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FISV
FY2025 Q4
In line
Fiserv, Inc. earnings call
Buzzberg read
Clover GPV growth expected 10-15% in 2026
Fiserv's Q4 2025 results met expectations, with guidance for 2026 in line with the preliminary view set in October. Management emphasized execution on its 'One Fiserv' plan, including investments in client service and technology, while navigating headwinds from lapping non-recurring revenue and a challenging financial solutions segment. FY2026 guidance: organic revenue growth of 1-3%, adjusted EPS of $8.00-$8.30, and ~34% adjusted operating margins, with a trough in Q1 2026.
Buzzberg read Clover GPV growth expected 10-15% in 2026 Fiserv's Q4 2025 results met expectations, with guidance for 2026 in line with the preliminary view set in October. Management emphasized execution on its 'One Fiserv' plan, including investments in client service and technology, while navigating headwinds from lapping non-recurring revenue and a challenging financial solutions segment. FY2026 guidance: organic revenue growth of 1-3%, adjusted EPS of $8.00-$8.30, and ~34% adjusted operating margins, with a trough in Q1 2026. Read full analysisCollapse analysis
Fiserv's Q4 2025 results met expectations, with guidance for 2026 in line with the preliminary view set in October. Management emphasized execution on its 'One Fiserv' plan, including investments in client service and technology, while navigating headwinds from lapping non-recurring revenue and a challenging financial solutions segment. FY2026 guidance: organic revenue growth of 1-3%, adjusted EPS of $8.00-$8.30, and ~34% adjusted operating margins, with a trough in Q1 2026.
- Clover volume growth re-accelerated to ~11% in December and January after a soft November, which was attributed to broader industry trends in the U.S. restaurant and retail sectors.
- Clover's value-added services revenue mix increased to 27% of total Clover revenue, up 5 points year-over-year, driven by strong adoption of Clover Capital and software.
- Financial solutions margin was down significantly (42.2% vs 51.7%) due to investments in client experience and vendor spend, with pressure expected to continue into H1 2026.
Revenue$5.284BReported
EPS$1.99Reported
Gross margin57.08%Reported
Operating margin22.16%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Demand
Financial Solutions returns to growth in H2 2026
Guidance
Clover revenue growth to be low double digits in 2026
Show 3 more callouts
AI
Agentic commerce partnerships with Google, MasterCard, Visa
Guidance
Banking segment to return to stability after H1 2026
Growth
Clover Capital grows 30% in 2025
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $5.284B | Reported |
| EPS | $1.99 | Reported |
| Gross margin | 57.08% | Reported |
| Operating margin | 22.16% | Reported |
| Free cash flow | $1.527B | Reported |
| Capex | $0.442B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $8.00–$8.30 | $8.15 | Maintained |
| Operating margin | FY2026 | 34% | 34% | Maintained |
| Revenue | FY2026 | 1%–3% | 2% | Maintained |
| RevenueMERCHANT | FY2026 | 0.5% | 0.5% | Guided |
| RevenueFINANCIAL_SOLUTIONS | FY2026 | -0.01%–0% | -0.005% | Guided |
AI, capex & demand read
Management read
Confident
Management expressed optimism about strategic progress and execution, while acknowledging challenges and maintaining a realistic multi-quarter outlook.
Management AI read
Management is leveraging AI across operations, including AI trained on their DNA core to streamline product upgrades, AI prospecting tools for merchant identification, and developing agentic commerce capabilities with partners like Google, MasterCard, and Visa, positioning the company as a key player in the evolving payments landscape.
Investment and capacity
Capital expenditures are expected to remain approximately flat with 2025 levels in 2026, while the company continues to invest in technology modernization and operational efficiency, including Project Elevate, without a material increase in overall expenses.
all 11 named companies below
Companiesreturns since call
Customers
Customers
Mike Lyons
AT&T is expanding its Commerce Hub relationship with Fiserv, indicating continued investment in its payments infrastructure.
Evidence
“Some of the more meaningful wins included new and expansion Commerce Hub agreements with a leading medical device company, a large specialty retail company, and AT&T, among others.”
Customers
Mike Lyons
Robinhood is expanding its partnership with Fiserv by adding debit processing, deepening the relationship and increasing volume.
Evidence
“an expansion of our credit card relationship with Robinhood to add debit processing.”
Partners
Partners
Mike Lyons
The new strategic relationship with TD Bank is expected to accelerate growth in Canada for Fiserv's Clover platform.
Evidence
“Canada grew strongly in 2025 and should further accelerate as we ramp up our new strategic relationship with TD.”
Partners
Mike Lyons
Fiserv is piloting stablecoin solutions with Huntington, positioning the bank to be an early adopter of new payment technologies.
Evidence
“We advanced our efforts in stablecoin through the exploration of pilots with Huntington and several other banks including use cases in cross-border payments, digital escrow, and interbank money movement.”
Partners
Mike Lyons
Fiserv is collaborating with Google on agentic commerce, a significant strategic initiative that could shape the future of payments.
Evidence
“We see agentic fundamentally changing the payments landscape and are working with Google, MasterCard, and Visa to bring agentic to mainstream commerce.”
Partners
Mike Lyons
Truist is expanding its merchant services partnership with Fiserv, which could drive increased volume and revenue for both companies.
Evidence
“refreshing our merchant relationship with Truist, which will now support businesses of all sizes across the bank's large footprint, including 1,900 branches”
Partners
Mike Lyons
The integration of Cash Flow Central into ADP's RUN platform is a significant strategic partnership that could drive adoption and revenue for both companies.
Evidence
“In December, we integrated Cash Flow Central, our transformative ARAP product directly into ADP's run platform, allowing small businesses to manage their cash flow more effectively.”
Partners
Fiserv's successful launch in Brazil is attributed to its partnership with Caixa, a major financial institution, indicating strong traction in the market.
Mike LyonsSupply chain
Supply chain
Fiserv's acquisition of Stonecastle adds a 'unique capability' to recycle reserves from stablecoin custody back to financial institutions, a key differentiator for its stablecoin pilots with banks. — This could become a significant competitive advantage in the emerging stablecoin banking-as-a-service market, potentially impacting the competitive dynamics for other crypto infrastructure providers.
Mike LyonsExternal signals
Supply-chain alpha · 4returns since call
Fiserv experienced a macroeconomic-driven slowdown in November in Clover volumes, particularly in the U.S. restaurant and retail sectors, which then re-accelerated in December and January to ~11%.
Fiserv's acquisition of Stonecastle adds a 'unique capability' to recycle reserves from stablecoin custody back to financial institutions, a key differentiator for its stablecoin pilots with banks.
Fiserv expects financial solutions margins to be significantly pressured in the first half of 2026 due to incremental vendor spend and headcount investments aimed at improving client experience.
Clover's value-added services (VAS) revenue mix jumped by 5 points to 27% of total Clover revenue in Q4, driven by Clover Capital, software attach, and anticipation.
Methodology & coverage
Management-only analysis. All 11 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.