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10-Q – 2025-10-30 – fisv-20250930.htm
expenses as a percentage of total revenue in the third quarter and first nine months of 2025 were also favorably impacted by an $89 million gain related to the distribution of certain merchant contracts for the redemption of a minority partner’s membership interest. Cost of processing and services as a percentage of processing and services revenue increased to 34.8% in the third quarter of 2025 compared to 31.8% in the third quarter of 2024 and increased to 34.0% in the first nine months of 2025 compared to 32.7% in the first nine months of 2024. Cost of processing and services as a percentage of processing and services revenue in both the third quarter and first nine months of 2025 was impacted by a lower level of processing revenue growth and higher data processing costs. Cost of product as a percentage of product revenue increased to 68.6% in the third quarter of 2025 compared to 67.6% in the third quarter of 2024 and decreased to 62.6% in the first nine months of 2025 compared to 69.0% in the first nine months of 2024. Cost of product as a percentage of product revenue was relatively consistent in the third quarter of 2025 compared to the third quarter of 2024, and decreased in the first nine months of 2025 due to an increase in high margin data and analytics sales and license revenue. Selling, general and administrative expenses as a percentage of total revenue increased to 33.5% in the third quarter of 2025 compared to 30.8% in the third quarter of 2024 and decreased to 32.4% in the first nine months of 2025 compared to 32.9% in the first nine months of 2024. Selling, general and administrative expenses as a percentage of total revenue in the third quarter of 2025 was primarily impacted by higher residual payments to channel partners of approximately 150 basis points and an increase in severance, acquisition and integration related expenses of approximately 70 basis points, along with various other slight increases. Selling, general and administrative expenses as a percentage of total revenue in the first nine months of 2025 was impacted by a reduction in amortization of acquisition related-intangible assets of approximately 90 basis points, partially offset by higher residual payments to channel partners. The net gain on sales and distribution of other assets in the third quarter and first nine months of 2025 includes an $89 million gain related to the distribution of certain merchant contracts for the redemption of a minority partner’s membership interest. Operating Income and Operating Margin Total operating income decreased $166 million, or 10%, in the third quarter of 2025 and increased $316 million, or 8%, in the first nine months of 2025 compared to 2024. Total operating margin decreased 340 basis points to 27.3% in the third quarter of 2025 and increased 80 basis points to 28.5% in the first nine months of 2025 compared to 2024. Operating income in our Merchant segment increased $31 million, or 3%, in the third quarter of 2025 and increased $104 million, or 4%, in the first nine months of 2025 compared to 2024. Operating margin decreased 50 basis points to 37.2% in the third quarter of 2025 and decreased 90 basis points to 35.3% in the first nine months of 2025 compared to 2024. Operating margin decreased in our Merchant segment in both the third quarter and first nine months of 2025 primarily due to higher residual payments to channel partners and data processing costs. Operating income in the Merchant segment benefited from a gain of $89 million in the third quarter and first nine months of 2025 related to the distribution of certain merchant contracts for the redemption of a minority partner’s membership interest. Operating income in our Financial segment decreased $152 million, or 13%, in the third quarter of 2025 and increased $139 million, or 4%, in the first nine months of 2025 compared to 2024. Operating margin decreased 490 basis points to 42.5% in the third quarter of 2025 and increased 50 basis points to 46.3% in the first nine months of 2025 compared to 2024. The decreases in operating income and operating margin in our Financial segment in the third quarter of 2025 were primarily due to a decrease in high margin license revenue, along with higher data processing costs. Operating income and operating margin growth in our Financial segment in the first nine months of 2025 were primarily due to an increase in high margin data and analytics sales and license revenue. The operating loss in Corporate and Other increased $45 million in the third quarter of 2025 and decreased $73 million in the first nine months of 2025 compared to 2024. The operating loss in the third quarter of 2025 was primarily impacted by increased severance, acquisition and integration related expenses of $37 million. The operating loss in the first nine months of 2025 was primarily impacted by a reduction in amortization of acquisition-related intangible assets of $91 million. 39 Table of Contents Interest Expense, Net Interest expense, net increased $96 million, or 29%, in the third quarter of 2025 compared to 2024 and increased $246 million, or 28%, in the first nine months of 2025 compared to 2024 due to debt financing activities, including our public offering and issuances of $2.0 billion, €2.175 billion and $1.75 billion of senior notes in August 2025, May 2025 and August 2024, respectively, as well as higher outstanding borrowings under our U.S. dollar commercial paper program. Interest expense, net was also impacted by an increase in borrowing costs from higher interest rates in Argentina in the third quarter of 2025. Other Expense, Net Other expense, net increased $45 million in the third quarter of 2025 and increased $90 million in the first nine months of 2025 compared to 2024. Other expense, net includes the remeasurement of monetary assets and liabilities for subsidiaries located in highly inflationary economies, gains or losses from a sale or change in fair value of investments in certain equity securities, and amounts related to debt guarantee arrangements of certain joint ventures. The remeasurement of monetary assets and liabilities in highly inflationary economies, including Argentina, resulted in foreign currency exchange losses of $53 million and $22 million for the three months ended September 30, 2025 and 2024, and $117 million and $75 million for the nine months ended September 30, 2025 and 2024, respectively. Other expense, net in the third quarter and first nine months of 2024 included $2 million and $29 million, respectively, related to gains on the sale and remeasurement of certain equity securities. Income Tax Provision The income tax provision as a percentage of income before income taxes and income (loss) from investments in unconsolidated affiliates was 17.9% and 5.8% for the three months ended September 30, 2025 and 2024, and 18.4% and 13.5% for the nine months ended September 30, 2025 and 2024, respectively. The effective income tax rate for each of the nine months ended September 30, 2025 and 2024 included discrete tax benefits from equity compensation, resulting in a lower effective income tax rate compared to the statutory income tax rate. The effective income tax rate for the three and nine months ended September 30, 2024 included a deferred tax benefit of $142 million recorded within the income tax provision associated with a non-cash impairment charge of $570 million recorded within income (loss) from investments in unconsolidated affiliates. Income (Loss) from Investments in Unconsolidated Affiliates Our share of income (loss) from unconsolidated affiliates accounted for using the equity method is reported as income (loss) from investments in unconsolidated affiliates, and the related tax benefit is reported within the income tax provision in the consolidated statements of income. Income (loss) from investments in unconsolidated affiliates, including non-cash impairment charges and acquired intangible asset amortization from valuations in purchase accounting, was $8 million and $(626) million in the third quarter of 2025 and 2024, and $(16) million and $(642) million in the first nine months of 2025 and 2024, respectively. The third quarter and first nine months of 2024 included a $570 million non-cash impairment related to the Wells Fargo Merchant Services merchant alliance. Net Income Attributable to Noncontrolling Interests Net income attributable to noncontrolling interests and redeemable noncontrolling interest relates to the minority partners’ share of the net income in our consolidated subsidiaries. Net income attributable to noncontrolling interests, including acquired intangible asset amortization from valuations in purchase accounting, was $7 million in both the third quarter of 2025 and 2024, and $8 million and $39 million in the first nine months of 2025 and 2024, respectively. Effective June 2024, we mutually agreed to terminate a joint venture agreement with a merchant alliance joint venture minority partner, resulting in lower net income attributable to noncontrolling interests for the first nine months of 2025. Net Income Per Share – Diluted Net income attributable to Fiserv, Inc. per share-diluted was $1.46 and $0.98 in the third quarter of 2025 and 2024, and $4.83 and $3.74 in the first nine months of 2025 and 2024, respectively. In addition to the impacts to net income attributable to Fiserv, Inc. described above, our diluted weighted average outstanding shares were reduced by 6% in both the third quarter and first nine months of 2025 compared to the third quarter and first nine months of 2024, due to our share repurchase program. Liquidity and Capital Resources General Our primary liquidity needs in the ordinary course of business are to: (i) fund normal operating expenses; (ii) meet the interest and principal requirements of our outstanding indebtedness, including finance lease and other financing obligations; and (iii) fund capital expenditures and operating lease payments. We believe these needs will be satisfied in both the short and long term 40 Table of Contents using cash flow generated by our operations, along with our cash and cash equivalents of $1.1 billion, proceeds from the issuance of U.S. dollar and Euro commercial paper, and available capacity under our revolving credit facility of $3.4 billion (net of $4.6 billion of capacity designated for outstanding borrowings under our commercial paper programs, senior notes due within the next twelve months and letters of credit) at September 30, 2025. The following table summarizes our net cash provided by operating activities, or operating cash flow, and capital expenditures: Nine Months Ended September 30, Increase (Decrease) (In millions) 2025 2024 $ % Net income $ 2,677 $ 2,232 $ 445 Depreciation and amortization 2,392 2,370 22 Share-based compensation 302 273 29 Deferred income taxes (589) (539) (50) Net gain on sales and distribution of other assets (117) — (117) Loss from investments in unconsolidated affiliates 16 642 (626) Distributions from unconsolidated affiliates 34 29 5 Net changes in working capital and other (597) (597) — Net cash provided by operating activities $ 4,118 $ 4,410 $ (292) (7) % Capital expenditures, including capitalized software and other intangibles $ 1,321 $ 1,170 $ 151 13 % Our operating cash flow was $4.1 billion in the first nine months of 2025, a decrease of 7% compared with $4.4 billion in the first nine months of 2024. The decrease was primarily attributed to lower cash conversion on profitability. Our current policy is to use our operating cash flow primarily to fund capital expenditures, merchant cash advances, share repurchases, acquisitions and to repay debt rather than to pay dividends. Net merchant cash advances, primarily associated with our operations in Latin America, were $614 million during the first nine months of 2025. These cash advances are funded through a combination of operating cash and various short-term lines of credit. Our capital expenditures were approximately 8% of our total revenue for both the first nine months of 2025 and 2024. Share Repurchases We repurchased 29.1 million shares of our common stock for $5.4 billion and 27.8 million shares of our common stock for $4.3 billion during the first nine months of 2025 and 2024, respectively. On February 19, 2025, our board of directors authorized the purchase of up to 60.0 million of our common stock. As of September 30, 2025, we had approximately 48.9 million shares remaining under our existing share repurchase authorization. Shares repurchased are generally held for issuance in connection with our equity plans. Acquisitions Acquisitions of Businesses We acquired Payfare, CCV, Pinch Payments, Money Money, CardFree, and SCG in the first nine months of 2025 for an aggregate purchase price, including deferred payments, of $397 million, net of $73 million of acquired cash and including earn-out provisions estimated at a fair value of $27 million. We funded these acquisitions by utilizing a combination of available cash and commercial paper. The results of operations for these acquired businesses are included in our consolidated results from the respective dates of acquisition. In September 2025, we entered into definitive agreements to acquire StoneCastle, which transaction is expected to close by the first quarter of 2026, subject to regulatory approval and other customary closing conditions. In October 2025, we acquired a portion of TD Bank’s merchant processing business in Canada. We expect to acquire these businesses for an aggregate purchase price of approximately $460 million. We funded the TD Bank transaction and intend to fund the acquisition of StoneCastle by utilizing a combination of available cash and commercial paper. Other Transactions In the third quarter of 2024, Wells Fargo provided us with a notice of non-renewal for WFMS. Upon the expiration of the joint venture in April 2025, we received an initial cash payment of $453 million. Completion of the contractual valuation and 41 Table of Contents separation process during the third quarter of 2025 did not result in a significant adjustment to the initial cash payment received. In April 2025, we acquired the remaining 19% ownership interest in ICICI Merchant Services Private Limited for $22 million. We previously held a majority controlling financial interest in this consolidated subsidiary and funded this transaction with available cash. In September 2025, we acquired the remaining 49.9% ownership interest, including cash held of $195 million, in AIBMS for $420 million. We previously held a majority controlling financial interest in this consolidated subsidiary and funded this transaction utilizing a combination of available cash and commercial paper. 42 Table of Contents Indebtedness Our debt consisted of the following at: (In millions) September 30, 2025 December 31, 2024 Short-term and current maturities of long-term debt: Foreign lines of credit $ 876 $ 784 Finance lease and other financing obligations 447 326 Total short-term and current maturities of long-term debt $ 1,323 $ 1,110 Long-term debt: 3.850% senior notes due June 2025 $ — $ 900 2.250% senior notes due July 2025 (British Pound-denominated) — 661 3.200% senior notes due July 2026 2,000 2,000 5.150% senior notes due March 2027 750 750 2.250% senior notes due June 2027 1,000 1,000 1.125% senior notes due July 2027 (Euro-denominated) 585 521 5.450% senior notes due March 2028 900 900 2.875% senior notes due June 2028 (Euro-denominated) 878 — 5.375% senior notes due August 2028 700 700 4.200% senior notes due October 2028 1,000 1,000 3.500% senior notes due July 2029 3,000 3,000 4.750% senior notes due March 2030 850 850 2.650% senior notes due June 2030 1,000 1,000 1.625% senior notes due July 2030 (Euro-denominated) 585 521 4.550% senior notes due February 2031 1,000 — 5.350% senior notes due March 2031 500 500 4.500% senior notes due May 2031 (Euro-denominated) 936 835 3.000% senior notes due July 2031 (British Pound-denominated) 704 661 3.500% senior notes due June 2032 (Euro-denominated) 907 — 5.600% senior notes due March 2033 900 900 5.625% senior notes due August 2033 1,300 1,300 5.450% senior notes due March 2034 750 750 5.150% senior notes due August 2034 900 900 5.250% senior notes due August 2035 1,000 — 4.000% senior notes due June 2036 (Euro-denominated) 761 — 4.400% senior notes due July 2049 2,000 2,000 U.S. dollar commercial paper notes 1,238 221 Euro commercial paper notes 1,310 1,239 Revolving credit facility — 115 Unamortized discount and deferred financing costs (178) (150) Finance lease and other financing obligations 1,600 656 Total long-term debt $ 28,876 $ 23,730 In August 2025, we completed the public offering and issuance of $2.0 billion of senior notes, comprised of $1.0 billion aggregate principal amount of 4.550% senior notes due in February 2031 and $1.0 billion aggregate principal amount of 5.250% senior notes due in August 2035. We used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of our commercial paper notes and for share repurchases. 43 Table of Contents In May 2025, Fiserv Funding Unlimited Company, an indirect wholly owned subsidiary of Fiserv, Inc., completed the public offering and issuance of €2.175 billion of senior notes, comprised of €750 million aggregate principal amount of 2.875% senior notes due in June 2028 (the “2028 notes”), €775 million aggregate principal amount of 3.500% senior notes due in June 2032 (the “2032 notes”) and €650 million aggregate principal amount of 4.000% senior notes due in June 2036 (the “2036 notes”). Fiserv, Inc. has fully and unconditionally guaranteed these notes on a senior unsecured basis. We used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of our commercial paper notes, the 3.850% senior notes due in June 2025 and 2.250% senior notes due in July 2025. In August 2024, we completed the public offering and issuance of $1.75 billion of senior notes, comprised of $850 million aggregate principal amount of 4.750% senior notes due in March 2030 and $900 million aggregate principal amount of 5.150% senior notes due in August 2034. We used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of our commercial paper notes and for share repurchases. In March 2024, we completed the public offering and issuance of $2.0 billion of senior notes, comprised of $750 million aggregate principal amount of 5.150% senior notes due in March 2027, $500 million aggregate principal amount of 5.350% senior notes due in March 2031 and $750 million aggregate principal amount of 5.450% senior notes due in March 2034. We used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of our commercial paper notes and for share repurchases, and in July 2024, the repayment of a portion of our 2.750% senior notes. At September 30, 2025, our debt consisted primarily of $24.9 billion of fixed-rate senior notes and $2.5 billion of outstanding borrowings under our commercial paper programs. Interest on our U.S. dollar-denominated senior notes is paid semi-annually, while interest on our Euro and British Pound-denominated senior notes is paid annually. Interest on our revolving credit facility and commercial paper notes is generally paid weekly, or more frequently on occasion. At September 30, 2025, the 3.200% senior notes due July 2026 were classified in the consolidated balance sheet as long-term, as we have the ability to refinance such debt under our revolving credit facility. Outstanding borrowings under the commercial paper programs are also classified in the consolidated balance sheet as long-term, as we have the intent to refinance this commercial paper on a long-term basis through the continued issuance of new commercial paper upon maturity, and also have the ability to refinance such commercial paper under our revolving credit facility. Variable Rate Debt Our variable rate debt consisted of the following at September 30, 2025: (In millions) Maturity Weighted-Average Interest Rate Outstanding Borrowings Foreign lines of credit various 36.887% $ 876 U.S. dollar commercial paper notes various 4.301% 1,238 Euro commercial paper notes various 2.135% 1,310 Total variable rate debt 11.800% $ 3,424 We maintain various short-term lines of credit and other borrowing arrangements with foreign banks and alliance partners primarily to fund merchant settlement advances associated with operations in Latin America. The following table provides a summary of the outstanding borrowings and weighted average interest rates of our foreign lines of credit and other borrowing arrangements by country at September 30, 2025: Outstanding Borrowings (in millions) Weighted-Average Interest Rate Argentina $ 482 55.552 % Brazil 297 15.603 % Uruguay and Other 97 9.152 % Total $ 876 36.887 % Net merchant cash advances, including our Clover Capital program and advanced funding of settlement activity, during the first nine months of 2025 were $614 million. We offer advanced funding of settlement activity associated with operations in Latin America by utilizing local operating cash and various short-term lines of credit. We collect a portion of the corresponding receivables from card issuers over several months. Therefore, in the event we are unable to continue to borrow in the Latin 44 Table of Contents America overnight markets, we may fund future advances with our consolidated cash and cash equivalents and available capacity under our revolving credit facility. We maintain unsecured U.S. dollar and Euro commercial paper programs with various maturities generally ranging from one day to four months. Outstanding borrowings under our commercial paper programs bear interest based on the prevailing rates at the time of issuance. In August 2025, we entered into a new senior unsecured multicurrency revolving credit facility with substantially the same syndicate of banks that were lenders under our prior revolving credit facility, which we voluntarily terminated and replaced. The new credit facility matures in August 2030 and provides for a maximum aggregate principal amount of availability of $8.0 billion. Borrowings under the credit facility bear interest at a variable base rate, determined by the term and currency of the borrowing, plus a specified margin based on our long-term debt rating. There were no outstanding borrowings under the revolving credit facility at September 30, 2025. We are required to pay a facility fee based on the aggregate commitments in effect under the credit agreement from time to time. Debt Covenants and Compliance The indentures governing our senior notes contain covenants that, among other matters, limit (i) our ability to consolidate or merge with or into, or convey, transfer or lease all or substantially all of our properties and assets to, another person, (ii) our and certain of our subsidiaries’ ability to create or assume liens, and (iii) our and certain of our subsidiaries’ ability to engage in sale and leaseback transactions. We may, at our option, redeem the senior notes, in whole or in part, at any time and from time to time, at the applicable redemption price. The revolving credit facility contains various restrictions and covenants that require us to, among other things, limit our consolidated indebtedness as of the end of each fiscal quarter to no more than 3.75 times our consolidated net income before interest, taxes, depreciation, amortization, non-cash charges and expenses and certain other adjustments during the period of four fiscal quarters then ended, subject to certain exceptions. During the first nine months of 2025, we were in compliance with all financial debt covenants. Our ability to meet future debt covenant requirements will depend on our continued ability to generate earnings and cash flows. We expect to remain in compliance with all terms and conditions associated with our outstanding debt, including financial debt covenants. Debt Guarantees We maintain noncontrolling ownership interests in Sagent M&C, LLC and defi SOLUTIONS Group, LLC (collectively, the “Lending Joint Ventures”). The Lending Joint Ventures maintain variable-rate term loan facilities with aggregate outstanding borrowings of $404 million in senior unsecured debt at September 30, 2025 and variable-rate revolving credit facilities with an aggregate borrowing capacity of $83 million with a syndicate of banks, which mature in April 2027. There were $21 million of aggregate outstanding borrowings on the revolving credit facilities at September 30, 2025. We have guaranteed the debt of the Lending Joint Ventures. We maintained a liability of $14 million at September 30, 2025 for the estimated fair value of our non-contingent obligations to stand ready to perform over the term of the guarantee arrangements. Such guarantees will be amortized in future periods over the contractual term of the debt. In addition, we maintained a contingent liability of $8 million at September 30, 2025, representing the current expected credit losses to which we are exposed. This contingent liability is estimated based on certain financial metrics of the Lending Joint Ventures and historical industry data, which is used to develop assumptions of the likelihood the guaranteed parties will default and the level of credit losses in the event a default occurs. We have not made any payments under the guarantees, nor have we been called upon to do so, and do not anticipate that the Lending Joint Ventures will fail to fulfill their debt obligations. Supplemental Guarantor Information Fiserv, Inc. has fully, unconditionally and solely guaranteed on a senior unsecured basis the 2028 notes, 2032 notes and 2036 notes (the “Guaranteed Notes”) issued by Fiserv Funding Unlimited Company (the “Issuer”), an indirect wholly owned subsidiary of Fiserv, Inc. No other subsidiary of Fiserv, Inc. or the Issuer has guaranteed the Guaranteed Notes. The Guaranteed Notes are the Issuer’s unsecured senior obligations and rank equally with other unsecured senior indebtedness of the Issuer from time to time outstanding. The guarantees of Fiserv, Inc. are unsecured senior obligations of Fiserv, Inc. and rank equally with other unsecured senior indebtedness of Fiserv, Inc. from time to time outstanding. Cash and Cash Equivalents Investments, exclusive of settlement assets, with original maturities of 90 days or less that are readily convertible to cash are considered to be cash equivalents as reflected within our consolidated balance sheets. 45 Table of Contents The table below details our cash and cash equivalents held at: (In millions) September 30, 2025 December 31, 2024 Available (1) $ 884 $ 665 Unavailable (2) 184 571 Total $ 1,068 $ 1,236 (1) As of September 30, 2025, available cash includes $252 million of cash related to AIBMS due to our acquisition of the remaining 49.9% ownership interest in the third quarter of 2025, which was previously classified as unavailable. (2) Represents cash held by our joint ventures that is not available to fund operations outside of those entities unless approved by the board of directors of the relevant entity, as well as cash held by other entities that are subject to foreign exchange controls in certain countries or regulatory capital requirements. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Market risk refers to the risk that a change in the level of one or more market prices, interest rates, inflation, currency exchange rates, indices, correlations or other market factors, such as liquidity, will result in losses for a certain financial instrument or group of financial instruments. Our senior management actively monitors certain market risks to which we are exposed, primarily from fluctuations in interest rates and foreign currency exchange rates. In order to limit our exposure to these risks, we may enter into derivative instruments with creditworthy institutions to hedge against changing interest rates and foreign currency rate fluctuations. We currently utilize forward exchange contracts, fixed-to-fixed cross-currency rate swap contracts and other non-derivative hedging instruments to manage risk. Our exposure to foreign currency exchange risks generally arises from our international operations to the extent they are conducted in local currency. The major currencies to which our revenues are exposed are the Argentine Peso, Brazilian Real, British Pound, Euro and Indian Rupee. Changes in the value of underlying monetary assets and liabilities of our non-U.S. dollar-denominated foreign investments and foreign currency transactions in highly inflationary economies may result in foreign currency exchange losses. We also have exposure to risks related to currency devaluation in certain countries, which may negatively impact our international operating results if there is a prolonged devaluation of local currencies relative to the U.S. dollar or if the economic conditions in these countries decline. In April 2025, the Argentine government announced economic policy changes, including the removal of certain currency controls, resulting in a significant devaluation of the Argentine Peso. Additionally, the Argentine Peso experienced significant volatility during the third quarter of 2025 due to the recent economic landscape in Argentina. The remeasurement of monetary assets and liabilities in highly inflationary economies, including Argentina, resulted in foreign currency exchange losses of $53 million and $117 million for the three and nine months ended September 30, 2025, respectively, which is included within other expense, net in the consolidated statements of income. Additional information about market risks to which we are exposed is included within Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024. There were no significant changes to our quantitative and qualitative analyses about market risk during the nine months ended September 30, 2025. ITEM 4. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures As required by Rule 13a-15(b) under the Securities Exchange Act of 1934 (the “Exchange Act”), 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 Exchange Act). Based on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2025. Changes in Internal Control Over Financial Reporting There was no change in internal control over financial reporting that occurred during the three months ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS See the information set forth in Note 18. Commitments and Contingencies – Litigation Matters, which is incorporated by reference in response to this item. 46 Table of Contents ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS The table below sets forth information with respect to purchases made by or on behalf of us or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of shares of our common stock during the three months ended September 30, 2025: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) July 1-31, 2025 3,354,088 $ 152.05 3,354,088 52,752,891 August 1-31, 2025 3,823,957 135.86 3,823,957 48,928,934 September 1-30, 2025 — — — 48,928,934 Total 7,178,045 7,178,045 (1) On February 19, 2025, our board of directors authorized the purchase of up to 60.0 million shares of our common stock. This authorization does not expire. ITEM 5. OTHER INFORMATION (c) Except as set forth below, during the three months ended September 30, 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 . On August 20, 2025 , Adam L. Rosman , Chief Administrative Officer and Chief Legal Officer of the Company, terminated a Rule 10b5-1 trading arrangement that he adopted on November 11, 2024 for the sale of up to 17,906 shares of the Company’s common stock. The trading arrangement was intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) and was scheduled to be effective until February 27, 2027. ITEM 6. EXHIBITS The exhibits listed in the accompanying exhibit index are filed as part of this Quarterly Report on Form 10-Q. 47 Table of Contents Exhibit Index Exhibit Number Exhibit Description 4.1 Thirty-Seventh Supplemental Indenture, dated as of August 11, 2025, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (including Form of 4.550% Senior Notes due 2031) (incorporated by reference to Exhibit 4.1 to the Company ’ s Current Report on F orm 8-K filed on August 11, 2025) . 4.2 Thirty-Eighth Supplemental Indenture, dated as of August 11, 2025, between Fiserv, Inc. and U.S. Bank Trust Company, National Association (including Form of 5.250% Senior Notes due 2035) (incorporat ed by refere nce to Exhib it 4.2 to the Company ’ s Current R eport on Form 8-K filed on Au gust 11, 2025 ) . 4.3 Credit Agreement, dated as of August 12, 2025, among Fiserv, Inc., Fiserv Funding Unlimited Company, the other subsidiary borrowers party thereto from time to time, the financial institutions party thereto from time to time and JPMorgan Chase Bank, N.A. as Administrative Agent (incorpor ated by reference to Exhibit 4.1 to the C ompany ’ s Current Report on F orm 8-K filed on August 12, 2025 ) . 22 Subsidiary Issuers of Guaranteed Securities (incorporated by reference to Exhibit 22 to the C ompany ’ s Quarterly Report on Form 10-Q file d on July 24, 2025). 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 Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 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) ______________________ * Filed with this quarterly report on Form 10-Q are the following documents formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024, (ii) the Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024, (iii) the Consolidated Balance Sheets at September 30, 2025 and December 31, 2024, (iv) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024, (v) Notes to Consolidated Financial Statements, and (vi) the information included in Part II, Item 5(c). Table of Contents SIGNATURES Pursuant to the requirements 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. FISERV, INC. Date: October 30, 2025 By: /s/ Robert W. Hau Robert W. Hau Chief Financial Officer Date: October 30, 2025 By: /s/ Kenneth F. Best Kenneth F. Best Chief Accounting Officer