Fiserv holds its 2026 outlook after a revenue miss and plans $500m of buybacks

Third-quarter revenue was $4.85B against $4.94B expected, while the company raised its Project Elevate savings target to $1bn.

Fiserv missed Wall Street's revenue forecast for the third quarter and left its 2026 outlook unchanged. Revenue was $4.85B against $4.94B expected. Earnings per share of $1.75 were in line with expectations.

The company still expects organic revenue of -1% to 0% for the year and adjusted earnings per share of $7.20 to $7.40. Paul Todd, the chief financial officer, said second-half initiatives are on track to support an acceleration in fourth-quarter revenue.

That confidence is what has brought the buyback forward. Fiserv expects to repurchase $500m of its common stock in the fourth quarter, earlier than planned. Spending cash on its own shares before the revenue pickup has shown up looks like a bet on management's forecast, not a reward for the quarter just reported.

The better news is on costs. Fiserv raised its projected savings under Project Elevate to $1bn, up from a prior estimate of $500m.