# Fiserv, Inc. (FI) Q2 2025 Financial Results Summary
**Release Date: July 23, 2025**
Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions, reported its financial results for the second quarter of 2025. The key highlights are as follows:
## Financial Performance Highlights
– **GAAP Revenue Growth**:
– Up by **8%** to **$5.52 billion** in Q2 2025 compared to Q2 2024.
– Year-to-date GAAP revenue increased by **7%** to **$10.65 billion**.
– **Segment Performance**:
– **Merchant Solutions** segment revenue grew by **10%** in Q2 2025.
– **Financial Solutions** segment revenue grew by **7%** in Q2 2025.
– **Earnings Per Share (EPS)**:
– GAAP EPS increased by **22%** to **$1.86** in Q2 2025 compared to **$1.53** in Q2 2024.
– Year-to-date, GAAP EPS grew by **22%** to **$3.36**.
– **Organic Revenue Growth**:
– Organic revenue growth of **8%** in Q2 2025 (Merchant Solutions: **9%**, Financial Solutions: **7%**).
– Year-to-date organic revenue growth also at **8%** (Merchant Solutions: **9%**, Financial Solutions: **6%**).
– **Adjusted Financial Metrics**:
– Adjusted EPS rose **16%** to **$2.47** in Q2 2025, up from **$2.13** in Q2 2024.
– Year-to-date adjusted EPS increased **15%** to **$4.61**.
– Adjusted operating margin improved by **120 basis points** to **39.6%** in Q2 2025.
– **Operating Margins**:
– GAAP operating margin stood at **30.7%** in Q2 2025 compared to **28.0%** in Q2 2024.
– Merchant Solutions segment margin was **34.6%**, down from **36.6%**.
– Financial Solutions segment margin was **48.7%**, up from **45.9%**.
– **Free Cash Flow**:
– Free cash flow was **$1.54 billion** in the first six months of 2025, up from **$1.48 billion** in the prior year.
## Share Repurchase and Dividends
– **Share Repurchase**:
– Fiserv repurchased **12.2 million shares** for **$2.2 billion** in Q2 2025.
– A total of **21.9 million shares** were repurchased for **$4.4 billion** in the first six months.
– **Dividend Declaration**:
– The company did not declare any quarterly dividend in the report.
## Additional Highlights and Outlook
– **Segment Revenue**:
– Total adjusted revenue increased **8%** to **$5.20 billion** in Q2 2025, and **7%** to **$9.98 billion** year-to-date.
– **Refined Guidance**:
– Organic revenue growth outlook for 2025 refined to approximately **10%**.
– Adjusted EPS outlook for 2025 set to **$10.15 to $10.30**, representing growth of **15% to 17%**.
– **Strategic Developments**:
– The company completed a public offering of **2.175 billion Euros** of senior notes with a weighted average coupon rate of **3.43%**.
– Entered agreement to acquire the remaining **49.9%** ownership interest in AIB Merchant Services, and announced plans for a new digital asset platform.
– **Recognition**:
– Fiserv was named to **CNBC’s** World’s Top Fintech Companies for the third consecutive year and the **TIME100** Most Influential Companies list for 2025.
## Conclusion
Fiserv’s strong performance in Q2 2025 demonstrates its effective execution of business strategies and operational efficiency, underpinning its status as a leading provider in the financial services sector. The upcoming earnings conference call will provide more insights into company performance and outlook.
Here are the extracted tables from the press release in Markdown format:
### Fiserv, Inc. Condensed Consolidated Statements of Income
(In millions, except per share amounts, unaudited)
| Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | |
|---|---|---|---|---|
| Revenue | ||||
| Processing and services | $4,304 | $4,140 | $8,349 | $8,140 |
| Product | $1,212 | $967 | $2,297 | $1,850 |
| Total revenue | $5,516 | $5,107 | $10,646 | $9,990 |
| Expenses | ||||
| Cost of processing and services | $1,412 | $1,343 | $2,801 | $2,697 |
| Cost of product | $694 | $639 | $1,378 | $1,290 |
| Selling, general and administrative | $1,711 | $1,697 | $3,393 | $3,394 |
| Net loss (gain) on sale of other assets | $3 | $— | $-17 | $— |
| Total expenses | $3,820 | $3,679 | $7,555 | $7,381 |
| Operating income | $1,696 | $1,428 | $3,091 | $2,609 |
| Interest expense, net | -$365 | -$285 | -$696 | -$546 |
| Other expense, net | -$39 | -$5 | -$57 | -$12 |
| Income before income taxes and loss from investments in unconsolidated affiliates | $1,292 | $1,138 | $2,338 | $2,051 |
| Income tax provision | -$246 | -$221 | -$436 | -$374 |
| Loss from investments in unconsolidated affiliates | -$16 | -$8 | -$24 | -$16 |
| Net income | $1,030 | $909 | $1,878 | $1,661 |
| Less: net income attributable to noncontrolling interests | $4 | $15 | $1 | $32 |
| Net income attributable to Fiserv | $1,026 | $894 | $1,877 | $1,629 |
| GAAP earnings per share attributable to Fiserv – diluted | $1.86 | $1.53 | $3.36 | $2.76 |
| Diluted shares used in computing earnings per share attributable to Fiserv | 552.7 | 585.4 | 558.7 | 590.1 |
—
### Fiserv, Inc. Condensed Consolidated Balance Sheets
(In millions, unaudited)
| Assets | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Cash and cash equivalents | $999 | $1,236 |
| Trade accounts receivable – net | $4,116 | $3,725 |
| Prepaid expenses and other current assets | $3,805 | $3,087 |
| Settlement assets | $17,554 | $15,429 |
| Total current assets | $26,474 | $23,477 |
| Property and equipment – net | $2,585 | $2,374 |
| Customer relationships – net | $5,538 | $5,868 |
| Other intangible assets – net | $4,880 | $4,072 |
| Goodwill | $37,465 | $36,584 |
| Contract costs – net | $1,005 | $996 |
| Investments in unconsolidated affiliates | $1,071 | $1,506 |
| Other long-term assets | $2,513 | $2,299 |
| Total assets | $81,531 | $77,176 |
| Liabilities and Equity | ||
| Accounts payable and other current liabilities | $4,351 | $4,799 |
| Short-term and current maturities of long-term debt | $1,528 | $1,110 |
| Contract liabilities | $885 | $819 |
| Settlement obligations | $17,554 | $15,429 |
| Total current liabilities | $24,318 | $22,157 |
| Long-term debt | $28,059 | $23,730 |
| Deferred income taxes | $2,189 | $2,477 |
| Long-term contract liabilities | $249 | $263 |
| Other long-term liabilities | $953 | $863 |
| Total liabilities | $55,768 | $49,490 |
| Fiserv shareholders’ equity | $25,215 | $27,068 |
| Noncontrolling interests | $548 | $618 |
| Total equity | $25,763 | $27,686 |
| Total liabilities and equity | $81,531 | $77,176 |
