Description

Why Fiserv’s Clover Revenue Growth Of 6% Masks A 23% Drop In Segment Operating Income!

Fiserv’s first quarter of 2026 results reflected ongoing execution of its One Fiserv Action Plan amid a transitional year, with mixed financial and operational outcomes across its segments. Total adjusted revenue was $4.68 billion, down 2.4% year-over-year but aligned with prior guidance. Adjusted operating income totaled $1.4 billion, yielding a 29.7% operating margin. Organic revenue declined 3.6%, primarily due to lapsing nonrecurring revenue from the prior year and lingering impacts of past client service challenges. Adjusted earnings per share came in at $1.79, benefitting from a timing-related adjusted tax rate of 11%, expected to normalize through the year. In Merchant Solutions, adjusted revenue was flat sequentially despite a 1% organic decline, largely in line with expectations. The segment benefited from solid growth in Clover’s gross payment volume (GPV), which increased over 9% on a reported basis and 12% excluding a gateway conversion runoff.