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Fiserv (FISV) stock

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NASDAQ: FISV Nasdaq Transaction & Payment Processing Services Next results ~November 3, 2026

C Fundamentals grade

Fiserv is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$69–$160 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 110% above it.

Price used: $51.93, November 2, 2026

Fiserv valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Fiserv files

Where Fiserv stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $20.9bn, down 1.2% on a year earlier, slower than 1.9% a quarter earlier. Free-cash-flow margin fell to 18.8% from 24.4% a year earlier. Operating margin narrowed to 22.3% from 30.1%. The diluted share count is down 5.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 3 financial-health checks. Our cash-flow model value is $118 a share, against a share price of $48.09. At that price, our model says the market is pricing in cash flow shrinking about 12.1% a year for five years, slower than the 5.2% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Fiserv's trailing-twelve-month revenue fell 1.2% year on year, with a free-cash-flow margin of 18.8%. Where it lags: revenue growth of -1.2% ranks 25 of 30 transaction & payment processing services companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$69–$160 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -1.2% (-3.0pp vs the prior quarter), the 4th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $51.93 is 110% below our value per share of $110.
  • Shrinking share count. Diluted shares fell 5.2% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 1.2% over the last 12 months.
  • Margins narrowing. Operating margin is down 7.8 points on a year ago.
  • Growth easing. The growth rate is 3.0 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -3.0pp ranks 24 of 30 transaction & payment processing services companies we cover (median -0.3pp).
  • Below peers: days sales outstanding. Days sales outstanding of 68 days ranks 14 of 18 transaction & payment processing services companies we cover (median 53 days).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$1.84 against an average estimate of $1.91: missed by 3.9%
Revenue
$5.29bn, down 4.1% on a year earlier
Share reaction
-3.1% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
adjusted earnings per share outlook $7.2 to $7.4 (2026); 2026 GAAP Revenue growth -1.5% to -0.5% (2026)
Next report
November 3, 2026; average EPS estimate $1.71

Fiserv's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.8%
  • 1 week+7.4%
  • 1 month+17.1%
  • This year-22.7%
  • 1 year-22.1%
  • 5 years-48.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$20.9B
Operating margin
22.3%
Net margin
13.4%
EPS (TTM, diluted)
$5.22

Growth

Revenue growth
−1.2%
Change in growth rate
−3.0 pts
Share count change
−5.2%

Cash

Free cash flow (TTM)
$3.9B
FCF margin
18.8%
Stock pay % of revenue
1.8%

Earnings

Last results
November 3, 2026
Next results (est.)
February 9, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Leadership
  4. Results
  5. Guidance
  6. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Fiserv valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 4.6% a year for five years.That is slower than the 5.2% a year revenue growth Fiserv has delivered.

  • Priced in-4.6%
  • Last 12 months-1.2%
  • 3 years a year4.2%
  • 5 years a year5.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($56.29, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$110
Price used
$56.29close November 3, 2026
Implied change
▲ +93%
Uncertainty
High

How we got here: a discounted-cash-flow model of Fiserv's free cash flow after stock-based pay with after-tax interest added back ($5.1B, FY2026 Q2 TTM), growing 2.2% and 2.5% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$69–~$160 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Fiserv's free cash flow after stock-based pay ( $5.1B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Fiserv as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.86 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$69–$160 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$71 ~$51–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$59 ~$39–$92 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$60 ~$52–$73 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$82 ~$59–$110 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Fiserv with Transaction & Payment Processing Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −37%
  • Revenue growth 5 points higher ▲ +49%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▼ −25%
  • Discount rate 1 point higher ▼ −21%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $86$135$201$286$398$543
8.5% $54$90$137$198$278$380
10% $35$62$98$145$206$284

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$45.73$53.14$65.56$73.49$115.63$113.86$103.79$101.07$132.84$205.42$67.17$51.93
Market value$21.8bn$23.8bn$28.3bn$30.4bn$60.4bn$77.8bn$69.7bn$65.5bn$81.8bn$119.6bn$36.9bn$27.9bn
+ Net debt (− = net cash)$0$0$0$5.5bn$21.2bn$19.9bn$20.5bn$20.6bn$22.1bn$23.8bn$28.2bn$27.3bn
Enterprise value$21.8bn$23.8bn$28.3bn$35.9bn$81.6bn$97.7bn$90.2bn$86.1bn$103.9bn$143.3bn$65.1bn$55.1bn
Multiples
Price / sales 4.1x4.3x5.0x5.2x5.9x5.2x4.3x3.7x4.3x5.8x1.7x1.3x
Price / earnings 30.6x25.6x22.7x25.6x67.7x81.2x52.3x25.9x26.7x38.2x10.6x10.0x
Price / free cash flow 22.1x20.9x23.6x25.5x29.1x24.0x24.3x20.9x21.7x23.6x8.6x7.1x
EV / EBITDA 12.6x12.8x14.3x15.6x24.1x19.1x16.3x12.4x12.7x22.2x10.0x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

67 /100

Moderate moat

How hard Fiserv's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.6% of total assets over 10 years.

  • Durability 14 / 20

    Operating margin has been a median 24.1%; its worst year was 11.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 19.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 20.9% over five years; stock-based pay has been a median 1.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (72 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $4.8bn and EPS of $1.71 (range $1.64 to $1.88) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.24 −16% $19.6bn −1%
Next $7.96 +10% $20.3bn +3%

Next year's EPS estimate has moved −10.9% in 90 days, across 38 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −10.8% on 90 days ago. In the last 30 days, 1 analyst raised Fiserv's forecast and 7 cut it.

Consensus EPS forecast Fiserv, last 90 days
$7.00 $7.50 $8.00 $8.50 $9.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.11 Current fiscal year, 60 days ago: $7.26 Current fiscal year, 30 days ago: $7.24 Current fiscal year, 7 days ago: $7.24 Current fiscal year, Now: $7.24 $7.24 Next fiscal year, 90 days ago: $8.93 Next fiscal year, 60 days ago: $8.12 Next fiscal year, 30 days ago: $8.05 Next fiscal year, 7 days ago: $8.00 Next fiscal year, Now: $7.96 $7.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.11$8.93
60 days ago $7.26$8.12
30 days ago $7.24$8.05
7 days ago $7.24$8.00
Now $7.24$7.96

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.91 $1.84 −3.9%
Mar 2026 $1.57 $1.79 +13.9%
Dec 2025 $1.90 $1.99 +4.6%
Sept 2025 $2.65 $2.04 −22.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • 2026 GAAP Revenue 2026 -1.5% growth to -0.5% growth GAAP
    “2026 GAAP Revenue (1.5%) - (0.5%)” source
  • 2026 Adjusted revenue 2026 -1.5% growth to -0.5% growth Non-GAAP
    “2026 Adjusted revenue (1.5%) - (0.5%)” source
  • 2026 Organic revenue 2026 -1% growth to 0% growth Non-GAAP
    “2026 Organic revenue (1%) - 0%” source
  • adjusted earnings per share outlook 2026 $7.20 to $7.40 Non-GAAP
    “Fiserv now expects organic revenue outlook for 2026 of (1%) to 0% and adjusted earnings per share outlook of $7.20 to $7.40.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Fiserv's revenue by +2.2% next year and +2.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.3%, weight 58%) , management guidance (+2.3%, weight 18%) and the company's own record (+2.0%, weight 24%) . How the weights are set.

Analyst recommendations

37 analysts, Oct 2026
Buy616%
Hold2773%
Sell411%

Monthly trend

  1. Oct 202642737
  2. Sep 202652635
  3. Aug 2026362637
  4. Jul 2026362536

Counts of recommendations published by analysts covering Fiserv, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
—
at average volume
Short interest, 1 month
—
Held by institutions
—
of shares
Held by insiders
—
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −22.1%

$66.69 on October 31, 2025 to $51.93

ThenNowEffect
Revenue (last 12 months) $21.1bn $20.9bn −1.2%
Net margin 16.0% 13.4% −16.1%
P/E multiple 11.2x 10.0x −11.0%
Share count 566m 537m +5.5%

Biggest factor: net margin.

Last 3 years −56.6%

$119.54 on November 3, 2023 to $51.93

ThenNowEffect
Revenue (last 12 months) $18.5bn $20.9bn +13.1%
Net margin 13.6% 13.4% −1.3%
P/E multiple 30.2x 10.0x −67.0%
Share count 634m 537m +18.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FISV−9%−3%+31%+55%−67%−23%
Industry peers (median)−19%−35%+6%+9%−23%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FISV50%50%67%67%33%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FISV−25%−19%−16%−9%−75%−37%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 81% from March 3, 2025 to October 2, 2026. Getting back needed a 436% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$44.36 – $69.85
From 52-week high
−25.7%
vs 50-day average
+6.8%
vs 200-day average
−5.0%
Volatility (1 year)
38%
Beta vs S&P 500
0.42

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 6 down
typical move ±10.4%
After a week
7 up, 4 down
typical move ±10.5%
After a month
4 up, 7 down
typical move ±12.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −3.1% +0.5% +2.6% −2.1%
May 5, 2026 −10.7% +2.2% −12.6% −10.5%
February 10, 2026 +3.3% −0.3% +4.8% −6.8%
October 29, 2025 −48.3% −1.1% −49.3% −51.3%
July 23, 2025 −15.6% +0.9% −15.1% −15.7%
April 24, 2025 −18.2% +2.8% −15.7% −26.6%
February 5, 2025 +7.9% +0.8% +6.3% +1.8%
October 22, 2024 +2.6% −1.0% +1.9% +10.5%
July 24, 2024 −0.8% −2.8% +4.0% +7.4%
April 23, 2024 +2.3% +1.1% +2.6% +2.5%
March 26, 2024 +1.6% +0.7% +0.6% −2.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Fiserv’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.41× the last 60 days’ realised volatility , richer than 85% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is 1.41x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Fiserv in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Fiserv
$18B $19B $20B $21B $22B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $18.8B Revenue (TTM), FY23 Q4: $19.1B Revenue (TTM), FY24 Q1: $19.4B Revenue (TTM), FY24 Q2: $19.8B Revenue (TTM), FY24 Q3: $20.1B Revenue (TTM), FY24 Q4: $20.5B Revenue (TTM), FY25 Q1: $20.7B Revenue (TTM), FY25 Q2: $21.1B Revenue (TTM), FY25 Q3: $21.2B Revenue (TTM), FY25 Q4: $21.2B Revenue (TTM), FY26 Q1: $21.1B Revenue (TTM), FY26 Q2: $20.9B $20.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $18.8B
FY23 Q4 $19.1B
FY24 Q1 $19.4B
FY24 Q2 $19.8B
FY24 Q3 $20.1B
FY24 Q4 $20.5B
FY25 Q1 $20.7B
FY25 Q2 $21.1B
FY25 Q3 $21.2B
FY25 Q4 $21.2B
FY26 Q1 $21.1B
FY26 Q2 $20.9B
Revenue growth, TTM YoY Fiserv
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 8.3% Revenue growth, TTM YoY, FY23 Q4: 7.6% Revenue growth, TTM YoY, FY24 Q1: 7.1% Revenue growth, TTM YoY, FY24 Q2: 7.2% Revenue growth, TTM YoY, FY24 Q3: 7.0% Revenue growth, TTM YoY, FY24 Q4: 7.1% Revenue growth, TTM YoY, FY25 Q1: 6.6% Revenue growth, TTM YoY, FY25 Q2: 6.7% Revenue growth, TTM YoY, FY25 Q3: 5.2% Revenue growth, TTM YoY, FY25 Q4: 3.6% Revenue growth, TTM YoY, FY26 Q1: 1.9% Revenue growth, TTM YoY, FY26 Q2: -1.2% -1.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 8.3%
FY23 Q4 7.6%
FY24 Q1 7.1%
FY24 Q2 7.2%
FY24 Q3 7.0%
FY24 Q4 7.1%
FY25 Q1 6.6%
FY25 Q2 6.7%
FY25 Q3 5.2%
FY25 Q4 3.6%
FY26 Q1 1.9%
FY26 Q2 -1.2%
Operating margin (TTM) Fiserv
22% 24% 26% 28% 30% 32% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 25.2% Operating margin (TTM), FY23 Q4: 26.3% Operating margin (TTM), FY24 Q1: 27.1% Operating margin (TTM), FY24 Q2: 28.1% Operating margin (TTM), FY24 Q3: 28.1% Operating margin (TTM), FY24 Q4: 28.7% Operating margin (TTM), FY25 Q1: 29.4% Operating margin (TTM), FY25 Q2: 30.1% Operating margin (TTM), FY25 Q3: 29.3% Operating margin (TTM), FY25 Q4: 27.5% Operating margin (TTM), FY26 Q1: 25.3% Operating margin (TTM), FY26 Q2: 22.3% 22.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 25.2%
FY23 Q4 26.3%
FY24 Q1 27.1%
FY24 Q2 28.1%
FY24 Q3 28.1%
FY24 Q4 28.7%
FY25 Q1 29.4%
FY25 Q2 30.1%
FY25 Q3 29.3%
FY25 Q4 27.5%
FY26 Q1 25.3%
FY26 Q2 22.3%
FCF margin (TTM) Fiserv
16% 18% 20% 22% 24% 26% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 20.4% FCF margin (TTM), FY23 Q4: 19.8% FCF margin (TTM), FY24 Q1: 17.5% FCF margin (TTM), FY24 Q2: 19.5% FCF margin (TTM), FY24 Q3: 22.3% FCF margin (TTM), FY24 Q4: 24.7% FCF margin (TTM), FY25 Q1: 24.0% FCF margin (TTM), FY25 Q2: 24.4% FCF margin (TTM), FY25 Q3: 21.8% FCF margin (TTM), FY25 Q4: 20.3% FCF margin (TTM), FY26 Q1: 19.6% FCF margin (TTM), FY26 Q2: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 20.4%
FY23 Q4 19.8%
FY24 Q1 17.5%
FY24 Q2 19.5%
FY24 Q3 22.3%
FY24 Q4 24.7%
FY25 Q1 24.0%
FY25 Q2 24.4%
FY25 Q3 21.8%
FY25 Q4 20.3%
FY26 Q1 19.6%
FY26 Q2 18.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Fiserv took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $21.2B
  2. Selling, general and admin $6.9B · 32.5%
  3. Other operating costs $8.5B · 40.1%
  4. Operating income $5.8B · 27.5%
  5. Income tax $811M · 3.8%
  6. Interest and other $1.5B · 7.2%
  7. Net income $3.5B · 16.4%

Shares of revenue. Source: Fiserv's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 4.1 4.1 4.3 4.4 4.8 5.1 5.3 5.5 5.7 5.8 10.2 14.9 16.2 17.7 19.1 20.5 21.2 20.9
EBITDA 1.3 1.3 1.3 1.4 1.5 1.6 1.7 1.9 2.0 2.3 3.4 5.1 5.5 7.0 8.2 6.5 6.5 —
Operating income 0.9 1.0 1.0 1.0 1.1 1.2 1.3 1.4 1.5 1.8 1.6 1.9 2.3 3.7 5.0 5.9 5.8 4.7
Net income 0.5 0.5 0.5 0.6 0.6 0.8 0.7 0.9 1.2 1.2 0.9 1.0 1.3 2.5 3.1 3.1 3.5 2.8
Diluted EPS $0.77 $0.82 $0.82 $1.11 $1.22 $1.49 $1.50 $2.08 $2.89 $2.87 $1.71 $1.40 $1.99 $3.91 $4.98 $5.38 $6.34 $5.22
Growth (year on year)
Revenue −11.1% +1.4% +3.8% +3.4% +8.5% +5.2% +3.7% +4.8% +3.5% +2.2% +74.9% +45.8% +9.3% +9.3% +7.6% +7.1% +3.6% −1.2%
EBITDA +26.5% +5.2% −0.8% +4.7% +4.7% +10.2% +7.1% +8.0% +5.9% +16.9% +46.7% +50.8% +8.4% +25.6% +17.6% −20.9% +0.3% —
Operating income +4.2% +6.4% −1.7% +5.9% +1.2% +14.0% +8.3% +10.2% +6.0% +14.4% −8.2% +15.1% +23.5% +63.5% +34.1% +17.3% −1.0% −26.7%
Net income −16.3% +4.2% −4.8% +29.4% +6.1% +16.4% −5.6% +30.6% +34.0% −4.7% −24.8% +7.3% +39.2% +89.7% +21.3% +2.1% +11.1% −17.1%
Diluted EPS −12.3% +6.9% +0.3% +35.4% +9.9% +22.1% +0.3% +39.1% +38.9% −0.7% −40.4% −18.1% +42.1% +96.5% +27.4% +8.0% +17.8% −12.6%
Margins
EBITDA margin 31.4% 32.6% 31.1% 31.5% 30.4% 31.9% 32.9% 33.9% 34.7% 39.7% 33.2% 34.4% 34.1% 39.2% 42.8% 31.6% 30.6% —
Operating margin 23.2% 24.4% 23.1% 23.6% 22.0% 23.9% 25.0% 26.2% 26.9% 30.1% 15.8% 12.5% 14.1% 21.1% 26.3% 28.7% 27.5% 22.3%
Net margin 11.7% 12.0% 11.0% 13.8% 13.5% 14.9% 13.6% 16.9% 21.9% 20.4% 8.8% 6.5% 8.2% 14.3% 16.1% 15.3% 16.4% 13.4%
Free-cash-flow margin 16.0% 18.9% 17.6% 14.3% 16.7% 20.0% 18.8% 20.7% 21.0% 20.5% 20.4% 21.9% 17.7% 17.7% 19.8% 24.7% 20.3% 18.8%
Cash flow
Cash from operations 0.9 1.0 0.9 0.8 1.0 1.3 1.3 1.4 1.5 1.6 2.8 4.1 4.0 4.6 5.2 6.6 6.1 5.8
Capital spending 0.2 0.2 0.2 0.2 0.2 0.3 0.4 0.3 0.3 0.4 0.7 0.9 1.2 1.5 1.4 1.6 1.8 1.9
Free cash flow 0.7 0.8 0.8 0.6 0.8 1.0 1.0 1.1 1.2 1.2 2.1 3.2 2.9 3.1 3.8 5.1 4.3 3.9
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.4 0.2 0.3 0.3 0.4 0.4 0.4
Free cash flow after stock pay 0.6 0.7 0.7 0.6 0.8 1.0 0.9 1.1 1.1 1.1 1.8 2.9 2.6 2.8 3.4 4.7 3.9 3.5
Balance sheet
Cash 0.4 0.6 0.3 0.4 0.4 — — — — 0.4 0.9 0.9 0.8 0.9 1.2 1.2 0.8 0.6
Total debt 3.6 3.4 3.4 3.2 3.8 3.8 4.3 4.6 4.9 6.0 22.1 20.8 21.4 21.5 23.3 25.0 29.0 27.9
Net debt (negative = net cash) 3.3 2.8 3.1 2.9 3.4 — — — — 5.5 21.2 19.9 20.5 20.6 22.1 23.8 28.2 27.3
Diluted shares 622m 607m 577m 550m 532m 505m 476m 448m 431m 414m 523m 683m 672m 648m 616m 582m 549m 537m
Returned to shareholders
Buybacks 0.2 0.4 0.5 0.6 0.6 1.1 1.5 1.2 1.2 1.9 — — — — — — — —
Total returned 0.2 0.4 0.5 0.6 0.6 1.1 1.5 1.2 1.2 1.9 — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $80.9bn
Short-term assets $25.4bnLonger-term assets $55.5bn
What it owes, and who funded it · $80.9bn
Short-term liabilities $24.3bnLonger-term liabilities $29.7bnShareholders' equity $26.9bn
  • Short-term assets cover short-term liabilities $25.4bn of assets due within a year against $24.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $25.4bn short-term assets against $29.7bn of longer-dated liabilities.
  • More cash than debt $627m of cash against $27.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 104% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 67% to 104% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.8bn of operating cash flow against $27.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.7bn against $1.6bn of interest.

From Fiserv's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−5.2%
year over year
Sales & admin spending
34.8%
of revenue
Days sales outstanding
68 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in transaction & payment processing services
Last 12 months unless stated FISV XYZ PYPL MA V CPAY Median
Revenue, last 12 months $20.9bn $25.0bn $34.3bn $36.3bn $44.5bn $5.0bn $1.6bn
Revenue growth, last 12 months −1.2% 5.1% 4.4% 15.3% 14.4% 20.4% 9.3%
Revenue growth, 3-year average 4.2% 8.3% 5.6% 14.2% 11.8% 11.5% 7.9%
Revenue growth, latest quarter −4.1% 9.3% 2.0% 14.0% 14.4% 21.5% 14.0%
Operating margin 22.3% 4.7% 17.0% 58.6% 60.7% 43.7% 9.8%
Operating margin, 3-year average 26.9% 3.8% 17.7% 56.9% 62.7% 44.3% 11.1%
Net margin 13.4% 1.4% 13.8% 46.7% 50.8% 22.7% 6.1%
Cash from operations / revenue 27.9% 16.2% 20.7% 46.5% 50.8% 36.8% 18.4%
Free-cash-flow margin 18.8% 15.5% 18.4% 44.3% 47.2% 32.6% 16.1%
Free-cash-flow margin, 3-year average 20.9% 7.4% 19.2% 49.5% 52.8% 41.4% 16.3%
Stock pay / revenue 1.8% 4.8% 3.0% 2.0% 2.1% 2.3% 2.2%
Change in share count −5.2% −3.4% −8.9% −2.7% — −3.3% −2.7%

Median of all 30 companies we cover in transaction & payment processing services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

30 transaction & payment processing services companies
Measure Company Peer median Rank
Revenue growth Growth -1.2% 9.7% 25 of 30
Change in growth rate Growth -3.0pp -0.3pp 24 of 30
Operating margin Profitability 22.3% 9.8% 8 of 29
Net margin Profitability 13.4% 6.6% 12 of 30
Free-cash-flow margin Cash generation 18.8% 18.4% 12 of 25
Stock pay as % of revenue Cash generation 1.8% 2.3% 10 of 30
Long-term debt as % of assets Balance sheet 33.0% 25.3% 12 of 19
Change in share count Balance sheet -5.2% -1.7% 9 of 26
Days sales outstanding Balance sheet 68 days 53 days 14 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Processing and Services $16.9B 79.6% ▲ 1.5%
Products $4.3B 20.4% ▲ 13.0%

From Fiserv's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$24B
Institutions reporting
1,144
Shares held vs prior quarter
▲ 5.1%
Positions opened / closed
83 / 200

Top buyers and sellers, Q2 2026: 472 institutions bought and 703 sold ; the biggest buyer was First Eagle Investment Management, LLC (+14.2M shares) and the biggest seller Longview Partners (Guernsey) Ltd (−2.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Dodge & Cox $2.5B 50.2M 10.3% ▼ 0.1%
Blackrock, Inc. $2.1B 42.4M 8.7% ▲ 6.4%
Vanguard Capital Management LLC $1.6B 33.1M 6.8% 0.0%
State Street Corp $1.2B 23.8M 4.9% ▲ 0.7%
Harris Associates L P $1.1B 22.2M 4.5% ▲ 12.5%
First Eagle Investment Management, LLC $1.1B 21.7M 4.4% ▲ 189.7%
Vanguard Portfolio Management LLC $1B 20.8M 4.3% ▼ 1.7%
Capital World Investors $825M 16.8M 3.4% ▲ 21.0%
Geode Capital Management, LLC $760M 15.3M 3.2% ▲ 16.0%
Hotchkis & Wiley Capital Management LLC $514M 10.5M 2.1% ▲ 79.4%
Federated Hermes, Inc. $486M 9.9M 2.0% ▲ 14.4%
FMR LLC $455M 9.3M 1.9% ▲ 68.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Fiserv's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $3.8M 9 trades by 7 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $3.8M net buying
Insider Date Trade Shares Price Value
Fritz Lance M Director August 7, 2026 Buy 10,000 $51.95 $519,500
Mamilli Wafaa Director June 17, 2026 Buy 2,960 $50.59 $149,746
Todd Paul M Chief Financial Officer June 17, 2026 Buy 10,060 $49.70 $499,982
Nixon Gordon M. Director June 16, 2026 Buy 7,500 $49.57 $371,775
Disimone Harry Director June 16, 2026 Buy 2,088 $48.41 $101,080
Yarkoni Charlotte Director June 16, 2026 Buy 2,023 $49.49 $100,118
Rosman Adam L. Chief Admin. and Legal Officer June 16, 2026 Buy 10,150 $49.33 $500,700
Rosman Adam L. Chief Admin. and Legal Officer December 2, 2025 Buy 7,900 $63.19 $499,201
Todd Paul M Chief Financial Officer December 1, 2025 Buy 17,000 $62.41 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 71 trades and filings

In the last 12 months, 1 member of Congress disclosed 4 purchases and 2 sales of Fiserv shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded April 14, 2026, filed May 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 13, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded February 10, 2026, filed March 9, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 6, 2026
  • May 5, 2026
  • February 10, 2026
  • October 29, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Fiserv was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Fiserv in brief

What does Fiserv do?
Fiserv is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.
What is Fiserv's stock ticker?
Fiserv trades under the ticker FISV on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Fiserv's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Fiserv reported revenue of $20.9B, 1.2% lower than a year earlier, according to its SEC filings.
What is Fiserv's free cash flow?
Fiserv's free-cash-flow margin is 18.8% of revenue over the trailing twelve months, ranking 12 of the 25 transaction & payment processing services companies we cover.
What is Fiserv's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Fiserv's free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$69–$160 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Fiserv's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Dodge & Cox, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Fiserv's market cap?
On November 2, 2026, Fiserv's market capitalisation was about $27.9B, with a price-to-earnings ratio of 10.0 and net debt of $27.3B. Market figures come from third-party market data and may be delayed.
How much debt does Fiserv have?
Fiserv's debt-to-equity ratio is 103.7%, from its latest balance sheet (67.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Fiserv's competitors?
In our Transaction & Payment Processing Services peer group, the companies closest to Fiserv are Block, Inc., PayPal, Mastercard, Visa Inc. and Corpay. The side-by-side comparison below sets their revenue, margins and growth against Fiserv's.
Are insiders buying or selling Fiserv stock?
Over the last 12 months, Fiserv's directors and officers reported 9 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Fiserv's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Fiserv announces its own schedule.