The $6.45B goodwill impairment signals that prior acquisitions have not generated expected returns, and the sustained share price decline triggered the write-down. While guidance was reaffirmed, the underlying business shows declining adjusted EPS and margins. The $500M buyback plan and higher Project Elevate savings target may provide some support, but the core trends remain negative.
Price Chart
Executive Summary
Fiserv reported Q3 2026 adjusted EPS of $1.75, in line with the $1.71 consensus, and adjusted revenue of $4.85B, slightly above the $4.84B estimate. The headline event was a $6.45B non-cash goodwill impairment charge, driving a GAAP loss per share of $(11.17). The company affirmed its full-year 2026 organic revenue outlook of (1%) to 0% and adjusted EPS guidance of $7.20 to $7.40, and raised its Project Elevate savings target to $1 billion from $500 million.
Key Financial Metrics
Key Facts
- GAAP revenue decreased 1% YoY to $5.20B in Q3 2026
- Organic revenue was flat in Q3 2026, with Merchant Solutions down 2% and Financial Solutions up 2%
- GAAP loss per share was $(11.17) due to a $6.45B non-cash goodwill impairment charge
- Adjusted EPS was $1.75, compared to $2.04 in Q3 2025, a 14% decline
- Adjusted operating margin fell to 31.2% from 37.0% a year ago
- Free cash flow was $2.04B in the first nine months of 2026, down from $2.88B in the prior year period
- Full-year 2026 guidance reaffirmed: organic revenue (1%) to 0%, adjusted EPS $7.20 to $7.40
- Project Elevate savings target raised to $1 billion from $500 million
- Company expects to repurchase $500 million of shares in Q4 2026
Financial Impact
GAAP net loss of $5.94B in Q3 2026 vs net income of $792M in Q3 2025, driven by a $6.45B goodwill impairment. Adjusted net income fell 15% to $936M from $1.105B.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Merchant Solutions | $2.5B | -2.0% |
| Financial Solutions | $2.3B | +2.0% |
Risk Factors
- Further goodwill impairment charges if market cap does not recover
- Continued revenue and earnings decline in Merchant Solutions segment
- Execution risk on Project Elevate cost savings and One Fiserv transformation
- Potential for additional restructuring charges and severance costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000798354-26-000039 |
| Document: fi-20261103.htm | 0000798354-26-000039 |
| Document: 0000798354-26-000039-index-headers.html | 0000798354-26-000039 |
| Document: 0000798354-26-000039-index.html | 0000798354-26-000039 |
| Document: 0000798354-26-000039.txt | 0000798354-26-000039 |
| 8-K Data (Synthetic) | 0000798354-26-000039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 3, 2026 1d ago | 8-K | No price | awaiting T+1 | awaiting T+1 | No price |
Nov 3, 2026 1d ago | Press Release | $58.40 $62.05 | ▲ +6.25% | ▲ +4.60% | $62.05 (+6.25%) |
Oct 23, 2026 12d ago | 8-K | $49.86 $48.33 | ▼ −3.07% | ▼ −3.78% | $62.05 (+24.45%) |
Oct 20, 2026 15d ago | Institutional Cluster | $48.21 $50.82 | ▲ +5.41% | ▲ +6.59% | $62.05 (+28.71%) |
Oct 5, 2026 4w ago | Press Release | $45.48 $45.31 | ▼ −0.37% | ▼ −0.13% | $62.05 (+36.43%) |
Sep 22, 2026 6w ago | 8-K | $46.10 $45.95 | ▼ −0.33% | ▲ +0.39% | $62.05 (+34.60%) |
Aug 11, 2026 12w ago | Insider Buy | $51.56 $55.50 | ▲ +7.64% | ▲ +6.94% | $62.05 (+20.35%) |
Aug 6, 2026 12w ago | 8-K | $54.11 $52.41 | ▲ +3.14% | ▲ +3.75% | $62.05 (−14.67%) |
Jul 7, 2026 17w ago | 8-K | $50.60 $51.65 | ▲ +2.08% | ▲ +1.23% | $62.05 (+22.63%) |
Jun 26, 2026 18w ago | Institutional Cluster | $49.45 $48.83 | ▼ −1.25% | ▼ −2.90% | $62.05 (+25.48%) |
US Market Status
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