# FIS Dividend Gatekeeper

> FIS's 2.8x gross leverage target decides dividend growth or reset.
- Title: FIS Dividend Gatekeeper · 24/7 Wall St. | Shortify
- Summary: FIS's 2.8x gross leverage target decides dividend growth or reset. FIS's dividend growth depends on hitting a 2.8x gross leverage target to restart buybacks…
- Keywords: fis, gross leverage ratio, dividend, buybacks, leverage target, payout ratio, capital market solutions, banking solutions, Gatekeeper, 24/7 Wall St.
- Source: 24/7 Wall St. — https://247wallst.com/investing/2026/09/23/fis-has-one-number-to-hit-before-the-dividend-story-gets-more-interesting
- Author: Chris Lange
- Published: 2026-09-23T16:58:12+00:00
- Read time: 1 min
- Topics: fis, gross leverage ratio, dividend, buybacks, leverage target, payout ratio, capital market solutions, banking solutions
## FIS Debt and Dividend History
Fidelity National Information Services carries $21.2 billion debt after the Total Issuing Solutions deal and has reset its dividend twice since 2023.
## Gross Leverage Ratio Target
FIS aims for a 2.8x gross leverage ratio to determine cash availability for dividends and buybacks.
## Why Payout Ratio Fails
Payout ratio ignores cash tied up in debt reduction, as seen in Q2 buybacks of $42 million versus $301 million in Q3 2025.
## Dividend History
The quarterly dividend increased to $0.44 in 2026 after resetting to $0.36 in 2024 following the Worldpay separation.
## Dividend Policy
Dividend growth targets adjusted EPS growth at 7.0-8.5% for 2026, with cash coverage from $2.2 billion trailing twelve-month free cash flow.
## What to Watch
Progress toward 2.8x gross leverage and buyback resumption will determine if dividends grow or reset.
## Key takeaway

FIS's dividend growth depends on hitting a 2.8x gross leverage target to restart buybacks and accelerate dividends.