Fair Isaac Corp.

Strong Q3 results + big shareholder returns - Q3 revenue $674M (+26% YoY); GAAP net income $237M (+30% YoY) and GAAP EPS $10.45 (+41% YoY) - Non-GAAP net income $277M (+31% YoY) and non-GAAP EPS $12.18 (+42% YoY) - Free cash flow $370M; $961M over the last 4 quarters (+28%) - Record capital return: repurchased $1.96B of shares (1.705M shares) at ~$1,149 avg price, including accelerated repurchase (repurchase spend >3x the historical record quarter); management indicated they will pay down debt in the near term, then continue repurchases

Guidance raised materially for FY2026 (better macro and/or timing) - Company raised full-year FY2026 revenue guidance to $2.53B (+20% YoY vs prior year) - GAAP net income guidance $850M; GAAP EPS $36.86 (+30% YoY) - Non-GAAP net income guidance $979M; non-GAAP EPS $42.43 (+33% / +42% YoY, respectively) - Why the raise (per management): (1) DLP performance-fee revenue timing pushed out, so prior model anticipated less revenue in 4Q; and (2) mortgage market held up better than feared—rates didn’t deteriorate further, and volumes came in better than original guidance, though still low single-digit growth

Mortgage-driven growth in Scores, but mortgage volumes are still the key macro swing factor - Scores segment revenue $459M (+41% YoY); B2B +49% YoY (driven mainly by higher mortgage origination score unit price) - B2C Scores +5% YoY - Mortgage origination: revenues +97% YoY, but volumes grew only low single digits; management said QoQ and some YoY deceleration is largely consistent with mortgage volume softening as rates tick up - In response to investors: no evidence of volume loss despite competitor share headlines; management triangulates with bureau/public mortgage data and says volumes look in-line with expectations