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FISV
FY2026 Q1
In line
Fiserv, Inc. earnings call
Buzzberg read
Clover VAS revenue grows 18%, driven by software and capital
Fiserv reported Q1 2026 results in line with expectations, with total adjusted revenue declining 2.4% and EPS of $1.79, including a 17-cent tax benefit. Management reiterated full-year guidance of 1-3% revenue growth and $8-$8.30 EPS, emphasizing improvement in the second half of the year. The company highlighted progress in Clover growth (with non-recurring headwinds masking underlying ~15% growth), significant new bank partnerships, and a massive AI-driven efficiency program (Project Elevate). Total adjusted revenue declined 2.4% to $4.68B; organic revenue down 3.6%, in line with guidance.
Buzzberg read Clover VAS revenue grows 18%, driven by software and capital Fiserv reported Q1 2026 results in line with expectations, with total adjusted revenue declining 2.4% and EPS of $1.79, including a 17-cent tax benefit. Management reiterated full-year guidance of 1-3% revenue growth and $8-$8.30 EPS, emphasizing improvement in the second half of the year. The company highlighted progress in Clover growth (with non-recurring headwinds masking underlying ~15% growth), significant new bank partnerships, and a massive AI-driven efficiency program (Project Elevate). Total adjusted revenue declined 2.4% to $4.68B; organic revenue down 3.6%, in line with guidance. Read full analysisCollapse analysis
Fiserv reported Q1 2026 results in line with expectations, with total adjusted revenue declining 2.4% and EPS of $1.79, including a 17-cent tax benefit. Management reiterated full-year guidance of 1-3% revenue growth and $8-$8.30 EPS, emphasizing improvement in the second half of the year. The company highlighted progress in Clover growth (with non-recurring headwinds masking underlying ~15% growth), significant new bank partnerships, and a massive AI-driven efficiency program (Project Elevate). Total adjusted revenue declined 2.4% to $4.68B; organic revenue down 3.6%, in line with guidance.
- Adjusted EPS $1.79 included a 17-cent favorable tax timing benefit; underlying EPS was in line with expectations.
- Clover revenue grew 6% reported but ~15% ex-non-recurring, with GPV up 9% reported and 12% ex-gateway conversion.
- Merchant segment organic revenue declined 1%, financial solutions declined 5%-6%.
FINANCIAL_SOLUTIONS Revenue growth-5%Reported
MERCHANT Revenue growth-1%Reported
Revenue$5.027B-5% QoQ
EPS$1.79-10% QoQ
6 grounded callouts
What matters now
The highest-signal changes from the call.
Demand
Commerce Hub transaction growth up nearly 200% in Q1
AI
AI reduces client inquiry resolution time by 27%
Show 3 more callouts
Guidance
2026 is a transition year; performance visible in H2/2027
Efficiency
Project Elevate identifies hundreds of efficiency opportunities
Innovation
Stablecoin pilot to launch this summer for interbank money movement
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| FINANCIAL_SOLUTIONS Revenue growth | -5% | Reported |
| MERCHANT Revenue growth | -1% | Reported |
| Revenue | $5.027B | -5% QoQ |
| EPS | $1.79 | -10% QoQ |
| Gross margin | 54.17% | Reported |
| Operating margin | 16.67% | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $8.00–$8.30In line with consensus | $8.15 | Maintained |
| Free cash flow | FY2026 | 90% | 90% | Maintained |
| Operating margin | FY2026 | 34% | 34% | Maintained |
| Revenue | FY2026 | 1%–3%In line with consensus | 2% | Maintained |
AI, capex & demand read
Management read
Measured
Management acknowledges ongoing challenges (attrition, non-recurring revenue headwinds) but expresses confidence in the strategic plan and progress, emphasizing execution and forward-looking expectations.
Management AI read
Management is leveraging AI extensively across product development, client service, and productivity, with early results showing significant reductions in feature development time and better client resolution metrics. They are also building agentic commerce capabilities for merchants and a governed AI operating layer for financial institutions, with live pilot agents at two FIs.
all 2 named companies below
Companiesreturns since call
Customers
Customers
Mike Lyons
PNC expanding its relationship with Fiserv for AP/AR services signals deeper adoption of Fiserv's Cashflow Central, driving recurring revenue growth.
Evidence
“We expanded our longstanding digital money movement relationship with PNC Bank to include cash flow central AP and AR services for their small businesses.”
Partners
Partners
Mike Lyons
Fiserv's largest agent bank partnership with WAL expands Clover's distribution reach and should drive merchant acquisition volume for both companies.
Evidence
“We also announced our largest agent bank partnership in our history with Western Alliance Bank, which has more than $90 billion in assets and expands our reach with merchants across the Western U.S.”
External signals
Supply-chain alpha · 6returns since call
Clover revenue growth is ~15% ex-non-recurring, while reported growth was only 6% due to hardware and non-recurring revenue laps; this gap will persist through Q2.
Evidence
“excluding higher non-recurring revenue from the first quarter of 2025, clover revenue growth would have been in the mid-teens”
Fiserv signed 27 new bank merchant referral partners and its largest agent bank partnership (Western Alliance) in Q1, expanding distribution for Clover into mid-market banking channels.
Evidence
“In Q1, we signed 27 new banks as merchant referral partners. We also announced our largest agent bank partnership in our history with Western Alliance Bank”
Financial Solutions attrition remains above long-term trend ('core bank account and revenue attrition remain above our long-term trend'), but management notes 'early signs that our client service initiatives have been well received', implying the trough may be near.
Evidence
“While core bank account and revenue attrition remain above our long-term trend, we've seen early signs that our client service initiatives have been well received.”
Clover launched two new verticals (healthcare via Practice Pay and professional services) in March, with healthcare GPV per outlet already at double-digit levels above existing merchants, indicating strong early adoption.
Evidence
“We are seeing promising early results with annualized GPV per healthcare outlet running at double-digit levels above our existing Clover healthcare merchants”
Commerce Hub transaction growth nearly 200% in Q1, with go-lives across petro, hospitality, and cross-border remittance customers, indicating strong momentum in the enterprise omnichannel platform.
Evidence
“Our broadening global releases and customer go-lives are driving Commerce Hub transaction growth, which was up nearly 200 percent in Q1.”
Fiserv completed migration of all customer activities from a significant data center just last week, part of its modernization efforts; this is a cost-saving step but may indicate the timing of capex savings.
Methodology & coverage
Management-only analysis. All 2 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.