Free cash flow margins experienced a sharp decline from a peak of 35.2% in 2024Q3 to a complete cessation of cash generation in 2026Q1, highlighting extreme volatility in liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 5.44B | 6.1B | 6.63B | 5.16B | 4.62B | 4.03B | 4.15B | 2.93B | 1.55B | 1.48B | 1.43B | 1.35B | 1.31B | 1.04B | 835M | 953M | 958M | 850M | 775M | 631M | 634.96M | 597.12M | 694.13M | 518.1M | 576.82M | 442.13M | 584.47M | 177.84M | 249.8M | 169.6M | 148.9M |
| Operating CF Margin % | - | 28.8% | 32.42% | 27.04% | 26.04% | 24.86% | 27.92% | 28.74% | 26.65% | 26.04% | 25.99% | 25.62% | 25.8% | 21.58% | 18.82% | 22.22% | 23.18% | 20.85% | 16.9% | 16.19% | 17.81% | 18.42% | 18.61% | 17.71% | 24.14% | 20.4% | 35.35% | 12.63% | 20.25% | 17.41% | 16.93% |
| Operating CF Growth % | -106.53% | -7.95% | 28.46% | 11.78% | 14.48% | -2.72% | 41.63% | 88.66% | 4.65% | 3.63% | 6.31% | 2.98% | 25.79% | 24.43% | -12.38% | -0.52% | 12.71% | 9.68% | 22.82% | -0.62% | 6.34% | -13.98% | 33.98% | -10.18% | 30.46% | -24.35% | 228.65% | -28.81% | 47.29% | 13.9% | 68.06% |
| Net Income | 3.2B | 3.48B | 3.18B | 3.07B | 2.58B | 1.4B | 975M | 914M | 1.19B | 1.23B | 930M | 712M | 754M | 650M | 597M | 19M | 506M | 473M | 569M | 439M | 449.91M | 516.44M | 377.64M | 315.01M | 266.14M | 208.22M | 177.02M | 137.87M | 114.3M | 90.8M | 61.7M |
| Depreciation & Amortization | 1.59B | 3.16B | 3.1B | 2.93B | 3.17B | 3.2B | 3.21B | 1.65B | 556M | 433M | 411M | 417M | 404M | 403M | 354M | 349M | 339M | 333M | 204M | 193M | 199.11M | 179.18M | 185.36M | 171.79M | 141.11M | 147.7M | 148.84M | 119.51M | 72.5M | 63.2M | 67M |
| Stock-Based Compensation | 178M | 0 | 367M | 342M | 323M | 239M | 369M | 229M | 73M | 63M | 68M | 65M | 49M | 46M | 44M | 39M | 39M | 36M | 34M | 23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -905M | -942M | -662M | -511M | -558M | -262M | 71M | 47M | 133M | -247M | 21M | 20M | 3M | -9M | 5M | 29M | 37M | 64M | -4M | 20M | 13.66M | 19.18M | 23.02M | 24.9M | 30.8M | 11.7M | 4.81M | 14.18M | 2.5M | 4.2M | 3.5M |
| Other Non-Cash Items | 1.61B | 414M | 989M | 249M | -154M | -47M | -267M | 51M | -228M | 17M | -32M | 56M | 1M | -55M | -87M | 537M | 45M | -13M | -49M | -42M | 17.35M | -91.9M | 13.01M | 0 | -2.42M | -5.4M | -7.82M | 0 | 0 | 100K | -100K |
| Working Capital Changes | 322M | -9M | -338M | -912M | -744M | -495M | -211M | 36M | -169M | -15M | 33M | 76M | 96M | 4M | -78M | -20M | -8M | -43M | 21M | -38M | -38.38M | -25.77M | 95.1M | 6.4M | 141.18M | 79.93M | 261.61M | -93.72M | 60.5M | 11.3M | 16.8M |
| Change in Receivables | 23M | -123M | -169M | 23M | -770M | -358M | 320M | -7M | -108M | -75M | -88M | -2M | -42M | -47M | -12M | -83M | -12M | 44M | -27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -253M | -248M | -167M | -82M | -2.92M | 12.1M | 27.38M | 41.5M | -30.28M | -81.98M | -15.35M | -4.61M | 7.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.32B | 878M | 426M | -54M | 511M | 303M | -146M | 238M | 116M | 54M | 178M | 148M | 168M | 37M | -533K | 5.27M | 2.58M | -71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.62B | -3B | -2.4B | -1.07B | -2.11B | -1.63B | -341M | -16.6B | -663M | -657M | -554M | -360M | -286M | -148M | -138M | -665M | -116M | -248M | 206M | -4.47B | -261.09M | -429.15M | -365.25M | -691.19M | -851.68M | -402.02M | -59.02M | -515.35M | -326.1M | -272.6M | -75.1M |
| Capital Expenditures | -1.43B | -1.76B | -1.57B | -1.39B | -1.48B | -1.16B | -900M | -721M | -360M | -287M | -290M | -359M | -292M | -236M | -195M | -192M | -175M | -198M | -199M | -160M | -187.49M | -164.95M | -161.09M | -143.24M | -141.88M | -67.97M | -72.98M | -69.7M | -77.5M | -39.8M | -36.2M |
| CapEx % of Revenue | 6.77% | 8.32% | 7.67% | 7.27% | 8.34% | 7.15% | 6.06% | 7.08% | 6.18% | 5.04% | 5.27% | 6.83% | 5.76% | 4.9% | 4.4% | 4.48% | 4.23% | 4.86% | 4.34% | 4.11% | 5.26% | 5.09% | 4.32% | 4.9% | 5.94% | 3.14% | 4.41% | 4.95% | 6.28% | 4.08% | 4.12% |
| Acquisitions | -317M | -1.26B | 0 | 165M | -742M | -848M | 440M | -15.95B | -293M | -367M | -265M | -78.68M | -117.51M | -30M | 0 | -511M | 40M | 0 | 413M | -4.33B | -181.04M | -509.63M | -64.9M | -735.92M | -406.58M | -224.84M | -88.76M | -210.59M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -582M | -654M | -741M | 189M | 138M | 115M | -780M | -603M | -150.82M | -46.3M | -9.1M | 77.55M | 118.05M | 49.5M | 62.84M | 112.12M | 136.74M | 7M | -8M | 0 | 0 | 68M | -139.26M | 0 | -303.22M | -36.63M | -34.01M | -26.05M | -248.6M | -65M | 89.5M |
| Cash from Financing | -4.46B | -3.4B | -4.17B | -4.36B | -2.48B | -761M | -3.84B | 14.19B | -842M | -820M | -852M | -1B | -1.13B | -873M | -706M | -498M | -671M | -601M | -1.71B | 4.02B | -373.02M | -499.62M | 20.32M | 148.62M | 366.01M | -2.88M | -507.14M | 346.51M | 58.5M | 91.1M | -52.7M |
| Debt Issued (Net) | -562M | 2.16B | 1.67B | 1.1B | 146M | 295M | -2.03B | 14.99B | 1.03B | 325M | 263M | 414M | -49M | -338M | -173M | -37M | -312M | -475M | -1.3B | 4.46B | 139M | -10M | -192.94M | 215.79M | 183.09M | 86.76M | -353.52M | 169.96M | 79.8M | -31.1M | -119.6M |
| Equity Issued (Net) | -3.51B | -5.84B | -5.74B | -4.73B | -2.68B | -2.65B | -1.69B | -405M | -1.95B | -1.15B | -1.17B | -1.45B | -1.09B | -578M | -538M | -460M | -351M | -130M | -404M | -419M | -524M | -621M | -33.68M | 18.59M | -22.16M | 15.05M | 10.69M | -22.8M | -37.4M | 10M | 4.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -3.55B | -5.9B | -5.84B | -4.83B | -2.68B | -2.79B | -1.83B | -561M | -1.95B | -1.22B | -1.25B | -1.52B | -1.15B | -578M | -634M | -533M | -413M | -175M | -441M | -469M | -560.11M | -653M | -64.34M | 0 | -33.58M | 0 | -9.88M | -28.71M | -42.4M | 0 | 0 |
| Other Financing | -388M | 282M | -90M | -726M | 53M | 1.59B | -100M | -209M | 70M | 0 | 51M | 32M | 18M | 43M | 5M | -1M | -8M | 4M | -6M | -19M | 12M | 131M | 246.94M | -124.76M | 205.08M | -104.7M | -164.31M | 199.35M | 16.1M | 112.2M | 53.3M |
| Net Change in Cash | -843M | -191M | 30M | -229M | -13M | 1.62B | -14M | 518M | 90M | 25M | 25M | -19M | -106M | 42M | 21M | -226M | 200M | 95M | -65M | 180M | 857K | -331.66M | 349.21M | -24.47M | 91.15M | 37.23M | 18.3M | 9M | -17.8M | -11.9M | 21.1M |
| Free Cash Flow | 4.01B | 4.34B | 5.06B | 3.77B | 3.14B | 2.87B | 3.25B | 2.07B | 1.19B | 1.2B | 1.14B | 987M | 1.01B | 803M | 640M | 761M | 783M | 652M | 576M | 471M | 447.47M | 432.17M | 533.04M | 374.86M | 434.94M | 374.16M | 511.49M | 108.14M | 172.3M | 129.8M | 112.7M |
| FCF Margin % | 19.02% | 20.48% | 24.75% | 19.77% | 17.7% | 17.71% | 21.86% | 20.36% | 20.47% | 21% | 20.73% | 18.79% | 20.04% | 16.68% | 14.43% | 17.74% | 18.95% | 15.99% | 12.56% | 12.09% | 12.55% | 13.33% | 14.29% | 12.81% | 18.2% | 17.26% | 30.93% | 7.68% | 13.97% | 13.32% | 12.82% |
| FCF Growth % | -19.2% | -14.24% | 34.13% | 20.23% | 9.22% | -11.49% | 56.56% | 73.99% | -0.33% | 4.82% | 15.6% | -2.76% | 26.4% | 25.47% | -15.9% | -2.81% | 20.09% | 13.19% | 22.29% | 5.26% | 3.54% | -18.92% | 42.2% | -13.81% | 16.24% | -26.85% | 372.99% | -37.24% | 32.74% | 15.17% | 158.49% |
| FCF per Share | 7.49 | 7.91 | 8.70 | 6.13 | 4.84 | 4.28 | 4.75 | 3.97 | 2.88 | 2.77 | 2.55 | 2.07 | 2.01 | 1.56 | 1.16 | 1.32 | 1.29 | 1.05 | 0.88 | 0.70 | 0.63 | 0.57 | 0.68 | 0.48 | 0.56 | 0.49 | 0.67 | 0.14 | 0.23 | 0.18 | 0.16 |
| FCF Conversion (FCF/Net Income) | 1.25x | 1.75x | 2.12x | 1.68x | 1.83x | 3.02x | 4.33x | 3.28x | 1.31x | 1.19x | 1.54x | 1.89x | 1.73x | 1.60x | 1.37x | 2.02x | 1.93x | 1.79x | 1.36x | 1.44x | 1.41x | 1.16x | 1.84x | 1.64x | 2.17x | 2.12x | 3.30x | 1.29x | 2.19x | 1.87x | 2.41x |
| Interest Paid | 783M | 0 | 1.15B | 879M | 703M | 648M | 673M | 291M | 165M | 160M | 147M | 150M | 144M | 165M | 158M | 183M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 513M | 0 | 1.17B | 1.22B | 709M | 666M | 156M | 197M | 259M | 409M | 408M | 306M | 336M | 299M | 321M | 195M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Volatile cash conversion cycles
According to recent financial disclosures, Fiserv's OCF/NI ratio has exhibited extreme volatility, ranging from a high of 3.97 in 2024Q3 to a complete collapse in 2026Q1, suggesting that reported net income is increasingly decoupled from the actual cash-generating capacity of the underlying business operations.
The wide variance between net income and operating cash flow suggests that non-cash charges and working capital swings are heavily distorting the company's earnings quality. Investors should monitor whether this divergence reflects genuine operational friction or merely timing differences in the recognition of complex payment processing revenues.
As reported in quarterly filings, Fiserv's FCF margin has experienced a sharp decline from a peak of 35.2% in 2024Q3 to a complete cessation of free cash flow in 2026Q1, indicating a significant deterioration in the company's ability to convert revenue into discretionary capital.
The rapid erosion of FCF margins appears to coincide with the recent revenue contraction, implying that the company's cost structure lacks the flexibility to adjust during periods of top-line weakness. This trend warrants further investigation into whether the firm's high-fixed-cost model is becoming a structural liability.
Based on the provided cash flow statements, Fiserv's working capital changes have swung from a $701 million inflow in 2025Q4 to a $780 million outflow in 2026Q1, highlighting a highly unstable cash conversion cycle that complicates the predictability of short-term liquidity for the firm.
Such erratic swings in working capital suggest potential inefficiencies in the collection of receivables or aggressive inventory management within the Clover hardware segment. This instability may indicate that the company is struggling to manage its cash conversion cycle effectively amidst a shifting competitive landscape.
Data from recent filings indicates that Fiserv has continued to prioritize significant share repurchases, totaling over $2 billion in several quarters, even as operating cash flow has become increasingly erratic, which may suggest a capital allocation strategy that prioritizes shareholder optics over balance sheet preservation.
The decision to maintain high levels of share buybacks while cash flow generation is deteriorating appears to be a high-risk strategy that could limit the company's financial flexibility. Investors should monitor whether this aggressive deployment of capital is sustainable if the current revenue and cash flow headwinds persist.
Quick answers to the most common questions about buying FISV stock.
Fiserv, Inc. (FISV) generated $6.10B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fiserv, Inc. (FISV) generated $4.34B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Fiserv, Inc. (FISV) spent $1.76B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Fiserv, Inc. (FISV) spent $5.90B on share repurchases. This shows the company's commitment to returning capital to its equity investors.