Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Fiserv Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Revenue and Segment Analysis
- The overall revenue exhibited a general upward trend from March 2017 to March 2022, rising from approximately $1.39 billion to over $4.13 billion in the latest quarter. The revenue grew steadily, with a notable surge beginning in the third quarter of 2019, reaching a peak in the fourth quarter of 2021. The "Processing and services" segment was the predominant contributor to revenue, increasing substantially from $1.18 billion in early 2017 to $3.36 billion by March 2022, with a marked acceleration starting in late 2019. The Product segment showed more volatility and smaller scale relative to processing, but also exhibited growth, particularly after mid-2019, rising from $200 million range in 2017 to over $770 million in the first quarter of 2022.
- Cost Trends
- Cost of revenue, combining processing and product costs, escalated consistently, paralleling revenue increases. Processing costs rose from about $570 million in early 2017 to a high of nearly $1.66 billion in late 2021 before slightly declining in the first quarter of 2022. Product costs increased in a similar pattern, jumping notably after mid-2019 from around $175 million to over $540 million. The total cost of revenue thus rose in line with the expanding revenue base, which reflects the scaling of business operations and possibly increased expenses related to growth or integration.
- Profitability Metrics
- Gross profit showed growth but with some irregularities, climbing to as much as $2.1 billion by the end of 2021. Despite revenue growth, gross profit demonstrated sensitivity to rising costs, which compressed margins at various intervals. Operating income exhibited fluctuations, with an initial peak in early 2018, a dip in mid-2020 coinciding with lower operating income ($165 million in Q2 2020), and substantial recovery thereafter. The recovery phase resulted in the highest operating income figure of $846 million in the first quarter of 2022, suggesting improved operational efficiency or higher-margin revenue mix in recent periods.
- Operating Expenses
- Selling, general and administrative expenses (SG&A) steadily increased over the entire period from $277 million to $1.47 billion, though this increase was less rapid than revenue growth, indicating some operating leverage. There was a minor reduction in SG&A between late 2020 and early 2021, but the costs resumed rising thereafter. This trend reflects overall expansion in business activities, although the growth rate of SG&A expense did not outpace revenue growth drastically.
- Financing and Other Income Elements
- Interest expense increased moderately over time, from roughly $42 million in early 2017 to near $170 million in early 2022, reflecting either higher debt levels or changes in interest rates. Gains and losses on sale of assets showed sporadic positive spikes, notably a gain of over $431 million in Q4 2019 and $147 million in Q1 2022, suggesting occasional disposal of assets or investments. Other income or expenses fluctuated without a clear trend but peaked positively towards 2021 and early 2022, which may have contributed positively to the bottom line.
- Income and Taxation
- Income from continuing operations generally trended upward, though with a sharp dip mid-2020 aligning with the broader market impacts of that period, falling to a low of $9 million in Q2 2020 before rebounding strongly. Net income followed a similar pattern, ranging from $247 million in Q1 2017 to a peak of $682 million in Q1 2022, albeit with volatility in between. Income tax provisions fluctuated substantially, including a sizeable tax benefit in Q4 2017, and significant tax charges later, especially in 2021, which impacted net income variability.
- Noncontrolling Interests
- Net income attributable to noncontrolling interests displayed minor but increasing negative values over time, from a slightly negative or near zero position early on to about -$22 million in Q4 2021 and then improving to -$13 million by Q1 2022. This suggests a modest increase in the proportion of earnings attributable to minority interests, slightly reducing the net income attributable to Fiserv, Inc.
- Summary of Observations
- The company experienced sustained revenue growth primarily driven by the processing and services segment, with significant scaling starting in late 2019. Costs increased in parallel but were generally managed to maintain profitability, with gross profits and operating income improving especially after recovery from mid-2020 lows. The increased SG&A expenses and interest costs reflect enlargement of business operations and financing activities. Exceptional items such as asset sales affected certain quarters positively. The net income fluctuated but ended at substantially higher levels in early 2022 compared to 2017, signaling overall financial and operational improvement despite intermittent periods of volatility and challenging conditions.