Fiserv — Income Statement, Cash Flows & Balance Sheet
Is Fiserv profitable?
Fiserv is growing revenue steadily and its per-share profit is rising sharply, though higher interest costs weighed on operating income in 2025.
| Metric | 2023 | 2024 | 2025 | Change (2023–2025) |
|---|---|---|---|---|
| Total revenue ($M) | $19,093 | $20,456 | $21,193 | +11% |
| Operating income ($M) | $5,014 | $5,879 | $5,818 | +16% |
| Interest expense, net ($M) | $(976) | $(1,195) | $(1,493) | +53% |
| Net income attributable to Fiserv ($M) | $3,068 | $3,131 | $3,480 | +13% |
| Diluted EPS | $4.98 | $5.38 | $6.34 | +27% |
Revenue and net income have grown each year, but rising interest expense — linked to a larger debt load — has increasingly consumed operating profit. Diluted earnings per share grew faster than net income itself because Fiserv has been aggressively buying back its own shares, reducing the share count over time.
A large non-cash investment loss in 2024 distorted that year's headline results.
| Item | 2024 |
|---|---|
| Non-cash impairment of Wells Fargo merchant alliance investment ($M) | $(595) |
| Income (loss) from unconsolidated affiliates ($M) | $(685) |
In 2024, Fiserv wrote down its stake in the Wells Fargo merchant alliance after that partnership was terminated, creating a large one-time drag that does not reflect ongoing business performance.
Where does Fiserv's revenue come from?
The Merchant segment — especially its Clover small-business platform — is the company's fastest-growing engine.
| Segment / Business Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Merchant – Small Business ($M) | $5,664 | $6,357 | $6,795 | +20% |
| Merchant – Enterprise ($M) | $1,933 | $2,163 | $2,256 | +17% |
| Total Merchant ($M) | $8,722 | $9,631 | $10,140 | +16% |
| Total Financial ($M) | $9,101 | $9,477 | $9,664 | +6% |
Merchant is the smaller segment by revenue but is growing at roughly three times the pace of the Financial segment. The Financial segment — which serves banks and credit unions with account processing and digital payments — remains large but mature.
Merchant also generates solid operating income, though Financial remains the more profitable segment on that measure.
| Segment Operating Income | 2023 | 2024 | 2025 |
|---|---|---|---|
| Merchant ($M) | $2,974 | $3,561 | $3,502 |
| Financial ($M) | $4,178 | $4,485 | $4,380 |
Financial segment profitability edged down in 2025, as did Merchant's — both reflecting higher allocated costs. The bulk of Fiserv's revenue (roughly 84%) is earned in the U.S. and Canada.
Does Fiserv generate cash?
Fiserv generates substantial operating cash flow, though free cash flow (operating cash minus capital spending) has declined.
| Cash Flow Metric | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Operating cash flow ($M) | $5,162 | $6,631 | $6,062 | +17% |
| Capital expenditures ($M) | $(1,388) | $(1,569) | $(1,763) | +27% |
| Free cash flow ($M) | $3,774 | $5,062 | $4,299 | +14% |
Operating cash flow remains strong, but Fiserv is investing more heavily in its technology infrastructure each year. Free cash flow (a non-GAAP measure calculated here as operating cash minus capex) still covers the company's dividend and buyback programs comfortably.
Fiserv returned over $5.6 billion to shareholders via buybacks in 2025 alone.
| Capital Return | 2023 | 2024 | 2025 |
|---|---|---|---|
| Treasury stock purchases ($M) | $(4,744) | $(5,549) | $(5,601) |
Share buybacks are the dominant use of cash, funded by a combination of operating cash flow and new debt issuance.
How strong is Fiserv's balance sheet?
Fiserv carries a large and growing debt load, which is the most significant balance sheet risk to understand.
| Debt Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Long-term debt ($M) | $23,730 | $27,758 | +17% |
| Total debt ($M) | $24,840 | $28,997 | +17% |
| Net income attributable to Fiserv ($M) | $3,131 | $3,480 | — |
| Interest expense, net ($M) | $1,195 | $1,493 | +25% |
Fiserv has issued billions in new senior notes to fund buybacks and acquisitions, and interest expense is climbing meaningfully as a result. The company was in compliance with all debt covenants at year-end 2025.
Goodwill and intangible assets dominate the balance sheet — a normal feature of acquisition-driven businesses, but worth watching.
| Asset | 2024 | 2025 |
|---|---|---|
| Goodwill ($M) | $36,584 | $37,703 |
| Intangible assets, net ($M) | $9,940 | $10,161 |
| Total assets ($M) | $77,176 | $80,133 |
Together, goodwill and intangibles represent roughly 60% of total assets, reflecting Fiserv's long history of acquisitions. Fiserv tested goodwill for impairment twice in 2025 — including after a sustained stock-price decline — and found no impairment, though eight reporting units (carrying $18.5B of goodwill) passed with relatively thin margins of safety.