Q2 2026 GAAP and adjusted revenue declined 4% year-over-year, with adjusted EPS down 26% and GAAP EPS down 37%; first half results also showed a 3% revenue decline and significant margin compression due to higher costs and transformation expenses.
Free cash flow conversion remained strong, exceeding $1 billion in Q2, and leverage ratio improved slightly quarter-over-quarter.
Recurring revenue represented 84%-85% of total adjusted revenue, supporting business resilience amid macroeconomic headwinds.
Leadership emphasized urgency, operational excellence, and ongoing transformation initiatives, including the One Fiserv plan, to drive long-term efficiency and shareholder value.
Major strategic actions included the MoneyPass Group joint venture, student loan servicing business divestiture, and integration of Commerce Hub with Mastercard's Merchant Cloud.
Q2 2026 GAAP revenue was $5.29B and adjusted revenue was $4.96B; adjusted operating income was nearly $1.6B with a 31.8% margin.
Q2 2026 GAAP EPS was $1.17 and adjusted EPS was $1.84; net income attributable to shareholders was $627M.
Free cash flow for Q2 was $1.1B, with a trailing 12-month conversion rate of 103%.
Capital expenditures for H1 2026 were $956M, about 9% of revenue.
Operating margin fell to 19.2% GAAP and 31.8% adjusted in Q2 2026.
2026 organic revenue growth outlook revised to (1%) to 0%; adjusted EPS guidance set at $7.20-$7.40.
Adjusted operating margin for 2026 expected at 31%-31.5%; free cash flow conversion targeted at 90%.
Medium-term (2027-2029) organic revenue growth outlook is 4%-6% CAGR, with margin expansion and double-digit EPS growth expected from 2027.
Management expects continued macroeconomic pressures, including inflation, interest rates, and currency volatility.
Transformation initiatives (One Fiserv) are expected to drive long-term efficiency and innovation.
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