Core Viewpoint - Fiserv's stock has decreased by 73% over the past year, indicating significant challenges despite being a key player in the financial services sector [1] Group 1: Issues Faced - Fiserv has lost market share to smaller, more innovative competitors, which has contributed to its decline [3] - The company's third-quarter report in October revealed a miss on earnings expectations, with earnings per share falling short by $0.61 [4] Group 2: Strategic Changes - A new CEO, Mike Lyons, has been appointed to implement a growth strategy called the One Fiserv plan, focusing on artificial intelligence and new technology [5] - The plan includes hiring a new management team and emphasizing quality recurring revenue streams, although results may take time to materialize [5] Group 3: Market Position and Future Outlook - Fiserv remains a dominant player in several categories and has a robust digital platform to adapt to customer demands [7] - Recent partnerships with Microsoft and Mastercard aim to enhance its technological capabilities and market presence [8] - Investors are looking for signs of higher revenue growth and an improved outlook to indicate a transition from stability to growth [9]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-38962 Fiserv, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Wisconsin 39-1506125 ( ...

Fiserv (NASDAQ: FISV) is one of the world's leading players in payments technology, but its stock has been absolutely crushed recently after the company missed some important goalposts. The stock is trading down 74% over the past year, but there are signs it might be moving back up from rock bottom. Let's see what's happening, why the market is down on Fiserv stock, and what I'll be looking for to see if it can bounce back and beat the market. Where to invest $1,000 right now? Our analyst team just reveal ...

Industry Overview - The Financial Transaction Services industry is part of the broader FinTech space, encompassing card and payment processing, ATM services, money remittance, and investment solutions for financial advisors [2] - The industry benefits from ongoing digitization accelerated by the pandemic, facilitating quick and secure monetary transactions across multiple currencies globally [2] Key Growth Drivers - Expanding global trade, rising international travel, and increasing demand for cross-border payments and remittances are key factors driving growth in the industry [5] - Continued e-commerce growth and a resilient labor market are sustaining transaction volumes, although inflation and tariff pressures may strain consumer budgets [1][4] Technology Investments - Companies are significantly increasing technology expenditures to enhance digital infrastructure, including investments in biometric authentication, QR-code payments, and Buy Now, Pay Later (BNPL) platforms [3] - The rise in digital payments has led to increased exposure to cyber threats, prompting companies to invest heavily in cybersecurity and fraud detection systems [3] Strategic Mergers and Acquisitions - Companies in the sector are engaging in strategic mergers and acquisitions to strengthen digital ecosystems, expand service offerings, and enhance global reach [6][7] - Expectations for interest rate cuts in 2026 may encourage companies to utilize debt financing for M&A activities, allowing them to pursue growth opportunities while preserving cash [7] Consumer Spending Trends - Stable consumer spending supports higher transaction volumes, although persistent inflation may lead to more cautious spending behavior [4] - A resilient labor market with low unemployment and steady wage growth could help sustain consumer purchasing activity in the near term [4] Industry Performance - The Zacks Financial Transaction Services industry has underperformed compared to the Business Services sector and the S&P 500, declining 24.3% over the past year [11] - The industry's current valuation is at a forward 12-month price/earnings ratio of 18.15X, lower than the S&P 500's 22.51X [15] Notable Companies - **Global Payments**: Positioned for growth with strong performances in Merchant and Issuer Solutions, benefiting from increasing transaction volumes [18] - **Visa**: A major player in digital payments, expanding through strategic alliances and acquisitions, with a focus on technology investment [23] - **Mastercard**: Operates a multi-rail infrastructure for seamless payments, with a strong cross-border payments platform [26] - **Fiserv**: Maintains a competitive position in digital payments with a broad portfolio and strategic acquisitions [30] - **Fidelity National**: Achieving solid revenue growth through Banking and Capital Markets Solutions, with a strategic international footprint [34]

Core Insights - The London Company Large Cap Strategy reported a 0.4% return in Q4 2025, underperforming the Russell 1000 Index which rose by 2.4% [1] - The portfolio faced challenges from volatility factors and concentrated market leadership, while the economic backdrop heading into 2026 presents mixed signals of confidence and doubt [1] Company Analysis: Fiserv, Inc. (NASDAQ:FISV) - Fiserv, Inc. has experienced a significant decline, with a one-month return of -3.47% and a 12-month drop of 73.15%, currently valued at $63.45 per share and a market capitalization of $34.491 billion [2][3] - The company faced issues related to a slowdown in its small business POS platform, leading to a steep guidance cut and management changes, which resulted in a loss of credibility and increased doubts about its long-term growth outlook [3] - The London Company sold its position in Fiserv due to the reset in expectations and diminished confidence in the investment thesis [3] Hedge Fund Interest - Fiserv, Inc. is not among the 30 most popular stocks among hedge funds, with 83 hedge fund portfolios holding the stock at the end of Q3 2025, down from 94 in the previous quarter [4] - The London Company suggests that certain AI stocks may offer greater upside potential and less downside risk compared to Fiserv, indicating a shift in investment focus [4]

格隆汇2月18日｜知名对冲基金阿帕卢萨资产管理公司(Appaloosa Management)创办人、美股传奇投资人 泰珀(David Tepper)最新提交的2025年第四季13F持股申报显示，他在季内调整投资组合配置，重点加码 美光与Meta，同时减持Whirlpool等，并新增韩国ETF，反映其在科技与景气循环类股之间进行再平衡。 该对冲基金季内增持美光100万股，将总持股推升至150万股，总市值约4.28亿美元；增持Meta 23万 股，将总持股提高至60万股，总市值约3.96亿美元。另一方面，该对冲基金减持Whirlpool 159万股，清 仓Fiserv与Truist Financial，分别卖出全部92.5万股与138.75万股。 来源：格隆汇APP ...

We recently published 10 Stocks Outperforming With Monstrous Gains. Fiserv Inc. (NASDAQ:FISV) was one of the best performers on Tuesday. Fiserv grew its share prices by 6.89 percent on Tuesday to finish at $63.45 apiece as investors mirrored an activist group’s acquisition of a significant stake in a bid to boost share value. An exclusive report by the Wall Street Journal said that activist investor Jana Partners gobbled up shares in Fiserv Inc. (NASDAQ:FISV) as it eyes to push operational changes, inclu ...

Core Insights - Fiserv's shares increased nearly 6% following news that activist investor Jana Partners has acquired a stake in the company and is advocating for changes to improve stock performance [1][2] - Jana Partners supports the current CEO, Mike Lyons, and believes Fiserv could benefit from increased spending in the banking sector [2] - Jana is pushing for Fiserv to concentrate on its core banking franchise and to conduct a strategic review to divest non-core assets [3] Financial Performance - Fiserv's stock suffered a significant decline last October after a disappointing earnings report, which resulted in a more than 50% drop in stock value [4] - The earnings report included a reduction in guidance, which was below market expectations, primarily due to issues with Fiserv's Clover point-of-sale payment processing business [4] - Revenue declines in Fiserv's core technology banking business have raised concerns about the company's modernization efforts and market share retention [5] Future Outlook - There is potential for Fiserv to regain its historical performance, as technology plays a crucial role in banking, and the company has established relationships with financial institutions [6] - Currently, Fiserv's stock trades at less than eight times forward earnings, indicating a potential opportunity for investors to take a small initial position while monitoring the company's progress [7]

Core Viewpoint - Activist investor Jana Partners has acquired a stake in Fiserv and is advocating for changes to enhance the company's stock performance, which has significantly declined due to various challenges [2][3]. Group 1: Company Performance and Challenges - Fiserv's stock fell nearly 70% last year, primarily due to slowing growth in its merchant solutions business and heightened competition in the industry [2]. - The company is currently facing scrutiny regarding its leadership and operational effectiveness, particularly following the departure of former CEO Frank Bisignano [9][10]. Group 2: Investor Engagement and Strategy - Jana Partners is engaging with Fiserv to explore strategies for improving stock performance, including strengthening its banking business and reviewing nonstrategic assets [3][8]. - Fiserv's CEO Mike Lyons is supported by Jana in his efforts to enhance execution and refresh the board, indicating a collaborative approach to address the company's challenges [3][4]. Group 3: Regulatory and Market Context - The declining stock price has attracted attention from U.S. senators, who have raised concerns about the company's management and financial disclosures [9][10]. - Fiserv has recently launched INDX, a real-time cash-settlement platform aimed at digital asset companies, which may represent a strategic move to innovate and capture new market opportunities [10][11].

Jana Partners is pushing for changes at Fiserv after building a stake in the downtrodden payments company, according to a report from The Wall Street Journal. ...