FISERV INC

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 19, 2026

FISV$63.32-0.3%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

	Year Ended December 31,
(In millions)	2025	2024	2023
Cash flows from operating activities:
Net income	$3,490	$3,180	$3,129
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and other amortization	1,857	1,672	1,479
Amortization of acquisition-related intangible assets	1,304	1,423	1,642
Amortization of financing costs and debt discounts	46	43	41
Share-based compensation	357	367	342
Deferred income taxes	(942)	(662)	(511)
Net gain on sale of business and distribution of other assets	(120)	—	(167)
Gain on sale of investments	(74)	—	—
(Income) loss from investments in unconsolidated affiliates	(37)	685	15
Distributions from unconsolidated affiliates	44	39	55
Non-cash settlement charge for terminated pension plans	—	147	—
Non-cash foreign currency exchange losses	159	92	76
Other operating activities	(13)	(17)	(27)
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Trade accounts receivable	(123)	(169)	23
Prepaid expenses and other assets	(528)	(398)	(790)
Contract costs	(252)	(267)	(246)
Accounts payable and other liabilities	878	426	(54)
Contract liabilities	16	70	155
Net cash provided by operating activities	6,062	6,631	5,162
Cash flows from investing activities:
Capital expenditures, including capitalized software and other intangibles	(1,763)	(1,569)	(1,388)
Net proceeds from sale of business and other assets	—	—	234
Merchant cash advances, including Clover Capital program	(1,129)	—	—
Repayment of merchant cash advances, including Clover Capital program	1,018	—	—
Settlement anticipation cash advances, net	(525)	(801)	—
Payments for acquisition of businesses, net of cash acquired	(820)	—	(13)
Distributions from unconsolidated affiliates	42	60	136
Purchases of investments	(81)	(155)	(39)
Proceeds from sale of investments	756	61	5
Other investing activities	(18)	—	(3)
Net cash used in investing activities	(2,520)	(2,404)	(1,068)
Cash flows from financing activities:
Debt proceeds	6,504	6,783	5,567
Debt repayments	(3,955)	(5,396)	(3,015)
Net (repayments of) borrowings from commercial paper and short-term borrowings	(370)	278	(1,456)
Payments of debt financing costs	(20)	(28)	(38)
Proceeds from issuance of treasury stock	62	97	101
Purchases of treasury stock, including employee shares withheld for tax obligations	(5,899)	(5,837)	(4,827)
Settlement activity, net	222	—	(527)
Distributions paid to noncontrolling interests and redeemable noncontrolling interest	(10)	(55)	(34)
Payments to acquire noncontrolling interests of consolidated subsidiaries	(436)	—	(56)
Payments of acquisition-related contingent consideration	—	(3)	(35)
Settlement of derivative contracts	65	—	—
Other financing activities	5	(4)	(36)
Net cash used in financing activities	(3,832)	(4,165)	(4,356)
Effect of exchange rate changes on cash and cash equivalents	99	(32)	33
Net change in cash and cash equivalents	(191)	30	(229)
Cash and cash equivalents, beginning balance	2,993	2,963	3,192
Cash and cash equivalents, ending balance	$2,802	$2,993	$2,963

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