Companies · FIS
Fidelity National Info
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Latest analysis
Updated Nov 4, 2026
FIS cuts 2026 outlook and flags 2027 EPS decline as nonrecurring revenue headwinds, client delays, and cyber investment weigh on near-term margins.
FIS delivered Q3 2026 pro forma revenue growth of 3.7% and adjusted EPS of $1.61 (+6.6%), but simultaneously reduced full-year 2026 guidance and issued a preliminary 2027 framework projecting adjusted EPS decline in the high single to low double digit range. The cuts are driven by three converging forces: client-directed implementation delays at large enterprise banks, a structural pivot away from license revenue toward subscription and SaaS, and a step-up in cyber and security investment tied to participation in Anthropic's Project Glasswing. Management frames 2027 as a trough year, with normalized growth expected to resume in 2028 as approximately $400 million of nonrecurring headwinds — strategic distribution partnership lapping, normalized termination fees, low-margin equipment business exits, and capital markets license reduction — dissipate.
Tone: cautiousRevenue
$21.2B
FIS 10-K · FY 2025
Employees
38,000
Revenue FY2024
$20.5B
Headquarters
Milwaukee, WI
Profile
FIS 10-K Item 1 · Feb 19, 2026Fiserv is a leading global provider of payments and financial services technology solutions, serving merchants, banks, credit unions, financial institutions, and corporate clients worldwide. The company operates two primary segments — Merchant Solutions and Financial Solutions — delivering account processing, digital banking, card issuer processing, e-commerce, and merchant acquiring services. Its Clover cloud-based POS and business management platform anchors the small business offering.
Read filing description ↓ Collapse description ↑
Fiserv, Inc. is a leading global provider of payments and financial services technology solutions. We are publicly traded on the NASDAQ Global Select Market and part of the S&P 500 Index. We serve clients around the globe, including merchants, banks, credit unions, other financial institutions, corporate and public sector clients. We help clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale ('POS') and business management platform. Most of the products and services we provide are necessary for our clients to operate their businesses and are therefore non-discretionary in nature. We serve our global client base by working among our geographic teams across various regions, including the United States of America ('U.S.') and Canada; Europe, Middle East and Africa; Latin America; and Asia Pacific. In 2025, we had $21.2 billion in total revenue, $5.8 billion in operating income and $6.1 billion of net cash provided by operating activities. Processing and services revenue, which in 2025 represented 80% of our total revenue, is primarily generated from account- and transaction-based fees under multi-year contracts that generally have high renewal rates.
Primary products
- Clover®
- Commerce Hub™
- CheckFree® RXP®
- CashFlow Central℠
- Accel®
- STAR®
Business segments
End markets
Geographies
Named customers
“We believe that we compete favorably in each of these categories.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased $737 million, or 4%, in 2025 compared to 2024, driven by 5% growth in the Merchant segment and 2% growth in the Financial segment.
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