GAAP revenue growth of 5% and organic revenue growth of 7%;
GAAP EPS increased 22% and adjusted EPS increased 14%;
Company affirms 2025 organic revenue growth outlook of 10% to 12%
and adjusted EPS outlook of $10.10 to $10.30, or growth of 15% to 17%

MILWAUKEE: Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions, today reported financial results for the first quarter of 2025.

First Quarter 2025 GAAP Results

GAAP revenue for the company increased 5% to $5.13 billion in the first quarter of 2025 compared to the prior year period, with 5% growth in the Merchant Solutions segment and 6% growth in the Financial Solutions segment.

GAAP earnings per share was $1.51 in the first quarter of 2025, an increase of 22% compared to the first quarter of 2024. GAAP operating margin was 27.2% in the first quarter of 2025 compared to 24.2% in the first quarter of 2024. GAAP operating margin was 34.2% in the Merchant Solutions segment and 47.5% in the Financial Solutions segment in the first quarter of 2025, compared to 34.1% and 44.1% in the first quarter of 2024, respectively. Net cash provided by operating activities was $648 million in the first quarter of 2025 compared to $831 million in the prior year period.

“First quarter adjusted earnings per share results exceeded expectations, and demonstrate once again, the resilience, consistency and sustainable growth of the Fiserv franchise,” said Frank Bisignano, Chairman and Chief Executive Officer of Fiserv. “The construction of the company is what makes Fiserv differentiated, successful and future-proofed, with two market-leading segments — Merchant and Financial Solutions — that are naturally positioned to serve business and financial institution clients as they are increasingly interconnected.”

First Quarter 2025 Non-GAAP Results and Additional Information

• Adjusted revenue increased 5% to $4.79 billion in the first quarter of 2025 compared to the prior year period.
• Organic revenue growth was 7% in the first quarter of 2025, led by 8% growth in the Merchant Solutions segment and 6% growth in the Financial Solutions segment.
• Adjusted earnings per share increased 14% to $2.14 in the first quarter of 2025 compared to the prior year period.
• Adjusted operating margin increased 200 basis points to 37.8% in the first quarter of 2025 compared to the prior year period.
• Adjusted operating margin increased 10 basis points to 34.2% in the Merchant Solutions segment and 340 basis points to 47.5% in the Financial Solutions segment in the first quarter of 2025, compared to the prior year period.
• Free cash flow was $371 million in the first quarter of 2025 compared to $454 million in the prior year period.
• The company repurchased 9.7 million shares of common stock for $2.2 billion in the first quarter of 2025.
• In March, the company acquired Payfare Inc., a Canada-based provider of program management solutions powering instant access to earnings and banking solutions for workforces, and CCV Group B.V., a Netherlands-based supplier of point-of-sale payment solutions.
• In April, Fiserv reached agreements to acquire Pinch Payments NZ Limited, an Australia-based solutions provider for payment facilitators, and Money Money Serviços Financeiros S.A., a Brazil-based fintech that enables small businesses to access working capital.
• In April, the company announced a plan to open a 2,000-employee fintech hub in Overland Park, Kansas.

Outlook for 2025

Fiserv continues to expect organic revenue growth of 10% to 12% and adjusted earnings per share of $10.10 to $10.30, representing growth of 15% to 17%, for 2025.

“We are off to a good start in 2025 with a series of large client wins, four strategic acquisitions, and a focus on execution and growth,” said Mike Lyons, President and incoming CEO of Fiserv. “We are maintaining our guidance for 2025, with anticipated acceleration in the back-half of the year reflecting the timing of our key strategic initiatives.”

Earnings Conference Call

The company will discuss its first quarter 2025 results in a live webcast at 7 a.m. CT on Thursday, April 24, 2025. The webcast, along with supplemental financial information, can be accessed on the investor relations section of the Fiserv website at investors.fiserv.com. A replay will be available approximately one hour after the conclusion of the live webcast.

About Fiserv

Fiserv, Inc. (NYSE: FI), a Fortune 500™ company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World’s Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

Use of Non-GAAP Financial Measures

In this news release, the company supplements its reporting of information determined in accordance with generally accepted accounting principles (“GAAP”), such as revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities, with “adjusted revenue,” “adjusted revenue growth,” “organic revenue,” “organic revenue growth,” “adjusted operating income,” “adjusted operating margin,” “adjusted net income,” “adjusted earnings per share,” “adjusted earnings per share growth,” and “free cash flow.” Management believes that adjustments for certain non-cash or other items and the exclusion of certain pass-through revenue and expenses should enhance shareholders’ ability to evaluate the company’s performance, as such measures provide additional insights into the factors and trends affecting its business. Therefore, the company excludes these items from its GAAP financial measures to calculate these unaudited non-GAAP measures. The corresponding reconciliations of these unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the non-cash and other items described below that are excluded from the non-GAAP outlook measures. See pages 13-15 for additional information regarding the company’s forward-looking non-GAAP financial measures.

Examples of non-cash or other items may include, but are not limited to, non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; severance costs; merger and integration costs; gains or losses from the sale of businesses, certain assets or investments; and certain discrete tax benefits and expenses. The company excludes these items to more clearly focus on the factors management believes are pertinent to the company’s operations, and management uses this information to make operating decisions, including the allocation of resources to the company’s various businesses.

The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Management believes organic revenue growth is useful because it presents revenue growth excluding the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company’s postage reimbursements. Management believes free cash flow is useful to measure the funds generated in a given period that are available for debt service requirements and strategic capital decisions. Management believes this supplemental information enhances shareholders’ ability to evaluate and understand the company’s core business performance.

These unaudited non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be considered in addition to, and not as a substitute for, revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities or any other amount determined in accordance with GAAP.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated organic revenue growth, adjusted earnings per share, adjusted earnings per share growth and other statements regarding our future financial performance. Statements can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe the company’s future plans, outlook, objectives or goals are also forward-looking statements.

Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that could cause the company’s actual results to differ materially include, among others, the following: the company’s ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for the company’s products and services; the ability of the company’s technology to keep pace with a rapidly evolving marketplace; the success of the company’s merchant alliances, some of which are not controlled by the company; the impact of a security breach or operational failure on the company’s business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of the company’s vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or intensified international hostilities, and the impact they may have on the company and its employees, clients, vendors, supply chain, operations and sales; the effect of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whole; the company’s ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; the company’s ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of the company’s growth strategies; the company’s ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors included in “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, and in other documents that the company files with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. The company assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release.

Fiserv, Inc.
Reconciliation of GAAP to
Adjusted Net Income and Adjusted Earnings Per Share
(In millions, except per share amounts, unaudited)
	Three Months Ended March 31,
		2025				2024
GAAP net income attributable to Fiserv	$	851			$	735
Adjustments:
Merger and integration costs 1		15				37
Severance costs		15				42
Amortization of acquisition-related intangible assets 2		331				369
Non wholly-owned entity activities 3		20				28
Tax impact of adjustments 4		(74	)			(95	)
Incremental executive compensation 5		52				—
Adjusted net income	$	1,210			$	1,116
GAAP earnings per share attributable to Fiserv - diluted	$	1.51			$	1.24
Adjustments - net of income taxes:
Merger and integration costs 1		0.02				0.05
Severance costs		0.02				0.06
Amortization of acquisition-related intangible assets 2		0.47				0.50
Non wholly-owned entity activities 3		0.03				0.04
Incremental executive compensation 5		0.09				—
Adjusted earnings per share	$	2.14			$	1.88
GAAP earnings per share attributable to Fiserv growth		22	%
Adjusted earnings per share growth		14	%
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.   Earnings per share is calculated using actual, unrounded amounts.				If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter. Related news Keysight Releases 2024 Corporate Social Responsibility Progress Report and Disclosures IEEE Provides Strategic Expertise as Indonesia Adopts First Age-Appropriate Design Regulation in Asia Argentina Social Commerce Market Intelligence Report 2025: Influencer Marketing Drives Growth, Boosting Engagement and Sales - Forecast to 2030 - ResearchAndMarkets.com EXPEDIA GROUP EXPANDS B2B PLATFORM AND LAUNCHES GENAI PARTNERSHIPS TO ENHANCE TRAVEL DISCOVERY Australia Social Commerce Intelligence Databook 2025: An $8.58 Billion Market by 2030 - 50+ KPIs on End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - ResearchAndMarkets.com BlocPal and Mobilum Announce Strategic Partnership to Expand Global Payment and Digital Asset Capabilities Granola Launches AI Workspace for Teams and Raises $43M Series B Pathway Expands Medical AI Platform with Drug Reference and Interaction Checker Last News RSA at Cybertech Europe 2024 Alaa Abdul Nabi, Vice President, Sales International at RSA presents the innovations the vendor brings to Cybertech as part of a passwordless vision for… Italian Security Awards 2024: G11 Media honours the best of Italian cybersecurity G11 Media's SecurityOpenLab magazine rewards excellence in cybersecurity: the best vendors based on user votes How Austria is making its AI ecosystem grow Always keeping an European perspective, Austria has developed a thriving AI ecosystem that now can attract talents and companies from other countries Sparkle and Telsy test Quantum Key Distribution in practice Successfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing… Most read Paycom Software, Inc. Reports First Quarter 2025 Results Paycom Software, Inc. (“Paycom,” “we” and “our”) (NYSE: PAYC), a leading provider of comprehensive, cloud-based human capital management software, today… Mogo to Participate in the D. Boral Capital Inaugural Global Conference Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a digital wealth and payments business, today announced that it will be participating in… New Study from UK’s Largest Virtual ADHD Service Validates Role of Objective… As demand for virtual ADHD care increases, findings from a new study conducted with ADHD 360, the UK’s largest evidence-based digital service specializing… Nanyang Biologics and Precisya Global Inc Announce Strategic Collaboration… Nanyang Biologics (NYB) and Precisya Global Inc (PGI) announce a strategic collaboration to leverage our technologies in validating potential therapeutic… Newsletter signup Join our mailing list to get weekly updates delivered to your inbox. Sign me up! G11 Media Networks BitCity ChannelCity ImpresaCity SecurityOpenLab GreenCity ImpresaGreen ItalianChannelAwards AgendaIct Home Newsletter Staff Copyright Contact us InnovationOpenLab is a channel of BitCity, a newspaper registered at the court of Como , n. 21/2007 del 11/10/2007- Registration ROC n. 15698 G11 MEDIA S.R.L. Registered office Via NUOVA VALASSINA, 4 22046 MERONE (CO) - P.IVA/C.F.03062910132 Como business register n. 03062910132 - REA n. 293834 CAPITALE SOCIALE Euro 30.000 i.v. Cookie Privacy