied Intelligence, SAS, ACI Worldwide, IBM, Feedzai and Featurespace.

In the fraud solutions market for banking, we compete primarily with Nice Actimize, Experian, Pegasystems, BAE Systems Applied Intelligence, SAS, ACI Worldwide, IBM, Feedzai and Featurespace.

In the customer origination market, we compete with Experian, Equifax, Moody’s, Meridian Link, and CGI, among others.

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Numerous other U.S.

states have considered similar privacy laws, with many of those states having passed such laws with respective effective dates ranging from 2023 through 2026.

states have passed similar privacy laws, and other states are considering such legislation.

The Gramm-Leach-Bliley Act ("GLBA") regulates, among other things, the receipt, use, disclosure, and security of non-public personal information of consumers held by “financial institutions” and applies indirectly to companies that provide services to financial institutions.

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Among other things, HITECH makes HIPAA’s security standards directly applicable to “business associates.” 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.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) prohibits unfair, deceptive, or abusive acts or practices (“UDAAP”) with respect to the offering of consumer financial products and services and provides the Consumer Financial Protection Bureau (the “CFPB”) with enforcement authority to enforce those provisions as well as certain enumerated federal consumer financial laws.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) prohibits unfair, deceptive, or abusive acts or practices (“UDAAP”) with respect to the offering of consumer financial products and services and provides the Consumer Financial Protection Bureau (the “CFPB”) with authority to enforce those provisions as well as certain enumerated federal consumer financial laws.

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.

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Government agencies frequently modify or supplement these requirements, and consequences for violations of applicable requirements may include penalties, civil liability and for severe infractions, criminal liability.

There has been an increased focus on laws and regulations related to our business and the business of our customers, including by U.S.

regulators such as the CFPB, relating to policy concerns regarding the operation of consumer reporting agencies, the use and accuracy of credit and alternative data, the costs of consumer reports and credit scores, the use of credit scores and fair lending, and the use, transparency, and fairness of algorithms, artificial intelligence, and machine learning in business processes.

For example, the CFPB has initiated a public request for information relating to fees charged by providers of mortgages and related settlement services, including fees for consumer reports and credit scores.

In addition, the CFPB has indicated that it intends to issue rules under the FCRA that would extend the FCRA to certain business practices not currently subject to that statute.

The European Commission has finalized the EU AI Act, which establishes requirements for the provision and use of products that leverage artificial intelligence systems, including in credit scoring.

There has been an increased focus on laws and regulations related to our business and the business of our customers relating to policy concerns regarding the operation of consumer reporting agencies, the use and accuracy of credit and alternative data, the costs of consumer reports and credit scores, the use of credit scores and fair lending, and the use, transparency, and fairness of algorithms, AI, and machine learning in business processes.

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.

The EU AI Act entered into force on August 1, 2024 and its provisions take effect between six and 36 months after that date, with most of those provisions becoming effective in 2026.

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government and a number of U.S.

states, are considering or have implemented regulations or standards applicable to artificial intelligence technologies.

Additional laws and regulations that may affect our business and our current and prospective customers’ activities include, but are not limited to, those in the following significant regulatory areas:

states, are considering or have implemented laws, regulations, or standards applicable to AI technologies.

Additional laws and regulations in the U.S.

and abroad that may affect our business and our current and prospective customers’ activities include, but are not limited to, those in the following significant regulatory areas:

• Laws and regulations that limit the use of credit scoring models (e.g., state “mortgage trigger” or “inquiries” laws, state insurance restrictions on the use of credit-based insurance scores, and the E.U.

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• Fair lending laws (e.g., the Equal Credit Opportunity Act and Regulation B, and the Fair Housing Act) and laws and regulations that may impose requirements relating to algorithmic fairness or accountability.

• The Cybersecurity Act of 2015;

• Laws and regulations related to data and cybersecurity, such as the Cybersecurity Act of 2015;

Department of Commerce’s National Institute of Standards and Technology’s Cybersecurity Framework;

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• Laws and regulations that apply to outsourcing of services by our clients, and that set forth requirements for managing third parties (e.g., vendors, contractors, suppliers and distributors).

• Laws and regulations relating to the environmental, social and governance, or sustainability, practices of companies, including enhanced climate-related disclosure requirements from regulators, such as California and the SEC, and the E.U.’s Corporate Sustainability Reporting Directive.

• Laws and regulations relating to the environmental, social and governance, or sustainability, practices of companies, including enhanced climate-related disclosure requirements from regulators, such as California’s climate disclosure rules and the E.U.’s Corporate Sustainability Reporting Directive.

We are also subject to federal and state laws that are generally applicable to any U.S.

business with national or international operations, such as antitrust laws, the Foreign Corrupt Practices Act, the Americans with Disabilities Act, state unfair or deceptive practices acts and various employment laws.

business with national or international operations, such as antitrust and unfair competition laws, the Foreign Corrupt Practices Act, the Americans with Disabilities Act, state unfair or deceptive practices acts and various employment laws.

HUMAN CAPITAL RESOURCES

As of September 30, 2025, we employed 3,811 persons across 28 countries.

Of these, our largest representation includes 1,309 (36%) based in the U.S., 1,367 (38%) based in India and 264 (7%) based in the U.K.

Of these, our largest representation included 1,335 (35%) based in the U.S., 1,506 (40%) based in India and 271 (7%) based in the U.K.

Other than to the extent mandated by applicable law in certain foreign jurisdictions, none of our employees are covered by a collective bargaining agreement, and no work stoppages were experienced during fiscal 2025.

Our Board of Directors (our “Board”) and executive leadership team believe that our people are vital to our success.

The Leadership Development and Compensation Committee (the “LDCC”) of our Board oversees all human capital management policies, programs, and strategies, including but not limited to those regarding talent recruitment, development, retention, health and safety, organizational culture, employee engagement, diversity, and compensation and benefit programs.

The Leadership Development and Compensation Committee (the “LDCC”) of our Board oversees all human capital management policies, programs, and strategies, including but not limited to those regarding talent recruitment, development, retention, succession planning, health and safety, organizational culture, employee engagement, diversity, and compensation and benefit programs.

The LDCC also periodically reviews and reports to the Board with respect to succession planning for our Chief Executive Officer and other senior management positions.

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We involve designated human resources business partners and learning consultants who work with senior leaders to explore findings, identify high value actions and amplify messaging to help our people understand how survey participation can connect to positive change.

Examples of organizational changes that have been driven by the insights from these surveys include investments in expanded workforce capacity, policies designed to ensure applicant pools are appropriately diverse prior to hiring decisions taking place, broadened and more frequent company-wide communications, increased employee stock ownership by significantly expanding the recipients of equity-based awards, expanded benefit programs including paid parental leave, well-being, family building, childcare reimbursement and company-funded transportation programs, enhanced incentive plan funding, and expanded investments in professional development targeting leadership and technical skills, as well as culture-based initiatives to promote inclusiveness and belonging.

Our engagement scores have steadily strengthened over the past year, and nearly all driver scores remain well above their published external benchmark.

We have recently experienced a remarkably low undesired attrition rate which, over the past 12-month period, is the lowest we have experienced in decades and well below competitive market rates.

Examples of organizational changes that have been driven by the insights from these surveys include investments in expanded workforce capacity, broadened and more frequent company-wide communications, increased employee stock ownership by significantly expanding the recipients of equity-based awards and encouraging all employees to take advantage of our Employee Stock Purchase Plan, expanded benefit programs including paid parental leave, well-being, family building, childcare reimbursement and company-funded transportation programs, enhanced incentive plan funding, and expanded investments in professional development targeting leadership and technical skills, as well as initiatives to promote a culture where all employees feel welcome at work.

Our engagement scores have steadily strengthened and we have enjoyed strong workforce retention over the past year.

Each of 22 engagement driver scores from our most recent surveys are at or above our external benchmark scores.

Organizational Culture

FICO is committed to building and reinforcing a culture where individual differences and perspectives are valued.

We believe that diverse teams can better relate to and deliver against the many and varied needs of our clients.

We also believe that promoting a culture where individual differences are both welcomed and valued allows us to attract the best talent while allowing people to reach their full potential.

Foundationally, we have adopted a “Commitment to Inclusion and Belonging Policy” which provides that all employment-related decisions be made in compliance with established equal opportunity statutes.

Accordingly, all decisions to employ, transfer, promote, train, compensate, or otherwise provide access to benefit programs are to be made in accordance with these statutes.

In addition, in the U.S.

we have established an Affirmative Action Program and underlying plans for office locations with 50 or more employees to formally measure, report on, and identify needed actions to close any gaps involving the utilization and advancement of women, minorities, disabled persons, and veterans.

All employees receive mandatory training and testing on this and other foundational and compliance policies during the on-boarding process and every two years thereafter, with people managers receiving training regarding their unique leadership responsibilities.

As examples, we have a mandatory training program to identify, prevent and combat prohibited harassment, as well as training and “dialogue sessions” designed to build understanding of unconscious biases and strategies to overcome them.

Building on this foundation, we sponsor and provide dedicated funding to multiple employee resource groups (“ERGs”) that help support our goals of workforce engagement and a strong sense of inclusion and belonging.

FICO ERGs focus on women, race/ethnicity, LGBTQ+, and community support groups.

All FICO ERGs are open to everyone at FICO to join.

Our FICO Cares ERG encourages our people to connect with and contribute to their community.

FICO is committed to building and reinforcing a culture where all employees feel welcome and where individual perspectives are valued.

FICO believes that a highly talented workforce that includes people with a wide range of backgrounds, experiences and perspectives drives innovation while helping us relate to our global customer base.

Our goal is to achieve this innovation and connection to our customer base through a culture that attracts the broadest talent audience possible, while always striving to select the most qualified individuals.

We also believe that promoting a culture where each individual is truly valued allows our people to reach their full potential.

Our FICO Cares organization encourages our people to connect with and contribute to their community.

We encourage employees to participate in volunteer activities by providing work schedule flexibility and paid Community Volunteer Leave.

We also encourage and match employee cash donations to qualified charitable organizations through our Corporate Matching Gift Program.

We also encourage and match employee cash donations and volunteer time to qualified charitable organizations through our Corporate Matching Gift Program.

Across our global workforce, as of September 30, 2025, the percentage of males and females was 67% and 33%, respectively.

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workforce, as of September 30, 2025, 46% were racially/ethnically diverse employees who are members of a protected class.

As one strategy to accelerate progress in expanding workforce diversity, we engage in targeted campus recruiting efforts.

In the U.S., we maintain and continue to expand our partnership with the Management Leadership for Tomorrow (MLT.org) organization which helps us connect with racially diverse college students for summer internships followed by offers of full-time employment upon graduation.

Also in the U.S., our FICO Educational Analytics Challenge program involves close partnerships with Historically Black Colleges and Universities through which we sponsor data science-focused projects with these experiences helping to fuel diversity recruiting efforts.

In addition, our campus recruiting program in India, which targets software engineering and data science graduates, has yielded a female hiring ratio averaging near 50% annually in each of the past several years, helping us increase the percentage of women in our organization.

Additional information on our diversity programs and efforts are available on the Corporate Responsibility page of our website at www.fico.com/en/corporate-responsibility .

Additional information on our talent programs is available on the Corporate Responsibility page of our website at www.fico.com/en/corporate-responsibility .

Information contained on our website is not deemed part of or incorporated by reference into this Annual Report on Form 10-K.

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We leverage organizational culture as a competitive advantage in our efforts to attract people from the broadest possible talent pool.

We deploy selection practices designed to ensure strong alignment between candidate qualifications and knowledge and skills needed for success in each role, while avoiding unconscious biases through hiring manager education and use of decision tools.

We have adopted a policy that seeks a level of qualified applicant pool diversity to be achieved prior to offer extension as a strategy for building workforce diversity along with high quality hires.

We deploy selection practices designed to ensure strong alignment between candidate qualifications and knowledge and skills needed for success in each role, and we invest in hiring manager training focused on effective selection strategies.

Further, in the U.S., we detail our targeted base pay ranges on all public job postings and prohibit our recruiters from inquiring about a candidate’s current level of compensation.

Our focus on the professional development of our people drives the internal posting of virtually all job opportunities.

And, consistent with our remarkably low undesired attrition rate, FICO has significantly strengthened its position as an employer of choice over the past year, resulting in very attractive external candidate pools.

And, consistent with our remarkably low undesired attrition rate, FICO has significantly strengthened its position as an employer of choice, resulting in attractive external candidate pools.

Professional Development

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Succession Planning

We actively assess talent across the organization to optimize deployment of resources, encourage professional development, drive accountability, and identify and take actions to mitigate undesired attrition risk.

Our Board spends considerable time each year reviewing CEO and key leadership succession and development plans.

These discussions include an annual dedicated review of CEO succession, as well as discussions at multiple meetings, including in executive session as needed, regarding broader key leader succession, organizational health and scenario planning in the event of unexpected leadership changes.

The Board also has regular and direct exposure to senior leadership and high potential officers through formal and informal avenues throughout the year.

Beyond the C-suite, we actively assess talent across the organization to optimize deployment of resources, encourage professional development, drive accountability, and identify and take actions to mitigate undesired attrition risk.

At the mid-point of each fiscal year, talent assessments are performed by people managers for each team member.

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We regularly participate in market-based compensation surveys, seek the advice of outside experts, and leverage new hire, peer equity, and unplanned attrition trend data to ensure that our base pay and incentive structures are competitive.

We create a strong sense of shared purpose by having our CEO and each member of our executive leadership team participate in the same annual cash incentive bonus plan, as all non-sales employees across our organization.

We create a strong sense of shared purpose by having our CEO and each member of our executive leadership team participate in the same annual cash incentive bonus design as all non-sales employees across our organization.

Beyond our structured promotion cycles, all compensation actions are determined in November following the conclusion of the year-end performance review process in October.

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All employees and contractors are required to comply with established safety policies, standards, and procedures.

We foster a healthy work/life balance for our people via both remote and hybrid work location policies that provide significant flexibility surrounding work location and work schedules.

We have also substantially reduced employee travel to only essential business needs in favor of ongoing video-based meetings.

We foster a healthy work/life balance for our people including both remote and hybrid work location policies that provide significant flexibility surrounding work location and work schedules.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

Our executive officers as of September 30, 2025 were as follows:

Name Positions Held Age

Lansing January 2012–present, Chief Executive Officer and member of the Board of Directors of the Company.

February 2009–November 2010, Chief Executive Officer and President, Infospace, Inc.

2004–2007, Chief Executive Officer and President, ValueVision Media, Inc.

2001–2003, General Partner, General Atlantic LLC.

2000–2001, Chief Executive Officer, NBC Internet, Inc.

1998–2000, President/Chief Executive Officer, Fingerhut Companies, Inc.

1996–1998, Vice President, Corporate Business Development, General Electric Company.

1996, Executive Vice President, Chief Operating Officer, Prodigy, Inc.

1986–1995, various positions, McKinsey & Company, Inc.

Weber May 2023–present, Executive Vice President, Chief Financial Officer of the Company.

January 2023–May 2023, Vice President, Interim Chief Financial Officer of the Company.

March 2021–January 2023, Vice President, Treasurer, Tax and Investor Relations of the Company.

November 2010–March 2021, Vice President of Investor Relations and Treasurer of the Company.

April 2003–November 2010, various positions with the Company.

September 2001–April 2003, Senior Financial Analyst, Metris Companies.

1990–2001, various positions, Foodservice News.

Nikhil Behl March 2025–present, President, Software of the Company.

July 2024–March 2025, Executive Vice President, Software of the Company.

August 2023–July 2024, Executive Vice President, Chief Marketing Officer of the Company.

April 2014–August 2023, Vice President, Chief Marketing Officer of the Company.

October 2013–April 2014, Consultant to the Company.

February 2012–October 2013, Chief Executive Officer of Supplizer.

August 2011–January 2012, Chief Executive Officer of Zoostores.com.

July 2010–August 2011, Chief Executive Officer, Mercantila Business Unit of Infospace.

2007–2010, Chief Merchandising Officer of Mercantila.

1995–June 2007, various positions, including VP Sales & Operations and VP Sales & Customer Service, Home & Home Office Store of Hewlett Packard.

Bowers August 2020–present, Executive Vice President, Corporate Strategy of the Company.

September 2019–August 2020, Vice President, Business Consulting of the Company.

April 2018–September 2019, Founder and Managing Partner, M Cubed Development, LLC.

August 2012–March 2018, Executive Vice President, American Savings Bank.

1987–2012, Senior partner and various positions, McKinsey & Company, Inc.

Deal November 2015–present, Executive Vice President, Chief Human Resources Officer of the Company.

August 2007–November 2015, Senior Vice President, Chief Human Resources Officer of the Company.

January 2001–August 2007, Vice President, Human Resources of the Company.

1998–2001, Vice President, Human Resources, Arcadia Financial, Ltd.

1993–1998, managed broad range of human resources corporate and line consulting functions with U.S.

Leonard November 2011–present, Vice President, Chief Accounting Officer of the Company.

November 2007–November 2011, Senior Director, Finance of the Company.

July 2000–November 2007, Director, Finance of the Company.

1998–2000, Controller of Natural Alternatives International, Inc.

1994–1998, various audit staff positions at KPMG LLP.

Scadina February 2009–present, Executive Vice President, General Counsel and Corporate Secretary of the Company.

June 2007–February 2009, Senior Vice President, General Counsel and Corporate Secretary of the Company.

2003–2007, various senior positions including Executive Vice President, General Counsel and Corporate Secretary, Liberate Technologies, Inc.

1999–2003, various leadership positions including Vice President and General Counsel, Intertrust Technologies Corporation.

1994–1999, Associate, Pennie and Edmonds LLP.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business