Free cash flow margin fell from 35.2% in Q3 2024 to 18.6% in Q2 2026, while aggressive buybacks ($2.3B in Q2 2025) outpaced average quarterly FCF of $1.2B, straining liquidity.
Fiserv, Inc. (FISV) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 5.83B | 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 % | -50.31% | -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 | 2.8B | 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 | 3.27B | 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 | 377M | 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 | -897M | -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 | -282M | 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 | 551M | -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 | 254M | -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 | 684M | 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 | -1.72B | -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 | -1.91B | -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 | 9.13% | 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 | -1.01B | -1.26B | -801M | 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 | 956M | -654M | 60M | 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 | -5.05B | -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) | -2.44B | 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) | -1.6B | -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 | -1.65B | -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 | -1.01B | 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 | -966M | -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 | 3.93B | 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 % | 18.82% | 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 % | -23.87% | -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 | 7.33 | 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) | 1.40x | 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 | 1.47B | 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 | 1.19B | 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 |
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.
Key Metrics
Top Statement Risk
Margin compression and EPS miss
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Signals Earnings Quality
Operating cash flow to net income ratio swung from 3.97 in Q3 2024 to 0.76 in Q1 2025, per reported data, indicating inconsistent earnings quality and working capital timing.
The OCF/NI ratio has been highly volatile, ranging from 0.76 to 3.97 over the past ten quarters, with the most recent quarter at 2.37. This suggests that net income is not consistently translating into cash, likely due to significant working capital swings. Investors should monitor whether the gap between net income and operating cash flow narrows, as persistent divergence could indicate aggressive revenue recognition or deteriorating collection efficiency.
Free Cash Flow Momentum Stalls
Free cash flow margin fell from 35.2% in Q3 2024 to 18.6% in Q2 2026, as per financial statements, reflecting a sharp decline in cash generation relative to revenue.
FCF margin has contracted from a peak of 35.2% in Q3 2024 to 18.6% in Q2 2026, with a particularly weak Q1 2026 at 2.8%. This trend aligns with the income statement's margin compression and suggests that the company's cash-generating ability is weakening. The recent EPS miss and lowered guidance may indicate that this FCF deterioration is not a temporary blip but a structural shift, warranting close monitoring of future quarters.
Capital Intensity Creeps Higher
CapEx as a percentage of revenue rose from 6.8% in Q2 2024 to 9.4% in Q2 2026, based on reported figures, indicating increased investment relative to a shrinking revenue base.
Capital expenditures have grown from $348M in Q2 2024 to $498M in Q2 2026, while revenue has declined, pushing CapEx/Revenue from 6.8% to 9.4%. This suggests that Fiserv is investing more heavily in infrastructure or technology, possibly to support its Clover platform transition, but the lack of corresponding revenue growth raises questions about the efficiency of these investments. If this trend continues, it could further pressure free cash flow margins.
Working Capital Swings Distort Cash Flow
Working capital changes ranged from -$1.1B in Q1 2025 to +$701M in Q4 2025, as per quarterly data, causing significant quarterly cash flow volatility.
The working capital line item has been the primary driver of OCF volatility, with large negative swings in Q1 2025 and Q1 2026, and positive contributions in Q4 2025 and Q3 2025. This pattern suggests that Fiserv's cash flow is heavily influenced by timing of collections and payables, which may obscure underlying operational performance. Investors should adjust for these swings to assess the true cash-generating ability of the business.
Aggressive Buybacks Amidst Cash Flow Strain
Share repurchases totaled $1.1B in Q3 2025 and $2.3B in Q2 2025, as reported, while free cash flow averaged $1.2B, indicating a heavy reliance on debt or cash reserves.
Fiserv has been aggressively repurchasing shares, with buybacks exceeding free cash flow in several quarters, particularly Q2 2025 ($2.3B buybacks vs. $1.2B FCF). This suggests that the company is prioritizing shareholder returns over balance sheet flexibility, which may increase leverage. Given the recent EPS miss and margin pressure, investors should question whether this capital deployment strategy is sustainable without compromising investment in growth.
Cumulative Cash Generation Outpaces Earnings
Over the last ten quarters, cumulative operating cash flow of $14.5B exceeds cumulative net income of $7.8B, per reported data, indicating strong cash conversion despite earnings volatility.
The cumulative OCF of $14.5B versus net income of $7.8B over the ten-quarter period suggests that Fiserv's cash generation is robust, likely due to significant non-cash charges like D&A and SBC. However, the recent quarters show a narrowing gap, with Q2 2026 OCF/NI at 2.37, down from 3.97 in Q3 2024. This may indicate that the quality of earnings is deteriorating, as the cash conversion advantage diminishes.
What the Cash Flow Statement Obscures
Stock-based compensation totaled $117M in Q2 2026, as reported, while capitalized costs and acquisition-related items may inflate operating cash flow, warranting scrutiny.
The cash flow statement includes significant non-cash charges like D&A and SBC, which can inflate operating cash flow relative to net income. Additionally, the treatment of contract costs and capitalized implementation expenses may defer costs, potentially overstating current cash generation. Investors should examine the sustainability of these adjustments, especially as the company faces margin pressure and a lowered guidance, to ensure that reported cash flow is not masking underlying operational deterioration.