Selected Financial Data
since 2005
Income Statement
Fiserv Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue | Operating income | Net income attributable to Fiserv, Inc. |
|---|---|---|---|
| Dec 31, 2021 | 16,226) | 2,288) | 1,334) |
| Dec 31, 2020 | 14,852) | 1,852) | 958) |
| Dec 31, 2019 | 10,187) | 1,609) | 893) |
| Dec 31, 2018 | 5,823) | 1,753) | 1,187) |
| Dec 31, 2017 | 5,696) | 1,532) | 1,246) |
| Dec 31, 2016 | 5,505) | 1,445) | 930) |
| Dec 31, 2015 | 5,254) | 1,311) | 712) |
| Dec 31, 2014 | 5,066) | 1,210) | 754) |
| Dec 31, 2013 | 4,814) | 1,061) | 648) |
| Dec 31, 2012 | 4,482) | 1,056) | 611) |
| Dec 31, 2011 | 4,337) | 996) | 472) |
| Dec 31, 2010 | 4,133) | 1,007) | 496) |
| Dec 31, 2009 | 4,077) | 946) | 476) |
| Dec 31, 2008 | 4,739) | 890) | 569) |
| Dec 31, 2007 | 3,922) | 730) | 439) |
| Dec 31, 2006 | 4,544) | 744) | 450) |
| Dec 31, 2005 | 4,059) | 745) | 516) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2021 is characterized by two distinct phases: a period of moderate, steady expansion followed by a phase of rapid revenue acceleration beginning in 2019.
- Revenue Trends
- Revenue exhibited gradual growth from 2005 to 2018, rising from 4,059 million to 5,823 million. A substantial inflection point occurred in 2019, where revenue increased to 10,187 million, followed by a further surge to 16,226 million by 2021. This represents a significant shift in the scale of operations over a three-year period.
- Operating Income Analysis
- Operating income demonstrated a consistent upward trend for the majority of the period, growing from 745 million in 2005 to 1,753 million in 2018. A temporary contraction is observed in 2019, with operating income falling to 1,609 million despite the sharp increase in revenue. This indicates a period of margin compression or increased operating costs associated with the expansion. Growth recovered in the subsequent years, reaching 2,288 million by 2021.
- Net Income and Profitability
- Net income attributable to the company showed more volatility than revenue or operating income. After peaking at 1,246 million in 2017, net income declined to 893 million in 2018 and 2019. A recovery trend followed, ending at 1,334 million in 2021. The disparity between the massive revenue growth after 2019 and the more modest recovery in net income suggests the impact of significant non-operating expenses, such as interest or acquisition-related charges, during the latter stage of the analyzed period.
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Balance Sheet: Assets
Fiserv Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 18,870) | 76,249) |
| Dec 31, 2020 | 16,219) | 74,619) |
| Dec 31, 2019 | 17,046) | 77,539) |
| Dec 31, 2018 | 2,224) | 11,262) |
| Dec 31, 2017 | 1,975) | 10,289) |
| Dec 31, 2016 | 1,728) | 9,743) |
| Dec 31, 2015 | 1,506) | 9,340) |
| Dec 31, 2014 | 1,486) | 9,337) |
| Dec 31, 2013 | 1,572) | 9,513) |
| Dec 31, 2012 | 1,412) | 8,497) |
| Dec 31, 2011 | 1,356) | 8,548) |
| Dec 31, 2010 | 1,417) | 8,281) |
| Dec 31, 2009 | 1,277) | 8,378) |
| Dec 31, 2008 | 2,145) | 9,331) |
| Dec 31, 2007 | 4,204) | 11,846) |
| Dec 31, 2006 | —) | 6,208) |
| Dec 31, 2005 | —) | 6,040) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset structure exhibits two distinct phases: a period of relative stability and moderate fluctuations between 2005 and 2018, followed by a massive structural expansion starting in 2019. Total assets grew from $6,040 million in 2005 to a peak of $77,539 million in 2019, representing a significant transformation in the scale of the balance sheet.
- Total Asset Evolution
- Between 2005 and 2018, total assets remained largely contained, fluctuating between $8,281 million and $11,846 million. A notable peak occurred in 2007 at $11,846 million, followed by a contraction and a period of stagnation throughout the following decade. However, a critical inflection point occurred in 2019, where total assets increased nearly seven-fold to $77,539 million, remaining at a high plateau of approximately $74,619 million to $76,249 million through 2021.
- Current Asset Dynamics
- Current assets displayed significant volatility in the early part of the period, peaking at $4,204 million in 2007 before declining sharply to $1,277 million by 2009. For the subsequent nine years, current assets remained relatively low, generally oscillating between $1,300 million and $2,200 million. Mirroring the trend in total assets, a substantial surge was recorded in 2019, with current assets rising to $17,046 million and further increasing to $18,870 million by 2021.
- Asset Composition and Liquidity Shift
- The proportion of current assets relative to total assets shifted following the 2019 expansion. Prior to 2019, current assets typically represented a smaller fraction of the total asset base. Post-2019, current assets constituted a more significant portion of the total balance sheet, rising from approximately 19.7% of total assets in 2018 to approximately 24.7% by 2021, indicating a change in the overall liquidity profile of the entity.
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Balance Sheet: Liabilities and Stockholders’ Equity
Fiserv Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Total Fiserv, Inc. shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 18,295) | 44,299) | 21,237) | 30,952) |
| Dec 31, 2020 | 15,637) | 41,290) | 20,684) | 32,330) |
| Dec 31, 2019 | 15,727) | 42,682) | 21,899) | 32,979) |
| Dec 31, 2018 | 2,010) | 8,969) | 5,959) | 2,293) |
| Dec 31, 2017 | 1,938) | 7,558) | 4,900) | 2,731) |
| Dec 31, 2016 | 1,820) | 7,202) | 4,562) | 2,541) |
| Dec 31, 2015 | 1,502) | 6,680) | 4,293) | 2,660) |
| Dec 31, 2014 | 1,486) | 6,042) | 3,803) | 3,295) |
| Dec 31, 2013 | 1,332) | 5,928) | 3,848) | 3,585) |
| Dec 31, 2012 | 1,105) | 5,080) | 3,230) | 3,417) |
| Dec 31, 2011 | 1,384) | 5,290) | 3,395) | 3,258) |
| Dec 31, 2010 | 891) | 5,052) | 3,356) | 3,229) |
| Dec 31, 2009 | 1,161) | 5,352) | 3,641) | 3,026) |
| Dec 31, 2008 | 2,047) | 6,737) | 4,105) | 2,594) |
| Dec 31, 2007 | 3,754) | 9,379) | 5,405) | 2,467) |
| Dec 31, 2006 | —) | 3,782) | 747) | 2,426) |
| Dec 31, 2005 | —) | 3,574) | 595) | 2,466) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial structure experienced two distinct phases between 2005 and 2021. The first phase, spanning from 2005 to 2018, was characterized by gradual growth and relative stability in liabilities and equity. The second phase, beginning in 2019, shows a significant and abrupt expansion of the balance sheet across all tracked metrics, indicating a major structural shift in the organization's capital composition.
- Liability Trends
- Total liabilities remained under 9 billion US dollars from 2005 through 2018. A substantial increase occurred in 2019, where liabilities rose to 42.6 billion US dollars, eventually reaching 44.3 billion US dollars by 2021. Current liabilities followed a similar trajectory, spiking from approximately 2 billion US dollars in 2018 to over 15 billion US dollars in 2019, and further increasing to 18.3 billion US dollars by the end of 2021.
- Debt Obligations
- Total debt exhibited a steady increase from 595 million US dollars in 2005 to 5.9 billion US dollars in 2018. In 2019, total debt increased sharply to 21.9 billion US dollars. This figure remained relatively stable over the following two years, concluding at 21.2 billion US dollars in 2021.
- Shareholders' Equity
- Equity levels remained relatively flat for over a decade, fluctuating between 2.2 billion and 3.6 billion US dollars from 2005 to 2018. A dramatic shift occurred in 2019, with equity surging to 32.9 billion US dollars. A slight downward trend followed in the subsequent years, resulting in a balance of 30.9 billion US dollars by December 31, 2021.
- Capital Structure Transformation
- The proportional relationship between debt and equity shifted fundamentally in 2019. Prior to this year, total debt consistently exceeded shareholders' equity, indicating a higher reliance on borrowed capital. Following the expansion in 2019, shareholders' equity became the dominant component of the capital structure, significantly outweighing total debt and suggesting a fundamental change in financing strategy or the impact of a large-scale corporate transaction.
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Cash Flow Statement
Fiserv Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 4,034) | (1,630) | (1,741) |
| Dec 31, 2020 | 4,147) | (341) | (3,836) |
| Dec 31, 2019 | 2,795) | (16,602) | 14,191) |
| Dec 31, 2018 | 1,552) | (663) | (842) |
| Dec 31, 2017 | 1,483) | (657) | (820) |
| Dec 31, 2016 | 1,431) | (554) | (852) |
| Dec 31, 2015 | 1,346) | (360) | (1,005) |
| Dec 31, 2014 | 1,307) | (286) | (1,126) |
| Dec 31, 2013 | 1,039) | (148) | (873) |
| Dec 31, 2012 | 835) | (138) | (706) |
| Dec 31, 2011 | 953) | (665) | (498) |
| Dec 31, 2010 | 958) | (116) | (671) |
| Dec 31, 2009 | 850) | (248) | (601) |
| Dec 31, 2008 | 775) | 206) | (1,713) |
| Dec 31, 2007 | 564) | (4,474) | 4,023) |
| Dec 31, 2006 | 635) | (261) | (373) |
| Dec 31, 2005 | 597) | (429) | (500) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Operating cash flows demonstrate a consistent and accelerating upward trajectory over the analyzed period. From 2005 to 2018, net cash provided by operating activities grew steadily from 597 million US dollars to 1,552 million US dollars. This growth transitioned into a period of rapid expansion starting in 2019, where cash flows surged to 2,795 million US dollars, eventually peaking at 4,147 million US dollars in 2020 before stabilizing at 4,034 million US dollars in 2021.
- Investment and Financing Volatility
- The data reveals two distinct periods of high-magnitude capital activity. In 2007, a significant investing outflow of 4,474 million US dollars was largely offset by a financing inflow of 4,023 million US dollars. A far more substantial event occurred in 2019, characterized by a massive investing outflow of 16,602 million US dollars, which was supported by a financing inflow of 14,191 million US dollars. These patterns suggest large-scale strategic acquisitions or capital investments funded primarily through external financing.
- Operational Efficiency and Cash Generation
- The relationship between operating cash flow and investing activities shifted markedly after 2018. While operating cash flows grew linearly for over a decade, the jump observed between 2018 and 2020 indicates a significant increase in the company's ability to generate cash from its core business operations, coinciding with the period of largest capital deployment.
- Financing Trends
- Outside of the major capital events in 2007 and 2019, financing activities remained consistently negative from 2008 to 2018, with annual outflows ranging between 498 million and 1,713 million US dollars. This suggests a disciplined approach to debt repayment or shareholder returns during that decade. Following the 2019 financing surge, the company returned to net financing outflows in 2020 and 2021, with 3,836 million and 1,741 million US dollars respectively.
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Per Share Data
Fiserv Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 2.01 | 1.99 | 0.00 |
| Dec 31, 2020 | 1.42 | 1.40 | 0.00 |
| Dec 31, 2019 | 1.74 | 1.71 | 0.00 |
| Dec 31, 2018 | 2.93 | 2.87 | 0.00 |
| Dec 31, 2017 | 2.95 | 2.89 | 0.00 |
| Dec 31, 2016 | 2.11 | 2.08 | 0.00 |
| Dec 31, 2015 | 1.52 | 1.50 | 0.00 |
| Dec 31, 2014 | 1.52 | 1.49 | 0.00 |
| Dec 31, 2013 | 1.24 | 1.22 | 0.00 |
| Dec 31, 2012 | 1.13 | 1.11 | 0.00 |
| Dec 31, 2011 | 0.83 | 0.82 | 0.00 |
| Dec 31, 2010 | 0.83 | 0.82 | 0.00 |
| Dec 31, 2009 | 0.77 | 0.77 | 0.00 |
| Dec 31, 2008 | 0.88 | 0.88 | 0.00 |
| Dec 31, 2007 | 0.66 | 0.65 | 0.00 |
| Dec 31, 2006 | 0.65 | 0.64 | 0.00 |
| Dec 31, 2005 | 0.69 | 0.68 | 0.00 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share earnings performance exhibits a long-term growth trajectory characterized by a period of stability, a phase of accelerated expansion, a significant contraction, and a subsequent recovery.
- Earnings Per Share Trends
- From 2005 to 2011, earnings per share remained relatively range-bound, with diluted EPS fluctuating between 0.64 and 0.88. A period of sustained growth began in 2012, during which basic EPS climbed from 1.13 to a peak of 2.95 in 2017. This upward trend was followed by a sharp decline starting in 2019, with basic EPS dropping to 1.42 by 2020. A recovery phase is evident in 2021, where basic EPS rose back to 2.01.
- Analysis of Dilution
- A minimal variance is observed between basic and diluted earnings per share throughout the entire period. The narrow gap indicates that dilutive instruments, such as stock options or convertible securities, had a negligible impact on the earnings attributable to common shareholders.
- Dividend Policy
- There were no dividend payments recorded per share between 2005 and 2021. This absence of distributions suggests a capital allocation strategy focused on the retention of earnings for internal reinvestment or other corporate financial objectives.
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