# Fiserv Inc. (FISV) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/FISV/thesis · /stocks/FISV/memo

## Financial Snapshot

---
ticker: FISV
step: 04
generated: 2026-05-13
source: quick-research
---

### Fiserv, Inc. (FISV / FI) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$18.0B | $19.093B | $20.456B | +7.1% |
| Adj. Operating Margin | ~33% | ~34% | ~35% | improving |
| GAAP Net Income | variable | improving | positive | |
| Adj. EPS | growing | ~$7.50 | ~$8.60 | +15% |

*Q4 2024: Record earnings beat; shares rallied to all-time high (Feb 2025 CNBC). FY2025 first 9 months: GAAP revenue $15.91B (+5% YoY); Merchant Solutions +7%, Financial Solutions +3%. Q3 2025 controversy: "prior double-digit organic growth largely illusory, fueled by hyperinflation in Argentina" — this caused a sharp selloff. Clover: $2.7B in FY2024 (+29%), targeting $3.5B in FY2025. 2026 described as "show-me execution year." Analyst targets trimmed to $65–85 range.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Adj. Free Cash Flow | ~$5.5–6.5B |
| Operating Cash Flow | ~$6.0–7.0B |
| Cash & Equivalents | ~$1.5B |
| Total Debt | ~$21–23B (significant leverage from First Data acquisition) |
| Shares Outstanding | ~650M |

*Fiserv carries substantial debt from its $22B acquisition of First Data in 2019. Despite the leverage, FCF generation is strong (~30% FCF margin) and debt has been steadily reduced. The company has been active in buybacks ($3–4B annually). Financial engineering (debt paydown + buybacks) has driven adj. EPS growth faster than revenue growth.*

#### Key Ratios (approximate)
- P/E: ~8–10x (adj.) | EV/EBITDA: ~10–12x | FCF Yield: ~10–12%
- Revenue Growth (TTM): ~5–7% | Adj. Operating Margin: ~35%

#### Growth Profile
Fiserv's "reported" organic growth has been controversial: Q3 2025 revealed that Argentina hyperinflation artificially inflated merchant volumes, masking slower underlying organic growth in U.S./Europe. Stripping Argentina, core organic growth is ~5–7% — solid but not the "double-digit" growth that had driven the prior re-rating. Clover at $2.7B and accelerating is the real growth engine. The "One Fiserv" strategy (cross-selling banking + merchant clients) is theoretically powerful but operationally complex.

#### Forward Estimates
- FY2025: Revenue ~$21.2B+; adj. EPS ~$9.50–10.00
- FY2026: Revenue ~$22–23B; adj. EPS ~$10.50–11.50 (multiple quarters of clean execution needed)
- Clover: targeting $3.5B in FY2025, $5B+ by FY2027
- Analyst median PT: ~$82 (range $50–250; wide; 56 analysts covering)
- Major banks (JPMorgan, UBS, Morgan Stanley): Hold at $75–85 as "show-me" cautious stance

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/FISV/fundamental

## Navigation

- Overview: /stocks/FISV
- Financials (this page): /stocks/FISV/financials
- Thesis: /stocks/FISV/thesis
- Investment Memo: /stocks/FISV/memo
- Coverage universe: /stocks