Fiserv, Inc. (FISV)
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Zscaler: the zero-trust growth story still has to turn into clean GAAP profit
Zscaler reported FY2025 revenue of $2.7 billion and Q2 FY2026 revenue of $815.8 million. The thesis depends on zero-trust demand, large-customer expansion, billings quality, operating leverage, stock compensation and cash conversion.
OpenFISV: Fiserv is a payments scale and integration test
Fiserv reported FY2025 revenue of $21.2 billion and Q1 2026 revenue of $5.0 billion. The thesis depends on merchant acquiring, issuer processing, bank technology, operating leverage, integration discipline and capital allocation.
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