NASDAQ: FISV
Fiserv
Financials · Services-Business Services, NEC
52-week range
$43.87$70.41
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$26.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $22.8B |
| FY2017, ended Dec 31, 2017 | $27.1B |
| FY2018, ended Dec 31, 2018 | $28.8B |
| FY2019, ended Dec 31, 2019 | $78.5B |
| FY2020, ended Dec 31, 2020 | $76.2B |
| FY2021, ended Dec 31, 2021 | $67.7B |
| FY2022, ended Dec 31, 2022 | $63.5B |
| FY2023, ended Dec 31, 2023 | $78.4B |
| FY2024, ended Dec 31, 2024 | $115B |
| FY2025, ended Dec 31, 2025 | $35.9B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $26.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$20.9B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.50B |
| FY2017, ended Dec 31, 2017 | $5.70B |
| FY2018, ended Dec 31, 2018 | $5.82B |
| FY2019, ended Dec 31, 2019 | $10.2B |
| FY2020, ended Dec 31, 2020 | $14.9B |
| FY2021, ended Dec 31, 2021 | $16.2B |
| FY2022, ended Dec 31, 2022 | $17.7B |
| FY2023, ended Dec 31, 2023 | $19.1B |
| FY2024, ended Dec 31, 2024 | $20.5B |
| FY2025, ended Dec 31, 2025 | $21.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $20.9B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $930M | $1.14B |
| FY2017, ended Dec 31, 2017 | $1.25B | $1.20B |
| FY2018, ended Dec 31, 2018 | $1.19B | $1.19B |
| FY2019, ended Dec 31, 2019 | $893M | $2.07B |
| FY2020, ended Dec 31, 2020 | $958M | $3.25B |
| FY2021, ended Dec 31, 2021 | $1.33B | $2.87B |
| FY2022, ended Dec 31, 2022 | $2.53B | $3.14B |
| FY2023, ended Dec 31, 2023 | $3.07B | $3.77B |
| FY2024, ended Dec 31, 2024 | $3.13B | $5.06B |
| FY2025, ended Dec 31, 2025 | $3.48B | $4.30B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.80B | $3.93B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$627M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | $415M |
| FY2019, ended Dec 31, 2019 | $893M |
| FY2020, ended Dec 31, 2020 | $906M |
| FY2021, ended Dec 31, 2021 | $835M |
| FY2022, ended Dec 31, 2022 | $902M |
| FY2023, ended Dec 31, 2023 | $1.20B |
| FY2024, ended Dec 31, 2024 | $1.24B |
| FY2025, ended Dec 31, 2025 | $798M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $627M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$27.9B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.56B |
| FY2017, ended Dec 31, 2017 | $4.90B |
| FY2018, ended Dec 31, 2018 | $5.96B |
| FY2019, ended Dec 31, 2019 | $21.9B |
| FY2020, ended Dec 31, 2020 | $20.7B |
| FY2021, ended Dec 31, 2021 | $21.2B |
| FY2022, ended Dec 31, 2022 | $21.4B |
| FY2023, ended Dec 31, 2023 | $23.1B |
| FY2024, ended Dec 31, 2024 | $24.8B |
| FY2025, ended Dec 31, 2025 | $29.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $27.9B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 23.9% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.532M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 429M |
| FY2017, ended Dec 31, 2017 | 413M |
| FY2018, ended Dec 31, 2018 | 392M |
| FY2019, ended Dec 31, 2019 | 679M |
| FY2020, ended Dec 31, 2020 | 669M |
| FY2021, ended Dec 31, 2021 | 652M |
| FY2022, ended Dec 31, 2022 | 628M |
| FY2023, ended Dec 31, 2023 | 590M |
| FY2024, ended Dec 31, 2024 | 561M |
| FY2025, ended Dec 31, 2025 | 535M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 532M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $377M more issued than bought back
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.25B | $68.0M | — |
| FY2017, ended Dec 31, 2017 | $1.22B | $63.0M | — |
| FY2018, ended Dec 31, 2018 | $1.95B | $73.0M | — |
| FY2019, ended Dec 31, 2019 | — | $229M | $31.8B |
| FY2020, ended Dec 31, 2020 | — | $369M | — |
| FY2021, ended Dec 31, 2021 | — | $239M | — |
| FY2022, ended Dec 31, 2022 | — | $323M | — |
| FY2023, ended Dec 31, 2023 | — | $342M | — |
| FY2024, ended Dec 31, 2024 | — | $367M | — |
| FY2025, ended Dec 31, 2025 | — | $357M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | $377M | — |
Revenue (TTM)
$20.9B
−1.2% YoY
Net income (TTM)
$2.80B
−17.1% YoY
Cash
$627M
−37.2% YoY
Total debt
$27.9B
−5.7% YoY
Valuation
At current price- Market Cap
- $26.6B
- P/E
- 9.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.3×
- Price / Book
- 1.0×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $20.9B
- Revenue Growth YoY
- −1.2%
- Revenue CAGR 3Y
- 6.1%
- Revenue CAGR 5Y
- 7.4%
- EPS Growth YoY
- −12.7%
- Net Income Growth YoY
- −17.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 22.3%
- Net Margin
- 13.4%
- FCF Margin
- 18.8%
- Return on Equity
- 10.7%
Earnings
Trailing 12 months- Net Income
- $2.80B
- EPS (diluted)
- $5.22
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- $4.66B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $627M
- Total Debt
- $27.9B
- Net Debt
- $27.3B
- Total Assets
- $80.9B
- Total Liabilities
- $54.0B
- Shareholders' Equity
- $26.9B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $5.83B
- Capital Expenditure
- $1.91B
- Free Cash Flow
- $3.93B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.80
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $20.9B.
Watch
Operating margin narrowed 7.8 pts in a year, to 22.3%.
Strength
Turns 18.8% of revenue into free cash flow.
Strength
Share count is down 2.2% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 19, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K64Mildly positive
64Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 20, 2025 · Read the filing on EDGAR
- Revenue rose 7% to $20.5 billion and operating income rose 17% to $5.9 billion, with both main segments improving margins.
- Net income rose only 2% because of a $595 million write-down on the Wells Fargo merchant joint venture, which Wells Fargo chose not to renew.
- Operating cash flow jumped 28% to $6.6 billion, while buybacks grew to $5.5 billion and debt reached about $25 billion.
- Fiserv reorganized into two segments, Merchant and Financial, and agreed to buy CCV and Payfare for about $360 million.
Business momentum
Improving
“Total operating income increased $865 million, or 17%, in 2024 compared to 2023 and total operating margin increased 240 basis points to 28.7%.”
Outlook
Positive
“we anticipate that demand for products that facilitate customer interaction with financial institutions, including a unified, seamless customer experience across mobile and online channels, will continue to increase”
Financial stress
Low
“Our operating cash flow was $6.6 billion in 2024, an increase of 28% compared with $5.2 billion in 2023.”
Tone against the previous report
About the same
Red flags
- Medium
Large write-down
“During the year ended December 31, 2024, we recorded a $595 million non-cash impairment as a result of an other-than-temporary decline in the fair value of our equity method investment in WFMS.”
Positives
Merchant segment profit grew strongly
“Operating income in our Merchant segment increased $587 million, or 20%, in 2024 compared to 2023”
Operating cash flow rose sharply
“Our operating cash flow was $6.6 billion in 2024, an increase of 28% compared with $5.2 billion in 2023.”
Financial segment margins also improved
“Operating margin increased 140 basis points to 47.3% in 2024 compared to 2023”
Concerns
Debt and interest costs keep rising
“Interest expense, net increased $219 million, or 22%, in 2024 compared to 2023”
Buybacks partly funded by new bond issues
“We used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of our commercial paper notes and for share repurchases.”
Currency swings are a large drag on revenue
“partially offset by a 8% decrease due to foreign currency exchange rate fluctuations”
New risks since the previous report
Loss of the Wells Fargo merchant joint venture
“With the joint venture expected to expire on April 1, 2025, we expect to receive a cash payment equal to the fair value of our 40% ownership interest of WFMS”
Tariffs and trade wars could raise hardware costs
“The U.S. has imposed tariffs, and may impose new or increased tariffs, on certain imports from other countries, which may lead to retaliatory tariffs imposed by other governments.”
Rivals may use artificial intelligence faster or better
“our competitors and other third parties may incorporate artificial intelligence into their products and offerings more quickly or more successfully than us”
Costly short-term Argentine borrowing funds merchant cash advances
“in the event we are unable to continue to borrow in the Argentina overnight market, we may fund future advances with our consolidated cash and cash equivalents and available capacity under our revolving credit facility”
Biggest risks named
- High debt of about $25 billion and rising interest costs
- Security breaches and system failures damaging service and reputation
- Goodwill and intangibles write-downs, now 60% of total assets
- Strong competition and losing merchant alliances or major clients
- Weak economy, tariffs and currency losses, especially in Argentina
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −3 | |
| New risks | −2 | |
| Score | 64 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 19, 2026 | Pro | |||
| 10-K | Feb 20, 2025 | 64 | Improving | 1 medium | |
| 10-K | Feb 22, 2024 | 69 | Strong improvement | None | |
| 10-K | Feb 23, 2023 | 73 | Strong improvement | None | |
| 10-K | Feb 24, 2022 | 76 | Strong improvement | None | |
| 10-K | Feb 26, 2021 | 67 | Improving | None | |
| 10-K | Feb 27, 2020 | 58 | Mixed | None | |
| 10-K | Feb 21, 2019 | 67 | Improving | None | |
| 10-K | Feb 22, 2018 | 69 | Improving | None | |
| 10-K | Feb 23, 2017 | 68 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 7, 2026. View filings on SEC EDGAR