FIS
Fidelity National Information Services, Inc.
NYSE · Technology · Information Technology Services · US
$35.61
−2.25%Research · Sep 3, 2026
[FIS] Fiserv Thesis 2026: Clover Reaches Scale While Banking Platform Compounds
Fiserv delivered its seventh consecutive year of ~10% organic revenue growth in FY2025 with adjusted EPS reaching ~$10.15, as Clover scaled to ~$350B annualized GPV across 1.2M+ SMB merchants and the Banking segment sustained 6-8% organic growth on contract escalators. Adjusted operating margin expanded to ~37% and FCF reached ~$6B. The thesis rests on Clover's network effect and software monetization versus Toast/Square competition, and the defensibility of core banking platform relationships against cloud-native challengers.