The financial technology and payments giant Fiserv released its February Small Business Index on March 3, presenting a nuanced snapshot of the U.S. economy. The data arrives as the company itself is in the midst of a significant internal restructuring, making the index a key real-time indicator for investors watching both the business climate and Fiserv’s own transformation.
Index Holds Steady as Consumer Spending Shifts
For February, the seasonally adjusted Fiserv Small Business Index remained unchanged at 143 points. A year-over-year revenue increase of 1.2% for small businesses was recorded, primarily driven by a 2.0% rise in average ticket sizes. This uptick in spending per transaction helped offset a 0.8% decline in the total number of transactions, a direct reflection of reduced customer traffic.
Performance varied sharply across sectors. The hotels and lodging category saw robust growth of 4.3%, while restaurants struggled with weaker footfall. According to Prasanna Dhore, Chief Data Officer at Fiserv, extreme winter weather patterns influenced this divergence. “Many consumers reallocated their spending due to seasonal events,” Dhore noted. “Service-oriented businesses benefited, whereas restaurants felt the impact.”
Activist Investor Adds to Strategic Pressure
This economic data publication coincides with a period of considerable upheaval for Fiserv. The company is undertaking what CEO Mike Lyons has called a “critical and necessary” corporate overhaul. This strategic shift was triggered by a disastrous quarterly report in October 2025, which saw the company’s share price collapse by 40% in a single day following a severe downgrade to its growth forecast.
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Management changes were swift. Fiserv appointed Paul Todd as its new Chief Financial Officer and named Takis Georgakopoulos and Dhivya Suryadevara as Co-Presidents. The pressure intensified in February 2026 when activist investment firm Jana Partners disclosed a stake. Jana is now advocating for a comprehensive portfolio review and the potential divestment of non-strategic business units.
Product Innovation Continues Despite Headwinds
Even amidst this corporate turbulence, Fiserv continues to advance its product roadmap. In mid-February, the company launched INDX, a new real-time settlement platform designed for digital assets. This solution allows cryptocurrency firms to securely custody and transfer U.S. dollars through Fiserv’s network of insured financial institutions.
The coming months will be a critical test of whether the extensive restructuring yields tangible results. In the interim, the periodic Small Business Index will provide ongoing insights into the evolving economic environment for one of the world’s largest payment processors.
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