Fiserv, Inc. is a leading global provider of payments and financial services technology solutions, catering to a diverse clientele that includes merchants, banks, credit unions, other financial institutions, and corporate clients worldwide . The company operates through two main segments: Merchant Solutions and Financial Solutions, offering a range of commerce-enabling products and services . Fiserv is committed to innovation and integration, delivering superior value through its technology and services .
- Financial Solutions - Provides products and services to financial institutions, corporate, and public sector clients, facilitating the processing of customer loan and deposit accounts, digital payments, and card transactions. Includes services like debit and credit card processing, digital banking, financial and risk management, and check processing .
- Merchant Solutions - Offers commerce-enabling products and services such as merchant acquiring, digital commerce services, mobile payment services, security and fraud protection solutions, and pay-by-bank solutions.
- Clover® - A point-of-sale integrated commerce operating system for small businesses.
- CaratSM - An integrated commerce operating system for enterprise clients .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Frank J. Bisignano ExecutiveBoard | Chairman, President, and CEO | None | Frank J. Bisignano joined Fiserv in 2019 as part of the acquisition of First Data Corporation. He has held various roles, including COO, President, CEO, and Chairman. | |
Adam L. Rosman Executive | Chief Administrative Officer and Chief Legal Officer | None | Adam L. Rosman joined Fiserv in 2019 and has served as Chief Administrative Officer and Chief Legal Officer since 2021. He was previously General Counsel at OneMain Financial. | |
Guy Chiarello Executive | Chief Operating Officer | None | Guy Chiarello joined Fiserv in 2019 and has served as Chief Administrative Officer and Chief Operating Officer. He played a significant role in advancing Fiserv's innovation agenda. | |
Jennifer LaClair Executive | Head of Global Business Solutions | None | Jennifer LaClair joined Fiserv in 2023 as Chief Revenue Officer and became Head of Global Business Solutions in 2024. She was previously CFO at Ally Financial. | |
Michael P. Lyons Executive | President and CEO-Elect | None | Michael P. Lyons was appointed President and CEO-Elect of Fiserv in 2025. He was previously President of The PNC Financial Services Group. | |
Robert W. Hau Executive | Chief Financial Officer | None | Robert W. Hau has been the CFO of Fiserv since 2016. He previously held CFO roles at TE Connectivity Ltd. and Lennox International Inc. | |
Ajei S. Gopal Board | Director | Director at ANSYS, Inc. | Ajei S. Gopal joined the board of Fiserv in 2024. He is the President and CEO of ANSYS, Inc. | |
Charlotte B. Yarkoni Board | Director | None | Charlotte B. Yarkoni joined the board of Fiserv in 2023. She has held leadership roles at Microsoft and VMware. | |
Doyle R. Simons Board | Non-Executive Chairman of the Board | Director at Union Pacific Corporation, Director at Iron Mountain Incorporated | Doyle R. Simons has been a director at Fiserv since 2007 and was appointed Non-Executive Chairman in 2025. He was previously CEO of Weyerhaeuser Company. | |
Harry F. DiSimone Board | Director | None | Harry F. DiSimone has been a director at Fiserv since 2018. He serves as Chair of the Risk Committee and is a member of the Audit Committee. | |
Heidi G. Miller Board | Director | Director at Waystar, Inc. | Heidi G. Miller has been a director at Fiserv since 2019. She has held leadership roles at JPMorgan Chase and Citigroup. | |
Henrique de Castro Board | Director | Director at Banco Santander, S.A. | Henrique de Castro has been a director at Fiserv since 2019. He has held senior positions at Google and Yahoo! Inc. | |
Kevin M. Warren Board | Director | None | Kevin M. Warren joined the board of Fiserv in 2020. He has held executive roles at UPS and Xerox. | |
Lance M. Fritz Board | Director | Director at Parker-Hannifin Corporation, Member of The Business Council | Lance M. Fritz joined the board of Fiserv in 2024. He was previously Chairman, President, and CEO of Union Pacific Corporation. | |
Wafaa Mamilli Board | Director | Executive Vice President, Chief Digital & Technology Officer at Zoetis, Inc. | Wafaa Mamilli joined the board of Fiserv in 2021. She has extensive expertise in cybersecurity and digital transformation. |
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Regarding the SMB bundle, can you elaborate on the specific challenges of integrating products across both the Merchant and Financial Solutions segments, and how you plan to ensure its successful contribution to growth next year?
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As you expand Clover into Latin America and Australia, what risks do you anticipate in these new markets, and what strategies are in place to mitigate potential adoption hurdles?
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With the approval of your merchant acquirer limited purpose bank charter in Georgia, how might this change affect your relationships with existing bank partners, and are there any regulatory concerns that could impact this initiative?
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Given the raised guidance for organic revenue growth and adjusted earnings per share, what key factors are driving this optimism, and what potential headwinds could jeopardize achieving these targets?
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Can you provide more details on the partnership with DoorDash, specifically how this embedded finance application will impact your financial performance, considering the challenges associated with long implementation cycles in such initiatives?
Research analysts who have asked questions during FISERV earnings calls.
Darrin Peller
Wolfe Research, LLC
7 questions for FI
Tien-tsin Huang
JPMorgan Chase & Co.
7 questions for FI
David Koning
Robert W. Baird & Co.
6 questions for FI
Harshita Rawat
AllianceBernstein
6 questions for FI
Jason Kupferberg
Bank of America
5 questions for FI
Timothy Chiodo
UBS Group AG
5 questions for FI
Andrew Jeffrey
William Blair & Company
3 questions for FI
Dan Dolev
Mizuho Financial Group
3 questions for FI
James Faucette
Morgan Stanley
3 questions for FI
Ramsey El-Assal
Barclays
3 questions for FI
Will Nance
Goldman Sachs
2 questions for FI
Bryan Keane
Deutsche Bank
1 question for FI
James Friedman
Susquehanna Financial Group, LLLP
1 question for FI
William Nance
The Goldman Sachs Group, Inc.
1 question for FI
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
CCV Group B.V. | 2025 | Planned acquisition of a POS payment solutions provider, to be closed in Q1 2025 as part of a combined deal (with Payfare Inc.) valued at approximately $360 million. The move is strategically aimed at expanding the company's network of payment solutions within its Merchant segment. |
Payfare Inc. | 2025 | Planned acquisition designed to boost embedded finance capabilities by incorporating program management solutions that enable instant access to earnings and banking. It is included in the Financial segment and is part of the combined transaction valued at approximately $360 million closing in Q1 2025, subject to customary approvals. |
European Merchant Services B.V. | 2023 | Completed acquisition in September 2023 for $56 million, acquiring the remaining 49% interest in the Netherlands-based merchant acceptance business. The acquisition, funded by available cash and commercial paper proceeds, consolidates reporting within the Acceptance segment. |
Finxact, Inc. | 2022 | Completed acquisition on April 1, 2022 for approximately $645 million (net of $27 million acquired cash), enhancing the company's Fintech segment through cloud-native banking solutions that support digital transformation. The deal also recognized a pre-tax gain from remeasurement of the previously held equity interest. |
City POS (The LR2 Group, LLC) | 2022 | Completed acquisition on June 1, 2022 for approximately $26 million with earn-out provisions valued at $3 million, intended to expand the company's merchant services capabilities in the Acceptance segment through the ISO's payment processing and POS equipment sales services. The purchase price allocation included intangible assets and goodwill for tax-deductible benefits. |
NexTable, Inc. | 2022 | Completed acquisition on September 1, 2022 as part of a group transaction with an aggregate purchase price of approximately $686 million (net of $27 million acquired cash and including $6 million in earn-out provisions). The acquisition adds cloud-based reservation and table management solutions to the Acceptance segment, enhancing the company's restaurant offerings and omnichannel capabilities. |
Recent press releases and 8-K filings for FI.
- Fiserv shares plunged 47% after reporting what analysts called “abysmal” Q3 2025 results and dramatically cutting guidance, triggering a securities fraud class action covering investors from July 23–October 29, 2025.
- On July 23, 2025 the company revised its 2025 organic revenue growth target to 10% (the low end of its prior range) and set the low end of EPS guidance at $10.15, citing a “big ramp” in back-half initiatives later admitted to be based on objectively difficult-to-achieve assumptions.
- In its October 29 announcement, Fiserv reported a sequential decline in Q3 adjusted revenue, slashed organic revenue growth to 3.5%–4%, cut EPS outlook to $8.50–$8.60, and disclosed that its CFO and audit-committee chair will be replaced effective January 1, 2026.
- CEO Michael Lyons acknowledged the original guidance relied on “incremental assumptions” like outsized volume growth, record sales activity, and productivity improvements that proved unrealistic, prompting a board shake-up.
- The stock slide wiped out $32 billion in market value as shares fell over $59 intraday on the guidance miss.
- Bragar Eagel & Squire is investigating whether Fiserv violated federal securities laws on behalf of stockholders who suffered losses.
- On May 6, 2025, following Frank Bisignano’s departure, Fiserv appointed Michael Lyons as CEO and Doyle Simmons as non-executive Chairman.
- On October 29, 2025, Fiserv reported a sequential decline in Q3 2025 adjusted revenue and slashed guidance: organic revenue growth to 3.5%–4% and EPS to $8.50–$8.60.
- The market reaction wiped out $32 billion of shareholder value in a single day, and investors are urged to contact the firm to discuss potential claims.
- The Fiserv Small Business Index held at 148 in October 2025, with year-over-year sales growth of +1.5% and transactions up +1.1%, marking the slowest annual sales growth since February 2025; inflation-adjusted sales fell -1.4% year over year—the steepest decline in eight months.
- Small business retail sales rose +0.7% month over month and +0.6% year over year, while Core Retail accelerated with +1.6% month-over-month and +2.6% year-over-year growth; notable monthly gains were in Sporting Goods (+3.0%) and Clothing (+1.9%), and Food & Beverage (grocery) sales increased +1.4%.
- Discretionary spending was essentially flat month over month (+0.0%) and up +0.2% year over year, whereas Essentials spending outpaced at +0.4% month over month and +2.5% year over year.
- Restaurant sector performance lagged, with overall sales up +0.1% year over year but down -0.3% month over month; bars and pubs saw traffic down -0.5% and sales down -0.1%, while quick-service restaurants experienced -0.6% sales and -0.8% traffic month over month despite a +0.2% rise in average ticket.
- Former CEO Frank Bisignano sold 2.6 million shares for $423 million between mid-May and late-July 2025, avoiding roughly $300 million in paper losses.
- On October 29, 2025, Fiserv reported a sequential decline in Q3 2025 adjusted revenue, cut organic revenue growth guidance to 3.5%–4% and EPS outlook to $8.50–$8.60, and announced its CFO’s departure alongside a board shake-up.
- The share price plunged over $59 (−47%) intraday, erasing $32 billion in market value in one day.
- Hagens Berman has launched an investigation into whether Fiserv misled investors about its financial outlook.
- Shares plunged over $59 (−47%), erasing $32 billion in market value after Q3 results fell short of expectations.
- Q3 adjusted revenue declined sequentially; organic revenue growth guidance cut to 3.5%–4% and EPS outlook lowered to $8.50–$8.60.
- CFO is departing and the board will be restructured effective January 1, 2026, following the April appointment of Michael Lyons as CEO.
- Hagens Berman opened an investigation into whether Fiserv misled investors about its business and growth prospects.
- Scott+Scott Attorneys at Law LLP is investigating Fiserv for alleged misleading statements or omissions in violation of federal securities laws.
- Fiserv reported Q3 2025 adjusted EPS of $2.04, missing the $2.64 consensus, and cut its 2025 adjusted EPS guidance to $8.50–$8.60 from $10.15–$10.30.
- The stock plunged approximately 47% to $66.58 from $126.17 on October 28, 2025, on heavy volume.
- Investors with realized or unrealized losses in Fiserv common stock are invited to contact Scott+Scott for potential recovery.
- Fiserv reported 1% Q3 organic revenue growth and $2.04 adjusted EPS.
- Updated 2025 guidance to 3.5–4% organic revenue growth and $8.50–$8.60 adjusted EPS.
- Preliminary 2026 outlook: low‐single‐digit organic growth and modest EPS decline.
- Announced leadership changes: Takis Georgiakopoulos and Divya Suryadevara as Co-Presidents; Paul Todd named CFO; three new independent directors (Gordon Nixon, Gary Shedlin, Celine Dufatel).
- Launched One Fiserv Action Plan emphasizing high-quality recurring revenues, AI-driven operational excellence (“Project Elevate”), and client-first initiatives.
- Fiserv delivered $4.9 billion in Q3 adjusted revenue, up 1%, and $14.9 billion YTD, up 5%.
- Q3 adjusted EPS was $2.04, down 11%, with YTD adjusted EPS of $6.65, up 6%.
- Generated $1.3 billion of free cash flow in Q3 and $2.9 billion YTD; repurchased 7.2 million shares for $1.0 billion in the quarter, $5.4 billion YTD; issued 5- and 10-year senior notes at 4.90%, and extended credit facility to $8 billion.
- 2025 outlook raised to 3.5–4% organic revenue growth and $8.50–8.60 adjusted EPS; free cash flow expected at $4.25 billion.
- Fiserv reported Q3 revenue of $4.9 billion, with 1% organic growth and adjusted EPS of $2.04.
- Full-year 2025 guidance was revised to 3.5%–4% organic revenue growth and adjusted EPS of $8.50–$8.60.
- Management unveiled a One Fiserv Action Plan to reset its revenue and earnings baseline, emphasize recurring revenues, and invest in AI through the multi-year Project Elevate.
- Effective December 1, Takis Georgiakopoulos and Divya Suryadevara will serve as Co-Presidents, and Paul Todd becomes CFO on October 31.
- Organic revenue grew 1% to $4.9 billion; adjusted EPS was $2.04, down 11% YoY; adjusted operating margin declined 320 bps to 37%.
- 2025 guidance revised: expect 3.5–4% organic revenue growth and adjusted EPS $8.50–8.60; preliminary 2026 outlook calls for low-single-digit revenue growth and modest EPS decline.
- CFO transition: Paul Todd to become CFO effective October 31, succeeding Bob Hau; announced two new Co-Presidents and three new Board members.
- Capital allocation: repurchased 7 million shares for ~$1 billion; CapEx raised to $1.8 billion (9% of revenue), free cash flow now expected at $4.25 billion.