Regulatory Tussle Masks Fair Isaac Corp’s (FICO) Record Quarter

What happened: Lindsell Train's Q3 2026 investor letter discussed Fair Isaac Corporation (NYSE:FICO), noting a record quarter despite a regulatory dispute with the Federal Housing Finance Agency over credit scoring. Key numbers: FICO closed at $740.00 on October 12, 2026, with a $14.42 billion market cap and a roughly 53.97% YTD pullback. Adjusted EPS grew 42%. Why it matters: The letter attributes the stock's decline to the FHFA dispute rather than fundamentals, warning that a shift toward VantageScore could undermine FICO's market position and pressure future revenue and profits. Market: -0.3% by next close ($719.99 on Oct 14), -56.2% YTD

Lindsell Train's Q3 2026 investor letter discussed Fair Isaac Corporation (NYSE:FICO), noting a record quarter despite a regulatory dispute with the Federal Housing Finance Agency over credit scoring.

The letter attributes the stock's decline to the FHFA dispute rather than fundamentals, warning that a shift toward VantageScore could undermine FICO's market position and pressure future revenue and profits. Market: -0.3% by next close ($719.99 on Oct 14), -56.2% YTD