Fiserv, Inc. (FISV) — Company Research

Last Updated: 11 November 2026

Fiserv, Inc. (Nasdaq: FISV) provides payment processing and banking technology: it runs card acceptance for merchants (including the Clover point-of-sale system), and core banking, debit, card issuing and digital payment services for banks and credit unions. The stock moved from the NYSE, where it traded as FI, back to Nasdaq as FISV on 11 Nov 2025. In 2025 GAAP revenue rose 3.6% to $21,193m, net income was $3,480m and adjusted EPS was $8.64. Growth then stalled: Q3 2026 results, released on 03 Nov 2026, showed revenue down 1% to $5,196m, organic revenue flat, adjusted EPS of $1.75 against $2.04, and a GAAP loss of $11.17 a share after a $6,452m goodwill impairment. Every figure here comes from Fiserv's own releases and SEC filings.

1. Company Snapshot

Field	Value
Company	Fiserv, Inc.
Ticker / Exchange	FISV / Nasdaq Global Select Market (traded as FI on the NYSE until 11 Nov 2025)
Sector	Financials (payments and financial technology)
CEO / Leadership	Takis Georgakopoulos (CEO since Jun 2026, succeeding Mike Lyons); Paul Todd (CFO since 31 Oct 2025); Gordon Nixon (Chairman)
Employees	Over 38,000 at 31 Dec 2025 (FY2025 10-K)
Headquarters	Milwaukee, Wisconsin
Fiscal year end	31 December
Revenue (FY2025)	$21,193m GAAP revenue (+3.6%); adjusted revenue $19,804m; trailing four quarters to 30 Sep 2026 $20,799m
Net income (FY2025)	$3,480m attributable to Fiserv; GAAP diluted EPS $6.34; adjusted EPS $8.64
Market cap	~$33.7bn ($63.32 close on 10 Nov 2026 × 532.0m shares outstanding at 30 Oct 2026)
Dividend	None; Fiserv has never paid a dividend on its common stock
2026 guidance	Organic revenue (1%) to 0%; adjusted EPS $7.20 to $7.40 (cut on 06 Aug 2026, affirmed on 03 Nov 2026)

2. Investment Thesis: Bull vs Bear

Bull Case

• Still a large cash generator: Operating cash flow was $6,062m in 2025 and free cash flow (company definition) was $2,039m in the first nine months of 2026, despite flat revenue.
• Clover scale: More than 5 million Clover devices have shipped, Clover payment volume grew 9% in Q3 2026 and processing revenue 12%, and management expects double-digit Clover revenue growth in Q4 2026.
• Bigger cost programme: The Project Elevate savings target was doubled to $1bn on 03 Nov 2026, and about 3,000 employees and contractors have left since the new CEO took over.
• Insiders bought the dip: The CFO, the Chairman, the then legal chief and four directors bought about $2.2m of shares in the open market between Jun and Aug 2026, with no open-market insider sales in 2026.
• Buybacks and disposals: A $500m buyback is planned for Q4 2026, and after-tax proceeds from the sale of non-core businesses are earmarked for buybacks and debt reduction.

Bear Case

• Revenue going backwards: 2026 guidance is for organic revenue of (1%) to 0%, and Q3 2026 Merchant Solutions organic revenue fell 2%.
• Margins squeezed: The adjusted operating margin fell to 31.2% in Q3 2026 from 37.0% a year earlier, with Merchant segment margin down to 28.7% from 37.2%.
• Goodwill write-down: A $6,452m goodwill impairment in Q3 2026 reflected the fall in market value, and the company warns more impairments are possible.
• Leadership churn: Takis Georgakopoulos is the third CEO in about 18 months, and a co-president and the chief legal and administrative officer have also left in 2026.
• Legal overhang: Securities class actions over the 2025 guidance, plus SEC Enforcement and US Attorney (SDNY) investigations, remain open.

3. Business Segments

Fiserv reports two segments plus Corporate and Other. Figures are FY2025 GAAP revenue from the FY2025 10-K and Q4 2025 release; total revenue was $21,193m.

Segment	% of revenue	What it is
Merchant Solutions	47.8% ($10,140m)	Card acceptance, e-commerce and point-of-sale for merchants: Small Business including Clover ($6,795m), Enterprise ($2,256m), and processing for banks, joint ventures and resellers ($1,089m). FY2025 operating margin 34.5%.
Financial Solutions	45.6% ($9,664m)	Technology for banks and credit unions: Digital Payments including the Accel debit network, bill pay and person-to-person ($3,945m), card Issuing ($3,284m) and core Banking and digital banking ($2,435m). FY2025 operating margin 45.3%.
Corporate and Other	6.6% ($1,389m)	Mainly postage reimbursements passed through to clients, which are excluded from adjusted revenue.

Adjusted revenue of $19,804m excludes postage; on that basis Merchant was 51.2% and Financial 48.8%. FY2021 to FY2023 were reported under the old Acceptance, Fintech and Payments segments.

4. Business Model & Moat

How it makes money. Fiserv earns transaction and processing fees each time merchants accept cards, recurring fees from banks for running their core systems, debit networks and card programmes, and product revenue from Clover hardware and software. Most revenue is recurring and tied to payment and account volumes.

Switching costs. Core banking and card-processing systems are deeply embedded in a bank's operations, so contracts run for years and conversions are costly; management says net banking client attrition is down more than 25% so far in 2026.

Scale and distribution. Fiserv reaches merchants both directly and through bank partners and joint ventures, which gives Clover a sales channel competitors lack.

Where the moat is tested. Merchant acquiring is competitive, with Block's Square, Adyen and Global Payments among the rivals, and the 2025 guidance reset, and the lawsuits that followed, centred on how fast Clover could keep growing.

5. Financial Health

Annual figures come from Fiserv's year-end results releases and 10-K filings, cross-checked against SEC XBRL data. Revenue is GAAP total revenue. Long-term debt is the year-end balance excluding the current portion (current debt was $1,239m at 31 Dec 2025).

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$16,226m	+9.3%	$1.99	$5.58	Nil	$20,729m
FY2022	$17,737m	+9.3%	$3.91	$6.49	Nil	$20,950m
FY2023	$19,093m	+7.6%	$4.98	$7.52	Nil	$22,363m
FY2024	$20,456m	+7.1%	$5.38	$8.80	Nil	$23,730m
FY2025	$21,193m	+3.6%	$6.34	$8.64	Nil	$27,758m

FY2021 growth is against FY2020 revenue of $14,852m. Adjusted EPS mainly excludes amortisation of acquisition-related intangibles, severance, One Fiserv programme costs and disposal gains.

Quarterly results, most recent first.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q3 2026 (to 30 Sep 2026)	$5,196m	$1.75	$(11.17)
Q2 2026 (to 30 Jun 2026)	$5,292m	$1.84	$1.17
Q1 2026 (to 31 Mar 2026)	$5,027m	$1.79	$1.07
Q4 2025 (to 31 Dec 2025)	$5,284m	$1.99	$1.51
Q3 2025 (to 30 Sep 2025)	$5,263m	$2.04	$1.46
H1 2025 (to 30 Jun 2025)	$10,646m	$4.61†	$3.36
FY2025 total	$21,193m	$8.64	$6.34

† Derived as FY2025 adjusted EPS less Q3 and Q4 2025; consistent with the 21% fall to $3.63 reported for H1 2026. The Q3 2026 GAAP loss includes the $6,452m ($12.04 a share) goodwill impairment; Q1 2026 GAAP EPS was helped by a $254m tax benefit.

Cash flow and balance sheet. Operating cash flow was $6,062m in 2025 and $3,094m in the first nine months of 2026 (against $4,118m); capital expenditure was $1,763m and $1,438m. Depreciation and other amortisation was $1,857m in 2025 and amortisation of acquisition-related intangibles $1,304m, a combined $3,161m added back in the cash flow statement. GAAP operating income was $5,818m in 2025. At 30 Sep 2026 current debt was $1,254m and long-term debt $25,809m (total $27,063m, down from $28,997m at the end of 2025 after a bond tender), against cash of $545m; goodwill was $30,953m after the impairment. Follow the shares on ChartsView Live Charts.

6. Valuation

Raw metrics, November 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$33.7bn ($63.32 close on 10 Nov 2026 × 532.0m shares outstanding)
Trailing P/E (GAAP)	n/m — GAAP diluted EPS was a loss of $(7.42) over the four quarters to 30 Sep 2026 because of the goodwill impairment. On adjusted EPS of $7.37 over the same quarters the multiple is ~8.6x.
P/E (forward)	~8.7x ($63.32 / $7.30, the midpoint of Fiserv's own 2026 adjusted EPS guidance of $7.20 to $7.40)
P/S (TTM)	~1.6x (~$33.7bn / GAAP revenue of $20,799m over the four quarters to 30 Sep 2026)
Enterprise value	~$60.2bn (market cap ~$33.7bn + total debt $27,063m (current $1,254m + long-term $25,809m) − cash $545m, per 30 Sep 2026 balance sheet)
EV/EBITDA (TTM)	~8.0x excluding the impairment (EV ~$60.2bn / EBITDA ~$7.5bn; EBITDA = GAAP operating loss of $(2,270)m + $6,452m impairment + D&A $3,321m, where D&A is depreciation and other amortisation plus acquisition-related amortisation from the cash flow statement, four quarters to 30 Sep 2026). On unadjusted GAAP EBITDA of ~$1.1bn the figure is ~57x and is distorted by the one-off charge.
P/FCF	~10.7x (market cap ~$33.7bn / FCF ~$3.16bn; FCF = operating cash flow $5,038m − capex $1,880m over the four quarters to 30 Sep 2026). On FY2025 alone FCF was $4,299m ($6,062m − $1,763m).
Dividend yield	Nil — no dividend is paid
52-week high	$70.41 (08 Jan 2026, intraday)
52-week low	$43.87 (02 Oct 2026, intraday)
Short interest (% of float)	~4.5% of shares outstanding (24.19m shares short at settlement 30 Oct 2026, Nasdaq.com); a current % of float was not published by Finviz or MarketBeat for this period
Days to cover	~4.5 (30 Oct 2026, Nasdaq.com)

7. What Are They Building

One Fiserv and Project Elevate. The One Fiserv action plan, launched with the 2025 guidance cut on 29 Oct 2025, aims to modernise technology and simplify the company; $487m was spent on it in the first nine months of 2026. The Project Elevate savings target was raised to $1bn on 03 Nov 2026.

Clover. Clover is expanding abroad, with a launch in Japan with Sumitomo Mitsui Card announced in January 2026, and passed 5 million devices shipped on 14 Oct 2026. Clover Sport won Hard Rock Stadium as a point-of-sale client in October 2026. At the 14 May 2026 Investor Day Fiserv set a medium-term goal of 15% to 20% Clover revenue growth.

AI for banks. Fiserv announced a partnership with OpenAI and launched agentOS, an agentic AI platform for banks, on 14 May 2026. AI agents in Clover risk reviews have cut decision times by two-thirds, management said on the Q3 call.

Digital assets. The FIUSD stablecoin was announced in June 2025, followed by a state-backed coin project with the Bank of North Dakota; ChartsView found no Fiserv release confirming general availability.

Portfolio clean-up. Fiserv moved its MoneyPass and ATM businesses into a joint venture in which it keeps 49% (closed in Aug 2026), sold its student loan servicing business in Q3 2026, and is in talks on other non-core businesses. Investor Day targets include adjusted EPS above $12.00 in 2029.

8. Competitive Landscape

Peer	Market cap (November 2026)	Key 2025 metric
Block (XYZ)	~$51.7bn (Nasdaq.com, 10 Nov 2026)	FY2025 gross profit $10.36bn, +17% (Block Q4 2025 shareholder letter)
PayPal (PYPL)	~$48.8bn (Nasdaq.com, 10 Nov 2026)	FY2025 net revenue $33.2bn, +4% (PayPal FY2025 results)
Adyen (ADYEN)	~€28.5bn (Investing.com, about 09 Nov 2026)	FY2025 net revenue €2,364.2m, +18% (Adyen H2 2025 results)
Global Payments (GPN)	~$26.9bn (Nasdaq.com, 10 Nov 2026)	FY2025 GAAP revenue $7.71bn; adjusted net revenue $9.32bn (GPN Q4 2025 release)
FIS (FIS)	~$14.6bn (Nasdaq.com, 10 Nov 2026)	FY2025 GAAP revenue about $10.7bn, +5%; adjusted EPS $5.75 (FIS FY2025 results)
Jack Henry (JKHY)	~$12.2bn (Nasdaq.com, 10 Nov 2026)	FY2025 (year to Jun 2025) revenue $2,375.3m, +7.2% (Jack Henry FY2025 release)

Block, Adyen and Global Payments compete with Fiserv's Merchant business, while FIS and Jack Henry compete for bank core processing and card issuing. Discuss the sector on the ChartsView Forum.

9. Leadership & Insider Activity

Takis Georgakopoulos became CEO in mid-June 2026 when Mike Lyons left to become CEO of Truist; he joined Fiserv in 2024 from J.P. Morgan, where he ran global payments. Paul Todd has been CFO since 31 Oct 2025. Co-President Dhivya Suryadevara resigned on 07 Jul 2026, Chief Administrative and Legal Officer Adam Rosman left on 30 Sep 2026, and former Mastercard executive Raj Seshadri joins the board on 30 Nov 2026. SEC Form 4 filings show only purchases in the open market in 2026, none under Rule 10b5-1 plans.

Name	Date	Type	Shares	Price	Value	Plan Type
Lance Fritz (Director)	07 Aug 2026	Buy	10,000	$51.95	~$0.52m	Not 10b5-1
Paul Todd (CFO)	17 Jun 2026	Buy	10,060	$49.70	~$0.50m	Not 10b5-1
Wafaa Mamilli (Director)	17 Jun 2026	Buy	2,960	$50.59	~$0.15m	Not 10b5-1
Adam Rosman (then Chief Administrative and Legal Officer)	16 Jun 2026	Buy	10,150	$49.33	~$0.50m	Not 10b5-1
Gordon Nixon (Chairman)	16 Jun 2026	Buy	7,500	$49.57	~$0.37m	Not 10b5-1
Harry DiSimone (Director)	16 Jun 2026	Buy	2,088	$48.41	~$0.10m	Not 10b5-1
Charlotte Yarkoni (Director)	16 Jun 2026	Buy	2,023	$49.49	~$0.10m	Not 10b5-1

Other 2026 filings were share awards, director deferred units and shares withheld for tax, such as 795 shares withheld from Paul Todd at $49.30 on 17 Sep 2026. Activist investor Jana Partners disclosed a stake of just under 1% in February 2026 and has called for more asset sales and board changes.

10. Key Risks

• Litigation and investigations (Legal): A consolidated securities class action in New York (class period 06 Feb 2024 to 28 Oct 2025) and another in Wisconsin, derivative suits, and SEC Enforcement and US Attorney (SDNY) investigations into the 2025 guidance are pending.
• Further impairments (Financial): Goodwill of $30,953m remains after the $6,452m Q3 2026 charge, and the company warns that further falls in market value or forecasts could trigger more write-downs.
• Leverage (Financial): Total debt was $27,063m at 30 Sep 2026 against cash of $545m and falling earnings; management targets gross leverage of about 3x at the end of 2026.
• Merchant competition (Competitive): Clover competes with Block's Square, Adyen, Global Payments and others, and competition is a 10-K risk factor; Merchant organic revenue fell 2% in Q3 2026 and its margin dropped to 28.7%.
• Execution and turnover (Operational): A new CEO, interim leaders in Financial Solutions and a large restructuring raise the risk that One Fiserv falls short, which the 10-K lists as a risk factor.
• Bank clients (Operational): Bank consolidation, contract renewals and early terminations can cut Financial Solutions revenue, which was flat in Q3 2026.
• Outages and breaches (Operational): Fiserv's systems run payments and accounts for banks and merchants, so a security breach or outage could cause losses, fines and lost clients.
• Payments regulation (Regulatory): Changes to debit interchange, card network rules or privacy and antitrust law could reduce fees.

11. Recent Developments

• 10 Nov 2026 — Citi FinTech Conference. CEO Takis Georgakopoulos presented at Citi's 15th FinTech Conference.
• 04 Nov 2026 — Q3 10-Q litigation update. The filing confirmed the motion to dismiss the amended New York class action (filed 11 Aug 2026) is pending, derivative suits are stayed, and SEC and SDNY investigations continue.
• 03 Nov 2026 — Q3 results. Revenue fell 1% to $5,196m, organic revenue was flat, adjusted EPS was $1.75 against $2.04 and a $6,452m goodwill impairment produced a GAAP loss of $11.17 a share. 2026 guidance was affirmed, the Project Elevate savings target was raised to $1bn and a $500m Q4 buyback was planned; the shares rose 12.5% on the day.
• 22 Oct 2026 — Board change. Raj Seshadri, formerly of Mastercard, was appointed a director effective 30 Nov 2026, and Henrique De Castro will not stand for re-election in 2027.
• 14 Oct 2026 — 5 million Clover devices. Fiserv said it has shipped more than 5 million Clover devices worldwide.
• 07 Oct 2026 — Hard Rock Stadium. Hard Rock Stadium chose Clover Sport for its point-of-sale systems.
• 22 Sep 2026 — Legal chief departs. Fiserv said Adam Rosman would leave on 30 Sep 2026, with Eric Nelson becoming Chief Legal Officer from 01 Oct 2026.

Card volumes and merchant sales track consumer spending, so retail sales and inflation releases on the ChartsView Economic Calendar are worth watching.

12. Key Dates

• 30 Nov 2026 — Raj Seshadri joins the board.
• 31 Dec 2026 — End of Q4 2026, the quarter in which the planned $500m share buyback is due.
• Expected Feb 2027 — Q4 and full-year 2026 results and first 2027 guidance (Q4 2025 results were released on 10 Feb 2026; date not yet announced).
• TBC — Ruling on the motion to dismiss the New York securities class action.
• TBC — 2027 annual meeting, at which Henrique De Castro steps down from the board (date not yet announced).

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