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Fiserv Reports Second Quarter 2025 Results

Date 23/07/2025

  • GAAP revenue growth of 8% in the quarter and 7% year to date;
  • GAAP EPS increased 22% in both the quarter and year to date;
  • Organic revenue growth of 8% in both the quarter and year to date;
  • Adjusted EPS increased 16% in the quarter and 15% year to date;
  • Company refines 2025 organic revenue growth outlook to approximately 10% and adjusted EPS outlook to $10.15 to $10.30, or growth of 15% to 17%

Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions, today reported financial results for the second quarter of 2025.

Second Quarter 2025 GAAP Results

GAAP revenue for the company increased 8% to $5.52 billion in the second quarter of 2025 compared to the prior year period, with 10% growth in the Merchant Solutions segment and 7% growth in the Financial Solutions segment. GAAP revenue for the company increased 7% to $10.65 billion in the first six months of 2025 compared to the prior year period, with 8% growth in the Merchant Solutions segment and 7% growth in the Financial Solutions segment. GAAP earnings per share was $1.86 in the second quarter and $3.36 in the first six months of 2025, an increase of 22% compared to both the second quarter and first six months of 2024.

GAAP operating margin was 30.7% and 29.0% in the second quarter and first six months of 2025 compared to 28.0% and 26.1% in the second quarter and first six months of 2024. GAAP operating margin in the Merchant Solutions segment was 34.6% and 34.4% in the second quarter and first six months of 2025 compared to 36.6% and 35.4% in the second quarter and first six months of 2024. GAAP operating margin in the Financial Solutions segment was 48.7% and 48.1% in the second quarter and first six months of 2025 compared to 45.9% and 45.0% in the second quarter and first six months of 2024. Net cash provided by operating activities was $2.31 billion in the first six months of 2025 compared to $2.17 billion in the prior year period.

“Our second quarter results of 8% organic revenue growth and 16% adjusted earnings per share growth again demonstrated the power of our diverse business serving both merchants and financial institutions,” said Mike Lyons, Chief Executive Officer of Fiserv. “We continue to make progress on our key strategic initiatives focused on client-centric innovation, deepening client relationships, and operational efficiency, to drive strong and durable performance.”

Second Quarter 2025 Non-GAAP Results and Additional Information

  • Adjusted revenue increased 8% to $5.20 billion in the second quarter and 7% to $9.98 billion in the first six months of 2025 compared to the prior year periods.
  • Organic revenue growth was 8% in the second quarter of 2025, led by 9% growth in the Merchant Solutions segment and 7% growth in the Financial Solutions segment.
  • Organic revenue growth was 8% in the first six months of 2025, led by 9% growth in the Merchant Solutions segment and 6% growth in the Financial Solutions segment.
  • Adjusted earnings per share increased 16% to $2.47 in the second quarter and 15% to $4.61 in the first six months of 2025 compared to the prior year periods.
  • Adjusted operating margin increased 120 basis points to 39.6% in the second quarter and 150 basis points to 38.7% in the first six months of 2025 compared to the prior year periods.
  • Adjusted operating margin was 34.6% and 36.6% in the Merchant Solutions segment and 48.7% and 45.9% in the Financial Solutions segment in the second quarter of 2025 and 2024, respectively.
  • Adjusted operating margin was 34.4% and 35.4% in the Merchant Solutions segment and 48.1% and 45.0% in the Financial Solutions segment in the first six months of 2025 and 2024, respectively.
  • Free cash flow was $1.54 billion in the first six months of 2025 compared to $1.48 billion in the prior year period.
  • The company repurchased 12.2 million shares of common stock for $2.2 billion in the second quarter and 21.9 million shares of common stock for $4.4 billion in the first six months of 2025.
  • The company completed a public offering of 2.175 billion Euros of 3-year, 7-year and 11-year senior notes with a weighted average coupon rate of 3.43%.
  • In June 2025, the company entered into an agreement to acquire the remaining 49.9% ownership interest in AIB Merchant Services, an Ireland-based payments solution provider.
  • In June 2025, the company announced plans to launch a new digital asset platform, including a new stablecoin (FIUSD), that allows financial institutions and merchants to access digital assets through a simple, secure and scalable solution.
  • Fiserv was named to CNBC’s World’s Top Fintech Companies for 2025, for the third consecutive year, as well as to the TIME100 Most Influential Companies 2025 list.

Outlook for 2025

Fiserv refines organic revenue growth outlook to approximately 10% and adjusted earnings per share to $10.15 to $10.30, representing growth of 15% to 17%, for 2025.

“We made several refinements to our guidance based on our year-to-date performance and current business activity levels,” said Lyons. “We are encouraged by our strong pipeline, recent client wins, and the quality of our strategic initiatives, and expect to deliver Fiserv’s 40th consecutive year of double-digit adjusted earnings per share growth.”

Earnings Conference Call

The company will discuss its second quarter 2025 results in a live webcast at 7 a.m. CT on Wednesday, July 23, 2025. The webcast, along with supplemental financial information, can be accessed on the investor relations section of the Fiserv website at investors.fiserv.com. A replay will be available approximately one hour after the conclusion of the live webcast.

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