Fiserv, Inc.: 2Q26 First Look – Broad-Based Miss with Lowered FY26 Guide; MT Targets Reiterated

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

06 August 2026

Fiserv, Inc.

2Q26 First Look – Broad-Based Miss with Lowered

FY26 Guide; MT Targets Reiterated

Neutral

FISV, FISV US

Price (05 Aug 26):$54.11

Payments, Processors & IT Services

2Q headline results were well below expectations, especially on profitability, with

full year guidance lowered across the board (after reaffirming on June 15). 2Q

organic revenue was ~2ppts below Street at down 5% organic, with Merchant 2ppts

below expectations at -1% organic and Financial also ~2ppts below at down 8%

organic. Overall margins were down 7.8ppts y/y and below JPMe/Street, primarily

driven by the revenue miss at a high decremental margin, driving an adj. EPS miss

at $1.84 (JPMe/Street $1.89/$1.91). Clover GPV growth came in +11% ex gateway

conversion (9% reported), while reported Clover revenue was +2%. 2026 revenue

guide was lowered by 2.5ppts at the midpoint and 10% on EPS (down 85 cents at

midpoint), mostly driven by lower revenue expectations in 2H, by our math,

though operating expenses are implied to be modestly higher. Despite the miss and

lower 2H, medium-term targets were reiterated, which surprised us, and we are

eager to hear from new CEO Takis Georgakopoulos on the 8:00am call. Expected

stock reaction pre-call: down given 2Q miss and lowered FY26 guide.

Revenue. Total adj revenue of $4.96B was modestly below Street (JPMe/

Street $5.01/5.05B), down -5% y/y on an FXN/organic basis (from -4% in

1Q26). Merchant revenue was down 1% reported/organic (below JPMe/

Street +0%/+1%), flat from -1% last quarter. Within merchant, Enterprise was

flat organic (from +3% last quarter), SMB was flat (from -1% last quarter),

while Processing was -8% (from -14% last quarter). Clover revenue, Fiserv’s

highest-valued growth driver, was up 2% y/y (below JPMe +7%; from +6% in

1Q) on 9% volume growth (JPMe 7%) or 11% ex-gateway headwinds, towards

the low end of full year guidance calling for 10-15% growth ex-gateway.

Clover VAS penetration was 25% (JPMe 29%), down 2ppts from last Q. The

spread between Clover revenue and volume growth spread was -7ppts (from

…