Fidelity Investments Due Diligence

Run due diligence on Fidelity Investments: check compliance and get alerts when suppliers change.

United States · www.fidelity.com · 12 vendors

FMR LLC, commonly known as Fidelity Investments, is a privately held financial services company headquartered in Boston, Massachusetts. It offers a wide range of financial products and services for individuals and businesses, including investment management, brokerage services, retirement planning, and wealth management. The company is one of the largest asset managers globally.

Resilience scores

Technology vendors

Services catalogue

1 service in catalogue across 1 category; runs on 12 sub-vendors.

Insights

Last updated 2026-08-15 · revision 2

12 direct vendors, 127 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

13 in-scope frameworks identified; showing 3.

SOC 2 (source) — No public evidence

Evidence: https://www.fidelity.com/security/overview, https://www.fidelity.com/privacy/overview, https://about.fidelity.com

CPRA — Evidence found

Evidence: https://www.fidelity.com/privacy/overview, https://www.fidelity.com/privacy/policy, https://www.fidelity.com/privacy/choices

ERISA — Evidence found

Evidence: https://www.fidelity.com/retirement/retirement-planning, https://www.fidelity.com/retirement-ira/small-business/compare-retirement-plans, https://about.fidelity.com

Financials

Three-year financials

Financial Resilience Score: 9/10

Fidelity Investments demonstrates exceptional financial resilience, evidenced by revenue growth from ~$21B in 2020 to $37.7B in 2025 (~12% CAGR) and operating income roughly doubling from ~$8.0B in 2022 to $12.7B in 2025. Operating margins have expanded from ~30% to ~34% over the last three years, reflecting strong operating leverage as AUA has scaled from $9.8T to $18.0T (reaching $19.9T at mid-2026). The company benefits from significant scale, business diversification across asset management, brokerage, workplace retirement, custody/clearing, and cash-management economics. Private ownership by the Johnson family and employees provides a long-term orientation free from quarterly EPS pressure, enabling sustained reinvestment in technology and innovation. Fidelity is the largest US 401(k) recordkeeper, holds ~20% HSA market share, and has been a first-mover in zero-expense-ratio funds, spot bitcoin/ether ETPs, and ETF share classes on mutual funds. Morningstar upgraded Fidelity's Parent Firm Rating to 'High' (its top rating) in 2026. Key risks include market sensitivity of fee revenue to equity/bond valuations, interest-rate sensitivity given meaningful contribution from cash-sweep economics since 2023, ongoing fee compression from zero-commission competitors, US market concentration, and regulatory exposure (DOL fiduciary rules, cash-sweep litigation, crypto regulation). Additionally, as a private company Fidelity does not disclose a full consolidated balance sheet, capital ratios, or debt profile, limiting external transparency.

Key strengths: Scale with ~$18T AUA and ~$7T managed assets, Diversified revenue across asset management, brokerage, workplace retirement, custody, and cash-management economics, Private ownership enables long-term orientation without quarterly EPS pressure, Strong operating leverage: operating income grew 24% in 2025 vs 15% revenue growth, Leader in US 401(k) recordkeeping and IRAs with sticky sponsor-based distribution, Innovation leadership in zero-fee index funds, crypto ETPs, and ETF share classes, Morningstar 'High' Parent Firm Rating (top rating) in 2026, Revenue CAGR of ~12% over five years (2020-2025)

Risk factors: Market sensitivity - fee revenue levered to equity/bond market valuations, Interest-rate sensitivity as cash-sweep/net interest income is significant profit driver, Fee compression from zero-commission and ultra-low-fee competitors (Schwab, Vanguard, Robinhood, BlackRock), Concentration in US market with limited geographic diversification, Regulatory risk including DOL fiduciary rules, SEC oversight, cash-sweep litigation, and crypto regulation, Opaque disclosure as a private company - no audited public balance sheet, capital ratios, or debt profile

Revenue by geography

Workforce by country

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