Our earnings release and supplemental materials for the quarter are available on the Investor Relations section of Fiserv.com. You should refer to our earnings release for a discussion of these risk factors. Over time, we expect this shift to enhance client satisfaction and ultimately drive sustainable growth in average revenue per customer, which has been a hallmark of Fiserv. On Optis, we signed a multi-year extension with our client, Atlanticus, a leading issuer, which includes converting the accounts they recently added with their Mercury Financial acquisition to Fiserv.
In December, we integrated CashFlow Central, our transformative AR/AP product, directly into RUN Powered by ADP, allowing small businesses to manage their cash flow more effectively. Canada grew strongly in 2025 and should further accelerate as we ramp up our new strategic relationship with TD. I will cover details on total company and segment performance in the fourth quarter and full year and then review our guidance for 2026. Beginning on slide six, total company Q4 adjusted revenue of $4.9 billion was flat, and adjusted operating income was $1.7 billion, resulting in adjusted operating margin of 34.9%.
Turning to slide seven, Merchant Solutions grew 6% organically for the year, while Financial Solutions grew 2%. Fourth quarter adjusted earnings per share was $1.99, resulting in annual adjusted earnings per share of $8.64, above our guidance range of $8.50-$8.60. Free cash flow for the quarter was $1.6 billion and $4.44 billion for the year, ahead of our guidance of $4.25 billion, representing approximately 93% conversion. Now I will turn to the performance by segment for Q4 starting on slide eight on Merchant Solutions.
| Metric | Period | Current guidance |
|---|---|---|
| 2026 overall guidance | FY2026 | In line with that preliminary view (confirmed) |
| Clover GPV growth (ex gateway conversion) | FY2026 | 10%-15% (low end = core growth; high end = more non-Clover merchant conversion) (issued) |
| Clover revenue growth | FY2026 | Low double digits (issued) |
| Clover medium-term revenue growth target | medium-term | 15%-20% (reaffirmed) |
| Merchant Solutions organic growth | FY2026 | Mid-single digits (consistent with Q3/Q4 adjusted run rate) (issued) |
| Financial Solutions growth | FY2026 / go-forward | Low single digits go-forward; growth across all three areas expected in back half of 2026 after first-half comparative headwinds (issued) |
| Non-Clover SMB growth | FY2026 | Flat to slight growth (Argentina no longer a growth factor) (issued) |
| Enterprise transaction growth go-forward | FY2026 | Mid-single digits once the large PayFac comparison fully laps in Q1 (issued) |
| Metric | YoY | Note |
|---|---|---|
| Q4 total adjusted revenue | flat at $4.9B | Stable, broad-based business activity offset by tough comparisons |
| FY adjusted revenue | +4% to $19.8B | Merchant organic growth of 6% and Financial Solutions growth of 2% |
| FY adjusted EPS | to $8.64 (above guidance) | Operating performance ahead of expectations |
| FY adjusted operating margin | -200 bps to 37.4% | In line with guidance; investment in franchise |
| Clover revenue (Q4) | +12% (FY +23% to $3.3B) | Value-added services, software attach, Clover Capital; six-point Q4 headwind from fee eliminations |
| Clover volume (Q4) | +6% reported / +9% ex gateway | Below plan on November U.S. softness in restaurant and retail |
| Merchant Solutions Q4 operating income | -17% to $816M (margin 32.1%) | PayFac network-fee timing lap and mix |
| Financial Solutions Q4 revenue | -2% organic and adjusted | Banking down 4% on prior actions; digital payments down 1%; issuing down 1% |
| Financial Solutions Q4 operating income | -20% to $997M (margin 42.2% vs 51.7%) | Incremental vendor spend and headcount to improve client experience |
| Free cash flow | $4.44B for the year (~93% conversion) | Ahead of $4.25B guidance |
| Zelle transactions | +15% | Maturing product with a slowing growth curve |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| One Fiserv transformation plan | Outlined in Q3 with strategy pivot toward recurring revenue | Firmly in execution mode across five pillars; no new negative developments versus Q3 conclusions | On track |
| Clover as small business operating platform | Core focus area | Vertical builds (healthcare Practice Pay, professional services launching this quarter), horizontal partnerships (Homebase, ADP, CashFlow Central), 47 banks added to referral ecosystem | Expanding |
| Banking segment turnaround | Disappointing results from prior-year actions | Core modernization continues with no forced conversions; investments in service and people aim to return banking to low-single-digit growth; fixes described as fully in Fiserv control | Improving but still pressured |
| Project Elevate / cost transformation | — | $73M of expenses incurred in Q4; one-time costs continue into 2026, shifting from professional-services to technology-related as the project broadens to process efficiencies | Ongoing investment |
| First-half 2026 comparative headwinds | Flagged in October | Results remain below go-forward expectations through first half of 2026 as the company laps non-recurring revenue; recovery expected in back half | Transitional headwind |
| Capital allocation | — | 3x debt-to-EBITDA (target 2.5x-3x); repurchased 3M shares for ~$200M and paid down over $1B of debt after StoneCastle and TD merchant-contract acquisitions | Disciplined |