Fiserv (FISV) 10-K risk factor changes: FY2025 vs FY2024

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 [removed: clients, and our ability to grow may be limited.][added: clients.]

[removed: In addition,] [added: 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.

[removed: 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.

In addition, [removed: our] competitors and other third parties may incorporate artificial intelligence into [removed: their] products and offerings more quickly or more successfully than [removed: us,] [added: we do,] which could impair our ability to compete effectively and adversely affect our results of operations.

Furthermore, [removed: the integration of] [added: our services that integrate] third-party artificial intelligence models [removed: with our services relies] [added: may rely] on certain safeguards implemented by the third-party [removed: developers] [added: 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.

Legislation and regulations governing the development or use of artificial intelligence [added: 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.

Such legislation and regulations may impose obligations related to our development, offering, and use of artificial [removed: intelligence] [added: 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.

As a result, [removed: the] [added: our] ability to use artificial intelligence and machine learning may be constrained by current or future laws, regulatory or self-regulatory requirements.

In addition, larger clients may reduce the services we provide if they decide to move services [removed: in-][added: in-house.]

From time to time, card associations and debit networks, including the card networks which we [removed: own and operate,] [added: own,] increase the processing and other fees (including what is commonly called “interchange fees”) that they charge.

Under the card network rules, various federal, state and [removed: international] [added: foreign] laws, and client contracts, we are responsible for information provided to us by financial institutions, merchants, ISOs, third-party service [added: providers and others.]

State-sponsored cybersecurity attacks on [removed: the U.S.] financial [removed: system or U.S. financial] service providers [added: and financial systems] could also adversely affect our business.

An operational failure could involve the hardware, software, data, networks or systems upon which we rely to [removed: deliver our services] [added: operate] and could be caused by our actions, the actions of third parties or events over which we may have limited or no control.

[added: 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.

[added: We currently offer merchant acquiring, processing and issuing services outside of the U.S.] 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 [removed: instability] [added: 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 [removed: competitors] [added: 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.

Given this focus, we are exposed to global economic [removed: conditions] [added: conditions, regulatory or policy changes] and adverse economic trends [added: that] may accelerate the timing, or increase the impact of, risks to our financial performance.

- inflation, trade policy and tariffs, [added: embargoes and trade sanctions,] taxes, foreign currency fluctuations, [added: 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 [removed: inflation] [added: inflation, taxes, tariffs, interest rates,] and/or unemployment, may cause decreased spending by cardholders;

- emerging market economies tend to be more volatile than the more established markets we [removed: serve in the U.S. and Europe,] [added: 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 [removed: cardholders] [added: cardholders, increase interest rates] or limit the issuance of new cards to mitigate cardholder defaults;

- our clients may decrease spending for value-added [removed: services;] [added: services, or may choose another provider with lower processing fees;] and

- government intervention, including the effect of laws, regulations, [removed: treaties] [added: 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.

A weakening in the economy or competition [removed: from other] [added: 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 [removed: large discount merchants.][added: merchants with whom we may have less economically favorable contractual terms.]

Additionally, credit card issuers may reduce credit [removed: limits] [added: limits, increase fees] and [added: interest rates and] become more selective in their card issuance practices.

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 [removed: and] [added: 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.

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 [removed: manufacturing] [added: procurement] of hardware devices, supply of [removed: raw] materials and access to certain markets, could be impacted.

Although it is difficult to predict how current or future tariffs on items imported from [added: 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 [removed: elsewhere] [added: 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.

Our businesses are subject to state, federal, and foreign laws and regulations, including payment, cybersecurity, consumer protection, money transmission, data privacy, [added: artificial intelligence,] anti-money laundering, anti-bribery, economic and trade sanctions, payment institution, electronic money licensing, credit reporting and debt collection laws and regulations.

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 [added: electronic benefits transactions, as well as the Payment Card Industry Data Security Standard enforced by the major card brands.]

In Europe and the U.K., their respective General Data Protection Regulations (collectively, “GDPR”) extends the scope of their data protection laws to [removed: 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 mechanisms that we and many other companies rely upon for such data transfers are the subject of legal [removed: challenge,] [added: challenges,] regulatory [removed: interpretation,] [added: interpretations,] and judicial decisions.

[added: 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.

In order to satisfy state and federal antitrust [removed: requirements, we actively maintain an antitrust compliance program.]

Changes in tax laws or their interpretations [removed: 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.

The OECD, which represents a coalition of member countries, including the U.S., is contemplating changes to numerous longstanding tax [added: principles, including ensuring all companies pay a global minimum tax and expanding taxing rights of market countries.]

Unfavorable resolution of tax contingencies could adversely affect our results of operations and cash flows from [removed: operations][added: operations.]

Our products and services require sophisticated knowledge of the financial services industry, applicable regulatory and industry requirements, computer systems, and software [removed: 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: applications.]

The impairment of a significant portion of these assets [removed: would] [added: could] negatively affect our results of operations.

Our balance sheet includes goodwill and intangible assets that represent [added: approximately] 60% of our total assets at December 31, [removed: 2024.][added: 2025.]

We use artificial intelligence in our business, and challenges with properly managing its use could result in legal liability or reputational harm.

The use of artificial intelligence technologies carries inherent

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The One Fiserv action plan may not generate the benefits that we anticipate.

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.

To successfully execute the plan, we must implement operational, technological and cultural changes across our organization, which may be difficult to do.

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.

Furthermore, we may not be able to achieve expected benefits of the plan on our anticipated timeline or at all.

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We make significant investments in emerging, innovative areas of financial services and technology that may not achieve expected returns.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Those

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third-party services may be integrated with our own technology or services.

We are exposed to financial and performance risks related to the third parties whose services we resell.

In addition, we may be contractually entitled to a percentage of the revenue earned by the financial institution or other third party, and accordingly, we may assume risks, either contractually or as a matter of law, that would ordinarily be risks assumed by a financial institution and not by a technology provider.

These risks include credit risk, consumer fraud risk, operational risk, and compliance risk.

It is possible that state or federal regulators may determine that we are directly subject to regulations that have not previously applied directly to us.

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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.

house.

providers and others.

If,

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.

electronic benefits transactions, as well as the Payment Card Industry Data Security Standard enforced by the major card brands.

We

principles, including ensuring all companies pay a global minimum tax and expanding taxing rights of market countries.

On at least an annual basis, we assess whether there have been impairments in the carrying value of goodwill.

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.

Our [removed: new reportable segments] [added: operations] are [added: comprised of] the Merchant Solutions (“Merchant”) segment and [removed: the] Financial Solutions (“Financial”) segment.

This section generally discusses information and results pertaining to the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Information and discussion of results pertaining to the year ended December 31, [removed: 2022] [added: 2023] not included herein can be found in Part II, “Item 7.

*Management's Discussion and Analysis of Financial Condition and Results of Operations*” of our Annual Report on Form 10-K for fiscal year [removed: 2023,] [added: 2024,] filed with the Securities and Exchange Commission on February [removed: 22, 2024.][added: 20, 2025.]

This section contains an analysis of our results of operations presented in the accompanying consolidated statements of income by comparing the [removed: consolidated and segment] results for the year ended December 31, [removed: 2024] [added: 2025] to the [removed: consolidated and segment] results for the year ended December 31, [removed: 2023.][added: 2024.]

This section provides an analysis of our cash flows and a discussion of our outstanding debt and commitments at December 31, [removed: 2024.][added: 2025.]

[removed: Company Background][added: Company Background]

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

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

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; [added: expenses associated with our transformation initiative focused on operational excellence;] and postage reimbursements.

[removed: Acquisitions] [added: Acquisitions] and [removed: Dispositions][added: Other Transactions]

The results of operations for the following acquired [removed: and divested] businesses are included in our consolidated results from the respective dates of [removed: acquisition and through the respective dates of disposition.][added: acquisition.]

[removed: Skytef] [added: This business] is included within the Merchant segment and expands [added: the footprint of] our [removed: distribution network and POS applications.][added: Clover® platform.]

[removed: *Pending Acquisitions*][added: Acquisitions]

[added: On March 18, 2025, we acquired] CCV [removed: is] [added: Group B.V. (“CCV”),] a supplier of POS payment solutions.

[removed: Payfare is] [added: On March 2, 2025, we acquired Payfare, Inc. (“Payfare”),] a provider of program management solutions powering instant access to earnings and banking solutions for workforces.

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 [removed: is] [added: was] accounted for as an equity method investment.

In connection with the [removed: expiration] [added: non-renewal] of WFMS, we entered into a multi-year agreement with Wells Fargo to provide processing for current and future merchant clients as well as other services to Wells Fargo’s merchant business.

On [removed: September 25, 2023,] [added: April 17, 2025,] we acquired the remaining [removed: 49%] [added: 19%] ownership interest in [removed: European] [added: ICICI] Merchant Services [removed: B.V.,] [added: Private Limited,] a [removed: Netherlands-based] merchant acceptance business, for [removed: $56] [added: $22] million.

[removed: We] previously held a majority controlling financial interest in [removed: this subsidiary,] [added: each of these subsidiaries,] which [removed: continues] [added: continue] to be consolidated and reported within the Merchant segment.

[removed: Industry Trends][added: Industry Trends]

Financial institutions must be able to serve their customers with tailored solutions, delivered how and when those customers [removed: want.][added: desire.]

We believe that economies of scale in developing and maintaining the infrastructure, technology, products, services and networks necessary to be competitive in such [removed: an] [added: 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.

Global macroeconomic conditions, including changing interest [removed: rates, inflation,] [added: rates; inflation;] disruptions in the global supply [removed: chain,] [added: chain;] changes in consumer [removed: spending,] [added: spending; legislative changes, including potential effects of new tax laws;] the effects of international [removed: hostilities,] [added: hostilities;] political [removed: conditions, and] [added: conditions;] regulations restricting trade or impacting our ability to offer products or [removed: services,] [added: services; and trade policies and tariffs,] could have a material adverse effect on our business, results of operations and financial condition.

[removed: Personal] [added: A decline in personal] consumption and consumer savings [removed: growth] in the U.S. may also negatively impact our business and financial results.

In addition, our operating results in certain foreign countries in which we operate may be adversely impacted by fluctuations in [added: interest rates and] exchange rates for currencies other than the U.S. dollar, including the Euro, British [removed: Pound Sterling,] [added: Pound,] Indian Rupee, Brazilian Real and Argentine Peso.

While the majority of our revenue is earned in the U.S., we actively monitor the [added: 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.

For [added: a] discussion of risks and potential challenges applicable to our business, results of operations and financial condition, see “Part I.

We allocate the purchase price of acquired businesses to the [added: respective identifiable] assets acquired and liabilities assumed in the transaction at their estimated fair [removed: values.][added: values at the date of acquisition.]

As a result, during the measurement period, which [removed: may] [added: can] be up to one year from the acquisition date, we [added: may] record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill.

We are also required to estimate the useful lives of [added: acquired] intangible assets to determine the amount of acquisition-related intangible asset amortization expense to record in future periods.

[removed: Goodwill] [added: Goodwill] and Intangible [removed: Assets][added: Assets]

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 [added: prevailing] factors to determine whether or not to first perform a qualitative test.

[removed: 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.

If we conclude that it is more likely than not that the fair value of a reporting unit [removed: is] [added: may be] less than its carrying value, we perform a quantitative impairment test.

We determine the fair value of a reporting unit using both a discounted cash flow analysis and a market [removed: approach.][added: approach, as appropriate, and engage an independent valuation specialist, when necessary, to assist in the fair value determinations.]

[removed: Our most recent annual] [added: The] impairment assessment [removed: of our reporting units in the fourth quarter of 2024] [added: performed at December 31, 2025] determined that our goodwill of [removed: $36.6] [added: $37.7] billion was not impaired as the estimated fair values [removed: of each of] [added: exceeded] the respective [removed: reporting units exceeded their] carrying [removed: values.][added: values for each of our reporting units.]

[removed: However, if] [added: If] future operating performance is below our expectations or there are [removed: material] changes to forecasted revenue growth rates or operating margins, risk-adjusted discount rates, foreign currency exchange rates, effective income tax rates, or some combination thereof, a decline in the fair value of the reporting units could result in, and we may be required to record, a goodwill impairment charge.

It is also reasonably possible that future developments related to the interest rate environment, [added: 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.

We have no accumulated goodwill impairment through December 31, [removed: 2024.][added: 2025.]

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We are focused on providing exceptional client service, world-class execution, value-added technology solutions, and cutting-edge innovation.

Our long-term focus is to meet our financial commitments, deliver compelling, innovative solutions that address our clients’ most critical needs, and realize productivity and efficiency gains by embedding artificial intelligence (“AI”) in our products, services and business operations.

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One Fiserv Action Plan

In the third quarter of 2025, we launched the One Fiserv action plan designed to prioritize and enhance client focus across five strategic pillars.

The One Fiserv action plan centers our investments in areas that build on Fiserv’s strengths, including: operating with a client-first mindset to 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 AI; and employing disciplined capital allocation for the long-term.

To advance this transformation, we are simplifying and standardizing processes, adopting new ways of working, and embedding AI to create a higher-quality, more productive business.

This approach rethinks how business functions operate and aligns our product portfolio for the future.

We are modernizing our technology infrastructure, enhancing resiliency, and reengineering our operating model through AI and advanced automation.

We expect these efforts to strengthen efficiency, scalability, and innovation to deliver differentiated value and an exceptional experience for our clients.

On December 17, 2025, we acquired StoneCastle Cash Management, LLC, INDX Processing, LLC and StoneCastle Trust Co. (collectively, “StoneCastle”), a provider of deposit funding solutions.

StoneCastle is included within the Financial segment and provides its network of depository institutions easy access to stable, cost efficient deposit funding.

On October 1, 2025, we acquired a portion of The Toronto-Dominion Bank’s merchant processing business in Canada (“TD Merchant Canada”).

In connection with this transaction, we signed a multi-year strategic managed services program agreement with The Toronto-Dominion Bank to utilize our technology, including Clover, within its Merchant Solutions business.

On September 25, 2025, we acquired the Smith Consulting Group, LLC business (“SCG”), an operational consulting service utilized by community banks and credit unions across the U.S. SCG is included within the Financial segment and supports our ability to provide consultative engagement to enhance community banks’ and credit unions’ strategic investments.

On September 4, 2025, we acquired CardFree Inc. (“CardFree”), an all-in-one platform delivering integrated order, payment and loyalty solutions for merchants.

CardFree is included within the Merchant segment and further expands the capabilities of our Clover platform across the hospitality, restaurant and lodging industries.

On June 4, 2025, we acquired Money Money Serviços Financeiros S.A. (“Money Money”), a provider of risk analysis and credit decisioning solutions.

Money Money is included within the Merchant segment and expands our payment and financial service capabilities, enabling access to working capital and other payment solutions for small and medium-sized businesses.

On April 4, 2025, we acquired Pinch Payments NZ Limited (together with Zootive Pty Ltd, “Pinch Payments”), a payment facilitator.

Pinch Payments is included within the Merchant segment and expands our flexible payment services for our partners and clients and our presence within the Asia-Pacific region.

CCV is included within the Merchant segment and expands our network of payment solutions, enabling our ability to accelerate the deployment of our Clover POS and business management platform across Europe.

Payfare is included within the Financial segment and expands our embedded finance capabilities for large enterprises and financial institutions.

We acquired these businesses for an aggregate purchase price, including deferred payments, of $856 million, net of $84 million of acquired cash and including earn-out provisions estimated at a fair value of $35 million.

On September 5, 2025, we acquired the remaining 49.9% ownership interest, including cash held of $195 million, in AIB Merchant Services (“AIBMS”), a payments solution provider, for $420 million.

We

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Upon the expiration of the joint venture on April 1, 2025, we received an initial cash payment of $453 million.

Completion of the contractual valuation and separation process during the third quarter of 2025 did not result in a significant adjustment to the initial cash payment received.

These innovations are driving a competitive landscape where customer expectations evolve rapidly as services digitize and choices multiply.

Consumers are increasingly using digital wallets, contactless payments, and mobile-first solutions, making omnichannel strategies that integrate online, mobile, and in-store experiences essential for customer retention.

Consumers expect instant and secure checkouts, making simplified payment orchestration critical.

Merchants are moving beyond traditional payment acceptance to offer embedded financial services to deepen customer relationships and create new revenue streams.

Unified commerce solutions and value-added services are becoming key differentiators in competitive markets.

We are at the intersection of finance and commerce, creating opportunities for integrated solutions that combine payment acceptance, financial services, and data-driven insights.

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Demand for innovative payment solutions continues to grow, with a focus on faster, more convenient options across mobile channels, online applications, in-store cards, and digital currencies.

Financial institutions are adopting advanced technologies, introducing new solutions, and responding to an increasingly complex regulatory landscape.

Stablecoins and cryptocurrencies may also become more widely used as digital currencies provide increased accessibility and efficiency.

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”).

Segment results for the years ended December 31, 2023 and 2022 have been recast to reflect the Segment Realignment.

Due to the Segment Realignment, this section also compares segment results for the year ended December 31, 2023 to the segment results for the year ended December 31, 2022.

On October 9, 2023, we acquired Skytef Solucões em Captura de Transações Ltda (“Skytef”), a distributor for ISV partners and merchants of our Electronic Funds Transfer payments software.

On November 1, 2023, we acquired Sled S.A. (“Sled”), a provider of instant payment solutions.

Sled is included within the Merchant segment and expands our direct payment service capabilities.

We acquired these businesses in Latin America for an aggregate purchase price, including hold-backs, of $17 million.

In 2024, we entered into definitive agreements to acquire CCV Group B.V. (“CCV”) and Payfare Inc. (“Payfare”).

Upon the closing of this acquisition, which is subject to regulatory approval and customary closing conditions, CCV will be included within the Merchant segment and is expected to expand our network of payment solutions.

Upon the closing of this acquisition, which is subject to shareholder and court approvals and customary closing conditions, Payfare will be included within the Financial segment and is expected to expand our embedded finance capabilities.

We expect these acquisitions, for an aggregate purchase price of approximately $360 million, to close in the first quarter of 2025.

*Dispositions of Businesses*

On July 25, 2023, we sold our financial reconciliation business, which was reported within the Financial segment, for cash proceeds of $235 million.

We recognized a pre-tax gain of $172 million on the sale during the year ended December 31, 2023.

With the joint venture expected to expire on April 1, 2025, we expect to receive a cash payment equal to the fair value of our 40% ownership interest of WFMS as determined in accordance with an agreed upon contractual valuation and separation process.

During the year ended December 31, 2024, we recorded a $595 million non-cash impairment as a result of an other-than-temporary decline in the fair value of our equity method investment in WFMS.

Enterprise Priorities

We aspire to move money and information in a way that moves the world.

Our purpose is to deliver superior value for our clients through leading technology, targeted innovation and excellence in everything we do.

We are focused on driving growth and creating value by assembling a high-performing and diverse team; integrating our solutions; delivering operational excellence; allocating capital in a disciplined manner, including share repurchase and merger and acquisition activity; and investing for organic growth through innovation.

Our long-term focus is to meet our financial commitments; continue to build high-quality revenue; deepen client relationships with an emphasis on digital solutions and value-added services; deliver innovation and integration enabling differentiated value for our clients; and generate integration value, including cost and revenue synergies from acquisitions.

Our focus on long-term client relationships and recurring, transaction-oriented products and services has reduced the impact that consolidation in the financial services industry has had on us.

Rather than reducing the overall market, these consolidations transfer accounts among financial institutions.

If a client loss occurs due to merger or acquisition, we typically receive a

contract termination fee based on the size of the client and how early in the contract term the contract is terminated.

We believe that our sizable and diverse client base, combined with our value-added software and services-led model, and our position as a leading provider of non-discretionary, recurring revenue-based products and services, gives us a solid foundation for growth.

The operations of our Argentina subsidiary have experienced higher interest rates and inflation relative to historical averages.

The potential benefits of higher transitory revenue from above-average interest and inflation may be offset in whole or in part by, or may be less than, foreign currency exchange losses related to a significant devaluation of the Argentine Peso.

Acquisitions

In connection with the Segment Realignment, certain of our reporting units changed in composition as a result of which goodwill was allocated to such reporting units using a relative fair value approach.

The excess of the estimated fair value over carrying value for our lowest reporting unit, which maintains a goodwill balance of $1.3 billion, was 29%.

The fair value for each of our other reporting units exceeds their respective carrying value by at least 40%.

As a practical expedient, we do not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between customer payment and the transfer of goods or services is expected to be one year or less.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Product | | | 3,819 | | | | | | 3,463 | | | | | | | | | | | | 18.7 | | % | | | | 18.1 | | % | | | | | | | | | | 356 | | | | | | 10 | | % | | | | | | | | | |

| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

(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.

[removed: Interest] [added: Interest] Rate [removed: Risk][added: Risk]

We had fixed- and variable-rate debt, excluding finance leases and other financing obligations, with varying maturities for an aggregate carrying amount of [removed: $21.6] [added: $24.9] billion and [removed: $2.4] [added: $2.1] billion, respectively, at December 31, [removed: 2024.][added: 2025.]

Our fixed-rate debt at December 31, [removed: 2024] [added: 2025] primarily consisted of fixed-rate senior notes with a fair value of [removed: $20.8] [added: $24.3] billion, based on matrix pricing which considers readily observable inputs of comparable securities.

Our variable-rate debt at December 31, [removed: 2024] [added: 2025] primarily consisted of outstanding U.S. dollar and Euro commercial paper and borrowings on our variable rate foreign lines of credit.

Based on our outstanding debt balances and interest rates at December 31, [removed: 2024,] [added: 2025,] a hypothetical 1% increase in market interest rates related to our variable-rate debt would increase annual interest expense by approximately [removed: $24] [added: $21] million.

This sensitivity analysis assumes the outstanding debt balances at December 31, [removed: 2024] [added: 2025] and the change in market interest rates is applicable for an entire year.

Subscriber funds and intermediary settlement cash balances earning interest averaged [removed: $3.0] [added: $3.6] billion during the year ended December 31, [removed: 2024.][added: 2025.]

During the year ended December 31, [removed: 2024,] [added: 2025,] a hypothetical 1% decrease in market interest rates would decrease the annual interest-related income by approximately [removed: $30] [added: $36] million.

This sensitivity analysis uses the average subscriber fund and intermediary settlement cash balances during the year ended December 31, [removed: 2024] [added: 2025] and assumes the change in market interest rates is applicable for an entire year.

[removed: Foreign] [added: Foreign] Currency [removed: Risk][added: Risk]

We conduct business globally and are exposed to foreign currency risk from changes in the value of underlying [added: monetary] assets and liabilities of our non-U.S. dollar-denominated foreign investments and foreign currency transactions.

The remeasurement of monetary assets and liabilities [removed: of our Argentina subsidiary] [added: in highly inflationary economies, including Argentina,] resulted in [removed: pre-tax] foreign currency exchange [removed: losses, included within other expense, net in the consolidated statements of income,] [added: losses] of [removed: $98] [added: $158] million and [removed: $164] [added: $98] million during the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023, respectively.][added: 2024, respectively, which is included within other expense, net in the consolidated statements of income.]

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, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

We also have exposure to risks related to currency devaluation in certain countries, [removed: 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.

Approximately [removed: 15%] [added: 16%] of our total revenue was generated internationally in [removed: 2024.][added: 2025.]

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, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

We maintain [removed: foreign currency] forward exchange contracts, designated as cash flow hedges, to hedge foreign currency exposure to the Indian Rupee.

At December 31, [removed: 2024,] [added: 2025,] the notional amount of these derivatives was [removed: $481] [added: $323] million, with a fair value [added: liability] of [removed: $(8)] [added: $11] million.

At December 31, [removed: 2024,] [added: 2025,] aggregate notional fixed-to-fixed cross-currency rate swaps of [removed: 600] [added: 940] million Euros, [removed: 841] [added: 828] million Singapore Dollars and [removed: 259] [added: 405] million Canadian Dollars were designated as net investment hedges.

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

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.

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

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.

We are publicly traded on the [removed: New York Stock Exchange] [added: NASDAQ Global Select Market] and part of the S&P 500 Index.

In [removed: 2024,] [added: 2025,] we had [removed: $20.5] [added: $21.2] billion in total revenue, [removed: $5.9] [added: $5.8] billion in operating income and [removed: $6.6] [added: $6.1] billion of net cash provided by operating activities.

Processing and services revenue, which in [removed: 2024] [added: 2025] represented [removed: 81%] [added: 80%] of our total revenue, is primarily generated from account- and transaction-based fees under multi-year contracts that generally have high renewal rates.

| (In millions) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Total revenue | | | | | | $ | [removed: 20,456] [added: 21,193] | | | | | $ | [removed: 19,093] [added: 20,456] | | | | | $ | [removed: 17,737] [added: 19,093] | |

| U.S. and Canada | | | | | | [removed: 85] [added: 84] | | % | | | | 85 | | % | | | | [removed: 86] [added: 85] | | % |

| International (1) | | | | | | [removed: 15] [added: 16] | | % | | | | 15 | | % | | | | [removed: 14] [added: 15] | | % |

We have grown our business [removed: through acquisitions and] organically by signing new clients, [added: 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.

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 [removed: merchant] [added: joint venture] alliances, revenue sharing alliances and referral agreements.

Our global [removed: point-of-sale] [added: POS] and business management platform, Clover®, includes hardware and software technology necessary to enable small business merchants to [added: manage and] accept payments; take orders; schedule pick-up and delivery services; [added: manage cash flow, teams, customer engagement,] and [added: operational efficiency; and] provide vertical specific business management tools.

We also offer small business owners advance access to [removed: capital] [added: capital, primarily] through our Clover Capital [removed: cash advance and, within our international operations, merchant anticipation programs.][added: program.]

We also offer a single platform for payment facilitators, marketplaces, software companies, and acquiring banks to [removed: compliantly] manage boarding, credit and risk, and money movement for sub-merchants.

Clients can access our enterprise services through Commerce Hub™, our [removed: next generation] [added: payment] gateway and [added: merchant] orchestration layer that provides full-function e-commerce, omnichannel and multi-acquirer solutions that ease development effort and maintenance.

Our Enterprise business also provides end-to-end, omnichannel solutions to [removed: securely] implement and manage stored value programs such as gift cards and loyalty, which help clients drive revenue and customer engagement.

We provide [added: payment processing] products and services to financial institutions, joint ventures, and other third-party resellers such as ISOs, which have direct relationships with merchants.

The businesses in our Financial segment provide products and services to financial [removed: institution,] [added: institutions,] corporate and public sector clients across the world, enabling the processing of customer loan and deposit accounts, digital payments and card transactions.

We also provide security, risk and fraud management solutions, which incorporate [removed: machine-learning-based] [added: machine learning-based] predictive technology, that help financial institutions [removed: securely] operate and grow their business by preventing fraud.

In addition, CashFlow Central℠, an integrated digital payment and cash flow management product, enables financial institutions to [removed: better] meet the payments needs of small businesses.

Additionally, we offer products and services [removed: which] [added: 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.

This service also provides consumers without bank accounts with fast, digital access to their [added: money, including wages.]

Money Network solutions include [removed: Electronic Payroll Delivery,] [added: payroll prepaid cards,] government disbursements, digital disbursements and corporate incentives as well as single-load and reloadable prepaid account options.

Account processing solutions enable [removed: a] financial [removed: institution] [added: institutions] to operate systems that process customer deposit and loan accounts, an institution’s general ledger, central information files and other financial information.

The principal account processing solutions used by our depository institution clients are [removed: Cleartouch®,] DNA®, Finxact, [added: Premier®, CoreAdvance,] Portico®, [removed: Precision®, Premier®] and Signature®.

All of these [removed: systems] [added: solutions] are available in the U.S., and the DNA, Finxact and Signature [removed: platforms] [added: solutions] are also available globally.

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, [removed: Carat, plastics, and] [added: Payfare, Commerce Hub™,] card [added: manufacturing and] processing, as well as third-party [removed: services, including banking] services.

[removed: 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.

Other products and services include [added: check clearing and] image [added: exchange services, image] archive with online retrieval, in-clearings, exceptions and returns, statements, and fraud detection.

Consistent with this focus, we [removed: continue to operate] [added: launched] our [added: One Fiserv action plan and are operating our] business [removed: in accordance with] [added: under] the following strategic framework:

We [removed: plan] [added: expect] to increase the number and breadth of our client relationships by, among other actions: continuing to integrate our products and [removed: services; introducing new products and] services [removed: that are aligned with market needs; combining products and services] to deliver enhanced, integrated value propositions; [added: introducing new products] and [added: services that meet the needs of our clients and their customers; and] delivering quality service and support for our clients.

We intend to make capital allocation decisions that offer the best prospects for our long-term growth and profitability, which may include, among other [removed: matters:] [added: actions] internal [removed: investment;] [added: investment,] repayment of [removed: debt;] [added: debt, return capital to shareholders, including through the] repurchases of our own [removed: shares; or acquisitions.][added: shares, and strategic acquisitions and divestitures.]

The [removed: markets for our solutions have specific] [added: products and services we offer seek to meet the] needs [added: of our clients] and [removed: requirements,] [added: their customers,] with strong emphasis [removed: placed by clients] on quality, security, service reliability, timely introduction of new capabilities and features, flexibility and value.

To meet the changing technology needs of our clients, we continually develop, maintain and enhance our products and [removed: systems.][added: services.]

For example, we rely on our human capital resources for product development (including product design and coding), sales, operations (including customer service, technology support, [removed: security] and [removed: compliance)] [added: security)] and management; access to financial and telecommunication networks; computers, servers, mainframes, microchips and other computer equipment; and Clover and other POS devices.

We periodically review our resource requirements and sources, as well as our relationships with key vendors, to [removed: best] meet the needs of our business including global sourcing efforts and alternate supplier resourcing.

More information regarding supply chain risks can be found under the [removed: heading “Competitive] [added: headings “Operational] and [removed: Business] [added: Security] Risks*”* [added: 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.”

We believe that we possess [removed: all] [added: the] proprietary rights necessary to conduct our business.

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, [removed: 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.

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 [added: and business] payment solutions and a number of payment and card issuer processors.

[removed: 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.

In the U.S., we are [removed: 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 [added: card networks; and generally prohibits network exclusivity arrangements for debit card and prepaid card issuers.]

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

Additionally, we provide small businesses with comprehensive solutions that streamline operations, support seamless commerce across multiple channels, and deliver consistent and convenient customer experiences.

By optimizing payment performance and enhancing customer engagement, we help small businesses drive value, increase savings, and deliver exceptional experiences that drive growth and loyalty.

We also have enhanced our financial offerings for small businesses by providing access to working capital.

We are growing Clover through new and expanded partnerships, industries and geographies.

Our focus remains on high-growth industry verticals such as healthcare, e-commerce, and professional services, while maintaining a strong presence in restaurant and retail.

We are strengthening Clover’s global presence by establishing or expanding offerings in multiple international markets, including Australia, Singapore, Brazil, Mexico, Belgium, Spain and Japan.

Additionally, we enable ISVs to embed secure, omnichannel payment capabilities directly into their platforms, complemented by Clover hardware integration and value-added services.

This integration enables ISVs to scale quickly and monetize transactions, while delivering secure and convenient payment experiences to their customers.

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

This turnkey, easy-to-use accounts receivable and payable solution is created for clients to offer a complete small and medium-sized business (“SMB”) solution to their customers and members to manage their working capital, while our client’s grow deposits, revenue and their SMB portfolio.

We have introduced VisionNext™, our modernized cloud-based suite of payment solutions, and a platform for

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

embedded finance.

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 are embedding artificial intelligence (“AI”) capabilities in our account processing solutions, led by Finxact.

We have developed a comprehensive end-to-end embedded finance solution that supports various payment flows.

This solution is built on a sophisticated ledger powered by Finxact to record transactions between buyers and sellers; an orchestration layer powered by Payfare to manage each transaction; and payment acceptance powered by Commerce Hub.

Together, these components support all payment flows for payouts, returns, and reconciliations.

Through our acquisition of StoneCastle Cash Management, we enable our network of depository institutions to easily access stable, cost-efficient deposit funding.

This allows us to become a technology-enabled source of institutional deposits, helping financial institutions strengthen their balance sheets by integrating insured deposit products alongside their core account processing, digital banking, payments and cash-management capabilities across the Fiserv ecosystem.

We also help clients create an infrastructure that they can use and deploy to their clients.

We are building our stablecoin capabilities with the launch of FIUSD, embedded within our existing banking and payments ecosystem, which allows customers access to more efficient and interoperable digital asset service.

Additionally, we offer consulting services, business

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

We are committed to delivering exceptional client service, world-class execution, and innovative value-added solutions.

Our leading payment platforms and robust portfolio of value-added technology solutions position us at the intersection of finance and commerce.

Our SaaS platforms, gateways, orchestration layers, and value-added services provide compelling, innovative solutions that address our clients’ most critical needs.

We are building a world-class team and fostering a customer-centric, execution-oriented culture.

We have strong conviction in our assets, talent, strategy and our ability to execute and innovate.

*•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*®.

We plan to grow our Clover small business operating system through enhanced product features and functionality and client service; new and expanded industries, partnerships and geographies; and the integration of Clover into Commerce HubTM and embedded finance solutions.

- *Creating differentiated, innovative platforms in finance and commerce, including embedded finance and stablecoin*.

We are investing in modern innovative platforms, building our key merchant orchestration layers and payment gateways, and growing our digital asset capabilities, including with the launch of FIUSD, each of which are anticipated to drive our embedded finance business.

- *Delivering operational excellence enabled by AI*.

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.

Through Project Elevate, our business transformation initiative, we are enhancing our operations through the use of AI and by simplifying and standardizing business processes.

*•Employing disciplined capital allocation for the long-term*.

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

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.

money, including wages.

Through the Fiserv® Clearing Network, we provide check clearing and image exchange services.

We are focused on operating businesses where we have: deep industry expertise that enables us to serve the market with high effectiveness; a strong competitive position, currently or via a clear path in the foreseeable future; long-term, trusted client relationships that are based on recurring services and transactions; differentiated solutions that deliver value to our clients through integration and innovation; and strong management to execute strategies in a disciplined manner.

*•Client Relationship Value*.

- *Innovation*.

We seek to be an innovation leader, utilizing our assets and capabilities to be at the forefront of our industry and enable our clients to deliver best-in-class results.

- *Operational Effectiveness*.

We believe we can further improve the quality of our client delivery while reducing our costs by using the opportunities created by our size and scale.

*•Portfolio Management*.

We expect to acquire businesses when we identify: a compelling strategic need, such as a product, service or technology that helps meet client demand; an opportunity to change industry dynamics; a way to achieve business scale that enables competition and operational efficiency; or similar considerations.

We expect to divest businesses that are not in line with our market, product or financial strategies.

- *Capital Discipline*.

In addition, we use our data and artificial intelligence (“AI”) responsibly to help us create new products and services and to enhance existing ones.

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.

card networks; and generally prohibits network exclusivity arrangements for debit card and prepaid card issuers.

diversity.

The categories in which we were ranked highest were “operational excellence” and “manager effectiveness”.

See the information set forth in Note 17.

Commitments and Contingencies - Litigation and Investigation Matters to the consolidated financial statements, which is incorporated by reference in response to this item.

In the normal course of business, we or our subsidiaries are named as defendants in lawsuits in which claims are asserted against us.

In the opinion of management, the liabilities, if any, which may ultimately result from such lawsuits are not expected to have a material adverse effect on our consolidated financial statements.

| For the fiscal year ended: | | | December 31, [removed: 2024] [added: 2025] | | | | | |

| Common Stock, par value $0.01 per share | | | | | | [removed: FI] [added: FISV] | | | | | | The [removed: New York] [added: NASDAQ] Stock [removed: Exchange] [added: Market LLC] | | |

| 1.125% Senior Notes due 2027 | | | | | | [removed: FI27] [added: FISV27] | | | | | | The [removed: New York] [added: NASDAQ] Stock [removed: Exchange] [added: Market LLC] | | |

| 1.625% Senior Notes due 2030 | | | | | | [removed: FI30] [added: FISV30] | | | | | | The [removed: New York] [added: NASDAQ] Stock [removed: Exchange] [added: Market LLC] | | |

| 3.000% Senior Notes due 2031 | | | | | | [removed: FI31] [added: FISV31] | | | | | | The [removed: New York] [added: NASDAQ] Stock [removed: Exchange] [added: Market LLC] | | |

| 4.500% Senior Notes due 2031 | | | | | | [removed: FI31A] [added: FISV31A] | | | | | | The [removed: New York] [added: NASDAQ] Stock [removed: Exchange] [added: Market LLC] | | |

The aggregate market value of the common stock of the registrant held by non-affiliates as of June [removed: 28, 2024] [added: 30, 2025] (the last trading day of the second fiscal quarter) was [removed: $85,486,940,134] [added: $93,881,636,110] based on the closing price of the registrant’s common stock on the New York Stock Exchange on that date.

The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at February [removed: 14, 2025] [added: 13, 2026] was [removed: 561,288,944.][added: 534,777,512.]

Part III of this report incorporates information by reference to the registrant’s proxy statement for its [removed: 2025] [added: 2026] annual meeting of shareholders, which proxy statement will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

| Item 1. | | | [removed: [Business](#ieadf1989deab486e8e3cf3917d406b7c_16)] [added: [Business](#i8d51169c966740c6938bec9db1147923_16)] | | | [removed: [2](#ieadf1989deab486e8e3cf3917d406b7c_16)] [added: [2](#i8d51169c966740c6938bec9db1147923_16)] | | | | | |

| Item 1A. | | | [Risk [removed: Factors](#ieadf1989deab486e8e3cf3917d406b7c_46)] [added: Factors](#i8d51169c966740c6938bec9db1147923_46)] | | | [removed: [10](#ieadf1989deab486e8e3cf3917d406b7c_46)] [added: [11](#i8d51169c966740c6938bec9db1147923_46)] | | | | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#ieadf1989deab486e8e3cf3917d406b7c_49)] [added: Comments](#i8d51169c966740c6938bec9db1147923_49)] | | | [removed: [20](#ieadf1989deab486e8e3cf3917d406b7c_49)] [added: [22](#i8d51169c966740c6938bec9db1147923_49)] | | | | | |

| Item 1C. | | | [removed: [Cybersecurity](#ieadf1989deab486e8e3cf3917d406b7c_52)] [added: [Cybersecurity](#i8d51169c966740c6938bec9db1147923_52)] | | | [removed: [20](#ieadf1989deab486e8e3cf3917d406b7c_52)] [added: [22](#i8d51169c966740c6938bec9db1147923_52)] | | | | | |

| Item 2. | | | [removed: [Properties](#ieadf1989deab486e8e3cf3917d406b7c_55)] [added: [Properties](#i8d51169c966740c6938bec9db1147923_55)] | | | [removed: [22](#ieadf1989deab486e8e3cf3917d406b7c_55)] [added: [24](#i8d51169c966740c6938bec9db1147923_55)] | | | | | |

| Item 3. | | | [Legal [removed: Proceedings](#ieadf1989deab486e8e3cf3917d406b7c_58)] [added: Proceedings](#i8d51169c966740c6938bec9db1147923_58)] | | | [removed: [22](#ieadf1989deab486e8e3cf3917d406b7c_58)] [added: [24](#i8d51169c966740c6938bec9db1147923_58)] | | | | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#ieadf1989deab486e8e3cf3917d406b7c_61)] [added: Disclosures](#i8d51169c966740c6938bec9db1147923_61)] | | | [removed: [22](#ieadf1989deab486e8e3cf3917d406b7c_61)] [added: [24](#i8d51169c966740c6938bec9db1147923_61)] | | | | | |

| | | | [Information About Our Executive [removed: Officers](#ieadf1989deab486e8e3cf3917d406b7c_64)] [added: Officers](#i8d51169c966740c6938bec9db1147923_64)] | | | [removed: [23](#ieadf1989deab486e8e3cf3917d406b7c_64)] [added: [25](#i8d51169c966740c6938bec9db1147923_64)] | | | | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ieadf1989deab486e8e3cf3917d406b7c_70)] [added: Securities](#i8d51169c966740c6938bec9db1147923_70)] | | | [removed: [25](#ieadf1989deab486e8e3cf3917d406b7c_70)] [added: [26](#i8d51169c966740c6938bec9db1147923_70)] | | | | | |

| Item 6. | | | [removed: [\[Reserved\]](#ieadf1989deab486e8e3cf3917d406b7c_73)] [added: [\[Reserved\]](#i8d51169c966740c6938bec9db1147923_73)] | | | [removed: [26](#ieadf1989deab486e8e3cf3917d406b7c_73)] [added: [27](#i8d51169c966740c6938bec9db1147923_73)] | | | | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ieadf1989deab486e8e3cf3917d406b7c_79)] [added: Operations](#i8d51169c966740c6938bec9db1147923_79)] | | | [removed: [26](#ieadf1989deab486e8e3cf3917d406b7c_79)] [added: [27](#i8d51169c966740c6938bec9db1147923_79)] | | | | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ieadf1989deab486e8e3cf3917d406b7c_148)] [added: Risk](#i8d51169c966740c6938bec9db1147923_148)] | | | [removed: [43](#ieadf1989deab486e8e3cf3917d406b7c_148)] [added: [44](#i8d51169c966740c6938bec9db1147923_148)] | | | | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#ieadf1989deab486e8e3cf3917d406b7c_154)] [added: Data](#i8d51169c966740c6938bec9db1147923_154)] | | | [removed: [45](#ieadf1989deab486e8e3cf3917d406b7c_154)] [added: [46](#i8d51169c966740c6938bec9db1147923_154)] | | | | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ieadf1989deab486e8e3cf3917d406b7c_256)] [added: Disclosure](#i8d51169c966740c6938bec9db1147923_253)] | | | [removed: [96](#ieadf1989deab486e8e3cf3917d406b7c_256)] [added: [96](#i8d51169c966740c6938bec9db1147923_253)] | | | | | |

| Item 9A. | | | [Controls and [removed: Procedures](#ieadf1989deab486e8e3cf3917d406b7c_259)] [added: Procedures](#i8d51169c966740c6938bec9db1147923_256)] | | | [removed: [96](#ieadf1989deab486e8e3cf3917d406b7c_259)] [added: [96](#i8d51169c966740c6938bec9db1147923_256)] | | | | | |

| Item 9B. | | | [Other [removed: Information](#ieadf1989deab486e8e3cf3917d406b7c_265)] [added: Information](#i8d51169c966740c6938bec9db1147923_262)] | | | [removed: [98](#ieadf1989deab486e8e3cf3917d406b7c_265)] [added: [98](#i8d51169c966740c6938bec9db1147923_262)] | | | | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ieadf1989deab486e8e3cf3917d406b7c_271)] [added: Inspections](#i8d51169c966740c6938bec9db1147923_268)] | | | [removed: [98](#ieadf1989deab486e8e3cf3917d406b7c_271)] [added: [98](#i8d51169c966740c6938bec9db1147923_268)] | | | | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#ieadf1989deab486e8e3cf3917d406b7c_277)] [added: Governance](#i8d51169c966740c6938bec9db1147923_274)] | | | [removed: [98](#ieadf1989deab486e8e3cf3917d406b7c_277)] [added: [98](#i8d51169c966740c6938bec9db1147923_274)] | | | | | |

| Item 11. | | | [Executive [removed: Compensation](#ieadf1989deab486e8e3cf3917d406b7c_280)] [added: Compensation](#i8d51169c966740c6938bec9db1147923_277)] | | | [removed: [98](#ieadf1989deab486e8e3cf3917d406b7c_280)] [added: [98](#i8d51169c966740c6938bec9db1147923_277)] | | | | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ieadf1989deab486e8e3cf3917d406b7c_283)] [added: Matters](#i8d51169c966740c6938bec9db1147923_280)] | | | [removed: [98](#ieadf1989deab486e8e3cf3917d406b7c_283)] [added: [98](#i8d51169c966740c6938bec9db1147923_280)] | | | | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ieadf1989deab486e8e3cf3917d406b7c_286)] [added: Independence](#i8d51169c966740c6938bec9db1147923_283)] | | | [removed: [99](#ieadf1989deab486e8e3cf3917d406b7c_286)] [added: [99](#i8d51169c966740c6938bec9db1147923_283)] | | | | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#ieadf1989deab486e8e3cf3917d406b7c_289)] [added: Services](#i8d51169c966740c6938bec9db1147923_286)] | | | [removed: [99](#ieadf1989deab486e8e3cf3917d406b7c_289)] [added: [99](#i8d51169c966740c6938bec9db1147923_286)] | | | | | |

| Item 15. | | | [Exhibits, Financial Statement [removed: Schedules](#ieadf1989deab486e8e3cf3917d406b7c_295)] [added: Schedules](#i8d51169c966740c6938bec9db1147923_292)] | | | [removed: [100](#ieadf1989deab486e8e3cf3917d406b7c_295)] [added: [100](#i8d51169c966740c6938bec9db1147923_292)] | | | | | |

| Item 16. | | | [Form 10-K [removed: Summary](#ieadf1989deab486e8e3cf3917d406b7c_304)] [added: Summary](#i8d51169c966740c6938bec9db1147923_298)] | | | [removed: [104](#ieadf1989deab486e8e3cf3917d406b7c_304)] [added: [104](#i8d51169c966740c6938bec9db1147923_298)] | | | | | |

The factors that may affect our results include, among others, the following: our ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for our products and services; the ability of our technology to keep pace with a rapidly evolving marketplace; [added: our ability to successfully implement and achieve] the [added: expected benefits associated with our One Fiserv action plan; the] success of our merchant alliances, some of which we do not control; the impact of a security breach or operational failure on our business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of our vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or intensified international hostilities, and the impact they may have on us and our employees, clients, vendors, supply chain, operations and sales; [added: our ability to use artificial intelligence to improve our products and services and enhance our operations;] the effect of proposed and enacted legislative and regulatory actions affecting us or the financial services industry as a whole; our ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; our ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of our growth strategies; our ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors identified in this Annual Report on Form 10-K for the year ended December 31, [removed: 2024] [added: 2025] and in other documents that we file with the Securities and Exchange Commission, which are available at http://www.sec.gov.

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| 2.875% Senior Notes due 2028 | | | | | | FISV28C | | | | | | The NASDAQ Stock Market LLC | | |

| 3.500% Senior Notes due 2032 | | | | | | FISV32 | | | | | | The NASDAQ Stock Market LLC | | |

| 4.000% Senior Notes due 2036 | | | | | | FISV36 | | | | | | The NASDAQ Stock Market LLC | | |

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| | | | | | | | | | | | | | | |

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| | | | [Signatures](#i8d51169c966740c6938bec9db1147923_301) | | | [105](#i8d51169c966740c6938bec9db1147923_301) | | | | | |

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| 2.250% Senior Notes due 2025 | | | | | | FI25 | | | | | | The New York Stock Exchange | | |

| | | | [Signatures](#ieadf1989deab486e8e3cf3917d406b7c_307) | | | [105](#ieadf1989deab486e8e3cf3917d406b7c_307) | | | | | |

[added: An executive risk committee,] comprised of senior leaders of our lines of business and corporate functions, provides executive level accountability for the ERM program.

The committee is chaired by the Deputy Chief Information Security Officer, who reports to [removed: the Chief Operating Officer] [added: 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.

We use [removed: various] [added: layered] security [removed: technologies and] [added: technologies,] controls and modern analytics [removed: designed] to detect, prevent and respond to [removed: cybersecurity] threats.

Our global cybersecurity services team [removed: collects] [added: gathers] intelligence from [removed: the private and] public [removed: sector related to cybersecurity] [added: and private sources about] threats, [removed: emerging adversarial] [added: adversary] campaigns and vulnerabilities.

The global cybersecurity services team [removed: uses] [added: combines] this [removed: information, along] [added: external intelligence] with [added: our] internal intelligence and [removed: analytics,] [added: analytics] to [removed: evaluate the potential cybersecurity threats] [added: assess risk] and develop [removed: security] strategies [removed: to] [added: that] reduce [removed: risk] [added: exposure] and improve response.

We maintain a global cybersecurity policy [removed: that incorporates] [added: and supporting standards which incorporate] recognized industry standards and best practices from the National Institute of Standards and Technology as well as various [added: industry] security [removed: certifications.][added: requirements.]

We provide [removed: regular,] [added: annual,] mandatory training for [added: all of] our employees regarding cybersecurity threats to [removed: equip] [added: enable] our employees [removed: with effective tools] to address cybersecurity [removed: threats,] [added: threats] and to communicate our evolving information security policies, standards, processes and practices.

Our CISO has served in various senior roles in information technology and information security, in both the public and private sector, for over [removed: two decades and maintains a Certified Chief Information Security Officer professional certification.][added: three decades.]

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 [added: Security] Officer, among others.

At each regular board meeting, the risk committee reviews and reports to the board on key cybersecurity [added: risks.]

[removed: 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.

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

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

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

An executive risk committee,

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.

risks.

At December 31, [removed: 2024,] [added: 2025,] we owned [removed: 17] [added: 16] and leased [removed: 108] [added: 120] properties globally.

The names of our executive officers as of February [removed: 20, 2025,] [added: 19, 2026,] together with their ages, positions and business experience are described below:

| [removed: Robert W. Hau] [added: Paul M. Todd] | | | [removed: 59] [added: 55] | | | Chief Financial Officer | | |

| Adam L. Rosman | | | [removed: 59] [added: 60] | | | Chief Administrative Officer and Chief Legal Officer | | |

[removed: He] [added: Mr. Georgakopoulos] served as [removed: President from 2019 to January 2025 and] Chief Operating Officer from [removed: 2019] [added: April 2025] to [removed: 2020.][added: October 2025 and as an Executive Vice President since September 2024.]

*Mr. [removed: Hau*] [added: Todd*] has served as Chief Financial Officer since [removed: 2016.][added: October 2025.]

*Mr. Lyons* has served as [added: Chief Executive Officer since May 2025 and previously served as] President and CEO-Elect [removed: since] [added: from] January [added: 2025 to May] 2025.

Previously, he served as general counsel of [added: First Data Corporation from 2014 to 2019.]

[removed: Mr.] [added: | Michael P.] Lyons [removed: reports to] [added: | | | 55 | | |] Chief Executive Officer [removed: Frank J.][added: | | |]

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| Panagiotis (Takis) Georgakopoulos | | | 56 | | | Co-President | | |

| Dhivya Suryadevara | | | 46 | | | Co-President | | |

*Mr. Georgakopoulos* has served as Co-President since October 2025.

Before joining Fiserv, Mr. Georgakopoulos 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.

*Ms. 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. Suryadevara held various positions at General Motors Company, an automobile manufacturer, including serving as Chief Financial Officer from 2018 to 2020.

Mr. Todd joined Fiserv in September 2025 as a Special Advisor.

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. 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. Todd previously served as executive vice president for strategy, mergers and acquisitions, product and marketing at Total Systems Services, Inc. from 2008 until 2014.

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| | | | | | | | | |

| Frank J. Bisignano | | | 65 | | | Chairman and Chief Executive Officer | | |

| Guy Chiarello | | | 65 | | | Chief Operating Officer | | |

| John Gibbons | | | 65 | | | Head of Financial Institutions Group | | |

| Jennifer LaClair | | | 53 | | | Head of Merchant Solutions | | |

| Michael P. Lyons | | | 54 | | | President and CEO-Elect | | |

*Mr. Bisignano* has served as Chairman of the Board since 2022, Chief Executive Officer since 2020 and a director since 2019.

Mr. 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.

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. 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. Chiarello served in various technology and leadership roles including chief information officer at Morgan Stanley, a global financial services firm.

*Mr. 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.

Before 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.

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.

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.

*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. 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. LaClair worked at McKinsey & Company, where she was a strategy consultant and practice manager for the North America operations practice.

First Data Corporation from 2014 to 2019.

Effective January 27, 2025, Michael P.

Lyons was appointed President and CEO-elect of Fiserv.

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.

Upon Mr. Bisignano’s departure, Mr. Lyons will become Chief Executive Officer of Fiserv and a member of the Fiserv Board of Directors.

Our common stock is traded on the [added: 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 [removed: Exchange (“NYSE”)] [added: Exchange, where our common stock had previously traded] under the [added: ticker] symbol “FI.” At December 31, [removed: 2024,] [added: 2025,] our common stock was held by [removed: 1,479] [added: 1,406] shareholders of record and by a significantly greater number of shareholders who hold shares in nominee or street name accounts with brokers.

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, [removed: 2024:][added: 2025:]

(1)On February 19, [removed: 2025 and February 22, 2023,] [added: 2025,] our board of directors authorized the purchase of up to 60.0 million [removed: and 75.0 million] shares of our common [removed: stock, respectively.][added: stock.]

The following graph compares the cumulative total shareholder return on our common stock for the five years ended December 31, [removed: 2024] [added: 2025] with the S&P 500 [removed: Index and] [added: Index,] the S&P 500 Financials [added: Index and the NASDAQ Composite] Index.

The graph assumes that $100 was invested on December 31, [removed: 2019] [added: 2020] in our common stock and each index and that all dividends were reinvested.

[removed: ][added: ]

| | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | |

| Fiserv, Inc. | | | $ | 100 | | | | | $ | [removed: 98] [added: 91] | | | | | $ | [removed: 90] [added: 89] | | | | | $ | [removed: 87] [added: 117] | | | | | $ | [removed: 115] [added: 180] | | | | | $ | [removed: 178] [added: 59] | |

| 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 | | | | | | | | |

This authorization does not expire.

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.

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| 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 | | |

| 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 | | | | | | | | |

These authorizations do not expire.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| S&P 500 Index | | | 100 | | | | | | 118 | | | | | | 152 | | | | | | 125 | | | | | | 158 | | | | | | 197 | | |

| S&P 500 Financials Index | | | 100 | | | | | | 98 | | | | | | 133 | | | | | | 119 | | | | | | 133 | | | | | | 174 | | |

| [Consolidated Statements of [removed: Income](#ieadf1989deab486e8e3cf3917d406b7c_157)] [added: Income](#i8d51169c966740c6938bec9db1147923_157)] | | | [removed: [46](#ieadf1989deab486e8e3cf3917d406b7c_157)] [added: [47](#i8d51169c966740c6938bec9db1147923_157)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ieadf1989deab486e8e3cf3917d406b7c_160)] [added: Income](#i8d51169c966740c6938bec9db1147923_160)] | | | [removed: [47](#ieadf1989deab486e8e3cf3917d406b7c_160)] [added: [48](#i8d51169c966740c6938bec9db1147923_160)] | | |

| [Consolidated Balance [removed: Sheets](#ieadf1989deab486e8e3cf3917d406b7c_166)] [added: Sheets](#i8d51169c966740c6938bec9db1147923_166)] | | | [removed: [48](#ieadf1989deab486e8e3cf3917d406b7c_166)] [added: [49](#i8d51169c966740c6938bec9db1147923_166)] | | |

| [Consolidated Statements of [removed: Equity](#ieadf1989deab486e8e3cf3917d406b7c_169)] [added: Equity](#i8d51169c966740c6938bec9db1147923_169)] | | | [removed: [49](#ieadf1989deab486e8e3cf3917d406b7c_169)] [added: [50](#i8d51169c966740c6938bec9db1147923_169)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ieadf1989deab486e8e3cf3917d406b7c_172)] [added: Flows](#i8d51169c966740c6938bec9db1147923_172)] | | | [removed: [50](#ieadf1989deab486e8e3cf3917d406b7c_172)] [added: [51](#i8d51169c966740c6938bec9db1147923_172)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ieadf1989deab486e8e3cf3917d406b7c_175)] [added: Statements](#i8d51169c966740c6938bec9db1147923_175)] | | | [removed: [51](#ieadf1989deab486e8e3cf3917d406b7c_175)] [added: [52](#i8d51169c966740c6938bec9db1147923_175)] | | |

| [Schedule II - Valuation and Qualifying [removed: Accounts](#ieadf1989deab486e8e3cf3917d406b7c_250)] [added: Accounts](#i8d51169c966740c6938bec9db1147923_247)] | | | [removed: [92](#ieadf1989deab486e8e3cf3917d406b7c_250)] [added: [92](#i8d51169c966740c6938bec9db1147923_247)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#ieadf1989deab486e8e3cf3917d406b7c_253)] [added: Firm](#i8d51169c966740c6938bec9db1147923_250)] (PCAOB ID No. 34) | | | [removed: [93](#ieadf1989deab486e8e3cf3917d406b7c_253)] [added: [93](#i8d51169c966740c6938bec9db1147923_250)] | | |

[removed: (In] [added: | (In] millions, except per share [removed: data)][added: data) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |]

| | | | | | | [added: | | |] Year Ended December 31, | | | | | | | | | [removed: | | | | | |]

| | | | | | | [removed: 2024] | | | [removed: | | | 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Processing and services (1) | | | | | | $ | [removed: 16,637] [added: 16,879] | | | | | $ | [removed: 15,630] [added: 16,637] | | | | | $ | [removed: 14,460] [added: 15,630] | |

| Product | | | | | | [removed: 3,819] [added: 4,314] | | | | | | [removed: 3,463] [added: 3,819] | | | | | | [removed: 3,277] [added: 3,463] | | |

| Total revenue | | | | | | [removed: 20,456] [added: 21,193] | | | | | | [removed: 19,093] [added: 20,456] | | | | | | [removed: 17,737] [added: 19,093] | | |

| Cost of processing and services | | | | | | [removed: 5,363] [added: 5,802] | | | | | | [removed: 5,332] [added: 5,363] | | | | | | [removed: 5,771] [added: 5,332] | | |

| Cost of product | | | | | | [removed: 2,650] [added: 2,810] | | | | | | [removed: 2,338] [added: 2,650] | | | | | | [removed: 2,221] [added: 2,338] | | |

| Selling, general and administrative | | | | | | [removed: 6,564] [added: 6,883] | | | | | | [removed: 6,576] [added: 6,564] | | | | | | [removed: 6,059] [added: 6,576] | | |

| Net gain on sale of [removed: businesses] [added: business] and [added: distribution of] other assets | | | | | | [removed: —] [added: (120)] | | | | | | [removed: (167)] [added: —] | | | | | | [removed: (54)] [added: (167)] | | |

| Total expenses | | | | | | [removed: 14,577] [added: 15,375] | | | | | | [removed: 14,079] [added: 14,577] | | | | | | [removed: 13,997] [added: 14,079] | | |

| Operating income | | | | | | [removed: 5,879] [added: 5,818] | | | | | | [removed: 5,014] [added: 5,879] | | | | | | [removed: 3,740] [added: 5,014] | | |

| Interest expense, net | | | | | | [removed: (1,195)] [added: (1,493)] | | | | | | [removed: (976)] [added: (1,195)] | | | | | | [removed: (733)] [added: (976)] | | |

| Other expense, net | | | | | | [removed: (178)] [added: (61)] | | | | | | [removed: (140)] [added: (178)] | | | | | | [removed: (94)] [added: (140)] | | |

| Income before income taxes and [removed: (loss)] income [added: (loss)] from investments in unconsolidated affiliates | | | | | | [removed: 4,506] [added: 4,264] | | | | | | [removed: 3,898] [added: 4,506] | | | | | | [removed: 2,913] [added: 3,898] | | |

| Income tax provision | | | | | | [removed: (641)] [added: (811)] | | | | | | [removed: (754)] [added: (641)] | | | | | | [removed: (551)] [added: (754)] | | |

| [removed: (Loss) income] [added: Income (loss)] from investments in unconsolidated affiliates | | | | | | [removed: (685)] [added: 37] | | | | | | [removed: (15)] [added: (685)] | | | | | | [removed: 220] [added: (15)] | | |

| Net income | | | | | | [removed: 3,180] [added: 3,490] | | | | | | [removed: 3,129] [added: 3,180] | | | | | | [removed: 2,582] [added: 3,129] | | |

| Less: net income attributable to noncontrolling interests and redeemable noncontrolling [removed: interests] [added: interest] | | | | | | [removed: 49] [added: 10] | | | | | | [removed: 61] [added: 49] | | | | | | [removed: 52] [added: 61] | | |

| Net income attributable to Fiserv, Inc. | | | | | | $ | [removed: 3,131] [added: 3,480] | | | | | $ | [removed: 3,068] [added: 3,131] | | | | | $ | [removed: 2,530] [added: 3,068] | |

| Basic | | | | | | $ | [removed: 5.41] [added: 6.36] | | | | | $ | [removed: 5.02] [added: 5.41] | | | | | $ | [removed: 3.94] [added: 5.02] | |

| Diluted | | | | | | $ | [removed: 5.38] [added: 6.34] | | | | | $ | [removed: 4.98] [added: 5.38] | | | | | $ | [removed: 3.91] [added: 4.98] | |

| Basic | | | | | | [removed: 578.7] [added: 547.1] | | | | | | [removed: 611.7] [added: 578.7] | | | | | | [removed: 642.3] [added: 611.7] | | |

| Diluted | | | | | | [removed: 582.1] [added: 549.0] | | | | | | [removed: 615.9] [added: 582.1] | | | | | | [removed: 647.9] [added: 615.9] | | |

(1)Includes processing and other fees charged to related party investments accounted for under the equity method of [removed: $137] [added: $96] million, [removed: $178] [added: $137] million and [removed: $201] [added: $178] million for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively (see Note [removed: 19).][added: 18).]

[removed: (In millions)][added: | (In millions) | | | | | | | | | | | |]

| Net income | | | | | | $ | [removed: 3,180] [added: 3,490] | | | | | $ | [removed: 3,129] [added: 3,180] | | | | | $ | [removed: 2,582] [added: 3,129] | |

| Other comprehensive [removed: (loss) income:] [added: income (loss):] | | | | | | | | | | | | | | | | | | | | |

| Fair market value adjustment on derivatives | | | | | | [removed: (13)] [added: (10)] | | | | | | [removed: 14] [added: (13)] | | | | | | [removed: (15)] [added: 14] | | |

| Reclassification adjustment for net realized [removed: (gains)] losses [added: (gains)] on cash flow hedges included in cost of processing and services | | | | | | [removed: (3)] [added: 7] | | | | | | [removed: 4] [added: (3)] | | | | | | [removed: 2] [added: 4] | | |

| Reclassification adjustment for net realized losses on cash flow hedges included in net interest expense | | | | | | [removed: 14] [added: 13] | | | | | | [removed: 15] [added: 14] | | | | | | [removed: 19] [added: 15] | | |

| Tax impacts of derivatives | | | | | | [removed: 1] [added: (2)] | | | | | | [removed: (8)] [added: 1] | | | | | | [removed: (2)] [added: (8)] | | |

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest | | | | | | 10 | | | | | | 49 | | | | | | 61 | | |

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| (In millions) | | | | | | 2025 | | | | | | 2024 | | |

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| Net income | | | | | | | | | | | | | | | | | | | | | 3,480 | | | | | | 10 | | | 3,490 | | |

| Other comprehensive income | | | | | | | | | | | | | | | | | | 429 | | | | | | | | | 97 | | | 526 | | |

| Acquisition of noncontrolling interests of consolidated subsidiaries (4) | | | | | | | | | | | | | | | 295 | | | | | | | | | | | | (703) | | | (408) | | |

| Balance at December 31, 2025 | | | 784 | | | 250 | | | | | | $ | 8 | | $ | 23,260 | | $ | (984) | | $ | 27,055 | | $ | (23,547) | | $ | 17 | | $ | 25,809 | |

(4)The Company acquired the remaining 19% ownership interest in ICICI Merchant Services Private Limited, an India-based merchant acceptance business, and the remaining 49.9% ownership interest in AIB Merchant Services (“AIBMS”), an Ireland-based payment solutions provider, during the year ended December 31, 2025.

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| Net income | | | | | | $ | 3,490 | | | | | $ | 3,180 | | | | | $ | 3,129 | |

| Net gain on sale of business and distribution of other assets | | | | | | (120) | | | | | | — | | | | | | (167) | | |

| Gain on sale of investments | | | | | | (74) | | | | | | — | | | | | | — | | |

| Merchant cash advances, including Clover Capital program | | | | | | (1,129) | | | | | | — | | | | | | — | | |

| Repayment of merchant cash advances, including Clover Capital program | | | | | | 1,018 | | | | | | — | | | | | | — | | |

| Payments to acquire noncontrolling interests of consolidated subsidiaries | | | | | | (436) | | | | | | — | | | | | | (56) | | |

| Settlement of derivative contracts | | | | | | 65 | | | | | | — | | | | | | — | | |

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| (In millions) | | | | | | 2025 | | | | | | 2024 | | |

| Settlement anticipation cash advances | | | | | | 1,223 | | | | | | 1,101 | | |

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

For the year ended December 31, 2025, merchant cash advances, which are generally collected over a period of six to twelve months, are presented on a gross basis within investing activities in the consolidated statement of cash flows.

For the year ended December 31, 2024, merchant cash advances were presented on a net basis, along with settlement anticipation cash advances as described below, within investing activities in the consolidated statement of cash flows.

The Company also offers merchants within its international operations advance access to capital through its settlement anticipation program.

Settlement anticipation cash advances, the majority of which are collected within 30 days, are presented on a net basis within investing activities in the consolidated statements of cash flows.

Certain merchant settlement assets (included within settlement receivables) that relate to settlement obligations are held by partner banks.

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| | | | | | | | | | 6,138 | | | | | | 5,072 | | |

| Total | | | | | | | | | $ | 3,084 | | | | | $ | 2,374 | |

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

test, (iii) the extent a reorganization or disposition changes the composition of one or more of the reporting units and (iv) other prevailing factors to determine whether or not to first perform a qualitative test.

Subsequently, the Company determined that a triggering event occurred during the fourth quarter of 2025 due to a sustained decline in its stock price, and therefore performed an additional quantitative goodwill impairment test of all reporting units as of December 31, 2025.

The Company determined that its goodwill was not impaired as of December 31, 2025 as the estimated fair values exceeded the respective carrying values for each of the Company’s reporting units.

In connection with the goodwill impairment assessment triggering event in the fourth quarter of 2025 as described above, the Company performed an additional test of the recoverability of its aforementioned assets and determined no impairment as of December 31, 2025.

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| (In millions) | | | | | | 2025 | | | | | | 2024 | | |

If the derivative is

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at January 1, 2022 | | | 784 | | | 134 | | | | | | $ | 8 | | $ | 22,983 | | $ | (745) | | $ | 14,846 | | $ | (6,140) | | $ | 720 | | $ | 31,672 | |

| Net income (1) | | | | | | | | | | | | | | | | | | | | | 2,530 | | | | | | 24 | | | 2,554 | | |

| Other comprehensive loss | | | | | | | | | | | | | | | | | | (444) | | | | | | | | | (50) | | | (494) | | |

| Payment to acquire noncontrolling interest of consolidated subsidiary | | | | | | — | | | | | | (56) | | | | | | — | | |

Segment results for the years ended December 31, 2023 and 2022 have been recast to reflect the Segment Realignment.

Noncontrolling interests that are redeemable upon the occurrence of an event that is not solely within the Company’s control are presented outside of equity and are carried at their estimated redemption value if it exceeds the initial carrying value of the redeemable interest.

| | | | | | | | | | | | | | | | | | |

| Settlement advance cash payments | | | | | | 1,101 | | | | | | 381 | | |

| | | | | | | | | | 5,072 | | | | | | 4,844 | | |

performance, market and competitive factors in its industry and other events specific to its reporting units.

In connection with the Segment Realignment described above, certain of the Company’s reporting units changed in composition as a result of which goodwill was allocated to such reporting units using a relative fair value approach.

The Company excluded 0.3 million and 1.7 million weighted-average shares from the calculations of common stock equivalents for anti-dilutive stock options in 2023 and 2022, respectively.

In 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* (“ASU 2023-07”), which enhances and expands the current annual and interim requirements on segment information disclosures.

Under the new disclosure requirements, entities are required to disclose, on an annual and interim basis: significant segment expense categories and amounts for each reportable segment that are included in the reported measure of segment profit or loss and regularly provided to the chief operating decision maker (“CODM”); an aggregate amount and qualitative description of other segment items included in each reported measure of segment profit or loss for each reportable segment; measures of a segment’s profit or loss that are used by the CODM to assess segment performance and decide how to allocate resources; and disclosure of the title and position of the individual or the name of the group identified as the CODM.

In 2022, the FASB issued ASU No. 2022-03, *Fair Value Measurement (Topic 820)*: *Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions* (“ASU 2022-03”), which clarifies the guidance in ASC Topic 820, *Fair Value Measurement*, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASC Topic 820.

The provisions within ASU 2022-03 are to be applied prospectively with any adjustments from the adoption recognized in earnings and disclosed on the date of adoption.

The Company adopted ASU 2022-03 effective January 1, 2024, and the adoption did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2024.

For public entities, the provisions within ASU

The Company’s disaggregation of revenue for the years ended December 31, 2023 and 2022 have been recast to reflect the Segment Realignment.

| 2025 | | | $ | 2,462 | |

| 2026 | | | 1,887 | | |

| 2027 | | | 1,366 | | |

| 2028 | | | 847 | | |

| Thereafter | | | 714 | | |

*Acquisition of Merchant One*

On December 20, 2022, the Company acquired Merchant One, Inc. (“Merchant One”), an independent sales organization focused on acquiring merchants in the restaurant, retail and e-commerce industries using an innovative mix of direct and digital marketing strategies, for $302 million, net of $1 million of acquired cash.

Merchant One is included within the Merchant segment and enhances the Company’s merchant distribution and sales force channels.

During the year ended December 31, 2023, the Company identified and recorded measurement period adjustments to the preliminary Merchant One purchase price allocation, including refinements to valuations of acquired intangible assets, which were the result of additional analysis performed and information identified based on facts and circumstances that existed as of the acquisition date.

These measurement period adjustments resulted in an increase to goodwill of $61 million and a corresponding decrease in identifiable intangible assets, including customer relationships.

Such measurement period adjustments did not have a material impact on the Company’s consolidated statement of income.

The allocation of the purchase price was finalized in the second quarter of 2023 and resulted in the recognition of identifiable intangible assets of $118 million, goodwill of $179 million and other net assets of $6 million.

The amounts allocated to identifiable intangible assets are as follows:

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| (In millions) | | | Gross Carrying Amount | | | | | | Weighted-Average Useful Life | | |

| Residual buyouts | | | $ | 83 | | | | | 9 years | | |

| Customer relationships | | | 35 | | | | | | 10 years | | |

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the [removed: design and operation] [added: effectiveness] of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934).

Based on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of December 31, [removed: 2024.][added: 2025.]

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on management’s assessment, our management believes that, as of December 31, [removed: 2024,] [added: 2025,] our internal control over financial reporting was effective based on those criteria.

There was no change in internal control over financial reporting that occurred during the three months ended December 31, [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

We have audited the internal control over financial reporting of Fiserv, Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 20, 2025,] [added: 19, 2026,] expressed an unqualified opinion on those financial statements.

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

February 19, 2026

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

February 20, 2025

(b) [removed: Except as set forth below, during] [added: During] the three months ended December 31, [removed: 2024,] [added: 2025,] none of the Company’s directors or Section 16 officers adopted or terminated a [removed: Rule] [added: “Rule] 10b5-1 [removed: Trading Plan] [added: trading arrangement”] or “non-Rule 10b5-1 trading arrangement,” [added: each] as defined in Item 408(a) of Regulation S-K.

On November 11, 2024, Adam Rosman, Chief Administrative Officer and Chief Legal Officer of the Company, adopted a trading arrangement for the sale of the Company’s common stock (a “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c).

Mr. Rosman’s Rule 10b5-1 Trading Plan provides for the sale of up to 17,906 shares of common stock pursuant to one or more limit orders until February 27, 2027.

Except for information concerning our executive officers included in Part I of this Form 10-K under the caption “Information About Our Executive Officers,” which is incorporated by reference herein, and the information regarding our Code of Conduct below, the information required by Item 10 is incorporated by reference to the information set forth under the captions “Our Board of Directors – Who We Are,” “Our Board of Directors – How We Are Selected, Elected and Evaluated,” “Our Board of Directors – How We Are Organized – Our Committees – Audit Committee,” and “Compensation Discussion and Analysis – Additional Compensation Policies – Securities Trading Policy” in our definitive proxy statement for our [removed: 2025] [added: 2026] annual meeting of shareholders, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

We have posted a copy of our Code of Conduct on the “About – Investor Relations – Corporate Governance – [removed: Governance Documents”] [added: Documents & Charters”] section of our website at www.fiserv.com.

The information required by Item 11 is incorporated by reference to the information set forth under the captions “Our Board of Directors – How We Are Paid,” “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Compensation Committee Interlocks and Insider Participation,” “Executive Compensation,” and “Pay Ratio” in our definitive proxy statement for our [removed: 2025] [added: 2026] annual meeting of shareholders, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information set forth under the caption “Our Shareholders – Common Stock Ownership” in our definitive proxy statement for our [removed: 2025] [added: 2026] annual meeting of shareholders, which will be filed with the Securities and Exchange Commission no later than 120 days the close of the fiscal year ended December 31, [removed: 2024,] [added: 2025,] is incorporated by reference herein.

The table below sets forth information with respect to compensation plans under which equity securities are authorized for issuance as of December 31, [removed: 2024.][added: 2025.]

(1)Columns (a) and (c) of the table above do not include [removed: 4,540,827] [added: 3,728,227] unvested restricted stock units outstanding under the Amended and Restated Fiserv, Inc. 2007 Omnibus Incentive Plan (the “Incentive Plan”) or [removed: 22,679,972] [added: 22,342,463] shares authorized for issuance under the Fiserv, Inc. Amended and Restated Employee Stock Purchase Plan.

(2)Consists of options outstanding under the Incentive Plan; [removed: 1,966,382] [added: 2,251,253] shares subject to performance share units at the target award level under the Incentive Plan; and [removed: 173,778] [added: 161,631] shares subject to non-employee director deferred compensation notional units under the Incentive Plan.

(5)This table does not include [removed: 142,950] [added: 49,684] options outstanding under the 2007 Stock Incentive Plan for Key Employees of First Data Corporation and its Affiliates (the “2007 First Data Plan”) and the First Data Corporation 2015 Omnibus Incentive Plan (the “2015 First Data Plan” and together with the 2007 First Data Plan, the “First Data Plans”) as of December 31, [removed: 2024] [added: 2025] at a weighted-average exercise price of [removed: $44.27.][added: $43.04.]

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| Equity compensation plans approved by our shareholders (1) | | | 3,122,544 (2) | | | 94.18 (3) | | | 15,366,118 (4) | | |

| Total (5) | | | 3,122,544 (2) | | | 94.18 (3) | | | 15,366,118 (4) | | |

| Equity compensation plans approved by our shareholders (1) | | | 3,583,029 (2) | | | 94.15 (3) | | | 18,013,195 (4) | | |

| Total (5) | | | 3,583,029 (2) | | | 94.15 (3) | | | 18,013,195 (4) | | |

This table also does not include 1,318 shares of restricted stock and restricted stock units outstanding under the 2015 First Data Plan, as of December 31, 2024.

The information required by Item 13 is incorporated by reference to the information set forth under the captions “Our Board of Directors – How We Are Organized – Our Independence,” and “Our Board of Directors – How We Govern – Review, Approval or Ratification of Transactions with Related Persons,” in our definitive proxy statement for our [removed: 2025] [added: 2026] annual meeting of shareholders, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by Item 14 is incorporated by reference to the information set forth under the captions “Independent Registered Public Accounting Firm and Fees” and “Audit Committee Pre-Approval Policy” in our definitive proxy statement for our [removed: 2025] [added: 2026] annual meeting of shareholders, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

[Table of](#i8d51169c966740c6938bec9db1147923_7) [Contents](#i8d51169c966740c6938bec9db1147923_7)

| | | | 4.1 | | | [Description of Securities of the [removed: Registrant (3)](https://www.sec.gov/Archives/edgar/data/798354/000079835424000037/ex41descriptionofsecuritie.htm)] [added: Registrant](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex41descriptionofsecuritie.htm)] | | |

| | | | 4.3 | | | [removed: [Thirteenth] [added: [Fifteenth] Supplemental Indenture, dated as of [removed: May 22, 2015,] [added: September 25, 2018,] between Fiserv, Inc. and U.S. Bank National Association [removed: (6)](https://www.sec.gov/Archives/edgar/data/798354/000119312515198024/d932504dex42.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex42.htm)[6](https://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex42.htm)] | | |

| | | | 4.4 | | | [removed: [Fifteenth] [added: [Seventeenth] Supplemental Indenture, dated as of [removed: September 25, 2018,] [added: June 24, 2019,] between Fiserv, Inc. and U.S. Bank National Association [removed: (7)](https://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex42.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex42.htm)[7](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex42.htm)] | | |

| | | | 4.5 | | | [removed: [Seventeenth] [added: [Eighteenth] Supplemental Indenture, dated as of June 24, 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex42.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex42.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex43.htm)[7](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex43.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex43.htm)] | | |

| | | | 4.6 | | | [removed: [Eighteenth] [added: [Nineteenth] Supplemental Indenture, dated as of June 24, 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex43.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex43.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex43.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex44.htm)[7](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex44.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex44.htm)] | | |

| | | | 4.7 | | | [removed: [Nineteenth] [added: [Twenty-First] Supplemental Indenture, dated as of [removed: June 24,] [added: July 1,] 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex44.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex44.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex44.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex42.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex42.htm)] | | |

| | | | 4.8 | | | [removed: [Twenty-First] [added: [Twenty-Second] Supplemental Indenture, dated as of July 1, 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex42.htm)[9](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex42.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex43.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex43.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex43.htm)] | | |

| | | | 4.9 | | | [removed: [Twenty-Second] [added: [Twenty-Fourth] Supplemental Indenture, dated as of July 1, 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex43.htm)[9](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex43.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex43.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex45.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex45.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex45.htm)] | | |

| | | | 4.10 | | | [removed: [Twenty-Third] [added: [Twenty-Fifth] Supplemental Indenture, dated as of [removed: July 1, 2019,] [added: May 13, 2020,] between Fiserv, Inc. and U.S. Bank National Association [removed: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex44.htm)[9](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex44.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex44.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex41.htm)[9](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex41.htm)[)](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex41.htm)] | | |

| | | | 4.11 | | | [removed: [Twenty-Fourth] [added: [Twenty-Sixth] Supplemental Indenture, dated as of [removed: July 1, 2019,] [added: May 13, 2020,] between Fiserv, Inc. and U.S. Bank National Association [removed: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex45.htm)[9](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex45.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex45.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex42.htm)[9](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex42.htm)] | | |

| | | | 4.12 | | | [removed: [Twenty-Fifth] [added: [Twenty-Seventh] Supplemental Indenture, dated as of [removed: May 13, 2020,] [added: March 2, 2023,] between Fiserv, Inc. and U.S. Bank [added: Trust Company,] National Association [removed: (](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex41.htm)[1](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex41.htm)[0](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex41.htm)[)](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex41.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312523058245/d450329dex41.htm)[0](https://www.sec.gov/Archives/edgar/data/798354/000119312523058245/d450329dex41.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312523058245/d450329dex41.htm)] | | |

| | | | 4.13 | | | [removed: [Twenty-Sixth] [added: [Twenty-Eighth] Supplemental Indenture, dated as of [removed: May 13, 2020,] [added: March 2, 2023,] between Fiserv, Inc. and U.S. Bank [added: Trust Company,] National Association [removed: (](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex42.htm)[10](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex42.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312523058245/d450329dex42.htm)[0](https://www.sec.gov/Archives/edgar/data/798354/000119312523058245/d450329dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312523058245/d450329dex42.htm)] | | |

| | | | 4.14 | | | [removed: [Twenty-Seventh] [added: [Twenty-Ninth] Supplemental Indenture, dated as of [removed: March 2,] [added: May 24,] 2023, between Fiserv, Inc. and U.S. [removed: Bank Trust] [added: Bank](https://www.sec.gov/Archives/edgar/data/798354/000119312523153026/d504361dex41.htm) [Trust] Company, National Association [removed: (11)](https://www.sec.gov/Archives/edgar/data/798354/000119312523058245/d450329dex41.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312523153026/d504361dex41.htm)[1](https://www.sec.gov/Archives/edgar/data/798354/000119312523153026/d504361dex41.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312523153026/d504361dex41.htm)] | | |

| | | | 4.15 | | | [removed: [Twenty-Eighth] [added: [Thirtieth] Supplemental Indenture, dated as of [removed: March 2,] [added: August 21,] 2023, between Fiserv, Inc. and U.S. [removed: Bank Trust] [added: Bank](https://www.sec.gov/Archives/edgar/data/798354/000119312523217069/d521991dex41.htm) [Trust] Company, National Association [removed: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312523058245/d450329dex42.htm)[1](https://www.sec.gov/Archives/edgar/data/798354/000119312523058245/d450329dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312523058245/d450329dex42.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312523217069/d521991dex41.htm)[2](https://www.sec.gov/Archives/edgar/data/798354/000119312523217069/d521991dex41.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312523217069/d521991dex41.htm)] | | |

| | | | 4.16 | | | [removed: [Twenty-Ninth] [added: [Thirty-First] Supplemental Indenture, dated as of [removed: May 24,] [added: August 21,] 2023, between Fiserv, Inc. and U.S. Bank [removed: and] Trust Company, National Association [removed: (12)](https://www.sec.gov/Archives/edgar/data/798354/000119312523153026/d504361dex41.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312523217069/d521991dex42.htm)[2](https://www.sec.gov/Archives/edgar/data/798354/000119312523217069/d521991dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312523217069/d521991dex42.htm)] | | |

| | | | 4.17 | | | [removed: [Thirtieth] [added: [Thirty-Second] Supplemental Indenture, dated as of [removed: August 21, 2023,] [added: March 4, 2024,] between Fiserv, Inc. and U.S. Bank [removed: and] Trust Company, National Association [removed: (13)](https://www.sec.gov/Archives/edgar/data/798354/000119312523217069/d521991dex41.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex41.htm)[3](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex41.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex41.htm)] | | |

| | | | 4.18 | | | [removed: [Thirty-First] [added: [Thirty-Third] Supplemental Indenture, dated as of [removed: August 21, 2023,] [added: March 4, 2024,] between Fiserv, Inc. and U.S. Bank Trust Company, National Association [removed: (13)](https://www.sec.gov/Archives/edgar/data/798354/000119312523217069/d521991dex42.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex42.htm)[3](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex42.htm)] | | |

| | | | 4.19 | | | [removed: [Thirty-](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex41.htm)[Second](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex41.htm) [Supplemental] [added: [Thirty-Fourth Supplemental] Indenture, dated as [removed: of](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex41.htm) [March 4](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex41.htm)[,] [added: of March 4,] 2024, between Fiserv, Inc. and U.S. Bank Trust Company, National Association [removed: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex41.htm)[4](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex41.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex41.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex43.htm)[3](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex43.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex43.htm)] | | |

| | | | 4.20 | | | [removed: [Thirty-](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex42.htm)[Third](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex42.htm) [Supplemental] [added: [Thirty-Fifth Supplemental] Indenture, dated as [removed: of](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex42.htm) [March 4](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex42.htm)[,] [added: of August 12,] 2024, between Fiserv, Inc. and U.S. Bank Trust Company, National Association [removed: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex42.htm)[4](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex42.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex41.htm)[4](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex41.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex41.htm)] | | |

| | | | 4.21 | | | [removed: [Thirty-F](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex43.htm)[ourth](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex43.htm) [Supplemental] [added: [Thirty-Sixth Supplemental] Indenture, dated as [removed: of](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex43.htm) [March 4](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex43.htm)[,] [added: of August 12,] 2024, between Fiserv, Inc. and U.S. Bank Trust Company, National Association [removed: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex43.htm)[4](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex43.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312524058013/d20683dex43.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[4](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)] | | |

| | | | 4.22 | | | [removed: [T](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex41.htm)[hirty](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex41.htm)[\-Fifth] [added: [Thirty-Seventh] Supplemental [removed: Indenture](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex41.htm)[,] [added: Indenture,] dated as of August [removed: 12, 2024](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex41.htm)[,] [added: 11, 2025,] between Fiserv, Inc. and U.S. [removed: Bank](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex41.htm) [Trust Company](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex41.htm)[,] [added: Bank Trust Company,] National Association [removed: (15)](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex41.htm)] [added: (15)](https://www.sec.gov/Archives/edgar/data/798354/000119312525177920/d14327dex41.htm)] | | |

| | | | 4.23 | | | [removed: [T](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[hirty-S](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[i](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[xth Suppl](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[emental Indenture](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[,] [added: [Thirty-Eighth Supplemental Indenture,] dated as of August [removed: 12, 2024](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[,] [added: 11, 2025,] between [removed: Fi](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[serv, I](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[nc.] [added: Fiserv, Inc.] and [removed: U.](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[S.](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm) [B](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[ank] [added: U.S. Bank] Trust [removed: C](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[ompany](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)[,] [added: Company,] National Association [removed: (15)](https://www.sec.gov/Archives/edgar/data/798354/000119312524198881/d811685dex42.htm)] [added: (15)](https://www.sec.gov/Archives/edgar/data/798354/000119312525177920/d14327dex42.htm)] | | |

| | | | [removed: 4.24] [added: 4.28] | | | [Agency Agreement, dated as of July 1, 2019, by and among Fiserv, Inc., Elavon Financial Services DAC, UK Branch, and U.S. Bank National Association [removed: (9)](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex46.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex46.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex46.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex46.htm)] | | |

| | | | [removed: 4.25] [added: 4.29] | | | [Agency Agreement, dated as of May 24, 2023, by and among Fiserv, Inc., Elavon Financial Services DAC, UK Branch, and U.S. Bank Trust Company, National Association [removed: (12)](https://www.sec.gov/Archives/edgar/data/798354/000119312523153026/d504361dex42.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312523153026/d504361dex42.htm)[1](https://www.sec.gov/Archives/edgar/data/798354/000119312523153026/d504361dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000119312523153026/d504361dex42.htm)] | | |

| | | | 10.1 | | | [Amended and Restated Fiserv, Inc. 2007 Omnibus Incentive Plan [removed: (](https://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)[1](https://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)[6](https://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)] | | |

| | | | 10.2 | | | [\- Form of Restricted Stock Unit Agreement (Non-Employee [removed: Director) (](https://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1011.htm)[1](https://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1011.htm)[7](https://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1011.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1011.htm)] [added: Director)](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex102formofrsuagreementnon.htm)[*](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex102formofrsuagreementnon.htm)] | | |

| | | | 10.3 | | | [\- Form of Restricted Stock Unit Agreement [removed: (Employee-SO)*](https://www.sec.gov/Archives/edgar/data/798354/000079835425000047/ex103formofrsuagreementemp.htm)] [added: (Employee-SO)](https://www.sec.gov/Archives/edgar/data/798354/000079835425000047/ex103formofrsuagreementemp.htm) [(for grants prior to February 18,](https://www.sec.gov/Archives/edgar/data/798354/000079835425000047/ex103formofrsuagreementemp.htm) [](https://www.sec.gov/Archives/edgar/data/798354/000079835425000047/ex103formofrsuagreementemp.htm)[2026) (20)](https://www.sec.gov/Archives/edgar/data/798354/000079835425000047/ex103formofrsuagreementemp.htm)[*](https://www.sec.gov/Archives/edgar/data/798354/000079835425000047/ex103formofrsuagreementemp.htm)] | | |

| | | | 10.4 | | | [removed: [\-] [added: [](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex104formofrsuagreementemp.htm)[\-] Form of Restricted Stock Unit Agreement [removed: (Employee-ST)*](https://www.sec.gov/Archives/edgar/data/798354/000079835425000047/ex104formofrsuagreementemp.htm)] [added: (Employee-SO) (for grants](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex104formofrsuagreementemp.htm) [on or after](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex104formofrsuagreementemp.htm) [February 18,](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex104formofrsuagreementemp.htm) [](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex104formofrsuagreementemp.htm)[2026)](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex104formofrsuagreementemp.htm)[*](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex104formofrsuagreementemp.htm)] | | |

| | | | [removed: 10.5] [added: 10.7] | | | [\- Form of Restricted Stock Unit Agreement [removed: (Employee-N) (1](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex106rsuagreementstandard-.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex106rsuagreementstandard-.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex106rsuagreementstandard-.htm)] [added: (Employee-N)](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex107formofrsuagreementemp.htm)[*](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex107formofrsuagreementemp.htm)] | | |

| | | | [removed: 10.6] [added: 10.9] | | | [\- Form of Non-Qualified Stock Option Agreement (Non-Employee Director-LE) [removed: (](https://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)[1](https://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)[7](https://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)] [added: (1](https://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)[9](https://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)] | | |

| | | | [removed: 10.7] [added: 10.10] | | | [\- Form of First Amendment to Non-Qualified Stock Option Agreement (Non-Employee Director - [removed: LE) (1](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10106302017.htm)[9](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10106302017.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10106302017.htm)] [added: LE)](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10106302017.htm) [(](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10106302017.htm)[22](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10106302017.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10106302017.htm)] | | |

| | | | [removed: 10.8] [added: 10.11] | | | [\- Form of Non-Qualified Stock Option Agreement (Non-Employee Director - EE) [removed: (1](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10206302017.htm)[9](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10206302017.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10206302017.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10206302017.htm)[22](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10206302017.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10206302017.htm)] | | |

| | | | [removed: 10.9] [added: 10.12] | | | [\- Form of Second Amendment to Non-Qualified Stock Option Agreement (Non-Employee Director - LE/EE) [removed: (](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex103.htm)[20](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex103.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex103.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex103.htm)[2](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex103.htm)[3](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex103.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex103.htm)] | | |

| | | | [removed: 10.10] [added: 10.13] | | | [\- Form of Stock Option Agreement (Employee-F) [removed: (](https://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10812312016.htm)[2](https://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10812312016.htm)[1](https://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10812312016.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10812312016.htm)] [added: (2](https://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10812312016.htm)[4](https://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10812312016.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10812312016.htm)] | | |

| | | | [removed: 10.11] [added: 10.14] | | | [\- Form of [removed: Amendment to] Stock Option Agreement [removed: (Employee-F) (](https://www.sec.gov/Archives/edgar/data/798354/000119312515056319/d825180dex1014.htm)[2](https://www.sec.gov/Archives/edgar/data/798354/000119312515056319/d825180dex1014.htm)[2](https://www.sec.gov/Archives/edgar/data/798354/000119312515056319/d825180dex1014.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000119312515056319/d825180dex1014.htm)] [added: (Employee-E) (2](https://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex101012312016.htm)[4](https://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex101012312016.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex101012312016.htm)] | | |

| | | | [removed: 10.12] [added: 10.15] | | | [\- Form of Stock Option Agreement [removed: (Employee-E) (21)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex101012312016.htm)] [added: (Employee-SO) (](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1014optionagreementsenio.htm)[21](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1014optionagreementsenio.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1014optionagreementsenio.htm)] | | |

| | | | [removed: 10.13] [added: 10.16] | | | [\- Form of Stock Option Agreement [removed: (Employee-SO) (1](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1014optionagreementsenio.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1014optionagreementsenio.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1014optionagreementsenio.htm)] [added: (Employee-ST) (](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1015optionagreementstand.htm)[21](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1015optionagreementstand.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1015optionagreementstand.htm)] | | |

| | | | [removed: 10.14] [added: 10.8] | | | [\- Form of [added: Restricted] Stock [removed: Option] [added: Unit] Agreement [removed: (Employee-ST) (1](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1015optionagreementstand.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1015optionagreementstand.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1015optionagreementstand.htm)] [added: (Employee-](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex108formofrsuagreementemp.htm)[SO/N](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex108formofrsuagreementemp.htm)[)*](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex108formofrsuagreementemp.htm)] | | |

| | | | [removed: 10.15] [added: 10.17] | | | [\- Form of Performance Share Unit Agreement [removed: (Employee-SO)*](https://www.sec.gov/Archives/edgar/data/798354/000079835425000047/ex1015formofpsuagreementem.htm)] [added: (Employee-SO)](https://www.sec.gov/Archives/edgar/data/798354/000079835425000047/ex1015formofpsuagreementem.htm) [(for grants prior to February 18, 2026) (20)](https://www.sec.gov/Archives/edgar/data/798354/000079835425000047/ex1015formofpsuagreementem.htm)[*](https://www.sec.gov/Archives/edgar/data/798354/000079835425000047/ex1015formofpsuagreementem.htm)] | | |

| | | | [removed: 10.16] [added: 10.18] | | | [removed: [\-] [added: [](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex1018formofpsuagreementem.htm)[\-] Form of Performance Share Unit Agreement [removed: (Employee-ST) (1](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1017fiservpsuagreementst.htm)[8](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1017fiservpsuagreementst.htm)[)](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1017fiservpsuagreementst.htm)[*](https://www.sec.gov/Archives/edgar/data/798354/000079835423000004/ex1017fiservpsuagreementst.htm)] [added: (Employee-S](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex1018formofpsuagreementem.htm)[O) (for grants on or after February 18, 2026)](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex1018formofpsuagreementem.htm)[*](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/ex1018formofpsuagreementem.htm)] | | |