The news: Fiserv reported flat organic revenues for the quarter at $4.9 billion, per Q4 2025 earnings.

• Merchant solutions revenues grew 2%. 
• Financial solutions revenues fell 2%.
• Banking solutions revenues dropped 4%.

Fiserv narrowly exceeded analysts’ expectations on quarterly earnings, delivering $1.99 per share against Zacks Consensus Estimate of $1.90 per share, per Yahoo Finance—a needed show of resilience after Fiserv’s Q3 2025 earnings led to a record stock plunge.

However, Fiserv did not adjust its slashed earnings outlook from October, tempering expectations for its 2026 performance.

How we got here: Fiserv’s POS platform, Clover, remains key to the company’s overall One Fiserv strategy, which aims to expand new verticals, distribution channels, and its international presence. 

Its Q4 results pointed in the right direction:

• Clover revenues were up 12%.
• Value-added services made up 27% of Clover’s Q4 revenue gains.
• Clover gross payment volume (excluding gateway conversions) increased 9%.
• And 47 banks were added to Clover’s referral system.

Comments during Fiserv’s earnings call alluded to issues with Clover client retention as a part of its One Fiserv changes. “Based on some feedback that we got from clients, we were explicitly clear that there were no forced conversions as part of this modernization,” CEO Mike Lyons said, adding that merchants opt in to new products “totally on their timeline.” 

Likely, this points to still sour consumer relations stemming from former CEO Frank Bisignano’s tenure, which ranged from fee gauging and alleged forced migration of merchants to Clover. 

Issues around trust could be a drag on revenue gains. Value-added services like Clover Capital generating over a quarter of Clover revenues is promising, but another recent lawsuit concerning cybersecurity lapses for financial data could stymie merchants’ eagerness for Fiserv lending services.

Implications for payment providers: Trust within client relationships is the linchpin for new corporate strategies. 

Working to accommodate long-term partners through a period of turbulence thoughtfully will be necessary to convince those merchants to adopt new value-added services, which are essential revenue engines.