Fiserv’s Adjusted Revenue Hits $4.85 Billion; Company Reaffirms 2026 Outlook
Key Facts
Fiserv reported third-quarter results on November 3, reaffirming its 2026 fiscal-year outlook as adjusted revenue declined year over year. Adjusted revenue was $4.85 billion, matching the estimate published ahead of the results, while falling 1% from the same period a year earlier. The company said the quarter’s performance was in line with its expectations. The results put the reaffirmation of annual guidance alongside continued revenue pressure, rather than strong quarterly growth. Management also raised its savings target under the Elevate project as part of a review of its business portfolio and operating efficiencies.
Adjusted revenue totaled $14.49 billion in the first nine months of 2026, down 3% from the same period last year. In the third quarter, adjusted revenue remained 1% lower year over year, although organic revenue performance improved compared with the second quarter. The company had said organic revenue fell 5% in the second quarter, with a 1% decline in merchant solutions and an 8% decline in financial solutions. That earlier decline provides context for second-half initiatives that management says are intended to support an acceleration in revenue in the fourth quarter. The positive comparison with the previous quarter did not prevent the company from keeping its annual outlook at a range between a slight contraction and stability.
On a generally accepted accounting principles (GAAP) basis, the company reported third-quarter revenue of $5.20 billion, down 1% from the third quarter of 2025. It posted a loss per share of $11.17, including a $6.45 billion noncash goodwill impairment charge. Loss per share on the same basis was $8.90 in the first nine months of 2026. The large accounting charge separates the reported GAAP loss from the company’s full-year adjusted earnings guidance. Free cash flow was $2.04 billion in the first nine months, compared with $2.88 billion in the same period a year earlier.
Fiserv said its 2026 outlook still calls for organic revenue in a range from a 1% contraction to 0%, and adjusted earnings per share of $7.20 to $7.40. The company had announced the same ranges in its second-quarter results statement issued on August 6. Chief Financial Officer Paul Todd said second-half initiatives were on track to support the expected fourth-quarter revenue acceleration, adding: "Our second-half initiatives are on track to support the revenue acceleration we expect in the fourth quarter, and we reaffirm our full-year guidance." This means the reaffirmed guidance covers the entire fiscal year and is not a separate forecast for the remainder of the year. Third-quarter results were being watched as a test of the company’s transformation efforts during a year marked by disruption and a transition to new leadership.
The company raised its expected savings target for the Elevate project to $1 billion, from a previous estimate of $500 million. It said a review of its business portfolio had identified additional opportunities to achieve operating efficiencies. On demand in its businesses, Chief Executive Takis Georgakopoulos said net client losses in the banking business had declined by more than 25% since the start of the year. He added that large-client wins were beginning to scale and that core Clover growth continued to emerge at a consistent pace. The company links these initiatives to its efforts to support revenue in the final quarter, while leaving its announced annual guidance range unchanged.
Fiserv said it expects to repurchase $500 million of common stock in the fourth quarter of 2026 under its existing authorization. The announcement came alongside the higher Elevate savings target, while the annual organic revenue outlook remained in a range from a 1% contraction to stability. The company is scheduled to discuss its third-quarter results in a live webcast on November 3 at 7 a.m. Central Time. Fiserv shares closed at $51.93 in the November 2 session, according to EL7 data. The buyback announcement sets a timetable for the company’s action in the fourth quarter, the period in which management said it expects revenue to accelerate.