Payments & Processors Coverage Watch Items: Thoughts into 3Q Earnings Season

Below we list key watch items for each stock in our Payments & Processors coverage heading into the C3Q26 earnings season. Our objective is to highlight topics that we think are most important to investors and could change stock perceptions, including key debates and catalysts that do not appear fully priced in. Coverage spans Corporate Payments, B2B Automation & Fleet (BILL, Corpay, Flywire, Paymentus, WEX), Digital & E-Commerce (Affirm, Block, Chime, Dave, Klarna, Lightspeed, Marqeta, PayPal, Toast), Financial Technology & Processing (Broadridge, FIS, Fiserv, Global Payments), and Networks (Mastercard, Visa), covering debates such as RIF savings and buyback execution at BILL, Corpay's preliminary 9-11% organic growth guidance for next year, U.S. student visa pressure on Flywire, fuel price impacts on spreads at Corpay and WEX, Cash App Borrow repricing at Block, Klarna's Germany GMV deceleration, FIS's Capital Markets inflection and path to <3.0x leverage, Fiserv's 4Q guide and strat