Operating income plummeted to $835 million in 2026Q1 from a peak of $1.7 billion in 2025Q2, reflecting a concerning lack of operating leverage during the recent revenue downturn.
| 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 |
|---|
| Sales/Revenue | 21.09B | 21.19B | 20.46B | 19.09B | 17.74B | 16.23B | 14.85B | 10.19B | 5.82B | 5.7B | 5.5B | 5.25B | 5.07B | 4.81B | 4.44B | 4.29B | 4.13B | 4.08B | 4.59B | 3.9B | 3.57B | 3.24B | 3.73B | 2.93B | 2.39B | 2.17B | 1.65B | 1.41B | 1.23B | 974.4M | 879.4M |
| Revenue Growth % | 1.87% | 3.6% | 7.14% | 7.65% | 9.31% | 9.25% | 45.79% | 74.94% | 2.23% | 3.47% | 4.78% | 3.71% | 5.23% | 8.52% | 3.43% | 3.77% | 1.37% | -11.12% | 17.71% | 9.28% | 10.03% | -13.1% | 27.5% | 22.43% | 10.23% | 31.09% | 17.48% | 14.09% | 26.61% | 10.8% | 25.02% |
| Cost of Goods Sold | 6.54B | 8.61B | 8.01B | 7.67B | 7.99B | 8.13B | 7.81B | 5.31B | 3.07B | 3.02B | 2.96B | 2.91B | 2.88B | 2.78B | 2.56B | 2.5B | 2.39B | 2.38B | 2.87B | 2.62B | 2.42B | 2.17B | 1.18B | 681.78M | 476.43M | 936.23M | 397.66M | 357.73M | 378.3M | 290.6M | 261.7M |
| COGS % of Revenue | - | 40.64% | 39.17% | 40.17% | 45.06% | 50.09% | 52.6% | 52.12% | 52.7% | 53.09% | 53.75% | 55.37% | 56.87% | 57.67% | 57.8% | 58.38% | 57.73% | 58.38% | 62.48% | 67.18% | 67.78% | 66.95% | 31.77% | 23.31% | 19.94% | 43.19% | 24.05% | 25.41% | 30.66% | 29.82% | 29.76% |
| Gross Profit | 12.82B | 12.58B | 12.44B | 11.42B | 9.74B | 8.1B | 7.04B | 4.88B | 2.75B | 2.67B | 2.55B | 2.35B | 2.19B | 2.04B | 1.87B | 1.78B | 1.75B | 1.7B | 1.72B | 1.28B | 1.15B | 1.07B | 2.54B | 2.24B | 1.91B | 1.23B | 1.26B | 1.05B | 855.4M | 683.8M | 617.7M |
| Gross Margin % | 60.77% | 59.36% | 60.83% | 59.83% | 54.94% | 49.91% | 47.4% | 47.88% | 47.3% | 46.91% | 46.25% | 44.63% | 43.13% | 42.33% | 42.2% | 41.62% | 42.27% | 41.62% | 37.52% | 32.82% | 32.22% | 33.05% | 68.23% | 76.69% | 80.06% | 56.81% | 75.95% | 74.59% | 69.34% | 70.18% | 70.24% |
| Gross Profit Growth % | - | 1.11% | 8.93% | 17.22% | 20.34% | 15.03% | 44.32% | 77.12% | 3.07% | 4.95% | 8.57% | 7.32% | 7.21% | 8.87% | 4.87% | 2.18% | 2.95% | -1.39% | 34.56% | 11.31% | 7.28% | -57.91% | 13.43% | 17.28% | 55.34% | -1.95% | 19.63% | 22.73% | 25.1% | 10.7% | 99.84% |
| Operating Expenses | 7.11B | 6.88B | 6.56B | 6.41B | 6B | 5.81B | 5.19B | 3.27B | 1B | 1.14B | 1.1B | 1.03B | 975M | 977M | 824M | 795M | 740M | 751M | 813M | 540M | 484M | 409M | 1.89B | 1.72B | 1.48B | 872.35M | 941.64M | 796.73M | 645.7M | 518.1M | 464.1M |
| OpEx % of Revenue | - | 32.48% | 32.09% | 33.57% | 33.86% | 35.81% | 34.93% | 32.09% | 17.19% | 20.01% | 20% | 19.68% | 19.25% | 20.29% | 18.58% | 18.54% | 17.9% | 18.42% | 17.72% | 13.86% | 13.57% | 12.62% | 50.55% | 58.86% | 61.88% | 40.24% | 56.94% | 56.6% | 52.34% | 53.17% | 52.77% |
| Selling, General & Admin | 7.09B | 6.88B | 6.56B | 6.58B | 6.06B | 5.81B | 5.65B | 3.28B | 1.23B | 1.15B | 1.1B | 1.03B | 975M | 977M | 824M | 795M | 740M | 751M | 813M | 540M | 484M | 409M | 1.7B | 1.56B | 1.34B | 724.65M | 792.8M | 677.23M | 573.2M | 454.9M | 394.9M |
| SG&A % of Revenue | - | 32.48% | 32.09% | 34.44% | 34.16% | 35.81% | 38.06% | 32.24% | 21.09% | 20.19% | 20% | 19.68% | 19.25% | 20.29% | 18.58% | 18.54% | 17.9% | 18.42% | 17.72% | 13.86% | 13.57% | 12.62% | 45.58% | 53.19% | 56.26% | 33.43% | 47.94% | 48.11% | 46.46% | 46.69% | 44.91% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | -167M | -54M | 0 | -464M | -15M | -227M | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 185.36M | 165.84M | 134.39M | 147.7M | 148.84M | 119.51M | 72.5M | 63.2M | 69.2M |
| Operating Income | 5.14B | 5.7B | 5.88B | 5.01B | 3.74B | 2.29B | 1.85B | 1.61B | 1.75B | 1.53B | 1.45B | 1.31B | 1.21B | 1.06B | 1.05B | 990M | 1.01B | 946M | 908M | 739M | 665M | 662M | 659.56M | 521.82M | 434.3M | 359.1M | 314.31M | 253.09M | 209.7M | 165.7M | 153.6M |
| Operating Margin % | 24.36% | 26.89% | 28.74% | 26.26% | 21.09% | 14.1% | 12.47% | 15.79% | 30.1% | 26.9% | 26.25% | 24.95% | 23.88% | 22.04% | 23.62% | 23.08% | 24.36% | 23.2% | 19.8% | 18.96% | 18.65% | 20.43% | 17.68% | 17.84% | 18.18% | 16.57% | 19.01% | 17.98% | 17% | 17.01% | 17.47% |
| Operating Income Growth % | - | -3.08% | 17.25% | 34.06% | 63.46% | 23.54% | 15.1% | -8.21% | 14.43% | 6.02% | 10.22% | 8.35% | 14.04% | 1.24% | 5.86% | -1.69% | 6.45% | 4.18% | 22.87% | 11.13% | 0.45% | 0.37% | 26.4% | 20.15% | 20.94% | 14.25% | 24.19% | 20.69% | 26.55% | 7.88% | 278.4% |
| EBITDA | 7.53B | 8.86B | 8.97B | 8.13B | 6.91B | 5.48B | 5.06B | 3.26B | 2.3B | 1.96B | 1.87B | 1.73B | 1.61B | 1.46B | 1.4B | 1.33B | 1.35B | 1.28B | 1.26B | 925M | 864M | 841M | 844.92M | 687.66M | 568.69M | 506.8M | 463.15M | 372.59M | 282.2M | 228.9M | 222.8M |
| EBITDA Margin % | 35.71% | 41.8% | 43.87% | 42.61% | 38.95% | 33.8% | 34.08% | 32% | 39.46% | 34.43% | 33.9% | 32.89% | 31.86% | 30.41% | 31.51% | 31.13% | 32.57% | 31.37% | 27.43% | 23.74% | 24.23% | 25.95% | 22.65% | 23.51% | 23.8% | 23.38% | 28.01% | 26.47% | 22.87% | 23.49% | 25.34% |
| EBITDA Growth % | -17.98% | -1.28% | 10.31% | 17.75% | 25.98% | 8.34% | 55.28% | 41.86% | 17.19% | 5.09% | 7.99% | 7.06% | 10.25% | 4.72% | 4.72% | -0.82% | 5.24% | 1.67% | 36% | 7.06% | 2.73% | -0.46% | 22.87% | 20.92% | 12.21% | 9.42% | 24.3% | 32.03% | 23.29% | 2.74% | 1126.73% |
| D&A (Non-Cash Add-back) | 2.39B | 3.16B | 3.1B | 3.12B | 3.17B | 3.2B | 3.21B | 1.65B | 545M | 429M | 421M | 417M | 404M | 403M | 350M | 345M | 339M | 333M | 350M | 186M | 199M | 179M | 185.36M | 165.84M | 134.39M | 147.7M | 148.84M | 119.51M | 72.5M | 63.2M | 69.2M |
| EBIT | 5.28B | 5.79B | 5.74B | 4.9B | 3.66B | 2.36B | 1.89B | 1.59B | 1.74B | 1.53B | 1.44B | 1.23B | 1.21B | 1.06B | 1.05B | 911M | 991M | 954M | 900M | 746M | 665M | 662M | 659.56M | 521.82M | 434.3M | 359.1M | 314.31M | 253.09M | 209.7M | 165.7M | 153.6M |
| Net Interest Income | -1.14B | -1.49B | -1.2B | -976M | -733M | -693M | -709M | -473M | -189M | -173M | -170M | -169M | -163M | -162M | -167M | -182M | -188M | -212M | -247M | -69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 30M | 0 | 43M | 28M | 13M | 3M | 7M | 34M | 0 | 2M | 0 | 1M | 1M | 1M | 7M | 6M | 10M | 8M | 13M | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 826M | 1.49B | 1.24B | 1B | 746M | 696M | 716M | 507M | 189M | 175M | 163M | 170M | 164M | 163M | 174M | 188M | 198M | 220M | 260M | 76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.28B | -1.4B | -2.06B | -1.13B | -607M | -522M | -681M | -497M | -188M | -142M | -23M | -222M | -72M | -83M | -156M | -249M | -200M | -200M | -262M | -69M | -41M | 66M | -18.19M | -15.55M | -9.17M | -12.07M | -14.27M | -19.41M | -16M | -11.8M | -19.1M |
| Pretax Income | 3.86B | 4.3B | 3.82B | 3.88B | 3.13B | 1.77B | 1.17B | 1.11B | 1.56B | 1.39B | 1.42B | 1.09B | 1.14B | 978M | 892M | 741M | 807M | 746M | 646M | 670M | 624M | 728M | 641.37M | 506.27M | 425.13M | 347.03M | 300.04M | 233.68M | 193.7M | 153.9M | 134.5M |
| Pretax Margin % | 18.3% | 20.29% | 18.68% | 20.34% | 17.66% | 10.88% | 7.88% | 10.92% | 26.88% | 24.4% | 25.83% | 20.73% | 22.46% | 20.32% | 20.11% | 17.28% | 19.53% | 18.3% | 14.08% | 17.19% | 17.5% | 22.46% | 17.2% | 17.31% | 17.79% | 16.01% | 18.14% | 16.6% | 15.7% | 15.79% | 15.29% |
| Income Tax | 645M | 811M | 641M | 754M | 551M | 363M | 196M | 198M | 378M | 158M | 492M | 377M | 384M | 328M | 300M | 254M | 301M | 273M | 288M | 256M | 236M | 274M | 246.47M | 197.44M | 165.8M | 138.81M | 123.01M | 95.81M | 79.4M | 63.1M | 54.8M |
| Effective Tax Rate % | 16.71% | 18.86% | 16.78% | 19.42% | 17.59% | 20.55% | 16.74% | 17.81% | 24.15% | 11.37% | 34.6% | 34.62% | 33.74% | 33.54% | 33.63% | 34.28% | 37.3% | 36.6% | 44.58% | 38.21% | 37.82% | 37.64% | 38.43% | 39% | 39% | 40% | 41% | 41% | 40.99% | 41% | 40.74% |
| Net Income | 3.2B | 3.48B | 3.13B | 3.07B | 2.53B | 1.33B | 958M | 893M | 1.19B | 1.25B | 930M | 712M | 754M | 648M | 611M | 472M | 496M | 476M | 569M | 439M | 449.91M | 516.44M | 377.64M | 315.01M | 266.14M | 208.22M | 177.02M | 137.87M | 114.3M | 90.8M | 61.7M |
| Net Margin % | 15.17% | 16.42% | 15.31% | 16.07% | 14.26% | 8.22% | 6.45% | 8.77% | 20.38% | 21.88% | 16.89% | 13.55% | 14.88% | 13.46% | 13.77% | 11% | 12% | 11.68% | 12.4% | 11.27% | 12.62% | 15.93% | 10.13% | 10.77% | 11.14% | 9.61% | 10.71% | 9.79% | 9.26% | 9.32% | 7.02% |
| Net Income Growth % | -1.45% | 11.15% | 2.05% | 21.26% | 89.66% | 39.25% | 7.28% | -24.77% | -4.74% | 33.98% | 30.62% | -5.57% | 16.36% | 6.06% | 29.45% | -4.84% | 4.2% | -16.34% | 29.61% | -2.43% | -12.88% | 36.75% | 19.88% | 18.36% | 27.82% | 17.62% | 28.4% | 20.62% | 25.88% | 47.16% | 203.01% |
| Net Income (Continuing) | 3.21B | 3.49B | 3.18B | 3.13B | 2.58B | 1.4B | 975M | 914M | 1.19B | 1.23B | 930M | 712M | 754M | 650M | 592M | 487M | 506M | 473M | 358M | 414M | 388M | 454M | 394.9M | 308.82M | 259.33M | 208.22M | 177.02M | 137.87M | 114.3M | 90.8M | 79.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14M | 0 | 0 | 0 | -2M | 19M | -15M | -10M | 3M | 211M | 25M | 62M | 62M | -17.26M | 6.19M | 6.81M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 20M | 17M | 618M | 812M | 860M | 998M | 999M | 1.88B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.98 | 6.34 | 5.38 | 4.98 | 3.90 | 1.99 | 1.40 | 1.71 | 2.87 | 2.89 | 2.08 | 1.50 | 1.49 | 1.26 | 1.11 | 0.82 | 0.82 | 0.77 | 0.87 | 0.65 | 0.64 | 0.68 | 0.48 | 0.40 | 0.34 | 0.27 | 0.23 | 0.18 | 0.15 | 0.13 | 0.11 |
| EPS Growth % | 4.24% | 17.84% | 8.03% | 27.69% | 95.98% | 42.14% | -18.13% | -40.42% | -0.69% | 38.94% | 38.67% | 0.67% | 18.25% | 13.51% | 35.37% | 0% | 6.49% | -11.49% | 33.85% | 1.56% | -5.88% | 41.67% | 20% | 17.65% | 25.93% | 17.39% | 27.78% | 20% | 15.38% | 18.18% | 210% |
| EPS (Basic) | - | 6.34 | 5.41 | 5.02 | 3.94 | 2.01 | 1.43 | 1.74 | 2.93 | 3.00 | 2.16 | 1.58 | 1.57 | 1.26 | 1.15 | 0.84 | 0.83 | 0.78 | 0.87 | 0.66 | 0.64 | 0.69 | 0.49 | 0.41 | 0.35 | 0.28 | 0.24 | 0.19 | 0.16 | 0.13 | 0.12 |
| Diluted Shares Outstanding | 535.4M | 549M | 582.1M | 615.9M | 647.9M | 671.6M | 683.4M | 522.6M | 413.7M | 431.2M | 447.8M | 476M | 505.4M | 513.4M | 550M | 576.8M | 606.8M | 621.6M | 652.4M | 675.2M | 710M | 764M | 789.15M | 782.64M | 777.04M | 764.1M | 759.22M | 760.07M | 762.92M | 722.63M | 702.88M |
| Basic Shares Outstanding | 535.4M | 549M | 578.7M | 611.7M | 642.3M | 662.6M | 672.1M | 512.3M | 405.5M | 415.2M | 431M | 450.6M | 480.6M | 513.4M | 533.6M | 560.4M | 601.6M | 619.2M | 652.4M | 666.4M | 700M | 755.2M | 779.92M | 773.04M | 765.86M | 750.33M | 739.15M | 738.86M | 737.24M | 702.12M | 692.7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue growth deceleration risks
According to recent quarterly filings, Fiserv's revenue growth has shifted from a consistent mid-single-digit expansion to a 2.0% contraction in 2026Q1, marking a notable departure from the 7-8% growth rates observed throughout 2024 and early 2025, which warrants close monitoring by prospective investors.
The sudden reversal in revenue trajectory suggests that the company's core payment and fintech segments may be encountering saturation or increased competitive friction. This deceleration appears to challenge the narrative of sustained organic growth, potentially indicating that the firm's reliance on legacy banking contracts is no longer sufficient to offset volatility in merchant acceptance volumes.
As reported in financial statements, Fiserv's gross margin contracted to 57.1% in 2025Q4 before rebounding slightly, yet the overall volatility in profitability metrics suggests that the firm's ability to maintain pricing power in a competitive landscape may be under significant pressure compared to historical benchmarks.
The fluctuation in gross margins implies that the company is struggling to pass through rising operational costs or is facing unfavorable shifts in product mix toward lower-margin services. Investors should investigate whether this margin instability is a temporary byproduct of integration efforts or a structural erosion of the firm's competitive moat.
Based on Fiserv's reported figures, operating income plummeted to $835 million in 2026Q1 from a peak of $1.7 billion in 2025Q2, demonstrating a concerning lack of operating leverage as the company's cost base failed to scale down in proportion to the recent decline in top-line revenue.
The inability to protect operating margins during a revenue downturn suggests that a significant portion of the company's cost structure remains fixed and difficult to rationalize in the short term. This lack of flexibility may indicate that the firm's current organizational complexity is hindering its ability to respond effectively to cyclical shifts in the payments industry.
Analysis of recent income statements reveals that EPS dropped by 29.1% in 2026Q1, a sharp contrast to the 49% growth seen in 2025Q3, suggesting that non-operating items and inconsistent quarterly performance are significantly obscuring the true quality of the company's recurring earnings power for shareholders.
The erratic nature of net income, coupled with the periodic impact of stock-based compensation, complicates the assessment of Fiserv's true profitability. Analysts should be wary of relying on headline EPS figures, as they appear to be heavily influenced by accounting adjustments rather than consistent operational execution.
While management emphasizes the platform value of Clover, the recent contraction in revenue and operating income suggests that the company's legacy business model may be more vulnerable to disruption than the market currently anticipates, potentially leading to a re-rating of the stock's valuation multiples.
Short-term observers may argue that the recent performance dip is merely a cyclical anomaly, but the data suggests a more concerning trend of weakening competitive positioning. If the firm cannot demonstrate a return to consistent growth, the market may begin to view Fiserv as a value trap rather than a resilient fintech platform.
Quick answers to the most common questions about buying FISV stock.
For fiscal year 2025, Fiserv, Inc. (FISV) reported total revenue of $21.19B. This represents a 2309.9% increase compared to $879.4M in 1996.
Fiserv, Inc. (FISV) is profitable, generating $3.48B in net income for the fiscal year ending 2025 with a net profit margin of 16.4%.
Fiserv, Inc. (FISV) reported an operating income of $5.70B, resulting in an operating profit margin of 26.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Fiserv, Inc. (FISV) generated $12.58B in gross profit for the year, representing a gross profit margin of 59.4%. This demonstrates the company's core pricing power and production efficiency.