Q2 2026 GAAP and adjusted revenue declined 4% year-over-year, with first half revenue down 3%; recurring revenue remained strong, representing 84% of total adjusted revenue.
Adjusted EPS fell 26% to $1.84 in Q2; GAAP EPS dropped 37% to $1.17, impacted by transformation costs and macroeconomic headwinds.
Free cash flow conversion was strong at 112% in Q2 and 103% trailing 12 months; free cash flow for H1 2026 was $1.36B.
Transformation initiatives and technology investments, including the One Fiserv plan, pressured margins but are expected to drive long-term efficiency.
Major events included the MoneyPass Group joint venture, student loan servicing business divestiture, and strategic partnership with Mastercard.
Q2 2026 GAAP revenue: $5.29B; adjusted revenue: $4.96B; adjusted operating income: $1.58B; adjusted operating margin: 31.8%.
Q2 2026 GAAP EPS: $1.17; adjusted EPS: $1.84; net income attributable to shareholders: $627M.
Free cash flow for Q2: $1.1B; H1 2026: $1.36B; cash flow from operations for H1: $2.08B.
Capital expenditures for H1 2026: $956M, about 9% of revenue.
Gross margin Q2: 54.7% (down from 61.8% in Q2 2025); GAAP operating margin Q2: 19.2% (down from 30.7%).
2026 organic revenue growth outlook revised to (1%) to 0%; adjusted revenue growth expected at (1.5%) to (0.5)%.
Adjusted EPS guidance for 2026 set at $7.20-$7.40; adjusted operating margin guidance: 31%-31.5%.
Free cash flow conversion target for 2026: ~90%.
Medium-term outlook: organic revenue CAGR of 4%-6% (2027-2029), margin expansion of 50 bps annually, and double-digit adjusted EPS growth.
Management expects continued macroeconomic pressures but reiterates medium-term growth rates.
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