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What changed in Fiserv's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Fiserv's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+385 added−356 removedSource: 10-K (2026-02-19) vs 10-K (2025-02-20)

Top changes in Fiserv's 2025 10-K

385 paragraphs added · 356 removed · 287 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

78 edited+18 added−12 removed43 unchanged
Biggest changeIn addition, several of our subsidiaries outside of the U.S. provide services such as merchant terminal leasing, debit processing, acquiring, issuing, factoring and settlement that make them subject to regulation by financial services supervisory agencies, including the Financial Conduct Authority (“FCA”) and Payment Systems Regulator in the United Kingdom (“U.K.”), the Federal Financial Supervision Agency in Germany, the National Bank of Poland, the Central Bank of the Netherlands, the Central Bank of Ireland, the Reserve Bank of Australia, the Central Bank of Brazil, the Central Bank of Uruguay, the Monetary Authority of Singapore, Bank Negara Malaysia (BNM) and Australian Transaction Reports and Analysis Centre.
Biggest changeIn addition, several of our subsidiaries outside of the U.S. provide services such as merchant terminal leasing, debit processing, acquiring, issuing, factoring and settlement that make them subject to regulation by financial services supervisory agencies. Association and Network Rules. We are subject to the rules of various payment networks, such as Visa and Mastercard.
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 products and services to financial institutions, joint ventures, and other third-party resellers such as ISOs, which have direct relationships with merchants.
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 debit card processing services, which include tokenization, loyalty and reward programs; customized authorization processing; gateway processing to payment networks; ATM managed services and cash and logistics management; and risk management products. We also provide security, risk and fraud management solutions, which incorporate machine-learning-based predictive technology, that help financial institutions securely operate and grow their business by preventing fraud.
We provide debit card processing services, which include tokenization, loyalty and reward programs; customized authorization processing; gateway processing to payment networks; ATM managed services and cash and logistics management; and risk management products. We also provide security, risk and fraud management solutions, which incorporate machine learning-based predictive technology, that help financial institutions operate and grow their business by preventing fraud.
We provide services that involve the collection and processing of significant amounts of data, including personal data financial data and other sensitive data which subject our offerings to various federal, state, local and foreign privacy and cybersecurity laws and regulations, as well as association and network privacy and cybersecurity rules, which govern, among other things, the collection, processing, storage, deletion, use and disclosure of personal information.
We provide services that involve the collection and processing of significant amounts of personal, financial, and other sensitive data which subject our offerings to various federal, state, local and foreign privacy and cybersecurity laws and regulations, as well as association and network privacy and cybersecurity rules, which govern, among other things, the collection, processing, storage, deletion, use and disclosure of personal information.
If we process payments for a merchant or other client in violation of laws, rules and regulations, we could be subject to enforcement actions and incur losses and liabilities that may impact our business. Anti-Money Laundering and Sanctions Regulations. We are subject to anti-money laundering laws and regulations, including the U.S. Bank Secrecy Act (“BSA”).
If we process payments for a merchant or other client in violation of laws, rules and regulations, we could be subject to enforcement actions and incur losses and liabilities that may impact our business. Anti-Money Laundering, Anti-Bribery, and Sanctions Regulations. We are subject to anti-money laundering laws and regulations, including the U.S. Bank Secrecy Act (“BSA”).
For example, we rely on our human capital resources for product development (including product design and coding), sales, operations (including customer service, technology support, security and compliance) and management; access to financial and telecommunication networks; computers, servers, mainframes, microchips and other computer equipment; and Clover and other POS devices.
For example, we rely on our human capital resources for product development (including product design and coding), sales, operations (including customer service, technology support, and security) and management; access to financial and telecommunication networks; computers, servers, mainframes, microchips and other computer equipment; and Clover and other POS devices.
Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), which governs the use and disclosure of protected health information in healthcare treatment, payment and operations by covered entities and their business associates. We are also subject to the Federal Trade Commission Act which empowers the U.S.
Health Insurance Portability and Accountability Act (“HIPAA”), which governs the use and disclosure of protected health information in healthcare treatment, payment and operations by covered entities and their business associates. We are also subject to the Federal Trade Commission Act which empowers the U.S.
We periodically review our resource requirements and sources, as well as our relationships with key vendors, to best meet the needs of our business including global sourcing efforts and alternate supplier resourcing. We believe we have access to the resources necessary for our current business needs.
We periodically review our resource requirements and sources, as well as our relationships with key vendors, to meet the needs of our business including global sourcing efforts and alternate supplier resourcing. We believe we have access to the resources necessary for our current business needs.
Financial The products and services in our Financial segment compete with large, diversified software and service companies, independent suppliers of software products, businesses that offer consumer payment solutions and a number of payment and card issuer processors.
Financial The products and services in our Financial segment compete with large, diversified software and service companies, independent suppliers of software products, businesses that offer consumer and business payment solutions and a number of payment and card issuer processors.
Our Enterprise business also provides end-to-end, omnichannel solutions to securely implement and manage stored value programs such as gift cards and loyalty, which help clients drive revenue and customer engagement.
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.
In addition, CashFlow Central ℠ , an integrated digital payment and cash flow management product, enables financial institutions to better meet the payments needs of small businesses.
In addition, CashFlow Central ℠ , an integrated digital payment and cash flow management product, enables financial institutions to meet the payments needs of small businesses.
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 3 Table of Contents • 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.
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.
We have grown our business through acquisitions and organically by signing new clients, 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.
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.
Additionally, we offer products and services which enable operating efficiencies and management insight by providing financial institutions with the infrastructure they need to process, route and settle non-card-based electronic payments, including ACH, wire and instant payments, and to efficiently manage associated information flows.
Additionally, we offer products and services that enable operating efficiencies and management insight by providing financial institutions with the infrastructure they need to process, route and settle non-card-based electronic payments, including ACH, wire and instant payments, and to efficiently manage associated information flows.
In addition, we believe that our focus on quality, innovation, client service and our commitment of substantial resources to training and technical support helps us to identify and fulfill the needs of our clients. Product Development To meet the changing technology needs of our clients, we continually develop, maintain and enhance our products and systems.
In addition, we believe that our focus on quality, innovation, client service and our commitment of substantial resources to training and technical support helps us to identify and fulfill the needs of our clients. Product Development To meet the changing technology needs of our clients, we continually develop, maintain and enhance our products and services.
We provide employees with numerous training and development opportunities, including through an e-learning platform specifically geared toward global technology associates; our Leading Women program, designed to accelerate the professional growth of female top talent across each of our global regions; our Leading Fiserv program, designed to develop critical leadership skills for frontline managers; our Vision to Results leadership program, focused on driving enterprise goals; and an online platform that provides global access to over 10,000 learning opportunities.
We provide employees with numerous training and development opportunities, including through an e-learning platform specifically geared toward global technology employees; our Top Talent program, designed to accelerate the professional growth of our top talent across each of our global regions; our Leading Fiserv program, designed to develop critical leadership skills for frontline managers; our Vision to Results leadership program, focused on driving enterprise goals; and an online platform that provides global access to over 10,000 learning opportunities.
Some of these data protection laws, including in the E.U., Brazil, India, United Arab Emirates and China, impose requirements regarding data rights and security and either prohibit the international transfer of personal data or restrict such transfers absent lawfully recognized transfer mechanisms.
Some of these data protection laws, including in the E.U., Argentina, Uruguay, Brazil, India, United Arab Emirates and China, impose requirements regarding data rights and security and either prohibit the international transfer of personal data or restrict such transfers absent lawfully recognized transfer mechanisms.
Our international subsidiaries are subject to equivalent laws in applicable jurisdictions. Indirect Regulatory Requirements. A number of our clients are subject to various regulations and compliance obligations that do not apply directly to us but impact the services that we provide to our clients.
Our foreign subsidiaries are subject to equivalent laws in applicable jurisdictions. Indirect Regulatory Requirements. A number of our clients are subject to various regulations and compliance obligations that do not apply directly to us but impact the services that we provide to our clients.
In the U.S., we are also subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, among other things, and in conjunction with the Federal Reserve Board’s Regulation II, caps debit interchange rates for certain debit and prepaid card issuers; prohibits card issuers and payment networks from restricting the ability of merchants to direct the routing of debit card transactions; requires all debit card issuers in the U.S. to participate in at least two unaffiliated debit payment card networks; prohibits payment card networks from restricting debit and prepaid card issuers from contracting with other payment 7 Table of Contents card networks; and generally prohibits network exclusivity arrangements for debit card and prepaid card issuers.
In the U.S., we are subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, among other things, and in conjunction with the Federal Reserve Board’s Regulation II, caps debit interchange rates for certain debit and prepaid card issuers; prohibits card issuers and payment networks from restricting the ability of merchants to direct the routing of debit card transactions; requires all debit card issuers in the U.S. to participate in at least two unaffiliated debit payment card networks; prohibits payment card networks from restricting debit and prepaid card issuers from contracting with other payment card networks; and generally prohibits network exclusivity arrangements for debit card and prepaid card issuers.
We are also subject to non-government-issued rules and requirements, such as those promulgated by various payment networks. Failure to comply with these rules and regulations may result in the suspension or revocation of licenses or registrations, the limitation, suspension or termination of service and the imposition of civil and criminal penalties, including fines.
We are also subject to non-government-issued rules and requirements, such as those promulgated by various payment networks. Failure to comply with these rules and regulations may result in the suspension or 7 Table of Contents revocation of licenses or registrations, the limitation, suspension or termination of service and the imposition of civil and criminal penalties, including fines.
Among other things, the BSA requires money services businesses, such as money transmitters, issuers of money orders and official checks, and providers of prepaid access, to develop and implement anti-money laundering programs. Our acquiring businesses outside the U.S. are subject to anti-money laundering laws and regulations in the countries where they operate.
Among other things, the BSA requires money services businesses, such as money transmitters, issuers of money orders and official checks, and providers of prepaid access, to develop and implement anti-money laundering programs. Our U.S. MALPB and non-U.S. acquiring businesses are subject to anti-money laundering laws and regulations in the countries where they operate.
In addition to the Federal Trade Commission Act, the FTC, along with the CFPB, is responsible for overseeing and enforcing the privacy and information security provisions over certain aspects of GLBA and the Fair Credit Reporting Act (“FCRA”), each of which is applicable to our businesses in certain circumstances.
In addition to the Federal Trade Commission Act, the FTC, along with the CFPB, is responsible for overseeing and enforcing the privacy and information security provisions over certain 8 Table of Contents aspects of GLBA and the Fair Credit Reporting Act (“FCRA”), each of which is applicable to our businesses in certain circumstances.
We also offer a single platform for payment facilitators, marketplaces, software companies, and acquiring banks to compliantly manage boarding, credit and risk, and money movement for sub-merchants. Clients can access our enterprise services through Commerce Hub™, our next generation gateway and orchestration layer that provides full-function e-commerce, omnichannel and multi-acquirer solutions that ease development effort and maintenance.
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.
In the European Union (“E.U.”) and the U.K., we are subject to the General Data Protection Regulation (“GDPR”), which impose a comprehensive approach to personal data protection and include penalties for non-compliance of up to the greater of 20 million Euro (or 17.5 million British Pound) or four percent of a company’s consolidated global revenue.
In the European Union (“E.U.”) and the U.K., we are subject to the General Data Protection Regulation (“GDPR”), which imposes a comprehensive approach to personal data protection and includes penalties for non-compliance of up to the greater of 20 million Euro (or 17.5 million British Pound) or four percent of a company’s consolidated global revenue.
More information regarding supply chain risks can be found under the heading “Competitive and Business Risks ” in the Risk Factors section of this report and our human capital resources can be found below under the heading “Human Capital.” Intellectual Property We regard our hardware, software, transaction processing services and related products as proprietary, and we use a combination of patent, copyright, trademark and trade secret laws, internal security practices, employee confidentiality and assignment agreements, and third-party non-disclosure agreements to protect our intellectual property assets.
More information regarding supply chain risks can be found under the headings “Operational and Security Risks ” and “Global Market Risks” in the Risk Factors section of this report and our human capital resources can be found below under the heading “Human Capital.” Intellectual Property We regard our hardware, software, transaction processing services and related products as proprietary, and we use a combination of patent, copyright, trademark and trade secret laws, internal security practices, employee confidentiality and assignment agreements, and third-party non-disclosure agreements to protect our intellectual property assets.
As of December 31, 2024, we had over 38,000 employees worldwide. Development and Retention We are committed to creating a high-performance culture that consistently delivers excellence for our clients and long-term value for our shareholders while providing a workplace experience for our employees that values collaboration, innovation and 9 Table of Contents diversity.
As of December 31, 2025, we had over 38,000 employees worldwide. Development and Retention We are committed to creating a high-performance culture that consistently delivers excellence for our clients and long-term value for our shareholders while providing a workplace experience for our employees that values collaboration, innovation and diversity.
These regulations impact our card processing businesses and our clients’ ability to generate revenue. Certain of our subsidiaries hold payment institution or electronic money licenses. These subsidiaries are subject to regulation and oversight in the jurisdictions in which they operate, and may be required to meet minimum capital maintenance requirements or other obligations.
These regulations impact our card processing and debit network businesses. Certain of our subsidiaries hold payment institution or electronic money licenses. These subsidiaries are subject to regulation and oversight in the jurisdictions in which they operate and may be required to meet minimum capital maintenance requirements or other obligations.
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 2 Table of Contents • 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 merchant alliances, revenue sharing alliances and referral agreements.
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. 2 Table of Contents Small Business We offer merchant acquiring solutions to enable small businesses to securely accept payment transactions online or in-person.
Item 1. Business Overview Fiserv, Inc. is a leading global provider of payments and financial services technology solutions. We are publicly traded on the New York Stock Exchange 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.
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 are committed to providing fair pay to our employees regardless of gender, race, ethnicity or any other protected characteristic, and we conduct pay audits to track, measure and evaluate employee compensation. In addition, throughout the year, we celebrate employee contributions and achievements through a peer-based global recognition program that enables recognition and financial rewards.
We are committed to providing fair pay to our employees regardless of gender, race, ethnicity or any other protected characteristic, and we regularly measure and evaluate employee compensation. In addition, throughout the year, we celebrate employee contributions and achievements through a peer-based global recognition program that enables recognition and financial rewards. Employee Engagement We value employee engagement and feedback.
Internal mobility is generally our preferred approach for filling open positions and fostering career advancement for our employees. To encourage internal mobility, we maintain a sustainable internal talent pipeline, increasing associate retention, job satisfaction and personal and professional growth opportunities.
Internal mobility is generally our preferred approach for filling open positions and fostering career advancement for our employees. To encourage internal mobility, we maintain an internal talent pipeline, increasing employee retention, job satisfaction and personal and professional growth opportunities.
Additional information about privacy and cybersecurity regulation applicable to our business can be found in the Risk Factors section of this report under the heading “Regulatory and Compliance Risks”. 8 Table of Contents Money Transmission and Payment Instrument Licensing and Regulations.
Additional information about privacy and cybersecurity regulation applicable to our business can be found in the Risk Factors section of this report under the heading “Regulatory and Compliance Risks.” Money Transmission and Payment Instrument Licensing and Regulations.
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) 2024 2023 2022 Total revenue $ 20,456 $ 19,093 $ 17,737 U.S. and Canada 85 % 85 % 86 % International (1) 15 % 15 % 14 % (1) Represents revenue in the following international regions: EMEA (Europe, Middle East and Africa), LATAM (Latin America) and APAC (Asia-Pacific).
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) 2025 2024 2023 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).
In 2024, we had $20.5 billion in total revenue, $5.9 billion in operating income and $6.6 billion of net cash provided by operating activities. Processing and services revenue, which in 2024 represented 81% of our total revenue, is primarily generated from account- and transaction-based fees under multi-year contracts that generally have high renewal rates.
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.
Depending on the product or service, competitive factors may include quality, security, innovation, breadth or novelty of features and functionality, client satisfaction, market opportunity, integration, reliability, agility, global reach, multiple distribution channels, service reliability and performance standards, timely introduction of new products and features, platform scalability and flexibility, and value.
Depending on the product or service, competitive factors may include quality, security, innovation, breadth or novelty of features and functionality, client satisfaction, market opportunity, integration, global reach, multiple distribution channels, service reliability and performance standards, timely introduction of new products and features, platform scalability and flexibility, and value. We believe that we compete favorably in each of these categories.
There are also additional obligations that apply to us by virtue of the fact that we provide services in the financial services industry or are considered to be providing critical infrastructure to our clients including the SOCI Act in Australia, the EBA Outsourcing Requirements and the Digital Operational Resilience Act in the E.U. and the CERT-In obligations in India.
Because we provide services in the financial services industry or are considered to be providing critical infrastructure to our clients additional obligations apply to us, including under the SOCI Act in Australia, the EBA Outsourcing Requirements and the Digital Operational Resilience Act in the E.U., and the CERT-In obligations in India.
Similar anti-money laundering, counter terrorist financing and proceeds of crime laws apply to movements of currency and payments through electronic transactions and to dealings with persons specified in lists maintained by the country equivalents to OFAC lists in several other countries and require specific data retention obligations to be observed by intermediaries in the payment process.
Other entities may be subject to additional local sanctions requirements in other relevant jurisdictions. 9 Table of Contents Similar anti-money laundering, counter terrorist financing and proceeds of crime laws apply to movements of currency and payments through electronic transactions and to dealings with persons specified in lists maintained by the country equivalents to OFAC lists in several other countries and require specific data retention obligations to be observed by intermediaries in the payment process.
Employee Engagement We value employee engagement and feedback. Throughout the year, we engage with our employees through events such as lunch-and-learns, quarterly all-hands meetings, town halls, leadership meetings and other forums. We encourage managers to meet regularly with their teams and encourage skip-level discussions.
Throughout the year, we engage with our employees through events such as lunch-and-learns, quarterly all-hands meetings, town halls, leadership meetings and other forums. We encourage managers to meet regularly with their teams and encourage skip-level discussions. To assess employee engagement, we periodically collect employee feedback through employee engagement surveys, including annual enterprise-wide surveys and issue-specific surveys.
Various regulatory enforcement agencies, including the FTC and state attorneys general, have authority to take action against parties that engage in unfair or deceptive trade practices or violate other laws, rules and regulations.
We and our clients are subject to various U.S. federal, state and foreign laws prohibiting unfair or deceptive trade practices. Various regulatory enforcement agencies, including the FTC and state attorneys general, have authority to take action against parties that engage in unfair or deceptive trade practices or violate other laws, rules and regulations.
We also offer consulting services, business operations services and related software products that enable the transition of check capture from branch and teller channels to digital self-service deposit channels, including mobile, merchant and ATM. Through the Fiserv ® Clearing Network, we provide check clearing and image exchange services.
Additionally, we offer consulting services, business 5 Table of Contents operations services and related software products that enable the transition of check capture from branch and teller channels to digital self-service deposit channels, including mobile, merchant and ATM.
Our patents cover innovations relating to numerous financial software and hardware products and services, and we continue, where appropriate, to seek and secure patents with respect to our ongoing innovations.
Our patents cover innovations relating to numerous financial software and hardware products and services, and we continue, where appropriate, to seek and secure patents with respect to our ongoing innovations. We believe that we possess the proprietary rights necessary to conduct our business.
Our global point-of-sale and business management platform, Clover ® , includes hardware and software technology necessary to enable small business merchants to accept payments; take orders; schedule pick-up and delivery services; and provide vertical specific business management tools.
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 through our Clover Capital cash advance and, within our international operations, merchant anticipation programs.
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.
In addition, we are subject to regulation by the Georgia Department of Banking and Finance in connection with our subsidiary’s Merchant Acquirer Limited Purpose Bank charter in Georgia.
We are also subject to regulation by the Georgia Department of Banking and Finance in connection with our subsidiary’s Merchant Acquirer Limited Purpose Bank (“MALPB”) in Georgia, by the New Hampshire Banking Department in connection with our subsidiary’s trust company in New Hampshire and by the Colorado Division of Banking in connection with our subsidiary’s trust company in Colorado.
Safety and Well-Being We are committed to the safety of our workforce and maintain a global safety program that is designed to protect the safety and well-being of our employees in the workplace, minimize injury and accident frequency and severity, minimize loss to property, equipment and operational disruption, and enable greater associate satisfaction and productivity.
Safety and Well-Being We are committed to the safety of our workforce and maintain a global safety program that is designed to protect the safety and well-being of our employees in the workplace, minimize injury and accident frequency and severity, minimize loss to property, equipment and operational disruption, and enable greater employee satisfaction and productivity. 10 Table of Contents We are also committed to providing comprehensive and competitive benefits to our employees that are responsive to their physical, financial, social and emotional needs.
As such, we are subject to applicable card association, network and national scheme rules that could subject us to fines or penalties. We are subject to network operating rules promulgated by Nacha relating to payment transactions processed by us using the ACH network and to various federal and state laws regarding such operations, including laws pertaining to electronic benefits transactions.
We are subject to network operating rules promulgated by Nacha relating to payment transactions processed by us using the ACH network and to various federal and state laws regarding such operations, including laws pertaining to electronic benefits transactions. Privacy and Cybersecurity Regulations.
These solutions also include security, reporting and other features that financial institutions need to process transactions for their customers. Although many of our clients obtain a majority of their processing requirements from us, our software design allows clients to start with one application and, as needed, add applications and features developed by us or by third parties.
Although many of our clients obtain a majority of their processing requirements from us, our software design allows clients to start with one application and, as needed, add applications and features developed by us or by third parties.
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.
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.
Servicing the Market The financial technology industry is highly dynamic, with new innovations entering the market and driving the expectations of our clients globally. The markets for our solutions have specific needs and requirements, with strong emphasis placed by clients on quality, security, service reliability, timely introduction of new capabilities and features, flexibility and value.
Servicing the Market The financial technology industry is highly dynamic, with new innovations entering the market and driving the expectations of our clients globally. The products and services we offer seek to meet the needs of our clients and their customers, with strong emphasis on quality, security, service reliability, timely introduction of new capabilities and features, flexibility and value.
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.
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.
In addition, payment networks and large technology, media and other integrated payments software providers are increasingly offering products and services that compete with our suite of merchant acquiring solutions.
We also compete with merchant services providers and, in a number of countries outside of the U.S., our Merchant segment competes with a growing number of local and regional providers. In addition, payment networks and large technology, media and other integrated payments software providers are increasingly offering products and services that compete with our suite of merchant acquiring solutions.
In addition, several of our subsidiaries are subject to comparable local laws regarding collection activities and obtaining credit reports and our U.K. branch described above also holds FCA permissions for debt collection activities. Unfair Trade Practice Regulations. We and our clients are subject to various federal, state and foreign laws prohibiting unfair or deceptive trade practices.
In addition, several of our subsidiaries are subject to comparable local laws regarding collection activities and obtaining credit reports and the U.K. branch of our subsidiary FDR Limited, LLC also holds FCA permissions for debt collection activities. Unfair Trade Practice Regulations.
We believe that we compete favorably in each of these categories. Additional information about competition in our segments is provided below. Merchant The products and services in our Merchant segment compete with merchant acquirers and financial institutions that provide acquiring and processing services to businesses on their own.
Additional information about competition in our segments is provided below. Merchant The products and services in our Merchant segment compete with merchant acquirers and financial institutions that provide acquiring and processing services to businesses on their own. In many cases, our alliance and commercial partners, such as ISOs and ISVs, compete against each other.
Treasury Department’s Office of Foreign Assets Control (“OFAC”), which prohibit or restrict transactions to or from, or dealings with, specified countries, governments, individuals and entities that are specially designated nationals of those countries, including narcotics traffickers and terrorists or terrorist organizations. Other group entities may be subject to additional local sanctions requirements in other relevant jurisdictions.
We are also subject to certain economic and trade sanctions programs that are administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), which prohibit or restrict transactions to or from, or dealings with, specified countries, governments, individuals and entities that are specially designated nationals of those countries, including narcotics traffickers and terrorists or terrorist organizations.
We plan to increase the number and breadth of our client relationships by, among other actions: continuing to integrate our products and services; introducing new products and services that are aligned with market needs; combining products and services to deliver enhanced, integrated value propositions; and delivering quality service and support for our clients. • Innovation .
We expect to increase the number and breadth of our client relationships by, among other actions: continuing to integrate our products and services to deliver enhanced, integrated value propositions; introducing new products and services that meet the needs of our clients and their customers; and delivering quality service and support for our clients. • Building the pre-eminent small business operating platform through Clover ® .
Our Money Network Financial, LLC subsidiary provides prepaid access for various open loop prepaid programs for which it is the program manager and therefore must meet the requirements of the Financial Crimes Enforcement Network. We are also subject to certain economic and trade sanctions programs that are administered by the U.S.
Our Money Network Financial, LLC subsidiary provides prepaid access for various open loop prepaid programs for which it is the program manager and therefore must meet the requirements of the Financial Crimes Enforcement Network. We are subject to the U.S. Foreign Corrupt Practices Act and similar anti-bribery and anti-corruption laws in the countries in which we operate.
Additionally, our embedded finance solutions enable merchants and others to deliver personalized financial experiences to their customers through a combination of Fiserv solutions including Finxact, Carat, plastics, and card processing, as well as third-party services, including banking services.
Additionally, our embedded finance solutions enable merchants and others to deliver personalized financial experiences to their customers through a combination of Fiserv solutions including Finxact, Payfare, Commerce Hub ™ , card manufacturing and processing, as well as third-party services. We have developed a comprehensive end-to-end embedded finance solution that supports various payment flows.
The Money Network service simplifies payment distribution for organizations while reducing or eliminating expenses associated with issuing traditional paper checks. This service also provides consumers without bank accounts with fast, digital access to their 4 Table of Contents money, including wages.
The Money Network service simplifies payment distribution for organizations while reducing or eliminating expenses associated with issuing traditional paper checks. This service also provides consumers without bank accounts with fast, digital access to their money, including wages. Money Network solutions include payroll prepaid cards, government disbursements, digital disbursements and corporate incentives as well as single-load and reloadable prepaid account options.
Financial Solutions 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.
These strategic alliances combine our commerce-enabling technology, processing capabilities and management expertise with the distribution capabilities, footprint and customer relationships of our partners. 3 Table of Contents 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.
We expect to divest businesses that are not in line with our market, product or financial strategies. • Capital Discipline . We intend to make capital allocation decisions that offer the best prospects for our long-term growth and profitability, which may include, among other matters: internal investment; repayment of debt; repurchases of our own shares; or acquisitions.
We intend to make capital allocation decisions that offer the best prospects for our long-term growth and profitability, which may include, among other actions internal investment, repayment of debt, return capital to shareholders, including through the repurchases of our own shares, and strategic acquisitions and divestitures.
We provide business statement and card products and services to clients across a wide variety of industries, including financial services, healthcare, retail, utilities, telecommunications, insurance and travel and entertainment.
We also provide financial institutions with solutions that support the lifecycle of a cardholder, including acquisition, fraud detection, credit risk management, servicing, collections and professional services. We provide business statement and card products and services to clients across a wide variety of industries, including financial services, healthcare, retail, utilities, telecommunications, insurance and travel and entertainment.
We believe that we possess all proprietary rights necessary to conduct our business. 6 Table of Contents Competition The market for technology products and services is fragmented, highly competitive, and served by a multitude of large and small businesses.
Competition The market for technology products and services is fragmented, highly competitive, and served by a multitude of large and small businesses.
We provide entitlement payments for state entities, unemployment, and disability debit card payments, as well as technology that enables our clients to provide student loan support services. Banking We provide customer loan and deposit account processing; digital banking; financial and risk management; professional services and consulting; and check processing.
Our government payment and student loan processing services generally relate to the processing of consumer payment activity. We provide entitlement payments for state entities, unemployment, and disability debit card payments, as well as technology that enables our clients to provide student loan support services.
Association and Network Rules. We are subject to the rules of various payment networks, such as Visa and Mastercard. In order to provide processing services, a number of our subsidiaries are registered with Visa and/or Mastercard as service providers for member institutions.
In order to provide processing services, a number of our subsidiaries are registered with Visa and/or Mastercard as service providers for member institutions. Our MALPB subsidiary and a number of our subsidiaries outside the U.S. are direct members or associate members of Visa and Mastercard for purposes of conducting merchant acquiring.
We are not including the information provided on our website as a part of, or incorporating it by reference into, this Annual Report on Form 10-K.
Investing in our employees in this way helps us retain top talent and demonstrates our commitment to our employees, our most important asset. Available Information Our website address is www.fiserv.com. We are not including the information provided on our website as a part of, or incorporating it by reference into, this Annual Report on Form 10-K.
Our headquarters are located at 600 N. Vel R. Phillips Avenue, Milwaukee, Wisconsin 53203, and our telephone number is (262) 879-5000.
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.
Many states require money transmitters, issuers of payment instruments and their agents to comply with federal and state anti-money laundering laws and regulations and often require the licensee to maintain certain levels of net worth. Credit Reporting and Debt Collections Regulations. TeleCheck, our check acceptance business, is subject to FCRA and various similar state laws.
Many states require money transmitters, issuers of payment instruments and their agents to comply with federal and state anti-money laundering laws and regulations and often require the licensee to maintain certain levels of net worth. Stablecoin Regulations. In 2025, the U.S. enacted the Guiding and Establishing National Innovation for U.S.
These laws and rules contain a variety of obligations including the safeguarding of personal information, the provision of notices and use and disclosure rights.
These laws and rules contain a variety of obligations including the safeguarding of personal information, the provision of notices and use and disclosure rights. The regulations and rules are complex and evolving and can provide for significant penalties or the suspension or termination of our registrations or certifications for non-compliance.
In developing our products, we use current software development principles, such as service-oriented architecture, to create efficiencies, and we stress interaction with and responsiveness to the needs of our clients. In addition, we use our data and artificial intelligence (“AI”) responsibly to help us create new products and services and to enhance existing ones.
In developing our products, we use current software development principles, such as service-oriented architecture, to create efficiencies, and we stress interaction with and responsiveness to the needs of our clients. 6 Table of Contents Resources Our business depends on a variety of resources to operate including products and services provided to us by third parties.
We are also committed to providing comprehensive and competitive benefits to our associates that are responsive to their physical, financial, social and emotional needs. Our benefit offerings include a variety of medical and dental plan choices, mental health and counseling programs, caregiver support programs, enhanced family forming and planning resources, and paid time off.
Our benefit offerings include a variety of medical and dental plan choices, mental health and counseling programs, caregiver support programs, enhanced family forming and planning resources, and paid time off. We seek to control the cost of health care benefits for our employees despite the increased cost of such benefits to the company.
A number of our subsidiaries outside the U.S. are direct members or associate members of Visa and Mastercard for purposes of conducting merchant acquiring. Various subsidiaries are also processor level members of other debit and electronic benefits transaction networks or are otherwise subject to various network rules in connection with processing services and other services we provide.
Various subsidiaries are also processor level members of other debit and electronic benefits transaction networks or are otherwise subject to various network rules in connection with processing services and other services we provide. As such, we are subject to applicable card association, network and national scheme rules that could subject us to fines or penalties.
The lines between merchant acquiring, payment processing and banking are increasingly interconnected, as more banking and payment transactions are initiated at different touchpoints within merchant engagement. Account processing solutions enable a financial institution to operate systems that process customer deposit and loan accounts, an institution’s general ledger, central information files and other financial information.
Banking We provide customer loan and deposit account processing; digital banking; financial and risk management; professional services and consulting; and check processing. The lines between merchant acquiring, payment processing and banking are increasingly interconnected, as more banking and payment transactions are initiated at different touchpoints within merchant engagement.
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.
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.
In addition to assessing engagement, the survey results enable us to gain insight into employee perspectives and issues which we use to enhance processes, set priorities and respond to associate concerns. In 2024, 94% of our associates participated in our engagement survey. The categories in which we were ranked highest were “operational excellence” and “manager effectiveness”.
These surveys cover a variety of topics, such as engagement, well-being, client experience, employee experience, communication, teamwork, manager effectiveness and trust. In addition to assessing engagement, the survey results enable us to gain insight into employee perspectives and issues which we use to enhance processes, set priorities and respond to employee concerns.
Account processing solutions are offered primarily as an outsourced service or can be installed on client-owned computer systems or those hosted by third parties. Our principal consumer and business digital banking platform, Experience Digital (“XD”), builds on our Configure ™ , Architect ™ , Corillian Online ® , Mobiliti ™ and Create ™ products.
Our principal consumer and business digital banking platform, Experience Digital (“XD”), builds on our Configure ™ , Architect ™ , Corillian Online ® , Mobiliti ™ and Create ™ products.
Our FirstVision ™ and VisionPLUS ® products are used globally to provide transaction processing services or are licensed to enable clients to process transactions on their own. We also provide financial institutions with solutions that support the lifecycle of a cardholder, including acquisition, fraud detection, credit risk management, servicing, collections and professional services.
Our FirstVision ™ and VisionPLUS ® products are used globally to provide transaction processing services or are licensed to enable clients to process transactions on their own. We have introduced VisionNext ™ , our modernized cloud-based suite of payment solutions, and a platform for 4 Table of Contents embedded finance.
The principal account processing solutions used by our depository institution clients are Cleartouch ® , DNA ® , Finxact, Portico®, Precision ® , Premier ® and Signature ® . All of these systems are available in the U.S., and the DNA, Finxact and Signature platforms are also available globally.
The principal account processing solutions used by our depository institution clients are DNA ® , Finxact, Premier ® , CoreAdvance, Portico ® , and Signature ® . CoreAdvance is our newest solution offering a more flexible architecture, modern user interface, real-time processing, and personalization capabilities, all of which enable increased efficiency.
We currently use AI in a variety of ways, including to enable higher quality customer service experiences, platform analytics, and fraud mitigation across a number of solutions. Resources Our business depends on a variety of resources to operate including products and services provided to us by third parties.
We plan to use our data and AI to create new products and services, enhance existing products and services, and deliver high-quality customer service experiences through platform analytics and fraud mitigation across multiple solutions.
Removed
Effective in the first quarter of 2024, we realigned our reportable segments to correspond with changes in our business designed to further enhance operational performance in the delivery of our integrated portfolio of products and solutions to our financial institution clients (the “Segment Realignment”). Our new reportable segments are the Merchant Solutions (“Merchant”) segment and the Financial Solutions (“Financial”) segment.
Added
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.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeUnfavorable resolution of tax contingencies could adversely affect our results of operations and cash flows from operations Our tax returns and positions are subject to review and audit by federal, state, local and international taxing authorities.
Biggest changeOur tax returns and positions are subject to review and audit by federal, state, local and international taxing authorities. An unfavorable outcome to a tax audit could result in higher tax expense, thereby negatively impacting our results of operations as well as our cash flows from operations.
A prolonged poor economic environment, including a potential recession in the U.S. or other economies in which our business operates, could result in significant decreases in demand by current and potential clients for our products and services and in the number and dollar amount of transactions we process or accounts we service, which could have a material adverse effect on our business, results of operations and financial condition.
A prolonged poor economic environment, including a potential recession in the U.S. or other economies in which our business operates, could result in significant decreases in demand by current and potential clients for our products and services and in the number or dollar amount of transactions we process or accounts we service, which could have a material adverse effect on our business, results of operations and financial condition.
Changes in card association and debit network fees or products could increase costs or otherwise limit our operations. From time to time, card associations and debit networks, including the card networks which we own and operate, increase the processing and other fees (including what is commonly called “interchange fees”) that they charge.
Changes in card association and debit network fees or products could increase costs or otherwise limit our operations. From time to time, card associations and debit networks, including the card networks which we own, increase the processing and other fees (including what is commonly called “interchange fees”) that they charge.
In Europe and the U.K., their respective General Data Protection Regulations (collectively, “GDPR”) extends the scope of their data protection laws to all companies processing data of individuals within the E.U. and the U.K., regardless of the company’s location, subject to certain limitations. The law requires companies to meet stringent requirements regarding the handling of personal data.
In Europe and the U.K., their respective General Data Protection Regulations (collectively, “GDPR”) extends the scope of their data protection laws to companies processing data of individuals within the E.U. and the U.K., regardless of the company’s location, subject to certain limitations. The law requires companies to meet stringent requirements regarding the handling of personal data.
Our operations are subject to tax by federal, state, local, and international taxing jurisdictions. Changes in tax laws or their interpretations in our significant tax jurisdictions could materially increase the amount of taxes we owe, thereby negatively impacting our results of operations as well as our cash flows from operations.
Our operations are subject to tax by federal, state, local, and international taxing jurisdictions. Changes in tax laws or their interpretations could materially increase the amount of taxes we owe, thereby negatively impacting our results of operations as well as our cash flows from operations.
Our obligation to indemnify the purchasers and agreement to retain liabilities could have a material adverse effect on our business, results of operations and financial condition. Our balance sheet includes significant amounts of goodwill and intangible assets. The impairment of a significant portion of these assets would negatively affect our results of operations.
Our obligation to indemnify the purchasers and agreement to retain liabilities could have a material adverse effect on our business, results of operations and financial condition. Our balance sheet includes significant amounts of goodwill and intangible assets. The impairment of a significant portion of these assets could negatively affect our results of operations.
Our businesses are subject to state, federal, and foreign laws and regulations, including payment, cybersecurity, consumer protection, money transmission, data privacy, anti-money laundering, anti-bribery, economic and trade sanctions, payment institution, electronic money licensing, credit reporting and debt collection laws and regulations.
Our businesses are subject to state, federal, and foreign laws and regulations, including payment, cybersecurity, consumer protection, money transmission, data privacy, artificial intelligence, anti-money laundering, anti-bribery, economic and trade sanctions, payment institution, electronic money licensing, credit reporting and debt collection laws and regulations.
If any of the following risks develop into actual events, our business, results of operations or financial condition could be materially and adversely affected, and you may lose all or part of your investment. 10 Table of Contents Competitive and Business Risks We operate in a competitive business environment and may not be able to compete effectively.
If any of the following risks develop into actual events, our business, results of operations or financial condition could be materially and adversely affected, and you may lose all or part of your investment. Competitive and Business Risks We operate in a competitive business environment and may not be able to compete effectively.
Meeting these various requirements may require a significant investment of time and money. Any of these developments could have a material adverse impact on our business, results of operations and financial condition. Disruptions of operations of other participants in the global financial system could prevent us from delivering our products and services.
Meeting these various requirements may require a significant investment of time and money. Any of these developments could have a material adverse impact on our business, results of operations and financial condition. 14 Table of Contents Disruptions of operations of other participants in the global financial system could prevent us from delivering our products and services.
In addition, the success of certain of our products and services rely, in part, on financial institutions, business partners and other third parties promoting the use of or distributing our products and services.
Furthermore, the success of certain of our products and services rely, in part, on financial institutions, business partners and other third parties promoting the use of or distributing our products and services.
In addition, larger clients may reduce the services we provide if they decide to move services in- 11 Table of Contents house. Further, our small merchant business clients may seek reduced fees due to pricing competition, their own financial condition or pressure from their customers. We also have contracts with U.S. federal, state and local governments.
In addition, larger clients may reduce the services we provide if they decide to move services in-house. Further, our small merchant business clients may seek reduced fees due to pricing competition, their own financial condition or pressure from their customers. We also have contracts with U.S. federal, state and local governments.
If we are unable to successfully manage the risks associated with the international operation and expansion of our business, our results of operations and financial condition could be negatively impacted. Our business is impacted by U.S. and global market and economic conditions.
If we are unable to successfully manage the risks associated with the international operation and expansion of our business, our results of operations and financial condition could be negatively impacted. 15 Table of Contents Our business is impacted by U.S. and global market and economic conditions.
Such trends may include, but are not limited to, the following: • inflation, trade policy and tariffs, taxes, foreign currency fluctuations, declining economies, social unrest, natural disasters, public health crises, including the occurrence of a contagious disease or illness, and the pace of economic recovery can change consumer spending behaviors, on which a significant portion of our revenues are dependent; • low levels of consumer and business confidence typically associated with recessionary environments and those markets experiencing relatively high inflation and/or unemployment, may cause decreased spending by cardholders; • budgetary concerns in the U.S. and other countries around the world could affect the U.S. and other specific sovereign credit ratings, impact consumer confidence and spending, and increase the risks of operating in those countries; • emerging market economies tend to be more volatile than the more established markets we serve in the U.S. and Europe, and adverse economic trends, including high rates of inflation, may be more pronounced in such emerging markets; 14 Table of Contents • financial institutions may restrict credit lines to cardholders or limit the issuance of new cards to mitigate cardholder defaults; • uncertainty and volatility in the performance of our clients’ businesses may make estimates of our revenues, rebates, incentives, and realization of prepaid assets less predictable; • our clients may decrease spending for value-added services; and • government intervention, including the effect of laws, regulations, treaties and/or government investments in our clients, may have potential negative effects on our business, operations and our relationships with our clients or otherwise alter their strategic direction away from our products.
Such trends may include, but are not limited to, the following: • inflation, trade policy and tariffs, embargoes and trade sanctions, taxes, foreign currency fluctuations, interest rates, declining economies, social unrest, natural disasters, public health crises, including the occurrence of a contagious disease or illness, and the pace of economic recovery can change consumer spending behaviors, on which a significant portion of our revenues are dependent; • low levels of consumer and business confidence typically associated with recessionary environments and those markets experiencing relatively high inflation, taxes, tariffs, interest rates, and/or unemployment, may cause decreased spending by cardholders; • budgetary concerns in the U.S. and other countries around the world could affect the U.S. and other specific sovereign credit ratings, impact consumer confidence and spending, and increase the risks of operating in those countries; • emerging market economies tend to be more volatile than the more established markets we serve, and adverse economic trends, including high rates of inflation, may be more pronounced in such emerging markets; • financial institutions may restrict credit lines to cardholders, increase interest rates or limit the issuance of new cards to mitigate cardholder defaults; • uncertainty and volatility in the performance of our clients’ businesses may make estimates of our revenues, rebates, incentives, and realization of prepaid assets less predictable; • our clients may decrease spending for value-added services, or may choose another provider with lower processing fees; and • government intervention, including the effect of laws, regulations, treaties, trade agreements and/or government investments in our clients, may have potential negative effects on our business, operations and our relationships with our clients or otherwise alter their strategic direction away from our products.
An operational failure could involve the hardware, software, data, networks or systems upon which we rely to deliver our services and could be caused by our actions, the actions of third parties or events over which we may have limited or no control.
An operational failure could involve the hardware, software, data, networks or systems upon which we rely to operate and could be caused by our actions, the actions of third parties or events over which we may have limited or no control.
If the U.S. administration or other countries impose new or increased tariffs, trade restrictions or restrictions on the cross-border flow of data, our manufacturing of hardware devices, supply of raw materials and access to certain markets, could be impacted.
If the U.S. administration or other countries impose new or increased tariffs, trade restrictions or restrictions on the cross-border flow of data, our procurement of hardware devices, supply of materials and access to certain markets, could be impacted.
We 16 Table of Contents cannot fully predict the impact of recently proposed or enacted laws or regulations on our business or operations, but compliance may require us to modify our data processing practices and policies incurring costs and expense.
We cannot fully predict the impact of recently proposed or enacted laws or regulations on our business or operations, but compliance may require us to modify our data processing practices and policies incurring costs and expense.
Increases in chargebacks, fines or other liabilities could have a material adverse effect on our business, results of operations and financial condition. 18 Table of Contents Acquisitions subject us to risks, including assumption of unforeseen liabilities and difficulties in integrating operations.
Increases in chargebacks, fines or other liabilities could have a material adverse effect on our business, results of operations and financial condition. Acquisitions subject us to risks, including assumption of unforeseen liabilities and difficulties in integrating operations.
In addition, we are subject to Nacha rules relating to payment transactions processed by us using the ACH network and to various federal and state laws regarding such operations, including laws pertaining to electronic fund transfer and 15 Table of Contents electronic benefits transactions, as well as the Payment Card Industry Data Security Standard enforced by the major card brands.
In addition, we are subject to Nacha rules relating to payment transactions processed by us using the ACH network and to various federal and state laws regarding such operations, including laws pertaining to electronic fund transfer and electronic benefits transactions, as well as the Payment Card Industry Data Security Standard enforced by the major card brands.
The mechanisms that we and many other companies rely upon for such data transfers are the subject of legal challenge, regulatory interpretation, and judicial decisions. In the E.U., U.K. and other markets, potential new rules and restrictions on the flow of data across borders could increase the cost and complexity of doing business in those regions.
The mechanisms that we and many other companies rely upon for such data transfers are the subject of legal challenges, regulatory interpretations, and judicial decisions. In the E.U., U.K. and other markets, potential new rules and restrictions on the flow of data across borders could increase the cost and complexity of doing business in those regions.
The OECD, which represents a coalition of member countries, including the U.S., is contemplating changes to numerous longstanding tax 17 Table of Contents principles, including ensuring all companies pay a global minimum tax and expanding taxing rights of market countries.
The OECD, which represents a coalition of member countries, including the U.S., is contemplating changes to numerous longstanding tax principles, including ensuring all companies pay a global minimum tax and expanding taxing rights of market countries.
Our facilities outside of the U.S., and those of our suppliers and vendors, including manufacturing, customer support, software development and technology hosting facilities, are subject to risks, including natural disasters, public health crises, political crises, terrorism, war, political instability and other events outside of our or our suppliers’ control.
Our facilities outside of the U.S., and those of our suppliers and vendors, including manufacturing, customer support, software development and technology hosting facilities, are subject to risks, including natural disasters, public health crises, political crises, terrorism, war, political or economic instability, regulatory or policy changes and other events outside of our or our suppliers’ control.
As we continue to expand internationally and grow our client base outside of the U.S., we may face challenges due to the presence of more established competitors and our relative lack of experience in such non-U.S. markets, and we may incur higher than anticipated costs.
As we continue to expand internationally and grow our client base outside of the U.S., we may face challenges due to the presence of more established competitors, changes in local market conditions and our relative lack of experience in such non-U.S. markets, and we may incur higher than anticipated costs.
Through our merchant alliances, we hold an ownership interest in and have commercial relationships with competing merchant acquiring businesses while serving as an electronic processor for those businesses. In order to satisfy state and federal antitrust requirements, we actively maintain an antitrust compliance program.
Through our merchant alliances, we hold an ownership interest in and have commercial relationships with competing merchant acquiring businesses while serving as an electronic processor for those businesses. In order to satisfy state and federal antitrust 18 Table of Contents requirements, we actively maintain an antitrust compliance program.
In addition, our competitors and other third parties may incorporate artificial intelligence into their products and offerings more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of operations.
In addition, competitors and other third parties may incorporate artificial intelligence into products and offerings more quickly or more successfully than we do, which could impair our ability to compete effectively and adversely affect our results of operations.
Based on outstanding debt balances and interest rates at December 31, 2024, a 1% increase in variable interest rates would result in an increase to annual interest expense of $24 million. Our results of operations may be adversely affected by changes in foreign currency exchange rates.
Based on outstanding debt balances and interest rates at December 31, 2025, a 1% increase in variable interest rates would result in an increase to annual interest expense of approximately $21 million. Our results of operations may be adversely affected by changes in foreign currency exchange rates.
In addition, acquisitions outside of the U.S. often involve additional or increased risks including, for example: • managing geographically separated organizations, systems and facilities; • integrating personnel with diverse business backgrounds and organizational cultures; • complying with non-U.S. regulatory requirements; • fluctuations in currency exchange rates; • enforcement of intellectual property rights in some non-U.S. countries; • difficulty entering new non-U.S. markets due to, among other things, consumer acceptance and business knowledge of these new markets; and • general economic and political conditions.
In addition, the process of integrating these acquisitions may disrupt our business and divert our resources. 20 Table of Contents In addition, acquisitions outside of the U.S. often involve additional or increased risks including, for example: • managing geographically separated organizations, systems and facilities; • integrating personnel with diverse business backgrounds and organizational cultures; • complying with non-U.S. regulatory requirements; • fluctuations in currency exchange rates; • enforcement of intellectual property rights in some non-U.S. countries; • difficulty entering new non-U.S. markets due to, among other things, consumer acceptance and business knowledge of these new markets; and • general economic and political conditions.
Our indebtedness could: decrease our ability to obtain additional financing for working capital, capital expenditures, general corporate or other purposes; limit our flexibility to make acquisitions; increase our cash requirements to support the payment of interest; limit our flexibility in planning for, or reacting to, changes in our business and our industry; and increase our vulnerability to adverse changes in general economic and industry conditions.
Our indebtedness could: decrease our ability to obtain additional financing for working capital, capital expenditures, general corporate or other purposes; limit our flexibility to make acquisitions; increase our cash requirements to support the payment of interest; limit our flexibility in planning for, or reacting to, changes in our business and our industry; limit our ability to return capital to shareholders, including through share repurchases; and increase our vulnerability to adverse changes in general economic and industry conditions.
Our use of artificial intelligence technologies carries inherent risks, and there can be no assurance that our use of artificial intelligence will enhance our products or services or achieve any improvements in innovation or efficiency.
The use of artificial intelligence technologies carries inherent 11 Table of Contents risks, and there can be no assurance that our use of artificial intelligence will enhance our products or services or achieve any improvements in innovation or efficiency.
At December 31, 2024, we had approximately $2.4 billion in variable rate debt, which includes $899 million drawn on our revolving credit facility and foreign lines of credit, and an aggregate amount of $1.5 billion outstanding under our U.S. dollar and Euro commercial paper programs.
At December 31, 2025, we had approximately $2.1 billion in variable rate debt, which includes an aggregate $950 million drawn on our revolving credit facility and foreign lines of credit, and an aggregate amount of $1.2 billion outstanding under our U.S. dollar and Euro commercial paper programs.
If, 13 Table of Contents for example, such third parties stop providing clearing services or limit our volumes, we would need to find other financial institutions to provide those services.
If, for example, such third parties stop providing clearing services or limit our volumes, we would need to find other financial institutions to provide those services.
The suspension or termination of our member registrations or certifications, or any changes to the association and network rules, that we do not successfully address, or any other action by the card networks to restrict our ability to process transactions over such networks, could limit our ability to provide transaction processing services to clients and result in a reduction of revenue or increased costs of operation, which, in either case, could have a material adverse effect on our business and results of operations.
The suspension or termination of our member registrations or certifications, or any changes to the association and network rules, that we do not successfully address, or any other action by the card networks to restrict our ability to process transactions over such networks, could limit our ability to provide transaction processing services to clients and result in a reduction of revenue or increased costs of operation, which, in either case, could have a material adverse effect on our business and results of operations. 17 Table of Contents A heightened regulatory environment in the financial services industry may have an adverse impact on our clients and our business.
Global Market Risks Our business may be adversely affected by geopolitical and other risks associated with operations outside of the U.S. and, as we continue to expand internationally, we may incur higher than anticipated costs and may become more susceptible to these risks.
Global Market Risks Our business may be adversely affected by geopolitical and other risks associated with operations outside of the U.S. and, as we continue to expand internationally, we may incur higher than anticipated costs and may become more susceptible to these risks. We currently offer merchant acquiring, processing and issuing services outside of the U.S.
These incidents are often difficult to detect and are constantly evolving. We expect that unauthorized parties will continue to attempt to gain access to our systems or facilities, and those of our clients, partners, vendors and service providers, through various means and with increasing sophistication, particularly as cybercriminals attempt to profit from increased online banking, e-commerce and other online activity.
We expect that unauthorized parties will continue to attempt to gain access to our systems or facilities, and those of our clients, partners, vendors and service providers, through various means and with increasing sophistication, particularly as cybercriminals attempt to profit from increased online banking, e-commerce and other online activity.
In addition, if certain of our outstanding senior notes or commercial paper notes are downgraded to below investment grade, we may incur additional interest expense.
In addition, if certain of our outstanding senior notes or commercial paper notes are downgraded to below investment grade, we may incur additional interest expense or 21 Table of Contents suffer reputational harm.
Furthermore, the integration of third-party artificial intelligence models with our services relies on certain safeguards implemented by the third-party developers of the underlying artificial intelligence models, including those related to the accuracy, bias and other variables of the data, and these safeguards may be insufficient.
Furthermore, our services that integrate third-party artificial intelligence models may rely on certain safeguards implemented by the third-party providers of the underlying artificial intelligence models, including those related to the accuracy, bias and other variables of the data, and these safeguards may be insufficient.
Furthermore, our implementation of new practices and processes designed to comply with changing tax laws and regulations could require us to make substantial changes to our business practices, allocate additional resources, and increase our costs, which could negatively affect our business, results of operations and financial condition.
Furthermore, our implementation of new practices and processes designed to comply with changing tax laws and regulations could require us to make substantial changes to our business practices, allocate additional resources, and increase our costs, which could negatively affect our business, results of operations and financial condition. 19 Table of Contents Unfavorable resolution of tax contingencies could adversely affect our results of operations and cash flows from operations.
In addition, the various card associations and networks prescribe certain capital requirements. Any increase in the capital level required would further limit our use of capital for other purposes. Our business depends, in part, on our merchant relationships and alliances, and if we are unable to maintain these relationships and alliances, our business may be adversely affected.
Any increase in the capital level required would further limit our use of capital for other purposes. 12 Table of Contents Our business depends, in part, on our merchant relationships and alliances, and if we are unable to maintain these relationships and alliances, our business may be adversely affected.
An impairment of a significant portion of goodwill or intangible assets could have a material negative effect on our results of operations. 19 Table of Contents Existing or future leverage may harm our financial condition and results of operations. At December 31, 2024, we had approximately $25 billion of debt.
An impairment of a significant portion of goodwill or intangible assets could have a material negative effect on our results of operations. Existing or future leverage may harm our financial condition and results of operations. At December 31, 2025, we had approximately $29 billion of debt. We and our subsidiaries may incur additional indebtedness in the future.
Although it is difficult to predict how current or future tariffs on items imported from other countries will impact our business, the cost of our products manufactured in other countries and imported into the U.S. or elsewhere could increase, which could adversely affect the demand for these products and have a material adverse effect on our business and results of operations.
Although it is difficult to predict how current or future tariffs on items imported from or exported to other countries will impact our business, the cost of our products manufactured in other countries and imported into the U.S. or elsewhere, or manufactured in the U.S. and exported elsewhere, could increase, which could adversely affect the demand for these products and have a material adverse effect on our business and results of operations. 16 Table of Contents Regulatory and Compliance Risks We have claims and lawsuits against us and have received governmental inquiries that may result in adverse outcomes.
State-sponsored cybersecurity attacks on the U.S. financial system or U.S. financial service providers could also adversely affect our business.
State-sponsored cybersecurity attacks on financial service providers and financial systems could also adversely affect our business.
Preserving the confidentiality of sensitive business and personal information is critical to our business. Any unauthorized access, intrusion, infiltration, network disruption, ransom, denial of service or similar incident could disrupt the integrity, continuity, security and trust of our systems or data, or the systems or data of our clients, partners, vendors or service providers.
Any unauthorized access, intrusion, infiltration, network disruption, ransom, denial of service or similar incident could disrupt the integrity, continuity, security and trust of our systems or data, or the systems or data of our clients, partners, vendors or service providers. These incidents are often difficult to detect and are constantly evolving.
Our senior management provides strategic direction for our company, and if we lose members of our leadership team, our management resources may have to be diverted from other priorities to address this loss.
Our senior management provides strategic direction for our company, and if we lose members of our leadership team, our management resources may have to be diverted from other priorities to address this loss. Our products and services require sophisticated knowledge of the financial services industry, applicable regulatory and industry requirements, computer systems, and software applications.
We may not be able to integrate all aspects of acquired businesses successfully or realize the potential benefits of bringing them together. In addition, the process of integrating these acquisitions may disrupt our business and divert our resources.
We may not be able to integrate all aspects of acquired businesses successfully or realize the potential benefits of bringing them together.
Our operations depend on receiving, storing, processing and transmitting sensitive information pertaining to our business, our employees, our clients and their customers. Under the card network rules, various federal, state and international laws, and client contracts, we are responsible for information provided to us by financial institutions, merchants, ISOs, third-party service 12 Table of Contents providers and others.
Under the card network rules, various federal, state and foreign laws, and client contracts, we are responsible for information provided to us by financial institutions, merchants, ISOs, third-party service providers and others. Preserving the confidentiality of sensitive business and personal information is critical to our business.
We believe that data, and the insights enabled by data, can be used to create or enhance the products and services that we offer to our clients. As a result, we are using, and expect to continue to expand our use of, artificial intelligence and machine learning in our product development processes, services and operations.
As a result, we are using, and expect to continue to expand our use of, artificial intelligence and machine learning in our product development processes, services and operations.
Legislation and regulations governing the development or use of artificial intelligence have been implemented or are under consideration in the U.S. at the state and local level, as well as internationally. Such legislation and regulations may impose obligations related to our development, offering, and use of artificial intelligence and expose us to increased risk of regulatory enforcement and litigation.
Legislation and regulations governing the development or use of artificial intelligence and automated-decision making have been implemented or are under consideration in the U.S. at the state and local level, as well as internationally.
These reserves reflect what we believe to be reasonable assumptions as to the likely final resolution of each issue if raised by a taxing authority.
We have established contingency reserves for known tax exposures relating to deductions, transactions and other matters involving some uncertainty as to the proper tax treatment of the item. These reserves reflect what we believe to be reasonable assumptions as to the likely final resolution of each issue if raised by a taxing authority.
For the foreseeable future, we expect to continue to derive revenue primarily from products and services we provide to the financial services industry and from our merchant acquiring business. Given this focus, we are exposed to global economic conditions and adverse economic trends may accelerate the timing, or increase the impact of, risks to our financial performance.
Given this focus, we are exposed to global economic conditions, regulatory or policy changes and adverse economic trends that may accelerate the timing, or increase the impact of, risks to our financial performance.
Any of these developments could have a material adverse effect on our business, results of operations and financial condition. Operational and Security Risks Security incidents or other technological risks involving our systems and data, or those of our clients, partners or vendors, could expose us to liability or damage our reputation.
Operational and Security Risks Security incidents or other technological risks involving our systems and data, or those of our clients, partners or vendors, could expose us to liability or damage our reputation. Our operations depend on receiving, storing, processing and transmitting sensitive information pertaining to our business, our employees, our clients and their customers.
The markets for our products and services are characterized by constant and rapid technological change, evolving industry standards, frequent introduction of new products and services, and increasing client expectations. Our ability to respond timely to these changes, including by enhancing our current products and services and developing and introducing new products and services, will significantly affect our future success.
Our ability to respond timely to these changes, including by enhancing our current products and services and developing and introducing new products and services, will significantly affect our future success.
Our balance sheet includes goodwill and intangible assets that represent 60% of our total assets at December 31, 2024. These assets consist primarily of goodwill and identified intangible assets associated with our acquisitions. On at least an annual basis, we assess whether there have been impairments in the carrying value of goodwill.
Our balance sheet includes goodwill and intangible assets that represent approximately 60% of our total assets at December 31, 2025. These assets consist primarily of goodwill and identified intangible assets associated with our acquisitions. We evaluate goodwill for impairment on an annual basis, or more frequently if circumstances indicate possible impairment.
If we fail to keep pace with technological change, including as a result of artificial intelligence, we could lose clients or have trouble attracting new clients, and our ability to grow may be limited.
If we fail to keep pace with technological change, including as a result of artificial intelligence, we could lose clients or have trouble attracting new clients. The markets for our products and services are characterized by constant and rapid technological change, evolving industry standards, frequent introduction of new products and services, and increasing client expectations.
A weakening in the economy or competition from other retailers could force some retailers to close, resulting in exposure to potential credit losses and declines in transactions, and reduced earnings on transactions due to a potential shift to large discount merchants. Additionally, credit card issuers may reduce credit limits and become more selective in their card issuance practices.
A weakening in the economy or competition among retailers could force some retailers to close, resulting in exposure to potential credit losses and declines in transactions, and reduced earnings on transactions due to a potential shift to merchants with whom we may have less economically favorable contractual terms.
As a result, the ability to use artificial intelligence and machine learning may be constrained by current or future laws, regulatory or self-regulatory requirements. If we are unable to renew contracts on favorable terms or if contracts are terminated prematurely, we could lose clients and our results of operations and financial condition may be adversely affected.
Furthermore, we may not be able to achieve expected benefits of the plan on our anticipated timeline or at all. If we are unable to renew contracts on favorable terms or if contracts are terminated prematurely, we could lose clients and our results of operations and financial condition may be adversely affected.
Regulatory and Compliance Risks If we or third parties with whom we partner or contract fail to comply with applicable laws and regulations, we could be subject to liability and our business could be harmed.
An adverse impact to our financial condition and results of operations could occur for the period in which the effect of an unfavorable outcome becomes probable and reasonably estimable. If we or third parties with whom we partner or contract fail to comply with applicable laws and regulations, we could be subject to liability and our business could be harmed.
An increase in interest rates would have a negative impact on our results of operations by causing an increase in interest expense.
Certain of our borrowings, including borrowings under our revolving credit facility, foreign lines of credit and commercial paper programs, are at variable rates of interest. An increase in interest rates would have a negative impact on our funding costs by causing an increase in interest expense.
Removed
In addition, we could be exposed to liability as a result of any misuse of artificial intelligence and machine learning-technology by our personnel while carrying out company responsibilities.
Added
We use artificial intelligence in our business, and challenges with properly managing its use could result in legal liability or reputational harm. We believe that data, and the insights enabled by data, can be used to create or enhance the products and services that we offer to our clients.
Removed
We offer merchant acquiring, processing and issuing services outside of the U.S., including in the U.K., Germany, Mexico, Uruguay, Argentina, India and Brazil.
Added
Such legislation and regulations may impose obligations related to our development, offering, and use of artificial intelligence, particularly those use cases that are deemed by the law to be “high risk”, and expose us to increased risk of regulatory enforcement and litigation.
Removed
A heightened regulatory environment in the financial services industry may have an adverse impact on our clients and our business.
Added
As a result, our ability to use artificial intelligence and machine learning may be constrained by current or future laws, regulatory or self-regulatory requirements. The One Fiserv action plan may not generate the benefits that we anticipate.
Removed
An unfavorable outcome to a tax audit could result in higher tax expense, thereby negatively impacting our results of operations as well as our cash flows from operations. We have established contingency reserves for known tax exposures relating to deductions, transactions and other matters involving some uncertainty as to the proper tax treatment of the item.
Added
In 2025, we announced a strategic plan, referred to as the One Fiserv action plan, that focuses on: 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; and employing disciplined capital allocation for the long-term.
Removed
Our products and services require sophisticated knowledge of the financial services industry, applicable regulatory and industry requirements, computer systems, and software applications, and if we cannot hire or retain the necessary skilled personnel, we could suffer delays in new product development, experience difficulty complying with applicable requirements or otherwise fail to satisfy our clients’ demands.
Added
To successfully execute the plan, we must implement operational, technological and cultural changes across our organization, which may be difficult to do.
Removed
We and our subsidiaries may incur additional indebtedness in the future.
Added
In addition, although we have planned for a certain level of expense in implementing the plan, there are factors beyond our control that could cause the total amount or the timing of the expenses we may incur to be different than anticipated. As a result, the actual benefits of the plan may be less significant than anticipated.
Removed
Certain of our borrowings, including borrowings under our revolving credit facility, foreign lines of credit and commercial paper programs, are at variable rates of interest. Beginning in 2022, and continuing through mid-2023, interest rates increased significantly and interest rates may continue to increase or remain at higher than recent historical levels in the future.
Added
In addition, the various card associations and networks prescribe certain capital requirements.
Added
Any of these developments could have a material adverse effect on our business, results of operations and financial condition. We make significant investments in emerging, innovative areas of financial services and technology that may not achieve expected returns.
Added
We expect to continue to make significant investments in research, development, and marketing for new and existing products, services, and technologies, including embedded finance, stablecoin and artificial intelligence based products and services.
Added
We may not achieve significant revenue from our investment in innovative platforms and product offerings for several years, if at all, due to regulatory uncertainty, competitors’ success with similar offerings, lack of demand from our customer base for these offerings, our inability to successfully integrate these offerings into our established platforms, or other factors.
Added
New products and services may not be profitable or may not achieve operating margins as high as we have experienced historically. The costs associated with developing, integrating and deploying these product offerings may be higher than anticipated, and these product offerings may require significant additional investment.
Added
Competitors may identify and develop applications for these technologies that reduce our ability achieve our desired financial returns. Our customers’ rate of adoption of novel product offerings may be slower than we anticipate and impact the feasibility of these product offerings going forward.
Added
Perceptions of mismanagement, driven by regulatory activity or negative public reaction to our practices or product experiences, could negatively impact product and feature adoption. Developing new technologies is complex. It can require long development and testing periods. We could experience significant delays in new releases or significant problems in creating new products or services.
Added
These factors could adversely affect our business, financial condition, and results of operations. Among the new services we intend to offer is custody for stablecoin reserves held under the GENIUS Act and other stablecoin regulations to help financial institutions retain funds associated with FIUSD stablecoin issuance. Our stablecoin offering has only recently been enabled by regulation.
Added
We have made certain assumptions about future stablecoin regulation, but there is no certainty about the favorability of the final regulatory environment. Additionally, given the relative recency of the GENIUS Act, it is not clear what the market demand will be for our stablecoin offering from our financial institution customers.
Added
Our embedded finance business is an emerging product area that could expose us to liability. Our embedded finance business involves providing financial services to a merchant’s customers. These financial services may be branded in the name of a merchant.
Added
In addition, these financial services may be incorporated into the merchant’s products or services or may be used to facilitate financial transactions that permit the merchant to sell more products or services. In some cases, we resell the services of third parties, including financial institutions, technology providers, or program managers.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur cybersecurity program is designed to enable us to detect and respond to cybersecurity incidents, continually improve the effectiveness of our cybersecurity controls, and dynamically respond to the evolving threat landscape. Our cybersecurity operation center monitors our environment to detect cybersecurity incidents, identifies suspicious activities or unusual behaviors, and responds with the objective of minimizing potential impact to operations.
Biggest changeOur cybersecurity program is designed to enable us to detect and respond to cybersecurity incidents, continually improve the effectiveness of our cybersecurity controls, and dynamically respond to the evolving threat landscape. We operate a cybersecurity operations center that continuously monitors our environment for cyber events, suspicious activity or unusual behaviors, and responds to minimize operational impact.
Although we believe that we maintain a robust program of information security and controls and that none of the cybersecurity incidents that we have encountered to date have materially affected us, we cannot be certain that the security measures and procedures we have in place to detect security incidents and protect sensitive data will be successful or sufficient to counter all current and emerging risks and threats.
Although we believe that we maintain a robust program of information security and controls and that none of the cybersecurity incidents that we have encountered to date have materially affected us, we 23 Table of Contents cannot be certain that the security measures and procedures we have in place to detect security incidents and protect sensitive data will be successful or sufficient to counter all current and emerging risks and threats.
An executive risk committee, 20 Table of Contents comprised of senior leaders of our lines of business and corporate functions, provides executive level accountability for the ERM program. On an ongoing basis, we identify, categorize, assess, monitor and respond to business risks.
An executive risk committee, comprised of senior leaders of our lines of business and corporate functions, provides executive level accountability for the ERM program. On an ongoing basis, we identify, categorize, assess, monitor and respond to business risks.
The committee is chaired by the Deputy Chief Information Security Officer, who reports to the Chief Operating Officer through our Chief Information Security Officer (“CISO”), and is comprised of senior business, cybersecurity, and technology leaders responsible for delivering our products and services.
The committee is chaired by the Deputy Chief Information Security Officer, who reports to our Co-President through our Chief Information Security Officer (“CISO”), and is comprised of senior business, cybersecurity, and technology leaders responsible for delivering our products and services.
On an annual basis, the board and the risk committee discuss our approach to cybersecurity risk management with our Chief Risk Officer, Chief Compliance Officer and Chief Information Officer, among others. At each regular board meeting, the risk committee reviews and reports to the board on key cybersecurity 21 Table of Contents risks.
On an annual basis, the board and the risk committee discuss our approach to cybersecurity risk management with our Chief Risk Officer, Chief Compliance Officer and Chief Information Security Officer, among others. At each regular board meeting, the risk committee reviews and reports to the board on key cybersecurity risks.
We also maintain a third-party risk management program to identify, assess, mitigate and monitor risks associated with third parties’ software and services that we utilize. Our CISO has served in various senior roles in information technology and information security, in both the public and private sector, for over two decades and maintains a Certified Chief Information Security Officer professional certification.
We also maintain a third-party risk management program to identify, assess, mitigate and monitor risks associated with third parties’ software and services that we utilize. Our CISO has served in various senior roles in information technology and information security, in both the public and private sector, for over three decades.
Our employees play a vital role in protecting our and our clients’ data. We provide regular, mandatory training for our employees regarding cybersecurity threats to equip our employees with effective tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices.
Our employees play a vital role in protecting our and our clients’ data. We provide annual, mandatory training for all of our employees regarding cybersecurity threats to enable our employees to address cybersecurity threats and to communicate our evolving information security policies, standards, processes and practices.
The global cybersecurity services team uses this information, along with internal intelligence and analytics, to evaluate the potential cybersecurity threats and develop security strategies to reduce risk and improve response. We maintain a global cybersecurity policy that incorporates recognized industry standards and best practices from the National Institute of Standards and Technology as well as various security certifications.
The global cybersecurity services team combines this external intelligence with our internal intelligence and analytics to assess risk and develop strategies that reduce exposure and improve response. We maintain a global cybersecurity policy and supporting standards which incorporate recognized industry standards and best practices from the National Institute of Standards and Technology as well as various industry security requirements.
The risk committee of the board of directors reviews and approves a list of top enterprise risks and the risk appetite relating to such risks. Among the top risks included in our ERM program is cybersecurity risk. Response plans are developed, tracked and implemented for residual risks that are above the acceptable tolerance level.
The risk committee of the board of directors reviews and approves a list of top enterprise risks and the risk appetite relating to such risks. Among the top risks included in our ERM program is cybersecurity risk.
We use various security technologies and controls and modern analytics designed to detect, prevent and respond to cybersecurity threats. Our global cybersecurity services team collects intelligence from the private and public sector related to cybersecurity threats, emerging adversarial campaigns and vulnerabilities.
We use layered security technologies, controls and modern analytics to detect, prevent and respond to threats. Our global cybersecurity services team gathers intelligence from public and private sources about threats, adversary campaigns and vulnerabilities.
Cybersecurity Risk Management’s Role in Cybersecurity Our global cybersecurity services team is responsible for assessing our technology environment, identifying emerging cybersecurity threats and evolving cybersecurity threat capabilities, and implementing business processes and technical defenses to safeguard our technology environment and services.
Response plans are developed, tracked and implemented for residual risks that are above the acceptable tolerance level. 22 Table of Contents Cybersecurity Risk Management’s Role in Cybersecurity Our global cybersecurity services team is responsible for assessing our technology environment, identifying emerging cybersecurity threats and evolving cybersecurity threat capabilities, and implementing business processes and technical defenses to safeguard our technology environment and services.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeItem 2. Properties At December 31, 2024, we owned 17 and leased 108 properties globally. Our real estate strategy includes developing centralized campus environments in strategic locations, including in Florida, Georgia, Nebraska, New Jersey, Wisconsin and Dublin, Ireland. These locations are used for operational, data center, sales, management and administrative purposes.
Biggest changeItem 2. Properties At December 31, 2025, we owned 16 and leased 120 properties globally. Our real estate strategy includes developing centralized campus environments in strategic locations, including in Florida, Georgia, Nebraska, New Jersey, Wisconsin and Dublin, Ireland. These locations are used for operational, data center, sales, management and administrative purposes.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeBefore joining First Data Corporation, Mr. Gibbons led global transaction banking at Deutsche Bank, a global financial services firm, from 2016 to 2018, and served in various leadership roles at JPMorgan Chase & Co., a global financial services firm, from 2011 to 2016, including as regional executive for EMEA and global head of banks and broker dealers for treasury services.
Biggest changeGeorgakopoulos served as Global Head of Payments at JPMorgan Chase & Co., a global financial services firm, from 2017 to 2024. From 2007 to 2016, Mr. Georgakopoulos served in various leadership roles at JPMorgan; and from 2000 to 2007, he worked at McKinsey & Company, where he was a partner in the New York office. Mr.
Rosman was group general counsel of Willis Group Holdings plc, a multinational risk advisor, insurance brokerage, and reinsurance brokerage company, from 2012 to 2014, and deputy general counsel from 2009 to 2012. Mr. Rosman also previously served as an assistant U.S. attorney and as deputy assistant to the president and deputy staff secretary for President William J. Clinton.
Rosman was group general counsel of Willis Group Holdings plc, a multinational risk advisor, insurance brokerage, and reinsurance brokerage company, from 2012 to 2014, and deputy general counsel from 2009 to 2012. Mr. Rosman also previously served as an assistant U.S. attorney and as deputy assistant to the president and deputy staff secretary for President William J. Clinton. Ms.
Rosman has served as Chief Administrative Officer and Chief Legal Officer since 2021. Before joining Fiserv, Mr. Rosman was general counsel of OneMain Financial, a consumer lender, from 2020 to 2021. Previously, he served as general counsel of 23 Table of Contents First Data Corporation from 2014 to 2019. Before joining First Data Corporation, Mr.
Rosman has served as Chief Administrative Officer and Chief Legal Officer since 2021. Before joining Fiserv, Mr. Rosman was general counsel of OneMain Financial, a consumer lender, from 2020 to 2021. Previously, he served as general counsel of First Data Corporation from 2014 to 2019. Before joining First Data Corporation, Mr.
Prior to that role, he served as Executive Vice President and Head of Corporate and Institutional Banking at PNC from 2011 to February 2024. Prior to joining PNC, from 2010 until 2011, Mr. Lyons served as Head of Corporate Development and Strategic Planning for Bank of America. Mr.
Lyons served as President of The PNC Financial Services Group, Inc. and its wholly owned subsidiary, PNC Bank, National Association, since February 2024. Prior to that role, he served as Executive Vice President and Head of Corporate and Institutional Banking at PNC from 2011 to February 2024. Prior to joining PNC, from 2010 until 2011, Mr.
Item 4. Mine Safety Disclosures Not applicable. 22 Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS The names of our executive officers as of February 20, 2025, together with their ages, positions and business experience are described below: Name Age Title Frank J.
Item 4. Mine Safety Disclosures Not applicable. 24 Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS The names of our executive officers as of February 19, 2026, together with their ages, positions and business experience are described below: Name Age Title Michael P. Lyons 55 Chief Executive Officer Panagiotis (Takis) Georgakopoulos 56 Co-President Adam L.
Mr. Hau has served as Chief Financial Officer since 2016. Before joining Fiserv, Mr. Hau served as executive vice president and chief financial officer at TE Connectivity Ltd., a global technology and manufacturing company, from 2012 to 2016.
Suryadevara has served as Co-President since December 2025. Before joining Fiserv, Ms. Suryadevara served as Chief Executive Officer of Optum Financial Services and Optum Insight at UnitedHealth Group Incorporated, a healthcare company, from February 2024 until September 2025. From 2020 to 2023, Ms. Suryadevara was Chief Financial Officer at Stripe, Inc., a financial technology company. From 2004 to 2020, Ms.
Removed
Bisignano 65 Chairman and Chief Executive Officer Guy Chiarello 65 Chief Operating Officer John Gibbons 65 Head of Financial Institutions Group Robert W. Hau 59 Chief Financial Officer Jennifer LaClair 53 Head of Merchant Solutions Michael P. Lyons 54 President and CEO-Elect Adam L. Rosman 59 Chief Administrative Officer and Chief Legal Officer Mr.
Added
Rosman 60 Chief Administrative Officer and Chief Legal Officer Dhivya Suryadevara 46 Co-President Paul M. Todd 55 Chief Financial Officer Mr. Lyons has served as Chief Executive Officer since May 2025 and previously served as President and CEO-Elect from January 2025 to May 2025. Before joining Fiserv, Mr.
Removed
Bisignano has served as Chairman of the Board since 2022, Chief Executive Officer since 2020 and a director since 2019. He served as President from 2019 to January 2025 and Chief Operating Officer from 2019 to 2020. Mr.
Added
Lyons served as Head of Corporate Development and Strategic Planning for Bank of America. Mr. Georgakopoulos has served as Co-President since October 2025. Mr. Georgakopoulos served as Chief Operating Officer from April 2025 to October 2025 and as an Executive Vice President since September 2024. Before joining Fiserv, Mr.
Removed
Bisignano joined Fiserv as part of the acquisition of First Data Corporation in 2019, where he served as chief executive officer since 2013 and chairman since 2014. From 2005 to 2013, he held various executive positions with JPMorgan Chase & Co., a global financial services firm, including co-chief operating officer, chief executive officer of mortgage banking and chief administrative officer.
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Suryadevara held various positions at General Motors Company, an automobile manufacturer, including serving as Chief Financial Officer from 2018 to 2020. Mr. Todd has served as Chief Financial Officer since October 2025. Mr. Todd joined Fiserv in September 2025 as a Special Advisor.
Removed
From 2002 to 2005, Mr. Bisignano served as chief executive officer for Citigroup’s Global Transactions Services business and a member of Citigroup’s Management Committee. Mr. Chiarello has served as Chief Operating Officer since 2021 and previously served as Chief Administrative Officer from 2019 to 2021. Mr.
Added
Before joining Fiserv, he served as a partner of TTV Capital, a venture capital firm focused on fintech, since 2023. Prior to joining TTV, Mr.
Removed
Chiarello joined Fiserv as part of the acquisition of First Data Corporation in 2019, where he served as president since 2013. From 2007 to 2013, he served as chief information officer of JPMorgan Chase & Co., a global financial services firm. From 1985 to 2007, Mr.
Added
Todd was senior executive vice president and chief financial officer of Total Systems Services, Inc., a global payments provider, from 2014 until its merger in 2019 with Global Payments, Inc., a payments technology company, and continued in such role at Global Payments until 2022. Mr.
Removed
Chiarello served in various technology and leadership roles including chief information officer at Morgan Stanley, a global financial services firm. Mr.
Added
Todd previously served as executive vice president for strategy, mergers and acquisitions, product and marketing at Total Systems Services, Inc. from 2008 until 2014. 25 Table of Contents PART II
Removed
Gibbons has served as Head of the Financial Institutions Group since October 2023, and previously served as Co-Head of the Financial Institutions Group since March 2023 and Head of the Europe, Middle East, and Africa (EMEA) region since joining Fiserv in 2019 as a part of the acquisition of First Data Corporation, where he served as Head of the EMEA region since 2018.
Removed
From 2009 to 2012, he served as executive vice president and chief financial officer at Lennox International Inc., a provider of products and services in the heating, air conditioning, and refrigeration markets; and from 2006 to 2009, he served as vice president and chief financial officer for the aerospace business group of Honeywell International, Inc., a technology and manufacturing company.
Removed
Ms. LaClair has served as Head of Merchant Solutions since January 2024 and previously served as Chief Revenue Officer since July 2023. Before joining Fiserv, Ms. LaClair served as chief financial officer of Ally Financial, a digital-only bank and national retail auto lender, from 2017 to 2022. From 2007 to 2017, Ms.
Removed
LaClair held multiple leadership roles at PNC Financial Services, including chief financial officer for all businesses spanning consumer, commercial and corporate banking, mortgage, and asset management, and head of PNC’s business bank, including merchant services. Prior to that, from 2001 to 2007, Ms.
Removed
LaClair worked at McKinsey & Company, where she was a strategy consultant and practice manager for the North America operations practice. Mr. Lyons has served as President and CEO-Elect since January 2025. Before joining Fiserv, Mr. Lyons served as President of The PNC Financial Services Group, Inc. and its wholly owned subsidiary, PNC Bank, National Association, since February 2024.
Removed
Effective January 27, 2025, Michael P. Lyons was appointed President and CEO-elect of Fiserv. Mr. Lyons reports to Chief Executive Officer Frank J. Bisignano, who will continue in his current roles as Chairman and Chief Executive Officer until the earlier of Mr. Bisignano’s confirmation by the U.S. Senate as the Commissioner of Social Security Administration and June 30, 2025.
Removed
Upon Mr. Bisignano’s departure, Mr. Lyons will become Chief Executive Officer of Fiserv and a member of the Fiserv Board of Directors. 24 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeMarket for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Price Information Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “FI.” At December 31, 2024, our common stock was held by 1,479 shareholders of record and by a significantly greater number of shareholders who hold shares in nominee or street name accounts with brokers.
Biggest changeMarket for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Price Information Our common stock is traded on the NASDAQ Global Select Market (“NASDAQ”) under the ticker symbol “FISV.” On November 11, 2025, we transferred the listing of our common stock to NASDAQ from the New York Stock Exchange, where our common stock had previously traded under the ticker symbol “FI.” At December 31, 2025, our common stock was held by 1,406 shareholders of record and by a significantly greater number of shareholders who hold shares in nominee or street name accounts with brokers.
For additional information regarding our expected use of capital, refer to the discussion in this report under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.” Issuer Purchases of Equity Securities The table below sets forth information with respect to purchases made by or on behalf of us or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934) of shares of our common stock during the three months ended December 31, 2024: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) October 1-31, 2024 2,155,547 $ 192.86 2,155,547 22,002,078 November 1-30, 2024 1,810,500 214.25 1,810,500 20,191,578 December 1-31, 2024 2,156,806 206.95 2,156,806 18,034,772 Total 6,122,853 6,122,853 (1) On February 19, 2025 and February 22, 2023, our board of directors authorized the purchase of up to 60.0 million and 75.0 million shares of our common stock, respectively.
For additional information regarding our expected use of capital, refer to the discussion in this report under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.” Issuer Purchases of Equity Securities The table below sets forth information with respect to purchases made by or on behalf of us or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934) of shares of our common stock during the three months ended December 31, 2025: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) October 1-31, 2025 1,275,062 $ 66.50 1,275,062 47,653,872 November 1-30, 2025 1,779,722 64.73 1,779,722 45,874,150 December 1-31, 2025 — — — 45,874,150 Total 3,054,784 3,054,784 (1) On February 19, 2025, our board of directors authorized the purchase of up to 60.0 million shares of our common stock.
The following graph compares the cumulative total shareholder return on our common stock for the five years ended December 31, 2024 with the S&P 500 Index and the S&P 500 Financials Index. The graph assumes that $100 was invested on December 31, 2019 in our common stock and each index and that all dividends were reinvested.
The following graph compares the cumulative total shareholder return on our common stock for the five years ended December 31, 2025 with the S&P 500 Index, the S&P 500 Financials Index and the NASDAQ Composite Index.
The comparisons in the graph are required by the Securities and Exchange Commission and are not intended to forecast or be indicative of possible future performance of our common stock. 25 Table of Contents December 31, 2019 2020 2021 2022 2023 2024 Fiserv, Inc. $ 100 $ 98 $ 90 $ 87 $ 115 $ 178 S&P 500 Index 100 118 152 125 158 197 S&P 500 Financials Index 100 98 133 119 133 174 Item 6. [Reserved]
The comparisons in the graph are required by the Securities and Exchange Commission and are not intended to forecast or be indicative of possible future performance of our common stock. 26 Table of Contents December 31, 2020 2021 2022 2023 2024 2025 Fiserv, Inc. $ 100 $ 91 $ 89 $ 117 $ 180 $ 59 S&P 500 Index 100 129 105 133 166 196 S&P 500 Financials Index 100 135 121 135 177 203 NASDAQ Composite Index 100 122 82 119 154 187 Item 6. [Reserved]
No cash dividends have been declared on our common stock.
The graph assumes that $100 was invested on December 31, 2020 in our common stock and each index and that all dividends were reinvested. No cash dividends have been declared on our common stock.
Added
In connection with the transfer of the listing of our common stock to NASDAQ from the New York Stock Exchange in November 2025, we believe the NASDAQ Composite Index is an appropriate index for comparison purposes as it reflects our peer group and aligns with our diversified business model in payments, software, and technology-enabled services.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

113 edited+44 added−35 removed51 unchanged
Biggest changeYear Ended December 31, 2024 2023 Percentage of Revenue (1) Increase (Decrease) (In millions) 2024 2023 $ % Revenue: Processing and services $ 16,637 $ 15,630 81.3 % 81.9 % $ 1,007 6 % Product 3,819 3,463 18.7 % 18.1 % 356 10 % Total revenue 20,456 19,093 100.0 % 100.0 % 1,363 7 % Expenses: Cost of processing and services 5,363 5,332 32.2 % 34.1 % 31 1 % Cost of product 2,650 2,338 69.4 % 67.5 % 312 13 % Sub-total 8,013 7,670 39.2 % 40.2 % 343 4 % Selling, general and administrative 6,564 6,576 32.1 % 34.4 % (12) n/m Net gain on sale of businesses and other assets — (167) — % (0.9) % (167) n/m Total expenses 14,577 14,079 71.3 % 73.7 % 498 4 % Operating income 5,879 5,014 28.7 % 26.3 % 865 17 % Interest expense, net (1,195) (976) (5.8) % (5.1) % 219 22 % Other expense, net (178) (140) (0.9) % (0.7) % 38 27 % Income before income taxes and loss from investments in unconsolidated affiliates 4,506 3,898 22.0 % 20.4 % 608 16 % Income tax provision (641) (754) (3.1) % (3.9) % (113) (15) % Loss from investments in unconsolidated affiliates (685) (15) (3.3) % (0.1) % (670) n/m Net income 3,180 3,129 15.5 % 16.4 % 51 2 % Less: net income attributable to noncontrolling interests and redeemable noncontrolling interests 49 61 0.2 % 0.3 % (12) (20) % Net income attributable to Fiserv, Inc. $ 3,131 $ 3,068 15.3 % 16.1 % $ 63 2 % (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. 34 Table of Contents Year Ended December 31, 2023 2022 Percentage of Revenue (1) Increase (Decrease) (In millions) 2023 2022 $ % Revenue: Processing and services $ 15,630 $ 14,460 81.9 % 81.5 % $ 1,170 8 % Product 3,463 3,277 18.1 % 18.5 % 186 6 % Total revenue 19,093 17,737 100.0 % 100.0 % 1,356 8 % Expenses: Cost of processing and services 5,332 5,771 34.1 % 39.9 % (439) (8) % Cost of product 2,338 2,221 67.5 % 67.8 % 117 5 % Sub-total 7,670 7,992 40.2 % 45.1 % (322) (4) % Selling, general and administrative 6,576 6,059 34.4 % 34.2 % 517 9 % Net gain on sale of businesses and other assets (167) (54) (0.9) % (0.3) % 113 n/m Total expenses 14,079 13,997 73.7 % 78.9 % 82 1 % Operating income 5,014 3,740 26.3 % 21.1 % 1,274 34 % Interest expense, net (976) (733) (5.1) % (4.1) % 243 33 % Other expense, net (140) (94) (0.7) % (0.5) % 46 49 % Income before income taxes and (loss) income from investments in unconsolidated affiliates 3,898 2,913 20.4 % 16.4 % 985 34 % Income tax provision (754) (551) (3.9) % (3.1) % 203 37 % (Loss) income from investments in unconsolidated affiliates (15) 220 (0.1) % 1.2 % (235) n/m Net income 3,129 2,582 16.4 % 14.6 % 547 21 % Less: net income attributable to noncontrolling interests and redeemable noncontrolling interests 61 52 0.3 % 0.3 % 9 17 % Net income attributable to Fiserv, Inc. $ 3,068 $ 2,530 16.1 % 14.3 % $ 538 21 % (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.
Biggest changeYear Ended December 31, 2025 2024 Percentage of Revenue (1) Increase (Decrease) (In millions) 2025 2024 $ % Revenue: Processing and services $ 16,879 $ 16,637 79.6 % 81.3 % $ 242 1 % Product 4,314 3,819 20.4 % 18.7 % 495 13 % Total revenue 21,193 20,456 100.0 % 100.0 % 737 4 % Expenses: Cost of processing and services 5,802 5,363 34.4 % 32.2 % 439 8 % Cost of product 2,810 2,650 65.1 % 69.4 % 160 6 % Sub-total 8,612 8,013 40.6 % 39.2 % 599 7 % Selling, general and administrative 6,883 6,564 32.5 % 32.1 % 319 5 % Net gain on sales and distribution of other assets (120) — (0.6) % — % 120 n/m Total expenses 15,375 14,577 72.5 % 71.3 % 798 5 % Operating income 5,818 5,879 27.5 % 28.7 % (61) (1) % Interest expense, net (1,493) (1,195) (7.0) % (5.8) % 298 25 % Other expense, net (61) (178) (0.3) % (0.9) % (117) (66) % Income before income taxes and income (loss) from investments in unconsolidated affiliates 4,264 4,506 20.1 % 22.0 % (242) (5) % Income tax provision (811) (641) (3.8) % (3.1) % 170 27 % Income (loss) from investments in unconsolidated affiliates 37 (685) 0.2 % (3.3) % 722 n/m Net income 3,490 3,180 16.5 % 15.5 % 310 10 % Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest 10 49 — % 0.2 % (39) (80) % Net income attributable to Fiserv, Inc. $ 3,480 $ 3,131 16.4 % 15.3 % $ 349 11 % (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. 36 Table of Contents Year Ended December 31, (In millions) Merchant Financial Corporate and Other Total Total revenue: 2025 $ 10,140 $ 9,664 $ 1,389 $ 21,193 2024 9,631 9,477 1,348 20,456 Revenue growth $ 509 $ 187 $ 41 $ 737 Revenue growth percentage 5 % 2 % 3 % 4 % Operating income (loss): 2025 $ 3,502 $ 4,380 $ (2,064) $ 5,818 2024 3,561 4,485 (2,167) 5,879 Operating income growth (decline) $ (59) $ (105) $ 103 $ (61) Operating income decline percentage (2) % (2) % (1) % Operating margin: 2025 34.5 % 45.3 % 27.5 % 2024 37.0 % 47.3 % 28.7 % Operating margin decline (1) (250) bps (200) bps (120) bps (1) Represents the basis point decline in operating margin.
We maintain net operating loss carryforwards in various taxing jurisdictions, resulting in the establishment of deferred tax assets. We establish a valuation allowance against our deferred tax assets when, based upon the weight of all available evidence, we believe it is more likely than not that some portion or all of the deferred tax assets will not be realized.
We maintain net operating loss carryforwards in various taxing jurisdictions, resulting in the establishment of deferred tax assets. We establish a valuation allowance against our deferred tax assets when, based upon the weight of all available evidence, we believe it is more likely than not that all or some portion of the deferred tax assets will not be realized.
The effective income tax rate as a percentage of income before income taxes and loss from investments in unconsolidated affiliates in 2024 included a deferred tax benefit recorded within the income tax provision associated with a non-cash impairment of certain equity method investments, primarily related to WFMS, recorded within loss from investments in unconsolidated affiliates.
The effective income tax rate as a percentage of income before income taxes and income (loss) from investments in unconsolidated affiliates in 2024 included a deferred tax benefit recorded within the income tax provision associated with a non-cash impairment of certain equity method investments, primarily related to WFMS, recorded within income (loss) from investments in unconsolidated affiliates.
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 (“ISV”), 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 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.
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 (“ISV”), 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, ISV’s, independent sales organizations, financial institutions and other strategic partners in the form of joint venture alliances, revenue sharing alliances and referral agreements.
When reviewing goodwill for impairment, we consider the prior test’s amount of excess fair value over the carrying value of each reporting unit, the period of time since a reporting unit’s last quantitative test, the extent a reorganization or disposition changes the composition of one or more of our reporting units, and other factors to determine whether or not to first perform a qualitative test.
When reviewing goodwill for impairment, we consider the prior test’s amount of excess fair value over the carrying value of each reporting unit, the period of time since a reporting unit’s last quantitative test, the extent a reorganization or disposition changes the composition of one or more of our reporting units, and other prevailing factors to determine whether or not to first perform a qualitative test.
Other expense, net in 2024 also included a $147 million non-cash settlement charge associated with the terminations of certain defined benefit pension plans, as well as $29 million related to gains on the sale and remeasurement of certain equity securities.
Other expense, net in 2024 included a $147 million non-cash settlement charge associated with the terminations of certain defined benefit pension plans, as well as $29 million related to gains on the sale and remeasurement of certain equity securities.
Cost of processing and services consists of costs directly associated with providing services to clients and includes the following: personnel; equipment and data processing; facility costs, including costs to maintain software applications; client support; certain depreciation and amortization; and other operating expenses.
Cost of processing and services consists of costs directly associated with providing services to clients and includes the following: personnel; equipment and data processing; facility costs, including costs to maintain software applications; client support; certain depreciation and amortization; and other operating expenses directly associated with processing and services revenue.
As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill.
As a result, during the measurement period, which can be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill.
Recoverability of intangible assets is assessed by comparing the carrying amount of the asset to either the undiscounted future cash flows expected to be generated by the asset or the net realizable value of the asset, depending on the type of asset.
Recoverability of intangible assets is assessed by comparing the carrying amount of the asset group to either the undiscounted future cash flows expected to be generated by the asset group or the net realizable value of the asset group, depending on the type of asset group.
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.
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.
Selling, General and Administrative Expenses Selling, general and administrative expenses primarily consist of: salaries, wages, commissions and related expenses paid to sales personnel, administrative employees and management; third-party commissions and payments to distribution partners; marketing costs; certain depreciation and amortization; and other selling and administrative expenses. 33 Table of Contents Financial Results 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.
Selling, General and Administrative Expenses Selling, general and administrative expenses primarily consist of: salaries, wages, commissions and related expenses paid to sales personnel, administrative employees and management; third-party commissions and payments to distribution partners; marketing costs; certain depreciation and amortization; and other general selling and administrative expenses. 35 Table of Contents Financial Results 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.
We have no accumulated goodwill impairment through December 31, 2024. Additional information regarding our goodwill is included in Note 7 to the consolidated financial statements. We review intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. We review capitalized software development costs for impairment at each reporting date.
We have no accumulated goodwill impairment through December 31, 2025. Additional information regarding our goodwill is included in Note 7 to the consolidated financial statements. We review intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. We review capitalized software development costs for impairment at each reporting date.
Examples of qualitative factors that we assess include our share price, our financial performance, market and competitive factors in our industry and other events specific to our reporting units. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative impairment test.
Examples of qualitative factors that we assess include our share price, our financial performance, market and competitive factors in our industry and other events specific to our reporting units. If we conclude that it is more likely than not that the fair value of a reporting unit may be less than its carrying value, we perform a quantitative impairment test.
We sell or lease hardware (POS devices) and other peripherals as part of our contracts with customers. Hardware typically consists of terminals or Clover devices. We do not manufacture hardware, rather we purchase hardware from third-party vendors and hold such hardware in inventory until purchased by a customer.
Additionally, we sell or lease hardware (POS devices) and other peripherals as part of our contracts with customers. Hardware typically consists of terminals or Clover devices. We do not manufacture hardware, rather we purchase hardware from third-party vendors and hold such hardware in inventory until purchased or leased by a customer.
The amount of tax benefit recognized reflects the largest benefit that we believe is more likely than not to be realized on settlement with the relevant taxing authority. As additional information becomes available, we evaluate our tax positions and appropriately adjust our liability for known tax exposures.
The amount of tax benefit recognized reflects the largest benefit that we believe is more likely than not to be realized on settlement with the relevant taxing authority. As additional information becomes available, we evaluate our tax positions and adjust our liability accordingly for known tax exposures.
In addition, our operating results in certain foreign countries in which we operate may be adversely impacted by fluctuations in exchange rates for currencies other than the U.S. dollar, including the Euro, British Pound Sterling, Indian Rupee, Brazilian Real and Argentine Peso.
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.
During the year ended December 31, 2024, we were in compliance with all financial debt covenants. Our ability to meet future debt covenant requirements will depend on our continued ability to generate earnings and cash flows. We expect to remain in compliance with all terms and conditions associated with our outstanding debt, including financial debt covenants.
During the year ended December 31, 2025, we were in compliance with all financial debt covenants. Our ability to meet future debt covenant requirements will depend on our continued ability to generate earnings and cash flows. We expect to remain in compliance with all terms and conditions associated with our outstanding debt, including financial debt covenants.
The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring products or services to the customer. We include any fixed charges within our contracts as part of the total transaction price.
The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring goods or services to the customer. We include any fixed charges within our contracts as part of the total transaction price.
This section contains background information on our company and the products and services that we provide, acquisitions and dispositions, our enterprise priorities, 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. 26 Table of Contents • Critical accounting policies and estimates .
This section contains background information on our company and the products and services that we provide, acquisitions and dispositions, our enterprise priorities, 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. • Critical accounting policies and estimates .
In making this determination, we have considered the relative impact of all of the available positive and negative evidence regarding future sources of taxable income and available tax planning strategies. However, there could be a significant impact to our effective income tax rate in the event there is a significant change in our judgment.
In making this determination, we consider the relative impact of all of the available positive and negative evidence regarding future sources of taxable income and available tax planning strategies. However, there could be a significant impact to our effective income tax rate in the event there is a significant change in our judgment.
The transaction price (including any discounts or rebates) is allocated between distinct goods and services in a multi-element arrangement based on their relative standalone selling prices. For items that are not sold separately, we estimate the standalone selling prices using available information such as market conditions and internally approved pricing guidelines.
The transaction price (including any discounts or rebates) is allocated between distinct goods and services in a multi-element arrangement based on their relative 33 Table of Contents standalone selling prices. For items that are not sold separately, we estimate the standalone selling prices using available information such as market conditions and internally approved pricing guidelines.
As of December 31, 2024, we had a corporate credit rating of Baa2 with a stable outlook from Moody’s Investors Service, Inc. (“Moody’s”) and BBB with a stable outlook from Standard & Poor’s Ratings Services (“S&P”) on our senior unsecured debt securities.
As of December 31, 2025, we had a corporate credit rating of Baa2 with a stable outlook from Moody’s Investors Service, Inc. (“Moody’s”) and BBB with a negative outlook from Standard & Poor’s Ratings Services (“S&P”) on our senior unsecured debt securities.
Personal consumption and consumer savings growth 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.
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.
When performing a qualitative test, we assess numerous factors to determine whether it is more likely than not that the fair value of our reporting units are less than their respective carrying values.
When performing a qualitative test, we assess numerous factors to determine whether it 31 Table of Contents is more likely than not that the fair value of our reporting units are less than their respective carrying values.
It is also reasonably possible that future developments related to the interest rate environment, a shift in strategic initiatives, or significant changes in the composition of certain of our reporting units could have a future material impact on one or more of the estimates and assumptions used to evaluate goodwill impairment.
It is also reasonably possible that future developments related to the interest rate environment, sustained decreases in our stock price, a shift in strategic initiatives, or significant changes in the composition of certain of our reporting units could have a future material impact on one or more of the estimates and assumptions used to evaluate goodwill impairment.
Acquisitions From time to time, we make strategic acquisitions that may have a material impact on our consolidated results of operations or financial position. We allocate the purchase price of acquired businesses to the assets acquired and liabilities assumed in the transaction at their estimated fair values.
Acquisitions From time to time, we make strategic acquisitions that may have a material impact on our consolidated results of operations or financial position. We allocate the purchase price of acquired businesses to the respective identifiable assets acquired and liabilities assumed in the transaction at their estimated fair values at the date of acquisition.
The Lending Joint Ventures maintain variable-rate term loan facilities with aggregate outstanding borrowings of $421 million in senior unsecured debt at December 31, 2024 and variable-rate revolving credit facilities with an aggregate borrowing capacity of $83 million with a syndicate of banks, which mature in April 2027.
The Lending Joint Ventures maintain variable-rate term loan facilities with aggregate outstanding borrowings of $399 million in senior unsecured debt at December 31, 2025 and variable-rate revolving credit facilities with an aggregate borrowing capacity of $83 million with a syndicate of banks, which mature in April 2027.
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 leases; and (iii) fund capital expenditures and operating lease payments.
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.
Management's Discussion and Analysis of Financial Condition and Results of Operations ” of our Annual Report on Form 10-K for fiscal year 2023, filed with the Securities and Exchange Commission on February 22, 2024. Our discussion is organized as follows: • Overview .
Management's Discussion and Analysis of Financial Condition and Results of Operations ” of our Annual Report on Form 10-K for fiscal year 2024, filed with the Securities and Exchange Commission on February 20, 2025. Our discussion is organized as follows: • Overview .
Such guarantees will be amortized in future periods over the contractual term of the debt. In addition, we maintained a contingent liability of $15 million at December 31, 2024, representing the current expected credit losses to which we are exposed.
Such guarantees will be amortized in future periods over the contractual term of the debt. In addition, we maintained a contingent liability of $6 million at December 31, 2025, representing the current expected credit losses to which we are exposed.
Product Product revenue is generated from print and card production sales, as well as software license and hardware (primarily POS devices) sales. For software license agreements that are distinct, we recognize software license revenue upon delivery, assuming a contract is deemed to exist.
Product Product revenue is generated from print and card production, software license, data and analytics, and hardware (primarily POS devices) sales. For software license agreements that are distinct, we recognize software license revenue upon delivery, assuming a contract is deemed to exist.
Given the significance of our goodwill and intangible asset balances, an adverse change in fair value could result in an impairment charge, which could be material to our consolidated financial statements. Revenue Recognition Revenue is measured based on consideration specified in a contract with a customer, and excludes any amounts collected on behalf of third parties.
Given the significance of our goodwill and intangible asset balances, an adverse change in the fair value and recoverability of the assets could result in an impairment charge, which may be material to our consolidated financial statements. 32 Table of Contents Revenue Recognition Revenue is measured based on consideration specified in a contract with a customer, and excludes any amounts collected on behalf of third parties.
Outstanding borrowings under the revolving credit facility were $115 million at December 31, 2024. We are required to pay a facility fee based on the aggregate commitments in effect under the credit agreement from time to time.
Outstanding borrowings under the revolving credit facility were $188 million at December 31, 2025. We are required to pay a facility fee based on the aggregate commitments in effect under the credit agreement from time to time.
Recent Market Conditions 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, and regulations restricting trade or impacting our ability to offer products or services, could have a material adverse effect on our business, results of operations and financial condition.
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.
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.
Other Expense, Net Other expense, net decreased $117 million in 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.
Income Tax Provision The income tax provision as a percentage of income before income taxes and loss from investments in unconsolidated affiliates was 14.2% and 19.3% in 2024 and 2023, 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 19.0% and 14.2% in 2025 and 2024, respectively.
There were $35 million of outstanding borrowings on the revolving credit facilities at December 31, 2024. We have guaranteed the debt of the Lending Joint Ventures. We maintained a liability of $21 million at December 31, 2024 for the estimated fair value of our non-contingent obligations to stand ready to perform over the term of the guarantee arrangements.
There were $18 million of aggregate outstanding borrowings on the revolving credit facilities at December 31, 2025. We have guaranteed the debt of the Lending Joint Ventures. We maintained a liability of $12 million at December 31, 2025 for the estimated fair value of our non-contingent obligations to stand ready to perform over the term of the guarantee arrangements.
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 $1.2 billion, proceeds from the issuance of U.S. dollar and Euro commercial paper, and available capacity under our revolving credit facility of $2.8 billion (net of outstanding revolver borrowings and $3.2 billion of capacity designated for outstanding borrowings under our commercial paper programs, senior notes due in the next twelve months and letters of credit) at December 31, 2024.
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 $798 million, proceeds from the issuance of U.S. dollar and Euro commercial paper, and available capacity under our revolving credit facility of $4.6 billion (net of $188 million of outstanding revolver borrowings and $3.2 billion of capacity designated for outstanding borrowings under our commercial paper programs, senior notes due in the next 12 months and letters of credit) at December 31, 2025.
(2) The calculations assume that only mandatory debt repayments are made, no additional refinancing or lending occurs, except for our 3.850% senior notes due in June 2025 and 2.250% senior notes due in July 2025, and U.S. dollar and Euro commercial paper notes programs as we have the intent to refinance this debt on a long-term basis through the issuance of new commercial paper notes upon maturity, and we have the ability to do so under our revolving credit facility maturing in June 2027.
(2) The calculations assume that only mandatory debt repayments are made, no additional refinancing or lending occurs, except for our 3.200% senior notes due in July 2026, and U.S. dollar and Euro commercial paper notes programs as we have the intent to refinance this debt on a long-term basis through the issuance of new commercial paper notes upon maturity, and we have the ability to do so under our revolving credit facility which matures in August 2030.
Net Income Per Share - Diluted Net income attributable to Fiserv, Inc. per share-diluted was $5.38 and $4.98 in 2024 and 2023, respectively. In addition to the impacts to net income attributable to Fiserv, Inc. described above, our diluted weighted average outstanding shares were reduced by 5% in 2024 compared to 2023, due to our share repurchase program.
Net Income Per Share - Diluted Net income attributable to Fiserv, Inc. per share-diluted was $6.34 and $5.38 in 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 approximately 6% in 2025 compared to 2024, due to our share repurchase program.
At December 31, 2024, our debt consisted primarily of $21.6 billion of fixed-rate senior notes and $1.5 billion of outstanding borrowings under our commercial paper programs. Interest on our U.S. dollar-denominated senior notes is paid semi-annually, while interest on our Euro and British Pound-denominated senior notes is paid annually.
At December 31, 2025, our debt consisted primarily of $24.9 billion of fixed-rate senior notes and $1.2 billion of outstanding borrowings under our commercial paper programs. Interest on our U.S. dollar-denominated senior notes is paid semi-annually, while interest on our Euro and British Pound-denominated senior notes is paid annually.
This section contains an analysis of our results of operations presented in the accompanying consolidated statements of income by comparing the consolidated and segment results for the year ended December 31, 2024 to the consolidated and segment results for the year ended December 31, 2023.
This section contains an analysis of our results of operations presented in the accompanying consolidated statements of income by comparing the results for the year ended December 31, 2025 to the results for the year ended December 31, 2024. • Liquidity and capital resources .
This section contains a discussion of 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. Our critical accounting policies are also summarized in Note 1 to the accompanying consolidated financial statements. • Results of operations .
This section contains a discussion of 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.
Additional information regarding our revenue recognition policies is included in Note 3 to the consolidated financial statements. 32 Table of Contents Income Taxes The determination of our provision for income taxes requires management’s judgment in the use of estimates and the interpretation and application of complex tax laws, including certain complexities attributed to our global footprint.
Additional information regarding our acquisitions of businesses is included in Note 4 to the consolidated financial statements. Income Taxes The determination of our provision for income taxes requires management’s judgment in the use of estimates and the interpretation and application of complex tax laws, including certain complexities attributed to our global footprint.
While the majority of our revenue is earned in the U.S., we actively monitor the 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. The operations of our Argentina subsidiary have experienced higher interest rates and inflation relative to historical averages.
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.
Segment results for the years ended December 31, 2023 and 2022 have been recast to reflect the Segment Realignment. This section generally discusses information and results pertaining to the years ended December 31, 2024 and 2023. Information and discussion of results pertaining to the year ended December 31, 2022 not included herein can be found in Part II, “Item 7.
This section generally discusses information and results pertaining to the years ended December 31, 2025 and 2024. Information and discussion of results pertaining to the year ended December 31, 2023 not included herein can be found in Part II, “Item 7.
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 and divestiture activity; certain services revenue associated with various dispositions; and postage reimbursements. 27 Table of Contents Acquisitions and Dispositions We frequently review our businesses to ensure we have the necessary assets to execute our strategy.
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 and divestiture activity; certain services revenue associated with various dispositions; expenses associated with our transformation initiative focused on operational excellence; and postage reimbursements. 28 Table of Contents 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.
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 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.
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.
Product Product revenue, which comprised 19% of our total revenue in 2024, is derived from print and card production sales, as well as software license and hardware (primarily POS devices) sales.
Product Product revenue, which comprised 20% of our total revenue in 2025, is derived from print and card production, software license, data and analytics, and hardware (primarily POS devices) sales.
To the extent our judgment changes, the valuation allowances are then adjusted as appropriate, generally through the provision for income taxes, in the period in which the change in facts and circumstances occurs. Additional information regarding our income taxes is included in Note 17 to the consolidated financial statements.
To the extent our judgment changes, the valuation allowances are then adjusted as appropriate, generally through the provision for income taxes, in the period in which the change in facts and circumstances occurs.
If the ratings from Moody’s or S&P decrease 42 Table of Contents below investment grade, the per annum interest rates on certain senior notes are subject to increase by up to two percent.
The interest rates payable on certain of our senior notes are subject to adjustment from time to time if Moody’s or S&P changes the debt rating applicable to the notes. If the ratings from Moody’s or S&P decrease below investment grade, the per annum interest rates on certain senior notes are subject to increase by up to two percent.
We also maintain a senior unsecured multicurrency revolving credit facility, which matures in June 2027 and provides for a maximum aggregate principal amount of availability of $6.0 billion. Borrowings under the credit facility bear interest at a variable base rate, determined by the term and currency of the borrowing, plus a specified margin based on our long-term debt rating.
The new credit facility matures in August 2030 and provides for a maximum aggregate principal amount of availability of $8.0 billion. Borrowings under the credit facility bear interest at a variable base rate, determined by the term and currency of the borrowing, plus a specified margin based on our long-term debt rating.
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 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.
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.
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.
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 $801 million during 2024.
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. Net merchant and settlement anticipation cash advances were $636 million during 2025.
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.
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. 30 Table of Contents Financial institutions must be able to serve their customers with tailored solutions, delivered how and when those customers desire.
The variable rate on the revolving credit facility is priced at the rate in effect at December 31, 2024. (3) Represents enforceable and legally binding agreements to purchase goods or services based on signed contracts as of December 31, 2024. Share Repurchases We repurchased $5.5 billion of our common stock during the year ended December 31, 2024.
The variable rate on the revolving credit facility is priced at the rate in effect at December 31, 2025. (3) Represents enforceable and legally binding agreements to purchase goods or services based on signed contracts as of December 31, 2025.
We funded this transaction by utilizing a combination of available cash and proceeds from the issuance of commercial paper. 39 Table of Contents Indebtedness Our debt consisted of the following at: December 31, (In millions) 2024 2023 Short-term and current maturities of long-term debt: Foreign lines of credit $ 784 $ 442 Finance lease and other financing obligations 326 313 Total short-term and current maturities of long-term debt $ 1,110 $ 755 Long-term debt: 2.750% senior notes due July 2024 $ — $ 2,000 3.850% senior notes due June 2025 900 900 2.250% senior notes due July 2025 (British Pound-denominated) 661 672 3.200% senior notes due July 2026 2,000 2,000 5.150% senior notes due March 2027 750 — 2.250% senior notes due June 2027 1,000 1,000 1.125% senior notes due July 2027 (Euro-denominated) 521 555 5.450% senior notes due March 2028 900 900 5.375% senior notes due August 2028 700 700 4.200% senior notes due October 2028 1,000 1,000 3.500% senior notes due July 2029 3,000 3,000 4.750% senior notes due March 2030 850 — 2.650% senior notes due June 2030 1,000 1,000 1.625% senior notes due July 2030 (Euro-denominated) 521 555 5.350% senior notes due March 2031 500 — 4.500% senior notes due May 2031 (Euro-denominated) 835 889 3.000% senior notes due July 2031 (British Pound-denominated) 661 672 5.600% senior notes due March 2033 900 900 5.625% senior notes due August 2033 1,300 1,300 5.450% senior notes due March 2034 750 — 5.150% senior notes due August 2034 900 — 4.400% senior notes due July 2049 2,000 2,000 U.S. dollar commercial paper notes 221 418 Euro commercial paper notes 1,239 1,321 Revolving credit facility 115 74 Unamortized discount and deferred financing costs (150) (145) Finance lease and other financing obligations 656 652 Total long-term debt $ 23,730 $ 22,363 In August 2024, we completed the public offering and issuance of $1.75 billion of senior notes, comprised of $850 million aggregate principal amount of 4.750% senior notes due in March 2030 and $900 million aggregate principal amount of 5.150% senior notes due in August 2034.
Indebtedness Our debt consisted of the following at: December 31, (In millions) 2025 2024 Short-term and current maturities of long-term debt: Foreign lines of credit $ 762 $ 784 Finance lease and other financing obligations 477 326 Total short-term and current maturities of long-term debt $ 1,239 $ 1,110 Long-term debt: 3.850% senior notes due June 2025 $ — $ 900 2.250% senior notes due July 2025 (British Pound-denominated) — 661 3.200% senior notes due July 2026 2,000 2,000 5.150% senior notes due March 2027 750 750 2.250% senior notes due June 2027 1,000 1,000 1.125% senior notes due July 2027 (Euro-denominated) 589 521 5.450% senior notes due March 2028 900 900 2.875% senior notes due June 2028 (Euro-denominated) 883 — 5.375% senior notes due August 2028 700 700 4.200% senior notes due October 2028 1,000 1,000 3.500% senior notes due July 2029 3,000 3,000 4.750% senior notes due March 2030 850 850 2.650% senior notes due June 2030 1,000 1,000 1.625% senior notes due July 2030 (Euro-denominated) 589 521 4.550% senior notes due February 2031 1,000 — 5.350% senior notes due March 2031 500 500 4.500% senior notes due May 2031 (Euro-denominated) 942 835 3.000% senior notes due July 2031 (British Pound-denominated) 709 661 3.500% senior notes due June 2032 (Euro-denominated) 912 — 5.600% senior notes due March 2033 900 900 5.625% senior notes due August 2033 1,300 1,300 5.450% senior notes due March 2034 750 750 5.150% senior notes due August 2034 900 900 5.250% senior notes due August 2035 1,000 — 4.000% senior notes due June 2036 (Euro-denominated) 765 — 4.400% senior notes due July 2049 2,000 2,000 U.S. dollar commercial paper notes 326 221 Euro commercial paper notes 839 1,239 Revolving credit facility 188 115 Unamortized discount and deferred financing costs (169) (150) Finance lease and other financing obligations 1,635 656 Total long-term debt $ 27,758 $ 23,730 In August 2025, we completed the public offering and issuance of $2.0 billion of senior notes, comprised of $1.0 billion aggregate principal amount of 4.550% senior notes due in February 2031 and $1.0 billion aggregate principal amount of 5.250% senior notes due in August 2035.
The effective income tax rate as a percentage of income before income taxes and loss from investments in unconsolidated affiliates in 2024 also included benefits associated with transferable federal tax credits, resulting in a lower effective income tax rate.
The effective income tax rate as a percentage of income before income taxes and income (loss) from investments in unconsolidated affiliates in 2025 included discrete tax benefits from equity compensation and transferable federal and foreign tax credits, resulting in a lower effective income tax rate compared to the statutory income tax rate.
We have not made any payments under the guarantees, nor have we been called upon to do so, and do not anticipate that the Lending Joint Ventures will fail to fulfill their debt obligations. Other Access to capital markets impacts our cost of capital and our ability to refinance maturing debt and fund future acquisitions.
We have not made any payments under the guarantees, nor have we been called upon to do so, and do not anticipate that the Lending Joint Ventures will fail to fulfill their debt obligations.
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.
This section provides an analysis of our cash flows and a discussion of our outstanding debt and commitments at December 31, 2025. 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.
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.
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.
Variable Rate Debt Our variable rate debt consisted of the following at December 31, 2024: (In millions) Maturity Weighted-Average Interest Rate Outstanding Borrowings Foreign lines of credit various 31.695% $ 784 U.S. dollar commercial paper notes various 4.534% 221 Euro commercial paper notes various 3.115% 1,239 Revolving credit facility June 2027 5.440% 115 Total variable rate debt 12.856% $ 2,359 We maintain various short-term lines of credit and other borrowing arrangements with foreign banks and alliance partners primarily to fund merchant settlement advances associated with operations in Latin America.
Variable Rate Debt Our variable rate debt consisted of the following at December 31, 2025: (In millions) Maturity Weighted-Average Interest Rate Outstanding Borrowings Foreign lines of credit various 27.727% $ 762 U.S. dollar commercial paper notes various 3.851% 326 Euro commercial paper notes various 2.210% 839 Revolving credit facility August 2030 4.685% 188 Total variable rate debt 11.870% $ 2,115 We maintain various short-term lines of credit and other borrowing arrangements with foreign banks and alliance partners primarily to fund advances associated with operations in Latin America through our settlement anticipation program.
This increase was primarily attributable to increased profitability (excluding the non-cash settlement charge for terminated pension plans and non-cash impairments included within loss from investments in unconsolidated affiliates), and corresponding cash flows, along with working capital improvements associated with receivables and payables.
This decrease was primarily attributable to lower profitability, excluding the non-cash settlement charge for terminated pension plans and non-cash impairments included within loss from investments in unconsolidated affiliates in 2024.
Other Transactions 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 is accounted for as an equity method investment.
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.
Further, contract modifications require the identification and evaluation of the performance obligations of the modified contract, including the allocation of consideration to the remaining performance obligations and the period of recognition for each identified performance obligation.
Further, contract modifications require the identification and evaluation of the performance obligations of the modified contract, including the allocation of consideration to the remaining performance obligations and the period of recognition for each identified performance obligation. Additional information regarding our revenue recognition policies is included in Note 3 to the consolidated financial statements.
Item 1A. Risk Factors.” For management’s assessment of market risks, including interest rate and foreign currency risks, see “Part II. Item 7A.
For a discussion of risks and potential challenges applicable to our business, results of operations and financial condition, see “Part I. Item 1A. Risk Factors.” For management’s assessment of market risks, including interest rate and foreign currency risks, see “Part II. Item 7A.
Processing and services revenue is most reflective of our business performance as a significant amount of our total operating profit is generated from these services.
Processing and Services Processing and services revenue, which comprised 80% of our total revenue in 2025, is generated from account- and transaction-based fees under multi-year contracts. Processing and services revenue is most reflective of our business performance as a significant amount of our total operating profit is generated from these services.
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.
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.
Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of income. We are also required to estimate the useful lives of intangible assets to determine the amount of acquisition-related intangible asset amortization expense to record in future periods.
Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of income.
In March 2023, we completed the public offering and issuance of $1.8 billion of senior notes, comprised of $900 million aggregate principal amount of 5.450% senior notes due in March 2028 and $900 million aggregate principal amount of 5.600% senior notes due in March 2033.
In August 2024, we completed the public offering and issuance of $1.75 billion of senior notes, comprised of $850 million aggregate principal amount of 4.750% senior notes due in March 2030 and $900 million aggregate principal amount of 5.150% senior notes due in August 2034.
Total Expenses Total expenses increased $498 million, or 4%, in 2024 compared to 2023 and total expenses as a percentage of total revenue decreased 240 basis points to 71.3% in 2024 compared to 2023.
Total Expenses Total expenses increased $798 million, or 5%, and total expenses as a percentage of total revenue increased 120 basis points to 72.5% in 2025 compared to 2024.
We determine the fair value of a reporting unit using both a discounted cash flow analysis and a market approach.
We determine the fair value of a reporting unit using both a discounted cash flow analysis and a market approach, as appropriate, and engage an independent valuation specialist, when necessary, to assist in the fair value determinations.
This information should be read together with the consolidated financial statements and accompanying notes. The financial results presented below have been affected by acquisitions, dispositions, non-cash impairment charges, and foreign currency fluctuations. Segment results for the years ended December 31, 2023 and 2022 have been recast to reflect the Segment Realignment.
This information should be read together with the consolidated financial statements and accompanying notes. The 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.
The table below details our cash and cash equivalents held at: December 31, (In millions) 2024 2023 Available $ 665 $ 450 Unavailable (1) 571 754 Total $ 1,236 $ 1,204 (1) Represents cash held by our joint ventures that is not available to fund operations outside of those entities unless the board of directors of the relevant entity declares a dividend, as well as cash held by other entities that are subject to foreign exchange controls in certain countries or regulatory capital requirements.
The table below details our cash and cash equivalents held at: December 31, (In millions) 2025 2024 Available $ 342 $ 665 Unavailable (1) 456 571 Total $ 798 $ 1,236 (1) Represents cash associated with: intermediary settlement balances; wholly owned entities subject to regulatory requirements; cash in transit; or cash in our joint ventures that is not available to fund operations outside of the respective entities unless approved by the board of directors of the relevant entity.
We used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of our commercial paper notes and for share repurchases, and in July 2024, the repayment of a portion of our 2.750% senior notes. 40 Table of Contents In August 2023, we completed the public offering and issuance of $2.0 billion of senior notes, comprised of $700 million aggregate principal amount of 5.375% senior notes due in August 2028 and $1.3 billion aggregate principal amount of 5.625% senior notes due in August 2033.
We used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of our commercial paper notes and for share repurchases, and in July 2024, the repayment of a portion of our 2.750% senior notes due in July 2024.
Acquisitions and Dispositions Acquisitions of Businesses We acquired Skytef in October 2023 and Sled in November 2023 for an aggregate purchase price, including hold-backs, of $17 million. We funded these acquisitions by utilizing available cash. The results of operations for these acquired businesses are included in our consolidated results from the respective dates of acquisition.
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.
The following table summarizes our net cash provided by operating activities, or operating cash flow, and capital expenditures: Year Ended December 31, Increase (Decrease) (In millions) 2024 2023 $ % Net income $ 3,180 $ 3,129 $ 51 Depreciation and amortization 3,138 3,162 (24) Share-based compensation 367 342 25 Deferred income taxes (662) (511) (151) Net gain on sale of businesses and other assets — (167) 167 Loss from investments in unconsolidated affiliates 685 15 670 Distributions from unconsolidated affiliates 39 55 (16) Non-cash settlement charge for terminated pension plans 147 — 147 Net changes in working capital and other (263) (863) 600 Net cash provided by operating activities $ 6,631 $ 5,162 $ 1,469 28 % Capital expenditures, including capitalized software and other intangibles $ 1,569 $ 1,388 $ 181 13 % Our operating cash flow was $6.6 billion in 2024, an increase of 28% compared with $5.2 billion in 2023.
The following table summarizes our net cash provided by operating activities, or operating cash flow, and capital expenditures: Year Ended December 31, Increase (Decrease) (In millions) 2025 2024 $ % Net income $ 3,490 $ 3,180 $ 310 Depreciation and amortization 3,207 3,138 69 Share-based compensation 357 367 (10) Deferred income taxes (942) (662) (280) Net gain on sales and distribution of other assets (120) — (120) Gain on sale of investments (74) — (74) (Income) loss from investments in unconsolidated affiliates (37) 685 (722) Distributions from unconsolidated affiliates 44 39 5 Non-cash settlement charge for terminated pension plans — 147 (147) Non-cash foreign currency exchange losses 159 92 67 Net changes in working capital and other (22) (355) 333 Net cash provided by operating activities $ 6,062 $ 6,631 $ (569) (9) % Capital expenditures, including capitalized software and other intangibles $ 1,763 $ 1,569 $ 194 12 % 39 Table of Contents Our operating cash flow was $6.1 billion in 2025, a decrease of 9% compared with $6.6 billion in 2024.
The remeasurement of monetary assets and liabilities for subsidiaries located in highly inflationary economies, including Argentina, resulted in foreign currency exchange losses of $98 million and $164 million during the years ended December 31, 2024 and 2023, respectively.
The remeasurement of monetary assets and liabilities in highly inflationary economies, including Argentina, resulted in foreign currency exchange losses of $158 million and $98 million during the years ended December 31, 2025 and 2024, respectively. Other expense, net in 2025 also included $82 million related to gains on the sale and remeasurement of certain equity investments.
At December 31, 2024, the 3.850% senior notes due in June 2025 and 2.250% senior notes due in July 2025 were classified in the consolidated balance sheet as long-term, as we have the intent to refinance this debt on a long-term basis, and the ability to do so under our revolving credit facility.
Interest on our revolving credit facility and commercial paper notes is generally paid weekly, or more frequently on occasion. At December 31, 2025, the 3.200% senior notes due in July 2026 were classified in the consolidated balance sheet as long-term, as we have the ability to refinance such debt under our revolving credit facility.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeIn connection with processing electronic payments transactions, funds received from subscribers are invested into short-term, highly liquid investments from the time we collect the funds until payments are made to the applicable recipients. Fluctuations in market interest rates affect the interest-related income that we earn on these investments.
Biggest changeThis sensitivity analysis assumes the outstanding debt balances at December 31, 2025 and the change in market interest rates is applicable for an entire year. 44 Table of Contents In connection with processing electronic payments transactions, funds received from subscribers are invested into short-term, highly liquid investments from the time we collect the funds until payments are made to the applicable recipients.
We also have exposure to risks related to currency devaluation in certain countries, including Argentina, 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.
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.
Gains and losses from foreign currency transactions, included within operating expenses in the consolidated statements of income, were not significant during the years ended December 31, 2024 and 2023.
Gains and losses from foreign currency transactions, included within operating expenses in the consolidated statements of income, were not significant during the years ended December 31, 2025 and 2024.
Our variable-rate debt at December 31, 2024 primarily consisted of outstanding U.S. dollar and Euro commercial paper and borrowings on our variable rate foreign lines of credit.
Our variable-rate debt at December 31, 2025 primarily consisted of outstanding U.S. dollar and Euro commercial paper and borrowings on our variable rate foreign lines of credit.
Our exposure to foreign currency exchange risks generally arise from our international operations to the extent they are conducted in local currency. Approximately 15% of our total revenue was generated internationally in 2024. The major currencies to which our revenues are exposed are the Argentine Peso, Brazilian Real, British Pound, Euro and Indian Rupee.
Our exposure to foreign currency exchange risks generally arise from our international operations to the extent they are conducted in local currency. Approximately 16% of our total revenue was generated internationally in 2025. The major currencies to which our revenues are exposed are the Argentine Peso, Brazilian Real, British Pound, Euro and Indian Rupee.
We also designated certain of our Euro- and British Pound-denominated senior notes and Euro commercial paper notes as net investment hedges to hedge a portion of our net investment in certain subsidiaries whose functional currencies are the Euro and British Pound.
We also designated certain of our Euro- and British Pound-denominated senior notes and Euro commercial paper notes as net investment hedges to hedge a portion of our net investment in certain subsidiaries whose functional currencies are the Euro and British Pound. 45 Table of Contents
Our fixed-rate debt at December 31, 2024 primarily consisted of fixed-rate senior notes with a fair value of $20.8 billion, based on matrix pricing which considers readily observable inputs of comparable securities.
Our fixed-rate debt at December 31, 2025 primarily consisted of fixed-rate senior notes with a fair value of $24.3 billion, based on matrix pricing which considers readily observable inputs of comparable securities.
We are exposed to interest rate risk on certain of these debt obligations. We had fixed- and variable-rate debt, excluding finance leases and other financing obligations, with varying maturities for an aggregate carrying amount of $21.6 billion and $2.4 billion, respectively, at December 31, 2024.
We are exposed to interest rate risk on certain of these debt obligations. We had fixed- and variable-rate debt, excluding finance leases and other financing obligations, with varying maturities for an aggregate carrying amount of $24.9 billion and $2.1 billion, respectively, at December 31, 2025.
At December 31, 2024, aggregate notional fixed-to-fixed cross-currency rate swaps of 600 million Euros, 841 million Singapore Dollars and 259 million Canadian Dollars were designated as net investment hedges.
At December 31, 2025, aggregate notional fixed-to-fixed cross-currency rate swaps of 940 million Euros, 828 million Singapore Dollars and 405 million Canadian Dollars were designated as net investment hedges.
The remeasurement of monetary assets and liabilities of our Argentina subsidiary resulted in pre-tax foreign currency exchange losses, included within other expense, net in the consolidated statements of income, of $98 million and $164 million during the years ended December 31, 2024 and 2023, respectively.
The remeasurement of monetary assets and liabilities in highly inflationary economies, including Argentina, resulted in foreign currency exchange losses of $158 million and $98 million during the years ended December 31, 2025 and 2024, respectively, which is included within other expense, net in the consolidated statements of income.
This sensitivity analysis uses the average subscriber fund and intermediary settlement cash balances during the year ended December 31, 2024 and assumes the change in market interest rates is applicable for an entire year.
During the year ended December 31, 2025, a hypothetical 1% decrease in market interest rates would decrease the annual interest-related income by approximately $36 million. This sensitivity analysis uses the average subscriber fund and intermediary settlement cash balances during the year ended December 31, 2025 and assumes the change in market interest rates is applicable for an entire year.
A strengthening or weakening of the U.S. dollar, relative to the currencies in which our income is denominated, by 10% would not have a material impact on our reported pre-tax income for the years ended December 31, 2024 and 2023.
A strengthening or weakening of the U.S. dollar, relative to the currencies in which our income is denominated, by 10% would not have a material impact on our reported pre-tax income for the years ended December 31, 2025 and 2024. We maintain forward exchange contracts, designated as cash flow hedges, to hedge foreign currency exposure to the Indian Rupee.
In addition, we maintain fixed-to-fixed cross-currency rate swap contracts to hedge a portion of our net investment in certain subsidiaries whose functional currencies are in the Euro, Singapore Dollar and Canadian Dollar.
At December 31, 2025, the notional amount of these derivatives was $323 million, with a fair value liability of $11 million. In addition, we maintain fixed-to-fixed cross-currency rate swap contracts to hedge a portion of our net investment in certain subsidiaries whose functional currencies are in the Euro, Singapore Dollar and Canadian Dollar.
Based on our outstanding debt balances and interest rates at December 31, 2024, a hypothetical 1% increase in market interest rates related to our variable-rate debt would increase annual interest expense by approximately $24 million. This sensitivity analysis assumes the outstanding debt balances at December 31, 2024 and the change in market interest rates is applicable for an entire year.
Based on our outstanding debt balances and interest rates at December 31, 2025, a hypothetical 1% increase in market interest rates related to our variable-rate debt would increase annual interest expense by approximately $21 million.
The interest earned on subscriber funds and intermediary settlement cash is recorded as a component of total revenue in the consolidated statements of income. During the year ended December 31, 2024, a hypothetical 1% decrease in market interest rates would decrease the annual interest-related income by approximately $30 million.
Subscriber funds and intermediary settlement cash balances earning interest averaged $3.6 billion during the year ended December 31, 2025. The interest earned on subscriber funds and intermediary settlement cash is recorded as a component of total revenue in the consolidated statements of income.
We also earn interest on intermediary settlement cash balances received from agents, payment networks, bank partners, merchants or direct consumers that we hold on behalf of merchants until the funding becomes due to the merchants or payees. Subscriber funds and intermediary settlement cash balances earning interest averaged $3.0 billion during the year ended December 31, 2024.
Fluctuations in market interest rates affect the interest-related income that we earn on these investments. We also earn interest on intermediary settlement cash balances received from agents, payment networks, bank partners, merchants or direct consumers that we hold on behalf of merchants until the funding becomes due to the merchants or payees.
Our risk with regard to interest rate fluctuations is largely mitigated by the offsetting impacts associated with our variable-rate debt and interest earning liquid investments associated with subscriber funds and intermediary settlement cash. 43 Table of Contents Foreign Currency Risk We conduct business globally and are exposed to foreign currency risk from changes in the value of underlying assets and liabilities of our non-U.S. dollar-denominated foreign investments and foreign currency transactions.
Foreign Currency Risk We conduct business globally and are exposed to foreign currency risk from changes in the value of underlying monetary assets and liabilities of our non-U.S. dollar-denominated foreign investments and foreign currency transactions.
Removed
We maintain foreign currency forward exchange contracts, designated as cash flow hedges, to hedge foreign currency exposure to the Indian Rupee. At December 31, 2024, the notional amount of these derivatives was $481 million, with a fair value of $(8) million.
Added
Our risk with regard to interest rate fluctuations is largely mitigated by the offsetting impacts associated with our variable-rate debt and interest earning liquid investments associated with subscriber funds and intermediary settlement cash.
Removed
Additionally, we maintain a fixed-to-fixed cross-currency swap contract, designated as a fair value hedge, to mitigate the spot foreign exchange rate risk on the principal amount of certain foreign currency denominated debt and previously maintained fixed-to-fixed cross-currency rate swap contracts on the principal amount of a Euro-denominated intercompany note which was repaid in 2024. 44 Table of Contents
Added
In April 2025, the Argentine government announced economic policy changes, including the removal of certain currency controls, resulting in a significant devaluation of the Argentine Peso. Additionally, the Argentina Peso experienced significant volatility during 2025 due to the recent economic landscape in Argentina.

Other FI 10-K year-over-year comparisons