Q4 2025 - Small business growth moderates amid shifts in spending behavior

The Fiserv Small Business Index from Q4 was 143, unchanged from Q3.

Highlights:

• Growth moderated but remained positive as small business sales rose just +0.1% quarter-over-quarter (QoQ) and +1.2% year-over-year (YoY).
• Sector trends point to selective strength across services and discretionary spend as December delivered a seasonal lift.
• Economic signals indicate steady, measured resilience. Transaction and ticket size trends suggest consumers are consolidating purchases.

Note: the Fiserv Small Business Index refreshes with updated data on the 2nd of each month

Disclaimer: Small businesses are identified per the Small Business Administration definitions and extrapolated to reflect total U.S. sales and distribution. This report does not represent Fiserv financial performance.