Jack Henry & Associates, Inc.

Jack Henry spent four years building a cloud platform and it is now paying off: more new bank clients signed this year than in two decades, sold as core, digital and card together. The catch is that the costs of that push arrive before the biggest clients do. How much of the record FY2026 win total shows up in FY2027?

• Jack Henry is signing far larger banks than it used to.

  The $9.2 billion Woodforest deal was the largest new client in company history. Such banks buy more products but take up to two years to install, so the wins land as work years before they land as revenue. How much revenue does a $9 billion bank bring in its first year?

• Customers keep buying the whole package, not just the core system.

  Digital banking and card came with 59% of this year's core wins, up from 39% a year earlier, and Banno has just sold outside Jack Henry's own cores. Each win now carries three revenue streams and is harder for a rival to undo. What share of revenue now comes from digital banking and card?

• The cost of winning these clients lands before the money does.

  Margin expansion hit 92 basis points, a third straight year well above plan, but FY2027 starts at under half that: cybersecurity work tied to frontier AI models and the EC2030 data centre build both hit before the new clients pay.