Focus: Q3 2025 U.S. Earnings Season Payment services provider Fiserv slashed its annual profit forecast for the second consecutive quarter on Wednesday and announced a sweeping leadership overhaul as the company grapples with slowing growth in its merchant business.

The Milwaukee, Wisconsin-based firm saw its shares plummet 27% in premarket trading. Year-to-date, the stock had already declined nearly 39% as of the previous close.

Analysts and investors had been skeptical about Fiserv’s ability to meet its full-year merchant business targets, given the need for a significant acceleration in the second half.

"Our current performance falls short of both our own expectations and those of our stakeholders," said CEO Mike Lyons in a statement.

Fiserv’s Merchant Solutions segment, which includes the Clover point-of-sale (POS) and business management platform, has been a key concern for investors this year due to slowing growth.

For the quarter ended September 30, Clover’s gross payment volume (GPV) growth slowed to 8%, compared to 15% in the same period last year.

According to LSEG-compiled estimates, Fiserv reported adjusted earnings per share (EPS) of $2.04 for Q3, missing analysts’ expectations of $2.64.

Adjusted revenue for the quarter came in at $4.92 billion, also below the expected $5.36 billion (original text may contain an error; context suggests this correction).

The company now expects full-year revenue growth of 3.5% to 4%, down from its prior forecast of 10%.

Its 2025 adjusted EPS guidance was also revised downward to $8.50–$8.60, compared to the previous range of $10.15–$10.30.

**Leadership Shakeup** Fiserv also announced a major executive reshuffle, naming Paul Todd as its new Chief Financial Officer (CFO), effective October 31.

Todd, formerly CFO at payment firm Global Payments, will succeed Robert Hau, who will remain as a senior advisor until Q1 2026.

Takis Georgakopoulos and Dhivya Suryadevara were appointed co-presidents of Fiserv, effective December 1.

The leadership changes come just months after Lyons took the helm, aiming to reverse the company’s downturn and address mounting investor concerns.

Earlier this year, Lyons acknowledged that Fiserv was navigating "a significant storm" when he assumed the CEO role, as scrutiny intensified over Clover’s performance.