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Fiserv: Can 12% Clover Volume Growth Offset Financial Solutions Weakness?

Fiserv, Inc. reported first-quarter 2026 results that aligned with previously communicated expectations amid ongoing execution of its One Fiserv Action Plan. Total adjusted revenue declined 2.4% year-over-year to $4.68 billion, reflecting the lapping of higher nonrecurring revenue from the prior year. Organic revenue decreased 3.6% overall, with notable segment disparities. Adjusted operating income was $1.4 billion, with an operating margin of 29.7%, slightly below 30%. Within the Merchant Solutions segment, organic revenue declined 1%, but adjusted revenue remained flat as the business anniversaryed a large transaction. Clover, the company’s small business platform, grew payment volume by over 9%, with volume growth excluding gateway conversions reaching 12%. Clover revenue increased 6%, or mid-teens when adjusting for prior-year nonrecurring revenue mainly tied to hardware. Merchant Solutions’ adjusted operating income decreased 23% to $626 million with an operating margin of 26.4%.