Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This quarterly report contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those that express a plan, belief, expectation, estimation, anticipation, intent, contingency, future development, outlook, or similar expression, and can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe our future plans, objectives or goals are also forward-looking statements.

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

Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to our unaudited consolidated financial statements and accompanying notes to help provide an understanding of our financial condition, the changes in our financial condition and our results of operations. Our discussion is organized as follows:

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

• Changes in critical accounting policies and estimates. This section contains a discussion of changes since our Annual Report on Form 10-K for the year ended December 31, 2024 in the accounting policies that we believe are important to our financial condition and results of operations and that require judgment and estimates on the part of management in their application.

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

• Liquidity and capital resources. This section provides an analysis of our cash flows and a discussion of our outstanding debt at September 30, 2025.

Overview

Company Background

We are a leading global provider of payments and financial services technology solutions. We serve clients around the globe, including merchants, banks, credit unions, other financial institutions, corporate and public sector clients. We help clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and

digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale (“POS”) and business management platform. Most of the products and services we provide are necessary for our clients to operate their businesses and are therefore non-discretionary in nature. We serve our global client base by working among our geographic teams across various regions, including the United States of America (“U.S.”) and Canada; Europe, Middle East and Africa; Latin America; and Asia Pacific.

We move more than money, with a purpose 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.

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

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

*•*Enterprise – provides products and services to large businesses, including our integrated omnichannel operating system for enterprise clients

*•*Processing – provides products and services to financial institutions, joint ventures, and other third party resellers which have direct relationships with merchants

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

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

*•*Digital Payments – provides debit card processing services; debit network services; security and fraud protection products; bill payment; person-to-person payments; and account-to-account transfers

*•*Issuing – provides credit card processing services; prepaid card processing services; card production services; print services; government payment processing; and student loan processing

*•*Banking – provides customer loan and deposit account processing; digital banking; financial and risk management; professional services and consulting; and check processing

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

Acquisitions, Dispositions and Other Transactions

We frequently review our businesses to ensure we have the necessary assets to execute our strategy. We expect to acquire businesses when we identify: a compelling strategic need, such as a product, service or technology that helps meet client demand; a way to achieve business scale that enables competition and operational efficiency; or similar considerations. We expect to divest businesses that are not in line with our market, product or financial strategies. The results of operations for the following acquired businesses are included in our consolidated results from the respective dates of acquisition.

Acquisitions of Businesses

On March 2, 2025, we acquired Payfare, Inc. (“Payfare”), a provider of program management solutions powering instant access to earnings and banking solutions for workforces. Payfare is included within the Financial segment and expands our embedded finance capabilities for large enterprises and financial institutions. On March 18, 2025, we acquired CCV Group B.V. (“CCV”), a supplier of POS payment solutions. CCV is included within the Merchant segment and expands our network of payment

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

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

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

Other Transactions

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

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

Industry Trends

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

Merchants

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

now search, discover, compare, purchase and even install a new system through direct, digital-only experiences. This direct, digital-only channel is a source of new merchant acquisition opportunities, especially with respect to smaller merchants.

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

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

Financial Institutions

Financial services providers regularly introduce and implement new payment, deposit, risk management, lending and investment products, and the distinctions among the products and services traditionally offered by different types of financial institutions continue to narrow as they seek to serve the same customers. At the same time, the evolving global regulatory and cybersecurity landscape has continued to create a challenging operating environment for financial institutions. These conditions are driving heightened interest in solutions that help financial institutions win and retain customers, generate revenue, comply with regulations and enhance operating efficiency. In addition, the focus on the customer experience, including through mobile and online engagement, by both financial institutions and their customers, as well as the growing volume and types of payment transactions in the marketplace, continues to elevate the data and transaction processing needs of financial institutions.

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

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

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.

Our customers can use multiple solutions that span our merchant and financial institutions offerings. Our Merchant and Financial businesses put us at the intersection of commerce and banking, which allows these businesses to work together and create long-term growth opportunities for all parties.

Recent Market Conditions

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

In addition, our operating results in certain foreign countries in which we operate may be adversely impacted by fluctuations in interest rates and exchange rates for currencies other than the U.S. dollar, including the Euro, British Pound, Indian Rupee, Brazilian Real and Argentine Peso. The strengthening of the U.S. dollar against certain foreign currencies in countries in which we operate would negatively impact our revenue and earnings. We also have exposure to risks related to currency devaluation in certain countries, which may negatively impact our international operating results if there is a prolonged devaluation of local currencies relative to the U.S. dollar or if the economic conditions in these countries decline. While the majority of our revenue is earned in the U.S., we actively monitor the interest rate and foreign exchange rate environment and may enter into derivative instruments and utilize other non-derivative hedging instruments with creditworthy institutions in an effort to manage these risks.

One Fiserv Action Plan

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

Changes in Critical Accounting Policies and Estimates

Our unaudited consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America, which require management to make estimates, judgments and assumptions that affect the reported amount of assets, liabilities, revenue and expenses. In our Annual Report on Form 10-K for the year ended December 31, 2024, we identified our critical accounting policies and estimates. We continually evaluate the accounting policies and estimates that we use to prepare our consolidated financial statements, including for recently adopted accounting pronouncements, and base our estimates on historical experience and assumptions that we believe are reasonable in light of current circumstances. Actual amounts and results could differ materially from these estimates. For example, we estimate the fair values of identifiable assets acquired and liabilities assumed in connection with acquisitions of businesses and may record purchase accounting adjustments during the measurement period, which may be up to one year from the acquisition date. Additionally, we review the carrying value of goodwill for impairment by comparing the estimated fair values of our reporting units to their respective carrying values. Determining the fair value of a reporting unit involves judgment and the use of significant estimates and assumptions, which include assumptions regarding the revenue growth rates and operating margins used to calculate estimated future cash flows, risk-adjusted discount rates, and future economic and market conditions. There have been no material changes to our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

Results of Operations

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

			Three Months Ended September 30,
			2025						2024						Percentage of Revenue (1)												Increase (Decrease)
(In millions)			2025						2024						$						%
Revenue:
Processing and services			$	4,273					$	4,237					81.2		%				81.2		%				$	36					1		%
Product			990						978						18.8		%				18.8		%				12						1		%
Total revenue			5,263						5,215						100.0		%				100.0		%				48						1		%
Expenses:
Cost of processing and services			1,486						1,346						34.8		%				31.8		%				140						10		%
Cost of product			679						661						68.6		%				67.6		%				18						3		%
Sub-total			2,165						2,007						41.1		%				38.5		%				158						8		%
Selling, general and administrative			1,762						1,606						33.5		%				30.8		%				156						10		%
Net gain on sales and distribution of other assets			(100)						—						(1.9)		%				—		%				100						n/m
Total expenses			3,827						3,613						72.7		%				69.3		%				214						6		%
Operating income			1,436						1,602						27.3		%				30.7		%				(166)						(10)		%
Interest expense, net			(422)						(326)						(8.0)		%				(6.3)		%				96						29		%
Other expense, net			(50)						(5)						(1.0)		%				(0.1)		%				45						n/m
Income before income taxes and income (loss) from investments in unconsolidated affiliates			964						1,271						18.3		%				24.4		%				(307)						(24)		%
Income tax provision			(173)						(74)						(3.3)		%				(1.4)		%				99						n/m
Income (loss) from investments in unconsolidated affiliates			8						(626)						0.2		%				(12.0)		%				(634)						n/m
Net income			799						571						15.2		%				10.9		%				228						40		%
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest			7						7						0.1		%				0.1		%				—						—		%
Net income attributable to Fiserv, Inc.			$	792					$	564					15.0		%				10.8		%				$	228					40		%

(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.

			Nine Months Ended September 30,
			2025						2024						Percentage of Revenue (1)												Increase (Decrease)
(In millions)			2025						2024						$						%
Revenue:
Processing and services			$	12,622					$	12,377					79.3		%				81.4		%				$	245					2		%
Product			3,287						2,828						20.7		%				18.6		%				459						16		%
Total revenue			15,909						15,205						100.0		%				100.0		%				704						5		%
Expenses:
Cost of processing and services			4,287						4,043						34.0		%				32.7		%				244						6		%
Cost of product			2,057						1,951						62.6		%				69.0		%				106						5		%
Sub-total			6,344						5,994						39.9		%				39.4		%				350						6		%
Selling, general and administrative			5,155						5,000						32.4		%				32.9		%				155						3		%
Net gain on sales and distribution of other assets			(117)						—						(0.7)		%				—		%				117						n/m
Total expenses			11,382						10,994						71.5		%				72.3		%				388						4		%
Operating income			4,527						4,211						28.5		%				27.7		%				316						8		%
Interest expense, net			(1,118)						(872)						(7.0)		%				(5.7)		%				246						28		%
Other expense, net			(107)						(17)						(0.7)		%				(0.1)		%				90						n/m
Income before income taxes and loss from investments in unconsolidated affiliates			3,302						3,322						20.8		%				21.8		%				(20)						(1)		%
Income tax provision			(609)						(448)						(3.8)		%				(2.9)		%				161						36		%
Loss from investments in unconsolidated affiliates			(16)						(642)						(0.1)		%				(4.2)		%				(626)						(98)		%
Net income			2,677						2,232						16.8		%				14.7		%				445						20		%
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest			8						39						0.1		%				0.3		%				(31)						(79)		%
Net income attributable to Fiserv, Inc.			$	2,669					$	2,193					16.8		%				14.4		%				$	476					22		%

(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.

			Three Months Ended September 30,
(In millions)			Merchant												Financial						Corporate and Other						Total
Total revenue:
2025			$	2,586																	$	2,333								$	344								$	5,263
2024			2,469																		2,412									334									5,215
Revenue growth (decline)			$	117																	$	(79)								$	10								$	48
Revenue growth (decline) percentage			5		%																(3)		%																1		%
Operating income (loss):
2025			$	962																	$	991								$	(517)								$	1,436
2024			931																		1,143									(472)									1,602
Operating income growth (decline)			$	31																	$	(152)								$	(45)								$	(166)
Operating income growth (decline) percentage			3		%																(13)		%																(10)		%
Operating margin:
2025			37.2		%																42.5		%																27.3		%
2024			37.7		%																47.4		%																30.7		%
Operating margin growth (decline) (1)			(50)		bps																(490)		bps																(340)		bps

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

			Nine Months Ended September 30,
(In millions)			Merchant												Financial						Corporate and Other						Total
Total revenue:
2025			$	7,602																	$	7,302								$	1,005								$	15,909
2024			7,132																		7,076									997									15,205
Revenue growth			$	470																	$	226								$	8								$	704
Revenue growth percentage			7		%																3		%																5		%
Operating income (loss):
2025			$	2,686																	$	3,383								$	(1,542)								$	4,527
2024			2,582																		3,244									(1,615)									4,211
Operating income growth			$	104																	$	139								$	73								$	316
Operating income growth percentage			4		%																4		%																8		%
Operating margin:
2025			35.3		%																46.3		%																28.5		%
2024			36.2		%																45.8		%																27.7		%
Operating margin growth (decline) (1)			(90)		bps																50		bps																80		bps

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

Operating margin percentages are calculated using actual, unrounded amounts.

Total Revenue

Total revenue increased $48 million, or 1%, in the third quarter of 2025 compared to 2024, with 5% growth in our Merchant segment and 3% decline in our Financial segment. Total revenue increased $704 million, or 5%, in the first nine months of 2025 compared to 2024, with 7% growth in our Merchant segment and 3% growth in our Financial segment.

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

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

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

Total Expenses

Total expenses increased $214 million, or 6%, in the third quarter of 2025 and increased $388 million, or 4%, in the first nine months of 2025 compared to 2024. Total expenses as a percentage of total revenue increased 340 basis points to 72.7% in the third quarter of 2025 and decreased 80 basis points to 71.5% in the first nine months of 2025 compared to 2024. Total expenses as a percentage of total revenue in the third quarter of 2025 were negatively impacted by higher residual payments to channel partners of approximately 150 basis points; higher data processing costs of approximately 150 basis points; and an increase in severance, acquisition and integration related expenses of approximately 70 basis points. Total expenses as a percentage of total revenue in the first nine months of 2025 were favorably impacted by a reduction in amortization of acquisition-related intangible assets of approximately 90 basis points, partially offset by higher residual payments to channel partners. Total

expenses as a percentage of total revenue in the third quarter and first nine months of 2025 were also favorably impacted by an $89 million gain related to the distribution of certain merchant contracts for the redemption of a minority partner’s membership interest.

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

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

Selling, general and administrative expenses as a percentage of total revenue increased to 33.5% in the third quarter of 2025 compared to 30.8% in the third quarter of 2024 and decreased to 32.4% in the first nine months of 2025 compared to 32.9% in the first nine months of 2024. Selling, general and administrative expenses as a percentage of total revenue in the third quarter of 2025 was primarily impacted by higher residual payments to channel partners of approximately 150 basis points and an increase in severance, acquisition and integration related expenses of approximately 70 basis points, along with various other slight increases. Selling, general and administrative expenses as a percentage of total revenue in the first nine months of 2025 was impacted by a reduction in amortization of acquisition related-intangible assets of approximately 90 basis points, partially offset by higher residual payments to channel partners.

The net gain on sales and distribution of other assets in the third quarter and first nine months of 2025 includes an $89 million gain related to the distribution of certain merchant contracts for the redemption of a minority partner’s membership interest.

Operating Income and Operating Margin

Total operating income decreased $166 million, or 10%, in the third quarter of 2025 and increased $316 million, or 8%, in the first nine months of 2025 compared to 2024. Total operating margin decreased 340 basis points to 27.3% in the third quarter of 2025 and increased 80 basis points to 28.5% in the first nine months of 2025 compared to 2024.

Operating income in our Merchant segment increased $31 million, or 3%, in the third quarter of 2025 and increased $104 million, or 4%, in the first nine months of 2025 compared to 2024. Operating margin decreased 50 basis points to 37.2% in the third quarter of 2025 and decreased 90 basis points to 35.3% in the first nine months of 2025 compared to 2024. Operating margin decreased in our Merchant segment in both the third quarter and first nine months of 2025 primarily due to higher residual payments to channel partners and data processing costs. Operating income in the Merchant segment benefited from a gain of $89 million in the third quarter and first nine months of 2025 related to the distribution of certain merchant contracts for the redemption of a minority partner’s membership interest.

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

The operating loss in Corporate and Other increased $45 million in the third quarter of 2025 and decreased $73 million in the first nine months of 2025 compared to 2024. The operating loss in the third quarter of 2025 was primarily impacted by increased severance, acquisition and integration related expenses of $37 million. The operating loss in the first nine months of 2025 was primarily impacted by a reduction in amortization of acquisition-related intangible assets of $91 million.

Interest Expense, Net

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

Other Expense, Net

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

Income Tax Provision

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

Income (Loss) from Investments in Unconsolidated Affiliates

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

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests and redeemable noncontrolling interest relates to the minority partners’ share of the net income in our consolidated subsidiaries. Net income attributable to noncontrolling interests, including acquired intangible asset amortization from valuations in purchase accounting, was $7 million in both the third quarter of 2025 and 2024, and $8 million and $39 million in the first nine months of 2025 and 2024, respectively. Effective June 2024, we mutually agreed to terminate a joint venture agreement with a merchant alliance joint venture minority partner, resulting in lower net income attributable to noncontrolling interests for the first nine months of 2025.

Net Income Per Share – Diluted

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

Liquidity and Capital Resources

General

Our primary liquidity needs in the ordinary course of business are to: (i) fund normal operating expenses; (ii) meet the interest and principal requirements of our outstanding indebtedness, including finance lease and other financing obligations; and (iii) fund capital expenditures and operating lease payments. We believe these needs will be satisfied in both the short and long term

using cash flow generated by our operations, along with our cash and cash equivalents of $1.1 billion, proceeds from the issuance of U.S. dollar and Euro commercial paper, and available capacity under our revolving credit facility of $3.4 billion (net of $4.6 billion of capacity designated for outstanding borrowings under our commercial paper programs, senior notes due within the next twelve months and letters of credit) at September 30, 2025.

The following table summarizes our net cash provided by operating activities, or operating cash flow, and capital expenditures:

			Nine Months Ended September 30,												Increase (Decrease)
(In millions)			2025						2024						$						%
Net income			$	2,677					$	2,232					$	445
Depreciation and amortization			2,392						2,370						22
Share-based compensation			302						273						29
Deferred income taxes			(589)						(539)						(50)
Net gain on sales and distribution of other assets			(117)						—						(117)
Loss from investments in unconsolidated affiliates			16						642						(626)
Distributions from unconsolidated affiliates			34						29						5
Net changes in working capital and other			(597)						(597)						—
Net cash provided by operating activities			$	4,118					$	4,410					$	(292)					(7)		%
Capital expenditures, including capitalized software and other intangibles			$	1,321					$	1,170					$	151					13		%

Our operating cash flow was $4.1 billion in the first nine months of 2025, a decrease of 7% compared with $4.4 billion in the first nine months of 2024. The decrease was primarily attributed to lower cash conversion on profitability.

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

Share Repurchases

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

Acquisitions

Acquisitions of Businesses

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

In September 2025, we entered into definitive agreements to acquire StoneCastle, which transaction is expected to close by the first quarter of 2026, subject to regulatory approval and other customary closing conditions. In October 2025, we acquired a portion of TD Bank’s merchant processing business in Canada. We expect to acquire these businesses for an aggregate purchase price of approximately $460 million. We funded the TD Bank transaction and intend to fund the acquisition of StoneCastle by utilizing a combination of available cash and commercial paper.

Other Transactions

In the third quarter of 2024, Wells Fargo provided us with a notice of non-renewal for WFMS. Upon the expiration of the joint venture in April 2025, we received an initial cash payment of $453 million. Completion of the contractual valuation and

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

In April 2025, we acquired the remaining 19% ownership interest in ICICI Merchant Services Private Limited for $22 million. We previously held a majority controlling financial interest in this consolidated subsidiary and funded this transaction with available cash. In September 2025, we acquired the remaining 49.9% ownership interest, including cash held of $195 million, in AIBMS for $420 million. We previously held a majority controlling financial interest in this consolidated subsidiary and funded this transaction utilizing a combination of available cash and commercial paper.

Indebtedness

Our debt consisted of the following at:

(In millions)			September 30, 2025						December 31, 2024
Short-term and current maturities of long-term debt:
Foreign lines of credit			$	876					$	784
Finance lease and other financing obligations			447						326
Total short-term and current maturities of long-term debt			$	1,323					$	1,110
Long-term debt:
3.850% senior notes due June 2025			$	—					$	900
2.250% senior notes due July 2025 (British Pound-denominated)			—						661
3.200% senior notes due July 2026			2,000						2,000
5.150% senior notes due March 2027			750						750
2.250% senior notes due June 2027			1,000						1,000
1.125% senior notes due July 2027 (Euro-denominated)			585						521
5.450% senior notes due March 2028			900						900
2.875% senior notes due June 2028 (Euro-denominated)			878						—
5.375% senior notes due August 2028			700						700
4.200% senior notes due October 2028			1,000						1,000
3.500% senior notes due July 2029			3,000						3,000
4.750% senior notes due March 2030			850						850
2.650% senior notes due June 2030			1,000						1,000
1.625% senior notes due July 2030 (Euro-denominated)			585						521
4.550% senior notes due February 2031			1,000						—
5.350% senior notes due March 2031			500						500
4.500% senior notes due May 2031 (Euro-denominated)			936						835
3.000% senior notes due July 2031 (British Pound-denominated)			704						661
3.500% senior notes due June 2032 (Euro-denominated)			907						—
5.600% senior notes due March 2033			900						900
5.625% senior notes due August 2033			1,300						1,300
5.450% senior notes due March 2034			750						750
5.150% senior notes due August 2034			900						900
5.250% senior notes due August 2035			1,000						—
4.000% senior notes due June 2036 (Euro-denominated)			761						—
4.400% senior notes due July 2049			2,000						2,000
U.S. dollar commercial paper notes			1,238						221
Euro commercial paper notes			1,310						1,239
Revolving credit facility			—						115
Unamortized discount and deferred financing costs			(178)						(150)
Finance lease and other financing obligations			1,600						656
Total long-term debt			$	28,876					$	23,730

In August 2025, we completed the public offering and issuance of $2.0 billion of senior notes, comprised of $1.0 billion aggregate principal amount of 4.550% senior notes due in February 2031 and $1.0 billion aggregate principal amount of 5.250% senior notes due in August 2035. We used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of our commercial paper notes and for share repurchases.

In May 2025, Fiserv Funding Unlimited Company, an indirect wholly owned subsidiary of Fiserv, Inc., completed the public offering and issuance of €2.175 billion of senior notes, comprised of €750 million aggregate principal amount of 2.875% senior notes due in June 2028 (the “2028 notes”), €775 million aggregate principal amount of 3.500% senior notes due in June 2032 (the “2032 notes”) and €650 million aggregate principal amount of 4.000% senior notes due in June 2036 (the “2036 notes”). Fiserv, Inc. has fully and unconditionally guaranteed these notes on a senior unsecured basis. We used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of our commercial paper notes, the 3.850% senior notes due in June 2025 and 2.250% senior notes due in July 2025.

In August 2024, we completed the public offering and issuance of $1.75 billion of senior notes, comprised of $850 million aggregate principal amount of 4.750% senior notes due in March 2030 and $900 million aggregate principal amount of 5.150% senior notes due in August 2034. We used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of our commercial paper notes and for share repurchases.

In March 2024, we completed the public offering and issuance of $2.0 billion of senior notes, comprised of $750 million aggregate principal amount of 5.150% senior notes due in March 2027, $500 million aggregate principal amount of 5.350% senior notes due in March 2031 and $750 million aggregate principal amount of 5.450% senior notes due in March 2034. We used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of our commercial paper notes and for share repurchases, and in July 2024, the repayment of a portion of our 2.750% senior notes.

At September 30, 2025, our debt consisted primarily of $24.9 billion of fixed-rate senior notes and $2.5 billion of outstanding borrowings under our commercial paper programs. Interest on our U.S. dollar-denominated senior notes is paid semi-annually, while interest on our Euro and British Pound-denominated senior notes is paid annually. Interest on our revolving credit facility and commercial paper notes is generally paid weekly, or more frequently on occasion.

At September 30, 2025, the 3.200% senior notes due July 2026 were classified in the consolidated balance sheet as long-term, as we have the ability to refinance such debt under our revolving credit facility. Outstanding borrowings under the commercial paper programs are also classified in the consolidated balance sheet as long-term, as we have the intent to refinance this commercial paper on a long-term basis through the continued issuance of new commercial paper upon maturity, and also have the ability to refinance such commercial paper under our revolving credit facility.

Variable Rate Debt

Our variable rate debt consisted of the following at September 30, 2025:

(In millions)			Maturity						Weighted-Average Interest Rate						Outstanding Borrowings
Foreign lines of credit			various						36.887%						$	876
U.S. dollar commercial paper notes			various						4.301%						1,238
Euro commercial paper notes			various						2.135%						1,310
Total variable rate debt									11.800%						$	3,424

We maintain various short-term lines of credit and other borrowing arrangements with foreign banks and alliance partners primarily to fund merchant settlement advances associated with operations in Latin America. The following table provides a summary of the outstanding borrowings and weighted average interest rates of our foreign lines of credit and other borrowing arrangements by country at September 30, 2025:

			Outstanding Borrowings (in millions)						Weighted-Average Interest Rate
Argentina			$	482											55.552		%
Brazil			297												15.603		%
Uruguay and Other			97												9.152		%
Total			$	876											36.887		%

Net merchant cash advances, including our Clover Capital program and advanced funding of settlement activity, during the first nine months of 2025 were $614 million. We offer advanced funding of settlement activity associated with operations in Latin America by utilizing local operating cash and various short-term lines of credit. We collect a portion of the corresponding receivables from card issuers over several months. Therefore, in the event we are unable to continue to borrow in the Latin

America overnight markets, we may fund future advances with our consolidated cash and cash equivalents and available capacity under our revolving credit facility.

We maintain unsecured U.S. dollar and Euro commercial paper programs with various maturities generally ranging from one day to four months. Outstanding borrowings under our commercial paper programs bear interest based on the prevailing rates at the time of issuance.

In August 2025, we entered into a new senior unsecured multicurrency revolving credit facility with substantially the same syndicate of banks that were lenders under our prior revolving credit facility, which we voluntarily terminated and replaced. The new credit facility matures in August 2030 and provides for a maximum aggregate principal amount of availability of $8.0 billion. Borrowings under the credit facility bear interest at a variable base rate, determined by the term and currency of the borrowing, plus a specified margin based on our long-term debt rating. There were no outstanding borrowings under the revolving credit facility at September 30, 2025. We are required to pay a facility fee based on the aggregate commitments in effect under the credit agreement from time to time.

Debt Covenants and Compliance

The indentures governing our senior notes contain covenants that, among other matters, limit (i) our ability to consolidate or merge with or into, or convey, transfer or lease all or substantially all of our properties and assets to, another person, (ii) our and certain of our subsidiaries’ ability to create or assume liens, and (iii) our and certain of our subsidiaries’ ability to engage in sale and leaseback transactions. We may, at our option, redeem the senior notes, in whole or in part, at any time and from time to time, at the applicable redemption price.

The revolving credit facility contains various restrictions and covenants that require us to, among other things, limit our consolidated indebtedness as of the end of each fiscal quarter to no more than 3.75 times our consolidated net income before interest, taxes, depreciation, amortization, non-cash charges and expenses and certain other adjustments during the period of four fiscal quarters then ended, subject to certain exceptions.

During the first nine months of 2025, we were in compliance with all financial debt covenants. Our ability to meet future debt covenant requirements will depend on our continued ability to generate earnings and cash flows. We expect to remain in compliance with all terms and conditions associated with our outstanding debt, including financial debt covenants.

Debt Guarantees

We maintain noncontrolling ownership interests in Sagent M&C, LLC and defi SOLUTIONS Group, LLC (collectively, the “Lending Joint Ventures”). The Lending Joint Ventures maintain variable-rate term loan facilities with aggregate outstanding borrowings of $404 million in senior unsecured debt at September 30, 2025 and variable-rate revolving credit facilities with an aggregate borrowing capacity of $83 million with a syndicate of banks, which mature in April 2027. There were $21 million of aggregate outstanding borrowings on the revolving credit facilities at September 30, 2025. We have guaranteed the debt of the Lending Joint Ventures. We maintained a liability of $14 million at September 30, 2025 for the estimated fair value of our non-contingent obligations to stand ready to perform over the term of the guarantee arrangements. Such guarantees will be amortized in future periods over the contractual term of the debt. In addition, we maintained a contingent liability of $8 million at September 30, 2025, representing the current expected credit losses to which we are exposed. This contingent liability is estimated based on certain financial metrics of the Lending Joint Ventures and historical industry data, which is used to develop assumptions of the likelihood the guaranteed parties will default and the level of credit losses in the event a default occurs. We have not made any payments under the guarantees, nor have we been called upon to do so, and do not anticipate that the Lending Joint Ventures will fail to fulfill their debt obligations.

Supplemental Guarantor Information

Fiserv, Inc. has fully, unconditionally and solely guaranteed on a senior unsecured basis the 2028 notes, 2032 notes and 2036 notes (the “Guaranteed Notes”) issued by Fiserv Funding Unlimited Company (the “Issuer”), an indirect wholly owned subsidiary of Fiserv, Inc. No other subsidiary of Fiserv, Inc. or the Issuer has guaranteed the Guaranteed Notes. The Guaranteed Notes are the Issuer’s unsecured senior obligations and rank equally with other unsecured senior indebtedness of the Issuer from time to time outstanding. The guarantees of Fiserv, Inc. are unsecured senior obligations of Fiserv, Inc. and rank equally with other unsecured senior indebtedness of Fiserv, Inc. from time to time outstanding.

Cash and Cash Equivalents

Investments, exclusive of settlement assets, with original maturities of 90 days or less that are readily convertible to cash are considered to be cash equivalents as reflected within our consolidated balance sheets.

The table below details our cash and cash equivalents held at:

(In millions)			September 30, 2025						December 31, 2024
Available (1)			$	884					$	665
Unavailable (2)			184						571
Total			$	1,068					$	1,236

(1)As of September 30, 2025, available cash includes $252 million of cash related to AIBMS due to our acquisition of the remaining 49.9% ownership interest in the third quarter of 2025, which was previously classified as unavailable.

(2)Represents cash held by our joint ventures that is not available to fund operations outside of those entities unless approved by the board of directors of the relevant entity, as well as cash held by other entities that are subject to foreign exchange controls in certain countries or regulatory capital requirements.