Fiserv, Inc.

    FISV ·NASDAQ ·Services-Business Services, NEC ·Inc. in WI
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    Item 1.  Business
    Overview
    Fiserv, Inc. is a leading global provider of payments and financial services technology solutions. We are publicly traded on the NASDAQ Global Select Market and part of the S&P 500 Index. 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.
    In 2025, we had $21.2 billion in total revenue, $5.8 billion in operating income and $6.1 billion of net cash provided by operating activities. Processing and services revenue, which in 2025 represented 80% of our total revenue, is primarily generated from account- and transaction-based fees under multi-year contracts that generally have high renewal rates. We have operations and offices located both within the U.S. and Canada, and internationally, which as a percentage of total revenue were as follows:
    Year Ended December 31,
    (In millions)202520242023
    Total revenue$21,193 $20,456 $19,093 
    U.S. and Canada
    		84 %85 %85 %
    International (1)
    		16 %15 %15 %
    (1) Represents revenue in the following international regions: EMEA (Europe, Middle East and Africa), LATAM (Latin America) and APAC (Asia-Pacific).
    We have grown our business organically by signing new clients, as well as through acquisitions, expanding the products and services we provide to existing clients, offering new and enhanced products and services developed through innovation and acquisition, and extending our capabilities geographically, all of which have enabled us to deliver a wide range of products and services and created new opportunities for growth.
    Our headquarters are located at 600 N. Vel R. Phillips Avenue, Milwaukee, Wisconsin 53203, and our telephone number is (262) 879-5000.
    Merchant Solutions
    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 (“SaaS”); POS devices; and pay-by-bank solutions. The business lines aggregated within the Merchant segment consist of the following:
    •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
    •Enterprise – provides products and services to large businesses, including our integrated omnichannel operating system for enterprise clients
    •Processing – provides products and services to financial institutions, joint ventures, and other third party resellers which have direct relationships with merchants
    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 (“ISOs”), financial institutions and other strategic partners in the form of joint venture alliances, revenue sharing alliances and referral agreements.
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    Small Business
    We offer merchant acquiring solutions to enable small businesses to securely accept payment transactions online or in-person. Payment transactions include credit, debit, gift card and loyalty payments online or through a physical POS or mobile device, such as a smartphone or tablet. Additionally, we provide small businesses with comprehensive solutions that streamline operations, support seamless commerce across multiple channels, and deliver consistent and convenient customer experiences. By optimizing payment performance and enhancing customer engagement, we help small businesses drive value, increase savings, and deliver exceptional experiences that drive growth and loyalty. We also have enhanced our financial offerings for small businesses by providing access to working capital.
    Our global POS and business management platform, Clover®, includes hardware and software technology necessary to enable small business merchants to manage and accept payments; take orders; schedule pick-up and delivery services; manage cash flow, teams, customer engagement, and operational efficiency; and provide vertical specific business management tools. By integrating next-generation hardware and SaaS capabilities, along with value-added services, Clover has become a leader in enabling omnichannel commerce solutions for small businesses. We also offer small business owners advance access to capital, primarily through our Clover Capital program. We are growing Clover through new and expanded partnerships, industries and geographies. Our focus remains on high-growth industry verticals such as healthcare, e-commerce, and professional services, while maintaining a strong presence in restaurant and retail. We are strengthening Clover’s global presence by establishing or expanding offerings in multiple international markets, including Australia, Singapore, Brazil, Mexico, Belgium, Spain and Japan.
    Additionally, we enable ISVs to embed secure, omnichannel payment capabilities directly into their platforms, complemented by Clover hardware integration and value-added services. This integration enables ISVs to scale quickly and monetize transactions, while delivering secure and convenient payment experiences to their customers.
    Enterprise
    We provide products and services to large businesses that are designed to enable clients to engage in commerce through various channels including online and mobile, drive value and savings through transactions, and engage more customers. Our integrated omnichannel operating system allows enterprise clients to orchestrate payments and create consistent customer commerce experiences, delivered how and when their customers want. These solutions help clients maximize approval rates, reduce declines, lower fraud and chargebacks, reduce costs and improve the customer experience. Through this integrated platform, a variety of payment and commerce solutions can be accessed, including payment acceptance, payments optimization, fraud mitigation, online electronic benefits transfers, pay-by-bank and digital payouts. We also offer a single platform for payment facilitators, marketplaces, software companies, and acquiring banks to manage boarding, credit and risk, and money movement for sub-merchants. Clients can access our enterprise services through Commerce Hub™, our payment gateway and merchant orchestration layer that provides full-function e-commerce, omnichannel and multi-acquirer solutions that ease development effort and maintenance.
    Our Enterprise business also provides end-to-end, omnichannel solutions to implement and manage stored value programs such as gift cards and loyalty, which help clients drive revenue and customer engagement. These solutions include physical and digital gift card fulfillment, program management, e-commerce gift card storefronts, security and fraud protection, transaction processing services, incentive and rebate cards as well as reloadable and non-reloadable prepaid cards that may be used with a variety of mobile applications. We help our clients consolidate their forms of stored value in a single digital wallet that is enabled in-store for true omnichannel customer engagement. Additionally, we provide payment services to companies, such as utilities, telephone and cable companies, lending institutions and insurance providers. These services enable our clients to reduce costs, collect payments faster through multiple channels and increase customer satisfaction, providing customers flexible, easy-to-use ways to view and pay their bills.
    Processing
    We provide payment processing products and services to financial institutions, joint ventures, and other third-party resellers such as ISOs, which have direct relationships with merchants. We provide these distribution partners with integrated merchant technology solutions to help them grow their businesses and manage their portfolios. Partner technology tools enable real-time access to portfolio activity and pricing management. These strategic alliances combine our commerce-enabling technology, processing capabilities and management expertise with the distribution capabilities, footprint and customer relationships of our partners.
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    Financial Solutions
    The businesses in our Financial segment provide products and services to financial institutions, 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:
    •Digital Payments – provides debit card processing services; debit network services; security and fraud protection products; bill payment; person-to-person payments; and account-to-account transfers
    •Issuing – provides credit card processing services; prepaid card processing services; card production services; print services; government payment processing; and student loan processing
    •Banking – provides customer loan and deposit account processing; digital banking; financial and risk management; professional services and consulting; and check processing
    Digital Payments
    We are a leading enabler of digital payment capabilities to financial institutions of all sizes, including solutions that help clients enable debit card processing services, peer-to-peer payments, account-to-account transfers, bill payment capabilities, and Automated Clearing House (“ACH”) and real-time payments.

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    Financial statements

    data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

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    From 10-Q filed 2026-05-06 (period ending 2026-03-31).

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    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    Forward-Looking Statements
    This quarterly report contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those that express a plan, belief, expectation, estimation, anticipation, intent, contingency, future development, outlook, or similar expression, and can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe our future plans, objectives or goals are also forward-looking statements.
    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.
    Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to our unaudited consolidated financial statements and accompanying notes to help provide an understanding of our financial condition, the changes in our financial condition and our results of operations. Our discussion is organized as follows:
    •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.
    •Changes in critical accounting policies and estimates. This section contains a discussion of changes since our Annual Report on Form 10-K for the year ended December 31, 2025 in the accounting policies that we believe are important to our financial condition and results of operations and that require judgment and estimates on the part of management in their application.
    •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.
    •Liquidity and capital resources. This section provides an analysis of our cash flows and a discussion of our outstanding debt at March 31, 2026.
    Overview
    Company Background
    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
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    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.
    We are focused on providing exceptional client service, world-class execution, value-added technology solutions, and cutting-edge innovation. Our long-term focus is to meet our financial commitments, deliver compelling, innovative solutions that address our clients’ most critical needs, and realize productivity and efficiency gains by embedding artificial intelligence (“AI”) in our products, services and business operations.
    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:
    •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
    •Enterprise – provides products and services to large businesses, including our integrated omnichannel operating system for enterprise clients
    •Processing – provides products and services to financial institutions, joint ventures, and other third party resellers which have direct relationships with merchants
    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.
    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:
    •Digital Payments – provides debit card processing services; debit network services; security and fraud protection products; bill payment; person-to-person payments; and account-to-account transfers
    •Issuing – provides credit card processing services; prepaid card processing services; card production services; print services; government payment processing; and student loan processing
    •Banking – provides customer loan and deposit account processing; digital banking; financial and risk management; professional services and consulting; and check processing
    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.
    One Fiserv Action Plan
    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.
    To advance this transformation, we are simplifying and standardizing processes, adopting new ways of working, and embedding AI to create a higher-quality, more productive business. This approach rethinks how business functions operate and aligns our product portfolio for the future. We are modernizing our technology infrastructure, enhancing resiliency, and reengineering our operating model through AI and advanced automation. We expect these efforts to strengthen efficiency, scalability, and innovation to deliver differentiated value and an exceptional experience for our clients.
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    Acquisitions and Other Transactions
    We frequently review our businesses to ensure we have the necessary assets to execute our strategy. We expect to acquire businesses when we identify: a compelling strategic need, such as a product, service or technology that helps meet client demand; a way to achieve business scale that enables competition and operational efficiency; or similar considerations. We expect to divest businesses that are not in line with our market, product or financial strategies. The results of operations for the following acquired businesses are included in our consolidated results from the respective dates of acquisition.
    Acquisitions of Businesses
    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.
    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.
    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 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 our presence within the Asia-Pacific region.
    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 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.
    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.
    Other Transactions
    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.
    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.
    Industry Trends
    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
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    customer experience. These innovations are driving a competitive landscape where customer expectations evolve rapidly as services digitize and choices multiply.
    Merchants
    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.
    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.
    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.
    Financial Institutions
    Financial services providers regularly introduce and implement new payment, deposit, risk management, lending and investment products, and the distinctions among the products and services traditionally offered by different types of financial institutions continue to narrow as they seek to serve the same customers. At the same time, the evolving global regulatory and cybersecurity landscape has continued to create a challenging operating environment for financial institutions. These conditions are driving heightened interest in solutions that help financial institutions win and retain customers, generate revenue, comply with regulations and enhance operating efficiency. In addition, the focus on the customer experience, including through mobile and online engagement, by both financial institutions and their customers, as well as the growing volume and types of payment transactions in the marketplace, continues to elevate the data and transaction processing needs of financial institutions.
    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.
    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
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    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.
    Recent Market Conditions
    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.
    In addition, our operating results in certain foreign countries in which we operate may be adversely impacted by fluctuations in interest rates and exchange rates for currencies other than the U.S. dollar, including the Euro, British Pound, Indian Rupee, Brazilian Real and Argentine Peso. The strengthening of the U.S. dollar against certain foreign currencies in countries in which we operate would negatively impact our revenue and earnings. We also have exposure to risks related to currency devaluation in certain countries, which may negatively impact our international operating results if there is a prolonged devaluation of local currencies relative to the U.S. dollar or if the economic conditions in these countries decline. While the majority of our revenue is earned in the U.S., we actively monitor the interest rate and foreign exchange rate environment and may enter into derivative instruments and utilize other non-derivative hedging instruments with creditworthy institutions in an effort to manage these risks.
    Changes in Critical Accounting Policies and Estimates
    Our unaudited consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America, which require management to make estimates, judgments and assumptions that affect the reported amount of assets, liabilities, revenue and expenses. In our Annual Report on Form 10-K for the year ended December 31, 2025, we identified our critical accounting policies and estimates. We continually evaluate the accounting policies and estimates that we use to prepare our consolidated financial statements, including for recently adopted accounting pronouncements, and base our estimates on historical experience and assumptions that we believe are reasonable in light of current circumstances. Actual amounts and results could differ materially from these estimates. For example, we estimate the fair values of identifiable assets acquired and liabilities assumed in connection with acquisitions of businesses and may record purchase accounting adjustments during the measurement period, which may be up to one year from the acquisition date. Additionally, we review the carrying value of goodwill for impairment by comparing the estimated fair values of our reporting units to their respective carrying values. Determining the fair value of a reporting unit involves judgment and the use of significant estimates and assumptions, which include assumptions regarding the revenue growth rates and operating margins used to calculate estimated future cash flows, risk-adjusted discount rates, and future economic and market conditions. There have been no material changes to our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
    Results of Operations
    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.
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    Three Months Ended March 31,
    20262025
    Percentage of
    Revenue (1)
    Increase (Decrease) (2)
    (In millions)20262025$%
    Revenue:
    Processing and services$4,070 $4,045 81.0 %78.8 %$25 1 %
    Product957 1,085 19.0 %21.2 %(128)(12)%
    Total revenue5,027 5,130 100.0 %100.0 %(103)(2)%
    Expenses:
    Cost of processing and services1,610 1,389 39.6 %34.3 %221 16 %
    Cost of product697 684 72.8 %63.0 %13 2 %
    Sub-total2,307 2,073 45.9 %40.4 %234 11 %
    Selling, general and administrative1,885 1,682 37.5 %32.8 %203 12 %
    Net gain on sale of assets(83)(20)(1.6)%(0.4)%63 n/m
    Total expenses4,109 3,735 81.7 %72.8 %374 10 %
    Operating income918 1,395 18.3 %27.2 %(477)(34)%
    Interest expense, net(347)(331)(6.9)%(6.5)%16 5 %
    Other income (expense), net22 (18)0.4 %(0.4)%(40)n/m
    Income before income taxes and income (loss) from investments in unconsolidated affiliates593 1,046 11.8 %20.4 %(453)(43)%
    Income tax provision(24)(190)(0.5)%(3.7)%(166)(87)%
    Income (loss) from investments in unconsolidated affiliates4 (8)0.1 %(0.2)%(12)n/m
    Net income573 848 11.4 %16.5 %(275)(32)%
    Less: net income (loss) attributable to noncontrolling interests2 (3)— %(0.1)%5 n/m
    Net income attributable to Fiserv, Inc.$571 $851 11.4 %16.6 %$(280)(33)%
    (1)Percentage of revenue is calculated as the relevant revenue, expense or income amount divided by total revenue, except for cost of processing and services and cost of product amounts, which are divided by the related component of revenue.
    (2)n/m - Not meaningful
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    Three Months Ended March 31,
    (In millions)MerchantFinancialCorporate
    and Other    		Total
    Total revenue:
    2026$2,373 $2,302 $352$5,027 
    20252,372 2,417 3415,130 
    Revenue growth (decline)$1 $(115)$11$(103)
    Revenue growth (decline) percentage— %(5)%(2)%
    Operating income (loss):
    2026$626 $877 $(585)$918 
    2025810 1,148 (563)1,395 
    Operating income decline$(184)$(271)$(22)$(477)
    Operating income decline percentage(23)%(24)%(34)%
    Operating margin:
    202626.4 %38.1 %18.3 %
    202534.2 %47.5 %27.2 %
    Operating margin decline (1)
    		(780) bps(940) bps(890) bps
    (1)Represents the basis point decline in operating margin.
    Operating margin percentages are calculated using actual, unrounded amounts.
    Total Revenue
    Total revenue decreased $103 million, or 2%, in the first quarter of 2026 compared to the first quarter of 2025, primarily due to a decrease in data and analytics sales and license revenue. Revenue was flat in our Merchant segment and decreased 5% in our Financial segment in the first quarter of 2026 compared to the prior year period.
    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.
    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.
    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.
    Total Expenses
    Total expenses increased $374 million, or 10%, in the first quarter of 2026 compared to the first quarter of 2025. Total expenses as a percentage of total revenue increased 890 basis points to 81.7% in the first quarter of 2026 compared to the prior year period. Total expenses as a percentage of total revenue were impacted by higher costs to support the client experience, including personnel costs of approximately 480 basis points; costs associated with our strategic One Fiserv transformation program of approximately 280 basis points; and data processing costs of approximately 230 basis points. Total expenses as a percentage of total revenue in the first quarter of 2026 was favorably impacted by a net gain on the sale-leaseback of certain facilities of $83 million.
    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
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    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.
    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.
    Selling, general and administrative expenses as a percentage of total revenue increased to 37.5% in the first quarter of 2026 compared to 32.8% in the first quarter of 2025. Selling, general and administrative expenses as a percentage of total revenue in the first quarter of 2026 was negatively impacted by higher personnel costs of approximately 200 basis points; costs associated with our strategic One Fiserv transformation program of approximately 150 basis points; and higher payments to distribution partners of approximately 100 basis points.
    The first quarter of 2026 included a net gain on the sale-leaseback of certain facilities of $83 million.
    Operating Income and Operating Margin
    Total operating income decreased $477 million, or 34%, in the first quarter of 2026 compared to the first quarter of 2025. Total operating margin decreased 890 basis points to 18.3% in the first quarter of 2026 compared to the prior year period. Total operating income and total operating margin were negatively impacted by a decrease in high margin data and analytics sales and license revenue, along with higher costs to support the client experience, including personnel and data processing costs.
    Operating income in our Merchant segment decreased $184 million, or 23%, in the first quarter of 2026 compared to the first quarter of 2025. Operating margin decreased 780 basis points to 26.4% in the first quarter of 2026 compared to the prior year period. Operating income and operating margin in our Merchant segment were negatively impacted by a decrease in high margin data and analytics sales; higher payments to distribution partners; and higher personnel costs in the first quarter of 2026 compared to the first quarter of 2025.
    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.

    The operating loss in Corporate and Other increased $22 million in the first quarter of 2026 compared to the first quarter of 2025. The operating loss in the first quarter of 2026 was negatively impacted by $142 million of costs associated with our strategic One Fiserv transformation program, partially offset by a net gain of $83 million on the sale-leaseback of certain facilities.
    Interest Expense, Net
    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.
    Other Income (Expense), Net
    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.
    Income Tax Provision
    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
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    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.
    Income (Loss) from Investments in Unconsolidated Affiliates
    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.
    Net Income (Loss) Attributable to Noncontrolling Interests
    Net income (loss) attributable to noncontrolling interests relates to the minority partners’ share of the net income or loss in our consolidated subsidiaries and was $2 million and $(3) million in the first quarter of 2026 and 2025, respectively.
    Net Income Per Share – Diluted
    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).
    Liquidity and Capital Resources
    General
    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 $4.0 billion of capacity designated for outstanding borrowings under our commercial paper programs, senior notes due within the next 12 months and letters of credit) at March 31, 2026.
    The following table summarizes our net cash provided by operating activities, or operating cash flow, and capital expenditures:
     Three Months Ended
    March 31,    		Increase (Decrease)
    (In millions)20262025$%
    Net income$573 $848 $(275)
    Depreciation and amortization831 779 52 
    Share-based compensation118 124 (6)
    Deferred income taxes(58)(37)(21)
    Net gain on sale of assets(83)(20)(63)
    (Income) loss from investments in unconsolidated affiliates(4)8 (12)
    Distributions from unconsolidated affiliates8 10 (2)
    Non-cash foreign currency exchange (gains) losses
    		(21)38 (59)
    Net changes in working capital and other(765)(1,102)337 
    Net cash provided by operating activities$599 $648 $(49)(8)%
    Capital expenditures, including capitalized software and other intangibles$458 $335 $123 37 %
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    Our operating cash flow was $599 million in the first three months of 2026, a decrease of 8% compared with $648 million in the first three months of 2025. The decrease was primarily attributable to lower profitability, partially offset by a lower use of working capital compared to the first three months of 2025, including trade accounts receivable collections and timing of prepaid expenses.
    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.
    Share Repurchases
    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.
    Acquisitions and Other Transactions
    Acquisitions of Businesses
    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.
    Other Transactions
    In the first quarter of 2026, we entered into sale leaseback arrangements for certain of our facilities for an aggregate net sales price of $201 million. Proceeds of $183 million received in the first quarter of 2026 were primarily used for general corporate purposes, including the repayment of debt. The remaining $18 million of proceeds are expected to be received in the second quarter of 2026.
    In September 2025, we acquired the remaining 49.9% ownership interest, including cash held of $195 million, in AIBMS for $420 million. In April 2025, we acquired the remaining 19% ownership interest in ICICI Merchant Services Private Limited for $22 million. We previously held a majority controlling financial interest in each of these consolidated subsidiaries and funded these transactions utilizing a combination of available cash and proceeds from commercial paper borrowings.
    In 2024, Wells Fargo provided us with a notice of non-renewal for WFMS and upon the expiration of the joint venture in April 2025, we received a cash payment of $453 million, which was primarily used to pay down indebtedness and for share repurchases.
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    Indebtedness

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