FISERV INC (FISV)

Fiserv, Inc. is a global provider of payments and financial services technology. It is listed on the NASDAQ Global Select Market and is part of the S&P 500. The company helps clients with account processing and digital banking, card issuer processing and network services, payments, e-commerce, merchant acquiring and processing, and the Clover cloud-based point-of-sale and business management platform. Most of its products and services are necessary for clients to run their businesses and are therefore largely non-discretionary. In 2025 it reported $21.2 billion of revenue, $5.8 billion of operating income and $6.1 billion of net cash provided by operating activities. Processing and services revenue was 80% of the total, primarily from account- and transaction-based fees under multi-year contracts that generally have high renewal rates.

Fiserv reports two segments. The Merchant segment provides commerce-enabling products to companies of all sizes through three business lines. Small serves small businesses and independent software vendors, including through Clover and its capital access offerings. Enterprise serves large businesses with an omnichannel operating system, the Commerce Hub gateway and orchestration layer, stored-value and gift card programs, and bill payment services. Processing serves financial institutions, joint ventures and resellers that hold direct merchant relationships. The Financial segment serves financial institutions, corporate and public sector clients through Digital Payments, Issuing and Banking. Digital Payments covers debit processing, the Accel, STAR and MoneyPass networks, fraud protection, bill payment, Zelle, and account-to-account and real-time payments. Issuing covers credit and prepaid card processing (including Money Network), card production, government payment processing and student loan processing. Banking covers account processing platforms such as DNA, Finxact, Premier, CoreAdvance, Portico and Signature, the Experience Digital banking platform, embedded finance, deposit funding through StoneCastle, the FIUSD stablecoin, and check processing.

Clients include merchants, banks, credit unions and other financial institutions, and corporate and public sector organizations. They are served through geographic teams in the U.S. and Canada, EMEA, Latin America and Asia Pacific. The U.S. and Canada generated 84% of 2025 revenue and international regions 16%. Merchant products are distributed through direct sales, agent sales forces, ISVs, ISOs, financial institutions and other partners via joint ventures, revenue sharing alliances and referral agreements. Management's strategy centers on a client-first approach, growing Clover, building embedded finance and stablecoin platforms, AI-enabled operational efficiency through Project Elevate, and disciplined capital allocation.

Fiserv develops and maintains its own products and processing systems, and relies on third parties for financial and telecommunication networks, computer equipment, and Clover and other POS devices. It protects its intellectual property through patents, copyrights, trademarks, trade secrets and confidentiality agreements. The market is fragmented and highly competitive. Competitors include large integrated financial technology and payment providers, merchant acquirers, ISOs, ISVs, payment networks, large technology companies, card issuer processors and clients' in-house systems. The company is subject to U.S. and non-U.S. regulation. Its headquarters are at 600 N. Vel R. Phillips Avenue, Milwaukee, Wisconsin.