Fiserv
FISV · NasdaqServices-Business Services, NEC · Fiscal year ends Dec 31
Fiserv reported revenue of $21.2B in the fiscal year ended Dec 2025, up 3.6% from the year before. Operating income was $5.8B, an operating margin of 27.5%, and net income was $3.5B. Operating cash flow of $6.1B less capital expenditure of $1.8B left free cash flow of $4.3B. Net debt was $28.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $16.2B | $17.7B | $19.1B | $20.5B | $21.2B |
| Selling, general & admin | $5.8B | $6.1B | $6.6B | $6.6B | $6.9B |
| Operating income | $2.3B | $3.7B | $5B | $5.9B | $5.8B |
| Net interest incomeBanks | −$693M | −$733M | −$976M | – | – |
| Interest expense | $696M | $746M | $1B | $1.2B | $1.5B |
| Pre-tax income | $1.7B | $2.9B | $3.9B | $4.5B | $4.3B |
| Income tax | $363M | $551M | $754M | $641M | $811M |
| Net income | $1.3B | $2.5B | $3.1B | $3.1B | $3.5B |
| Diluted EPS | 1.99 | 3.91 | 4.98 | 5.38 | 6.34 |
| Diluted shares | 672M | 648M | 616M | 582M | 549M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $835M | $902M | $1.2B | $1.2B | $798M |
| Receivables | $2.9B | $3.6B | $3.6B | $3.7B | $4B |
| Current assets | $18.9B | $27.5B | $34.8B | $23.5B | $24.7B |
| Net PP&E | $1.7B | $2B | $2.2B | $2.4B | $3.1B |
| Goodwill | $36.4B | $36.8B | $37.2B | $36.6B | $37.7B |
| Total assets | $76.2B | $83.9B | $90.9B | $77.2B | $80.1B |
| Payables | $593M | $652M | $449M | $511M | $797M |
| Deferred revenue | $585M | $625M | $761M | $819M | $865M |
| Current liabilities | $18.3B | $26.5B | $33.6B | $22.2B | $23.9B |
| Short-term debt | $508M | $468M | $755M | $1.1B | $1.2B |
| Long-term debt | $20.7B | $21B | $22.4B | $23.7B | $27.8B |
| Total liabilities | $44.3B | $52.2B | $60.2B | $49.5B | $54.3B |
| Shareholders' equity | $31B | $30.8B | $29.9B | $27.1B | $25.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4B | $4.6B | $5.2B | $6.6B | $6.1B |
| Capital expenditure | $1.2B | $1.5B | $1.4B | $1.6B | $1.8B |
| Free cash flow | $2.9B | $3.1B | $3.8B | $5.1B | $4.3B |
| Depreciation & amortisation | $3.2B | $3.2B | $3.2B | $589M | $669M |
| Stock-based compensation | $239M | $323M | $342M | $367M | $357M |
| Acquisitions | $848M | $988M | $13M | $0 | $820M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.3% | 7.6% | 7.1% | 3.6% |
| Operating income growth (YoY) | – | 63.5% | 34.1% | 17.3% | −1.0% |
| EPS growth (YoY) | – | 96.5% | 27.4% | 8.0% | 17.8% |
| Operating margin | 14.1% | 21.1% | 26.3% | 28.7% | 27.5% |
| Net margin | 8.2% | 14.3% | 16.1% | 15.3% | 16.4% |
| Return on equityBlank when equity is negative | 4.3% | 8.2% | 10.3% | 11.6% | 13.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.9% | 6.5% | 8.7% | 10.7% | 10.3% |
| Free cash flow margin | 17.7% | 17.7% | 19.8% | 24.7% | 20.3% |
| Cash conversion (CFO ÷ net income) | 3.02x | 1.83x | 1.68x | 2.12x | 1.74x |
| Receivable days | 64 | 74 | 68 | 66 | 69 |
| Interest cover | 3.29x | 5.01x | 4.99x | 4.75x | 3.80x |
| Debt ÷ equity | 0.69x | 0.69x | 0.77x | 0.92x | 1.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $20.4B | $20.5B | $21.9B | $23.6B | $28.2B |
| Current ratio | 1.03x | 1.04x | 1.04x | 1.06x | 1.03x |
Recent filings
More in Services-Business Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.