⚡What does Fiserv do, in 30 seconds?
Fiserv sells payments and financial technology to merchants, banks, credit unions, other financial institutions, and corporate and public sector clients 1. Its revenue was $21.2bn ✓ in FY2025. Merchant Solutions, home of the Clover checkout system 1, brought in 48% ✓. Financial Solutions, which serves banks and credit unions 4, brought in 46% ✓. In August 2026, Fiserv lowered its 2026 outlook for organic revenue growth to a range of minus 1% to 0% 303121.
📱What does Fiserv sell?
Fiserv reports a Merchant Solutions segment and a Financial Solutions segment 1 4. A third line, Corporate and Other, is not a business segment 6. In 2025, 84% of Fiserv's revenue came from the U.S. and Canada 1.
Merchant Solutions (incl. Clover)
Tools that let businesses take card, online and mobile payments, plus fraud tools, gift cards, software, point-of-sale devices and pay-by-bank 1. Clover, Fiserv's point-of-sale system for small businesses, combines hardware and software to take payments and orders and manage staff and cash flow 1. At its May 2026 Investor Day, Fiserv said Clover revenue was $3.3 billion in 2025 2. Large businesses reach Fiserv's payment services through Commerce Hub, its payment gateway 1. Merchant Solutions brought in $10.1bn ✓ in FY2025.
👥 Small businesses, large businesses, and the banks, joint ventures and resellers that deal with merchants directly 1. Fiserv sells through its own sales teams, agents, software vendors, financial institutions and alliances 1.
Financial Solutions (for banks)
Technology for banks and credit unions in three lines: Digital Payments, Issuing and Banking 4. Its account systems, such as DNA and Premier, run deposit and loan accounts, mostly as an outsourced service 4. Fiserv also processes credit cards for banks and retailers, mainly on its Optis platform in North America 4. Its Experience Digital platform gives bank customers online and mobile banking 4. Financial Solutions brought in $9.7bn ✓ in FY2025.
👥 Banks, credit unions, other financial institutions, and corporate and public sector clients 4. Its Money Network prepaid cards pay out wages and government benefits, including to people without bank accounts 4.
Corporate and other
Revenue outside the two segments, which came to $1.4bn ✓ in FY2025. Fiserv says Corporate and Other is not a business segment 6. It holds postage reimbursements, and its revenue rose 3% in 2025 on higher postage revenue 6.
👥 No single customer group: this line gathers items Fiserv does not assign to a segment, such as unallocated corporate costs 6.
How the mix has shifted
💸How does Fiserv make money?
Follow the money from left to rightfrom top to bottom: what customers pay for, what it costs to make, and what is left as profit.
Fiserv's revenue was $21.2bn ✓ in FY2025. The cost of the services and products it sold was $8.6bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $12.6bn ✓.
Next come the costs of running the company. Selling, general and admin costs took $6.9bn ✓. Other operating items were -$0.1bn ✓: a small net gain that added to profit. What remained was operating profit, the profit from the main business, at $5.8bn ✓.
Fiserv had $29.0bn ✓ of debt at the end of FY2025. Non-operating items came to -$1.5bn ✓, and that included $1.5bn ✓ of interest expense. Tax took $0.8bn ✓, which left net income of $3.5bn ✓. Out of every $100 of revenue, Fiserv kept about $16 ✓ as profit.
Out of every $100 customers paid in FY2025…
Interest, investment gains and other income added +$1 for every $100 of sales, so the slices above add up to a little more than $100.
⏱️ Fiserv by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: FISERV INC 10-K [5].
📈How is Fiserv doing?
Fiserv grew steadily for years, but its revenue has slipped in 2026. From FY2020 to FY2025, revenue grew 7.4% ✓ a year on average. It rose in all 5 ✓ years counted. Growth slowed to 3.6% ✓ in FY2025. Operating margin rose from 21.1% ✓ in FY2022 to 28.7% ✓ in FY2024, then dipped to 27.5% ✓ in FY2025. Free cash flow was $4.3bn ✓ in FY2025, down from $5.1bn ✓ in FY2024.
The latest four quarters, to 30 June 2026, were weaker. Revenue was $20.9bn ✓, and growth against the four quarters before was -1.2% ✓. Operating margin fell to 22.3% ✓. In the second quarter of 2026, GAAP revenue was $5.29 billion, down 4%, and the GAAP operating margin was 19.2% against 30.7% a year earlier 21. That quarter included transformation expenses for the One Fiserv action plan 21.
Fiserv says Merchant revenue fell in the first half of 2026 mainly on lower anticipation revenue in Argentina and lower hardware and data and analytics sales 17. Growth in Small Business volume, including Clover, partly offset that 17. In August 2026, Fiserv lowered its 2026 outlook for organic revenue growth to a range of minus 1% to 0% 303121. That is guidance, not a result. Fiserv plans to report third-quarter results on 3 November 2026 36.
📝 The report card
Fiserv earns top marks for cash and steadiness, a good mark for profit, a middling mark for growth and the lowest mark for its balance sheet. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Fiserv (orange) and its 3 peers land; further right is better.
Growth
Fiserv's revenue grew 6.1% ✓ a year over its last three fiscal years, which earns a C ✓ on the fixed scale. PayPal grew at a similar 6.4% ✓, also a C ✓. Mastercard grew 13.8% ✓, a B ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Fiserv kept 27.5% ✓ of revenue as operating profit, a B ✓. Visa kept far more, at 63.2% ✓, an A ✓. PayPal kept 17.3% ✓, a C ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Fiserv turned 21.6% ✓ of revenue into free cash flow, just enough for an A ✓, where the line is 20%. Visa and Mastercard turned more than half into free cash flow, at 55.2% ✓ and 50.1% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
Fiserv's borrowings are far bigger than its cash and investments (leases not counted). At the end of FY2025, net cash equalled -133.1% ✓ of a year's revenue, an F ✓. In dollars, net cash was -$28.2bn ✓ at the end of FY2025. Operating profit covered interest costs 3.8x ✓ in FY2025, against 40.7x ✓ at Visa.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Fiserv's yearly growth rates barely swing, with a standard deviation of 2.3% ✓ over FY2021-FY2025, an A ✓. That is the steadiest of the four companies compared. Mastercard's figure is 8.8% ✓, a C ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Fiserv compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
6 years at a glance
Where the cash goes
From FY2020 to FY2025, Fiserv produced $22.4bn ✓ of free cash flow. It spent $1.8bn ✓ on capital spending in FY2025. Its filed line for purchases of treasury stock, which includes shares withheld for employees' taxes, came to $5.9bn ✓ in FY2025. In the first six months of 2026, its free cash flow, a non-GAAP measure, was $1.36 billion against $1.54 billion a year earlier 21.
🧮Ratios 101: what are Fiserv's key financial ratios?
Ratios shrink Fiserv's numbers into easy comparisons, and several of them show how much debt it carries. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Fiserv's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 Fiserv keeps 59.4% ✓ of revenue as gross profit, up from 49.9% ✓ in FY2021.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Fiserv's 27.5% ✓ is up from 14.1% ✓ in FY2021, but far below the 57.6% ✓ peer median.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Fiserv keeps 16.4% ✓ of revenue as final profit, up from 8.2% ✓ in FY2021. That is close to PayPal's 15.8% ✓, but the peer median is 45.6% ✓.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 13.5% ✓ is up from 4.3% ✓ in FY2021, but well below the 52.9% ✓ peer median. Shareholders' equity is large, at $25.8bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 4.3% ✓ is low against the 20.1% ✓ peer median, as Fiserv's total assets are big, at $80.1bn ✓.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Fiserv's revenue is 0.3x ✓ the value of everything it owns, up from 0.2x ✓ in FY2021 and just below the 0.4x ✓ peer median.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 At 1.0x ✓, Fiserv had $24.7bn ✓ of current assets against $23.9bn ✓ of bills due within a year, close to the 1.1x ✓ peer median.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Debt was 1.1x ✓ shareholders' equity in FY2025, up from 0.7x ✓ in FY2021 and above the 0.7x ✓ peer median.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covered interest 3.8x ✓, up from 3.3x ✓ in FY2021, but far below the 26.2x ✓ peer median.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Fiserv turned profit into free cash flow at 1.2x ✓, above the 1.1x ✓ peer median but down from 2.2x ✓ in FY2021.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 1.7% ✓ of revenue, below the 2.2% ✓ peer median and close to 1.5% ✓ in FY2021.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 This ratio uses Fiserv's filed line for purchases of treasury stock, which includes shares withheld for employees' taxes. That line was $5.9bn ✓, or 169.5% ✓ of FY2025 net income, above the 114.4% ✓ peer median.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Fiserv's competitors?
Fiserv meets PayPal at the merchant checkout, and Visa and Mastercard in U.S. debit payments 11011 1213 1415. It also works with Visa and Mastercard: several Fiserv subsidiaries are registered with them as service providers or are members for merchant acquiring 1019.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Fiserv (FISV, FY2025) | Payment tools for merchants, plus account, card and digital banking technology for banks | $21.2bn | 6.1% | 27.5% | 20.3% |
| PayPal (PYPL, FY2025) | Payment acceptance for merchants of all sizes: Clover and Commerce Hub against PayPal and Venmo checkout and in-person tools 11011 | $33.2bn | 6.4% | 18.3% | 16.8% |
| Visa (V, FY2025) | Fiserv's STAR debit network against Visa in U.S. debit; Fiserv is also a service provider and merchant acquirer on Visa's network 1213 | $40.0bn | 10.9% | 60.0% | 53.9% |
| Mastercard (MA, FY2025) | Fiserv's Accel and STAR debit networks against Mastercard in debit; Fiserv is also a registered merchant acquirer with Mastercard 1415 | $32.8bn | 13.8% | 57.6% | 52.3% |
Fiserv calls its market fragmented and highly competitive, with rivals ranging from merchant acquirers to payment network operators 10. Its banking and card products compete with large software firms, card issuer processors and clients' own in-house systems 10.
🧭Fiserv SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Fiserv says most of its products are necessary for clients to run their businesses 1.
- In 2025, 80% of revenue came from processing and services, mainly fees under multi-year contracts that Fiserv says generally have high renewal rates 1.
- Over the last three years combined, Fiserv turned 21.6% ✓ of revenue into free cash flow, an A ✓ on our report card.
- Its yearly revenue growth over FY2021-FY2025 swings less than its peers', with a standard deviation of 2.3% ✓, an A ✓.
🩹 Weaknesses
- Borrowings far exceed cash: net cash was -$28.2bn ✓ at the end of FY2025, an F ✓ on our report card.
- In the second quarter of 2026, organic revenue fell 5%, with Merchant down 1% and Financial down 8% 21.
- In the second quarter of 2026, the cost of processing and services rose to 39.7% of processing and services revenue, from 32.8% a year earlier 24.
- Leadership has changed: a new chief executive took over on 14 June 2026 25. The president resigned on 7 July 2026 26.
🚀 Opportunities
- Fiserv's Investor Day targets include Clover growing 15% to 20% a year over the medium term 2.
- Fiserv is taking Clover into more countries, including Australia, Brazil, Japan and Spain 1.
- On 1 October 2025, Fiserv bought part of TD Bank's merchant processing business in Canada to widen Clover's reach 2717.
- Fiserv is building a stablecoin, FIUSD, into its banking and payments services 28.
⚠️ Threats
- An amended securities complaint, filed in June 2026 on behalf of a putative class, alleges that Fiserv's statements about Clover's growth and Argentina's effect on organic growth were false or misleading 24.
- Since November 2025, Fiserv has been answering SEC and federal prosecutor requests in investigations tied to its 2025 guidance 1718.
- Fiserv warns that at renewal clients may renegotiate, move to a rival or take work in-house, and that larger clients may push for lower prices 19.
- Fiserv says mergers and failures of financial institutions reduce its number of clients and potential clients 19.
🏰Does Fiserv have a moat?
Why 3?
Fiserv sells to merchants, banks, credit unions and public sector clients 1. Visa's annual report names Fiserv's STAR among local U.S. debit networks that may have strong local acceptance and recognizable brands 16. Clover, its point-of-sale platform for small businesses, combines hardware and software to take payments and orders 1. But Fiserv calls its market fragmented and highly competitive 10. Shareholder lawsuits allege it made misleading statements about Clover's growth 1718.
Why 4?
Fiserv says most of its products are necessary for clients to run their businesses 1. Its account systems run banks' and credit unions' deposit and loan accounts and general ledgers, and many clients get most of their processing from Fiserv 4. In 2025, 80% of revenue came from processing and services under multi-year contracts that Fiserv says generally have high renewal rates 1. But at renewal, clients may renegotiate, move to a rival or take work in-house 19. Clients' own in-house systems are among its rivals 10.
Why 3?
Fiserv owns the Accel and STAR debit networks, open to all U.S. issuers and merchants 4. U.S. rules require every debit card issuer to enable at least two unaffiliated debit networks 10. Since 1 July 2023, that rule covers online debit payments too 20. Visa names STAR among the local U.S. debit networks it competes with 16. In August 2026, Fiserv put its MoneyPass network into a joint venture and kept a 49% interest 2117.
Why 3?
Fiserv had $21.2 billion of revenue in 2025 and over 38,000 employees at the end of 2025 1. But its cost of processing rose to 34.4% of processing revenue in 2025, from 32.2% in 2024 22. Adjusted operating margins fell in both segments in 2025 23. In the second quarter of 2026, the adjusted operating margin was 31.8% against 39.6% a year earlier 21. Fiserv says mergers and failures of financial institutions can make it more dependent on fewer clients 19.
Why 3?
Fiserv protects its products with patents, copyrights, trademarks and trade secrets 10. As a provider to regulated banks, it is examined by the Federal Reserve, the FDIC and the OCC 10. Fiserv says losing its registrations with Visa and Mastercard could limit its ability to process transactions 1019. U.S. rules also cap debit interchange fees for certain issuers, and these rules affect its card processing and debit network businesses 10.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Fiserv; grey dots are peers).
🔭What should you watch next?
Q3 2026 results
Fiserv plans to report third-quarter 2026 results before the market opens, with a webcast at 7 a.m. Central time 36. Figures on this page run to FY2025 and the four quarters to 30 June 2026.
Medium-term targets
Fiserv's targets, set in May 2026, count growth from a 2026 base, so 2027 is the first year measured 2. It targets 4% to 6% compound growth in adjusted revenue through 2029, and an adjusted operating margin above 37% in 2029 2. In August 2026, its chief financial officer said it was reiterating its medium-term growth rates 21.
Securities class action
A putative class action against Fiserv and four former senior executives alleges false or misleading statements about Clover's growth and Argentina's effect on organic growth 24. As of Fiserv's 10-Q for the quarter ended 30 June 2026, shareholder derivative suits were stayed pending a decision on a forthcoming motion to dismiss in that case 24.
📚Learn the words
❓Frequently asked questions about Fiserv
How does Fiserv make money?
Fiserv makes money selling payment and banking technology to merchants and banks 1. In FY2025, Merchant Solutions brought in $10.1bn ✓ and Financial Solutions $9.7bn ✓. In 2025, 80% of revenue came from processing and services, mainly account- and transaction-based fees 1.
What is Clover?
Clover is Fiserv's point-of-sale and business management platform for small businesses 1. It combines hardware and software to take payments and orders and manage staff and cash flow 1. At its May 2026 Investor Day, Fiserv said Clover revenue was $3.3 billion in 2025 2.
Is Fiserv's revenue still growing?
Not at the moment. Revenue grew 3.6% ✓ in FY2025, but growth was -1.2% ✓ in the four quarters to June 2026. In August 2026, Fiserv lowered its 2026 outlook for organic revenue growth to a range of minus 1% to 0% 303121.
Who are Fiserv's competitors?
Fiserv competes with PayPal for merchants' payments, and with Visa and Mastercard in U.S. debit 11011 1213 1415. Its banking and card products also compete with large software firms and clients' own in-house systems 10.
Who runs Fiserv?
Takis Georgakopoulos has been Fiserv's chief executive since 14 June 2026 25. Before that, he had been Co-President, Head of Merchant and Technology, since December 2025 25.
What is Clover Capital?
Under Clover Capital, merchants sell fixed amounts of their future credit card receivables to Fiserv for an up-front payment 24. Fiserv held $454 million of such receivables under its merchant cash advance programs, including Clover Capital, at 30 June 2026 24. That was down from $598 million at 31 December 2025 24.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [5] [7] [9] [8].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. What is Clover?
2. Which of these debit networks belongs to Fiserv?
3. In what year was Fiserv formed?
4. How much of Fiserv's 2025 revenue came from the U.S. and Canada?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Fiserv, Inc. Form 10-K for fiscal year 2025 — Item 1 overview, Merchant segment (Small Business, Clover, Enterprise, Processing, distribution channels) and human capital (accessed 2026-10-30)
- Fiserv 2026 Investor Day transcript (Schedule 14A additional materials, May 14, 2026) — Clover revenue in 2025 and medium-term (2027-2029) targets for revenue growth and operating margin (accessed 2026-10-31)
- Fiserv (FISV) Form 10-K for fiscal year 2025, filed 2026-02-19 — revenue and cost of sales by product, segment and geography (accessed 2026-10-28)
- Fiserv, Inc. Form 10-K for fiscal year 2025 — Item 1 Financial segment: Digital Payments (debit processing, Accel, STAR and MoneyPass networks, Zelle, bill payment), Issuing, Banking (account processing) (accessed 2026-10-30)
- SEC EDGAR companyfacts: Fiserv (FISV) — annual 10-K facts (accessed 2026-10-28)
- Fiserv, Inc. Form 10-K for fiscal year 2025 — Item 7: what Corporate and Other holds and its 2025 revenue change (accessed 2026-10-31)
- SEC EDGAR companyfacts: PayPal Holdings, Inc. (PYPL) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Mastercard Inc (MA) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: VISA INC. (V) — annual 10-K facts (accessed 2026-10-28)
- Fiserv, Inc. Form 10-K for fiscal year 2025 — Item 1 intellectual property, competition and government regulation (Regulation II debit routing, bank examination, licences, card network rules) (accessed 2026-10-30)
- PayPal Holdings, Inc. Form 10-K for fiscal year 2025 — Item 1: merchant solutions (branded checkout, unbranded processing, point of sale) and competition (accessed 2026-10-31)
- Visa Form 10-K for fiscal year 2025 — Item 1 competition: network comparison table for calendar 2024 and types of competitors (accessed 2026-10-30)
- Fiserv Form 10-K for fiscal year 2025 — Item 1: Accel, STAR and MoneyPass debit networks; registration with Visa and Mastercard as service provider and acquirer (accessed 2026-10-30)
- Fiserv Form 10-K for fiscal year 2025 — Item 1 Digital Payments (Accel, STAR, MoneyPass debit networks); regulation; network rules (accessed 2026-10-30)
- Mastercard Form 10-K for fiscal year 2025 — Item 1 Competition: rival networks, pricing pressure, account-based and government systems, wallets (accessed 2026-10-30)
- Visa Form 10-K for fiscal year 2025 — Item 1 competition: local and regional debit networks in the U.S. (accessed 2026-10-30)
- Fiserv, Inc. Form 10-Q for the quarter ended June 30, 2026 — Notes and MD&A: MoneyPass Group joint venture, segment revenue drivers, securities litigation (accessed 2026-10-30)
- Fiserv, Inc. Form 10-K for fiscal year 2025 — Note 17 litigation and investigation matters: securities complaints and government investigations about 2025 guidance (accessed 2026-10-30)
- Fiserv, Inc. Form 10-K for fiscal year 2025 — Item 1A risk factors: competition, contract renewals, card and debit network fees, merchant alliances, bank consolidation, card network registrations (accessed 2026-10-30)
- Federal Reserve Board press release, October 3, 2022: final rule on debit card routing — Regulation II: at least two networks for all debit transactions, including online; effective July 1, 2023 (accessed 2026-10-30)
- Fiserv second quarter 2026 results release (Form 8-K, Exhibit 99.1, August 6, 2026) — Second quarter 2026 organic revenue, operating margin and revised 2026 outlook (accessed 2026-10-30)
- Fiserv, Inc. Form 10-K for fiscal year 2025 — Item 7 results of operations: 2025 revenue drivers by segment and cost of processing (accessed 2026-10-30)
- Fiserv fourth quarter and full year 2025 results release (Form 8-K, Exhibit 99.1, February 10, 2026) — Full-year 2025 segment operating margins and 2026 outlook (accessed 2026-10-30)
- Fiserv, Inc. Form 10-Q for the quarter ended June 30, 2026 — Notes and MD&A: StoneCastle, student loan servicing sale, Wells Fargo alliance, First Data, Clover Capital, cost of processing, litigation status (accessed 2026-10-31)
- Fiserv, Inc. Form 8-K (June 15, 2026): chief executive change — Michael P. Lyons resigned June 12, 2026; Takis Georgakopoulos appointed chief executive June 14, 2026 (accessed 2026-10-31)
- Fiserv, Inc. Form 8-K (July 7, 2026): president resignation — President Dhivya Suryadevara resigned; interim leaders of Financial Solutions (accessed 2026-10-31)
- Fiserv third quarter 2025 results release (Form 8-K, Exhibit 99.1, October 29, 2025) — 2025 outlook reset, One Fiserv action plan, TD Bank merchant business in Canada (accessed 2026-10-30)
- Fiserv, Inc. Form 10-K for fiscal year 2025 — Item 1 strategy (FIUSD stablecoin, Project Elevate) and Item 1A stablecoin risk (accessed 2026-10-31)
- SEC EDGAR companyfacts: Fiserv (FISV) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- Fiserv fourth quarter and full year 2025 results release (Form 8-K, Exhibit 99.1, February 10, 2026) — 2026 organic revenue growth outlook and what organic revenue excludes (accessed 2026-10-31)
- Fiserv first quarter 2026 results release (Form 8-K, Exhibit 99.1, May 5, 2026) — First quarter 2026 revenue, organic revenue, operating margin and affirmed 2026 outlook (accessed 2026-10-31)
- Fiserv, Inc. Form 10-K for fiscal year 1994 — Item 1: formation on July 31, 1984 and origins; Brookfield, Wisconsin business address (accessed 2026-10-31)
- Fiserv, Inc. Form 10-K for fiscal year 2025 — Cover page and Item 1: headquarters, fiscal year end, Nasdaq listing, S&P 500 membership, employees and engagement survey (accessed 2026-10-31)
- Fiserv, Inc. Form 8-K (October 29, 2025): listing transfer and co-president appointments — Move from NYSE to Nasdaq as FISV; co-presidents effective December 1, 2025 (accessed 2026-10-31)
- SEC EDGAR companyfacts: Fiserv (FISV) — balance sheet at 2026-06-30 (accessed 2026-10-28)
- Fiserv to Release Third Quarter Earnings Results on November 3, 2026 (company press release, October 5, 2026) — Third quarter 2026 results date and webcast time (accessed 2026-10-31)
- Fiserv, Inc. Form 8-K (October 23, 2026): board changes — New director effective November 30, 2026; a director not standing for re-election in 2027 (accessed 2026-10-31)