FISERV INC

Previous wording

The forward-looking statements in this report involve significant risks and uncertainties, and a number of factors, both foreseen and unforeseen, could cause actual results to differ materially from our current expectations. The factors that may affect our results include, among others, the following: our ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for our products and services; the ability of our technology to keep pace with a rapidly evolving marketplace; the success of our merchant alliances, some of which we do not control; the impact of a security breach or operational failure on our business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of our vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or intensified international hostilities, and the impact they may have on us and our employees, clients, vendors, supply chain, operations and sales; the effect of proposed and enacted legislative and regulatory actions affecting us or the financial services industry as a whole; our ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; our ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of our growth strategies; our ability to successfully implement the One Fiserv action plan; our ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors identified in “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and in other documents that we file with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements, which speak only as of the date of this report. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this report.

Current wording

The forward-looking statements in this report involve significant risks and uncertainties, and a number of factors, both foreseen and unforeseen, could cause actual results to differ materially from our current expectations. The factors that may affect our results include, among others, the following: our ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for our products and services; the ability of our technology to keep pace with a rapidly evolving marketplace; our ability to successfully implement and achieve the expected benefits associated with our One Fiserv action plan; the success of our merchant alliances, some of which we do not control; the impact of a security breach or operational failure on our business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of our vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or international hostilities, and the impact they may have on us and our employees, clients, vendors, supply chain, operations and sales; our ability to use artificial intelligence to improve our products and services and enhance our operations; the effect of proposed and enacted legislative and regulatory actions affecting us or the financial services industry as a whole; our ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; our ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of our growth strategies; our ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors identified in “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents that we file with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements, which speak only as of the date of this report. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this report.

Previous wording

•Overview. This section contains background information on our company and the products and services that we provide, acquisitions and dispositions, and the trends affecting our industry in order to provide context for management’s discussion and analysis of our financial condition and results of operations.

Current wording

•Overview. This section contains background information on our company and the products and services that we provide, acquisitions, and the trends affecting our industry in order to provide context for management’s discussion and analysis of our financial condition and results of operations.

Previous wording

•Results of operations. This section contains an analysis of our results of operations presented in the accompanying unaudited consolidated statements of income by comparing the results for the three and nine months ended September 30, 2025 to the comparable periods in 2024.

Current wording

•Results of operations. This section contains an analysis of our results of operations presented in the accompanying unaudited consolidated statements of income by comparing the results for the three months ended March 31, 2026 to the comparable period in 2025.

Previous wording

We are a leading global provider of payments and financial services technology solutions. We serve clients around the globe, including merchants, banks, credit unions, other financial institutions, corporate and public sector clients. We help clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover®cloud-based point-of-sale (“POS”) and business management platform. Most of the products and services we provide are necessary for our clients to operate their businesses and are therefore non-discretionary in nature. We serve our global client base by working among our geographic teams across various regions, including the United States of America (“U.S.”) and Canada; Europe, Middle East and Africa; Latin America; and Asia Pacific.

Current wording

We are a leading global provider of payments and financial services technology solutions. We serve clients around the globe, including merchants, banks, credit unions, other financial institutions, corporate and public sector clients. We help clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover®cloud-based point-of-sale (“POS”) and business management platform. Most of the products and services we provide are necessary for our clients to operate their businesses and are therefore non-discretionary in nature. We serve our global client base by working among our geographic teams across various regions, including the United States of America (“U.S.”) and Canada; Europe, Middle East and Africa; Latin America; and Asia Pacific. Our operations are comprised of the Merchant Solutions (“Merchant”) segment and Financial Solutions (“Financial”) segment.

Previous wording

The businesses in our Merchant Solutions (“Merchant”) segment provide commerce-enabling products and services to companies of all sizes around the world. These products and services include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection solutions; stored-value solutions; software-as-a-service; POS devices; and pay-by-bank solutions. The business lines aggregated within the Merchant segment consist of the following:

Current wording

The businesses in our Merchant segment provide commerce-enabling products and services to companies of all sizes around the world. These products and services include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection solutions; stored-value solutions; software-as-a-service; POS devices; and pay-by-bank solutions. The business lines aggregated within the Merchant segment consist of the following:

Previous wording

•Small Business – provides products and services to small businesses and independent software vendors (“ISV”), including Clover®, our POS and business management platform for small business clients

Current wording

•Small Business – provides products and services to small businesses and independent software vendors (“ISVs”), including Clover, our POS and business management platform for small business clients

Previous wording

We distribute the products and services in our Merchant segment businesses through a variety of channels, including direct sales teams, strategic partnerships with agent sales forces, ISV’s, financial institutions and other strategic partners in the form of joint venture alliances, revenue sharing alliances and referral agreements.

Current wording

We distribute the products and services in the Merchant segment businesses through a variety of channels, including direct sales teams, strategic partnerships with agent sales forces, ISVs, independent sales organizations, financial institutions and other strategic partners in the form of joint venture alliances, revenue sharing alliances and referral agreements.

Previous wording

The businesses in our Financial Solutions (“Financial”) segment provide products and services to financial institution, corporate and public sector clients across the world, enabling the processing of customer loan and deposit accounts, digital payments and card transactions. The business lines aggregated within the Financial segment consist of the following:

Current wording

The businesses in our Financial segment provide products and services to financial institution, corporate and public sector clients across the world, enabling the processing of customer loan and deposit accounts, digital payments and card transactions. The business lines aggregated within the Financial segment consist of the following:

Previous wording

Corporate and Other supports the reportable segments described above, and consists of amortization of acquisition-related intangible assets, unallocated corporate expenses and other activities that are not considered when we evaluate segment performance, such as gains or losses on sales of businesses, certain assets or investments; costs associated with acquisition and divestiture activity; and postage reimbursements.

Current wording

Corporate and Other supports the reportable segments described above, and consists of amortization of acquisition-related intangible assets, unallocated corporate expenses and other activities that are not considered when we evaluate segment performance, such as gains or losses on sales of businesses, certain assets or investments; costs associated with acquisition activity; certain services revenue associated with various dispositions; expenses associated with our One Fiserv transformation initiative; and postage reimbursements.

Previous wording

In the third quarter of 2025, we launched a multi-year transformation program, which we refer to as the One Fiserv action plan, designed to prioritize and enhance client focus across five strategic pillars. The One Fiserv action plan is designed to center our investments in areas that build on Fiserv’s strengths, including: operating with a client-first mindset to win new enterprise clients and grow average revenue per client; building the pre-eminent small business operating platform through Clover®; creating differentiated, innovative platforms in finance and commerce, including embedded finance and stablecoin; delivering operational excellence enabled by artificial intelligence (“AI”); and employing disciplined capital allocation for the long-term. This action plan involves using emerging technology, including generative and agentic AI, to enhance our solutions, modernize our gateways and orchestration layers, facilitate embedded finance, and improve our operations.

Current wording

In the third quarter of 2025, we launched the One Fiserv action plan designed to prioritize and enhance client focus across five strategic pillars. The One Fiserv action plan centers our investments in areas that build on Fiserv’s strengths, including: operating with a client-first mindset to grow our client base and average revenue per client; building the pre-eminent small business operating platform through Clover®; modernizing existing platforms and launching innovative solutions to drive value for our clients, including embedded finance and stablecoin; increasing efficiency enabled by AI; and employing disciplined capital allocation for the long-term.

Previous wording

On September 26, 2025, we entered into definitive agreements to acquire StoneCastle Cash Management, LLC, INDX Processing, LLC and StoneCastle Trust Co. (collectively, “StoneCastle”). StoneCastle enables its network of depository institutions to easily access stable, cost-efficient deposit funding. StoneCastle will be included within the Financial segment and enables us to become a technology-enabled source of institutional deposits, helping financial institutions strengthen their balance sheets. This transaction is expected to close by the first quarter of 2026, subject to regulatory approval and other customary closing conditions. On October 1, 2025, we acquired a portion of The Toronto-Dominion Bank’s (“TD Bank”) merchant processing business in Canada. This business will be included within the Merchant segment and expands the footprint of our Clover® platform. In connection with this transaction, we signed a multi-year strategic managed services program agreement with TD Bank to utilize our technology, including Clover®, within the TD Bank Merchant Solutions business. We expect to acquire these businesses for an aggregate purchase price of approximately $460 million.

Current wording

On December 17, 2025, we acquired StoneCastle Cash Management, LLC, INDX Processing, LLC and StoneCastle Trust Co. (collectively, “StoneCastle”), a provider of deposit funding solutions. StoneCastle is included within the Financial segment and provides its network of depository institutions easy access to stable, cost efficient deposit funding. On October 1, 2025, we acquired a portion of The Toronto-Dominion Bank’s merchant processing business in Canada (“TD Merchant Canada”). This business is included within the Merchant segment and expands the footprint of our Clover® platform. In connection with this transaction, we signed a multi-year strategic managed services program agreement with The Toronto-Dominion Bank to utilize our technology, including Clover, within its Merchant Solutions business.

Previous wording

On March 2, 2025, we acquired Payfare, Inc. (“Payfare”), a provider of program management solutions powering instant access to earnings and banking solutions for workforces. Payfare is included within the Financial segment and expands our embedded finance capabilities for large enterprises and financial institutions. On March 18, 2025, we acquired CCV Group B.V. (“CCV”), a supplier of POS payment solutions. CCV is included within the Merchant segment and expands our network of payment solutions, enabling our ability to accelerate the deployment of our Clover® POS and business management platform across Europe. On April 4, 2025, we acquired Pinch Payments NZ Limited (together with Zootive Pty Ltd, “Pinch Payments”), a payment facilitator. Pinch Payments is included within the Merchant segment and expands our flexible payment services for our partners and clients, and presence within the Asia-Pacific region. On June 4, 2025, we acquired Money Money Serviços Financeiros S.A. (“Money Money”), a provider of risk analysis and credit decisioning solutions. Money Money is included within the Merchant segment and expands our payment and financial service capabilities, enabling access to working capital and other payment solutions for small and medium-sized businesses. On September 4, 2025, we acquired CardFree Inc. (“CardFree”), an all-in-one platform delivering integrated order, payment and loyalty solutions for merchants. CardFree is included within the Merchant segment and further expands the capabilities of our Clover® platform across the hospitality, restaurant and lodging industries. On September 25, 2025, we acquired the Smith Consulting Group, LLC business (“SCG”), an operational consulting service utilized by community banks and credit unions across the U.S. SCG is included within the Financial segment and supports our ability to provide consultative engagement to enhance community banks’ and credit unions’ strategic investments.

Current wording

On September 25, 2025, we acquired the Smith Consulting Group, LLC business (“SCG”), an operational consulting service utilized by community banks and credit unions across the U.S. SCG is included within the Financial segment and supports our ability to provide consultative engagement to enhance community banks’ and credit unions’ strategic investments. On September 4, 2025, we acquired CardFree Inc. (“CardFree”), an all-in-one platform delivering integrated order, payment and loyalty solutions for merchants. CardFree is included within the Merchant segment and further expands the capabilities of our Clover platform across the hospitality, restaurant and lodging industries.

Previous wording

We acquired these businesses for an aggregate purchase price, including deferred payments, of $397 million, net of $73 million of acquired cash and including earn-out provisions estimated at a fair value of $27 million.

Current wording

We acquired these businesses for an aggregate purchase price, including deferred payments, of $857 million, net of $84 million of acquired cash and including earn-out provisions estimated at a fair value of $35 million.

Previous wording

On April 17, 2025, we acquired the remaining 19% ownership interest in ICICI Merchant Services Private Limited, a merchant acceptance business, for $22 million. We previously held a majority controlling financial interest in this subsidiary, which continues to be consolidated and reported within the Merchant segment. On September 5, 2025, we acquired the remaining 49.9% ownership interest, including cash held of $195 million, in AIB Merchant Services (“AIBMS”), a payments solution provider, for $420 million. We previously held a majority controlling financial interest in this subsidiary, which continues to be consolidated and reported within the Merchant segment.

Current wording

On September 5, 2025, we acquired the remaining 49.9% ownership interest, including cash held of $195 million, in AIB Merchant Services (“AIBMS”), a payments solution provider, for $420 million. On April 17, 2025, we acquired the remaining 19% ownership interest in ICICI Merchant Services Private Limited, a merchant acceptance business, for $22 million. We previously held a majority controlling financial interest in each of these subsidiaries, which continue to be consolidated and reported within the Merchant segment.

Previous wording

In the third quarter of 2024, Wells Fargo Bank, National Association (“Wells Fargo”) provided us with a notice of non-renewal for the Wells Fargo Merchant Services merchant alliance (“WFMS”), which was accounted for as an equity method investment. Upon the expiration of the joint venture on April 1, 2025, we received an initial cash payment of $453 million. Completion of the contractual valuation and separation process during the third quarter of 2025 did not result in a significant adjustment to the initial cash payment received. In connection with the non-renewal of WFMS, we entered into a multi-year agreement with Wells Fargo to provide processing for current and future merchant clients as well as other services to Wells Fargo’s merchant business.

Current wording

In the third quarter of 2024, Wells Fargo Bank, National Association (“Wells Fargo”) provided us with a notice of non-renewal for the Wells Fargo Merchant Services merchant alliance (“WFMS”), which was accounted for as an equity method investment. Upon the expiration of the joint venture in April 2025, we received a cash payment of $453 million. In connection with the non-renewal of WFMS, we entered into a multi-year agreement with Wells Fargo to provide processing for current and future merchant clients as well as other services to Wells Fargo’s merchant business.

Previous wording

The global payments landscape continues to evolve, with rapidly advancing technologies and a steady expansion of digital payments, e-commerce and real-time payments infrastructure. Because of this growth, competition also continues to intensify. Business and consumer expectations continue to rise, with a focus on speed, convenience, choice and security. To meet these expectations, payments companies are focused on modernizing their technology, expanding the use of data and enhancing the customer experience.

Current wording

The global payments landscape continues to evolve, with rapidly advancing technologies and a steady expansion of digital payments, e-commerce and real-time payments infrastructure. Because of this growth, competition also continues to intensify. Business and consumer expectations continue to rise, with a focus on speed, convenience, choice and security. To meet these expectations, payments companies are focused on modernizing their technology, expanding the use of data and enhancing the customer experience. These innovations are driving a competitive landscape where customer expectations evolve rapidly as services digitize and choices multiply.

Previous wording

The rapid growth in and globalization of mobile and e-commerce, driven by consumers’ desire for simpler, more efficient shopping experiences, has created an opportunity for merchants to reach consumers nearly anywhere, through any device, which often requires a merchant acquiring provider to enable and optimize the acceptance of payments. Merchants are demanding simpler, integrated and flexible systems to enable them to serve customers and help manage cash flow and everyday business operations. When combined with the ever-increasing ways a consumer can pay for goods and services, merchants have sought modern end-to-end solutions throughout their growth lifecycle to streamline the complexity. Furthermore, merchants can now search, discover, compare, purchase and even install a new system through direct, digital-only experiences. This direct, digital-only channel is a source of new merchant acquisition opportunities, especially with respect to smaller merchants.

Current wording

The rapid growth in and globalization of mobile and e-commerce, driven by consumers’ desire for simpler, more efficient shopping experiences, has created an opportunity for merchants to reach consumers nearly anywhere, through any device, which often requires a merchant acquiring provider to enable and optimize the acceptance of payments. Consumers are increasingly using digital wallets, contactless payments, and mobile-first solutions, making omnichannel strategies that integrate online, mobile, and in-store experiences essential for customer retention. Consumers expect instant and secure checkouts, making simplified payment orchestration critical. Merchants are demanding simpler, integrated and flexible systems to enable them to serve customers and help manage cash flow and everyday business operations. When combined with the ever-increasing ways a consumer can pay for goods and services, merchants have sought modern end-to-end solutions throughout their growth lifecycle to streamline the complexity. Merchants are moving beyond traditional payment acceptance to offer embedded financial services to deepen customer relationships and create new revenue streams. Unified commerce solutions and value-added services are becoming key differentiators in competitive markets. Furthermore, merchants can now search, discover, compare, purchase and even install a new system through direct, digital-only experiences. This direct, digital-only channel is a source of new merchant acquisition opportunities, especially with respect to smaller merchants.

Previous wording

Additionally, there are numerous software-as-a-service solution providers in the industry, many of which have chosen to integrate merchant acquiring into their software as a way to generate revenue from existing client relationships. Such providers are independent software vendors, typically referred to as ISVs, and we believe there are numerous potential distribution partnership opportunities to cross-sell multiple value-added solutions available to us.

Current wording

Additionally, there are numerous software-as-a-service solution providers in the industry, many of which have chosen to integrate merchant acquiring into their software as a way to generate revenue from existing client relationships. Such providers are referred to as ISVs, and we believe there are numerous potential distribution partnership opportunities to cross-sell multiple value-added solutions available to us.

Previous wording

We believe that our merchant acquiring products and solutions create compelling value propositions for merchant clients of all sizes, from small and mid-sized businesses to medium-sized regional businesses to global enterprise merchants. The depth and breadth of our omnichannel solutions, and flexibility to serve clients across various channels and geographies, drives higher product attach rates with new and existing clients across all verticals. Furthermore, we believe that our strength in distribution, our progress growing software and services, and our value-based pricing as we continue to invest in our operating systems, gives us a solid foundation for growth.

Current wording

We believe that our merchant acquiring products and solutions create compelling value propositions for merchant clients of all sizes, from small and mid-sized businesses to medium-sized regional businesses to global enterprise merchants. The depth and breadth of our omnichannel solutions, and flexibility to serve clients across various channels and geographies, drives higher product attach rates with new and existing clients across all verticals. Furthermore, we believe that our strength in distribution, our progress growing software and services, and our value-based pricing as we continue to invest in our operating systems, gives us a solid foundation for growth. We are at the intersection of finance and commerce, creating opportunities for integrated solutions that combine payment acceptance, financial services, and data-driven insights.

Previous wording

Financial institutions must be able to serve their customers with tailored solutions, delivered how and when those customers want. In addition, financial institutions are striving for a single, integrated view of a customer’s activity. This requires financial institutions to not only process customer transactions, but to integrate financial institutions’ products and services to give customers easy access to integrated solutions. We believe that the integration of our products and services creates a compelling value proposition for our clients by providing, among other things, new sources of revenue and opportunities to reduce their costs. We have invested in integrating our platforms and value-added solutions to make it easy for a client to buy across our full product suite.

Current wording

Financial institutions must be able to serve their customers with tailored solutions, delivered how and when those customers desire. In addition, financial institutions are striving for this single, integrated view of a customer’s activity. This requires financial institutions to not only process customer transactions, but to integrate financial institutions’ products and services to give customers easy access to integrated solutions. We believe that the integration of our products and services creates a compelling value proposition for our clients by providing, among other things, new sources of revenue and opportunities to reduce their costs. We have invested in integrating our platforms and value-added solutions to make it easy for a client to buy across our full product suite.

Previous wording

We expect that financial institutions will continue to invest significant capital to process transactions, manage information, maintain regulatory compliance and offer innovative new services to their customers in this rapidly evolving and competitive environmental shift from traditional to digital banking. We believe that economies of scale in developing and maintaining the infrastructure, technology, products, services and networks necessary to be competitive in such an environment are essential to justify these investments, and we anticipate that demand for products that facilitate customer interaction with financial institutions, including a unified, seamless customer experience across mobile and online channels, will continue to increase, which we expect to create revenue opportunities for us.

Current wording

Demand for innovative payment solutions continues to grow, with a focus on faster, more convenient options across mobile channels, online applications, in-store cards, and digital currencies. Financial institutions are adopting advanced technologies, introducing new solutions, and responding to an increasingly complex regulatory landscape. We expect that financial institutions will continue to invest significant capital to process transactions, manage information, maintain regulatory compliance and offer innovative new services to their customers in this rapidly evolving and competitive environmental shift from traditional to digital banking. Stablecoins and cryptocurrencies may also become more widely used as digital currencies provide increased accessibility and efficiency. We believe that economies of scale in developing and maintaining the infrastructure, technology, products, services and networks necessary to be competitive in such a dynamic environment are essential to justify these investments, and we anticipate that demand for products that facilitate customer interaction with financial institutions, including a unified, seamless customer experience across mobile and online channels, will continue to increase, which we expect to create revenue opportunities for us.

Previous wording

Global macroeconomic conditions, including changing interest rates, inflation, disruptions in the global supply chain, changes in consumer spending, the effects of international hostilities, political conditions, regulations restricting trade or impacting our ability to offer products or services, and trade policies and tariffs, could have a material adverse effect on our business, results of operations and financial condition. A decline in personal consumption and consumer savings in the U.S. may also negatively impact our business and financial results. We actively monitor and manage our business in response to these unpredictable geopolitical and market conditions, as they may adversely impact our operations and financial results.

Current wording

Global macroeconomic conditions, including changing interest rates; inflation; disruptions in the global supply chain; changes in consumer spending; legislative changes, including potential effects of new tax laws; the effects of international hostilities; political conditions; regulations restricting trade or impacting our ability to offer products or services; and trade policies and tariffs, could have a material adverse effect on our business, results of operations and financial condition. A decline in personal consumption and consumer savings in the U.S. may also negatively impact our business and financial results. We actively monitor and manage our business in response to these unpredictable geopolitical and market conditions, as they may adversely impact our operations and financial results.

Previous wording

The following table presents certain amounts included in our consolidated statements of income, the relative percentage that those amounts represent to revenue and the change in those amounts from year to year. This information should be read together with the unaudited consolidated financial statements and accompanying notes. The unaudited financial results presented below have been affected by acquisitions, non-cash impairment charges, net gain on sales and distribution of other assets, and foreign currency fluctuations.

Current wording

The following table presents certain amounts included in our consolidated statements of income, the relative percentage that those amounts represent to revenue and the change in those amounts from year to year. This information should be read together with the unaudited consolidated financial statements and accompanying notes. The unaudited financial results presented below have been affected by acquisitions, expenses associated with our One Fiserv transformation initiative, net gain on sale of assets, and foreign currency fluctuations.

Previous wording

(1)Represents the basis point growth (decline) in operating margin.

Current wording

(1)Represents the basis point decline in operating margin.

Previous wording

Revenue in our Merchant segment increased $117 million, or 5%, in the third quarter of 2025 and increased $470 million, or 7%, in the first nine months of 2025 compared to 2024. Small Business contributed 5% to Merchant segment revenue growth in both the third quarter and first nine months of 2025, primarily driven by our Clover POS and business management platform, including increased payment volumes and the expansion of our merchant relationships through value-added services in both periods. Additionally, Enterprise contributed 1% to Merchant segment revenue growth in both the third quarter and first nine months of 2025, primarily driven by transaction growth, as well as an increase in data and analytics sales in both periods. A decrease in Processing’s revenue partially offset Merchant segment revenue growth in the third quarter of 2025.

Current wording

Revenue in our Merchant segment was flat in the first quarter of 2026 compared to the first quarter of 2025. Small Business contributed 1% growth to Merchant segment revenue in the first quarter of 2026, primarily driven by volume growth, including from our Clover POS and business management platform, as well as the expansion of our merchant relationships through value-added services. Enterprise contributed slight growth to Merchant segment revenue in the first quarter of 2026, primarily driven by transaction growth, offset by a decrease in data and analytics sales. Revenue in Small Business and Enterprise were negatively impacted by a decrease in anticipation revenue associated with our operations in Latin America, caused by lower inflation and interest rates. Processing contributed a 1% decline to Merchant segment revenue in the first quarter of 2026, primarily driven by a decrease in hardware sales.

Previous wording

Revenue in our Financial segment decreased $79 million, or 3%, in the third quarter of 2025 and increased $226 million, or 3%, in the first nine months of 2025 compared to 2024. A decrease in license and termination fee revenue of $49 million, primarily within Banking and Digital Payments, negatively impacted Financial segment revenue by 2% in the third quarter of 2025. The remaining decrease in the third quarter of 2025 was due to lower processing revenue within Digital Payments. The 3% increase in Financial segment revenue in the first nine months of 2025 was driven by an increase in data and analytics sales and license revenue within Digital Payments and Issuing.

Current wording

Revenue in our Financial segment decreased $115 million, or 5%, in the first quarter of 2026 compared to the first quarter of 2025. Digital Payments and Issuing each contributed a 2% decline to Financial segment revenue in the first quarter of 2026, while Banking contributed a 1% decline to Financial segment revenue. Revenue in our Financial segment in the first quarter of 2026 was negatively impacted by a decrease in data and analytics sales and license revenue compared to the prior year period, primarily within Digital Payments and Issuing.

Previous wording

Revenue at Corporate and Other increased $10 million in the third quarter of 2025 and increased $8 million in the first nine months of 2025 compared to 2024, due to increased postage revenue in both periods.

Current wording

Revenue at Corporate and Other increased $11 million, or 3%, in the first quarter of 2026 compared to the first quarter of 2025, due to an increase in postage revenue.

Previous wording

Cost of processing and services as a percentage of processing and services revenue increased to 34.8% in the third quarter of 2025 compared to 31.8% in the third quarter of 2024 and increased to 34.0% in the first nine months of 2025 compared to 32.7% in the first nine months of 2024. Cost of processing and services as a percentage of processing and services revenue in both the third quarter and first nine months of 2025 was impacted by a lower level of processing revenue growth and higher data processing costs.

Current wording

Cost of processing and services as a percentage of processing and services revenue increased to 39.6% in the first quarter of 2026 compared to 34.3% in the first quarter of 2025. Cost of processing and services as a percentage of processing and services revenue was negatively impacted by higher personnel costs of approximately 270 basis points; costs associated with our strategic One Fiserv transformation program of approximately 160 basis points; and higher data processing costs of approximately 150 basis points.

Previous wording

Cost of product as a percentage of product revenue increased to 68.6% in the third quarter of 2025 compared to 67.6% in the third quarter of 2024 and decreased to 62.6% in the first nine months of 2025 compared to 69.0% in the first nine months of 2024. Cost of product as a percentage of product revenue was relatively consistent in the third quarter of 2025 compared to the third quarter of 2024, and decreased in the first nine months of 2025 due to an increase in high margin data and analytics sales and license revenue.

Current wording

Cost of product as a percentage of product revenue increased to 72.8% in the first quarter of 2026 compared to 63.0% in the first quarter of 2025. Cost of product as a percentage of product revenue in the first quarter of 2026 was negatively impacted by a decrease in total company high margin data and analytics sales and license revenue compared to the prior year period.

Previous wording

Operating income in our Financial segment decreased $152 million, or 13%, in the third quarter of 2025 and increased $139 million, or 4%, in the first nine months of 2025 compared to 2024. Operating margin decreased 490 basis points to 42.5% in the third quarter of 2025 and increased 50 basis points to 46.3% in the first nine months of 2025 compared to 2024. The decreases in operating income and operating margin in our Financial segment in the third quarter of 2025 were primarily due to a decrease in high margin license revenue, along with higher data processing costs. Operating income and operating margin growth in our Financial segment in the first nine months of 2025 were primarily due to an increase in high margin data and analytics sales and license revenue.

Current wording

Operating income in our Financial segment decreased $271 million, or 24%, in the first quarter of 2026 compared to the first quarter of 2025. Operating margin decreased 940 basis points to 38.1% in the first quarter of 2026 compared to the prior year period. The decrease in operating income and operating margin in our Financial segment in the first quarter of 2026 was primarily due to a decrease in high margin data and analytics sales and license revenue compared to the first quarter of 2025, along with higher personnel and data processing costs.

Previous wording

Interest expense, net increased $96 million, or 29%, in the third quarter of 2025 compared to 2024 and increased $246 million, or 28%, in the first nine months of 2025 compared to 2024 due to debt financing activities, including our public offering and issuances of $2.0 billion, €2.175 billion and $1.75 billion of senior notes in August 2025, May 2025 and August 2024, respectively, as well as higher outstanding borrowings under our U.S. dollar commercial paper program. Interest expense, net was also impacted by an increase in borrowing costs from higher interest rates in Argentina in the third quarter of 2025.

Current wording

Interest expense, net increased $16 million, or 5%, in the first quarter of 2026 compared to the first quarter of 2025 due to debt financing activities, including our public offering and issuances of $2.0 billion and €2.175 billion of senior notes in August 2025 and May 2025, respectively, as well as an increase in finance lease and other financing obligations, partially offset by lower variable weighted average interest rates on our foreign lines of credit.

Previous wording

Other expense, net increased $45 million in the third quarter of 2025 and increased $90 million in the first nine months of 2025 compared to 2024. Other expense, net includes the remeasurement of monetary assets and liabilities for subsidiaries located in highly inflationary economies, gains or losses from a sale or change in fair value of investments in certain equity securities, and amounts related to debt guarantee arrangements of certain joint ventures. The remeasurement of monetary assets and liabilities in highly inflationary economies, including Argentina, resulted in foreign currency exchange losses of $53 million and $22 million for the three months ended September 30, 2025 and 2024, and $117 million and $75 million for the nine months ended September 30, 2025 and 2024, respectively. Other expense, net in the third quarter and first nine months of 2024 included $2 million and $29 million, respectively, related to gains on the sale and remeasurement of certain equity securities.

Current wording

Other income (expense), net was $22 million and $(18) million in the first quarter of 2026 and 2025, respectively. Other income (expense), net includes the remeasurement of monetary assets and liabilities for subsidiaries located in highly inflationary economies, gains or losses from a sale or change in fair value of investments in equity securities, and amounts related to debt guarantee arrangements of certain joint ventures. The remeasurement of monetary assets and liabilities in highly inflationary economies, including Argentina, resulted in foreign currency exchange gains (losses) of $21 million and $(18) million for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

The income tax provision as a percentage of income before income taxes and income (loss) from investments in unconsolidated affiliates was 17.9% and 5.8% for the three months ended September 30, 2025 and 2024, and 18.4% and 13.5% for the nine months ended September 30, 2025 and 2024, respectively. The effective income tax rate for each of the nine months ended September 30, 2025 and 2024 included discrete tax benefits from equity compensation, resulting in a lower effective income tax rate compared to the statutory income tax rate. The effective income tax rate for the three and nine months ended September 30, 2024 included a deferred tax benefit of $142 million recorded within the income tax provision associated with a non-cash impairment charge of $570 million recorded within income (loss) from investments in unconsolidated affiliates.

Current wording

The income tax provision as a percentage of income before income taxes and income (loss) from investments in unconsolidated affiliates was 4.0% and 18.2% for the three months ended March 31, 2026 and 2025, respectively. The effective income tax rate for the three months ended March 31, 2026 included the impact of a $293 million benefit related to the release of a valuation allowance against certain foreign net operating loss carryforwards that were determined to be realizable during the first quarter of 2026. This benefit was partially offset by a $39 million increase in U.S. federal unrecognized tax benefits for tax positions taken in prior years, $35 million in discrete tax expense from share-based awards and a $39 million increase in various other foreign valuation allowances. The net impact of these items in the first quarter of 2026 resulted in a lower effective income tax rate compared to the statutory tax rate. The effective income tax rate for the three months ended March 31, 2025 included discrete tax benefits from share-based awards, resulting in a lower effective income tax rate compared to the statutory income tax rate.

Previous wording

Our share of income (loss) from unconsolidated affiliates accounted for using the equity method is reported as income (loss) from investments in unconsolidated affiliates, and the related tax benefit is reported within the income tax provision in the consolidated statements of income. Income (loss) from investments in unconsolidated affiliates, including non-cash impairment charges and acquired intangible asset amortization from valuations in purchase accounting, was $8 million and $(626) million in the third quarter of 2025 and 2024, and $(16) million and $(642) million in the first nine months of 2025 and 2024, respectively. The third quarter and first nine months of 2024 included a $570 million non-cash impairment related to the Wells Fargo Merchant Services merchant alliance.

Current wording

Our share of income (loss) from unconsolidated affiliates accounted for using the equity method is reported as income (loss) from investments in unconsolidated affiliates, and the related tax benefit is reported within the income tax provision in the consolidated statements of income. Income (loss) from investments in unconsolidated affiliates, including acquired intangible asset amortization from valuations in purchase accounting, was $4 million and $(8) million in the first quarter of 2026 and 2025, respectively.

Previous wording

Net Income Attributable to Noncontrolling Interests

Current wording

Net Income (Loss) Attributable to Noncontrolling Interests

Previous wording

Net income attributable to Fiserv, Inc. per share-diluted was $1.46 and $0.98 in the third quarter of 2025 and 2024, and $4.83 and $3.74 in the first nine months of 2025 and 2024, respectively. In addition to the impacts to net income attributable to Fiserv, Inc. described above, our diluted weighted average outstanding shares were reduced by 6% in both the third quarter and first nine months of 2025 compared to the third quarter and first nine months of 2024, due to our share repurchase program.

Current wording

Net income attributable to Fiserv, Inc. per share-diluted was $1.07 and $1.51 in the first quarter of 2026 and 2025, respectively, driven by the impacts to net income attributable to Fiserv, Inc. described above. Net income attributable to Fiserv, Inc. per share-diluted also includes the impact of a reduction in our diluted weighted average outstanding shares due to our share repurchase program (3.3 million and 9.7 million shares of common stock were repurchased in the first quarter of 2026 and 2025, respectively).

Previous wording

Our primary liquidity needs in the ordinary course of business are to: (i) fund normal operating expenses; (ii) meet the interest and principal requirements of our outstanding indebtedness, including finance lease and other financing obligations; and (iii) fund capital expenditures and operating lease payments. We believe these needs will be satisfied in both the short and long term using cash flow generated by our operations, along with our cash and cash equivalents of $1.1 billion, proceeds from the issuance of U.S. dollar and Euro commercial paper, and available capacity under our revolving credit facility of $3.4 billion (net of $4.6 billion of capacity designated for outstanding borrowings under our commercial paper programs, senior notes due within the next twelve months and letters of credit) at September 30, 2025.

Current wording

Our primary liquidity needs in the ordinary course of business are to: (i) fund normal operating expenses; (ii) meet the interest and principal requirements of our outstanding indebtedness, including finance lease and other financing obligations; and (iii) fund capital expenditures and operating lease payments. We believe these needs will be satisfied in both the short and long term using cash flow generated by our operations, along with our cash and cash equivalents of $829 million, proceeds from the issuance of U.S. dollar and Euro commercial paper, and available capacity under our revolving credit facility of $3.8 billion (net of $221 million of outstanding revolver borrowings and $4.0 billion of capacity designated for outstanding borrowings under our commercial paper programs, senior notes due within the next 12 months and letters of credit) at March 31, 2026.

Previous wording

Our current policy is to use our operating cash flow primarily to fund capital expenditures, merchant cash advances, share repurchases, acquisitions and to repay debt rather than to pay dividends. Net merchant cash advances, primarily associated with our operations in Latin America, were $614 million during the first nine months of 2025. These cash advances are funded through a combination of operating cash and various short-term lines of credit. Our capital expenditures were approximately 8% of our total revenue for both the first nine months of 2025 and 2024.

Current wording

Our current policy is to use our operating cash flow primarily to fund capital expenditures, merchant and settlement anticipation cash advances, share repurchases, acquisitions and to repay debt rather than to pay dividends. Our capital expenditures were approximately 9% and 7% of our total revenue for the first three months of 2026 and 2025, respectively.

Previous wording

We repurchased 29.1 million shares of our common stock for $5.4 billion and 27.8 million shares of our common stock for $4.3 billion during the first nine months of 2025 and 2024, respectively. On February 19, 2025, our board of directors authorized the purchase of up to 60.0 million of our common stock. As of September 30, 2025, we had approximately 48.9 million shares remaining under our existing share repurchase authorization. Shares repurchased are generally held for issuance in connection with our equity plans.

Current wording

We repurchased 3.3 million shares of our common stock for $200 million and 9.7 million shares of our common stock for $2.2 billion during the first three months of 2026 and 2025, respectively. On February 19, 2025, our board of directors authorized the purchase of up to 60.0 million shares of our common stock. This authorization does not expire. As of March 31, 2026, we had approximately 42.6 million shares remaining under our existing repurchase authorization. Shares repurchased are generally held for issuance in connection with our equity plans.

Previous wording

We acquired Payfare, CCV, Pinch Payments, Money Money, CardFree, and SCG in the first nine months of 2025 for an aggregate purchase price, including deferred payments, of $397 million, net of $73 million of acquired cash and including earn-out provisions estimated at a fair value of $27 million. We funded these acquisitions by utilizing a combination of available cash and commercial paper. The results of operations for these acquired businesses are included in our consolidated results from the respective dates of acquisition.

Current wording

We acquired StoneCastle, TD Merchant Canada, SCG, CardFree, Money Money, Pinch Payments, CCV, and Payfare in 2025 for an aggregate purchase price, including deferred payments, of $857 million, net of $84 million of acquired cash and including earn-out provisions estimated at a fair value of $35 million. We funded these acquisitions by utilizing a combination of available cash and commercial paper. The results of operations for these acquired businesses are included in our consolidated results from the respective dates of acquisition.