- GAAP revenue growth of 1% in the quarter and 5% year to date;
- GAAP EPS increased 49% in the quarter and 29% year to date;
- Organic revenue growth of 1% in the quarter and 5% year to date;
- Adjusted EPS decreased 11% in the quarter and increased 6% year to date;
- Company now expects 2025 organic revenue growth of 3.5 to 4% and adjusted EPS of $8.50 to $8.60
- Launches One Fiserv action plan to prioritize and enhance client focus and build on Fiserv’s strengths
- Announces in a separate release update to leadership team and board refreshment
Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions, today reported financial results for the third quarter of 2025.
Third Quarter 2025 GAAP Results
GAAP revenue for the company increased 1% to $5.26 billion in the third quarter of 2025 compared to the prior year period, with 5% growth in the Merchant Solutions segment and 3% decline in the Financial Solutions segment. GAAP revenue for the company increased 5% to $15.91 billion in the first nine months of 2025 compared to the prior year period, with 7% growth in the Merchant Solutions segment and 3% growth in the Financial Solutions segment. GAAP earnings per share was $1.46 in the third quarter and $4.83 in the first nine months of 2025, an increase of 49% and 29%, respectively, compared to the third quarter and first nine months of 2024. The third quarter and first nine months of 2024 included a $570 million non-cash impairment charge related to one of the company’s equity method investments.
GAAP operating margin was 27.3% and 28.5% in the third quarter and first nine months of 2025 compared to 30.7% and 27.7% in the third quarter and first nine months of 2024. GAAP operating margin in the Merchant Solutions segment was 37.2% and 35.3% in the third quarter and first nine months of 2025 compared to 37.7% and 36.2% in the third quarter and first nine months of 2024. GAAP operating margin in the Financial Solutions segment was 42.5% and 46.3% in the third quarter and first nine months of 2025 compared to 47.4% and 45.8% in the third quarter and first nine months of 2024. Net cash provided by operating activities was $4.12 billion in the first nine months of 2025 compared to $4.41 billion in the prior year period.
“Along with today’s guidance reset, we have launched One Fiserv, an action plan focused on the pillars that have long distinguished the company, including great client service, value-added technology solutions and leading innovation,” said Mike Lyons, Chief Executive Officer of Fiserv. “Our current performance is not where we want it to be nor where our stakeholders expect it to be. As the world’s largest Fintech, Fiserv has the size, scale and suite of innovative products, networks and platforms, including Clover, to capitalize on the rapidly evolving finance and commerce landscape. With the actions being announced today, Fiserv will be better positioned to drive sustainable, high-quality growth and reach our full potential.”
Third Quarter 2025 Non-GAAP Results and Additional Information
- Adjusted revenue increased 1% to $4.92 billion in the third quarter and 5% to $14.90 billion in the first nine months of 2025 compared to the prior year periods.
- Organic revenue growth was 1% in the third quarter of 2025, with 5% growth in the Merchant Solutions segment and 3% decline in the Financial Solutions segment.
- Organic revenue growth was 5% in the first nine months of 2025, with 7% growth in the Merchant Solutions segment and 3% growth in the Financial Solutions segment.
- Adjusted earnings per share decreased 11% to $2.04 in the third quarter and increased 6% to $6.65 in the first nine months of 2025 compared to the prior year periods.
- Adjusted operating margin was 37.0% and 38.2% in the third quarter and first nine months of 2025, and 40.2% and 38.2% in the third quarter and first nine months of 2024, respectively.
- Adjusted operating margin was 37.2% and 37.7% in the Merchant Solutions segment and 42.5% and 47.4% in the Financial Solutions segment in the third quarter of 2025 and 2024, respectively.
- Adjusted operating margin was 35.3% and 36.2% in the Merchant Solutions segment and 46.3% and 45.8% in the Financial Solutions segment in the first nine months of 2025 and 2024, respectively.
- Free cash flow was $2.88 billion in the first nine months of 2025 compared to $3.34 billion in the prior year period.
- The company repurchased 7.2 million shares of common stock for $1.0 billion in the third quarter and 29.1 million shares of common stock for $5.4 billion in the first nine months of 2025.
- The company completed a public offering of $2.0 billion of 5-year and 10-year senior notes with a weighted average coupon rate of 4.90%.
- In August 2025, the company entered into a new revolving credit facility, increasing available borrowing capacity to $8.0 billion through August 2030.
- In September 2025, the company acquired CardFree, Inc., an all-in-one platform delivering integrated order, payment and loyalty solutions for merchants, as well as the Smith Consulting Group, LLC business, an operational consulting service utilized by community banks and credit unions. The company also entered into a definitive agreement to acquire StoneCastle Cash Management, which is expected to close by the first quarter of 2026, subject to regulatory approval and other customary closing conditions. StoneCastle enables its network of depository institutions to easily access stable, cost-efficient deposit funding.
- In October 2025, the company acquired a portion of The Toronto-Dominion Bank’s merchant processing business in Canada, which expands the footprint of the company’s Clover® platform. The company also signed a multi-year strategic managed services program agreement with TD Bank to utilize the company’s technology, including Clover, within the TD Bank Merchant Solutions business.
- In September 2025, Fiserv was named as the #1 global financial technology provider on the 2025 International Data Corporation (IDC) FinTech Top 100 Rankings for the third consecutive year.
One Fiserv Action Plan
The company today also will discuss its One Fiserv action plan, which prioritizes and enhances client focus across five strategic pillars that build on Fiserv’s strengths:
- Operating with a client-first mindset to win new enterprise clients and grow average revenue per client
- Building the pre-eminent small business operating platform through Clover
- Creating differentiated, innovative platforms in finance and commerce, including embedded finance and stablecoin
- Delivering operational excellence enabled by AI
- Employing disciplined capital allocation for the long-term
Outlook for 2025
Fiserv now expects organic revenue growth of 3.5 to 4% and adjusted earnings per share of $8.50 to $8.60 for 2025.
Leadership Team Updates and Board Refreshment
In a separately issued press release the company announced that Takis Georgakopoulos, Fiserv’s current Chief Operating Officer, Technology and Merchant Solutions, and Dhivya Suryadevara, most recently Chief Executive Officer of Optum Financial Services and Optum Insight at UnitedHealth Group, will serve as Co-Presidents, effective December 1, 2025.
The company also announced that Paul Todd has been appointed Chief Financial Officer, effective October 31, 2025. Mr. Todd, who previously served as CFO of Global Payments, succeeds Bob Hau, who will serve as a senior advisor through the first quarter of 2026 to support a smooth transition.
Additionally, Gordon Nixon, Céline Dufétel, and Gary Shedlin will join the Fiserv Board of Directors effective January 1, 2026. The press release is available on the Investor Relations section of the company’s website.
Earnings Conference Call
The company will discuss its third quarter 2025 results in a live webcast at 7 a.m. CT on Wednesday, October 29, 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.
