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Fiserv (FISV) FY2025 results: revenue $21.2 billion, up 3.6% on the year

Fiserv Inc. (FISV) reported revenue of $21.2 billion for fiscal 2025, the year ended 31 December 2025, up 3.6% on the year before. Net income was $3.5 billion, up 11.1%, and diluted earnings per share $6.34. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$21.2 billion
+3.6% on the year
FY2018FY2025
Operating margin
27.5%
28.7% a year earlier
FY2018FY2025
Net income
$3.5 billion
+11.1% on the year
FY2018FY2025
Diluted EPS
$6.34
+17.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new.

  • GAAP revenue up 1% in quarter: GAAP revenue was $5.28 billion in the quarter, up 1%, with Merchant Solutions up 2% and Financial Solutions down 2%. Full-year GAAP revenue rose 4% to $21.19 billion.
  • Organic revenue flat in quarter: Organic revenue was flat in the fourth quarter. For the full year organic revenue rose 4%, with Merchant up 6% and Financial up 2%.
  • Adjusted EPS down 21% in quarter: Adjusted EPS was $1.99 in the quarter, down 21%, and $8.64 for the full year, down 2%. GAAP EPS was $1.51 in the quarter, down 8%, and $6.34 for the year, up 18%.
  • Merchant margin fell, revenue rose: Merchant Solutions revenue was $2.54 billion in the quarter, up 2%. GAAP operating margin was 32.1% against 39.2% a year earlier; the full-year margin was 34.5% against 37.0%.
  • Financial margin and revenue declined: Financial Solutions revenue was $2.36 billion in the quarter, down 2%. GAAP operating margin was 42.2% against 51.7%; the full-year margin was 45.3% against 47.3%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Fiserv is a global provider of payments and financial services technology. It sits on both sides of a payment: it gives merchants the means to accept money, and it gives banks and credit unions the systems that hold accounts and move card and electronic payments. Its clients are merchants, banks, credit unions, other financial institutions and corporate and public sector bodies, served by geographic teams across the United States and Canada, Europe the Middle East and Africa, Latin America, and Asia Pacific. The filing states that most of what it supplies is necessary for a client to operate and is therefore non-discretionary. Headquarters are in Milwaukee, Wisconsin, the stock trades on the NASDAQ Global Select Market, and at the end of 2025 there were over 38,000 employees worldwide.

Fiserv Inc., the 10-K for 2025

Fiserv is a global provider of payments and financial services technology. It sits on both sides of a payment: it gives merchants the means to accept money, and it gives banks and credit unions the systems that hold accounts and move card and electronic payments. Its clients are merchants, banks, credit unions, other financial institutions and corporate and public sector bodies, served by geographic teams across the United States and Canada, Europe the Middle East and Africa, Latin America, and Asia Pacific. The filing states that most of what it supplies is necessary for a client to operate and is therefore non-discretionary. Headquarters are in Milwaukee, Wisconsin, the stock trades on the NASDAQ Global Select Market, and at the end of 2025 there were over 38,000 employees worldwide.

Processing and services revenue was 80% of the total in 2025, earned primarily as account- and transaction-based fees under multi-year contracts that the company says generally have high renewal rates. The United States and Canada were 84% of revenue in 2025 and international markets 16%.

Merchant Solutions

The segment aggregates three business lines: Small Business, Enterprise and Processing. Small Business serves small merchants and independent software vendors, and its centrepiece is Clover, a cloud-based point-of-sale and business management platform combining hardware and software so a merchant can accept payments, take orders, schedule pick-up and delivery, and manage cash flow, teams and customer engagement, with tools specific to a trade. Clover Capital gives owners advance access to capital. The company is extending Clover into healthcare, e-commerce and professional services alongside restaurant and retail, and into Australia, Singapore, Brazil, Mexico, Belgium, Spain and Japan. Software vendors can embed payment capability directly into their own platforms and integrate Clover hardware with it.

Enterprise serves large businesses through an integrated omnichannel operating system that orchestrates payments across channels, covering payment acceptance, payments optimisation, fraud mitigation, online electronic benefits transfers, pay-by-bank and digital payouts, reached through Commerce Hub, the company's payment gateway and merchant orchestration layer. It also runs stored value programmes: physical and digital gift card fulfilment, programme management, gift card storefronts, incentive and rebate cards and reloadable and non-reloadable prepaid cards. And it provides bill payment services to utilities, telephone and cable companies, lenders and insurers.

Processing serves the middle layer: financial institutions, joint ventures and third-party resellers such as independent sales organisations that hold the merchant relationship themselves, giving them the technology and portfolio management tools to run it. Distribution across the whole segment runs through direct sales teams, agent sales forces, software vendors, independent sales organisations, financial institutions, and joint venture, revenue sharing and referral alliances.

Financial Solutions

The segment aggregates three business lines: Digital Payments, Issuing and Banking. Digital Payments provides debit card processing, including tokenisation, loyalty and reward programmes, customised authorisation, gateway processing to payment networks, ATM managed services and cash and logistics management, plus security, risk and fraud management using machine learning. Fiserv owns and operates the Accel, STAR and MoneyPass networks, which give debit cardholders access to funds through physical and online channels and are open to all issuers and merchants in the United States. It offers a turnkey implementation of the Zelle person-to-person payments service, the CheckFree RXP electronic bill payment and presentment product, and CashFlow Central, an accounts receivable and payable product a bank can offer its small business customers. It also supplies the infrastructure for non-card electronic payments, including domestic and international wire transfers, automated clearing house payments through the PEP+ platform, and real-time connections to the FedNow Service and the RTP Network.

Issuing covers credit card processing for financial institutions, group service providers, retailers and consumer finance companies, delivered on the company's own platforms, as licensed software or as a hosted service. Optis is the platform used in North America for authorisation, posting, account maintenance and settlement; FirstVision and VisionPLUS are used globally or licensed to clients to run themselves; VisionNext is the newer cloud-based suite. Around card processing sit card production, print services, prepaid card processing, government payment processing and student loan processing.

Banking provides customer loan and deposit account processing, digital banking, financial and risk management, professional services and consulting, and cheque processing.

From Fiserv's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue21,19320,45619,093+3.6%
Selling, general and administrative6,8836,5646,576+4.9%
Operating income5,8185,8795,014-1.0%
Operating margin27.5%28.7%26.3%
Interest expense1,5311,2381,004+23.7%
Pre-tax income4,2644,5063,898-5.4%
Income tax811641754+26.5%
Effective tax rate19.0%14.2%19.3%
Net income3,4803,1313,068+11.1%
Net margin16.4%15.3%16.1%
Diluted EPS$6.34$5.38$4.98+17.8%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow6,0626,6315,162-8.6%
Capital expenditure1,7631,5691,388+12.4%
Free cash flow4,2995,0623,774-15.1%
Free cash flow margin20.3%24.7%19.8%
Cash from investing-2,520-2,404-1,068
Cash from financing-3,832-4,165-4,356
Depreciation and amortisation2,9692,8893,162+2.8%
Share-based compensation357367342-2.7%
Diluted shares, weighted549m582m616m-5.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity25,79227,06829,857-4.7%
Non-controlling interest17.0618651-97.2%
Redeemable equityn/a0.0161
Debt28,99724,84023,118+16.7%
Operating lease liabilities637654665-2.6%
Finance lease liabilities841417430+101.7%
Other liabilities23,84923,57936,008+1.1%
Total liabilities and equity80,13377,17690,890+3.8%
Fixed assets3,0842,3742,161+29.9%
Goodwill37,70336,58437,205+3.1%
Intangible assets10,1619,94011,210+2.2%
Cash and equivalents7981,2361,204-35.4%
Receivables3,9813,7253,582+6.9%
Other assets24,40623,31735,528+4.7%
Total assets80,13377,17690,890+3.8%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.