- Analysts Expect Better Performance From Fiserv (FSRV) Stock In The Second Half Of 2026
May 12, 2026
Fiserv Inc. (NASDAQ:FISV) is one of the 9 Stocks Big Short’s Michael Burry Is Betting On. On May 7, RBC Capital lowered the price target to $75 from $85 on Fiserv Inc (NASDAQ:FISV) while keeping an Outperform rating on the stock. The analyst told investors in a research note that the company’s Q1 reflects mixed financial performance. Things are expected to get better in the second half of 2026 and early 2027. As a result, investors are eagerly awaiting the Investor Day on May 14 for more information regarding the company’s future plans.Fiserv Inc. (NASDAQ:FISV) is one of the 9 Stocks Big Short’s Michael Burry Is Betting On.
The company announced its Q1 2026 earnings report on May 5. It reported revenue of $4.68 billion, missing the Wall Street consensus of $4.73 billion. The earnings per share came in at $1.79, which comfortably beat estimates of $1.57. Going forward, Paul Todd, CFO of Fiserv, confirms revenue to grow by 1% to 3% in 2026 with strong growth in merchant services and flat to slightly down results from financial solutions, assuming the economy remains stable. Moreover, the company expects an EPS of $8 to $8.30.
Fiserv Inc. (NASDAQ:FISV) offers fintech solutions, such as account processing, digital commerce, fraud prevention, and payments, to segments such as financial institutions and merchants. The company is headquartered in Milwaukee, Wisconsin.
While we acknowledge the potential of FISV as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 10 Best Stocks to Buy Before SpaceX IPO and8 Best Cloud Computing Stocks To Buy In 2026.
Disclosure: None. Follow Insider Monkey on Google News.
View Comments
- Fiserv Expands Clover’s Restaurant Portfolio with New Fine Dining Solution, Clover Reserve Powered by Tabit
May 12, 2026
Fiserv, Inc.
New partnership brings an enterprise-grade, full-scale solution to help full-service and fine dining restaurants deliver exceptional hospitality and increase profits
MILWAUKEE, May 12, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a leading provider of payments and financial technology solutions, today announced an exclusive Clover partnership with Tabit, a mobile-first, AI-driven restaurant POS and hospitality technology provider, to launch Clover Reserve powered by Tabit. Clover is Fiserv’s all-in-one commerce platform for merchants and small businesses.
The new solution brings Tabit’s proven enterprise-grade capabilities to full-service and fine-dining restaurants and hospitality groups, expanding Clover’s reach into the most operationally complex segments of the restaurant and hospitality sector.
Clover Reserve powered by Tabit delivers advanced capabilities designed to manage the intricate requirements for fine-dining restaurants, including multi-course pacing, sophisticated floor management, and white-glove table service. The solution enables a true tableside experience, allowing staff to open, modify, split, tip, and close checks without disrupting service, while supporting advanced coursing, pacing logic, and complex menu structures.
“Our partnership with Tabit underscores Fiserv’s commitment to delivering best-in-class, vertical solutions that help merchants stay ahead as operations become more complex,” said Takis Georgakopoulos, Co-President, Merchant Solutions and Technology at Fiserv. “With Clover Reserve, we’re extending the Clover portfolio to meet the evolving demands of fine dining by enabling flexible, precise, and seamlessly orchestrated service.”
By integrating Tabit’s mobile-first technology and next-generation AI platform into the Clover ecosystem, Fiserv brings payments, operations, and real-time reporting together on one platform. This unified approach enables hospitality groups to synchronize dining rooms and kitchens, reduce errors, and improve overall performance, ultimately enhancing the diner experience and boosting restaurant profits.
“Fiserv’s unmatched scale, distribution capabilities, and leadership in commerce and payments create an extraordinary foundation for innovation in hospitality,” said Nadav Solomon, President and Co-Founder of Tabit. “By combining Fiserv’s powerful ecosystem with Tabit’s AI-first hospitality orchestration platform, we’re bringing the industry a new generation of restaurant technology - one that goes far beyond traditional POS. Together, we’re enabling restaurants a unified intelligence layer that helps operators adapt in real time, increase revenues, improve efficiency, and drive measurable financial outcomes across their business.”
Story Continues
Clover will be showcasing the Clover Reserve powered by Tabit experience at the National Restaurant Association (NRA) Show in Chicago from May 16–19 at Booth 5834.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world’s smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of TIME Magazine’s Most Influential Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.
About Tabit Technologies, Inc.
Tabit Technologies is a global hospitality commerce and AI platform powering some of the most demanding restaurant, hotel, and entertainment operations in the world. Purpose-built for full-service and upper-market hospitality, Tabit delivers a mobile-first, cloud-native ecosystem that combines POS, payments orchestration, kitchen operations, guest engagement, online ordering, loyalty, and AI-driven operational intelligence into a unified platform. Trusted by innovative hospitality brands globally, Tabit supports restaurants and hotels ranging from boutique concepts to large-scale enterprise groups, including luxury hospitality destinations, major airport operators, and multi-location restaurant organizations across North America, Australia, and Israel. For more information about Tabit’s product suite, visit Tabit.cloud.
Media Relations:
Torrie Miers
Director, Communications - Merchant Solutions
Fiserv, Inc.
+1-470-669-518
victoria.miers@fiserv.com
View Comments
- Fiserv Expands Global Manufacturing Footprint with New Clover Facility in Brazil
May 7, 2026
Fiserv, Inc.
New Betim facility expands regional production, supports Clover’s growth strategy, and strengthens supply-chain
MILWAUKEE, May 07, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a global leader in payments and financial technology, announced the opening of its first Clover® manufacturing facility in the Americas in Betim, Minas Gerais (Brazil). The new facility expands Fiserv’s global manufacturing footprint and reinforces the company’s long-term commitment to Brazil as a key growth market.
The Betim facility is an important part of Clover’s global hardware strategy, helping accelerate development cycles and increase flexibility across sourcing, design, and production. Local manufacturing enhances Fiserv’s ability to adapt solutions to regional market needs while maintaining the performance, security, and reliability merchants expect.
The expanded manufacturing footprint also supports the development of more cost‑efficient Clover Flex devices, helping bring modern commerce technology within reach for businesses in markets where affordability is critical – without compromising quality, security, or performance.
“Opening our first Clover manufacturing facility in the Americas is a meaningful milestone for Fiserv and an important step in our Clover growth strategy,” said Takis Georgakopoulos, Co-President, Fiserv. “By strengthening our ability to innovate and scale locally, we are focused on bringing new capabilities to market faster and deliver affordable, reliable payment technology that helps businesses get up and running quickly, operate smarter, and grow.”
As part of Fiserv’s ongoing investment in Clover hardware innovation, the company continues to advance new capabilities designed to enhance security, usability, and merchant performance. This work includes support for emerging technologies and form factors that simplify transactions, strengthen trust, and adapt to how businesses operate in diverse markets.
These investments position Clover to serve a broad spectrum of merchants globally - from those seeking sophisticated, feature‑rich solutions to those entering digital commerce for the first time.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world’s smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of TIME Magazine’s Most Influential Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.
Story Continues
Media Relations:
Melissa Moritz
VP, External Communications
Fiserv
Melissa.moritz@fiserv.com Additional Contact:
Walter Pritchard
SVP, Investor Relations
walter.pritchard@fiserv.com
View Comments
- Fiserv (FISV) Is Down 7.0% After Softer Q1 Earnings Amid New Small-Business Platform Rollout
May 5, 2026
Fiserv, Inc. has reported first-quarter 2026 earnings showing revenue of US$5.03 billion versus US$5.13 billion a year earlier, with net income falling to US$571 million and diluted EPS from continuing operations declining to US$1.07 from US$1.51. These weaker earnings arrive just after early deployments of new small-business tools like CashFlow Central within the Experience Digital platform, highlighting a contrast between product progress and current financial performance. We’ll now examine how this softer first-quarter profitability, despite ongoing product rollouts, affects Fiserv’s existing investment narrative and expectations.
Find 52 companies with promising cash flow potential yet trading below their fair value.
Fiserv Investment Narrative Recap
To own Fiserv, you need to believe its broad payments and banking technology footprint can translate into durable earnings, even when quarters are bumpy. The softer Q1 2026 revenue and earnings do not appear to alter the near term focus on improving margins and product execution, but they do underline the key risk that ongoing investment and integration spending could keep pressure on profitability if performance does not stabilize.
The Yakima Federal deployment of CashFlow Central inside the Experience Digital platform is particularly relevant here, because it shows Fiserv is still getting next generation tools into customers’ hands. This kind of real world adoption is important for the thesis that newer platforms like XD and CashFlow Central can offset margin pressure over time, even as the company works through weaker quarterly results.
Yet behind the product progress, investors should be aware that margin pressure from acquisitions and heavier software and hardware investment could...
Read the full narrative on Fiserv (it's free!)
Fiserv's narrative projects $24.7 billion revenue and $5.9 billion earnings by 2028.
Uncover how Fiserv's forecasts yield a $84.75 fair value, a 48% upside to its current price.
Exploring Other PerspectivesFISV 1-Year Stock Price Chart
Some of the most optimistic analysts expected Fiserv to reach about US$23.7 billion in revenue and US$4.3 billion in earnings by 2029, far above consensus, so you should weigh those upbeat views on faster digital and international growth against the recent earnings softness and consider how both stories might evolve from here.
Explore 17 other fair value estimates on Fiserv - why the stock might be worth 13% less than the current price!
The Verdict Is Yours
Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.
Story Continues
A great starting point for your Fiserv research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision. Our free Fiserv research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Fiserv's overall financial health at a glance.
No Opportunity In Fiserv?
Markets shift fast. These stocks won't stay hidden for long. Get the list while it matters:
The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 19 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. Capitalize on the AI infrastructure supercycle with our selection of the 38 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. The future of work is here. Discover the 35 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include FISV.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
View Comments
- FISV Q1 Earnings Beat Estimates on Tax Benefits, Revenues Miss
May 5, 2026
Fiserv, Inc. FISV has reported first-quarter 2026 adjusted earnings of $1.79 per share, beating the Zacks Consensus Estimate of $1.57 by 14%. Adjusted earnings declined 16.4% from the year-ago quarter.
Revenue performance was softer. Adjusted revenues were $4.68 billion, missing the consensus mark of $4.76 billion by 1.7% and decreasing 8.9% year over year. Still, Fiserv pointed to stable underlying account and volume trends, with Clover's annualized gross payment volume (GPV) of $324 billion and 12% growth excluding the previously disclosed gateway conversion.
Fiserv, Inc. Price, Consensus and EPS Surprise
Fiserv, Inc. price-consensus-eps-surprise-chart | Fiserv, Inc. Quote
FISV's Revenue Pressure Tied to Prior-Year Comparables
Fiserv’s reported GAAP revenues were $5.03 billion, down 2% from the prior-year period. A key mechanical driver behind the gap between GAAP and adjusted revenues remained postage reimbursements, which reduced revenues by $352 million in the quarter.
On an organic basis, revenues declined 4% year over year. Management noted that year-over-year revenue growth was impacted by prior-period comparables, while describing the broader operating environment as stable across both Merchant Solutions and Financial Solutions.
Fiserv's Merchant Business Holds Ground, Clover Adds Momentum
Merchant Solutions revenues were essentially flat year over year at $2.37 billion. Within the segment, Small Business revenues rose 1% to $1.61 billion and Enterprise revenues increased 2% to $512 million, while Processing revenues declined 9% to $252 million.
Clover remained a notable bright spot in activity metrics. The company reported annualized first-quarter Clover GPV of $324 billion, with overall GPV up 12%, excluding the gateway conversion (9% as reported). Value-added services (VAS) penetration was 27% and VAS revenues increased 18%. Management also cited 7% Small Business volume growth and 8% Enterprise transaction growth during the quarter, with April Clover volume trends consistent with first-quarter levels.
Softness in FISV Financial Solutions’ Weighs on Organic Results
Financial Solutions revenues fell 5% year over year to $2.30 billion. The pressure was broad-based. Digital Payments revenues decreased 5% to $947 million, Issuing revenues dropped 5% to $769 million and Banking revenues declined 4% to $586 million.
Operational indicators were steadier than revenue trends implied, suggesting a mix-and-timing headwind rather than a sharp deterioration in usage. Fiserv cited low-single-digit growth in debit processing transactions and global accounts on file in Issuing. Zelle transactions grew at a high-teen rate, while Finxact reported more than 70% growth in accounts and positions. CashFlow Central also continued to scale, with 19 wins in the quarter for a total of 174 since launch and 11 live clients.
Story Continues
Fiserv's Margin Compression Reflects Expense Mix & Programs
Profitability stepped down meaningfully from the prior year. The GAAP operating margin was 18.3% versus 27.2% in the first quarter of 2025, reflecting a higher expense base even as revenues dipped. The segment-level GAAP operating margin also declined to 26.4% in Merchant Solutions from 34.2% a year ago and to 38.1% in Financial Solutions from 47.5%.
On an adjusted basis, the operating margin was 29.7% compared with 37.8% in the year-ago quarter. The quarter included costs tied to the company’s One Fiserv transformation program, severance, merger and integration activity, and acquisition-related intangible amortization, while benefiting from a net gain on the sale of assets tied to a sale-leaseback of certain facilities.
FISV's Cash Flow & Buybacks Stay Active
Fiserv generated $599 million in net cash from operating activities, down from $648 million in the prior-year quarter. The free cash flow was $259 million versus $371 million a year ago, reflecting lower operating cash generation and higher capital investment.
Capital expenditure totaled $458 million in the quarter, which management characterized as in line with expectations. The company also remained in repurchase mode, buying back 3.3 million shares for $200 million during the quarter. In the earnings presentation, management described the balance sheet as strong, with leverage tracking to plan.
Fiserv's 2026 Guidance Unchanged, With EPS Boost From Taxes
Fiserv reaffirmed its 2026 outlook, expecting organic revenue growth of 1-3% and adjusted earnings per share of $8.00-$8.30. The company also reiterated expectations for an adjusted operating margin of about 34% and a free cash flow conversion of roughly 90% of adjusted net income.
A notable feature of the quarter was a tax-driven lift to profitability. The first quarter included a net $254-million income tax benefit related to the release of various foreign valuation allowances, partially offset by $74 million of other discrete tax items, contributing to a lower effective tax rate.
In the earnings presentation, Fiserv quantified the discrete tax impact as a 17-cent benefit to adjusted earnings per share versus results calculated at the midpoint of its anticipated adjusted annual effective tax rate range.
FISV carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshot
Automatic Data Processing, Inc. ADP posted third-quarter fiscal 2026 adjusted earnings per share of $3.37, beating the Zacks Consensus Estimate of $3.28 by 2.7%. The metric increased 10.1% from the year-ago quarter.
Total revenues came in at $5.94 billion, topping the consensus mark of $5.86 billion by 1.4% and rising 7% year over year. Operationally, Employer Services client revenue retention and overall client satisfaction reached record highs for the third quarter.
S&P Global Inc. SPGI reported impressive first-quarter 2026 results.
SPGI’s adjusted earnings per share of $4.97 beat the consensus mark by 3.1% and rose 13.7% year over year. Total revenues came in at $4.2 billion, surpassing the consensus estimate by 2.6% and rising 10.4% from the year-ago quarter.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Automatic Data Processing, Inc. (ADP) : Free Stock Analysis Report
Fiserv, Inc. (FISV) : Free Stock Analysis Report
S&P Global Inc. (SPGI) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
View Comments
- Here’s Why Fiserv (FISV) is Slipping Despite Solid Earnings
May 5, 2026
Ariel Investments, an investment management company, released its “Ariel Focus Fund" Q1 2026 Investor Letter. A copy of the letter can be downloaded here. The fund reported strong first-quarter performance for its Ariel Focus Fund, which gained 7.30%, significantly outperforming both the S&P 500’s -4.33% return and the Russell 1000 Value Index’s 2.10% gain amid a volatile, risk-off market environment. The firm said the quarter was marked by a sharp selloff driven by escalating Middle East tensions that pushed energy prices higher, lifted bond yields, and reignited inflation concerns, leading to a rotation away from mega-cap technology stocks toward energy and defensive sectors. Ariel attributed its outperformance largely to strong contributions from energy holdings, which benefited from rising oil prices, while some financial and technology positions lagged due to rate uncertainty and concerns around AI-driven disruption and capital spending. Looking ahead, the firm maintained a cautious outlook, citing rising recession risks, persistent geopolitical instability, and trade policy uncertainty, while warning that narrow market leadership could lead to abrupt sentiment shifts. Despite these headwinds, Ariel emphasized that elevated volatility is creating attractive opportunities and reaffirmed its long-term, fundamentals-driven strategy focused on high-quality businesses, strong balance sheets, and durable competitive advantages to navigate uncertainty and capture future upside. In addition, you can check the Fund’s top five holdings to determine its best picks for 2026.
In its first-quarter 2026 investor letter, Ariel Focus Fund highlighted stocks like Fiserv, Inc. (NYSE:FISV). Fiserv, Inc. (NYSE:FISV) is a financial technology company that provides payment processing, banking, and digital commerce solutions to financial institutions and businesses worldwide. The one-month return of Fiserv, Inc. (NYSE:FISV) was 13.54% while its shares traded between $52.91 and $191.91 over the last 52 weeks. On May 4, 2026, Fiserv, Inc. (NYSE:FISV) stock closed at approximately $62.81 per share, with a market capitalization of about $33.59 billion.
Ariel Focus Fund stated the following regarding Fiserv, Inc. (NYSE:FISV) in its Q1 2026 investor letter:
"Conversely, global payments and financial technology leader, Fiserv (NYSE:FISV) declined over the quarter despite reporting in-line earnings results and 2026 guidance. Although the closely watched Clover business showed modest underperformance, we believe broader macroeconomic concerns and fears of AI-related disruption rather than company specific fundamentals are weighing on the company’s share price. While the current valuation reflects a narrow focus on 2026 as a transitional year, we continue to hold the position given Fiserv’s scale, market leadership and deep client relationships, which we believe support durable recurring revenue and long-term participation in the continued shift toward digital payments."
Story Continues
CrowdStrike (CRWD) Expands AWS Partnership to Power AI Security Solutions
Fiserv, Inc. (NYSE:FISV) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. As per our database, 83 hedge fund portfolios held Fiserv, Inc. (NYSE:FISV) at the end of the fourth quarter, which was 83 in the previous quarter. While we acknowledge the risk and potential of Fiserv, Inc. (NYSE:FISV) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
In another article, we covered Fiserv, Inc. (NYSE:FISV) and shared the list of the best fintech stocks to invest in according to billionaires. In addition, please check out our hedge fund investor letters Q1 2026 page for more investor letters from hedge funds and other leading investors.
READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years
Disclosure: None. This article is originally published at Insider Monkey.
View Comments
- Fiserv (FISV) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
May 5, 2026
For the quarter ended March 2026, Fiserv (FISV) reported revenue of $4.68 billion, down 2.4% over the same period last year. EPS came in at $1.79, compared to $2.14 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $4.76 billion, representing a surprise of -1.72%. The company delivered an EPS surprise of +13.67%, with the consensus EPS estimate being $1.58.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Fiserv performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Adjusted Revenue- Merchant Solutions: $2.37 billion compared to the $2.45 billion average estimate based on seven analysts. The reported number represents a change of 0% year over year. Adjusted Revenue- Financial Solutions: $2.3 billion versus the seven-analyst average estimate of $2.3 billion. The reported number represents a year-over-year change of -4.8%. Revenue- Processing and services: $4.07 billion compared to the $4.02 billion average estimate based on four analysts. The reported number represents a change of +0.6% year over year. Revenue- Product: $957 million compared to the $1.05 billion average estimate based on four analysts. The reported number represents a change of -11.8% year over year. Adjusted Revenue- Financial Solutions- Banking: $586 million versus the two-analyst average estimate of $574.56 million. The reported number represents a year-over-year change of -3.6%. Adjusted Revenue- Financial Solutions- Issuing: $769 million versus the two-analyst average estimate of $778.03 million. The reported number represents a year-over-year change of -5.5%. Adjusted Revenue- Financial Solutions- Digital Payments: $947 million versus the two-analyst average estimate of $945.25 million. The reported number represents a year-over-year change of -4.8%. Adjusted Revenue- Merchant Solutions- Enterprise: $512 million versus the two-analyst average estimate of $516.1 million. The reported number represents a year-over-year change of +2%. Adjusted Revenue- Merchant Solutions- Small Business: $1.61 billion compared to the $1.67 billion average estimate based on two analysts. The reported number represents a change of +0.9% year over year. Adjusted Revenue- Merchant Solutions- Processing: $252 million compared to the $276 million average estimate based on two analysts. The reported number represents a change of -8.7% year over year. Operating loss- Corporate and Other: $-585 million versus $-446.27 million estimated by two analysts on average. Operating income- Financial Solutions: $877 million versus $874.89 million estimated by two analysts on average.
Story Continues
View all Key Company Metrics for Fiserv here>>>
Shares of Fiserv have returned +11.5% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Fiserv, Inc. (FISV) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
View Comments
- Fiserv (FISV) Beats Q1 Earnings Estimates
May 5, 2026
Fiserv (FISV) came out with quarterly earnings of $1.79 per share, beating the Zacks Consensus Estimate of $1.58 per share. This compares to earnings of $2.14 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +13.67%. A quarter ago, it was expected that this financial services technology company would post earnings of $1.9 per share when it actually produced earnings of $1.99, delivering a surprise of +4.74%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Fiserv, which belongs to the Zacks Financial Transaction Services industry, posted revenues of $4.68 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 1.72%. This compares to year-ago revenues of $4.79 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Fiserv shares have lost about 6.5% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Fiserv?
While Fiserv has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Fiserv was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.98 on $5.11 billion in revenues for the coming quarter and $8.11 on $20.12 billion in revenues for the current fiscal year.
Story Continues
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial Transaction Services is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Fidelity National Information Services (FIS), another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 8.
This banking and payment technologies company is expected to post quarterly earnings of $1.28 per share in its upcoming report, which represents a year-over-year change of +5.8%. The consensus EPS estimate for the quarter has been revised 1% lower over the last 30 days to the current level.
Fidelity National Information Services' revenues are expected to be $3.27 billion, up 29.3% from the year-ago quarter.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Fiserv, Inc. (FISV) : Free Stock Analysis Report
Fidelity National Information Services, Inc. (FIS) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
View Comments
- Fiserv (NASDAQ:FISV) Reports Strong Q1 CY2026 But Stock Drops
May 5, 2026
Financial technology provider Fiserv (NASDAQ:FISV) reported Q1 CY2026 results topping the market’s revenue expectations , with sales up 5% year on year to $5.03 billion. Its non-GAAP profit of $1.79 per share was 13.5% above analysts’ consensus estimates.
Is now the time to buy Fiserv? Find out in our full research report.
Fiserv (FISV) Q1 CY2026 Highlights:
Organic Revenue fell 4% year on year Revenue: $5.03 billion vs analyst estimates of $4.73 billion (5% year-on-year growth, 6.3% beat) Pre-tax Profit: $593 million (11.8% margin) Adjusted EPS: $1.79 vs analyst estimates of $1.58 (13.5% beat) Management reiterated its full-year Adjusted EPS guidance of $8.15 at the midpoint Market Capitalization: $33.48 billion
“During the first quarter, we remained in execution mode, delivering results in line with the expectations we shared in February,” said Mike Lyons, Chief Executive Officer of Fiserv.
Company Overview
Powering over 1 billion accounts and processing more than 12,000 financial transactions per second globally, Fiserv (NASDAQ:FISV) provides payment processing and financial technology solutions that enable merchants, banks, and credit unions to accept payments and manage financial transactions.
Revenue Growth
A company’s long-term sales performance is one signal of its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Over the last five years, Fiserv grew its revenue at a mediocre 7.5% compounded annual growth rate. This fell short of our benchmark for the financials sector and is a tough starting point for our analysis.Fiserv Quarterly Revenue
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Fiserv’s recent performance shows its demand has slowed as its annualized revenue growth of 5% over the last two years was below its five-year trend. We’re wary when companies in the sector see decelerations in revenue growth, as it could signal changing consumer tastes aided by low switching costs.Fiserv Year-On-Year Revenue Growth
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
We can dig further into the company’s sales dynamics by analyzing its organic revenue, which strips out one-time events like acquisitions and currency fluctuations that don’t accurately reflect its fundamentals. Over the last three years, Fiserv’s organic revenue averaged 8.7% year-on-year growth. It grew at a similar 7.3% pace on a two-year basis. Because this shorter-term number is better than its two-year revenue growth, we can see that some mixture of divestitures and foreign exchange rates dampened its headline results.
Story Continues
Fiserv Organic Revenue Growth
This quarter, Fiserv reported modest year-on-year revenue growth of 5% but beat Wall Street’s estimates by 6.3%.
ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who’s building AI, one company is already using it to print money. And nobody’s paying attention.
AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won’t last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice.
Key Takeaways from Fiserv’s Q1 Results
We enjoyed seeing Fiserv beat analysts’ revenue expectations this quarter. We were also glad its EPS outperformed Wall Street’s estimates. Zooming out, we think this quarter featured some important positives. The market seemed to be hoping for more, and the stock traded down 7.4% to $58.16 immediately following the results.
Is Fiserv an attractive investment opportunity at the current price? We think that the latest quarter is just one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it’s free.
View Comments
- Fiserv Reports First Quarter 2026 Results
May 5, 2026
Fiserv, Inc.
GAAP revenue decrease of 2% and organic revenue decrease of 4%;
GAAP EPS decreased 29% and adjusted EPS decreased 16%;
Company affirms 2026 organic revenue growth outlook of 1% to 3%
and adjusted EPS outlook of $8.00 to $8.30
MILWAUKEE, May 05, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today reported financial results for the first quarter of 2026.
First Quarter 2026 GAAP Results
GAAP revenue for the company was $5.03 billion in the first quarter of 2026, a decrease of 2% compared to the first quarter of 2025. GAAP revenue was flat in the Merchant Solutions segment and decreased 5% in the Financial Solutions segment in the first quarter of 2026 compared to the prior year period. GAAP earnings per share was $1.07 in the first quarter of 2026, a decrease of 29% compared to the first quarter of 2025.
GAAP operating margin was 18.3% in the first quarter of 2026 compared to 27.2% in the first quarter of 2025. GAAP operating margin in the Merchant Solutions segment was 26.4% in the first quarter of 2026 compared to 34.2% in the prior year period. GAAP operating margin in the Financial Solutions segment was 38.1% in the first quarter of 2026 compared to 47.5% in the prior year period. Net cash provided by operating activities was $599 million in the first quarter of 2026 compared to $648 million in the first quarter of 2025.
“During the first quarter, we remained in execution mode, delivering results in line with the expectations we shared in February,” said Mike Lyons, Chief Executive Officer of Fiserv. “Our team is focused on advancing the One Fiserv Action Plan and while significant work remains, we are encouraged by our progress. We look forward to providing more details on our strategy and medium-term financial outlook at our May 14th Investor Day.”
First Quarter 2026 Non-GAAP Results and Additional Information
Adjusted revenue was $4.68 billion in the first quarter of 2026, a decrease of 2% compared to the prior year period. Organic revenue decreased 4% in the first quarter of 2026, with a 1% decline in the Merchant Solutions segment and a 6% decline in the Financial Solutions segment. Adjusted earnings per share was $1.79 in the first quarter of 2026, a decrease of 16% compared to the prior year period. Adjusted operating margin was 29.7% in the first quarter of 2026 compared to 37.8% in the first quarter of 2025. Adjusted operating margin was 26.4% and 34.2% in the Merchant Solutions segment and 38.1% and 47.5% in the Financial Solutions segment in the first quarter of 2026 and 2025, respectively. Free cash flow was $259 million in the first quarter of 2026 compared to $371 million in the prior year period. The company repurchased 3.3 million shares of common stock for $200 million in the first quarter of 2026. The first quarter of 2026 included a net $254 million income tax benefit related to the release of various foreign valuation allowances, partially offset by $74 million of other discrete tax items, resulting in an overall lower effective income tax rate. In March 2026, Fiserv was named one of America’s Most Innovative Companies by Fortune for the fourth consecutive year.
Story Continues
Outlook for 2026
Fiserv continues to expect organic revenue growth of 1% to 3% and adjusted earnings per share of $8.00 to $8.30 for 2026.
“First quarter results were supported by stable underlying account and volume trends,” said Paul Todd, Chief Financial Officer of Fiserv. “We remain confident in our full-year guidance and are encouraged by the progress we are making with productivity initiatives, including Project Elevate.”
Earnings Conference Call
The company will discuss its first quarter 2026 results in a live webcast at 7 a.m. CT on Tuesday, May 5, 2026. The webcast, along with supplemental financial information, can be accessed on the investor relations section of the Fiserv website at investors.fiserv.com. A replay will be available approximately one hour after the conclusion of the live webcast.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500™ company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world’s smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of TIME Magazine’s Most Influential Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.
Use of Non-GAAP Financial Measures
In this news release, the company supplements its reporting of information determined in accordance with generally accepted accounting principles (“GAAP”), such as revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities, with “adjusted revenue,” “change in adjusted revenue,” “organic revenue,” “change in organic revenue,” “organic revenue growth,” “adjusted operating income,” “adjusted operating margin,” “adjusted net income,” “adjusted earnings per share,” “change in adjusted earnings per share,” and “free cash flow.” Management believes that adjustments for certain non-cash or other items and the exclusion of certain pass-through revenue and expenses should enhance shareholders’ ability to evaluate the company’s performance, as such measures provide additional insights into the factors and trends affecting its business. Therefore, the company excludes these items from its GAAP financial measures to calculate these unaudited non-GAAP measures. The corresponding reconciliations of these unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity, and limited visibility of the non-cash and other items described below that are excluded from the non-GAAP outlook measures. See page 15 for additional information regarding the company’s forward-looking non-GAAP financial measures.
Examples of non-cash or other items may include, but are not limited to, non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; merger and integration costs; severance costs; certain transformation related expenses associated with the company’s One Fiserv action plan; gains or losses from the sale of businesses, certain assets or investments; and certain discrete tax benefits and expenses. The company excludes these items to more clearly focus on the factors management believes are pertinent to the company’s operations, and management uses this information to make operating decisions, including the allocation of resources to the company’s various businesses.
The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.
Management believes organic revenue is useful because it presents revenue excluding the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company’s postage reimbursements. Management believes free cash flow is useful to measure the funds generated in a given period that are available for debt service requirements and strategic capital decisions. Management believes this supplemental information enhances shareholders’ ability to evaluate and understand the company’s core business performance.
These unaudited non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies and should be considered in addition to, and not as a substitute for, revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities or any other amount determined in accordance with GAAP.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated organic revenue growth, adjusted earnings per share and other statements regarding our future financial performance. Statements can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe the company’s future plans, outlook, objectives or goals are also forward-looking statements.
Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that could cause the company’s actual results to differ materially include, among others, the following: the company’s ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for the company’s products and services; the ability of the company’s technology to keep pace with a rapidly evolving marketplace; the company’s ability to successfully implement and achieve the expected benefits associated with its One Fiserv action plan; the success of the company’s merchant alliances, some of which are not controlled by the company; the impact of a security breach or operational failure on the company’s business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of the company’s vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or international hostilities, and the impact they may have on the company and its employees, clients, vendors, supply chain, operations and sales; the company’s ability to use artificial intelligence to improve its products and services and enhance its operations; the effect of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whole; the company’s ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; the company’s ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of the company’s growth strategies; the company’s ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors included in “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in other documents that the company files with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. The company assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release.
Fiserv, Inc. Condensed Consolidated Statements of Income (In millions, except per share amounts, unaudited) Three Months Ended
March 31, 2026 2025 Revenue Processing and services $ 4,070 $ 4,045 Product 957 1,085 Total revenue 5,027 5,130 Expenses Cost of processing and services 1,610 1,389 Cost of product 697 684 Selling, general and administrative 1,885 1,682 Net gain on sale of assets (83 ) (20 ) Total expenses 4,109 3,735 Operating income 918 1,395 Interest expense, net (347 ) (331 ) Other income (expense), net 22 (18 ) Income before income taxes and income (loss) from investments in unconsolidated affiliates 593 1,046 Income tax provision (24 ) (190 ) Income (loss) from investments in unconsolidated affiliates 4 (8 ) Net income 573 848 Less: net income (loss) attributable to noncontrolling interests 2 (3 ) Net income attributable to Fiserv $ 571 $ 851 GAAP earnings per share attributable to Fiserv — diluted $ 1.07 $ 1.51 Diluted shares used in computing earnings per share attributable to Fiserv 535.4 564.7
Earnings per share is calculated using actual, unrounded amounts.
Fiserv, Inc. Reconciliation of GAAP to Adjusted Net Income and Adjusted Earnings Per Share (In millions, except per share amounts, unaudited) Three Months Ended
March 31, 2026 2025 GAAP net income attributable to Fiserv $ 571 $ 851 Adjustments: Merger and integration costs1 29 15 One Fiserv transformation program expenses2 142 — Severance costs 73 15 Amortization of acquisition-related intangible assets3 311 331 Net gain on sale of assets4 (83 ) — Non wholly-owned entity activities5 9 20 Tax impact of adjustments6 (94 ) (74 ) Incremental executive compensation7 — 52 Adjusted net income $ 958 $ 1,210 GAAP earnings per share attributable to Fiserv - diluted $ 1.07 $ 1.51 Adjustments - net of income taxes: Merger and integration costs1 0.04 0.02 One Fiserv transformation program expenses2 0.21 — Severance costs 0.11 0.02 Amortization of acquisition-related intangible assets3 0.47 0.47 Net gain on sale of assets4 (0.13 ) — Non wholly-owned entity activities5 0.01 0.03 Incremental executive compensation7 — 0.09 Adjusted earnings per share $ 1.79 $ 2.14 Change in GAAP earnings per share attributable to Fiserv (29 )% Change in adjusted earnings per share (16 )%
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
Earnings per share is calculated using actual, unrounded amounts.
Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs associated with integration activities primarily include $14 million of retention cash awards and $12 million of third-party professional service fees in the first quarter of 2026, and $11 million related to a legal settlement in the first quarter of 2025. Represents costs associated with a multi-year transformation initiative focused on operational excellence enabled by artificial intelligence, including process reengineering and technology infrastructure modernization. This adjustment is primarily comprised of third-party fees and also includes $41 million of incremental compensation expense primarily associated with retention cash awards and restricted stock units granted to certain employees. Represents amortization of intangible assets acquired through acquisition, including customer relationships, software/technology and trade names. This adjustment does not exclude the amortization of other intangible assets such as contract costs (sales commissions and deferred conversion costs), capitalized and purchased software, financing costs and debt discounts. See additional information on page 14 for an analysis of the company’s amortization expense. Represents a net gain on the sale-leaseback of certain facilities in the first quarter of 2026. Represents the company’s share of amortization of acquisition-related intangible assets at its unconsolidated affiliates. The tax impact of adjustments is calculated using a tax rate of 19.5% in both the first quarter of 2026 and 2025, which approximates the company’s anticipated annual effective tax rates. Represents incremental compensation expense associated with the transition of the company’s Chief Executive Officer (“CEO”), comprised of $40 million of former CEO non-cash share-based compensation and related employer payroll taxes, and a $12 million cash replacement award paid to the company’s new CEO appointed in 2025.
Fiserv, Inc. Financial Results by Segment (In millions, unaudited) Three Months Ended
March 31, 2026 2025 Total Company Revenue $ 5,027 $ 5,130 Adjustments: Postage reimbursements (352 ) (341 ) Adjusted revenue $ 4,675 $ 4,789 Operating income $ 918 $ 1,395 Adjustments: Merger and integration costs 29 15 One Fiserv transformation program expenses 142 — Severance costs 73 15 Amortization of acquisition-related intangible assets 311 331 Net gain on sale of assets (83 ) — Incremental executive compensation — 52 Adjusted operating income $ 1,390 $ 1,808 Operating margin 18.3 % 27.2 % Adjusted operating margin 29.7 % 37.8 % Merchant Solutions (“Merchant”)1 Revenue $ 2,373 $ 2,372 Operating income $ 626 $ 810 Operating margin 26.4 % 34.2 % Financial Solutions (“Financial”)1 Revenue $ 2,302 $ 2,417 Operating income $ 877 $ 1,148 Operating margin 38.1 % 47.5 % Fiserv, Inc. Financial Results by Segment (cont.) (In millions, unaudited) Three Months Ended
March 31, 2026 2025 Corporate and Other Revenue $ 352 $ 341 Adjustments: Postage reimbursements (352 ) (341 ) Adjusted revenue $ — $ — Operating loss $ (585 ) $ (563 ) Adjustments: Merger and integration costs 29 15 One Fiserv transformation program expenses 142 — Severance costs 73 15 Amortization of acquisition-related intangible assets 311 331 Net gain on sale of assets (83 ) — Incremental executive compensation — 52 Adjusted operating loss $ (113 ) $ (150 )
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
Operating margin percentages are calculated using actual, unrounded amounts.
For all periods presented in the Merchant and Financial segments, there were no adjustments to GAAP measures presented and thus the adjusted measures are equal to the reportable segment GAAP measures presented.
Fiserv, Inc.
Condensed Consolidated Statements of Cash Flows (In millions, unaudited) Three Months Ended
March 31, 2026 2025 Cash flows from operating activities Net income $ 573 $ 848 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and other amortization 508 437 Amortization of acquisition-related intangible assets 311 331 Amortization of financing costs and debt discounts 12 11 Share-based compensation 118 124 Deferred income taxes (58 ) (37 ) Net gain on sale of assets (83 ) (20 ) (Income) loss from investments in unconsolidated affiliates (4 ) 8 Distributions from unconsolidated affiliates 8 10 Non-cash foreign currency exchange (gains) losses (21 ) 38 Other operating activities 15 9 Changes in assets and liabilities, net of effects from acquisitions: Trade accounts receivable 108 (146 ) Prepaid expenses and other assets (175 ) (465 ) Contract costs (74 ) (72 ) Accounts payable and other liabilities (606 ) (445 ) Contract liabilities (33 ) 17 Net cash provided by operating activities 599 648 Cash flows from investing activities Capital expenditures, including capitalized software and other intangibles (458 ) (335 ) Proceeds from sale of assets 187 — Merchant cash advances, net 66 (243 ) Payments for acquisition of businesses, net of cash acquired — (316 ) Distributions from unconsolidated affiliates 4 — Purchases of investments (3 ) (32 ) Proceeds from sale of investments 8 — Other investing activities (5 ) 1 Net cash used in investing activities (201 ) (925 ) Cash flows from financing activities Debt proceeds 409 776 Debt repayments (633 ) (955 ) Net borrowings from commercial paper and short-term borrowings 107 2,696 Proceeds from issuance of treasury stock 12 24 Purchases of treasury stock, including employee shares withheld for tax obligations (240 ) (2,352 ) Settlement activity, net (578 ) 434 Other financing activities — 4 Net cash (used in) provided by financing activities (923 ) 627 Effect of exchange rate changes on cash and cash equivalents (27 ) 26 Net change in cash and cash equivalents (552 ) 376 Cash and cash equivalents, beginning balance 2,802 2,993 Cash and cash equivalents, ending balance $ 2,250 $ 3,369
Fiserv, Inc. Condensed Consolidated Balance Sheets (In millions, unaudited) March 31, December 31, 2026 2025 Assets Cash and cash equivalents $ 829 $ 798 Trade accounts receivable – net 3,882 3,981 Prepaid expenses and other current assets 3,411 3,396 Settlement assets 16,660 16,479 Total current assets 24,782 24,654 Property and equipment – net 3,225 3,084 Customer relationships – net 4,828 5,093 Other intangible assets – net 5,154 5,068 Goodwill 37,602 37,703 Contract costs – net 1,056 1,039 Investments in unconsolidated affiliates 1,028 1,046 Other long-term assets 2,873 2,446 Total assets $ 80,548 $ 80,133 Liabilities and Equity Accounts payable and other current liabilities $ 4,591 $ 5,307 Short-term and current maturities of long-term debt 1,323 1,239 Contract liabilities 844 865 Settlement obligations 16,660 16,479 Total current liabilities 23,418 23,890 Long-term debt 27,859 27,758 Deferred income taxes 1,688 1,478 Long-term contract liabilities 243 259 Other long-term liabilities 1,119 939 Total liabilities 54,327 54,324 Fiserv shareholders’ equity 26,201 25,792 Noncontrolling interests 20 17 Total equity 26,221 25,809 Total liabilities and equity $ 80,548 $ 80,133
Fiserv, Inc.
Selected Non-GAAP Financial Measures and Additional Information (In millions, unaudited) Organic Revenue1 Three Months Ended
March 31, 2026 2025 Change Total Company Adjusted revenue $ 4,675 $ 4,789 Currency impact2 6 — Acquisition adjustments (64 ) — Organic revenue $ 4,617 $ 4,789 (4 )% Merchant Adjusted revenue $ 2,373 $ 2,372 Currency impact2 12 — Acquisition adjustments (47 ) — Organic revenue $ 2,338 $ 2,372 (1 )% Financial Adjusted revenue $ 2,302 $ 2,417 Currency impact2 (6 ) — Acquisition adjustments (17 ) — Organic revenue $ 2,279 $ 2,417 (6 )%
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
The change in organic revenue is calculated using actual, unrounded amounts.
The change in organic revenue is measured as the change in adjusted revenue (see pages 9-10) for the current period excluding the impact of foreign currency fluctuations and revenue attributable to acquisitions and any dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to any dispositions. Currency impact is measured as the increase or decrease in adjusted revenue for the current period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods.
Fiserv, Inc.
Selected Non-GAAP Financial Measures and Additional Information (cont.)
(In millions, unaudited) Free Cash Flow Three Months Ended
March 31, 2026 2025 Net cash provided by operating activities $ 599 $ 648 Capital expenditures (458 ) (335 ) Adjustments: Distributions from unconsolidated affiliates included in cash flows from investing activities 4 — Severance, merger and integration payments 46 69 One Fiserv transformation program payments 95 — Tax payments on adjustments (27 ) (11 ) Free cash flow $ 259 $ 371
Total Amortization1 Three Months Ended
March 31, 2026 2025 Acquisition-related intangible assets $ 311 $ 331 Capitalized software and other intangibles 209 176 Purchased software 53 52 Financing costs and debt discounts 12 11 Sales commissions 29 28 Deferred conversion costs 30 27 Total amortization $ 644 $ 625
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
Fiserv, Inc.
Full Year Forward-Looking Non-GAAP Financial Measures
Reconciliations of unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of these items that are excluded from the non-GAAP outlook measures. The company’s forward-looking non-GAAP financial measures for 2026, including organic revenue growth and adjusted earnings per share, are designed to enhance shareholders’ ability to evaluate the company’s performance by excluding certain items to focus on factors and trends affecting its business.
Organic Revenue Growth - The company’s organic revenue growth outlook for 2026 excludes the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company’s postage reimbursements. The currency impact is measured as the increase or decrease in the expected adjusted revenue for the period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods.
Growth 2026 Revenue 1% - 3% Postage reimbursements —% 2026 Adjusted revenue 1% - 3% Currency impact 0.5% Acquisition adjustments (0.5)% Divestiture adjustments —% 2026 Organic revenue 1% - 3%
Adjusted Earnings Per Share - The company’s adjusted earnings per share outlook for 2026 excludes certain non-cash or other items such as non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; merger and integration costs; severance costs; certain transformation related expenses associated with the company’s One Fiserv action plan; gains or losses from the sale of businesses, certain assets and investments; and certain discrete tax benefits and expenses.
The company estimates that amortization expense in 2026 with respect to acquired intangible assets will be relatively consistent with the amount incurred in 2025. Other adjustments to the company’s financial measures that were incurred for the three months ended March 31, 2026 and 2025 are presented in this news release; however, they are not necessarily indicative of adjustments that may be incurred throughout the remainder of 2026 or beyond. Estimates of these impacts and adjustments on a forward-looking basis are not available due to the variability, complexity and limited visibility of these items.
For more information contact: Media Relations:
Stacy Davidson
Chief Communications and Marketing Officer
Fiserv, Inc.
stacy.davidson@fiserv.com Investor Relations:
Walter Pritchard
Senior Vice President, Investor Relations
Fiserv, Inc.
walter.pritchard@fiserv.com
View Comments
