Fiserv (NYSE:FI) Conference March 11, 2026 12:55 PM ET Company ParticipantsMike Lyons - CEOPaul Todd - CFOConference Call ParticipantsDarrin Peller - Managing Director and Senior AnalystHarshita Rawat - AnalystDarrin PellerWhy don't we get the ball rolling here in the first session of the afternoon. First of all, again, thank you all for joining us on day two of the Wolfe FinTech Forum. Really happy to have everybody here. It's been a really intense, you know, and interesting couple of days so far. A lot of ...

Financial Data and Key Metrics Changes - Total company Q4 adjusted revenue was $4.9 billion, flat year-over-year, with adjusted operating income of $1.7 billion, resulting in an adjusted operating margin of 34.9% [22] - Full year total company adjusted revenue reached $19.8 billion, up 4%, with adjusted operating income of $7.4 billion, resulting in an adjusted operating margin of 37.4%, a decrease of 200 basis points [22] - Total company organic revenue was roughly flat, down approximately 40 basis points in Q4, resulting in annual organic revenue growth of 3.8% [22] Business Line Data and Key Metrics Changes - Merchant Solutions grew 6% organically for the year, while Financial Solutions grew 2% [22] - Q4 adjusted earnings per share was $1.99, with annual adjusted earnings per share of $8.64, above the guidance range of $8.50-$8.60 [22] - Merchant Solutions organic revenue growth was 1% for the quarter, while adjusted revenue grew 2% [23] - Clover revenue grew 12% in Q4, 2 percentage points higher than guidance, with Clover volume growth of 6% on a reported basis [24] Market Data and Key Metrics Changes - Clover Capital grew 30% in 2025 in North America, indicating significant upside potential [11] - Internationally, the launch in Brazil was highly successful, with results tracking ahead of plan [11] - Canada experienced strong growth in 2025, expected to accelerate with a new strategic relationship with TD [11] Company Strategy and Development Direction - The company is focused on a client-first mindset, building a preeminent small business operating platform through Clover, and delivering operational excellence enabled by AI [7] - The One Fiserv plan is integrated into the 2026 strategy, emphasizing disciplined capital allocation and operational efficiency [6][18] - The company aims to leverage new technologies, especially AI, to capitalize on opportunities in embedded finance and stablecoins [20] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the multi-quarter path towards delivering strong, sustainable operating performance [4] - The company acknowledged that Q4 results were below expectations but emphasized the importance of investing in the franchise [5] - Management is confident in the strategy and ability to execute, highlighting the unique position in the financial ecosystem [19] Other Important Information - The company repurchased 3 million shares during the quarter for approximately $200 million and paid down over $1 billion in debt [29] - Project Elevate incurred $73 million of expenses in Q4, with ongoing one-time costs expected in 2026 [29] Q&A Session Summary Question: Can you touch on whether the review of the business has accomplished everything needed? - Management feels great about the progress and is confident in the numbers going forward, with no new surprises [36] Question: Can you provide an update on digital payments and pricing actions? - Management noted sequential improvement in digital payments and good volume growth, particularly in debit processing [40][42] Question: How much of the expenses for One Fiserv are structural versus one-time? - Management indicated that expenses related to One Fiserv are largely baked in, with some increase expected as the project broadens [48] Question: What do you expect from the non-Clover part of SMB? - Management expects slight growth in the non-Clover SMB for next year, with Argentina no longer being a growth factor [54] Question: Can you discuss Clover yield and areas for durable value? - Management is optimistic about yield growth through vertical expansions and value-added services embedded in Clover [60]