Fiserv (FISV) FY2025 10-K Annual Report
Fiserv (FISV) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Fiserv FY2025 10-K Analysis
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
Fiserv FY2025 Key Financial MetricsXBRL
Revenue
$21.2B
▲ +3.6% YoY
Net Income
$3.5B
▲ +11.1% YoY
Operating Margin
27.5%
▼ -129bp YoY
Net Margin
16.4%
▲ +111bp YoY
ROE
13.5%
▲ +193bp YoY
Total Assets
$80.1B
▲ +3.8% YoY
EPS (Diluted)
$6.34
▲ +17.8% YoY
Operating Cash Flow
$6.1B
▼ -8.6% YoY
Source: XBRL data from Fiserv FY2025 10-K filing on SEC EDGAR. All figures in USD.
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