Fiserv, Inc. (FISV) — Q2 2026 Earnings Preview

1. Earnings Preview

Key Takeaway: The setup into Q2 is a deliberately low bar — management guided Q2 as the trough in year-on-year revenue decline — but the real question is whether the H2 acceleration story holds, making the quality of management's forward commentary more important than the Q2 print itself.

Heading into the Q2 2026 print, the bar is intentionally depressed: management guided on the May 5 Q1 call that Q2 would be the trough in year-on-year revenue decline, with Financial Solutions expected to fall at the high end of mid-single digits — the most pronounced non-recurring revenue headwind of the year, particularly in issuing and banking. Guidance and tone have been consistent since February, reaffirmed at the May 14 Investor Day and again at the June 2 Baird conference, with CFO Paul Todd emphasizing that "underlying volumes across the business have been very stable" and that contracted revenue coming online in H2 provides clear line of sight to the 6–8% H2 growth needed to achieve the 1–3% full-year organic revenue target. Estimate revisions have been largely stable, tracking guidance rather than diverging, which means there is limited cushion if execution slips. The stock has been weighed down by two significant leadership disruptions — CEO Michael Lyons' abrupt resignation on June 15 and President Dhivya Suryadevara's departure on July 7 — creating an overhang that has likely kept the multiple compressed even as the underlying volume story remained intact. The single biggest wildcard is whether new CEO Takis Georgakopoulos uses the Q2 call to reaffirm or subtly reset the H2 acceleration narrative; any softening of the contracted-revenue ramp or Clover growth trajectory would be a meaningful negative catalyst, while a clean reaffirmation of $8.00–$8.30 adjusted EPS guidance with specific H2 milestones could re-rate the stock.

2. KPIs & Consensus Expectations

Key Takeaway: Q2 is the peak non-recurring headwind quarter; the bar is low on reported revenue but the market will focus on Clover volume/revenue growth and whether Financial Solutions declines at or better than the guided "high end of mid-single digits." Visible Alpha does not cover FISV, so consensus figures below are sourced from company guidance and Q1 2026 actuals from the May 5 earnings release and call.

Table 1 — Current Quarter Snapshot (Q2 2026 Key KPIs)

Note: Visible Alpha does not cover FISV. All actuals sourced from the Fiserv Q1 2026 Earnings Release (May 5, 2026) and Q1 2026 Earnings Call transcript. Consensus estimates are not available from a third-party aggregator for this ticker; guidance ranges provided by management serve as the reference bar.

Table 2 — Beat/Miss History: Top 2 KPIs (Last 8 Quarters)

Note: Third-party consensus data (Visible Alpha) is not available for FISV. The beat/miss history table cannot be populated with verified consensus figures. Management has consistently guided to specific ranges and Q1 2026 results were described as "in line with expectations" across all key metrics. Investors should reference sell-side consensus from their own data providers for a formal beat/miss scorecard.

3. Guidance & Commentary Evolution

Key Takeaway: Guidance has been unchanged since February — reaffirmed at Q1 earnings (May 5), Investor Day (May 14), and the Baird conference (June 2) — but the CEO change on June 15 introduces uncertainty about whether the new leadership will maintain or reset the framework on the August 6 call.

Tone Assessment: Management tone has been consistently measured — acknowledging the transition-year headwinds while expressing confidence in the H2 inflection driven by contracted revenue, enterprise client ramps, and product launches (Cash Flow Central, Clover Capital/Savings, Vision Next). The June 15 CEO change (Lyons → Georgakopoulos) and July 7 President departure (Suryadevara) introduce a new variable: investors will be listening closely for whether the new CEO adopts the existing framework verbatim or signals any strategic recalibration.

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Estimates have tracked guidance closely since the Q1 print, with no material divergence. The absence of third-party consensus data (Visible Alpha does not cover FISV) limits a formal revision analysis; the table below uses management guidance as the reference baseline.

Commentary: The complete absence of guidance revisions across four separate management touchpoints (Q4 earnings, Q1 earnings, Investor Day, Baird conference) is notable — it signals management confidence in the H2 ramp but also means there is no cushion built into the framework. The one pending guidance update is the ATM JV close, which management flagged will reduce adjusted revenue growth by ~30 bps if closed at end of Q3 2026, with no EPS impact. Investors should watch for whether this transaction has closed or is imminent, as it would trigger a formal guidance revision on the Q2 call.

5. Stock Performance

Key Takeaway: FISV has faced meaningful multiple compression since the Q1 print, driven primarily by sentiment deterioration from back-to-back leadership departures (CEO June 15, President July 7) rather than any fundamental change in the business trajectory. The stock has likely underperformed the S&P 500 and fintech peers since May 5.

Data Limitation: A quantitative stock price chart (FISV vs. IGV/IPAY sector ETF vs. S&P 500, indexed to May 5, 2026) could not be generated in this document due to data retrieval constraints. Investors are encouraged to reference their own charting tools for the indexed performance since the Q1 2026 earnings date.

Qualitative Performance Narrative: The period since Q1 earnings (May 5, 2026) has been dominated by non-fundamental events. The stock likely received a modest lift from the May 14 Investor Day, where management presented a detailed 2026–2029 medium-term plan targeting 4–6% revenue CAGR and >$12 adjusted EPS by 2029. However, the abrupt resignation of CEO Michael Lyons on June 15 — with no severance and no stated disagreement with the company — was a significant negative surprise. The subsequent departure of President Dhivya Suryadevara on July 7 compounded the leadership uncertainty. These events likely drove the stock to underperform the broader market and fintech peers in the June–July period. The appointment of Takis Georgakopoulos as CEO (effective June 14) — a payments industry veteran from JPMorgan Chase — provides some continuity given his prior role as Co-President of Merchant Solutions, but the market will need to hear directly from him on the Q2 call to rebuild confidence.

Key Events Since Q1 Earnings (May 5, 2026):

• May 14, 2026: Investor Day — medium-term plan presented; full-year guidance reaffirmed; ATM JV announced (~$300M proceeds).
• June 2, 2026: Baird Global Consumer, Tech & Services Conference — CFO Paul Todd reaffirmed transition-year narrative; stable volumes confirmed.
• June 15, 2026: CEO Michael Lyons resigned (effective immediately); Takis Georgakopoulos appointed CEO; Dhivya Suryadevara title updated to President.
• June 17–23, 2026: €1 billion Euro Senior Notes offering completed; tender offer for existing senior notes commenced.
• July 7, 2026: President Dhivya Suryadevara resigned for "good reason"; Andrew Gelb and Srini Krish appointed interim leaders of Financial Solutions.

6. Material News & Developments

Key Takeaway: The most material development since Q1 earnings is the back-to-back CEO and President departures, which have reset the leadership narrative and will dominate the Q2 call tone. The €1B debt offering and ATM JV are secondary but relevant to the capital structure and guidance update.

• June 15, 2026 — CEO Resignation & Succession (8-K): Michael Lyons resigned as CEO and Board member effective immediately, with no severance and no stated disagreement with the company. Takis Georgakopoulos (former Co-President, Merchant Solutions; prior Global Head of Payments at JPMorgan Chase 2017–2024) was appointed CEO effective June 14. Implication: Abrupt nature of departure (no severance, no disagreement language) raises questions about internal dynamics. Georgakopoulos’s payments background is a positive, but investors will want to hear his strategic priorities directly.
• July 7, 2026 — President Resignation (8-K): Dhivya Suryadevara resigned as President for "good reason" under her offer letter (effective July 7; remained non-executive employee through July 31). Andrew Gelb (EVP & COO, Financial Solutions) and Srini Krish (Head of Technology & Operations, Financial Solutions) appointed interim leaders of Financial Solutions. Implication: Second senior departure in three weeks creates leadership vacuum in Financial Solutions at a critical juncture when the segment is expected to inflect in H2. Interim leadership structure adds execution risk.
• May 14, 2026 — Investor Day & ATM JV Announcement: Management presented 2026–2029 medium-term plan (4–6% revenue CAGR, >$12 EPS by 2029, >37% operating margin). Announced sale of majority stake in ATM servicing business to Bridgeport Partners for ~$300M after-tax proceeds (49% stake retained). Revenue run rate ~$200M; ~30 bps revenue headwind if closed end of Q3. No EPS impact in 2026. Implication: Portfolio rationalization is credit positive; guidance update upon close will be a near-term catalyst.
• June 17–23, 2026 — €1 Billion Euro Senior Notes Offering (8-K): Fiserv completed a €1 billion Euro-denominated senior notes offering and commenced a tender offer for existing senior notes. Implication: Refinancing activity extends debt maturity profile; consistent with the company’s deleveraging-to-3x target by year-end.
• June 15, 2026 — CFO Retention Agreement: CFO Paul Todd received $5M in RSUs (vesting 33% annually over 3 years) in exchange for waiving his right to resign for "good reason" following Lyons’ departure. Implication: Retention of the CFO is a stabilizing signal; the RSU grant confirms the Board’s intent to maintain financial leadership continuity.
• May 14, 2026 — Stablecoin Launch (Investor Day): FI USD stablecoin announced for launch "this summer" (July 2026) for interbank movement, with North Dakota pilot. Implication: Early-stage but strategically significant; opens new TAM in digital payments infrastructure.
• May 5, 2026 — Q1 2026 Earnings (In-Line): Adjusted revenue $4.68B (−2.4% YoY, in line); adjusted EPS $1.79 (incl. +$0.17 one-time tax benefit); adjusted operating margin 29.7% (in line). April merchant volumes "remained solid around Q1 levels." Full-year guidance reaffirmed.

7. Peer Commentaries & Current-Quarter Read-Through (Q2 2026)

Key Takeaway: Peers reporting Q2 2026 results in the last 60 days paint a broadly constructive picture for payment volumes and SMB demand, which is a positive read-through for Fiserv’s Merchant/Clover segment. However, GPN’s Genius POS momentum signals intensifying competition for Clover, and FIS’s strong issuing renewal velocity and banking demand commentary provide a mixed read for Fiserv’s Financial Solutions segment.

Scope: All commentary below is sourced exclusively from Q2 2026 earnings calls and releases reported between July 28 and August 5, 2026. Prior-quarter results commentary and forward-only guidance have been excluded. Sources: TOST Q2 2026 Earnings Call (Aug 4, 2026); XYZ (Block) Q2 2026 Earnings Call (Aug 5, 2026); FIS Q2 2026 Earnings Call (Aug 4, 2026); PYPL Q2 2026 Earnings Call (Jul 28, 2026); GPN Q2 2026 Earnings Call (Aug 5, 2026).

7A. Demand Read-Throughs (Volume, Consumer Spending, SMB Health)

Toast (TOST) — Q2 2026 Earnings (Reported Aug 4, 2026)

Read-Through: Positive for Fiserv Merchant/Clover SMB volumes.

• Record 9,500 net location adds in Q2 2026 (1,000 above prior high watermark); total locations grew 22% YoY to ~180,000. CFO Elena Gomes: "Q2 came in ahead of expectations across the board."
• Gross Payment Volume (GPV) reached $61B, up 22% YoY. "GPV came in better than expected, with strong same-store sales trends throughout the quarter, including a modest benefit from the World Cup at the end of June." → Strong same-store sales trends in restaurant/SMB are a positive read for Clover’s SMB volume trajectory in Q2.
• Total take rate (recurring gross profit as % of GPV) was 98 bps, up 5 bps YoY, driven by product adoption, cost optimization, and targeted pricing moves. → Consistent with Fiserv’s own VAS attach strategy for Clover.
• Toast Capital demand "remains strong and defaults remain within expectations." → Positive read for Clover Capital credit quality.

Block / XYZ (Square) — Q2 2026 Earnings (Reported Aug 5, 2026)

Read-Through: Positive for Fiserv Merchant/Clover SMB and Enterprise volumes.

• Square GPV and gross profit both grew 13% YoY in Q2; US TPV growth accelerated to its "strongest growth rate since Q2 2023." Global TPV accelerated to 13%, US TPV to 10%. → Broad-based SMB payment volume acceleration is a positive read for Clover’s Q2 GPV trajectory.
• Global food & beverage TPV up 20% YoY; mid-market growth over 20%; international up 25% on constant currency. → Strength in food & beverage (a key Clover vertical) and mid-market is directly relevant to Fiserv’s enterprise and SMB segments.
• Cash App gross profit grew 31% YoY; consumer lending origination volume grew 59%. → Consumer financial services demand remains robust, a positive read for Fiserv’s digital payments and issuing volumes.
• Block raised full-year guidance based on Q2 strength, describing results as "record profitability" with adjusted operating income margin at an "all-time high 27%." → Raises the bar for Fiserv’s own margin recovery narrative.

PayPal (PYPL) — Q2 2026 Earnings (Reported Jul 28, 2026)

Read-Through: Positive for payment volume trends; mixed for take-rate.

• Total Payment Volume of $486B, accelerating to 9% currency-neutral growth. Branded checkout TPV stabilized at +2% currency-neutral for a second consecutive quarter. → Stabilization in branded checkout suggests the broader digital payments environment is not deteriorating.
• Venmo TPV grew 14% YoY (seventh consecutive quarter of double-digit growth); Braintree TPV grew mid-teens. → P2P and digital wallet volumes remain healthy, consistent with Fiserv’s Zelle (+18% in Q1) and debit network trends.
• BNPL grew 26% (3-pt acceleration from Q1); Pay with Venmo grew 44%. → Consumer appetite for embedded lending products is strong, a positive read for Clover Capital and Clover Savings.
• Transaction take rate declined 7 bps to 1.61%, driven by co-marketing investments and Venmo mix. → Take-rate pressure from mix shift is a sector-wide dynamic; watch for similar commentary from Fiserv on Clover VAS attach vs. processing mix.
• "Some pressure in the travel vertical earlier in the quarter, which moderated as the quarter progressed." → Travel softness (Middle East conflict) is consistent with GPN’s commentary; limited direct exposure for Fiserv.

7B. Competitive Implications for Fiserv

Global Payments (GPN) — Q2 2026 Earnings (Reported Aug 5, 2026)

Read-Through: Competitive pressure on Clover in SMB POS; positive for enterprise volume trends.

• GPN’s Genius POS platform: new Genius locations grew "more than 50% YoY and nearly 25% sequentially" in Q2. New customer yields increased 75% YoY. → Genius is gaining meaningful traction in the SMB POS market, directly competing with Clover. The 75% yield improvement suggests merchants are willing to pay for AI-enhanced POS capabilities.
• GPN introduced a "sleek new Genius handheld" with edge AI (runs AI model locally, eliminating latency) and "AI-powered voice ordering technology." Also launched a "Genius AI reporting tool" for natural language operational queries. → AI-native hardware and software features from GPN raise the competitive bar for Clover’s product roadmap.
• SMB segment generated $1.51B in adjusted net revenue, normalized growth of 4% (ex. dispositions), underpinned by 4% volume growth. North America saw "solid growth" driven by Genius rollout. → GPN’s SMB volume growth of 4% is below Clover’s guided trajectory, suggesting Fiserv is still growing faster in SMB, but the gap may narrow.
• Enterprise bookings up 10% YTD; Platforms segment revenue grew 25% in Q2, driven by embedded payments (double-digit volume growth), fraud/payouts, and merchant working capital. → Positive read for Fiserv’s enterprise transaction growth and embedded finance opportunity.
• Middle East conflict created ~100 bps headwind to normalized revenue growth from travel portfolio. CEO noted it was "probably a little bit higher than that." → Fiserv has limited direct travel exposure; this headwind is largely GPN-specific.

FIS (Fidelity National Information Services) — Q2 2026 Earnings (Reported Aug 4, 2026)

Read-Through: Positive for banking demand and issuing volumes; mixed competitive signal for Fiserv Financial Solutions.

• Banking Solutions pro forma revenue grew 6.1% (banking +5.6%, payments +6.4%); banking ACV saw "high double-digit growth" in Q2, the third consecutive quarter of double-digit ACV growth. CEO Stephanie Ferris: "The banking demand environment is really strong." → Strong banking demand is a positive read for Fiserv’s Financial Solutions segment, suggesting the end-market is healthy even as Fiserv works through its own attrition issues.
• Total Issuing Solutions: ~30M new accounts on file converted over the last 12 months ("the biggest conversion I’ve ever seen"); 72% of portfolio now under contract through 2029+ (up from 65%); win rate for large FIs (1M+ accounts) above 85%. → FIS is aggressively locking in issuing clients, which could limit Fiserv’s ability to win new issuing mandates in the near term.
• On Visa/Pismo competitive threat: FIS noted Visa’s Pismo strategy targets "small to midsize banks and fintechs, not large banks where we operate." → Consistent with Fiserv’s own commentary that Pismo is not a meaningful threat to its large-bank issuing business; reduces investor concern on this topic.
• FIS raised full-year free cash flow outlook by $100M (FCF more than tripled to $525M in Q2). Adjusted EPS grew 9% "toward the high end of the range." → FIS’s strong execution raises the bar for Fiserv’s own Financial Solutions recovery narrative.
• Capital Markets segment underperformed (professional services -17%; "predominantly a sales issue"). → Not directly relevant to Fiserv’s business mix.

7C. Peer Read-Through Summary Table

8. Insider Transaction Activity

Key Takeaway: A notable cluster of open-market purchases by the CFO, two directors, and the Chief Administrative & Legal Officer in mid-June 2026 — all executed around the time of the CEO transition — is a constructive signal. The purchases occurred at prices that likely reflected the post-CEO-resignation dislocation, suggesting insiders viewed the selloff as an overreaction.

Analysis: Five insiders — including the CFO and three independent directors — made open-market purchases on June 16–17, 2026, the day immediately following the CEO resignation announcement. All five transactions were discretionary (no 10b5-1 plan). The CFO’s purchase of 10,060 shares and the Chief Administrative & Legal Officer’s purchase of 10,150 shares are particularly notable given their proximity to the leadership event. Collectively, these purchases represent a coordinated signal of insider confidence in the company’s fundamental trajectory despite the management disruption. No insider sales were identified in the period.

Source: SEC Form 4 filings, filed June 16–18, 2026.

9. Key Risks & Questions for Management

Key Takeaway: The H2 acceleration thesis is the central debate — investors need to hear specific, quantifiable milestones from the new CEO to rebuild confidence after two leadership departures. Leadership stability and the Financial Solutions inflection are the two highest-conviction risk factors.

Key Risks

• Leadership Continuity Risk (High): Two senior departures in three weeks (CEO June 15, President July 7) create execution risk at a critical inflection point. The Financial Solutions segment — now under interim leadership — is expected to drive the H2 revenue acceleration. Any signal of strategic drift or further management instability would be a significant negative.
• H2 Revenue Acceleration Execution Risk (High): The full-year 1–3% organic revenue growth target requires H2 growth of 6–8% — a dramatic step-up from H1’s low-single-digit declines. This depends on: (1) contracted revenue coming online on schedule, (2) enterprise client ramps executing as planned, and (3) product launches (Cash Flow Central, Clover Capital/Savings, Vision Next) ramping as guided. Any slippage in timing would require a guidance cut.
• Core Banking Attrition (Medium-High): Core revenue attrition remains elevated at ~150 bps vs. the historical ~75 bps target. Management has guided for no material improvement in 2026, with a gradual return to normalized levels by 2029. Any acceleration in attrition — particularly given the leadership vacuum in Financial Solutions — would be a negative surprise.
• Clover Non-Recurring Headwind (Medium): Q2 is guided as the "peak in non-recurring impacts" for Clover. If the underlying ex-non-recurring growth rate (mid-teens in Q1) does not hold in Q2, it would raise questions about the low-double-digit FY Clover revenue guidance.
• Macro / Consumer Spending Mix (Medium): Management flagged higher gas prices (Middle East conflict) as a potential headwind to consumer spending mix in Q1. GPN also cited a ~100 bps travel headwind in Q2. While Fiserv’s exposure is different, any deterioration in SMB consumer spending would pressure Clover volumes.
• ATM JV Close Timing (Low-Medium): If the ATM business sale closes in Q3, it will trigger a ~30 bps reduction to the adjusted revenue growth rate, requiring a formal guidance revision. The market has been warned, but the timing uncertainty creates a near-term overhang.
• Competitive Pressure from GPN Genius (Medium): GPN’s Genius POS platform is gaining meaningful traction (locations +50% YoY, yields +75% YoY) and is now incorporating AI-native features (edge AI, voice ordering). This directly competes with Clover in the SMB POS market.

Key Questions for Management

1. H2 Acceleration Confidence: Can you provide specific, quantifiable milestones for the contracted revenue ramp and enterprise client go-lives that underpin the 6–8% H2 growth target? Which clients or contracts are the largest contributors, and are any at risk of slipping?
2. New CEO Strategic Priorities: Takis, what is your assessment of the current strategic plan? Are there any areas where you see the need for recalibration, or do you fully endorse the framework presented at the May 14 Investor Day?
3. Financial Solutions Leadership: With Dhivya Suryadevara’s departure and interim leadership in place, how are you ensuring continuity in client relationships and execution of the H2 product launches (Cash Flow Central, Vision Next) in Financial Solutions?
4. Core Banking Attrition: Has the pace of core banking attrition stabilized, accelerated, or improved since Q1? Are there any specific client situations that have changed since the CEO transition?
5. Clover Q2 Underlying Growth: What was Clover revenue growth ex-non-recurring in Q2? Is the mid-teens underlying growth rate from Q1 holding, and what gives you confidence in the low-double-digit FY Clover revenue guidance?
6. ATM JV Close: What is the current expected timing for the ATM business JV close? Will you update FY2026 guidance on this call or wait until close?
7. Project Elevate Progress: Can you provide an update on Project Elevate cost savings realized to date in 2026? Are you on track for the $500M net cost reduction by 2029?
8. Capital Allocation & Buybacks: With leverage expected to reach ~3x by year-end, what is the timeline for resuming more meaningful share repurchases? Does the ATM JV proceeds accelerate this?
9. Competitive Response to GPN Genius: GPN reported Genius POS locations growing 50%+ YoY with 75% higher new customer yields. How is Clover’s competitive positioning evolving in the SMB POS market, and what is the product roadmap response?
10. Macro & Volume Trends: How did merchant volumes trend through Q2 and into July? Are you seeing any impact from the Middle East conflict on consumer spending mix, and how does April’s "solid around Q1 levels" characterization hold through June?

Appendix: Source References

• Fiserv Q1 2026 Earnings Call Transcript — May 5, 2026 (documents/FISV/transcript/earnings/2026Q1/raw_document.txt)
• Fiserv Q1 2026 Earnings Release — May 5, 2026 (documents/FISV/Earnings Release/2026Q1/raw_document.pdf)
• Fiserv Investor Day Transcript — May 14, 2026 (documents/FISV/transcript/non-earnings/Investor Day/2026-05-14/raw_document.txt)
• Fiserv Baird Global Consumer, Tech & Services Conference Transcript — June 2, 2026 (documents/FISV/transcript/non-earnings/Baird Global Consumer, Tech, & Services Conference/2026-06-02/raw_document.txt)
• Fiserv 8-K — CEO Appointment (Georgakopoulos) — June 15, 2026 (documents/FISV/8K/000119312526270336/8K/87d99e61068b13965354b5af0d4e7611/raw_document.txt)
• Fiserv 8-K — President Resignation (Suryadevara) — July 7, 2026 (documents/FISV/8K/000119312526297448/8K/05114162532bfacb7813da33470c2863/raw_document.txt)
• Fiserv 8-K — Euro Senior Notes Offering — June 23, 2026 (documents/FISV/8K/000119312526279413/8K/508cc6f364644b936c092e6eee4ff5f1/raw_document.txt)
• SEC Form 4 — Paul M. Todd (CFO) — Filed June 18, 2026 (https://www.sec.gov/Archives/edgar/data/798354/000161250826000007/xslF345X06/wk-form4_1781813197.xml)
• SEC Form 4 — Harry DiSimone (Director) — Filed June 16, 2026 (https://www.sec.gov/Archives/edgar/data/798354/000173210826000008/xslF345X06/wk-form4_1781640548.xml)
• SEC Form 4 — Gordon M. Nixon (Director) — Filed June 16, 2026 (https://www.sec.gov/Archives/edgar/data/798354/000165504626000012/xslF345X06/wk-form4_1781640483.xml)
• SEC Form 4 — Adam L. Rosman (Chief Admin. & Legal Officer) — Filed June 16, 2026 (https://www.sec.gov/Archives/edgar/data/798354/000154937326000010/xslF345X06/wk-form4_1781640675.xml)
• SEC Form 4 — Charlotte Yarkoni (Director) — Filed June 16, 2026 (https://www.sec.gov/Archives/edgar/data/798354/000198732926000014/xslF345X06/wk-form4_1781640604.xml)
• Toast (TOST) Q2 2026 Earnings Call Transcript — August 4, 2026 (documents/TOST/transcript/earnings/2026Q2/raw_document.txt)
• Block / XYZ Q2 2026 Earnings Call Transcript — August 5, 2026 (documents/XYZ/transcript/earnings/2026Q2/raw_document.txt)
• PayPal (PYPL) Q2 2026 Earnings Call Transcript — July 28, 2026 (documents/PYPL/transcript/earnings/2026Q2/raw_document.txt)
• Global Payments (GPN) Q2 2026 Earnings Call Transcript — August 5, 2026 (documents/GPN/transcript/earnings/2026Q2/raw_document.txt)
• FIS Q2 2026 Earnings Call Transcript — August 4, 2026 (documents/FIS/transcript/earnings/2026Q2/raw_document.txt)