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Arphra AIPlain-English read on Fiserv, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $16.23B | $17.74B | $19.09B | $20.46B | $21.19B | $20.05B | $20.87B | $21.69B | $22.71B |
| Cost of revenue | $8.13B | $7.99B | $7.67B | $8.01B | $8.61B | $8.2B | $8.3B | $8.55B | $9.09B |
| Gross profit | $8.1B | $9.75B | $11.42B | $12.44B | $12.58B | $11.9B | $12.18B | $13.28B | $13.26B |
| Gross margin | +49.91% | +54.94% | +59.83% | +60.83% | +59.36% | +59.35% | +58.39% | +61.24% | +58.40% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $5.81B | $6.06B | $6.58B | $6.56B | $6.88B | $6.71B | $6.89B | $7.34B | $7.43B |
| Total operating expenses | $5.81B | $6.01B | $6.41B | $6.56B | $6.88B | $6.67B | $7.03B | $7.16B | $7.55B |
| Operating income | $2.29B | $3.74B | $5.01B | $5.88B | $5.7B | $5.42B | $5.86B | $5.78B | $6.07B |
| Operating margin | +14.10% | +21.09% | +26.26% | +28.74% | +26.89% | +27.05% | +28.07% | +26.67% | +26.72% |
| EBITDA | $5.56B | $6.83B | $8.02B | $8.84B | $8.96B | $8.41B | $8.89B | $9.09B | $9.77B |
| EBIT | $2.36B | $3.66B | $4.9B | $5.74B | $5.79B | $5.55B | $5.61B | $5.96B | $5.95B |
| Below the line | |||||||||
| Interest expense | $696M | $746M | $1B | $1.24B | $1.49B | $1.22B | $1.29B | $1.29B | $1.43B |
| Interest income | $3M | $13M | $28M | $43M | $0 | $23.64M | $25.38M | $25.89M | $27.22M |
| Other income / expense | -$522M | -$607M | -$1.13B | -$2.06B | -$1.4B | — | — | — | — |
| Pre-tax income | $1.77B | $3.13B | $3.88B | $3.82B | $4.3B | $4.06B | $4.03B | $4.37B | $4.36B |
| Income tax expense | $363M | $551M | $754M | $641M | $811M | $710.73M | $756.1M | $791.67M | $824.79M |
| Earnings | |||||||||
| Net income | $1.33B | $2.53B | $3.07B | $3.13B | $3.48B | $3.16B | $3.23B | $3.53B | $3.64B |
| Net income · continuing ops | $1.4B | $2.58B | $3.13B | $3.18B | $3.49B | $3.32B | $3.42B | $3.4B | $3.59B |
| Net margin | +8.22% | +14.26% | +16.07% | +15.31% | +16.42% | +15.78% | +15.48% | +16.28% | +16.02% |
| EPS · basic | $2.01 | $3.94 | $5.02 | $5.41 | $6.34 | $8.14 | $8.93 | $10.39 | $12.51 |
| EPS · diluted | $1.99 | $3.90 | $4.98 | $5.38 | $6.34 | $8.14 | $8.95 | $10.38 | $12.59 |
| EPS · low estimate | — | — | — | — | — | $8.03 | $8.75 | $9.13 | $12.23 |
| EPS · high estimate | — | — | — | — | — | $8.24 | $9.17 | $11.68 | $12.81 |
| Shares · basic | 662.6M | 642.3M | 611.7M | 578.7M | 549M | 549.79M | 550.2M | 550.82M | 550.42M |
| Shares · diluted | 671.6M | 647.9M | 615.9M | 582.1M | 549M | 543.69M | 546.53M | 543.51M | 545.54M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 22 | 22 | 15 | 11 |
| Analysts (EPS) | — | — | — | — | — | 22 | 22 | 9 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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