Fiserv, Inc.'s management explains the business in its own materials. The slides below do the most of that work, pulled from the documents preserved in Sources. Each source link opens the complete presentation at that slide in a new tab.
The current management team's fullest account of the company: what each business is, how it earns, and the 2027-2029 targets it set. · Open the full document →
p. 8 — Two roughly equal $10B segments, Merchant and Financial Solutions, against ~$290B and ~$140B addressable markets. · Open the full presentation →p. 9 — The scale figures: $4.6T of merchant volume, 35% of U.S. payment volume, 1.8B issuer accounts, 6,000+ FI clients. · Open the full presentation →p. 12 — Expected growth rate for each end market Fiserv serves, and the emerging areas it puts at 10%+. · Open the full presentation →p. 13 — Fiserv's share of each of those markets, from 2% to 35% — management's own framing of its headroom. · Open the full presentation →p. 15 — Where Fiserv ranks against six unnamed peers across six existing markets and three emerging ones. · Open the full presentation →p. 17 — Product counts for eleven large clients, from 1 to 44 — the cross-sell depth the revenue-per-client strategy rests on. · Open the full presentation →p. 19 — The five pillars of the One Fiserv action plan; most of the rest of the day hangs off this slide. · Open the full presentation →p. 20 — Core banking level-set: 16 cores, ~3,000 customers, $1.3B revenue, and a satisfaction score that trails peers when Fiserv sells. · Open the full presentation →p. 21 — Core revenue attrition doubled to ~1.5% and is planned to stay there through 2026 before returning to ~75bps. · Open the full presentation →p. 30 — Merchant Solutions by the numbers: volume, uptime, client counts and the bank, ISO and ISV distribution base. · Open the full presentation →p. 32 — The Commerce OS architecture — one gateway, one global switch and one ledger serving enterprises, platforms and Clover. · Open the full presentation →p. 34 — The data asset: 125B+ transactions touching 95% of U.S. households, fed into a consumer identity graph. · Open the full presentation →p. 37 — Clover is $3.3B of a $6.8B SMB business — the clearest picture of how much of Fiserv's SMB base is not Clover. · Open the full presentation →p. 40 — Clover's share of U.S. SMB payment volume by vertical, and where it leads versus where it is barely present. · Open the full presentation →p. 44 — Distribution economics: direct and bank channels are ~80% of Clover revenue; ISVs are 5% growing ~50%. · Open the full presentation →p. 47 — The $4B non-Clover SMB base and the ~15% to ~30% revenue-per-client uplift claimed from converting it. · Open the full presentation →p. 48 — Bridge from same-store sales to the 15-20% medium-term Clover revenue growth target, component by component. · Open the full presentation →p. 51 — Fiserv's enterprise revenue mix against the $115B global pool, with growth rate and take rate by transaction type. · Open the full presentation →p. 54 — Five enterprise value-added services, the outcome each claims, and the 2-4x take rate over plain processing. · Open the full presentation →p. 55 — Fiserv for Platforms: how the marketplace fund flow works, at $65B+ of volume today. · Open the full presentation →p. 58 — How Merchant Solutions reaches 6-8%: Clover and Enterprise are half the business and carry the growth. · Open the full presentation →p. 64 — Financial Solutions on one page — three business lines, client mix by institution type, 90% North America. · Open the full presentation →p. 67 — Banking's $2.4B split across core, digital and value-added services, plus the claimed $2.70 pull-through per $1 of core. · Open the full presentation →p. 68 — U.S. bank count halved since 2005 while Fiserv revenue and accounts on file rose — the consolidation question, answered. · Open the full presentation →p. 70 — Five named client modernization paths, including staying put — management's answer on forced core migrations. · Open the full presentation →p. 76 — Digital Payments' $3.9B across platforms, consumer payments and VAS, with its bill pay and Zelle positions. · Open the full presentation →p. 77 — Volumes underneath payments: platform transactions rising, bill pay declining, account-to-account growing faster. · Open the full presentation →p. 83 — Issuing's $3.3B, split 56/44 between processing and value-added services, with 60%+ of clients contracted past 2030. · Open the full presentation →p. 95 — agentOS in one diagram: a control plane sitting between client agents, LLMs and Fiserv's systems of record. · Open the full presentation →p. 103 — The Financial Solutions growth algorithm — headwinds, three business lines and four new vectors netting to 2-4%. · Open the full presentation →p. 110 — The bank-distribution engine: 1,000+ financial institutions reselling merchant services, 800K+ SMBs sourced that way. · Open the full presentation →p. 118 — The five convergence assets management is counting on, with the deployment timing committed to each. · Open the full presentation →p. 122 — The stated 2027-2029 algorithm: revenue, margin, cash conversion and buybacks adding to double-digit EPS growth. · Open the full presentation →p. 132 — The 4-6% company target decomposed: 6-8% Merchant Solutions, 2-4% Financial Solutions. · Open the full presentation →p. 135 — About 60% of the cost base is fixed — the mechanism behind the claimed ~50bps of annual margin leverage. · Open the full presentation →p. 137 — Bridge from ~34% margin in 2026 to 37%+ in 2029, split between baseline leverage and Project Elevate. · Open the full presentation →p. 139 — Free cash flow conversion and capital expenditure as a share of revenue, history alongside forward assumptions. · Open the full presentation →p. 145 — The 2029 destination: $23B+ revenue, 37%+ margin, $13.5B cumulative free cash flow, $12+ adjusted EPS. · Open the full presentation →
The most recent quarter: revenue by business line, Clover and payments metrics, and the 2026 guidance the investor day builds from. · Open the full document →
p. 4 — First-quarter results against February commentary, and the 2026 guidance held unchanged, in one table. · Open the full presentation →p. 5 — What management did against each pillar of the action plan during the quarter, pillar by pillar. · Open the full presentation →p. 6 — Five quarters of adjusted revenue, operating margin and EPS — the deceleration in plain view. · Open the full presentation →p. 7 — Merchant Solutions by business line, with Clover GPV, VAS penetration and small-business volume growth. · Open the full presentation →p. 8 — Financial Solutions by business line, each down year over year, with CashFlow Central and Zelle detail. · Open the full presentation →p. 9 — Capital expenditure, free cash flow conversion and share repurchases on a trailing twelve-month basis. · Open the full presentation →p. 10 — Full-year 2026 guidance as of May, set against the February guidance it leaves unchanged. · Open the full presentation →
Fourth Quarter 2025 Financial Results — 4Q25 · 28 pages · Full-year 2025 results and the original 2026 guidance that every later deck is measured against. · Open →
Third Quarter 2025 Financial Results — 3Q25 · 31 pages · The reset quarter: 2025 organic growth cut to 3.5-4% from ~10%, and where the One Fiserv action plan was launched. · Open →
Second Quarter 2025 Financial Results — 2Q25 · 26 pages · The first trim to 2025 guidance, with the Clover volume table that opened the debate on SMB growth. · Open →
Fourth Quarter 2024 Financial Results — 4Q24 · 26 pages · The prior regime's bar: 10-12% organic growth and $10.10-$10.30 adjusted EPS guided for 2025. · Open →
Fourth Quarter 2023 Financial Results — 4Q23 · 24 pages · Fiserv's last full year under three-segment reporting, for reconciling history before the move to two segments. · Open →
