Fiserv, Inc.

Q2 FY26Financial Services

Fiserv, Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹56

Market cap₹29.8K Cr

P/E9.4

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

1 of 3 strong

RevenueRank 4

MarginRank 3

CapexYes

Not discussed on this call: fundraise, order book.

The short version

- Clover segment is expected to accelerate from 6% to low double-digit revenue growth for 2026, with mid-teen fundamental growth rates currently. - FY 2026 adjusted operating margin expected around 34%, with first half at 31%-32% and second half at 35%-36%, peaking in Q4.

From Fiserv, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Rank 4

Clover segment is expected to accelerate from 6% to low double-digit revenue growth for 2026, with mid-teen fundamental growth rates currently.
Clover volume growth projected at 10-15% ex Gateway conversion; mid-single digit growth expected in the first half, accelerating to high single-digits in the second half.
Non-Clover SMB segment currently declining low single digits but expected to turn slight positive for the full year, supported by ISV growth and international expansion.
Enterprise revenue up 3% organic in Q1 with 8% transaction growth, expected to accelerate to high single digits.
Financial Solutions revenue expected to be flat to slightly down in 2026, with improved volume growth in the back half fueled by strategic actions and client wins.
Overall 2026 organic revenue growth guidance is 1-3%, with Merchant Solutions growing mid-single digits and Financial Solutions flat to slightly down.
Volume and revenue growth supported by product innovation, investment in client coverage, and international expansion such as Brazil and Canada markets.

Profitability & Margins

FY 2026 adjusted operating margin expected around 34%, with first half at 31%-32% and second half at 35%-36%, peaking in Q4.
EPS guidance for 2026 remains $8 to $8.30, consistent with prior guidance.
Free cash flow conversion expected at approximately 90% of adjusted net income for the year.
Organic revenue growth guidance for 2026 is 1% to 3%, with Merchant Solutions mid-single-digit growth and Financial Solutions flat to slightly down.
Financial Solutions expected to decline at high mid-single digits in Q2 but improve in second half, with normalized growth visible in second half of year.
Clover revenue expected to grow in low double digits with volume growth of 10%-15% excluding gateway conversion.
Beyond 2026, 2027 anticipated as the first full year of clear visible growth driven by volume and improved execution.
Company confident in reaching mid-single-digit growth through ongoing investments and operational improvements.

See what Fiserv, Inc. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

Capital expenditures are expected to remain approximately flat with 2025 levels (Page 5).
Continued investment in AI and technology modernization, including leveraging AI in software development processes and mainframe modernization (Page 3).
Ongoing modernization activities such as migrating all customer activities from a significant data center, completed recently (Page 3).
Investment in key strategic products: Experience Digital, CashFlow Central, Vision Next, Optis, CommerceHub, and stablecoin pilot for interbank money movement (Page 3).
Project Elevate focuses heavily on AI to drive revenue uplift, reduce expenses, increase simplicity, and improve productivity with a dedicated team in place (Pages 3 and 12).
Strategic acquisitions and partnerships to bolster services, including the StoneCastle acquisition to support deposit growth (Page 12).
Further capital allocation discipline with focus on businesses aligning with go-forward strategy and evaluating potential dispositions (Page 3).

Fundraising & Capital Structure

The transcript does not mention any current or planned new fundraising through debt or equity.
The company is focused on managing leverage, with a debt to adjusted EBITDA ratio below 3.2x at quarter-end and an expectation to finish the year at approximately 3x.
They repurchased 3.3 million shares for approximately $200 million in the quarter, indicating capital return to shareholders rather than new equity issuance.
Capital expenditures are expected to remain approximately flat with 2025 levels.
No new debt issuance or equity fundraising was disclosed; the focus is on disciplined capital allocation and evaluating potential dispositions to sharpen business focus.

See what Fiserv, Inc. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript does not provide specific details on the company's current or expected orderbook or pending orders. However, related insights include: - Strong momentum in new business sales and client wins in Financial Solutions and Enterprise Merchant businesses. - Growth in Finxact accounts and positions by over 70% in Q1. - Expansion of Clover’s presence, including international growth (Brazil outlets +30% sequentially and progress in Canada). - New verticals launched in Clover with promising early results (PracticePay in healthcare and Professional Services). - Continued emphasis on enhancing client coverage, service delivery, and product resilience. - Upcoming Investor Day will provide more details on strategic priorities and potentially financial targets related to Project Elevate and business execution. No explicit numerical data on orderbook or pending orders is disclosed in the transcript on page 12 or surrounding pages.

Others in Financial Services this season

Equitable Holdings, Inc. (Q2 FY26)
Equitable Holdings, Inc. Q2 FY26 quarterly results analysis. The combined company expects to nearly double sales, having already done so over the past 3 years,
Corebridge Financial, Inc. (Q2 FY26)
Corebridge Financial, Inc. Q2 FY26 quarterly results analysis. **Individual Retirement:** Expected to grow, supported by strong fundamentals and positive demogr
Toast, Inc. (Q2 FY26)
Toast, Inc. Q2 FY26 quarterly results analysis. Strong location growth with 7,000 net locations added in Q1, totaling 171,000 live locations, up 22% year-over-y
Global Payments Inc. (Q2 FY26)
Global Payments Inc. Q2 FY26 quarterly results analysis. Revenue synergies: Targeting $200 million run rate in revenue synergies over the first 3 years post-int

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Frequently Asked Questions

What were Fiserv, Inc. Q2 FY26 results?

What is Fiserv, Inc. share price analysis?

Fiserv, Inc. currently shows a neutral. The stock trades at a P/E of 9.4 with a market cap of $29,772. Investors should review the full earnings analysis for detailed insights.

Is Fiserv, Inc. planning capital expenditure?

- Capital expenditures are expected to remain approximately flat with 2025 levels (Page 5).

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.