Fiserv Reports Q3 2026 Results: $6.45B Goodwill Impairment, Raises Cost Savings Target to $1B

Executive Summary

On November 3, 2026, Fiserv, Inc. (NASDAQ: FISV) filed a Form 8-K under Item 2.02 detailing its financial results for the third quarter ended September 30, 2026. Headline performance was headlined by a massive non-cash goodwill impairment charge of $6.45 billion, resulting in a GAAP diluted loss per share of $(11.17). On an adjusted basis, earnings per share came in at $1.75. The company reaffirmed its full-year 2026 outlook, raised its Project Elevate cost-saving target to $1.0 billion, and announced plans to repurchase $500 million in common stock during Q4 2026.

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Key Financial Highlights

• Revenue:
  • GAAP Revenue: $5.196 billion, down 1% compared to $5.263 billion in Q3 2025.
  • Adjusted Revenue: $4.85 billion, down 1% YoY.
  • Organic Revenue: Flat YoY (0%).
• Profitability & Margins:
  • GAAP Diluted EPS: $(11.17), compared to prior-year positive earnings, driven by a $6.45 billion non-cash goodwill impairment charge.
  • Adjusted EPS: $1.75 for Q3 2026 ($5.38 for the first nine months).
  • Adjusted Operating Margin: 31.2%, down 580 bps from 37.0% in Q3 2025.
• Cash Flow:
  • Operating Cash Flow: $3.09 billion for 9M 2026 compared to $4.12 billion in 9M 2025.
  • Free Cash Flow: $2.04 billion for 9M 2026 compared to $2.88 billion in 9M 2025.

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Segment Performance

• Merchant Solutions:
  • GAAP revenue declined 3% YoY; organic revenue declined 2% YoY.
  • Adjusted operating margin compressed to 28.7% compared to 37.2% in Q3 2025.
• Financial Solutions:
  • GAAP revenue was flat YoY; organic revenue grew 2% YoY.
  • Adjusted operating margin was 38.1% compared to 42.5% in Q3 2025.

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Strategic Initiatives & Full-Year 2026 Guidance

1. Full-Year 2026 Outlook Reaffirmed:
   • Organic revenue growth: (1%) to 0%.
   • Adjusted EPS: $7.20 to $7.40.
2. Project Elevate Target Doubled:
   • Projected cost savings under Project Elevate increased to $1.0 billion (up from the prior target of $500 million) following operational reviews and portfolio rationalization.
3. Portfolio Actions Completed:
   • Closed the sale of the student loan servicing business.
   • Completed the formation of the MoneyPass Group joint venture (retaining a minority stake).
4. Capital Return:
   • Resuming share repurchases earlier than expected with $500 million allocated for Q4 2026.