10-K – 2026-02-19 – fi-20251231.htm

These fixed-to-fixed cross-currency rate swaps have been designated as net investment hedges to hedge a portion of the Company’s net investment in certain subsidiaries whose functional currencies are the Euro, Singapore Dollar, and Canadian Dollar. The Company has also designated certain of its Euro- and British Pound-denominated senior notes and Euro commercial paper notes as net investment hedges to hedge a portion of its net investment in certain subsidiaries whose functional currencies are the Euro and the British Pound.
Foreign currency transaction gains or losses on the qualifying net investment hedge instruments are recorded as foreign currency translation within other comprehensive income (loss) in the consolidated statements of comprehensive income and will remain in accumulated other comprehensive loss in the consolidated balance sheets until the sale or complete liquidation of the underlying foreign currency-denominated subsidiaries.
Foreign currency transaction gains (losses), net of income tax, related to net investment hedges that were recorded as foreign currency translation within other comprehensive income (loss) in the consolidated statements of comprehensive income were as follows:

Year Ended December 31,

(In millions) 2025 2024 2023
Cross-currency rate swap contracts
$ ( 85 ) $ 32   $ ( 29 )
Foreign currency-denominated debt
( 328 ) 166   ( 177 )

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The Company recorded income tax impacts of $ 138  million, $( 66 ) million and $ 68  million for the years ended December 31, 2025, 2024 and 2023, respectively, in other comprehensive income (loss) from the translation of foreign currency-denominated senior notes, Euro commercial paper notes and fixed-to-fixed cross-currency rate swap contracts.

Fair Value Hedges
The Company previously maintained a fixed-to-fixed cross-currency rate swap contract in the notional amount of 525  million British Pounds, designated as a fair value hedge, to mitigate the spot foreign exchange rate risk on the principal amount of its British Pound-denominated 2.250 % senior notes, which matured in July 2025, as well as fixed-to-fixed cross-currency rate swap contracts on the principal amount of a Euro-denominated intercompany note, which was repaid in 2024. Net changes in the fair value of the cross-currency rate swaps ($ 60  million gain, $ 8  million loss and $ 6  million loss for the years ended December 31, 2025, 2024 and 2023, respectively), along with the offsetting change in the fair value of the hedged notes, attributable to fluctuations in the respective foreign currency spot rates were recognized in other expense, net within the consolidated statements of income.

10. Fair Value Measurements
The fair values of cash equivalents, trade accounts receivable, other current assets, settlement assets and obligations, accounts payable, and client deposits approximate their respective carrying values due to the short period of time to maturity. Derivative instruments maintained by the Company (see Note 9) are measured on a recurring basis based on foreign currency spot rates and forwards quoted by banks and foreign currency dealers and are marked to market each period. Contingent consideration related to certain of the Company’s acquisitions (see Note 4) is estimated using a probability-weighted assessment approach based on the likelihood of achieving the earn-out criteria. The Company’s obligation to satisfy the purchase of a redeemable noncontrolling interest associated with a terminated merchant alliance joint venture was measured at the estimated fair value of the minority interest. Such obligation was settled during the year ended December 31, 2025 through the distribution of certain merchant contracts to the minority partner (see Note 13). The fair value of the Company’s contingent liability for current expected credit losses associated with its debt guarantees, as further described below, is estimated based on assumptions of future risk of default and the corresponding level of credit losses at the time of default.
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Assets and liabilities measured at fair value on a recurring basis consisted of the following:

Fair Value at December 31,
(In millions) Classification Fair Value Hierarchy 2025 2024
Assets

Cross-currency rate swap contract designated as net investment hedge Prepaid expenses and other current assets Level 2 $ —   $ 2  

Cross-currency rate swap contracts designated as net investment hedges Other long-term assets Level 2 —   6  

Liabilities

Cross-currency rate swap contract designated as fair value hedge Accounts payable and other current liabilities Level 2 $ —   $ 12  
Cross-currency rate swap contracts designated as net investment hedges Accounts payable and other current liabilities Level 2 29   9  
Forward exchange contracts designated as cash flow hedges Accounts payable and other current liabilities Level 2 10   6  
Forward exchange contracts designated as cash flow hedges Other long-term liabilities Level 2 1   2  

Cross-currency rate swap contracts designated as net investment hedges Other long-term liabilities Level 2 81   17  
Contingent consideration Accounts payable and other current liabilities Level 3 6   —  
Contingent consideration Other long-term liabilities Level 3 29   —  
Obligation to purchase redeemable noncontrolling interest Accounts payable and other current liabilities Level 3 —   95  

Contingent debt guarantee Other long-term liabilities Level 3 6   15  

Debt
The Company’s senior notes are recorded at amortized cost but measured at fair value for disclosure purposes. The estimated fair value of senior notes was based on matrix pricing which considers readily observable inputs of comparable securities (Level 2 of the fair value hierarchy). The carrying value of the Company’s foreign lines of credit, commercial paper notes and revolving credit facility borrowings approximates fair value as these instruments have variable interest rates and the Company has not experienced any change to its credit ratings (Level 2 of the fair value hierarchy). The estimated fair value of total debt, excluding finance leases and other financing obligations, was $ 26.4 billion and $ 23.2 billion at December 31, 2025 and 2024, respectively, and the carrying value was $ 26.9 billion and $ 23.9 billion at December 31, 2025 and 2024, respectively.
Debt Guarantee Arrangements
The Company maintains liabilities for its obligations to perform over the term of its debt guarantee arrangements with the Lending Joint Ventures (see Note 8), which are reported within other long-term liabilities in the consolidated balance sheets. The Company has provided aggregate guarantees of $ 482  million associated with the debt of the Lending Joint Ventures and is entitled to receive a defined fee in exchange for its guarantee of this indebtedness. The Company has not made any payments under the guarantees, nor has it been called upon to do so, and does not anticipate that the Lending Joint Ventures will fail to fulfill their debt obligations.
The non-contingent component of the Company’s debt guarantee arrangements is recorded at amortized cost, but measured at fair value for disclosure purposes. The carrying value of the Company’s non-contingent liability of $ 12  million and $ 21  million approximates the fair value at December 31, 2025 and 2024, respectively (Level 3 of the fair value hierarchy). Such guarantees will be amortized in future periods over the contractual term of the debt. The contingent component of the Company’s debt guarantee arrangements represents the current expected credit losses to which the Company is exposed. The amount of the liability, as reflected within the table above, 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
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of credit losses in the event a default occurs. The Company recognized $ 18 million during each of the years ended December 31, 2025 and 2024, and $ 7 million during the year ended December 31, 2023 within other expense, net in its consolidated statements of income related to its release from risk under the non-contingent guarantees as well as a change in the provision of estimated credit losses associated with the indebtedness of the Lending Joint Ventures.
Other Non-Financial Assets
Certain of the Company’s non-financial assets are measured at fair value on a non-recurring basis, including property and equipment, lease ROU assets, equity securities without a readily determinable fair value, goodwill and other intangible assets, and are subject to fair value adjustment in certain circumstances. Additional information about fair value adjustments recorded on a non-recurring basis during the years ended December 31, 2025, 2024 and 2023 is included in Note 8 to the consolidated financial statements.

11. Leases

Company as Lessee
The Company primarily leases office space, data centers and equipment from third parties. The Company determines if a contract is a lease at inception. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease term begins on the commencement date, which is the date the Company takes possession or obtains control of the asset, and may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Many of the Company’s leases contain renewal options for varying periods, which can be exercised at the Company’s sole discretion. Leases are classified as operating or finance leases based on factors such as the lease term, lease payments, and the economic life, fair value and estimated residual value of the asset. Certain leases include options to purchase the leased asset at the end of the lease term, which is assessed as a part of the Company’s lease classification determination. The Company’s leases have remaining lease terms ranging from one month to 18 years.
The Company uses the right-of-use model to account for its leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. ROU assets are based on the lease liability and are increased by prepaid lease payments and decreased by lease incentives received. For leases where the Company is reasonably certain to exercise a renewal option, such option periods have been included in the determination of the Company’s ROU assets and lease liabilities. Certain leases require the Company to pay taxes, insurance, maintenance and other operating expenses associated with the leased asset. Such amounts are not included in the measurement of the ROU assets and lease liabilities to the extent they are variable in nature. These variable lease costs are recognized as variable lease expenses when incurred. As a practical expedient, lease agreements with lease and non-lease components are accounted for as a single lease component for all asset classes. The Company estimates contingent lease incentives when it is probable that the Company is entitled to the incentive at lease commencement. The Company elected the short-term lease recognition exemption for all leases that qualify. Therefore, leases with a term of 12 months or less are not recorded on the consolidated balance sheets; instead, lease payments are recognized as lease expense on a straight-line basis over the lease term. The depreciable life of the ROU assets and leasehold improvements are limited by the expected lease term unless the Company is reasonably certain of a transfer of title or purchase option. The Company uses its incremental borrowing rate to discount future lease payments in the calculation of the lease liability and ROU asset based on the information available on the commencement date for each lease. The Company’s leases typically do not provide an implicit rate. The determination of the incremental borrowing rate requires judgment and is determined using the Company’s current unsecured borrowing rate, adjusted for various factors such as collateralization, currency and term to align with the terms of the lease.
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Lease Balances

December 31,
(In millions) 2025 2024
Assets

Operating lease assets (1)
$ 589   $ 595  
Finance lease assets (2)
1,118   611  
Total lease assets $ 1,707   $ 1,206  

Liabilities
Current:

Operating lease liabilities (1)
$ 126   $ 116  
Finance lease liabilities (2)
284   209  
Noncurrent:

Operating lease liabilities (1)
637   654  
Finance lease liabilities (2)
841   417  
   Total lease liabilities $ 1,888   $ 1,396  

(1)     Operating lease assets are included within other long-term assets , and operating lease liabilities are included within accounts payable and other current liabilities (current portion) and other long-term liabilities (noncurrent portion) in the consolidated balance sheets.
(2) Finance lease assets are included within property and equipment, net and finance lease liabilities are included within short-term and current maturities of long-term debt (current portion) and long-term debt (noncurrent portion) in the consolidated balance sheets.
Components of Lease Cost

Year Ended December 31,
(In millions) 2025 2024 2023
Operating lease cost (1)
$ 201   $ 193   $ 185  
Finance lease cost: (2)

     Amortization of right-of-use assets
278   210   189  
     Interest on lease liabilities
59   39   31  
Total lease cost
$ 538   $ 442   $ 405  

(1) Operating lease expense is included within cost of processing and services, cost of product and selling, general and administrative expense, dependent upon the nature and use of the ROU asset, in the consolidated statements of income. Operating lease expense includes approximately $ 55 million, $ 51 million and $ 41 million of variable lease costs during the years ended December 31, 2025, 2024 and 2023, respectively.
(2) Finance lease expense is recorded as depreciation and amortization expense within cost of processing and services, cost of product and selling, general and administrative expense, dependent upon the nature and use of the ROU asset, and interest expense, net in the consolidated statements of income.
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Supplemental Cash Flow Information

Year Ended December 31,
(In millions) 2025 2024 2023
Cash paid for amounts included in the measurement of lease liabilities:
     Operating cash flows - operating leases
$ 128   $ 124   $ 134  
     Operating cash flows - finance leases
59   39   31  
     Financing cash flows - finance leases
345   264   207  

Right-of-use assets obtained in exchange for lease liabilities:
     Operating leases $ 56   $ 105   $ 76  
     Finance leases 924   221   279  

Lease Term and Discount Rate

December 31,
2025 2024
Weighted-average remaining lease term:
     Operating leases 9 years 10 years
     Finance leases 5 years 4 years
Weighted-average discount rate:
     Operating leases 3.2   % 3.1   %
     Finance leases 5.2   % 5.3   %

Maturity of Lease Liabilities
Future minimum rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows at December 31, 2025:

(In millions)
Year Ending December 31, Operating Leases (1)(2)
Finance Leases (3)

2026 $ 148   $ 348  
2027 138   295  
2028 116   239  
2029 90   205  
2030 69   131  
Thereafter 343   44  
     Total lease payments 904   1,262  
Less: Interest ( 141 ) ( 137 )
     Present value of lease liabilities $ 763   $ 1,125  

(1) Operating lease payments include $ 84 million related to options to extend lease terms that are reasonably certain of being exercised.
(2) Operating lease payments exclude $ 162 million of legally binding minimum lease payments for leases signed but not yet commenced. Operating leases that have been signed but not yet commenced are for real estate and will commence in 2026 with lease terms up to 21 years.
(3) Finance lease payments exclude $ 393 million of legally binding minimum lease payments for leases signed but not yet commenced. Finance leases that have been signed but not yet commenced are for equipment and will commence in 2026 with lease terms of up to 7 years.
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Company as Lessor
The Company owns certain POS terminal equipment which it leases to merchants. Leases are classified as operating or sales-type leases based on factors such as the lease term, lease payments, and the economic life, fair value and estimated residual value of the asset. The terms of the leases typically range from one month to four years . For operating leases, the minimum lease payments received are recognized as lease income within product revenue on a straight-line basis over the lease term and the leased asset is included in property and equipment, net in the consolidated balance sheets and depreciated over its estimated useful life. For sales-type leases, selling profit is recognized within product revenue at the commencement date of the lease to the extent the fair value of the underlying asset is different from its carrying amount. Selling profit is directly impacted by the Company’s estimate of the amount to be derived from the residual value of the asset at the end of the lease term. The residual value of the asset is computed using various assumptions, including the expected value of the underlying asset at the end of the lease term. Unearned income is recognized as interest income within product revenue over the lease term. For sales-type leases, the Company derecognizes the carrying amount of the underlying leased asset and recognizes a net investment in the leased asset in the consolidated balance sheets. The net investment in a leased asset is computed based on the present value of the minimum lease payments not yet received, along with the present value of the residual value of the asset less unearned interest income.
Components of Lease Income

Year Ended December 31,
(In millions) 2025 2024 2023
Sales-type leases:

   Selling profit (1)
$ 92   $ 74   $ 56  
   Interest income (2)
116   87   81  
Operating lease income (3)
236   243   259  

(1) Selling profit includes $ 257 million, $ 213 million and $ 160 million recorded within product revenue with a corresponding charge of $ 165 million, $ 139 million and $ 104 million recorded within cost of product in the consolidated statements of income for the years ended December 31, 2025, 2024 and 2023, respectively.
(2) Interest income is included within product revenue in the consolidated statements of income.
(3) Operating lease income includes a nominal amount of variable lease income and is included within product revenue in the consolidated statements of income for each of the years ended December 31, 2025, 2024 and 2023.
Components of Net Investment in Sales-Type Leases

December 31,
(In millions) 2025 2024
Minimum lease payments
$ 582   $ 520  
Residual values
23   22  
Less: Unearned interest income
( 197 ) ( 185 )
Net investment in leases (1)
$ 408   $ 357  

(1) Net investments in leased assets are included within prepaid expenses and other current assets (current portion) and other long-term assets (noncurrent portion) in the consolidated balance sheets.
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Maturities of Future Minimum Lease Payment Receivables
Future minimum lease payments receivable on sales-type leases were as follows at December 31, 2025:

(In millions)
Year Ending December 31, Sales-Type Leases

2026 $ 227  
2027 180  
2028 123  
2029 48  
2030 4  
Thereafter —  
     Total minimum lease payments $ 582  

Lease Payment Receivables Portfolio
The Company accounts for lease payment receivables in connection with POS terminal equipment as a single portfolio. The Company recognizes an allowance for expected credit losses on lease payment receivables at the commencement date of the lease by considering the term, geography and internal credit risk ratings of such lease. The internal credit risk ratings are established based on lessee specific risk factors, such as FICO score, number of years the lessee has been in business and the nature of the lessee’s industry, which are considered indicators of the likelihood a lessee may default in the future. The allowance for estimated credit losses on lease payment receivables was $ 55 million and $ 50 million at December 31, 2025 and 2024, respectively.
The Company determines delinquency status on lease payment receivables based on the number of calendar days past due. The Company considers lease payments that are 90 days or less past due as performing. Lease payments that are greater than 90 days past due are placed on non-accrual status in which interest income within product revenue is no longer recognized. Lease payment receivables are fully written off in the period they become delinquent greater than 180 days past due. Lease payment receivables that were determined to be on non-accrual status were nominal at each of December 31, 2025 and 2024.
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12. Debt
The Company’s debt consisted of the following:
December 31,
(In millions) 2025 2024
Short-term and current maturities of long-term debt:
Foreign lines of credit $ 762   $ 784  
Finance lease and other financing obligations 477   326  
Total short-term and current maturities of long-term debt $ 1,239   $ 1,110  

Long-term debt:

3.850 % senior notes due June 2025
$ —   $ 900  
2.250 % senior notes due July 2025 (British Pound-denominated)
—   661  
3.200 % senior notes due July 2026
2,000   2,000  
5.150 % senior notes due March 2027
750   750  
2.250 % senior notes due June 2027
1,000   1,000  
1.125 % senior notes due July 2027 (Euro-denominated)
589   521  
5.450 % senior notes due March 2028
900   900  
2.875 % senior notes due June 2028 (Euro-denominated)
883   —  
5.375 % senior notes due August 2028
700   700  
4.200 % senior notes due October 2028
1,000   1,000  
3.500 % senior notes due July 2029
3,000   3,000  
4.750 % senior notes due March 2030
850   850  
2.650 % senior notes due June 2030
1,000   1,000  
1.625 % senior notes due July 2030 (Euro-denominated)
589   521  
4.550 % senior notes due February 2031
1,000   —  
5.350 % senior notes due March 2031
500   500  
4.500 % senior notes due May 2031 (Euro-denominated)
942   835  
3.000 % senior notes due July 2031 (British Pound-denominated)
709   661  
3.500 % senior notes due June 2032 (Euro-denominated)
912   —  
5.600 % senior notes due March 2033
900   900  
5.625 % senior notes due August 2033
1,300   1,300  
5.450 % senior notes due March 2034
750   750  
5.150 % senior notes due August 2034
900   900  
5.250 % senior notes due August 2035
1,000   —  
4.000 % senior notes due June 2036 (Euro-denominated)
765   —  
4.400 % senior notes due July 2049
2,000   2,000  
U.S. dollar commercial paper notes 326   221  
Euro commercial paper notes 839   1,239  
Revolving credit facility 188   115  

Unamortized discount and deferred financing costs ( 169 ) ( 150 )
Finance lease and other financing obligations 1,635   656  
Total long-term debt $ 27,758   $ 23,730  

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Annual maturities of the Company’s total debt were as follows at December 31, 2025:

(In millions)
Year Ending December 31,
2026 $ 1,239  
2027 2,804  
2028 3,885  
2029 3,364  
2030 6,037  
Thereafter 11,837  
Total principal payments 29,166  
Unamortized discount and deferred financing costs ( 169 )
Total debt $ 28,997  

The Company was in compliance with all financial debt covenants during the year ended December 31, 2025.
Senior Notes
The Company has outstanding $ 24.9 billion of various fixed-rate senior notes, as described above. The indentures governing the Company’s senior notes contain covenants that, among other matters, limit (i) the Company’s ability to consolidate or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, another person, (ii) the Company’s and certain of its subsidiaries’ ability to create or assume liens, and (iii) the Company’s and certain of its subsidiaries’ ability to engage in sale and leaseback transactions. The Company may, at its option, redeem the senior notes, in whole or in part, at any time and from time to time, at the applicable redemption price. Interest on the Company’s U.S. dollar-denominated senior notes is paid semi-annually, while interest on its Euro- and British Pound-denominated senior notes is paid annually. The interest rate applicable to certain of the senior notes is subject to an increase of up to two percent in the event that the credit rating assigned to such notes is downgraded below investment grade.
On August 11, 2025, the Company 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. Interest on these senior notes is paid semi-annually. The Company used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of the Company’s commercial paper notes and for share repurchases.
On May 7, 2025, Fiserv Funding Unlimited Company, an indirect wholly owned subsidiary of the Company, 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, € 775  million aggregate principal amount of 3.500 % senior notes due in June 2032 and € 650  million aggregate principal amount of 4.000 % senior notes due in June 2036. These notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company. Interest on these senior notes is paid annually. The Company used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of the Company’s commercial paper notes, 3.850 % senior notes due in June 2025 and 2.250 % senior notes due in July 2025.
On August 12, 2024, the Company 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. Interest on these senior notes is paid semi-annually. The Company used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of the Company’s commercial paper notes and for share repurchases.
On March 4, 2024, the Company 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. Interest on these senior notes is paid semi-annually. The Company used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of the Company’s commercial paper notes and for share repurchases, and in July 2024, the repayment of a portion of its 2.750 % senior notes due in July 2024.
At December 31, 2025, the 3.200 % senior notes due in July 2026 were classified in the consolidated balance sheet as long-term, as the Company has the ability to refinance such debt under its revolving credit facility.
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Commercial Paper
The Company maintains unsecured U.S. dollar and Euro commercial paper programs. From time to time, the Company may issue under these programs U.S. dollar commercial paper with maturities of up to 397 days from the date of issuance and Euro commercial paper with maturities of up to 183 days from the date of issuance. Outstanding borrowings under the U.S. dollar program were $ 326  million and $ 221  million at December 31, 2025 and 2024, with weighted average interest rates of 3.851 % and 4.534 %, respectively. Outstanding borrowings under the Euro program were $ 839  million and $ 1.2  billion at December 31, 2025 and 2024, with weighted average interest rates of 2.210 % and 3.115 %, respectively. The Company intends to maintain available capacity under its revolving credit facility, as described below, in an amount at least equal to the aggregate outstanding borrowings under its commercial paper programs. Outstanding borrowings under the commercial paper programs are classified in the consolidated balance sheets as long-term as the Company has the intent to refinance this commercial paper on a long-term basis through the continued issuance of new commercial paper upon maturity, and the Company also has the ability to refinance such commercial paper under its revolving credit facility.
Revolving Credit Facility
On August 12, 2025, the Company entered into a new senior unsecured multicurrency revolving credit facility with substantially the same syndicate of banks that were leaders under its prior revolving credit facility, which the Company 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 the Company’s long-term debt rating. Outstanding borrowings under the revolving credit facilities were $ 188  million and $ 115  million at December 31, 2025 and 2024, with corresponding interest rates of 4.685 % and 5.440 %, respectively. The new credit facility also requires the Company to pay a facility fee based on the aggregate commitments in effect under the agreement from time to time. The credit facility contains various restrictions and covenants that require the Company to, among other things, limit its consolidated indebtedness as of the end of each fiscal quarter to no more than 3.75 times the Company’s 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.
Foreign Lines of Credit
The Company maintains 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 through the Company’s settlement anticipation program. The following table provides a summary of the outstanding borrowings and weighted average interest rates of the Company’s foreign lines of credit and other borrowing arrangements by country at December 31:

Outstanding Borrowings (In millions)
Weighted-Average Interest Rate

2025 2024 2025 2024
Argentina
$ 282   $ 597   51.559   % 38.470   %
Brazil
365   94   15.482   % 12.976   %
Uruguay and Other 115   93   7.964   % 7.014   %
Total
$ 762   $ 784   27.727   % 31.695   %

Deferred Financing Costs
Deferred financing costs are amortized as a component of interest expense, net over the term of the underlying debt using the straight-line method. Deferred financing costs related to the Company’s senior notes totaled $ 114 million and $ 103 million at December 31, 2025 and 2024, respectively, and are reported as a direct reduction of the related debt instrument in the consolidated balance sheets. Deferred financing costs related to the Company’s revolving credit facility totaled $ 13 million and $ 5 million at December 31, 2025 and 2024, respectively, and are reported within other long-term assets in the consolidated balance sheets.

13. Redeemable Noncontrolling Interest
The minority partner in one of the Company’s merchant alliance joint ventures maintained a redeemable noncontrolling 1 % interest which was presented outside of equity and carried at its estimated redemption value. The minority partner was entitled to a contractually determined share of the entity’s income, and the joint venture agreement contained redemption features whereby the interest held by the minority partner was redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within the Company’s control.
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Effective June 2024, the Company and the merchant alliance joint venture minority partner mutually agreed to terminate the joint venture agreement on September 1, 2024. Under the provisions of the separation agreement, the Company redeemed the minority partner’s membership interest in exchange for a future distribution of certain merchant contracts. The redeemable noncontrolling interest was adjusted in the second quarter of 2024 to reflect the estimated redemption value, with a corresponding adjustment recorded to additional paid-in capital within the consolidated statement of equity. Additionally, as the redeemable noncontrolling interest became mandatorily redeemable, the Company’s obligation to satisfy the purchase of the minority partner’s membership interest was classified as a current liability in the consolidated balance sheet. The distribution of certain merchant contracts for the redemption of the minority partner’s membership interest was settled in the third quarter of 2025, resulting in a gain of $ 89  million recorded within net gain on sale of business and distribution of other assets in the consolidated statement of income. There was no associated tax impact on this gain. The Company maintains an ongoing relationship with the former minority partner to provide processing and other support services following the termination of the joint venture agreement.
The following table presents a summary of the redeemable noncontrolling interest activity during the year ended December 31, 2024:

(In millions)
Balance at beginning of year $ 161  
Distributions paid to redeemable noncontrolling interest
( 13 )
Share of income 13  
Adjustment to estimated redemption value of redeemable noncontrolling interest ( 66 )
Reclassification to current liability ( 95 )
Balance at end of year $ —  

14. Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss by component, net of income taxes, consisted of the following:

(In millions) Derivatives Foreign
Currency
Translation Pension Plans Total
Year Ended December 31, 2025

Balance at December 31, 2024 $ ( 79 ) $ ( 1,327 ) $ ( 7 ) $ ( 1,413 )
Other comprehensive income (loss) before reclassifications ( 7 ) 419   2   414  
Amounts reclassified from accumulated other comprehensive loss
15   —   —   15  
Net current-period other comprehensive income 8   419   2   429  
Balance at December 31, 2025 $ ( 71 ) $ ( 908 ) $ ( 5 ) $ ( 984 )

Year Ended December 31, 2024

Balance at December 31, 2023 $ ( 78 ) $ ( 688 ) $ ( 17 ) $ ( 783 )
Other comprehensive loss before reclassifications ( 10 ) ( 639 ) ( 88 ) ( 737 )
Amounts reclassified from accumulated other comprehensive loss 9   —   98   107  
Net current-period other comprehensive (loss) income ( 1 ) ( 639 ) 10   ( 630 )

Balance at December 31, 2024 $ ( 79 ) $ ( 1,327 ) $ ( 7 ) $ ( 1,413 )

15. Share-Based Compensation
The Company recognizes the fair value of share-based compensation awards granted to employees in cost of processing and services, cost of product, and selling, general and administrative expense in its consolidated statements of income.
The Company’s share-based compensation awards are typically granted in the first quarter of the year; however, grants may also occur throughout the year, and primarily consist of the following:
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• Restricted Stock Units and Awards – The Company grants restricted stock units and awards to employees and non-employee directors. Time-based restricted stock units and award grants generally vest over a three-year period. In December 2025, the Company granted discretionary restricted stock units to certain employees, which fully vest after an 18 month period. The Company recognizes compensation expense for restricted stock units and awards based on the market price of its common stock on the grant date over the period during which the units and awards vest.
• Performance Share Units – The Company grants performance share units to employees. The number of shares issued at the end of the performance period is determined by the level of achievement of predefined performance goals, including earnings, revenue growth, integration attainment, and shareholder return. The Company recognizes compensation expense on performance share units ratably over the requisite performance period of the award, generally two to five years , to the extent management views the performance goals as probable of attainment. The Company recognizes compensation expense for the fair value of the shareholder return component over the requisite service period of the award.
• Stock Options – The Company may grant stock options to employees and non-employee directors at exercise prices equal to the fair market value of the Company’s stock on the dates of grant. Stock option grants generally vest over a three - or four-year period. All stock options expire ten years from the date of the award. The Company recognizes compensation expense for the fair value of the stock options over the requisite service period of the stock option award.
• Employee Stock Purchase Plan – The Company maintains an employee stock purchase plan that allows eligible employees to purchase a limited number of shares of common stock each quarter through payroll deductions at a discount of the closing price of the Company’s common stock on the last business day of each calendar quarter. The employee discount of 5 % under the employee stock purchase plan is considered non-compensatory and therefore does not give rise to recognizable compensation cost.
The Company recognized $ 357 million, $ 367 million and $ 342 million of share-based compensation expense during the years ended December 31, 2025, 2024 and 2023, respectively. At December 31, 2025, the total remaining unrecognized compensation cost for restricted stock units and awards and performance share units, net of estimated forfeitures, of $ 324 million is expected to be recognized over a weighted-average period of 1.8 years. During the years ended December 31, 2025, 2024 and 2023, stock options to purchase 827 thousand, 2.3 million and 2.4 million shares, respectively, were exercised.
Share-Based Compensation Activity
A summary of restricted stock unit, restricted stock award and performance share unit activity during the year ended December 31, 2025 is as follows:

Restricted Stock Units and Awards Performance Share Units
Shares
(In thousands) Weighted-
Average
Grant Date
Fair Value Shares
(In thousands) Weighted-
Average
Grant Date
Fair Value
Units and awards - December 31, 2024 4,716   $ 124.78   1,966   $ 116.62  

Granted 2,103   214.39   1,115   203.92  
Forfeited ( 371 ) 168.42   ( 204 ) 132.41  
Vested ( 2,558 ) 124.01   ( 626 ) 111.14  
Units and awards - December 31, 2025 3,890   $ 156.58   2,251   $ 138.57  

In conjunction with certain acquisitions, the Company granted restricted stock units with performance vesting provisions to be measured over two and five years , which are presented as performance share units within the table above.
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No stock option awards were granted during the years ended December 31, 2025, 2024 and 2023. A summary of stock option activity during the year ended December 31, 2025 is as follows:

Shares
(In thousands) Weighted-
Average
Exercise
Price Weighted-
Average
Remaining
Contractual
Term (Years) Aggregate
Intrinsic
Value
(In millions)
Stock options outstanding - December 31, 2024
1,586   $ 89.65  

Exercised ( 827 ) 88.56  
Stock options outstanding - December 31, 2025 759   $ 90.84   3.30 $ 5  
Stock options exercisable - December 31, 2025 759   $ 90.84   3.30 $ 5  

The table below presents additional information related to stock option and restricted stock unit activity:

(In millions) 2025 2024 2023
Total intrinsic value of stock options exercised $ 99   $ 212   $ 177  
Fair value of restricted stock units and awards vested
684   554   267  
Income tax benefit from stock options exercised and restricted stock units and awards vested
131   175   101  
Cash received from stock options exercised 23   56   62  

At December 31, 2025, 15.4 million share-based awards were available for grant under the Amended and Restated Fiserv, Inc. 2007 Omnibus Incentive Plan. Under its employee stock purchase plan, the Company issued 338 thousand, 255 thousand and 346 thousand shares during the years ended December 31, 2025, 2024 and 2023, respectively. At December 31, 2025, there were 22.3 million shares available for issuance under the employee stock purchase plan.

16. Income Taxes
The provision for income taxes is based on income before income taxes and income (loss) from investments in unconsolidated affiliates, as follows:

Year Ended December 31,
(In millions) 2025 2024 2023
United States $ 3,572   $ 3,683   $ 3,342  
Foreign 692   823   556  
Total $ 4,264   $ 4,506   $ 3,898  

The income tax provision was as follows:

Year Ended December 31,

(In millions) 2025 2024 2023
Components of income tax provision (benefit):
Current:
Federal $ 1,288   $ 831   $ 913  
State 221   242   148  
Foreign 244   230   204  
1,753   1,303   1,265  
Deferred:
Federal ( 759 ) ( 407 ) ( 380 )
State ( 70 ) ( 112 ) ( 12 )
Foreign ( 113 ) ( 143 ) ( 119 )
( 942 ) ( 662 ) ( 511 )
Income tax provision $ 811   $ 641   $ 754  

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An income tax rate reconciliation pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:

(In millions) Amount Percent
U.S. federal statutory income tax rate $ 896   21.0   %
United States:
State and local income taxes (1)
107   2.5   %
Effect of cross-border tax laws 22   0.5   %
Tax credits
Transferable federal tax credits ( 96 ) ( 2.3 ) %
Foreign tax credits ( 66 ) ( 1.5 ) %
Other ( 14 ) ( 0.3 ) %

Nontaxable or nondeductible items
Excess tax benefit from share-based awards ( 55 ) ( 1.3 ) %
Other 18   0.4   %
Other adjustments 10   0.2   %

Foreign tax effects:
Other foreign jurisdictions ( 14 ) ( 0.3 ) %

Changes in unrecognized tax benefits 3   0.1   %
Income tax provision $ 811   19.0   %

(1) State and local income taxes in California, Illinois, New Jersey, New York and Pennsylvania comprise the majority (greater than 50%) of the tax effect in this category.
A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

Year Ended December 31,

2024 2023
U.S. federal statutory income tax rate 21.0   % 21.0   %
State income taxes, net of federal effect 2.6   % 2.8   %

Foreign derived intangibles income deduction —   % ( 0.4 ) %
Excess tax benefit from share-based awards ( 1.3 ) % ( 0.8 ) %
Sale of businesses and subsidiary restructuring ( 0.2 ) % ( 1.3 ) %

Unrecognized tax benefits —   % ( 0.2 ) %
Nondeductible executive compensation 0.3   % 0.2   %
Transferable federal tax credits
( 2.3 ) % ( 1.4 ) %
Non-cash impairment charge (see Note 8)
( 2.9 ) % —   %
Valuation allowance ( 1.0 ) % ( 0.6 ) %
Other, net ( 2.0 ) % —   %
Effective income tax rate 14.2   % 19.3   %

Pursuant to provisions under the Inflation Reduction Act, the Company purchased transferable federal tax credits during 2025, 2024 and 2023 from various counterparties. Such federal tax credits were purchased at negotiated discounts, resulting in an income tax benefit recorded during each of the years ended December 31, 2025, 2024 and 2023. Receivables associated with transferable federal tax credits are recorded within prepaid expenses and other current assets, and amounts owed to counterparties for the purchased credits are recorded within accounts payable and other current liabilities within the consolidated balance sheets at December 31, 2025 and 2024.
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A summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:

(In millions)
United States - Federal $ 939  
United States - State and local
216  
Foreign 214  
Income taxes paid, net of amounts refunded
$ 1,369  

Significant components of deferred tax assets and liabilities consisted of the following:

December 31,
(In millions) 2025 2024
Accrued expenses $ 132   $ 167  

Share-based compensation 80   93  
Net operating loss and credit carry-forwards 986   586  

Leasing liabilities 177   258  
Other 362   215  
Subtotal 1,737   1,319  
Valuation allowance ( 420 ) ( 404 )
Total deferred tax assets 1,317   915  

Capitalized software development costs ( 158 ) ( 219 )
Intangible assets ( 1,517 ) ( 1,728 )
Property and equipment ( 166 ) ( 278 )
Capitalized commissions ( 101 ) ( 108 )
Investments in joint ventures ( 250 ) ( 392 )
Leasing right-of-use assets ( 139 ) ( 220 )

Other ( 355 ) ( 371 )
Total deferred tax liabilities ( 2,686 ) ( 3,316 )
Total $ ( 1,369 ) $ ( 2,401 )

The Company maintained a valuation allowance of $ 420 million and $ 404 million at December 31, 2025 and 2024, respectively, against its deferred tax assets. Substantially all of the valuation allowance relates to certain foreign and state net operating loss carryforwards.
Deferred tax assets and liabilities are reported in the consolidated balance sheets as follows:

December 31,
(In millions) 2025 2024
Noncurrent assets $ 109   $ 76  
Noncurrent liabilities ( 1,478 ) ( 2,477 )
Total $ ( 1,369 ) $ ( 2,401 )

Noncurrent deferred tax assets are included in other long-term assets in the consolidated balance sheets at December 31, 2025 and 2024.
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Federal, state and foreign net operating loss carryforwards and tax credit carryforwards consisted of the following:

December 31,
(In millions) 2025 2024
Net operating loss carryforwards: (1)

   Federal $ 36   $ 28  
   State 2,732   2,829  
   Foreign 1,818   1,597  
Tax credit carryforwards (2)
396   43  

(1) At December 31, 2025, the Company had federal net operating loss carryforwards of $ 36 million, most of which do not expire, state net operating loss carryforwards of $ 2.7 billion, most of which expire in 2026 through 2045, and foreign net operating loss carryforwards of $ 1.8 billion, of which $ 1.5 billion expire in 2026 through 2045, and the remainder of which do not expire.
(2) At December 31, 2025, the Company had tax credit carryforwards, including transferable federal tax credits, of $ 396 million, most of which expire in 2026 through 2045.
The Company asserts that its investment in its foreign subsidiaries is intended to be indefinitely reinvested. Undistributed historical and future earnings of its foreign subsidiaries are not considered to be indefinitely reinvested. Should these earnings be distributed in the future in the form of dividends or otherwise, the Company may be subject to foreign or U.S. taxes. The Company has the ability and intent to limit distributions so as to not make a distribution in excess of its investment in those subsidiaries. The Company will continue to monitor its global cash requirements and the need to recognize a deferred tax liability accordingly.
Unrecognized tax benefits were as follows:

December 31,
(In millions) 2025 2024 2023
Unrecognized tax benefits - Beginning of year $ 85   $ 84   $ 96  

Increases for tax positions taken during the current year 2   2   2  
Increases for tax positions taken in prior years 19   4   8  
Decreases for tax positions taken in prior years —   —   ( 10 )
Decreases for settlements —   —   ( 3 )
Lapse of the statute of limitations ( 9 ) ( 5 ) ( 9 )
Unrecognized tax benefits - End of year $ 97   $ 85   $ 84  

At December 31, 2025, unrecognized tax benefits of $ 60 million, net of federal and state benefits, would affect the Company’s effective income tax rate if recognized.
The Company classifies interest expense and penalties related to income taxes as components of its income tax provision. The income tax provision included interest expense (benefits) and penalties on unrecognized tax benefits of $( 1 ) million in 2025, $ 1 million in 2024 and $ 2 million in 2023. Accrued interest expense and penalties related to unrecognized tax benefits totaled $ 14 million and $ 16 million at December 31, 2025 and 2024, respectively.
The Company’s U.S. federal income tax returns for 2020 through 2025, and tax returns in certain states and foreign jurisdictions for 2017 through 2025, remain subject to examination by taxing authorities.

17. Commitments and Contingencies
Litigation and Investigation Matters
In the normal course of business, the Company or its subsidiaries are named as defendants in lawsuits in which claims are asserted against the Company. The Company maintained an accrual of $ 25  million and $ 43  million at December 31, 2025 and 2024, respectively, related to its various legal proceedings. The Company’s estimate of the possible range of exposure for various legal proceedings in excess of amounts accrued is $ 0  million to approximately $ 160  million. In the opinion of management, the liabilities, if any, which may ultimately result from such legal proceedings are not expected to have a material adverse effect on the Company’s consolidated financial statements.
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On July 24, 2025, a federal securities law complaint was filed against the Company and Frank J. Bisignano (the Company’s former Chairman and Chief Executive Officer), Michael P. Lyons, Robert W. Hau (the Company’s former Chief Financial Officer and current Special Advisor), and Kenneth F. Best in the United States District Court for the Southern District of New York. The complaint is brought on behalf of a putative class of purchasers of Company securities from July 22, 2024 to July 24, 2025 and alleges violations of Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5 thereunder, and Section 20(a) of the Exchange Act. The complaint alleges, among other things, that certain statements made by the Company about the growth of its Clover business management platform were false and/or misleading and led to a decline in the Company’s stock price over the purported class period. On November 17, 2025, lead plaintiffs were appointed in the action and it was assigned the caption In re Fiserv, Inc. Securities Litigation , No. 1:25-cv-06094.
On November 4, 2025 and November 14, 2025, federal securities law complaints were filed against the Company and Messrs. Lyons and Hau in the United States District Court for the Eastern District of Wisconsin. The complaints are brought on behalf of a putative class of purchasers of Company securities from July 23, 2025 to at latest October 29, 2025, and allege violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 20(a) of the Exchange Act. The complaints allege, among other things, that certain statements made by the Company in connection with its second quarter 2025 earnings were false and/or misleading and led to a decline in the Company’s stock price over the purported class period. On February 5, 2026, the actions were consolidated under the caption In re Fiserv, Inc. Securities Litigation , No. 25-cv-1716.
The lead plaintiffs in the New York action have moved in the Wisconsin action seeking, among other things, to intervene and transfer those actions to the Southern District of New York. The motion remains pending.
Between December 10, 2025 and February 3, 2026, derivative complaints were filed by purported Company shareholders Richard Martin, Nathan Silva, and Gary Peterson in the United States District Court for the Eastern District of Wisconsin. On December 30, 2025, Mr. Martin filed an amended derivative complaint. The actions name Messrs. Bisignano and Lyons, and certain other current and former officers and directors of the Company as individual defendants, and the Company as the nominal defendant, and generally allege that certain individual defendants breached their fiduciary duties and violated the Exchange Act in connection with, among other things, factual allegations made in the In re Fiserv, Inc. Securities Litigation actions. The actions also allege that certain individual defendants are liable for trading in Company stock at artificially inflated prices.
The Company has also received demands on the board of directors from purported Company shareholders that the Company pursue certain litigation against certain of its current and former directors and officers alleging, among other things, supposed breaches of duty based on factual allegations made in the In re Fiserv, Inc. Securities Litigation actions. The Company may receive additional demands and these demands may precede derivative actions which name the Company as a nominal defendant.
The defendants have not yet answered or otherwise responded to any of the complaints in these actions. The Company intends to vigorously defend these cases but cannot predict with any degree of certainty the outcome of the suits or determine the extent of any potential liability or damages.
In November 2025, the Company began responding to requests for information from the Enforcement Division of the U.S. Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of New York in connection with investigations related to the Company’s 2025 earnings guidance. The Company is cooperating with these investigations.
Electronic Payments Transactions
In connection with the Company’s processing of electronic payments transactions, which are separate and distinct from the settlement payment transactions described in Note 5, funds received from subscribers are invested from the time the Company collects the funds until payments are made to the applicable recipients. These subscriber funds are invested in short-term, highly liquid investments. Subscriber funds, which are not included in the Company’s consolidated balance sheets, can fluctuate significantly based on consumer bill payment and debit card activity and totaled $ 1.7 billion and $ 1.3  billion at December 31, 2025 and 2024, respectively.
Indemnifications and Warranties
The Company may indemnify its clients from certain costs resulting from claims of patent, copyright or trademark infringement associated with its clients’ use of the Company’s products or services. The Company may also warrant to clients that its products and services will operate in accordance with identified specifications. From time to time, in connection with sales of businesses, the Company agrees to indemnify the buyers of such businesses for liabilities associated with the businesses that are sold. Payments, net of recoveries, under such indemnification or warranty provisions were not material to the Company’s consolidated financial statements.
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18. Related Party Transactions
Merchant Alliances
A portion of the Company’s business is conducted through merchant alliances between the Company and certain financial institutions (see Note 8). A merchant alliance is an agreement between the Company and a financial institution that combines the processing capabilities and management expertise of the Company with the visibility and distribution channel of the financial institution. A merchant alliance acquires credit and debit card transactions from merchants. The Company provides processing and other services to the alliance and charges fees to the alliance based on contractual pricing.
To the extent the Company maintains a controlling financial interest in an alliance, the alliance’s financial statements are consolidated with those of the Company and the related processing fees are treated as an intercompany transaction and eliminated in consolidation. To the extent the Company has significant influence in, but not control of, an alliance, the Company uses the equity method to account for its investment in the alliance. As a result, the processing and other service fees charged to merchant alliances accounted for under the equity method are recognized in the Company’s consolidated statements of income primarily as processing and services revenue. Such fees totaled $ 90 million, $ 140  million and $ 177  million during the years ended December 31, 2025, 2024 and 2023, respectively. No directors or officers of the Company have ownership interests in any of the merchant alliances. The formation of each of these alliances generally involves the Company and the financial institution contributing contracts with merchants to the alliance and a cash payment from one owner to the other to achieve the desired ownership percentage for each. The Company and the financial institution enter into a long-term processing service agreement, which governs the Company’s provision of transaction processing services to the alliance. The Company had approximately $ 7 million and $ 21 million of amounts due from unconsolidated merchant alliances included within trade accounts receivable, net in the Company’s consolidated balance sheets at December 31, 2025 and 2024, respectively.
Share Repurchase
On August 7, 2023, the Company entered into a stock purchase agreement with ValueAct Capital Master Fund, L.P., an affiliate of which employed a member of the Company’s board of directors, to repurchase 4.1 million shares of the Company’s common stock for $ 121.98 per share in a privately negotiated transaction for an aggregate purchase price of $ 500 million. The repurchase was effected pursuant to an existing repurchase authorization for up to 75.0  million shares of the Company’s common stock approved by the Company’s board of directors on February 22, 2023. The share repurchase was completed on August 8, 2023, and the fair value of the repurchased shares of Company common stock was recorded to treasury stock during the year ended December 31, 2023.

19. Business Segment Information
The Company’s operations are comprised of two reportable segments, the Merchant segment and the Financial segment. The businesses in the 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; and pay-by-bank solutions. The business lines (operating segments) aggregated within the Merchant segment consist of the following:
• Small Business – provides products and services to small businesses and independent software vendors, including Clover ® , the Company's POS and business management platform for small business clients
• Enterprise – provides products and services to large businesses, including the Company’s 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
The Company distributes the products and services in the Merchant segment businesses through a variety of channels, including direct sales teams, strategic partnerships with agent sales forces, independent software vendors, financial institutions and other strategic partners in the form of joint venture alliances, revenue sharing alliances and referral agreements.
The businesses in the 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 (operating segments) 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
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• 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 management evaluates segment performance, such as gains or losses on sales of businesses, certain assets or investments; costs associated with acquisition and divestiture activity; certain services revenue associated with various dispositions; expenses associated with the Company’s transformation initiative focused on operational excellence; and postage reimbursements.
The Company’s Chief Executive Officer, who is also the Company’s chief operating decision maker (“CODM”), assesses segment performance and makes strategic decisions on the allocation of resources. Additionally, the Company’s Chief Executive Officer provides oversight on business leadership and corporate strategy to the executive leadership team, who manages the day to day operations of the various business lines.
The CODM uses reportable segment operating income to evaluate segment performance and allocate resources, primarily during the annual budget and forecasting processes. The CODM regularly reviews variances between forecasted and actual results in assessing earnings, operational efficiency and growth performance, and allocating resources including personnel and capital allocations, to each reportable segment. There are no intersegment revenues contained within the respective reportable segment revenues.
Operating results for each reportable segment were as follows:

Reportable Segments
(In millions) Merchant Financial Total
Year Ended December 31, 2025

Revenues:
Processing and services revenue $ 8,866   $ 8,013  
Product revenue 1,274   1,651  
Reportable segment revenue $ 10,140   $ 9,664   $ 19,804  
Corporate and Other revenue (1)
1,389  
Total Company revenue $ 21,193  
Expenses:
Personnel expenses (2)
1,385   2,025  
Direct costs (3)
3,488   810  
Depreciation and amortization expense 438   510  
Other operating expense (4)
682   490  
Allocations from Corporate and Other (5)
645   1,449  

Reportable segment operating income $ 3,502   $ 4,380   $ 7,882  
Corporate and Other operating loss (6)
( 2,064 )

Interest expense, net ( 1,493 )
Other expense, net (7)
( 61 )
Income before income taxes and income from investments in unconsolidated affiliates
$ 4,264  

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Reportable Segments
(In millions) Merchant Financial Total
Year Ended December 31, 2024

Revenues:
Processing and services revenue $ 8,557   $ 8,065  
Product revenue 1,074   1,412  
Reportable segment revenue $ 9,631   $ 9,477   $ 19,108  
Corporate and Other revenue (1)
1,348  
Total Company revenue $ 20,456  
Expenses:
Personnel expenses (2)
1,298   1,949  
Direct costs (3)
3,164   748  
Depreciation and amortization expense 367   465  
Other operating expense (4)
592   367  
Allocations from Corporate and Other (5)
649   1,463  

Reportable segment operating income $ 3,561   $ 4,485   $ 8,046  
Corporate and Other operating loss (6)
( 2,167 )

Interest expense, net ( 1,195 )
Other expense, net (7)
( 178 )
Income before income taxes and loss from investments in unconsolidated affiliates $ 4,506  

Reportable Segments
(In millions) Merchant Financial Total
Year Ended December 31, 2023

Revenues:
Processing and services revenue $ 7,637   $ 7,970  
Product revenue 1,085   1,131  
Reportable segment revenue $ 8,722   $ 9,101   $ 17,823  
Corporate and Other revenue (1)
1,270  
Total Company revenue $ 19,093  
Expenses:
Personnel expenses (2)
1,321   2,010  
Direct costs (3)
2,906   780  
Depreciation and amortization expense 328   404  
Other operating expense (4)
564   315  
Allocations from Corporate and Other (5)
629   1,414  

Reportable segment operating income $ 2,974   $ 4,178   $ 7,152  
Corporate and Other operating loss (6)
( 2,138 )

Interest expense, net ( 976 )
Other expense, net (7)
( 140 )
Income before income taxes and loss from investments in unconsolidated affiliates $ 3,898  

(1) Primarily includes postage reimbursements.
(2) Includes compensation and benefit costs of Company employees, as well as expenses paid to third parties for consulting and temporary help, net of capitalized software costs.
(3) Includes cost of goods sold, payments to distribution partners and other reselling costs.
(4) Includes data processing, facility, and marketing costs that are directly charged to the reportable segments. Includes in the Merchant segment a gain of $ 89  million related to the distribution of certain merchant contracts for the redemption of a minority partner’s
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membership interest during the year ended December 31, 2025 (see Note 13).
(5) Represents centrally-managed costs, including sales, technology and administrative expenses, that are allocated to the reportable segments from Corporate and Other and are considered in the CODM’s evaluation of segment performance.
(6) Includes amortization of acquisition-related intangible assets; costs associated with acquisition and divestiture activity; unallocated corporate expenses; expenses associated with the Company’s transformation initiative focused on operational excellence; and gains or losses on sale of business and other assets.
(7) Includes foreign currency transaction gains and losses, gains or losses from a sale or change in fair value of investments in certain equity securities, amounts related to debt guarantee arrangements of certain equity method investments, and non-cash pension plan settlement charges.
Other significant items include:

Year Ended December 31,
(In millions) 2025 2024 2023
Depreciation and amortization:

Merchant (1)
$ 501   $ 429   $ 366  
Financial (1)
679   628   560  
Corporate and Other (2)
2,027   2,081   2,236  
Total Company $ 3,207   $ 3,138   $ 3,162  

Capital expenditures, including capitalized software and other intangibles:

Merchant $ 570   $ 552   $ 498  
Financial 682   614   525  
Corporate and Other 511   403   365  
Total Company $ 1,763   $ 1,569   $ 1,388  

(1) Includes amortization associated with commissions, residual buyouts and deferred conversion/implementation costs included within personnel expenses, direct costs and other operating expenses, respectively, in the segment operating results tables above.
(2) Primarily includes amortization of acquisition-related intangible assets, such as customer relationships, software/technology and trade names.
The Company does not evaluate the performance of or allocate resources to its reportable segments using asset data. Long-lived assets, excluding goodwill and other intangibles, within the Company’s international regions comprised approximately 21 % and 19 % of total consolidated long-lived assets, excluding goodwill and other intangible assets, at December 31, 2025 and 2024, respectively.
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Fiserv, Inc.
Schedule II — Valuation and Qualifying Accounts
(In millions)

Additions
Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period
Year ended December 31, 2025
     Deferred tax asset valuation allowance $ 404   22   48   ( 54 ) $ 420  
Year ended December 31, 2024
     Deferred tax asset valuation allowance $ 467   15   ( 20 )

( 58 ) $ 404  
Year ended December 31, 2023
Deferred tax asset valuation allowance $ 620   2   ( 125 ) (1)
( 30 ) $ 467  

(1) The decrease in the deferred tax asset valuation allowance is primarily due to subsidiary restructurings.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of Fiserv, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Fiserv, Inc. and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedule listed in the Index at Item 8 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 19, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Revenue — Refer to Note 1 and Note 3 to the financial statements
Critical Audit Matter Description
The Company generates revenue from the delivery of processing, service and product solutions. Revenue is measured based on consideration specified in a contract with a customer, and the Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer, which may be at a point in time or over time. The Company’s revenue consists of a significant volume of transactions sourced from multiple systems and applications. The processing of such transactions and recording of the majority of revenue is system-driven and based on contractual terms with customers. In addition, contract modifications occur when the Company and its customers agree to modify existing customer contracts to change the scope or price (or both) of the contract. Contract modifications also occur when a customer terminates some, or all, of the existing services provided by the Company, which may result in the customer paying a termination fee to the Company based upon the terms in the initial contract. When a contract modification occurs, it requires the Company to exercise judgment to determine if the modification should be accounted for as: (i) a separate contract, (ii) the termination of the original contract and creation of a new contract, or (iii) a cumulative catch-up adjustment to the original contract. Further, contract modifications require the identification and evaluation of the performance obligations of the modified contract,
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including the allocation of consideration to the remaining performance obligations and the period of recognition for each identified performance obligation.
We identified the complexity of revenue processing and revenue recognition, including contract modifications, as a critical audit matter because of the increased extent of effort and involvement of professionals in our firm having expertise in information technology (IT) to identify, test, and evaluate the Company’s systems and automated controls and the management judgments necessary to determine the appropriate accounting. This required an increased extent of effort and a high degree of auditor judgment when performing audit procedures to evaluate whether revenue transactions were recognized appropriately.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to revenue recognition included the following, among others:

• We evaluated management’s significant accounting policies.

• We tested internal controls within the relevant revenue business processes, including those in place to reconcile the various reports extracted from the IT systems to the Company’s general ledger and those related to the Company’s accounting for contract modifications.

• With the assistance of professionals in our firm having expertise in IT, we:
◦ Identified the relevant systems used to process revenue transactions and tested the general IT controls over each of these systems, including testing of user access controls, change management controls, and IT operations controls.
◦ Tested system interface controls and automated controls within the relevant revenue streams, as well as the controls designed to assess the accuracy and completeness of revenue.

• We developed expectations of revenue at a disaggregated level based on historical transaction volumes and prices and current year volumes. We compared those estimates to revenue recognized by the Company.

• For a sample of revenue transactions, we tested selected transactions by agreeing the amounts of revenue recognized to source documents and testing the mathematical accuracy of the recorded revenue.

• We selected a sample of significant contracts and contract modifications and performed the following procedures:
◦ Obtained and read the customer contracts.
◦ Evaluated whether the contract represented a new contract or a contract modification and, if applicable, assessed the accounting treatment of any modification in scope or price.
◦ Tested management’s identification of new or remaining performance obligations.
◦ Recalculated the transaction price and assessed the appropriateness of the allocation of consideration to each performance obligation.
◦ Performed independent confirmation of certain contracts and underlying contractual terms with customers.
◦ Assessed the pattern of delivery for each distinct performance obligation.
Goodwill — Certain reporting units — Refer to Note 1 and Note 7 to the financial statements
Critical Audit Matter Description
The Company’s evaluation of goodwill for impairment involves the comparison of the estimated fair value of each reporting unit to its carrying value. The Company performed, on a quantitative basis, its annual test for goodwill impairment as of October 1, 2025. Subsequently, the Company identified a triggering event in the fourth quarter of 2025 due to a sustained decline in the Company’s stock price, which required a quantitative test for goodwill impairment as of December 31, 2025. The Company determined the fair value of its reporting units using a discounted cash flow model. The determination of fair value using the discounted cash flow model requires management to make significant estimates and assumptions, which include assumptions related to revenue growth rates, operating margin, and discount rates. For all reporting units, the fair values exceeded the carrying values as of the annual and triggering event testing dates and therefore, no impairment was recognized.
As of December 31, 2025, fair values exceeded carrying values by a range of 3.7% to 14.8% for eight of the Company’s reporting units with an aggregate goodwill balance of $18.5 billion. Revenue growth rates, operating margin, and discount rates for these reporting units are sensitive to deterioration in economic and market conditions.
We identified goodwill for these eight reporting units as a critical audit matter because of the significant estimates and assumptions management makes to estimate the fair value of these reporting units and the sensitivity of operations to changes in
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economic and market conditions. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to revenue growth, margin growth, and selection of the discount rates.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to revenue growth, margin growth, and the selection of discount rates for eight of the Company’s reporting units included the following, among others:
• We tested the effectiveness of controls over management’s goodwill impairment evaluation, including those over the determination of the fair value, specifically controls related to management’s forecasts and selection of the discount rates.
• We evaluated the reasonableness of management’s forecasts by comparing the forecasts to (1) historical results, (2) industry reports containing analyses of the Company’s and its competitors’ products, and (3) forecasted information included in Company press releases as well as in analyst and industry reports of the Company and companies in its peer group.
• With the assistance of our fair value specialists, we evaluated the discount rates including testing the underlying source information and the mathematical accuracy of the calculations and developing a range of independent estimates and comparing those to the discount rates selected by management.
• With the assistance of our fair value specialists, we compared the aggregated fair value estimates of the Company’s reporting units to the Company’s market capitalization and evaluated the implied control premium.

/s/ Deloitte & Touche LLP
Milwaukee, Wisconsin
February 19, 2026

We have served as the Company’s auditor since 1985.

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Item 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.

Item 9A. Controls and Procedures
(a) Disclosure Controls and Procedures
Our management, with the participation of our chief executive officer and chief financial officer, evaluated the 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, 2025.
(b) Management Report on Internal Control Over Financial Reporting
Management’s Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions.
Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013) . Based on management’s assessment, our management believes that, as of December 31, 2025, our internal control over financial reporting was effective based on those criteria.
Our independent registered public accounting firm has issued their attestation report on our internal control over financial reporting. The report is included below under the heading “Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting.”
(c) Changes in Internal Control Over Financial Reporting
There was no change in internal control over financial reporting that occurred during the three months ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
(d) Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting
Our independent registered public accounting firm, Deloitte & Touche LLP, assessed the effectiveness of our internal control over financial reporting and has issued their report as set forth below.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Fiserv, Inc.
Opinion on 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, 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, 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, 2025, of the Company and our report dated February 19, 2026, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting . Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP
Milwaukee, Wisconsin
February 19, 2026
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Item 9B. Other Information
(b) During the three months ended December 31, 2025, none of the Company’s directors or Section 16 officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408(a) of Regulation S-K.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.

PART III

Item 10.     Directors, Executive Officers and Corporate Governance
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 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, 2025.
Our board of directors has adopted a Code of Conduct and Business Ethics (“Code of Conduct”) that applies to all of our directors and employees, including our chief executive officer, chief financial officer, chief accounting officer and other persons performing similar functions as well as our other executive officers. We have posted a copy of our Code of Conduct on the “About – Investor Relations – Corporate Governance – Documents & Charters” section of our website at www.fiserv.com. We intend to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding amendments to, or waivers from, the Code of Conduct by posting such information on the “About – Investor Relations” section of our website at www.fiserv.com. We are not including the information contained on our website as part of, or incorporating it by reference into, this report.

Item 11.     Executive Compensation
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 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, 2025.

Item 12.     Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information set forth under the caption “Our Shareholders – Common Stock Ownership” in our definitive proxy statement for our 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, 2025, is incorporated by reference herein.
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Equity Compensation Plan Information
The table below sets forth information with respect to compensation plans under which equity securities are authorized for issuance as of December 31, 2025.

(a) (b) (c)
Plan Category Number of shares
to be issued upon
exercise of
outstanding options,
warrants and rights Weighted-average
exercise price of
outstanding options,
warrants and rights Number of shares
remaining available for
future issuance under
equity compensation
plans (excluding
securities reflected in
column (a))
Equity compensation plans approved by our shareholders (1)
3,122,544 (2)
94.18 (3)
15,366,118 (4)

Equity compensation plans not approved by our shareholders
N/A N/A N/A
Total (5)
3,122,544 (2)
94.18 (3)
15,366,118 (4)

(1) Columns (a) and (c) of the table above do not include 3,728,227 unvested restricted stock units outstanding under the Amended and Restated Fiserv, Inc. 2007 Omnibus Incentive Plan (the “Incentive Plan”) or 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; 2,251,253 shares subject to performance share units at the target award level under the Incentive Plan; and 161,631 shares subject to non-employee director deferred compensation notional units under the Incentive Plan.
(3) Represents the weighted-average exercise price of outstanding options under the Incentive Plan and does not take into account outstanding performance share units or non-employee director deferred compensation notional units under the Incentive Plan.
(4) Reflects the number of shares available for future issuance under the Incentive Plan.
(5) This table does not include 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, 2025 at a weighted-average exercise price of $43.04. We assumed the First Data Plans in connection with our acquisition of First Data Corporation on July 29, 2019 and converted certain outstanding First Data equity awards into corresponding equity awards relating to common stock of Fiserv, Inc. in accordance with an exchange ratio in the merger agreement. No additional equity awards will be made under the First Data Plans.

Item 13.     Certain Relationships and Related Transactions, and Director Independence
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 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, 2025.

Item 14.     Principal Accounting Fees and Services
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 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, 2025.
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PART IV

Item 15.     Exhibits, Financial Statement Schedules
Financial Statement Schedules
Financial statement schedules have been omitted because they are not applicable or the required information is shown in the consolidated financial statements or accompanying notes.
Exhibits
The exhibits listed in the accompanying exhibit index are filed as part of this Annual Report on Form 10-K.

EXHIBIT INDEX

Exhibit
Number
Exhibit Description
3.1 Restated Articles of Incorporation (1)

3.2 Amended and Restated By-laws (2)

4.1 Description of Securities of the Registrant

4.2 Indenture, dated as of November 20, 2007, by and among Fiserv, Inc., the guarantors named therein and U.S. Bank National Association (5)

4.3
Fifteenth Supplemental Indenture, dated as of September 25, 2018, between Fiserv, Inc. and U.S. Bank National Association ( 6 )

4.4
Seventeenth Supplemental Indenture, dated as of June 24, 2019, between Fiserv, Inc. and U.S. Bank National Association ( 7 )

4.5
Eighteenth Supplemental Indenture, dated as of June 24, 2019, between Fiserv, Inc. and U.S. Bank National Association ( 7 )

4.6
Nineteenth Supplemental Indenture, dated as of June 24, 2019, between Fiserv, Inc. and U.S. Bank National Association ( 7 )

4.7
Twenty-First Supplemental Indenture, dated as of July 1, 2019, between Fiserv, Inc. and U.S. Bank National Association ( 8 )

4.8
Twenty-Second Supplemental Indenture, dated as of July 1, 2019, between Fiserv, Inc. and U.S. Bank National Association ( 8 )

4.9
Twenty-Fourth Supplemental Indenture, dated as of July 1, 2019, between Fiserv, Inc. and U.S. Bank National Association ( 8 )

4.10
Twenty-Fifth Supplemental Indenture, dated as of May 13, 2020, between Fiserv, Inc. and U.S. Bank National Association ( 9 )

4.11
Twenty-Sixth Supplemental Indenture, dated as of May 13, 2020, between Fiserv, Inc. and U.S. Bank National Association ( 9 )

4.12
Twenty-Seventh Supplemental Indenture, dated as of March 2, 2023, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (1 0 )

4.13
Twenty-Eighth Supplemental Indenture, dated as of March 2, 2023, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (1 0 )

4.14
Twenty-Ninth Supplemental Indenture, dated as of May 24, 2023, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (1 1 )

4.15
Thirtieth Supplemental Indenture, dated as of August 21, 2023, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (1 2 )

4.16
Thirty-First Supplemental Indenture, dated as of August 21, 2023, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (1 2 )

4.17
Thirty-Second Supplemental Indenture, dated as of March 4, 2024, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (1 3 )

4.18
Thirty-Third Supplemental Indenture, dated as of March 4, 2024, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (1 3 )

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4.19
Thirty-Fourth Supplemental Indenture, dated as of March 4, 2024, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (1 3 )

4.20
Thirty-Fifth Supplemental Indenture, dated as of August 12, 2024, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (1 4 )

4.21
Thirty-Sixth Supplemental Indenture, dated as of August 12, 2024, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (1 4 )

4.22
Thirty-Seventh Supplemental Indenture, dated as of August 11, 2025, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (15)

4.23
Thirty-Eighth Supplemental Indenture, dated as of August 11, 2025, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (15)

4.24
Indenture, dated as of April 24, 2025, among Fiserv Funding Unlimited Company, Fiserv, Inc., the guarantors party thereto and U.S. Bank Trust Company, National Association (16)

4.25
First Supplemental Indenture, dated as of May 7, 2025, among Fiserv Funding Unlimited Company, Fiserv, Inc. and U.S. Bank Trust Company, National Association (17)

4.26
Second Supplemental Indenture, dated as of May 7, 2025, among Fiserv Funding Unlimited Company, Fiserv, Inc. and U.S. Bank Trust Company, National Association (17)

4.27
Third Supplemental Indenture, dated as of May 7, 2025, among Fiserv Funding Unlimited Company, Fiserv, Inc. and U.S. Bank Trust Company, National Association (17)

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 ( 8 )

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 (1 1 )

4.30
Agency Agreement, dated as of May 7, 2025, by and among Fiserv Funding Unlimited Company, U.S. Bank Europe DAC, and U.S. Bank Trust Company, National Association (17)

Pursuant to Item 601(b)(4)(iii) of Regulation S-K, the Company agrees to furnish to the Securities and Exchange Commission, upon request, any instrument defining the rights of holders of long-term debt that is not filed as an exhibit to this Form 10-K.
10.1 Amended and Restated Fiserv, Inc. 2007 Omnibus Incentive Plan (1 8 )*

Amended and Restated Fiserv, Inc. 2007 Omnibus Incentive Plan Forms of Award Agreements
10.2  - Form of Restricted Stock Unit Agreement (Non-Employee Director) *

10.3   - Form of Restricted Stock Unit Agreement (Employee-SO) (for grants prior to February 18, 2026) (20) *

10.4
  - Form of Restricted Stock Unit Agreement (Employee-SO) (for grants on or after February 18, 2026) *

10.5
 - Form of Restricted Stock Unit Agreement (Employee-ST) (for grants prior to February 18, 2026 ) (20) *

10.6
 - Form of Restricted Stock Unit Agreement (Employee-ST) (for grants on or a fter February 18, 2026) *

10.7
 - Form of Restricted Stock Unit Agreement (Employee-N) *

10.8
 - Form of Restricted Stock Unit Agreement (Employee- SO/N )*

10.9
 - Form of Non-Qualified Stock Option Agreement (Non-Employee Director-LE) (1 9 )*

10.10
 - Form of First Amendment to Non-Qualified Stock Option Agreement (Non-Employee Director - LE) ( 22 )*

10.11
 - Form of Non-Qualified Stock Option Agreement (Non-Employee Director - EE) ( 22 )*

10.12
 - Form of Second Amendment to Non-Qualified Stock Option Agreement (Non-Employee Director - LE/EE) ( 2 3 )*

10.13
 - Form of Stock Option Agreement (Employee-F) (2 4 )*

10.14
 - Form of Stock Option Agreement (Employee-E) (2 4 )*

10.15
 - Form of Stock Option Agreement (Employee-SO) ( 21 )*

10.16
 - Form of Stock Option Agreement (Employee-ST) ( 21 )*

10.17
  - Form of Performance Share Unit Agreement (Employee-SO) (for grants prior to February 18, 2026) (20) *

10.18
  - Form of Performance Share Unit Agreement (Employee-S O) (for grants on or after February 18, 2026) *

10.19
First Data Corporation 2015 Omnibus Incentive Plan ( 2 5 )*

First Data Corporation 2015 Omnibus Incentive Plan Forms of Award Agreements

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10.20
 - Form of Option Agreement for Management Committee and Directors ( 2 6 )*

10.21
Fiserv, Inc. Executive Severance and Change of Control Policy, effective August 10, 2021 ( 2 7 )*

10.22
Fiserv, Inc. Executive Officer Cash Severance Policy (2)*

10.23
Employment Agreement, dated December 21, 2022, between Fiserv, Inc. and Frank J. Bisignano (2 8 )*

10.24
Offer Letter, dated January 22, 2025, between Fiserv, Inc. and Michael P. Lyons (2 9 )*

10.25
Offer Letter dated August 28, 2025 between Fiserv, Inc. and Dhivya Suryadevara (30)*

10.26
Offer Letter dated October 28, 2025 between Fiserv, Inc. and Paul M. Todd (30)*

10.27
Fiserv, Inc. Amended and Restated Non-Qualified Deferred Compensation Plan (4 )*

10.28
Form of Non-Employee Director Indemnity Agreement ( 31 )

10.29
Fiserv, Inc. Non-Employee Director Deferred Compensation Plan (2 3 )*

10.30
Non-Employee Director Compensation Schedule *

10.31
Credit Agreement, dated as of August 12, 2025, among Fiserv, Inc., Fiserv Funding Unlimited Company, the other subsidiary borrowers party thereto, the financial institutions party thereto and JPMorgan Chase Bank, N.A. as administrative agent (3 2 )

19.1
Fiserv, Inc. Securities Trading Policy (20)

21.1 Significant Subsidiaries of Fiserv, Inc.

22.1
Subsidiary Issuers of Guaranteed Securities (3 3 )

23.1 Consent of Independent Registered Public Accounting Firm

31.1 Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2 Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002

32.1 Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

97.1
Fiserv, Inc. Compensation Recoupment Policy (3)

101.INS** Inline XBRL Instance Document - The XBRL Instance Document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
101.SCH** Inline XBRL Taxonomy Extension Schema Document
101.CAL** Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF** Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB** Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE** Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

_____
*    This exhibit is a management contract or compensatory plan or arrangement.
**    Filed with this Annual Report on Form 10-K are the following documents formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023, (ii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023, (iii) the Consolidated Balance Sheets at December 31, 2025 and 2024, (iv) the Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023, (vi) Notes to Consolidated Financial Statements, and (vii) the information included in Part I, Item 1C and Part II, Item 9B(b).
(1) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on February 27, 2018, and incorporated herein by reference.
(2) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on November 21, 2022, and incorporated herein by reference.
(3) Previously filed as an exhibit to the Company’s Annual Report on Form 10-K filed on February 22, 2024, and incorporated herein by reference.
(4) Previously filed as an exhibit to the Company’s Annual Report on Form 10-K filed on February 27, 2020, and incorporated herein by reference.
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(5) Previously filed as an exhibit to the Company’s Registration Statement on Form S-3 filed on November 13, 2007, and incorporated herein by reference.
(6) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on September 25, 2018, and incorporated herein by reference.
(7) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on June 24, 2019, and incorporated herein by reference.
(8) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on July 1, 2019, and incorporated herein by reference.
(9) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on May 13, 2020, and incorporated herein by reference.
(10) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on March 2, 2023, and incorporated herein by reference.
(11) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on May 24, 2023, and incorporated herein by reference.
(12) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on August 21, 2023, and incorporated herein by reference.
(13) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on March 4, 2024, and incorporated herein by reference.
(14) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on August 12, 2024, and incorporated herein by reference.
(15) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on August 11, 2025, and incorporated herein by reference.
(16) Previously filed as an exhibit to Company’s Post-Effective Amendment No. 1 to the Form S-3 Registration Statement filed on April 24, 2025, and incorporated herein by reference.
(17) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on May 7, 2025, and incorporated herein by reference.
(18) Previously filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed on May 2, 2018, and incorporated herein by reference.
(19) Previously filed as an exhibit to the Company’s Annual Report on Form 10-K filed on February 24, 2012, and incorporated herein by reference.
(20) Previously filed as an exhibit to the Company’s Annual Report on Form 10-K filed on February 20, 2025, and incorporated herein by reference.
(21) Previously filed as an exhibit to the Company’s Annual Report on Form 10-K filed on February 23, 2023, and incorporated herein by reference.
(22) Previously filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed on August 2, 2017, and incorporated herein by reference.
(23) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on December 1, 2017, and incorporated herein by reference.
(24) Previously filed as an exhibit to the Company’s Annual Report on Form 10-K filed on February 23, 2017, and incorporated herein by reference.
(25) Previously filed as an exhibit to the Company’s Post-Effective Amendment No. 1 on Form S-8 to the Form S-4 Registration Statement of Fiserv, Inc. filed July 29, 2019, and incorporated herein by reference.
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(26) Previously filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed on November 7, 2019, and incorporated herein by reference.
(27) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on August 12, 2021, and incorporated herein by reference.
(28) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on December 22, 2022, and incorporated herein by reference.
(29) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on January 23, 2025, and incorporated herein by reference.
(30) Previously filed as an exhibit to the Company’s Current Report on form 8-K filed on October 29, 2025, and incorporated herein by reference.
(31) Previously filed as an exhibit to the Company’s Annual Report on Form 10-K filed on February 28, 2008, and incorporated herein by reference.
(32) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on August 12, 2025, and incorporated herein by reference.
(33) Previously filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed on July 24, 2025, and incorporated herein by reference.

Item 16. Form 10-K Summary

None.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on February 19, 2026.

FISERV, INC.

By: /s/ Michael P. Lyons
Michael P. Lyons
Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on February 19, 2026.

Name    Capacity

/s/ Michael P. Lyons    Chief Executive Officer
(Principal Executive Officer)
Michael P. Lyons

/s/ Paul M. Todd Chief Financial Officer
(Principal Financial Officer)
Paul M. Todd

/s/ Kenneth F. Best Chief Accounting Officer
(Principal Accounting Officer)
Kenneth F. Best

/s/ Gordon M. Nixon
Chairman of the Board
Gordon M. Nixon

/s/ Stephanie E. Cohen
Director
Stephanie E. Cohen

/s/ Henrique De Castro    Director
Henrique De Castro

/s/ Harry F. DiSimone Director
Harry F. DiSimone

/s/ Céline Dufétel Director
Céline Dufétel

/s/ Lance M. Fritz
Director
Lance M. Fritz

/s/ Ajei S. Gopal
Director
Ajei S. Gopal

/s/ Wafaa Mamilli Director
Wafaa Mamilli

/s/ Gary S. Shedlin
Director
Gary S. Shedlin

/s/ Charlotte B. Yarkoni
Director
Charlotte B. Yarkoni

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