Fiserv (FISV) 2026 Baird Global Consumer, Technology & Services Conference summary

Key business attributes and strategy

• Product offerings like Finxact and Clover are stronger and more extensive than previously appreciated, with a unique mix of new and tenured leadership focused on long-term growth and alignment under the One Fiserv plan.

• The company leverages unmatched data from both financial and merchant sides, enabling differentiated offerings and future revenue opportunities, especially through AI and enhanced data use cases.

• AI is seen as a business enabler, driving efficiencies in both customer-facing and back-office operations, with specific use cases like AgentOS and data agent for merchants.

Financial performance and outlook

• Focus remains on restoring consistent double-digit EPS growth, with mid-single-digit revenue growth, annual margin expansion, and high free cash flow conversion as key drivers.

• 2024 is a transition year, with above-normalized growth expected in the second half due to contracted revenue, before returning to a 4%-6% normalized growth range.

• Underlying business volumes, including deposit accounts and merchant transactions, remain stable and are expected to continue driving future growth.

• Plans to resume more meaningful share buybacks once leverage drops below 3x, likely in 2025.

Merchant segment and Clover

• Merchant segment targets 6%-8% growth, led by SMBs and Clover, which is expected to see 10%-15% volume growth and 15%-20% revenue growth due to value-added solutions like Clover Capital and Clover Savings.

• Non-Clover SMB is expected to grow at around GDP, with conversion to Clover providing a 15%-30% revenue uplift per customer.

• Enterprise merchant segment is stable with deep, long-term relationships, and Commerce Hub is positioned as a key differentiator for omni-channel growth.