The broad-based revenue and earnings decline across both segments, combined with margin compression and lower cash flow, signals a deteriorating operating trajectory. Watch the May 14 Investor Day for medium-term outlook — if guidance is not revised upward, the stock faces continued pressure. The affirmed full-year guidance implies a sharp acceleration in H2 2026, which carries execution risk.
Price Chart
Executive Summary
Fiserv reported Q1 2026 GAAP revenue of $5.03B (down 2% YoY), GAAP EPS of $1.07 (down 29% YoY), and adjusted EPS of $1.79 (down 16% YoY). Organic revenue declined 4%, with both Merchant (-1%) and Financial Solutions (-6%) segments contracting. The company affirmed its full-year 2026 guidance of 1-3% organic revenue growth and adjusted EPS of $8.00-$8.30, but the broad-based revenue and earnings decline in Q1 signals ongoing operational headwinds.
Key Financial Metrics
Key Facts
- GAAP revenue decreased 2% to $5.03B in Q1 2026 vs $5.13B in Q1 2025
- GAAP EPS decreased 29% to $1.07 from $1.51 in the prior year period
- Adjusted EPS decreased 16% to $1.79 from $2.14 in Q1 2025
- Organic revenue declined 4% overall, with Merchant Solutions down 1% and Financial Solutions down 6%
- GAAP operating margin contracted to 18.3% from 27.2% YoY; adjusted operating margin fell to 29.7% from 37.8%
- Free cash flow dropped to $259M from $371M in Q1 2025
- Company affirmed 2026 guidance: organic revenue growth 1-3%, adjusted EPS $8.00-$8.30
- Repurchased 3.3M shares for $200M in Q1 2026
Financial Impact
Revenue decline of ~$103M YoY; GAAP EPS decline of $0.44; adjusted EPS decline of $0.35; free cash flow decline of $112M
Risk Factors
- Continued organic revenue decline, especially in Financial Solutions (-6%)
- Significant margin compression (GAAP operating margin down ~900bps YoY)
- Free cash flow declining 30% YoY limits capital return flexibility
- Heavy restructuring costs ($142M One Fiserv, $73M severance) weighing on reported results
- Guidance implies H2 acceleration that may not materialize
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000798354-26-000014 |
| Document: fi-20260505.htm | 0000798354-26-000014 |
| Document: 0000798354-26-000014-index-headers.html | 0000798354-26-000014 |
| Document: 0000798354-26-000014-index.html | 0000798354-26-000014 |
| Document: 0000798354-26-000014.txt | 0000798354-26-000014 |
| 8-K Data (Synthetic) | 0000798354-26-000014 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | Insider Buy | $52.72 $48.65 | ▼ −7.72% | ▼ −6.66% | $44.36 (−15.86%) |
Aug 6, 2026 8w ago | 8-K | $54.11 $52.73 | ▲ +2.55% | ▲ +3.15% | $44.36 (+18.02%) |
Jul 7, 2026 12w ago | 8-K | $50.60 $54.11 | ▲ +6.94% | ▲ +3.66% | $44.36 (−12.33%) |
Jun 26, 2026 14w ago | Institutional Cluster | $49.45 $49.97 | ▲ +1.05% | ▼ −0.21% | $44.36 (−10.29%) |
Jun 24, 2026 14w ago | Press Release | $48.19 $50.22 | ▲ +4.21% | ▲ +2.28% | $44.36 (−7.95%) |
Jun 23, 2026 14w ago | 8-K | $48.19 $50.22 | ▲ +4.21% | ▲ +2.28% | $44.36 (−7.95%) |
Jun 17, 2026 15w ago | 8-K | $47.86 $51.72 | ▲ +8.07% | ▲ +7.53% | $44.36 (−7.31%) |
Jun 17, 2026 15w ago | 424B5 | $47.86 $51.72 | ▲ +8.07% | ▲ +7.53% | $44.36 (−7.31%) |
Jun 17, 2026 15w ago | Insider Cluster | $47.86 $51.72 | ▲ +8.07% | ▲ +7.53% | $44.36 (−7.31%) |
Jun 16, 2026 15w ago | 424B5 / 8-K | $49.83 $49.54 | ▼ −0.58% | ▼ −0.78% | $44.36 (−10.98%) |
US Market Status
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