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Fiserv

FISV Nasdaq Transaction & Payment Processing Services Financials FY2016–FY2025

Fiserv's revenue rose 3.6% to $21.2 billion in fiscal 2025. Its operating margin was 27.4%, down from 28.7% a year earlier. Free cash flow was $4.3 billion, down 15.1%. The diluted share count fell 5.7%.

Last close · Oct 23, 2026

$49.86

1.9%
Value it Compare
Revenue Total sales reported in the income statement.
$21.2B
3.6% vs prior year
Operating margin Operating income as a share of revenue.
27.5%
1.3 pts
Net income Profit after all expenses, interest and tax.
$3.5B
11.1%
Free cash flow Cash from operations minus capital spending.
$4.3B
15.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.0%
0.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$26.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
9.6x
On $5.21 EPS (TTM)

What Fiserv does

No business description yet.

Legal name
FISERV, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000798354-26-000009
0000798354

Revenue and margins

Fiserv had $21.2B of revenue in fiscal 2025, up 3.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 13.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $4.3B in fiscal 2025, 20.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Fiserv returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 5.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Fiserv yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$28.2B and divides by 549.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 9.6x · peers 34.3x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Fiserv can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $835M$902M$1.2B$1.2B$798M
Debt incl. finance leases $21.2B$21.4B$23.1B$24.8B$29.0B
Net debt / EBITDA 3.7x3.0x2.7x2.7x3.2x
Debt / equity 0.7x0.7x0.8x0.9x1.1x
Interest coverage 3.3x5.0x5.0x4.8x3.8x
Current ratio 1.0x1.0x1.0x1.1x1.0x
Quick ratio 1.0x1.0x1.0x1.1x1.0x
Total assets $76.2B$83.9B$90.9B$77.2B$80.1B
Total liabilities $44.3B$52.2B$60.2B$49.5B$54.3B
Shareholders' equity $31.0B$30.8B$29.9B$27.1B$25.8B
Net debt (− = net cash) $20.4B$20.5B$21.9B$23.6B$28.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$4.5M

7 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Lance M FritzDirector Bought 10,000 $51.95 $0.5M Form 4
Jun 17, 2026 Paul M ToddChief Financial Officer Bought 10,060 $49.70 $0.5M Form 4
Jun 17, 2026 Wafaa MamilliDirector Bought 2,960 $50.59 $0.1M Form 4
Jun 16, 2026 Adam L. RosmanChief Admin. and Legal Officer Bought 10,150 $49.33 $0.5M Form 4
Jun 16, 2026 Charlotte YarkoniDirector Bought 2,023 $49.49 $0.1M Form 4
Jun 16, 2026 Gordon M. NixonDirector Bought 7,500 $49.57 $0.4M Form 4
Jun 16, 2026 Harry DiSimoneDirector Bought 2,088 $48.41 $0.1M Form 4
Dec 2, 2025 Adam L. RosmanChief Admin. and Legal Officer Bought 7,900 $63.19 $0.5M Form 4
Dec 1, 2025 Paul M ToddChief Financial Officer Bought 17,000 $62.41 $1.1M Form 4
Oct 30, 2025 Lance M FritzDirector Bought 10,000 $65.18 $0.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 85 / 86 / 8
Accruals ratio −2.4%−4.2%−3.3%
Altman Z'' 1.732.212.15

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Fiserv FISV $26.6B 3.6% 27.5% 20.3% 9.0% 9.6x 6
Block XYZ $46.5B 0.3% 7.1% 10.0% 6.4% 136.5x 5 Compare →
Mastercard MA $550.6B 16.4% 57.6% 52.3% 93.8% 34.3x 8 Compare →
PayPal PYPL $52.5B 4.3% 18.3% 16.8% 25.7% 10.7x 7 Compare →
Visa V — 11.3% 60.0% 53.9% 42.4% — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.5B $5.7B $5.8B $10.2B $14.9B $16.2B $17.7B $19.1B $20.5B $21.2B
Gross profit $4.8B $5.0B $5.1B — — — — — — —
Operating income $1.4B $1.5B $1.8B $1.6B $1.9B $2.3B $3.7B $5.0B $5.9B $5.8B
Interest expense $163M $176M $193M $507M $716M $696M $746M $1.0B $1.2B $1.5B
Pretax income $1.3B $1.4B $1.6B $1.1B $1.2B $1.7B $2.9B $3.9B $4.5B $4.3B
Income tax $492M $158M $378M $198M $196M $363M $551M $754M $641M $811M
Net income $930M $1.2B $1.2B $893M $958M $1.3B $2.5B $3.1B $3.1B $3.5B
Diluted EPS $2.08 $2.89 $2.87 $1.71 $1.40 $1.99 $3.91 $4.98 $5.38 $6.34
Diluted shares 0.45B 0.43B 0.41B 0.52B 0.68B 0.67B 0.65B 0.62B 0.58B 0.55B
Cash flow
Cash from operations $1.4B $1.5B $1.6B $2.8B $4.1B $4.0B $4.6B $5.2B $6.6B $6.1B
Capital expenditure $290M $287M $360M $721M $900M $1.2B $1.5B $1.4B $1.6B $1.8B
Free cash flow $1.1B $1.2B $1.2B $2.1B $3.2B $2.9B $3.1B $3.8B $5.1B $4.3B
Depreciation and amortization $421M $444M $556M $1.8B $3.3B $3.2B $3.2B $3.2B $2.9B $3.0B
Stock-based compensation $68.0M $63.0M $73.0M $229M $369M $239M $323M $342M $367M $357M
Acquisitions $265M $384M $712M $15.1B $139M $848M $988M $13.0M $0.0M $820M
Share buybacks $1.2B $1.2B $1.9B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $1.2B $1.2B $1.9B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments — — — $893M $906M $835M $902M $1.2B $1.2B $798M
Total debt $4.6B $4.9B $6.0B $21.9B $20.7B $21.2B $21.4B $23.1B $24.8B $29.0B
Finance lease liabilities $0.0M $0.0M $0.0M $222M $375M $443M $522M $617M $626M $1.1B
Current assets $1.7B $2.0B $2.2B $17.0B $16.2B $18.9B $27.5B $34.8B $23.5B $24.7B
Current liabilities $1.8B $1.9B $2.0B $15.7B $15.6B $18.3B $26.5B $33.6B $22.2B $23.9B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $405M $390M $398M $1.6B $1.6B $1.7B $2.0B $2.2B $2.4B $3.1B
Total assets $9.7B $10.3B $11.3B $77.5B $74.6B $76.2B $83.9B $90.9B $77.2B $80.1B
Total liabilities $7.2B $7.6B $9.0B $42.7B $41.3B $44.3B $52.2B $60.2B $49.5B $54.3B
Shareholders' equity $2.5B $2.7B $2.3B $33.0B $32.3B $31.0B $30.8B $29.9B $27.1B $25.8B
Margins
Gross margin 86.4% 87.1% 87.2% — — — — — — —
Operating margin 26.3% 26.9% 30.1% 15.8% 12.5% 14.1% 21.1% 26.3% 28.7% 27.5%
EBITDA margin 33.9% 34.7% 39.7% 33.3% 34.4% 34.1% 39.2% 42.8% 42.9% 41.5%
Net margin 16.9% 21.9% 20.4% 8.8% 6.5% 8.2% 14.3% 16.1% 15.3% 16.4%
FCF margin 20.7% 21.0% 20.5% 20.4% 21.9% 17.7% 17.7% 19.8% 24.8% 20.3%
Returns
Return on capital — — — — 2.8% 3.4% 5.8% 7.7% 9.7% 9.0%
Return on capital employed 18.3% 18.8% 19.9% 4.5% 3.1% 3.9% 6.5% 8.7% 10.5% 10.5%
Return on equity 35.8% 47.3% 47.3% 5.1% 2.9% 4.2% 8.2% 10.1% 11.0% 13.2%
Return on assets 9.8% 12.4% 11.0% 2.0% 1.3% 1.8% 3.2% 3.5% 3.7% 4.4%
Growth
Revenue growth 4.8% 3.5% 2.2% 74.9% 45.8% 9.3% 9.3% 7.7% 7.1% 3.6%
Net income growth 30.6% 34.0% −4.7% −24.8% 7.3% 39.3% 89.7% 21.3% 2.1% 11.2%
EPS growth 39.1% 38.9% −0.7% −40.4% −18.1% 42.1% 96.5% 27.4% 8.0% 17.8%
FCF growth 15.6% 4.8% −0.3% 74.0% 56.6% −11.5% 9.2% 20.2% 34.1% −15.1%
Share count change −5.9% −3.7% −4.1% 26.3% 30.8% −1.7% −3.5% −4.9% −5.5% −5.7%
Financial health
Net debt / EBITDA — — — 6.2x 3.9x 3.7x 3.0x 2.7x 2.7x 3.2x
Debt / equity 1.8x 1.8x 2.6x 0.7x 0.6x 0.7x 0.7x 0.8x 0.9x 1.1x
Interest coverage 8.9x 8.7x 9.1x 3.2x 2.6x 3.3x 5.0x 5.0x 4.8x 3.8x
Current ratio 1.0x 1.0x 1.1x 1.1x 1.0x 1.0x 1.0x 1.0x 1.1x 1.0x
Quick ratio 1.0x 1.0x 1.1x 1.1x 1.0x 1.0x 1.0x 1.0x 1.1x 1.0x
Capital allocation
Capex / revenue 5.3% 5.0% 6.2% 7.1% 6.1% 7.2% 8.3% 7.3% 7.7% 8.3%
Stock comp / revenue 1.2% 1.1% 1.3% 2.3% 2.5% 1.5% 1.8% 1.8% 1.8% 1.7%
Payouts / FCF 109.1% 102.3% 163.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score 7.0 7.0 6.0 5.0 4.0 6.0 8.0 6.0 5.0 6.0
Altman Z'' 4.3 4.7 4.8 1.6 1.7 1.6 1.7 1.7 2.2 2.2
Accruals ratio −5.3% −2.4% −3.4% −4.3% −4.2% −3.6% −2.6% −2.4% −4.2% −3.3%

Source: SEC EDGAR XBRL filings (CIK 0000798354). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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