Fiserv, Inc. (FISV) financials

NASDAQ · Technology · Information Technology Services · 38,000 employees · CEO Takis Georgakopoulos

Price: $58.40 +12.46%
Market cap: $31.1B
Enterprise value: $57.6B
Last report: Q3 '26 filed 2026-11-04
Next report: 2027-02-09

Revenue (TTM)$20.8B-1.7% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-11.9%-41.2 pp vs a year agoOperating income -$2.47B

Net income (TTM)-$3.93B-209.0% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.16B-31.6% vs a year agoCapex $1.88B

Diluted EPS (TTM)-$7.42-214.7% vs a year agoSum of the last 4 quarters

Net cash-$26.5B+9.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $31.1B
Revenue: $20.8B
Revenue growth: -8%
Profit margin: -18.9%
P/E: -7.9×
P/S: 1.5×
EV / EBITDA: 90.4×
Free cash flow: $3.16B
Net income: -$3.93B
Revenue estimate: $19.5B
Earnings: 2027-02-09
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth steady: -1.3% year on yearQ3 '26 revenue $5.2B, against an average of -1.1% over the four quarters before.
Operating margin -11.9% (TTM), -41.2 pp on a year agoOperating income grew -139.9% while revenue grew -1.7%.
Capex 9.0% of revenue (a year ago 8.1%)$1.88B invested in the last 4 quarters (+9.3% on a year earlier). Free cash flow $3.16B.
Returned $599M to shareholders = 19.0% of free cash flowBuybacks $599M (a year earlier $7.04B), dividends $0, stock-based pay $400M (TTM).
Diluted share count down 1.8% in a year532M diluted shares in Q3 '26, 542M a year earlier.
Net debt $26.5BCash + short-term investments $545M, debt incl. leases $27.1B; a year ago net debt $29.4B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$5.2B	$5.26B	-1.3%
Gross margin	53.1%	58.9%	-5.8 pp
Operating income	-$5.49B	$1.44B	-482.6%
Operating margin	-105.7%	27.3%	-133.0 pp
Net income	-$5.94B	$792M	-850.1%
Diluted EPS	-$11.17	$1.46	-865.1%
Operating cash flow	$1.01B	$1.81B	-43.9%
Capex	$482M	$507M	-4.9%
Free cash flow	$530M	$1.3B	-59.2%
R&D	$0	$0	–
Stock-based compensation	$110M	$87M	+26.4%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Processing And Services	–	–	–	–	–
Merchant Segment	$2.61B	–	49.3%	–	–
Financial Segment	$2.36B	–	44.5%	–	–
Corporate and Other	$329M	–	6.2%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Merchant Segment	–	–	$724M	-24.7%	–	–	–
Financial Segment	–	–	$887M	-10.5%	–	–	–
Corporate Reconciling Items And Eliminations	–	–	–	–	–	–	–
Corporate (unallocated)	–	–	-$7.11B	-1,274.3%	–	–	-$8.89B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $5.04B
Capex: -$1.88B
Buybacks: -$599M
Dividends: $0
Acquisitions: -$976M
Net debt issued: -$3.46B
Stock-based compensation: $400M
Free cash flow: $3.16B
Returned to shareholders / FCF: 19.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-7.9×	30.5×	10.6× – 51.6×
EV / EBITDA	90.4×	13.0×	7.3× – 16.1×
EV / Sales	2.8×	5.2×	3.1× – 7.0×
Price / FCF	9.8×	19.6×	8.6× – 23.9×
Price / Book	1.5×	2.6×	1.4× – 4.4×
FCF yield	10.2%	5.9%	4.2% – 11.7%
Return on invested capital	-4.8%	6.4%	3.1% – 8.7%
Return on equity	-15.7%	9.6%	4.3% – 13.5%

Analysts

Consensus target $58.75 (+0.6%)
range $46.00 – $90.00 · rating Buy

Strong buy0

Buy33

Hold28

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$19.5B	-7.8%	$7.27	+14.7%	8.0×	22
FY2027	$20.2B	+3.4%	$7.96	+9.4%	7.3×	22
FY2028	$20.9B	+3.5%	$8.98	+12.9%	6.5×	9
FY2029	$21.7B	+3.7%	$10.76	+19.8%	5.4×	3
FY2030	$22.4B	+3.2%	$13.19	+22.6%	4.4×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 339 figures Fiserv, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$14.9B	–	–	–	–	–
	$9.46B	–	–	–	–	–
	$24.4B	–	–	–	–	–
Accounts Payable and Accrued Liabilities, Current	$4.44B	$4.64B	-4.5%	$5.31B	$4.8B	+10.6%
Accounts Payable and Other Accrued Liabilities, Current	$4.44B	$4.64B	-4.5%	–	–	–
Accounts Payable, Current	$832M	$717M	+16.0%	$797M	$511M	+56.0%
Accounts Receivable, after Allowance for Credit Loss, Current	$3.83B	$3.96B	-3.3%	$3.98B	$3.73B	+6.9%
Accounts Receivable, Allowance for Credit Loss	$94M	$82M	+14.6%	$84M	$71M	+18.3%
Accrued Employee Benefits, Current	$342M	$273M	+25.3%	$299M	$296M	+1.0%
Accrued Professional Fees, Current	$178M	$128M	+39.1%	$161M	$102M	+57.8%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$1B	-$985M	-1.6%	-$984M	-$1.41B	+30.4%
Additional Paid in Capital, Common Stock	$23.4B	$23.2B	+0.8%	$23.3B	$23.1B	+0.8%
Amortization of Intangible Assets	$576M	$561M	+2.7%	$2.3B	$2.3B	0.0%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7.1M	1.3M	+446.2%	1M	0	–
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$110M	$87M	+26.4%	$357M	$367M	-2.7%
Asset Impairment Charges	–	–	–	$0	–	–
Assets	$72.6B	$79.4B	-8.5%	$80.1B	$77.2B	+3.8%
Assets, Current	$23.7B	$24.2B	-1.7%	$24.7B	$23.5B	+5.0%
Capitalized Contract Cost, Amortization	–	–	–	$228M	$221M	+3.2%
Capitalized Contract Cost, Net	$1.06B	$997M	+5.9%	$1.04B	$996M	+4.3%
Cash and Cash Equivalents, at Carrying Value	$545M	$1.07B	-49.0%	$798M	$1.24B	-35.4%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.33B	$2.77B	-52.0%	$2.8B	$2.99B	-6.4%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$677M	-$204M	-231.9%	-$191M	$30M	-736.7%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	1.8B	1.8B	0.0%	1.8B	1.8B	0.0%
Common Stock, Shares, Issued	784M	784M	0.0%	784M	784M	0.0%
Common Stock, Value, Outstanding	$8M	$8M	0.0%	$8M	$8M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	-$5.96B	$708M	-941.7%	$3.91B	$2.5B	+56.3%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	-$5.96B	$717M	-930.5%	$4.02B	$2.52B	+59.6%
Contract with Customer, Asset, after Allowance for Credit Loss	$843M	$904M	-6.7%	$885M	$832M	+6.4%
Contract with Customer, Liability	$1.01B	$1.13B	-10.3%	$1.12B	$1.08B	+3.9%
Contract with Customer, Liability, Current	$751M	$873M	-14.0%	$865M	$819M	+5.6%
Contract with Customer, Liability, Noncurrent	$263M	$257M	+2.3%	$259M	$263M	-1.5%
Contract with Customer, Liability, Revenue Recognized	$179M	$167M	+7.2%	$819M	$761M	+7.6%
Costs and Expenses	$10.7B	$3.83B	+179.3%	$15.4B	$14.6B	+5.5%
Current Federal Tax Expense (Benefit)	$160M	$428M	-62.6%	$1.29B	$831M	+55.0%
Current Foreign Tax Expense (Benefit)	$88M	$47M	+87.2%	$244M	$230M	+6.1%
Current Income Tax Expense (Benefit)	$279M	$547M	-49.0%	$1.75B	$1.3B	+34.5%
Current State and Local Tax Expense (Benefit)	$31M	$72M	-56.9%	$221M	$242M	-8.7%
Debt and Lease Obligation	$29B2025-12-31	$25B	+16.0%	$29B	$25B	+16.0%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$142M	$178M	-20.2%	$169M	$150M	+12.7%
Debt, Current	$1.25B	$1.32B	-5.2%	$1.24B	$1.11B	+11.6%
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$3M	$6M	-50.0%	$7M2024-12-31	$5M	+40.0%
Deferred Federal Income Tax Expense (Benefit)	-$130M	-$300M	+56.7%	-$759M	-$407M	-86.5%
Deferred Foreign Income Tax Expense (Benefit)	$5M	-$18M	+127.8%	-$113M	-$143M	+21.0%
Deferred Income Tax Assets, Net	$109M2025-12-31	$76M	+43.4%	$109M	$76M	+43.4%
Deferred Income Tax Expense (Benefit)	-$142M	-$374M	+62.0%	-$942M	-$662M	-42.3%
Deferred Income Tax Liabilities, Net	$1.43B	$1.83B	-21.4%	$1.48B	$2.48B	-40.3%
Deferred State and Local Income Tax Expense (Benefit)	-$17M	-$56M	+69.6%	-$70M	-$112M	+37.5%
Deferred Tax Assets, Gross	$1.74B2025-12-31	$1.32B	+31.7%	$1.74B	$1.32B	+31.7%
Deferred Tax Assets, Net of Valuation Allowance	$1.32B2025-12-31	$915M	+43.9%	$1.32B	$915M	+43.9%
Deferred Tax Assets, Other	$362M2025-12-31	$215M	+68.4%	$362M	$215M	+68.4%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$80M2025-12-31	$93M	-14.0%	$80M	$93M	-14.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$132M2025-12-31	$167M	-21.0%	$132M	$167M	-21.0%
Deferred Tax Assets, Valuation Allowance	$420M2025-12-31	$404M	+4.0%	$420M	$404M	+4.0%
Deferred Tax Liabilities, Deferred Expense, Capitalized Software	$158M2025-12-31	$219M	-27.9%	$158M	$219M	-27.9%
Deferred Tax Liabilities, Gross	$2.69B2025-12-31	$3.32B	-19.0%	$2.69B	$3.32B	-19.0%
Deferred Tax Liabilities, Intangible Assets	$1.52B2025-12-31	$1.73B	-12.2%	$1.52B	$1.73B	-12.2%
Deferred Tax Liabilities, Investments	$250M2025-12-31	$392M	-36.2%	$250M	$392M	-36.2%
Deferred Tax Liabilities, Leasing Arrangements	$139M2025-12-31	$220M	-36.8%	$139M	$220M	-36.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-04