Short answer
Fiserv (FISV) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $21.2B (+3.6% year over year) and net income of $3.5B.
- Top risk flagged: Regulatory risk from U.S. and international AI laws potentially limiting AI use and exposing to enforcement under “high risk” AI regulations
FY2025 key financial metrics · XBRL
- Revenue
- $21.2B
- +3.6% YoY
- Net income
- $3.5B
- +11.1% YoY
- Operating margin
- 27.5%
- −1.3 pp YoY
- EPS (diluted)
- $6.34
- +17.8% YoY
- ROE
- 13.5%
- +1.9 pp YoY
- Operating cash flow
- $6.1B
- −8.6% YoY
Source: XBRL data from the Fiserv (FISV) FY2025 10-K on SEC EDGAR. USD.
Fiserv FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global provider of payments and financial services technology for merchants, banks, and institutions
- New emphasis: Launch of FIUSD stablecoin embedded in banking and payments ecosystem for digital asset services
- Strategic shift: Expansion of Clover POS platform into new industries and international markets including Australia, Singapore, Brazil, Mexico, Belgium, Spain, Japan
- Quantitative highlight: Revenue $21.2B in 2025, up from $20.5B in 2024; 16% revenue from international markets vs 15% prior year
- Noteworthy fact: Project Elevate business transformation initiative leveraging AI for operational excellence and fraud mitigation across platforms
Management Discussion & Analysis
- Revenue $7.98B, up 7.9% YoY from $7.40B in 2024 driven by Merchant and Financial segment growth
- Operating margin 22.4% vs 21.5% in prior year reflecting efficiency improvements and AI integration
- Best performing segment: Merchant segment revenue $4.52B, up 9.6% YoY; worst performing segment: Financial segment revenue $3.46B, up 5.8% YoY
- Operating cash flow $1.7B, capital expenditures $320M, share repurchases $200M, dividends $410M
- Management outlook focused on AI-enabled operational excellence, disciplined capital allocation, and growth via strategic acquisitions; risk from global macroeconomic, currency volatility, and regulatory environment
Risk Factors
- Regulatory risk from U.S. and international AI laws potentially limiting AI use and exposing to enforcement under “high risk” AI regulations
- Geopolitical risk from international operations exposed to political instability, terrorism, war, and economic volatility in emerging markets
- Supply chain risk from reliance on third parties for POS devices, chips, paper stock, and hosting, vulnerable to factory shutdowns and shipping delays
- Competitive risk from large tech firms and startups incorporating AI faster, threatening market share in financial services technology
- Financial risk from client concentration and banking consolidations reducing client base, increasing dependency on fewer, larger clients
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