Fiserv, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Processing and services was 80% and Product was 20% of revenue; Product rose from 18% in the fiscal year to Dec 2023.

Quarters: Fiserv, Inc.'s SEC filings, named by the month they end. Fiscal years: Fiserv, Inc.'s annual reports to the SEC.

How it makes money

Margins over the past years, from the annual income statement.

Each margin is that line of the income statement divided by revenue. Fiscal year: Fiserv, Inc.'s annual reports to the SEC.

Customers and suppliers

In its latest annual report Fiserv sells to The Toronto-Dominion Bank, Wells Fargo; it names no suppliers.

 

FISVFiserv

Customers

The Toronto-Dominion Bank TD

Wells Fargo WFC

Their customers

Fannie Mae FNMAfrom Wells Fargo

Freddie Mac FMCCfrom Wells Fargo

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Partners

Visa VPayment network membership for merchant acquiringMastercard MAPayment network membership for merchant acquiring

SSagentLending joint venture; noncontrolling ownership interest

Ddefi SOLUTIONS GroupLending joint venture; noncontrolling ownership interest

Changes since the previous annual report (10-K filed Feb 20, 2025)

The Toronto-Dominion Bank TDNamed for the first time, as a customer

Wells Fargo WFCNo longer a partner, still a customer

Only the companies Fiserv names in its 10-K filed Feb 19, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

What analysts expect

The average analyst price target is $61.92, 1% above the current price; 19% of 37 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 7 analysts (19%). Sell or Strong Sell: 4.

Over the past year the average of the analysts' latest price targets went from $136.20 to $64.06 (−53%), while FISV went from $64.53 to $61.50 (−5%). In the past three months targets were raised 12 times and cut 7 times. 1 upgrade and 2 downgrades over the year; the latest: Argus Research moved it to Buy from Hold on Nov 4, 2026.

The day after each of these reports the stock moved +3.3% (Dec 2025, beat); −10.7% (Mar 2026, beat); −3.1% (Jun 2026, missed); +19.5% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $1.90 a share, 4% less than the $1.99 of a year earlier, and revenue of $5.0B, down 5% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $7.97 a share, 10% more than the year before's estimate of $7.27.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $3.2B in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Fiserv had 532M diluted shares in the quarter ended Sep 2026, 1.8% fewer than a year earlier, and 3.9% fewer each year on average since Jun 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

debt-to-equity 1.0, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 5 funds whose copy leaves FISV out (on the exchange, not in the app yet): Patient Capital Management, Rob Bresnahan, Swiss National Bank, Norges Bank, Canada Pension Plan Investment Board, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 13 held FISV at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares and 7 cut. The largest of them is Dodge & Cox, 50.19M shares worth $2.5B at Jun 30, 2026, 0.1% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of FISV at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $3.8M of FISV on the open market in the 12 months to Nov 12, 2026; none sold. The largest was Paul M Todd (Chief Financial Officer), who bought $1.6M in 2 purchases.

From the Form 4s filed with the SEC about Fiserv, Inc. (87 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 48 other transactions (grants and shares withheld for tax).