Q1 2026 results were in line with expectations, reflecting ongoing execution of the One Fiserv action plan, targeted investments in talent, technology, and client service, and continued transformation initiatives.
The company is navigating a transition year, absorbing impacts from prior client service challenges, non-recurring revenue, and higher costs, with stronger performance expected in the second half and into 2027.
Strategic initiatives include AI-driven enhancements, new product launches, and expansion in both Merchant and Financial Solutions segments.
Stable macroeconomic conditions and business activity supported both major business segments.
Net income attributable to shareholders was $571 million, a 33% decrease from Q1 2025, with diluted EPS of $1.07 versus $1.51 last year.
Q1 2026 adjusted revenue was $4.68 billion, down 2%–2.4% year-over-year, in line with guidance; organic revenue declined 3.6%–4%.
Adjusted operating income was $1.4 billion with a margin of 29.7%, down from 34.9%–37.8% in Q1 2025.
Adjusted EPS was $1.79, down 16% year-over-year, positively impacted by discrete tax benefits; GAAP EPS was $1.07, down 29%.
Free cash flow was $259 million, reflecting typical Q1 seasonality and a trailing 12-month conversion of 96%.
Capital expenditures totaled $458 million, or 9% of revenue, in line with guidance.
2026 organic and adjusted revenue growth expected at 1%–3%; adjusted EPS guidance is $8.00–$8.30; adjusted operating margin expected at ~34%.
Merchant Solutions revenue projected to grow mid-single digits; Financial Solutions expected to be flat to slightly down.
Free cash flow conversion expected at ~90% of adjusted net income for the year.
Q2 anticipated as the trough for year-over-year revenue decline, with improvement in the second half.
10–15% Clover GPV growth expected for 2026, excluding gateway conversion.
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